Planters Bank Mortgage Rates, Fees & Info

Hopkinsville, KY

LEI: 549300IHBKY3L5OIDT39

Tax ID: 61-1293646

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Planters Bank is a smaller bank specializing in Home Purchase loans. Planters Bank has a high proportion of conventional loans. Their top markets include Clarksville, Albany, Nashville, Phoenix, and Tampa among others. Planters Bank has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors.


Originations

383

Origination Dollar Volume (All Markets)

$129,215,000

Employee count

156

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CLARKSVILLE, TN-KY (FHA|USDA|VA) 287 $89,035,000 $310,226 $0 0.00%
ALBANY, GA (FHA|USDA|VA) 1 $8,485,000 $8,485,000 $0 0.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 17 $7,935,000 $466,765 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $6,205,000 $6,205,000 $0 0.00%
Outside of Metro Areas 50 $5,390,000 $107,800 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $4,640,000 $1,160,000 $0 0.00%
Crossville, TN (FHA|USDA|VA) 1 $1,765,000 $1,765,000 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $1,655,000 $1,655,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $865,000 $865,000 $0 0.00%
Madisonville, KY (FHA|USDA|VA) 8 $660,000 $82,500 $0 0.00%
Frankfort, KY (FHA|USDA|VA) 1 $635,000 $635,000 $0 0.00%
EVANSVILLE, IN-KY (FHA|USDA|VA) 3 $545,000 $181,667 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $465,000 $465,000 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 2 $210,000 $105,000 $0 0.00%
Paducah, KY-IL (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Murray, KY (FHA|USDA|VA) 1 $5,000 $5,000 $0 0.00%

Planters Bank 's top markets include Clarksville, Albany, Nashville, Phoenix, and Tampa among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 383 $129,215,000 $337,376 $0 0.00%

For the 2021 period, Planters Bank 's most frequently originated loan type of loans were Conventional, with 383 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 152 $98,240,000 $646,316 $0 0.00%
Other 72 $11,050,000 $153,472 $0 0.00%
Cash Out Refi 70 $10,510,000 $150,143 $0 0.00%
Home Improvement 53 $3,315,000 $62,547 $0 0.00%
Refi 36 $6,100,000 $169,444 $0 0.00%

For the 2021, Planters Bank 's most frequently cited loan purpose of loans were Home Purchase, with 152 originations. The 2nd most popular reason of loans were Other, with 72 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 383 $129,215,000 $337,376 $0 0.00%

For the 2021, Planters Bank 's most frequently cited loan length of loans were Other, with 383 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 181 $9,115,000 $50,359 $0 0.00%
$100k-200k 122 $17,060,000 $139,836 $0 0.00%
$200k-400k 44 $11,680,000 $265,455 $0 0.00%
$1MM+ 13 $76,305,000 $5,869,615 $0 0.00%
$600k-1MM 12 $9,680,000 $806,667 $0 0.00%
$400k-600k 11 $5,375,000 $488,636 $0 0.00%

2021 saw Planters Bank place emphasis on $100,000 or less loans with 181 originations, totaling $9,115,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 61 $7,295,000 $119,590 $0 0.00%
$75k-100k 56 $6,620,000 $118,214 $0 0.00%
$150k-250k 50 $6,410,000 $128,200 $0 0.00%
$250k+ 42 $20,830,000 $495,952 $0 0.00%
$50k-75k 41 $3,055,000 $74,512 $0 0.00%
$50k or less 38 $2,380,000 $62,632 $0 0.00%

Planters Bank lent most frequently to those with incomes in the $100k-150k range, with 61 originations. The second most popular income band? $75k-100k, with 56 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 383 $129,215,000 $337,376 $0 0.00%

Planters Bank lent most frequently to those with DTI ratios of Exempt%, with 383 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 81 $81,695,000 $1,008,580 $0 0.00%
White 294 $46,360,000 $157,687 $0 0.00%
Not provided 1 $475,000 $475,000 $0 0.00%
Black 5 $345,000 $69,000 $0 0.00%
Other Asian 1 $215,000 $215,000 $0 0.00%
Asian Indian 1 $125,000 $125,000 $0 0.00%

