The Citizens National Bank Of Somerset Mortgage Rates, Fees & Info
Somerset, KYLEI: 549300JCW11CIGH8GJ60
Tax ID: 61-0156616
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Mortgage Data
Bank Data
Review & Overview
The Citizens National Bank Of Somerset is a smaller bank specializing in Refi and Home Purchase loans. The Citizens National Bank Of Somerset has a high proportion of conventional loans. Their top markets by origination volume include: Somerset, Lexington, Frankfort, Danville, and London among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)The Citizens National Bank Of Somerset 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.27% | 4/18/24 |
| 30 Year Conventional Refi | 7.13% | 4/18/24 |
| 30 Year Cash-out Refi | 6.79% | 4/18/24 |
| 30 Year USDA Purchase | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 6.76% | 4/18/24 |
| 15 Year Conventional Refi | 6.28% | 4/18/24 |
| 15 Year Cash-out Refi | 6.28% | 4/18/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
The Citizens National Bank Of Somerset Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
689Origination Dollar Volume (All Markets)
$109,935,000Employee count
126Top 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 |
|---|---|---|---|---|---|
| Somerset, KY (FHA|USDA|VA) | 411 | $66,675,000 | $162,226 | $0 | 0.00% |
| Outside of Metro Areas | 180 | $22,250,000 | $123,611 | $0 | 0.00% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 58 | $13,560,000 | $233,793 | $0 | 0.00% |
| Frankfort, KY (FHA|USDA|VA) | 4 | $1,770,000 | $442,500 | $0 | 0.00% |
| Danville, KY (FHA|USDA|VA) | 13 | $1,335,000 | $102,692 | $0 | 0.00% |
| London, KY (FHA|USDA|VA) | 9 | $1,175,000 | $130,556 | $0 | 0.00% |
| Richmond-Berea, KY (FHA|USDA|VA) | 5 | $565,000 | $113,000 | $0 | 0.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 0.00% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| AKRON, OH (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Citizens National Bank of Somerset based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 689 | $109,935,000 | $159,557 | $0 | 0.00% |
For 2020, The Citizens National Bank Of Somerset's most frequently originated type of loan was Conventional, with 689 originations.
Loan Reason
For 2020, The Citizens National Bank Of Somerset's most frequently cited loan purpose was Refi, with 308 originations. The 2nd most popular reason was Home Purchase, with 268 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 689 | $109,935,000 | $159,557 | $0 | 0.00% |
For 2020, The Citizens National Bank Of Somerset's most frequently cited loan duration was Other, with 689 originations.
Loan Sizing
2020 saw The Citizens National Bank Of Somerset place emphasis on $100k-200k loans with 281 originations, totaling $40,065,000 in origination value.
Applicant Income
The Citizens National Bank Of Somerset lent most frequently to those with incomes in the $50k or less range, with 173 originations. The second most popular income band? $50k-75k, with 161 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 689 | $109,935,000 | $159,557 | $0 | 0.00% |
The Citizens National Bank Of Somerset lent most frequently to those with DTI ratios of Exempt%, with 689 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.10%
The Citizens National Bank Of Somerset has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.62%
The Citizens National Bank Of Somerset has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 689 | $109,935,000 | $159,557 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| The Citizens National Bank of Somerset | 105 West Highway 635 Science Hill, KY 42553 | Full Service B&M | $58,916 |
| The Citizens National Bank of Somerset | 290 Cumberland Crossing Monticello, KY 42633 | Full Service B&M | $14,576 |
| The Citizens National Bank of Somerset | 293 North Highway 27 Somerset, KY 42503 | Full Service B&M | $72,951 |
| The Citizens National Bank of Somerset | 4145 South Highway 27 Somerset, KY 42501 | Full Service B&M | $62,163 |
| The Citizens National Bank of Somerset | 44 Public Square Somerset, KY 42501 | Full Service B&M | $92,642 |
| The Citizens National Bank of Somerset | 601 Keene Centre Drive Nicholasville, KY 40356 | Full Service B&M | $11,464 |
| The Citizens National Bank of Somerset | 6385 South Highway 27 Somerset, KY 42501 | Full Service B&M | $37,396 |
| The Citizens National Bank of Somerset | 800 South Highway 27 Somerset, KY 42501 | Full Service B&M | $12,114 |
| The Citizens National Bank of Somerset | 9140 West Highway 80 Nancy, KY 42544 | Full Service B&M | $29,906 |
| The Citizens National Bank of Somerset | 94 Lakeway Dr Russell Springs, KY 42642 | Full Service B&M | $11,716 |
For 2020, The Citizens National Bank Of Somerset had 10 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $18,291 |
| Net interest income | $16,158 |
| Total noninterest income | $4,931 |
| Gross Fiduciary activities income | $100 |
| Service charges on deposit accounts | $1,216 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,615 |
| Pre-tax net operating income | $7,401 |
| Securities gains (or losses, -) | $47 |
| Income before extraordinary items | $7,448 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $7,448 |
| Minority interest net income | $0 |
| Net income | $7,448 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $7,401 |
The Citizens National Bank Of Somerset's gross interest income from loans was $18,291,000.
