Horizon Community Bank Mortgage Rates, Fees & Info

LAKE HAVASU CITY, AZ

LEI: 549300HKYIM2UCUTQA05

Tax ID: 86-1035867

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Horizon Community Bank is a smaller bank specializing in Cash Out Refi and Home Purchase loans. Horizon Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lake Havasu City, Phoenix, Los Angeles, Flagstaff, and Tucson among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Horizon Community Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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

101

Origination Dollar Volume (All Markets)

$32,725,000

Employee count

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)	81	$24,935,000	$307,840	$0	0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	11	$3,275,000	$297,727	$0	0.00%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	1	$3,005,000	$3,005,000	$0	0.00%
FLAGSTAFF, AZ (FHA\|USDA\|VA)	1	$475,000	$475,000	$0	0.00%
Outside of Metro Areas	4	$420,000	$105,000	$0	0.00%
TUCSON, AZ (FHA\|USDA\|VA)	1	$415,000	$415,000	$0	0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	0.00%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	1	$75,000	$75,000	$0	0.00%

Horizon Community Bank's top markets include Lake Havasu City, Phoenix, Los Angeles, Flagstaff, and Tucson among others.

Their top states include:

Arizona (FHA|USDA|VA)

California (FHA|USDA|VA)

Similar Lenders

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	100	$32,570,000	$325,700	$0	0.00%
VA	1	$155,000	$155,000	$0	0.00%

For 2021, Horizon Community Bank's most frequently originated type of loan was Conventional, with 100 originations. Their 2nd most popular type was VA, with 1 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	45	$13,595,000	$302,111	$0	0.00%
Home Purchase	35	$14,645,000	$418,429	$0	0.00%
Refi	21	$4,485,000	$213,571	$0	0.00%

For 2021, Horizon Community Bank's most frequently cited loan purpose was Cash Out Refi, with 45 originations. The 2nd most popular reason was Home Purchase, with 35 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	101	$32,725,000	$324,010	$0	0.00%

For 2021, Horizon Community Bank's most frequently cited loan duration was Other, with 101 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	44	$12,380,000	$281,364	$0	0.00%
$100k-200k	30	$4,320,000	$144,000	$0	0.00%
$400k-600k	19	$9,265,000	$487,632	$0	0.00%
$100,000 or less	3	$215,000	$71,667	$0	0.00%
$600k-1MM	3	$2,335,000	$778,333	$0	0.00%
$1MM+	2	$4,210,000	$2,105,000	$0	0.00%

2021 saw Horizon Community Bank place emphasis on $200k-400k loans with 44 originations, totaling $12,380,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	25	$4,465,000	$178,600	$0	0.00%
$250k+	16	$7,070,000	$441,875	$0	0.00%
$100k-150k	15	$5,045,000	$336,333	$0	0.00%
$50k or less	13	$1,665,000	$128,077	$0	0.00%
$75k-100k	11	$2,245,000	$204,091	$0	0.00%
$150k-250k	9	$4,055,000	$450,556	$0	0.00%

Horizon Community Bank lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $250k+, with 16 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	101	$32,725,000	$324,010	$0	0.00%

Horizon Community Bank lent most frequently to those with DTI ratios of Exempt%, with 101 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	80	$23,910,000	$298,875	$0	0.00%
Not applicable	9	$6,585,000	$731,667	$0	0.00%
Not provided	8	$1,680,000	$210,000	$0	0.00%
Native Hawaiian or Islander	2	$360,000	$180,000	$0	0.00%
American Indian	2	$190,000	$95,000	$0	0.00%

Approval Rates

Total approvals of all applications
93.46%

Horizon Community Bank has an average approval rate.

Pick Rate

Approvals leading to origination
62.38%

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
Exempt	101	$32,725,000	$324,010

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	101	$32,725,000	$324,010

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Horizon Community Bank	101 Retail Center Blvd. Lake Havasu City, AZ 86403	Full Service B&M	$0
Horizon Community Bank	1017 California Avenue Parker, AZ 85344	Full Service B&M	$48,015
Horizon Community Bank	225 N. Central Boulevard Quartzsite, AZ 85346	Full Service B&M	$52,548
Horizon Community Bank	225 North Lake Havasu Avenue Lake Havasu City, AZ 86403	Full Service B&M	$248,273
Horizon Community Bank	3156 E. Baseline Rd. Mesa, AZ 85204	Full Service B&M	$63,094
Horizon Community Bank	4155 Stockton Hill Road Kingman, AZ 86401	Full Service B&M	$7,767
Horizon Community Bank	5858 S. Highway 95 Mohave Valley, AZ 86440	Full Service B&M	$50,540

