Horizon Community Bank Mortgage Rates, Fees & Info

LAKE HAVASU CITY, AZ

LEI: 549300HKYIM2UCUTQA05

Tax ID: 86-1035867

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Horizon Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Horizon Community Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Lake Havasu City, Phoenix, and Las Vegas among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Horizon Community Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Horizon Community Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    71

    Origination Dollar Volume (All Markets)

    $13,795,000

    Employee count

    83

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 63 $12,515,000 $198,651 $5,398 5.04%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $930,000 $232,500 $6,329 5.73%
    Outside of Metro Areas 3 $275,000 $91,667 $4,607 5.08%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $75,000 $75,000 $3,915 4.99%
    Horizon Community Bank's top markets include Lake Havasu City, Phoenix, and Las Vegas among others.

    Their top states include:
  • Arizona (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against HORIZON COMMUNITY BANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    LA Financial Federal Credit Union
    Similarity Rank: 57
    HORIZON COMMUNITY BANK, INC.
    Similarity Rank: 360
    SUN AMERICAN MORTGAGE COMPANY
    Similarity Rank: 1120
    CLEARPATH LENDING
    Similarity Rank: 2898
    TIB The Independent Bankersbank
    Similarity Rank: 3936
    Zions Bank
    Similarity Rank: 4699
    HomeStreet Bank
    Similarity Rank: 5625
    NOVA FINANCIAL & INVESTMENT CORPORATION
    Similarity Rank: 6141
    J.G. Wentworth Home Lending LLC
    Similarity Rank: 6708
    AXIA FINANCIAL, LLC
    Similarity Rank: 7420

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 54 $10,590,000 $196,111 $4,721 5.23%
    VA 15 $2,945,000 $196,333 $7,701 4.60%
    USDA 2 $260,000 $130,000 $4,714 4.69%

    For 2018, Horizon Community Bank's most frequently originated type of loan was Conventional, with 54 originations. Their 2nd most popular type was VA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 47 $7,695,000 $163,723 $5,276 5.04%
    Refi 20 $5,300,000 $265,000 $5,978 5.24%
    Cash Out Refi 4 $800,000 $200,000 $3,367 4.72%

    For 2018, Horizon Community Bank's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 64 $12,570,000 $196,406 $5,475 5.06%
    15 Year 4 $560,000 $140,000 $3,980 5.00%
    10 Year 2 $280,000 $140,000 $0 6.20%
    20 Year 1 $385,000 $385,000 $4,101 4.13%

    For 2018, Horizon Community Bank's most frequently cited loan duration was 30 Year, with 64 originations. The 2nd most popular length was 15 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 36 $6,750,000 $187,500
    $2k-3k 16 $2,410,000 $150,625
    $3k-4k 8 $1,750,000 $218,750
    $<1k 5 $1,015,000 $203,000
    $5k+ 3 $1,235,000 $411,667
    $4k-5k 1 $355,000 $355,000

    Horizon Community Bank's average total fees were $5,475, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 36 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 38 $7,500,000 $197,368
    5-6% 29 $5,445,000 $187,759
    6-7% 2 $280,000 $140,000
    3-4% 1 $215,000 $215,000
    7-8% 1 $355,000 $355,000

    During 2018, Horizon Community Bank's average interest rate for loans was 5.06%, while their most frequently originated rate bucket for loans was 4-5%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 29 $4,155,000 $143,276 $4,604 5.13%
    $200k-400k 27 $7,385,000 $273,519 $5,659 5.02%
    $100,000 or less 12 $800,000 $66,667 $4,121 5.12%
    $400k-600k 3 $1,455,000 $485,000 $14,631 4.91%

    2018 saw Horizon Community Bank place emphasis on $100k-200k loans with 29 originations, totaling $4,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 18 $2,850,000 $158,333 $5,595 4.92%
    $50k or less 16 $2,360,000 $147,500 $4,793 4.89%
    $100k-150k 13 $3,265,000 $251,154 $4,697 4.95%
    $150k-250k 9 $2,235,000 $248,333 $7,285 5.57%
    $75k-100k 8 $1,420,000 $177,500 $4,410 5.30%
    $250k+ 5 $1,385,000 $277,000 $6,231 4.92%

    Horizon Community Bank lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $2,045,000 $136,333 $4,675 5.17%
    30-36% 12 $2,420,000 $201,667 $6,363 5.01%
    42% 5 $1,065,000 $213,000 $6,738 5.23%
    <20% 4 $530,000 $132,500 $4,263 5.24%
    39% 4 $650,000 $162,500 $3,785 4.94%
    50-60% 4 $1,210,000 $302,500 $6,720 4.66%
    44% 3 $605,000 $201,667 $4,486 5.67%
    40% 3 $615,000 $205,000 $4,730 4.46%
    43% 3 $745,000 $248,333 $4,361 4.96%
    48% 3 $625,000 $208,333 $8,298 5.28%
    38% 3 $785,000 $261,667 $4,514 4.63%
    37% 2 $440,000 $220,000 $5,658 5.25%
    36% 2 $440,000 $220,000 $3,602 4.88%
    45% 1 $195,000 $195,000 $3,875 5.13%
    41% 1 $355,000 $355,000 $5,483 5.00%
    >60% 1 $495,000 $495,000 $10,725 5.20%
    47% 1 $115,000 $115,000 $3,051 4.50%
    49% 1 $15,000 $15,000 $4,543 4.75%

    Horizon Community Bank lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 66 $13,050,000 $197,727 $5,417 5.05%
    American Indian 2 $370,000 $185,000 $4,683 4.81%
    Not applicable 2 $280,000 $140,000 $0 6.20%
    Asian 1 $95,000 $95,000 $3,560 5.13%

