Sidney State Bank Mortgage Rates, Fees & Info
Sidney Township, MILEI: 549300JH6IWUYV8WYT95
Tax ID: 38-1428856
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Mortgage Data
Bank Data
Review & Overview
Sidney State Bank is a smaller bank specializing in Home Purchase and Refi loans. Sidney State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Alma, and Lansing among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Sidney State Bank 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.
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Originations
75Origination Dollar Volume (All Markets)
$8,095,000Employee count
21Top 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) | 72 | $7,900,000 | $109,722 | $0 | 0.00% |
| Alma, MI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 75 | $8,095,000 | $107,933 | $0 | 0.00% |
For 2019, Sidney State Bank's most frequently originated type of loan was Conventional, with 75 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 44 | $5,040,000 | $114,545 | $0 | 0.00% |
| Refi | 28 | $2,750,000 | $98,214 | $0 | 0.00% |
| Home Improvement | 3 | $305,000 | $101,667 | $0 | 0.00% |
For 2019, Sidney State Bank's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Refi, with 28 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 75 | $8,095,000 | $107,933 | $0 | 0.00% |
For 2019, Sidney State Bank's most frequently cited loan duration was Other, with 75 originations.
Loan Sizing
2019 saw Sidney State Bank place emphasis on $100,000 or less loans with 40 originations, totaling $2,120,000 in origination value.
Applicant Income
Sidney State Bank lent most frequently to those with incomes in the $50k or less range, with 23 originations. The second most popular income band? $100k-150k, with 16 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 75 | $8,095,000 | $107,933 | $0 | 0.00% |
Sidney State Bank lent most frequently to those with DTI ratios of Exempt%, with 75 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 73 | $7,945,000 | $108,836 | $0 | 0.00% |
| Not applicable | 2 | $150,000 | $75,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications95.40%
Sidney State 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 origination89.33%
Sidney State Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 75 | $8,095,000 | $107,933 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $260,000 | $65,000 |
| Single Family (1-4 Units):Site-Built | 71 | $7,835,000 | $110,352 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STONEGATE MORTGAGE CORPORATION | FHA mortgage | Struggling to pay mortgage | 1 | 100.0% |
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 | $57,181 |
| Sidney State Bank | 619 S. Main Street Sheridan, MI 48884 | Full Service B&M | $6,796 |
For 2019, Sidney State Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $3,944 |
| Net interest income | $3,194 |
| Total noninterest income | $359 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $116 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $243 |
| Pre-tax net operating income | $693 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $553 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $553 |
| Minority interest net income | $0 |
| Net income | $553 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $553 |
Sidney State Bank's gross interest income from loans was $3,944,000.
Sidney State Bank's net interest income from loans was $3,194,000.
Sidney State Bank's fee based income from loans was $116,000.
Sidney State Bank's net income from loans was $553,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $750 |
| Provision for credit losses | $117 |
| Total noninterest expense | $2,743 |
| Salaries and employee benefits | $1,533 |
| Premises and equipment expense | $362 |
| Additional noninterest expense | $848 |
| Applicable income taxes | $140 |
| Net charge-offs | $32 |
| Cash dividends | $253 |
Sidney State Bank's interest expense for loans was $750,000.
Sidney State Bank's payroll and benefits expense were $1,533,000.
Sidney State Bank's property, plant and equipment expenses $362,000.
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 | 4.0% |
| 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 | $66,738 |
| Deposits held in domestic offices | $66,738 |
| Deposits by Individuals, partnerships, and corporations | $60,010 |
| Deposits by U.S. Government | $33 |
| Deposits by States and political subdivisions in the U.S. | $6,695 |
| 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 | $23,815 |
| Demand deposits | $7,408 |
| Nontransaction accounts | $42,923 |
| Money market deposit accounts (MMDAs) | $5,360 |
| Other savings deposits (excluding MMDAs) | $13,484 |
| Total time deposits | $24,079 |
| Total time and savings deposits | $59,330 |
| Noninterest-bearing deposits | $7,690 |
| Interest-bearing deposits | $59,048 |
| Retail deposits | $63,734 |
| IRAs and Keogh plan accounts | $3,490 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $81,828 |
| Cash & Balances due from depository institutions | $7,025 |
| Interest-bearing balances | $5,676 |
| Total securities | $5,256 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $66,241 |
| Loan and leases loss allowance | $730 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $983 |
| Other real estate owned | $1,136 |
| Goodwill and other intangibles | $0 |
| All other assets | $1,187 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $81,828 |
| Total Liabilities | $74,993 |
| Total deposits | $66,738 |
| Interest-bearing deposits | $59,048 |
| Deposits held in domestic offices | $66,738 |
| % insured (estimated) | $92 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $8,000 |
| Subordinated debt | $0 |
| All other liabilities | $255 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $66,241 |
| Loan and leases loss allowance | $730 |
| Total loans and leases (domestic) | $66,971 |
| All real estate loans | $57,929 |
| Real estate loans in domestic offices | $57,929 |
| Construction and development loans | $1,327 |
| Residential 1-4 family construction | $1,154 |
| Other construction, all land development and other land | $173 |
| Loans secured by nonfarm nonresidential properties | $8,204 |
| Nonfarm nonresidential secured by owner-occupied properties | $4,850 |
| Commercial real estate & other non-farm, non-residential | $3,354 |
| Multifamily residential real estate | $1,189 |
| 1-4 family residential loans | $44,377 |
| Farmland loans | $2,832 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,355 |
| Commercial and industrial loans | $3,954 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,733 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $2,394 |
| Other loans to individuals | $1,339 |
| 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 | $844 |
| Non 1-4 family restructured loans & leases | $442 |
| Total loans and leases (foreign) | $0 |
Sidney State Bank had $66,241,000 of loans outstanding in 2019. $57,929,000 of loans were in real estate loans. $1,327,000 of loans were in development loans. $1,189,000 of loans were in multifamily mortgage loans. $44,377,000 of loans were in 1-4 family mortgage loans. $1,355,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,394,000 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 | 55 | $7,769 | $141,255 |
| Nonfarm, nonresidential loans - <$100k | 31 | $1,337 | $43,129 |
| Nonfarm, nonresidential loans - $100-250k | 15 | $2,271 | $151,400 |
| Nonfarm, nonresidential loans - $250k-1MM | 9 | $4,161 | $462,333 |
| Commercial & Industrial, US addressed loans - <$1MM | 84 | $3,954 | $47,071 |
| Commercial & Industrial, US addressed loans - <$100k | 72 | $1,974 | $27,417 |
| Commercial & Industrial, US addressed loans - $100-250k | 9 | $872 | $96,889 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 3 | $1,108 | $369,333 |
| Farmland loans - <$1MM | 23 | $2,832 | $123,130 |
| Farmland loans - <$100k | 11 | $429 | $39,000 |
| Farmland loans - $100-250k | 5 | $683 | $136,600 |
| Farmland loans - $250k-1MM | 7 | $1,720 | $245,714 |
| Agriculture operations loans - <$1MM | 35 | $1,355 | $38,714 |
| Agriculture operations loans - <$100k | 31 | $741 | $23,903 |
| Agriculture operations loans - $100-250k | 4 | $614 | $153,500 |