The Citizens National Bank Of Somerset Mortgage Rates, Fees & Info

Somerset, KY

LEI: 549300JCW11CIGH8GJ60

Tax ID: 61-0156616

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Citizens National Bank Of Somerset is a smaller bank specializing in Home Purchase and Refi loans. The Citizens National Bank Of Somerset has a high proportion of conventional loans. Their top markets include Somerset, Lexington, Frankfort, Crestview, and Danville among others. The Citizens National Bank Of Somerset has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Citizens National Bank Of Somerset is typically a low fee lendor.


Originations

498

Origination Dollar Volume (All Markets)

$102,900,000

Employee count

117

Awards

The Citizens National Bank of Somerset 30 Year Conventional Loans bronze The Citizens National Bank of Somerset 30 Year Conventional Loans silver The Citizens National Bank of Somerset 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

The Citizens National Bank Of Somerset's average 30 year fixed rate mortgage of loans were 3.56%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.41%.

Relative Fees

The Citizens National Bank Of Somerset's average total fees for a 30 year fixed rate mortgage are $2,644.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Somerset, KY (FHA|USDA|VA) 268 $43,910,000 $163,843 $2,382 3.53%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 43 $26,415,000 $614,302 $2,470 3.22%
Outside of Metro Areas 161 $22,235,000 $138,106 $2,269 3.62%
Frankfort, KY (FHA|USDA|VA) 3 $3,165,000 $1,055,000 $4,227 2.59%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 3.00%
Danville, KY (FHA|USDA|VA) 7 $1,285,000 $183,571 $3,130 3.66%
Richmond-Berea, KY (FHA|USDA|VA) 4 $1,260,000 $315,000 $1,882 3.32%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 3 $865,000 $288,333 $2,763 2.92%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $14,732 3.13%
London, KY (FHA|USDA|VA) 3 $425,000 $141,667 $0 4.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $265,000 $265,000 $5,972 2.88%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $235,000 $235,000 $2,866 3.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,662 3.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,158 3.95%

The Citizens National Bank Of Somerset's top markets include Somerset, Lexington, Frankfort, Crestview, and Danville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 498 $102,900,000 $206,627 $2,409 3.52%

For the 2021 period, The Citizens National Bank Of Somerset's most frequently originated loan type of loans were Conventional, with 498 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 256 $58,760,000 $229,531 $2,382 3.84%
Refi 157 $32,555,000 $207,357 $2,070 3.23%
Cash Out Refi 69 $10,025,000 $145,290 $3,372 2.83%
Home Improvement 11 $775,000 $70,455 $1,166 3.99%
Other 5 $785,000 $157,000 $1,213 4.45%

For the 2021, The Citizens National Bank Of Somerset's most frequently cited loan purpose of loans were Home Purchase, with 256 originations. The 2nd most popular reason of loans were Refi, with 157 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 290 $64,600,000 $222,759 $2,644 3.56%
15 Year 85 $12,635,000 $148,647 $2,000 2.96%
20 Year 78 $10,800,000 $138,462 $2,004 3.76%
Other 21 $12,705,000 $605,000 $1,384 3.80%
10 Year 19 $1,545,000 $81,316 $1,706 3.81%
1 Year 3 $575,000 $191,667 $2,390 4.42%
5 Year 2 $40,000 $20,000 $993 4.32%

For the 2021, The Citizens National Bank Of Somerset's most frequently cited loan length of loans were 30 Year, with 290 originations. The 2nd most popular length of loans were 15 Year, with 85 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 236 $35,130,000 $148,856
$1k-2k 95 $14,965,000 $157,526
$2k-3k 44 $8,340,000 $189,545
$3k-4k 29 $6,915,000 $238,448
$5k+ 4 $1,530,000 $382,500

$2,644 of loans were The Citizens National Bank Of Somerset's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 236 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 179 $47,985,000 $268,073
2.5-3% 133 $30,695,000 $230,789
4-5% 94 $11,050,000 $117,553
<2.5% 59 $9,475,000 $160,593
5-6% 31 $3,625,000 $116,935
6-7% 2 $70,000 $35,000

During 2021, The Citizens National Bank Of Somerset's average interest rate of loans were 3.56%, while their most frequently originated rate bucket of loans were 3-4%, with 179 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 227 $32,715,000 $144,119 $2,414 3.42%
$100,000 or less 135 $8,645,000 $64,037 $1,614 3.86%
$200k-400k 101 $27,195,000 $269,257 $2,945 3.40%
$400k-600k 22 $10,280,000 $467,273 $4,774 3.18%
$1MM+ 8 $20,780,000 $2,597,500 $0 3.16%
$600k-1MM 5 $3,285,000 $657,000 $6,409 3.41%

