Planters Bank Mortgage Rates, Fees & Info

Hopkinsville, KY

LEI: 549300IHBKY3L5OIDT39

Tax ID: 61-1293646

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Mortgage Data

Bank Data

Review & Overview

Planters Bank is a smaller bank specializing in Home Purchase loans. Planters Bank has a high proportion of conventional loans. Their top markets by origination volume include: Clarksville, Nashville, Tampa, Bowling Green, and Chattanooga among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Planters Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

362

Origination Dollar Volume (All Markets)

$50,700,000

Employee count

158

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
CLARKSVILLE, TN-KY (FHA|USDA|VA) 286 $39,740,000 $138,951 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 21 $4,325,000 $205,952 $0 0.00%
Outside of Metro Areas 32 $2,670,000 $83,438 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $1,150,000 $575,000 $0 0.00%
BOWLING GREEN, KY (FHA|USDA|VA) 2 $540,000 $270,000 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $525,000 $525,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
Madisonville, KY (FHA|USDA|VA) 9 $415,000 $46,111 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Murray, KY (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
LOUISVILLE, KY (FHA|USDA|VA) 3 $115,000 $38,333 $0 0.00%
Paducah, KY-IL (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Paris, TN (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Planters Bank's top markets include Clarksville, Nashville, Tampa, Bowling Green, and Chattanooga among others.

Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 362 $50,700,000 $140,055 $0 0.00%

    For 2018, Planters Bank's most frequently originated type of loan was Conventional, with 362 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 186 $35,220,000 $189,355 $0 0.00%
    Other 61 $4,245,000 $69,590 $0 0.00%
    Refi 55 $6,705,000 $121,909 $0 0.00%
    Home Improvement 39 $1,455,000 $37,308 $0 0.00%
    Cash Out Refi 21 $3,075,000 $146,429 $0 0.00%

    For 2018, Planters Bank's most frequently cited loan purpose was Home Purchase, with 186 originations. The 2nd most popular reason was Other, with 61 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 362 $50,700,000 $140,055 $0 0.00%

    For 2018, Planters Bank's most frequently cited loan duration was Other, with 362 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 208 $10,110,000 $48,606 $0 0.00%
    $100k-200k 91 $12,955,000 $142,363 $0 0.00%
    $200k-400k 49 $13,675,000 $279,082 $0 0.00%
    $400k-600k 8 $3,910,000 $488,750 $0 0.00%
    $600k-1MM 4 $2,640,000 $660,000 $0 0.00%
    $1MM+ 2 $7,410,000 $3,705,000 $0 0.00%

    2018 saw Planters Bank place emphasis on $100,000 or less loans with 208 originations, totaling $10,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 56 $3,300,000 $58,929 $0 0.00%
    $75k-100k 56 $5,780,000 $103,214 $0 0.00%
    $50k-75k 52 $3,980,000 $76,538 $0 0.00%
    $150k-250k 50 $7,690,000 $153,800 $0 0.00%
    $100k-150k 47 $7,195,000 $153,085 $0 0.00%
    $250k+ 32 $5,620,000 $175,625 $0 0.00%

    Planters Bank lent most frequently to those with incomes in the $50k or less range, with 56 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% 362 $50,700,000 $140,055 $0 0.00%

    Planters Bank lent most frequently to those with DTI ratios of Exempt%, with 362 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 280 $32,280,000 $115,286 $0 0.00%
    Not applicable 57 $15,905,000 $279,035 $0 0.00%
    Not provided 13 $1,705,000 $131,154 $0 0.00%
    Asian 2 $370,000 $185,000 $0 0.00%
    Black 8 $330,000 $41,250 $0 0.00%
    Korean 1 $65,000 $65,000 $0 0.00%
    Other Pacific Islander 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.10%