The Citizens National Bank Of Somerset's net interest income from loans was $16,158,000.
The Citizens National Bank Of Somerset's fee based income from loans was $1,216,000.
The Citizens National Bank Of Somerset's net income from loans was $7,448,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,133 |
| Provision for credit losses | $720 |
| Total noninterest expense | $12,968 |
| Salaries and employee benefits | $6,298 |
| Premises and equipment expense | $1,896 |
| Additional noninterest expense | $4,774 |
| Applicable income taxes | $0 |
| Net charge-offs | $181 |
| Cash dividends | $4,695 |
The Citizens National Bank Of Somerset's interest expense for loans was $2,133,000.
The Citizens National Bank Of Somerset's payroll and benefits expense were $6,298,000.
The Citizens National Bank Of Somerset's property, plant and equipment expenses $1,896,000.
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 | $445,245 |
| Deposits held in domestic offices | $445,245 |
| Deposits by Individuals, partnerships, and corporations | $390,067 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $55,177 |
| 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 | $98,724 |
| Demand deposits | $32,877 |
| Nontransaction accounts | $346,520 |
| Money market deposit accounts (MMDAs) | $23,485 |
| Other savings deposits (excluding MMDAs) | $213,396 |
| Total time deposits | $109,638 |
| Total time and savings deposits | $412,367 |
| Noninterest-bearing deposits | $168,465 |
| Interest-bearing deposits | $276,780 |
| Retail deposits | $409,747 |
| IRAs and Keogh plan accounts | $13,698 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $546,901 |
| Cash & Balances due from depository institutions | $92,136 |
| Interest-bearing balances | $85,708 |
| Total securities | $168,211 |
| Federal funds sold & reverse repurchase | $2,049 |
| Net loans and leases | $271,415 |
| Loan and leases loss allowance | $3,671 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,513 |
| Other real estate owned | $2,444 |
| Goodwill and other intangibles | $0 |
| All other assets | $4,133 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $546,901 |
| Total Liabilities | $494,770 |
| Total deposits | $445,245 |
| Interest-bearing deposits | $276,780 |
| Deposits held in domestic offices | $445,245 |
| % insured (estimated) | $76 |
| Federal funds purchased and repurchase agreements | $48,885 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $640 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $271,415 |
| Loan and leases loss allowance | $3,671 |
| Total loans and leases (domestic) | $275,086 |
| All real estate loans | $228,381 |
| Real estate loans in domestic offices | $228,381 |
| Construction and development loans | $23,896 |
| Residential 1-4 family construction | $7,124 |
| Other construction, all land development and other land | $16,772 |
| Loans secured by nonfarm nonresidential properties | $70,542 |
| Nonfarm nonresidential secured by owner-occupied properties | $36,457 |
| Commercial real estate & other non-farm, non-residential | $34,085 |
| Multifamily residential real estate | $12,357 |
| 1-4 family residential loans | $113,027 |
| Farmland loans | $8,559 |
| Loans held in foreign offices | $0 |
| Farm loans | $882 |
| Commercial and industrial loans | $20,134 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $18,835 |
| Credit card loans | $0 |
| Related Plans | $350 |
| Consumer Auto Loans | $8,347 |
| Other loans to individuals | $10,138 |
| All other loans & leases | $6,854 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $3,823 |
| 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 | $755 |
| Non 1-4 family restructured loans & leases | $534 |
| Total loans and leases (foreign) | $0 |
The Citizens National Bank of Somerset had $271,415,000 of loans outstanding in 2020. $228,381,000 of loans were in real estate loans. $23,896,000 of loans were in development loans. $12,357,000 of loans were in multifamily mortgage loans. $113,027,000 of loans were in 1-4 family mortgage loans. $882,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,347,000 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 | 164 | $26,532 | $161,780 |
| Nonfarm, nonresidential loans - <$100k | 53 | $1,960 | $36,981 |
| Nonfarm, nonresidential loans - $100-250k | 58 | $7,454 | $128,517 |
| Nonfarm, nonresidential loans - $250k-1MM | 53 | $17,118 | $322,981 |
| Commercial & Industrial, US addressed loans - <$1MM | 402 | $20,134 | $50,085 |
| Commercial & Industrial, US addressed loans - <$100k | 346 | $7,240 | $20,925 |
| Commercial & Industrial, US addressed loans - $100-250k | 35 | $3,670 | $104,857 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 21 | $9,224 | $439,238 |
| Farmland loans - <$1MM | 63 | $7,331 | $116,365 |
| Farmland loans - <$100k | 30 | $1,291 | $43,033 |
| Farmland loans - $100-250k | 18 | $2,145 | $119,167 |
| Farmland loans - $250k-1MM | 15 | $3,895 | $259,667 |
| Agriculture operations loans - <$1MM | 62 | $882 | $14,226 |
| Agriculture operations loans - <$100k | 62 | $882 | $14,226 |