    Approval Rates

    Total approvals of all applications
    81.75%

    Horizon Community Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    54.93%

    Horizon Community Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 71 $13,795,000 $194,296

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 71 $13,795,000 $194,296

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $75,000 $75,000 $3,915 4.99%
    40-60% 7 $1,505,000 $215,000 $4,962 5.06%
    60-80% 32 $6,200,000 $193,750 $4,861 5.31%
    80-100% 26 $5,000,000 $192,308 $5,008 4.87%
    Over 100% 3 $985,000 $328,333 $15,821 4.71%
    Under 20% 2 $30,000 $15,000 $4,213 4.69%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Horizon Financial Group, Inc. FHA mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Horizon Community Bank 1017 California Avenue Parker, AZ 85344 Full Service B&M $33,664
    Horizon Community Bank 225 N. Central Boulevard Quartzsite, AZ 85346 Full Service B&M $37,720
    Horizon Community Bank 225 North Lake Havasu Avenue Lake Havasu City, AZ 86403 Full Service B&M $134,452
    Horizon Community Bank 3156 E. Baseline Rd. Mesa, AZ 85204 Full Service B&M $20,940
    Horizon Community Bank 5858 S. Highway 95 Mohave Valley, AZ 86440 Full Service B&M $22,238

    For 2018, Horizon Community Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,751
    Net interest income $11,981
    Total noninterest income $3,988
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $504
    Trading account gains and fees $0
    Additional Noninterest Income $3,484
    Pre-tax net operating income $3,404
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,623
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,623
    Minority interest net income $0
    Net income $2,623
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,623

    Horizon Community Bank's gross interest income from loans was $13,751,000.
    Horizon Community Bank's net interest income from loans was $11,981,000.
    Horizon Community Bank's fee based income from loans was $504,000.
    Horizon Community Bank's net income from loans was $2,623,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,770
    Provision for credit losses $498
    Total noninterest expense $12,067
    Salaries and employee benefits $7,394
    Premises and equipment expense $1,262
    Additional noninterest expense $3,411
    Applicable income taxes $781
    Net charge-offs $224
    Cash dividends $924

    Horizon Community Bank's interest expense for loans was $1,770,000.
    Horizon Community Bank's payroll and benefits expense were $7,394,000.
    Horizon Community Bank's property, plant and equipment expenses $1,262,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $255,751
    Deposits held in domestic offices $255,751
    Deposits by Individuals, partnerships, and corporations $246,052
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,355
    Deposits by Commercial banks and other depository institutions in U.S. $344
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $116,453
    Demand deposits $72,300
    Nontransaction accounts $139,298
    Money market deposit accounts (MMDAs) $60,719
    Other savings deposits (excluding MMDAs) $14,411
    Total time deposits $64,168
    Total time and savings deposits $183,451
    Noninterest-bearing deposits $72,300
    Interest-bearing deposits $183,451
    Retail deposits $243,727
    IRAs and Keogh plan accounts $8,009
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $297,161
    Cash & Balances due from depository institutions $41,965
    Interest-bearing balances $34,950
    Total securities $22,686
    Federal funds sold & reverse repurchase $0
    Net loans and leases $215,094
    Loan and leases loss allowance $3,051
    Trading account assets $0
    Bank premises and fixed assets $5,701
    Other real estate owned $1,812
    Goodwill and other intangibles $0
    All other assets $9,903

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $297,161
    Total Liabilities $269,346
    Total deposits $255,751
    Interest-bearing deposits $183,451
    Deposits held in domestic offices $255,751
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $3,881
    Trading liabilities $0
    Other borrowed funds $6,500
    Subordinated debt $0
    All other liabilities $3,214

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $215,094
    Loan and leases loss allowance $3,051
    Total loans and leases (domestic) $218,145
    All real estate loans $168,759
    Real estate loans in domestic offices $168,759
    Construction and development loans $14,539
    Residential 1-4 family construction $4,015
    Other construction, all land development and other land $10,524
    Loans secured by nonfarm nonresidential properties $111,476
    Nonfarm nonresidential secured by owner-occupied properties $70,193
    Commercial real estate & other non-farm, non-residential $41,283
    Multifamily residential real estate $3,264
    1-4 family residential loans $38,975
    Farmland loans $505
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $49,224
    To non-U.S. addressees $0
    Loans to individuals $896
    Credit card loans $126
    Related Plans $40
    Consumer Auto Loans $73
    Other loans to individuals $657
    All other loans & leases $104
    Loans to foreign governments and official institutions $0
    Other loans $104
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,851
    Non 1-4 family restructured loans & leases $1,649
    Total loans and leases (foreign) $0

    HORIZON COMMUNITY BANK had $215,094,000 of loans outstanding in 2018. $168,759,000 of loans were in real estate loans. $14,539,000 of loans were in development loans. $3,264,000 of loans were in multifamily mortgage loans. $38,975,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $126,000 of loans were in credit card loans. $73,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 247 $53,719 $217,486
    Nonfarm, nonresidential loans - <$100k 43 $1,825 $42,442
    Nonfarm, nonresidential loans - $100-250k 87 $10,187 $117,092
    Nonfarm, nonresidential loans - $250k-1MM 117 $41,707 $356,470
    Commercial & Industrial, US addressed loans - <$1MM 229 $22,411 $97,865
    Commercial & Industrial, US addressed loans - <$100k 108 $3,045 $28,194
    Commercial & Industrial, US addressed loans - $100-250k 72 $6,538 $90,806
    Commercial & Industrial, US addressed loans - $250k-1MM 49 $12,828 $261,796
    Farmland loans - <$1MM 2 $505 $252,500
    Farmland loans - $100-250k 1 $135 $135,000
    Farmland loans - $250k-1MM 1 $370 $370,000