Approval Rates

Total approvals of all applications
96.39%

Planters Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
97.92%

Planters Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
Exempt 383 $129,215,000 $337,376

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
383 $129,215,000 $337,376

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PLANET HOME LENDING, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 5.0%
PLANET HOME LENDING, LLC Conventional home mortgage Closing on a mortgage 3 2.5%
PLANET HOME LENDING, LLC Conventional home mortgage Incorrect information on your report 2 1.7%
PLANET HOME LENDING, LLC Conventional home mortgage Struggling to pay mortgage 15 12.5%
PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 35 29.2%
PLANET HOME LENDING, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Closing on a mortgage 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Credit monitoring or identity theft protection services 1 0.8%
PLANET HOME LENDING, LLC FHA mortgage Incorrect information on your report 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Problem with a credit reporting company's investigation into an existing problem 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Struggling to pay mortgage 7 5.8%
PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 11 9.2%
PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Closing on a mortgage 1 0.8%
PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 4 3.3%
PLANET HOME LENDING, LLC Other type of mortgage Incorrect information on your report 1 0.8%
PLANET HOME LENDING, LLC Other type of mortgage Struggling to pay mortgage 3 2.5%
PLANET HOME LENDING, LLC Other type of mortgage Trouble during payment process 4 3.3%
PLANET HOME LENDING, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 7 5.8%
PLANET HOME LENDING, LLC VA mortgage Closing on a mortgage 1 0.8%
PLANET HOME LENDING, LLC VA mortgage Incorrect information on your report 2 1.7%
PLANET HOME LENDING, LLC VA mortgage Trouble during payment process 9 7.5%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Planters Bank, Inc. 1312 South Main Street Hopkinsville, KY 42240 Full Service B&M $449,965
Planters Bank, Inc. 1430 North Main Street Sturgis, KY 42459 Limited, Drive-thru $0
Planters Bank, Inc. 1835 Madison Street, Suite D Clarksville, TN 37043 Full Service B&M $37,448
Planters Bank, Inc. 208 N. Jefferson Street Princeton, KY 42445 Full Service B&M $43,740
Planters Bank, Inc. 2251 Westerfield Drive Providence, KY 42450 Full Service B&M $28,306
Planters Bank, Inc. 3103 Canton Street Hopkinsville, KY 42240 Full Service B&M $36,728
Planters Bank, Inc. 325 Commerce Street Clarksville, TN 37040 Full Service B&M $234,210
Planters Bank, Inc. 4195 Fort Campbell Blvd Hopkinsville, KY 42240 Full Service B&M $101,790
Planters Bank, Inc. 495 Dunlop Lane Clarksville, TN 37040 Full Service B&M $44,901
Planters Bank, Inc. 50 Oak Heights Dawson Springs, KY 42408 Full Service B&M $32,030
Planters Bank, Inc. 520 Adams St Sturgis, KY 42459 Full Service B&M $42,156
Planters Bank, Inc. 796 Us Highway 41 N Sebree, KY 42455 Full Service B&M $22,666
Planters Bank, Inc. 894 Highway 76 Clarksville, TN 37043 Full Service B&M $23,602

For 2021, Planters Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $53,288
Net interest income $48,534
Total noninterest income $7,813
Gross Fiduciary activities income $1,035
Service charges on deposit accounts $1,467
Trading account gains and fees $0
Additional Noninterest Income $5,311
Pre-tax net operating income $31,583
Securities gains (or losses, -) $82
Income before extraordinary items $24,908
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $24,908
Minority interest net income $0
Net income $24,908
Sale, conversion, retirement of capital stock, net $0
Net operating income $24,843

Planters Bank 's gross interest income from loans was $53,288,000.
Planters Bank 's net interest income from loans was $48,534,000.
Planters Bank 's fee based income from loans was $1,467,000.
Planters Bank 's net income from loans was $24,908,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,754
Provision for credit losses $910
Total noninterest expense $23,854
Salaries and employee benefits $14,033
Premises and equipment expense $2,953
Additional noninterest expense $6,868
Applicable income taxes $6,757
Net charge-offs $8
Cash dividends $1,646

Planters Bank 's interest expense for loans was $4,754,000.
Planters Bank 's payroll and benefits expense were $14,033,000.
Planters Bank 's property, plant and equipment expenses $2,953,000.