For 2021, Horizon Community Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$17,601
Net interest income	$16,955
Total noninterest income	$5,107
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$571
Trading account gains and fees	$0
Additional Noninterest Income	$4,536
Pre-tax net operating income	$7,611
Securities gains (or losses, -)	$0
Income before extraordinary items	$5,919
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$5,919
Minority interest net income	$0
Net income	$5,919
Sale, conversion, retirement of capital stock, net	$127
Net operating income	$5,919

Horizon Community Bank's gross interest income from loans was $17,601,000.
Horizon Community Bank's net interest income from loans was $16,955,000.
Horizon Community Bank's fee based income from loans was $571,000.
Horizon Community Bank's net income from loans was $5,919,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$646
Provision for credit losses	$75
Total noninterest expense	$14,376
Salaries and employee benefits	$8,296
Premises and equipment expense	$1,469
Additional noninterest expense	$4,611
Applicable income taxes	$1,692
Net charge-offs	$86
Cash dividends	$1,008

Horizon Community Bank's interest expense for loans was $646,000.
Horizon Community Bank's payroll and benefits expense were $8,296,000.
Horizon Community Bank's property, plant and equipment expenses $1,469,000.

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	$471,670
Deposits held in domestic offices	$471,670
Deposits by Individuals, partnerships, and corporations	$454,918
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$16,752
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$254,320
Demand deposits	$166,329
Nontransaction accounts	$217,350
Money market deposit accounts (MMDAs)	$136,360
Other savings deposits (excluding MMDAs)	$28,084
Total time deposits	$52,906
Total time and savings deposits	$305,341
Noninterest-bearing deposits	$166,329
Interest-bearing deposits	$305,341
Retail deposits	$458,383
IRAs and Keogh plan accounts	$7,655
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$539,484
Cash & Balances due from depository institutions	$86,708
Interest-bearing balances	$79,883
Total securities	$174,141
Federal funds sold & reverse repurchase	$0
Net loans and leases	$255,734
Loan and leases loss allowance	$4,168
Trading account assets	$0
Bank premises and fixed assets	$9,465
Other real estate owned	$31
Goodwill and other intangibles	$0
All other assets	$13,405

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$539,484
Total Liabilities	$496,039
Total deposits	$471,670
Interest-bearing deposits	$305,341
Deposits held in domestic offices	$471,670
% insured (estimated)	$71
Federal funds purchased and repurchase agreements	$12,228
Trading liabilities	$0
Other borrowed funds	$1,000
Subordinated debt	$0
All other liabilities	$11,141

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$255,734
Loan and leases loss allowance	$4,168
Total loans and leases (domestic)	$259,902
All real estate loans	$203,133
Real estate loans in domestic offices	$203,133
Construction and development loans	$19,755
Residential 1-4 family construction	$4,485
Other construction, all land development and other land	$15,270
Loans secured by nonfarm nonresidential properties	$136,162
Nonfarm nonresidential secured by owner-occupied properties	$73,218
Commercial real estate & other non-farm, non-residential	$62,944
Multifamily residential real estate	$14,829
1-4 family residential loans	$31,806
Farmland loans	$581
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$56,438
To non-U.S. addressees	$0
Loans to individuals	$1,217
Credit card loans	$101
Related Plans	$17
Consumer Auto Loans	$33
Other loans to individuals	$1,066
All other loans & leases	$38
Loans to foreign governments and official institutions	$0
Other loans	$38
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	$229
Non 1-4 family restructured loans & leases	$84
Total loans and leases (foreign)	$0

HORIZON COMMUNITY BANK had $255,734,000 of loans outstanding in 2021. $203,133,000 of loans were in real estate loans. $19,755,000 of loans were in development loans. $14,829,000 of loans were in multifamily mortgage loans. $31,806,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $101,000 of loans were in credit card loans. $33,000 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	240	$59,994	$249,975
Nonfarm, nonresidential loans - <$100k	30	$1,397	$46,567
Nonfarm, nonresidential loans - $100-250k	80	$10,391	$129,888
Nonfarm, nonresidential loans - $250k-1MM	130	$48,206	$370,815
Commercial & Industrial, US addressed loans - <$1MM	314	$29,730	$94,682
Commercial & Industrial, US addressed loans - <$100k	139	$3,369	$24,237
Commercial & Industrial, US addressed loans - $100-250k	97	$9,535	$98,299
Commercial & Industrial, US addressed loans - $250k-1MM	78	$16,826	$215,718