    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
    97.79%

    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 362 $50,700,000 $140,055

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $565,000 $565,000
    Multifamily:Site-Built 6 $8,910,000 $1,485,000
    Single Family (1-4 Units):Manufactured 5 $145,000 $29,000
    Single Family (1-4 Units):Site-Built 350 $41,080,000 $117,371

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PLANET HOME LENDING, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.9%
    PLANET HOME LENDING, LLC Conventional home mortgage Incorrect information on your report 1 1.9%
    PLANET HOME LENDING, LLC Conventional home mortgage Struggling to pay mortgage 14 26.9%
    PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 13 25.0%
    PLANET HOME LENDING, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 3.8%
    PLANET HOME LENDING, LLC FHA mortgage Struggling to pay mortgage 3 5.8%
    PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 4 7.7%
    PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 1.9%
    PLANET HOME LENDING, LLC Other type of mortgage Struggling to pay mortgage 1 1.9%
    PLANET HOME LENDING, LLC Other type of mortgage Trouble during payment process 1 1.9%
    PLANET HOME LENDING, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 3.8%
    PLANET HOME LENDING, LLC VA mortgage Closing on a mortgage 2 3.8%
    PLANET HOME LENDING, LLC VA mortgage Struggling to pay mortgage 3 5.8%
    PLANET HOME LENDING, LLC VA mortgage Trouble during payment process 4 7.7%

    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 $295,517
    Planters Bank, Inc. 1430 North Main Street Sturgis, KY 42459 Limited, Drive-thru $0
    Planters Bank, Inc. 1835 Madison Street Clarksville, TN 37043 Full Service B&M $29,811
    Planters Bank, Inc. 208 N. Jefferson Street Princeton, KY 42445 Full Service B&M $25,937
    Planters Bank, Inc. 2251 Westerfield Drive Providence, KY 42450 Full Service B&M $30,900
    Planters Bank, Inc. 3103 Canton Street Hopkinsville, KY 42240 Full Service B&M $28,938
    Planters Bank, Inc. 325 Commerce Street Clarksville, TN 37040 Full Service B&M $222,113
    Planters Bank, Inc. 4195 Fort Campbell Blvd Hopkinsville, KY 42240 Full Service B&M $75,507
    Planters Bank, Inc. 495 Dunlop Lane Clarksville, TN 37040 Full Service B&M $20,120
    Planters Bank, Inc. 50 Oak Heights Dawson Springs, KY 42408 Full Service B&M $19,331
    Planters Bank, Inc. 520 Adams St Sturgis, KY 42459 Full Service B&M $30,389
    Planters Bank, Inc. 796 Us Highway 41 N Sebree, KY 42455 Full Service B&M $19,229
    Planters Bank, Inc. 894 Highway 76 Clarksville, TN 37043 Full Service B&M $11,711

    For 2018, Planters Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $44,395
    Net interest income $34,046
    Total noninterest income $5,332
    Gross Fiduciary activities income $711
    Service charges on deposit accounts $1,807
    Trading account gains and fees $0
    Additional Noninterest Income $2,814
    Pre-tax net operating income $16,388
    Securities gains (or losses, -) $12
    Income before extraordinary items $13,119
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,119
    Minority interest net income $0
    Net income $13,119
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $13,109

    Planters Bank's gross interest income from loans was $44,395,000.
    Planters Bank's net interest income from loans was $34,046,000.
    Planters Bank's fee based income from loans was $1,807,000.
    Planters Bank's net income from loans was $13,119,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,349
    Provision for credit losses $1,055
    Total noninterest expense $21,935
    Salaries and employee benefits $12,255
    Premises and equipment expense $2,485
    Additional noninterest expense $7,195
    Applicable income taxes $3,281
    Net charge-offs $714
    Cash dividends $0

    Planters Bank's interest expense for loans was $10,349,000.
    Planters Bank's payroll and benefits expense were $12,255,000.
    Planters Bank's property, plant and equipment expenses $2,485,000.

