Sidney State Bank Mortgage Rates, Fees & Info

Sidney Township, MI

LEI: 549300JH6IWUYV8WYT95

Tax ID: 38-1428856

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Sidney State Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Sidney State Bank has a high proportion of conventional loans. Sidney State Bank has a high proportion of conventional loans. Their top two markets are Grand Rapids and Alma .

    Sidney State Bank has an average approval rate when compared to the average across all lenders. They have an 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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    Originations

    96

    Origination Dollar Volume (All Markets)

    $10,260,000

    Employee count

    21

    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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 95 $9,985,000 $105,105 $1,753 4.48%
    Alma, MI (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
    Sidney State Bank's top markets include Grand Rapids and Alma among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 58 $7,100,000 $122,414 $0 0.00%
    Conventional 38 $3,160,000 $83,158 $1,753 4.48%

    For 2018, Sidney State Bank's most frequently originated type of loan was Conventional, with 58 originations. Their 2nd most popular type was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 49 $5,485,000 $111,939 $2,072 4.56%
    Cash Out Refi 28 $2,610,000 $93,214 $1,489 4.33%
    Refi 13 $1,765,000 $135,769 $1,769 4.15%
    Other 3 $275,000 $91,667 $1,558 3.90%
    Home Improvement 2 $70,000 $35,000 $0 6.25%
    NA 1 $55,000 $55,000 $0 5.75%

    For 2018, Sidney State Bank's most frequently cited loan purpose was Home Purchase, with 49 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 90 $9,780,000 $108,667 $1,681 4.43%
    5 Year 3 $165,000 $55,000 $1,980 5.10%
    15 Year 1 $145,000 $145,000 $2,707 4.75%
    20 Year 1 $55,000 $55,000 $1,673 5.50%
    3 Year 1 $115,000 $115,000 $2,526 3.25%

    For 2018, Sidney State Bank's most frequently cited loan duration was Other, with 90 originations. The 2nd most popular length was 5 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 24 $1,480,000 $61,667
    $1k-2k 7 $875,000 $125,000

    Sidney State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 16 $1,650,000 $103,125
    4-5% 13 $995,000 $76,538
    5-6% 8 $480,000 $60,000
    6-7% 1 $35,000 $35,000

    During 2018, Sidney State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 16 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 52 $3,060,000 $58,846 $1,602 4.70%
    $100k-200k 33 $4,315,000 $130,758 $2,251 3.98%
    $200k-400k 11 $2,885,000 $262,273 $0 3.65%

    2018 saw Sidney State Bank place emphasis on $100,000 or less loans with 52 originations, totaling $3,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 50 $3,910,000 $78,200 $1,614 4.71%
    $50k-75k 22 $2,490,000 $113,182 $2,109 4.03%
    $100k-150k 9 $1,475,000 $163,889 $1,627 3.90%
    $75k-100k 7 $815,000 $116,429 $1,409 4.53%
    $150k-250k 5 $1,125,000 $225,000 $1,724 4.65%
    $250k+ 2 $390,000 $195,000 $0 0.00%

    Sidney State Bank lent most frequently to those with incomes in the $50k or less range, with 50 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 58 $7,100,000 $122,414 $0 0.00%
    20-30% 11 $905,000 $82,273 $1,603 4.51%
    30-36% 9 $815,000 $90,556 $1,772 4.37%
    <20% 6 $540,000 $90,000 $1,670 4.07%
    39% 3 $315,000 $105,000 $2,091 5.60%
    45% 2 $170,000 $85,000 $2,099 4.38%
    41% 1 $105,000 $105,000 $2,353 3.65%
    38% 1 $75,000 $75,000 $1,769 4.40%
    46% 1 $35,000 $35,000 $1,716 4.15%
    >60% 1 $45,000 $45,000 $0 5.50%
    36% 1 $45,000 $45,000 $1,684 4.15%

    Sidney State Bank lent most frequently to those with DTI ratios of Exempt%, with 58 originations. The next most common DTI ratio? 20-30%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 95 $10,205,000 $107,421 $1,753 4.45%
    Not applicable 1 $55,000 $55,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    88.79%

    Sidney State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.71%

    Sidney State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 58 $7,100,000 $122,414
    NA 38 $3,160,000 $83,158

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 96 $10,260,000 $106,875

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $105,000 $105,000 $1,724 3.90%
    40-60% 13 $775,000 $59,615 $1,365 4.85%
    60-80% 17 $1,735,000 $102,059 $1,964 4.29%
    80-100% 5 $465,000 $93,000 $2,241 4.34%
    Under 20% 2 $80,000 $40,000 $1,501 4.40%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    STONEGATE MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 33.3%
    STONEGATE MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 2 66.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Sidney State Bank 3016 West Sidney Road Sidney, MI 48885 Full Service B&M $51,502
    Sidney State Bank 619 S. Main Street Sheridan, MI 48884 Full Service B&M $4,616