2021 saw The Citizens National Bank Of Somerset place emphasis on $100k-200k loans with 227 originations, totaling $32,715,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 126 $12,750,000 $101,190 $2,052 3.70%
$50k-75k 112 $16,020,000 $143,036 $2,443 3.41%
$75k-100k 66 $11,970,000 $181,364 $2,482 3.48%
$100k-150k 59 $10,905,000 $184,831 $2,701 3.32%
$150k-250k 39 $9,145,000 $234,487 $2,480 3.41%
$250k+ 20 $8,310,000 $415,500 $4,294 3.42%

The Citizens National Bank Of Somerset lent most frequently to those with incomes in the $50k or less range, with 126 originations. The second most popular income band? $50k-75k, with 112 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 118 $18,320,000 $155,254 $2,408 3.25%
30-36% 74 $12,400,000 $167,568 $2,670 3.31%
<20% 49 $7,695,000 $157,041 $2,427 3.25%
41% 16 $2,910,000 $181,875 $2,611 3.49%
36% 16 $2,470,000 $154,375 $2,156 3.67%
43% 14 $3,160,000 $225,714 $2,322 3.61%
39% 14 $2,590,000 $185,000 $2,440 3.21%
37% 14 $2,430,000 $173,571 $2,526 3.49%
40% 13 $2,035,000 $156,538 $2,203 3.50%
42% 12 $2,470,000 $205,833 $3,151 3.52%
38% 10 $1,500,000 $150,000 $2,950 3.44%
50-60% 10 $1,500,000 $150,000 $1,549 4.09%
45% 10 $2,050,000 $205,000 $2,242 3.51%
44% 9 $1,305,000 $145,000 $2,067 3.42%
>60% 7 $975,000 $139,286 $1,576 4.22%
46% 7 $935,000 $133,571 $1,977 4.08%
49% 7 $845,000 $120,714 $1,857 4.29%
48% 4 $600,000 $150,000 $1,652 3.40%
47% 4 $690,000 $172,500 $1,733 4.53%

The Citizens National Bank Of Somerset lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 74 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 432 $71,160,000 $164,722 $2,424 3.46%
Not applicable 59 $30,855,000 $522,966 $0 3.87%
Not provided 4 $530,000 $132,500 $1,465 4.58%
Asian 2 $230,000 $115,000 $1,650 3.38%
Black 1 $125,000 $125,000 $1,716 4.25%

Approval Rates

Total approvals of all applications
90.89%

The Citizens National Bank Of Somerset has an average approval rate.

Pick Rate

Approvals leading to origination
85.19%

The Citizens National Bank Of Somerset has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 498 $102,900,000 $206,627

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
498 $102,900,000 $206,627

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 43 $5,975,000 $138,953 $1,677 3.22%
40-60% 85 $14,895,000 $175,235 $1,851 3.27%
60-80% 179 $44,655,000 $249,469 $2,859 3.44%
80-100% 173 $36,445,000 $210,665 $2,551 3.75%
Over 100% 2 $310,000 $155,000 $1,901 4.92%
Under 20% 16 $620,000 $38,750 $1,044 3.95%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Citizens National Bank of Somerset 6385 South Highway 27 Somerset, KY 42501 Full Service B&M $45,098
The Citizens National Bank of Somerset 105 West Highway 635 Science Hill, KY 42553 Full Service B&M $71,343
The Citizens National Bank of Somerset 290 Cumberland Crossing Monticello, KY 42633 Full Service B&M $16,368
The Citizens National Bank of Somerset 293 North Highway 27 Somerset, KY 42503 Full Service B&M $85,487
The Citizens National Bank of Somerset 4145 South Highway 27 Somerset, KY 42501 Full Service B&M $70,973
The Citizens National Bank of Somerset 44 Public Square Somerset, KY 42501 Full Service B&M $125,969
The Citizens National Bank of Somerset 601 Keene Centre Drive Nicholasville, KY 40356 Full Service B&M $12,484
The Citizens National Bank of Somerset 800 South Highway 27 Somerset, KY 42501 Full Service B&M $13,739
The Citizens National Bank of Somerset 9140 West Highway 80 Nancy, KY 42544 Full Service B&M $36,802
The Citizens National Bank of Somerset 94 Lakeway Dr Russell Springs, KY 42642 Full Service B&M $15,586

For 2021, The Citizens National Bank Of Somerset had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $18,258
Net interest income $16,843
Total noninterest income $5,319
Gross Fiduciary activities income $99
Service charges on deposit accounts $1,177
Trading account gains and fees $0
Additional Noninterest Income $4,043
Pre-tax net operating income $6,748
Securities gains (or losses, -) $70
Income before extraordinary items $6,818
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,818
Minority interest net income $0
Net income $6,818
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,748