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 0.0%
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 $1,221,675
Deposits held in domestic offices $1,221,675
Deposits by Individuals, partnerships, and corporations $1,057,431
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $155,463
Deposits by Commercial banks and other depository institutions in U.S. $8,781
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $120,618
Demand deposits $67,562
Nontransaction accounts $1,101,057
Money market deposit accounts (MMDAs) $329,936
Other savings deposits (excluding MMDAs) $608,572
Total time deposits $162,549
Total time and savings deposits $1,154,113
Noninterest-bearing deposits $333,828
Interest-bearing deposits $887,847
Retail deposits $1,187,948
IRAs and Keogh plan accounts $19,434
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,416,938
Cash & Balances due from depository institutions $123,833
Interest-bearing balances $101,961
Total securities $247,719
Federal funds sold & reverse repurchase $21
Net loans and leases $999,651
Loan and leases loss allowance $16,795
Trading account assets $0
Bank premises and fixed assets $10,712
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $35,002

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,416,938
Total Liabilities $1,247,001
Total deposits $1,221,675
Interest-bearing deposits $887,847
Deposits held in domestic offices $1,221,675
% insured (estimated) $55
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $20,480
Subordinated debt $0
All other liabilities $4,846

Issued Loan Types

Type Value (in 000's)
Net loans and leases $999,651
Loan and leases loss allowance $16,795
Total loans and leases (domestic) $1,016,446
All real estate loans $867,920
Real estate loans in domestic offices $867,920
Construction and development loans $200,617
Residential 1-4 family construction $80,373
Other construction, all land development and other land $120,244
Loans secured by nonfarm nonresidential properties $301,489
Nonfarm nonresidential secured by owner-occupied properties $126,079
Commercial real estate & other non-farm, non-residential $175,410
Multifamily residential real estate $100,702
1-4 family residential loans $195,088
Farmland loans $70,024
Loans held in foreign offices $0
Farm loans $23,779
Commercial and industrial loans $100,234
To non-U.S. addressees $0
Loans to individuals $11,007
Credit card loans $0
Related Plans $1,617
Consumer Auto Loans $4,342
Other loans to individuals $5,048
All other loans & leases $14,482
Loans to foreign governments and official institutions $0
Other loans $14,191
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 $1,228
Non 1-4 family restructured loans & leases $1,228
Total loans and leases (foreign) $0

Planters Bank had $999,651,000 of loans outstanding in 2021. $867,920,000 of loans were in real estate loans. $200,617,000 of loans were in development loans. $100,702,000 of loans were in multifamily mortgage loans. $195,088,000 of loans were in 1-4 family mortgage loans. $23,779,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,342,000 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 263 $64,231 $244,224
Nonfarm, nonresidential loans - <$100k 63 $2,618 $41,556
Nonfarm, nonresidential loans - $100-250k 76 $9,456 $124,421
Nonfarm, nonresidential loans - $250k-1MM 124 $52,157 $420,621
Commercial & Industrial, US addressed loans - <$1MM 326 $40,750 $125,000
Commercial & Industrial, US addressed loans - <$100k 196 $7,644 $39,000
Commercial & Industrial, US addressed loans - $100-250k 73 $9,502 $130,164
Commercial & Industrial, US addressed loans - $250k-1MM 57 $23,604 $414,105
Farmland loans - <$1MM 172 $22,674 $131,826
Farmland loans - <$100k 68 $2,715 $39,926
Farmland loans - $100-250k 62 $7,910 $127,581
Farmland loans - $250k-1MM 42 $12,049 $286,881
Agriculture operations loans - <$1MM 139 $9,318 $67,036
Agriculture operations loans - <$100k 89 $2,459 $27,629
Agriculture operations loans - $100-250k 33 $3,055 $92,576
Agriculture operations loans - $250k-1MM 17 $3,804 $223,765