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

Somerset, KY

LEI: 549300JCW11CIGH8GJ60

Tax ID: 61-0156616

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 by origination volume include: Somerset, Lexington, Frankfort, Crestview, and Danville among others. We have data for 14 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. The Citizens National Bank Of Somerset is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.27% 12/16/24
    30 Year Conventional Refi 7.13% 12/16/24
    30 Year Cash-out Refi 6.79% 12/16/24
    30 Year USDA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 6.76% 12/16/24
    15 Year Conventional Refi 6.28% 12/16/24
    15 Year Cash-out Refi 6.28% 12/16/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Citizens National Bank Of Somerset. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    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

    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
    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, KY (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.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • 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.

    L & N Federal Credit Union
    Similarity Rank: 364
    COMMONWEALTH
    Similarity Rank: 375
    Peoples Exchange Bank
    Similarity Rank: 432
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 528
    First Option Mortgage, LLC
    Similarity Rank: 764
    The Monticello Banking Company
    Similarity Rank: 1026
    Kentucky Bank
    Similarity Rank: 1067
    Traditional Bank, Inc.
    Similarity Rank: 1128
    Central Bank
    Similarity Rank: 1368
    Western Ohio Mortgage Corporation
    Similarity Rank: 1400

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, The Citizens National Bank Of Somerset's most frequently cited loan purpose was Home Purchase, with 256 originations. The 2nd most popular reason was 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 2021, The Citizens National Bank Of Somerset's most frequently cited loan duration was 30 Year, with 290 originations. The 2nd most popular length was 15 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 25 $5,725,000 $229,000
    $4k-5k 4 $1,190,000 $297,500
    $5k+ 4 $1,530,000 $382,500

    The Citizens National Bank Of Somerset's average total fees were $2,644, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.56%, while their most frequently originated rate bucket for loans was 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
    90.69%

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

    Pick Rate

    Approvals leading to origination
    88.76%

    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 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 6385 South Highway 27 Somerset, KY 42501 Full Service B&M $45,098
    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