The Citizens National Bank Of Somerset's gross interest income from loans was $18,258,000.
The Citizens National Bank Of Somerset's net interest income from loans was $16,843,000.
The Citizens National Bank Of Somerset's fee based income from loans was $1,177,000.
The Citizens National Bank Of Somerset's net income from loans was $6,818,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,415
Provision for credit losses $420
Total noninterest expense $14,994
Salaries and employee benefits $7,530
Premises and equipment expense $1,983
Additional noninterest expense $5,481
Applicable income taxes $0
Net charge-offs $-126
Cash dividends $5,044

The Citizens National Bank Of Somerset's interest expense for loans was $1,415,000.
The Citizens National Bank Of Somerset's payroll and benefits expense were $7,530,000.
The Citizens National Bank Of Somerset's property, plant and equipment expenses $1,983,000.

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 $513,004
Deposits held in domestic offices $513,004
Deposits by Individuals, partnerships, and corporations $453,569
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $59,435
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 $114,258
Demand deposits $39,546
Nontransaction accounts $398,746
Money market deposit accounts (MMDAs) $27,007
Other savings deposits (excluding MMDAs) $275,429
Total time deposits $96,312
Total time and savings deposits $473,458
Noninterest-bearing deposits $216,259
Interest-bearing deposits $296,745
Retail deposits $482,510
IRAs and Keogh plan accounts $15,648
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $616,204
Cash & Balances due from depository institutions $71,237
Interest-bearing balances $66,147
Total securities $236,765
Federal funds sold & reverse repurchase $0
Net loans and leases $298,299
Loan and leases loss allowance $4,218
Trading account assets $0
Bank premises and fixed assets $6,023
Other real estate owned $94
Goodwill and other intangibles $0
All other assets $3,786

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $616,204
Total Liabilities $565,876
Total deposits $513,004
Interest-bearing deposits $296,745
Deposits held in domestic offices $513,004
% insured (estimated) $72
Federal funds purchased and repurchase agreements $52,633
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $239

Issued Loan Types

Type Value (in 000's)
Net loans and leases $298,299
Loan and leases loss allowance $4,218
Total loans and leases (domestic) $302,517
All real estate loans $258,278
Real estate loans in domestic offices $258,278
Construction and development loans $31,874
Residential 1-4 family construction $12,885
Other construction, all land development and other land $18,989
Loans secured by nonfarm nonresidential properties $63,385
Nonfarm nonresidential secured by owner-occupied properties $28,702
Commercial real estate & other non-farm, non-residential $34,683
Multifamily residential real estate $20,217
1-4 family residential loans $134,543
Farmland loans $8,259
Loans held in foreign offices $0
Farm loans $820
Commercial and industrial loans $18,794
To non-U.S. addressees $0
Loans to individuals $19,143
Credit card loans $0
Related Plans $379
Consumer Auto Loans $9,319
Other loans to individuals $9,445
All other loans & leases $5,482
Loans to foreign governments and official institutions $0
Other loans $3,712
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 $702
Non 1-4 family restructured loans & leases $487
Total loans and leases (foreign) $0

The Citizens National Bank of Somerset had $298,299,000 of loans outstanding in 2021. $258,278,000 of loans were in real estate loans. $31,874,000 of loans were in development loans. $20,217,000 of loans were in multifamily mortgage loans. $134,543,000 of loans were in 1-4 family mortgage loans. $820,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,319,000 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 162 $29,409 $181,537
Nonfarm, nonresidential loans - <$100k 47 $1,799 $38,277
Nonfarm, nonresidential loans - $100-250k 53 $7,503 $141,566
Nonfarm, nonresidential loans - $250k-1MM 62 $20,107 $324,306
Commercial & Industrial, US addressed loans - <$1MM 299 $11,824 $39,545
Commercial & Industrial, US addressed loans - <$100k 259 $4,794 $18,510
Commercial & Industrial, US addressed loans - $100-250k 28 $2,888 $103,143
Commercial & Industrial, US addressed loans - $250k-1MM 12 $4,142 $345,167
Farmland loans - <$1MM 64 $7,265 $113,516
Farmland loans - <$100k 30 $1,164 $38,800
Farmland loans - $100-250k 20 $2,817 $140,850
Farmland loans - $250k-1MM 14 $3,284 $234,571
Agriculture operations loans - <$1MM 45 $820 $18,222
Agriculture operations loans - <$100k 44 $670 $15,227
Agriculture operations loans - $100-250k 1 $150 $150,000