    For 2018, Sidney State Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,456
    Net interest income $2,931
    Total noninterest income $242
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $108
    Trading account gains and fees $0
    Additional Noninterest Income $134
    Pre-tax net operating income $550
    Securities gains (or losses, -) $0
    Income before extraordinary items $467
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $467
    Minority interest net income $0
    Net income $467
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $467

    Sidney State Bank's gross interest income from loans was $3,456,000.
    Sidney State Bank's net interest income from loans was $2,931,000.
    Sidney State Bank's fee based income from loans was $108,000.
    Sidney State Bank's net income from loans was $467,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $525
    Provision for credit losses $97
    Total noninterest expense $2,526
    Salaries and employee benefits $1,436
    Premises and equipment expense $356
    Additional noninterest expense $734
    Applicable income taxes $83
    Net charge-offs $-14
    Cash dividends $308

    Sidney State Bank's interest expense for loans was $525,000.
    Sidney State Bank's payroll and benefits expense were $1,436,000.
    Sidney State Bank's property, plant and equipment expenses $356,000.

    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 $59,071
    Deposits held in domestic offices $59,071
    Deposits by Individuals, partnerships, and corporations $54,083
    Deposits by U.S. Government $20
    Deposits by States and political subdivisions in the U.S. $4,968
    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 $20,426
    Demand deposits $7,169
    Nontransaction accounts $38,645
    Money market deposit accounts (MMDAs) $3,979
    Other savings deposits (excluding MMDAs) $11,213
    Total time deposits $23,453
    Total time and savings deposits $51,902
    Noninterest-bearing deposits $7,169
    Interest-bearing deposits $51,902
    Retail deposits $55,629
    IRAs and Keogh plan accounts $3,317
    Brokered deposits $1,875
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $74,805
    Cash & Balances due from depository institutions $5,427
    Interest-bearing balances $3,873
    Total securities $5,261
    Federal funds sold & reverse repurchase $0
    Net loans and leases $61,831
    Loan and leases loss allowance $646
    Trading account assets $0
    Bank premises and fixed assets $1,037
    Other real estate owned $187
    Goodwill and other intangibles $0
    All other assets $1,062

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $74,805
    Total Liabilities $68,312
    Total deposits $59,071
    Interest-bearing deposits $51,902
    Deposits held in domestic offices $59,071
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $9,000
    Subordinated debt $0
    All other liabilities $241

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $61,831
    Loan and leases loss allowance $646
    Total loans and leases (domestic) $62,477
    All real estate loans $55,599
    Real estate loans in domestic offices $55,599
    Construction and development loans $1,409
    Residential 1-4 family construction $1,346
    Other construction, all land development and other land $63
    Loans secured by nonfarm nonresidential properties $6,058
    Nonfarm nonresidential secured by owner-occupied properties $3,432
    Commercial real estate & other non-farm, non-residential $2,626
    Multifamily residential real estate $1,229
    1-4 family residential loans $42,877
    Farmland loans $4,026
    Loans held in foreign offices $0
    Farm loans $1,318
    Commercial and industrial loans $2,598
    To non-U.S. addressees $0
    Loans to individuals $2,963
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,761
    Other loans to individuals $1,202
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $871
    Non 1-4 family restructured loans & leases $456
    Total loans and leases (foreign) $0

    Sidney State Bank had $61,831,000 of loans outstanding in 2018. $55,599,000 of loans were in real estate loans. $1,409,000 of loans were in development loans. $1,229,000 of loans were in multifamily mortgage loans. $42,877,000 of loans were in 1-4 family mortgage loans. $1,318,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,761,000 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 45 $6,058 $134,622
    Nonfarm, nonresidential loans - <$100k 30 $1,351 $45,033
    Nonfarm, nonresidential loans - $100-250k 10 $1,479 $147,900
    Nonfarm, nonresidential loans - $250k-1MM 5 $3,228 $645,600
    Commercial & Industrial, US addressed loans - <$1MM 74 $2,598 $35,108
    Commercial & Industrial, US addressed loans - <$100k 66 $1,927 $29,197
    Commercial & Industrial, US addressed loans - $100-250k 7 $571 $81,571
    Commercial & Industrial, US addressed loans - $250k-1MM 1 $100 $100,000
    Farmland loans - <$1MM 22 $3,068 $139,455
    Farmland loans - <$100k 9 $407 $45,222
    Farmland loans - $100-250k 7 $984 $140,571
    Farmland loans - $250k-1MM 6 $1,677 $279,500
    Agriculture operations loans - <$1MM 28 $1,318 $47,071
    Agriculture operations loans - <$100k 24 $661 $27,542
    Agriculture operations loans - $100-250k 4 $657 $164,250