    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 $834,772
    Deposits held in domestic offices $834,772
    Deposits by Individuals, partnerships, and corporations $667,228
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $144,602
    Deposits by Commercial banks and other depository institutions in U.S. $22,942
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $70,903
    Demand deposits $60,845
    Nontransaction accounts $763,869
    Money market deposit accounts (MMDAs) $188,184
    Other savings deposits (excluding MMDAs) $331,059
    Total time deposits $244,627
    Total time and savings deposits $773,927
    Noninterest-bearing deposits $161,112
    Interest-bearing deposits $673,660
    Retail deposits $752,494
    IRAs and Keogh plan accounts $17,924
    Brokered deposits $45,081
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,072,504
    Cash & Balances due from depository institutions $15,448
    Interest-bearing balances $3,189
    Total securities $202,956
    Federal funds sold & reverse repurchase $1
    Net loans and leases $812,543
    Loan and leases loss allowance $11,958
    Trading account assets $0
    Bank premises and fixed assets $11,677
    Other real estate owned $85
    Goodwill and other intangibles $423
    All other assets $29,371

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,072,504
    Total Liabilities $964,521
    Total deposits $834,772
    Interest-bearing deposits $673,660
    Deposits held in domestic offices $834,772
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $10,048
    Trading liabilities $0
    Other borrowed funds $113,733
    Subordinated debt $0
    All other liabilities $5,968

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $812,543
    Loan and leases loss allowance $11,958
    Total loans and leases (domestic) $824,501
    All real estate loans $702,693
    Real estate loans in domestic offices $702,693
    Construction and development loans $157,404
    Residential 1-4 family construction $37,180
    Other construction, all land development and other land $120,224
    Loans secured by nonfarm nonresidential properties $262,535
    Nonfarm nonresidential secured by owner-occupied properties $136,154
    Commercial real estate & other non-farm, non-residential $126,381
    Multifamily residential real estate $30,414
    1-4 family residential loans $182,185
    Farmland loans $70,155
    Loans held in foreign offices $0
    Farm loans $27,466
    Commercial and industrial loans $78,386
    To non-U.S. addressees $0
    Loans to individuals $9,472
    Credit card loans $0
    Related Plans $1,125
    Consumer Auto Loans $3,666
    Other loans to individuals $4,681
    All other loans & leases $7,279
    Loans to foreign governments and official institutions $0
    Other loans $798
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $312
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,340
    Non 1-4 family restructured loans & leases $6,340
    Total loans and leases (foreign) $0

    Planters Bank had $812,543,000 of loans outstanding in 2018. $702,693,000 of loans were in real estate loans. $157,404,000 of loans were in development loans. $30,414,000 of loans were in multifamily mortgage loans. $182,185,000 of loans were in 1-4 family mortgage loans. $27,466,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,666,000 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 282 $65,678 $232,901
    Nonfarm, nonresidential loans - <$100k 84 $3,403 $40,512
    Nonfarm, nonresidential loans - $100-250k 85 $11,178 $131,506
    Nonfarm, nonresidential loans - $250k-1MM 113 $51,097 $452,186
    Commercial & Industrial, US addressed loans - <$1MM 321 $34,367 $107,062
    Commercial & Industrial, US addressed loans - <$100k 200 $6,272 $31,360
    Commercial & Industrial, US addressed loans - $100-250k 69 $8,978 $130,116
    Commercial & Industrial, US addressed loans - $250k-1MM 52 $19,117 $367,635
    Farmland loans - <$1MM 195 $25,558 $131,067
    Farmland loans - <$100k 80 $3,056 $38,200
    Farmland loans - $100-250k 70 $9,374 $133,914
    Farmland loans - $250k-1MM 45 $13,128 $291,733
    Agriculture operations loans - <$1MM 199 $15,133 $76,045
    Agriculture operations loans - <$100k 129 $3,968 $30,760
    Agriculture operations loans - $100-250k 46 $4,848 $105,391
    Agriculture operations loans - $250k-1MM 24 $6,317 $263,208