Centerbank Mortgage Rates, Fees & Info

Milford, OH

LEI: 549300JICBJ5KEDP3217

Tax ID: 31-1657741

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Centerbank is a smaller bank specializing in Home Purchase and Refi loans. Centerbank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Cincinnati, Dayton, Miami, Knoxville, and Naples among others. Centerbank 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.


Originations

382

Origination Dollar Volume (All Markets)

$101,120,000

Employee count

42

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 350 $92,840,000 $265,257 $0 0.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 8 $1,480,000 $185,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,075,000 $358,333 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $610,000 $305,000 $0 0.00%
Outside of Metro Areas 3 $565,000 $188,333 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Wilmington, OH (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
COLUMBUS, OH (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Marietta, OH (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%

Centerbank's top markets include Cincinnati, Dayton, Miami, Knoxville, and Naples among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 366 $98,040,000 $267,869 $0 0.00%
FHA 13 $2,585,000 $198,846 $0 0.00%
VA 3 $495,000 $165,000 $0 0.00%

For the 2021 period, Centerbank's most frequently originated loan type of loans were Conventional, with 366 originations. Their 2nd most popular type is FHA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 191 $54,045,000 $282,958 $0 0.00%
Refi 106 $24,980,000 $235,660 $0 0.00%
Cash Out Refi 69 $18,505,000 $268,188 $0 0.00%
Other 12 $2,690,000 $224,167 $0 0.00%
Home Improvement 4 $900,000 $225,000 $0 0.00%

For the 2021, Centerbank's most frequently cited loan purpose of loans were Home Purchase, with 191 originations. The 2nd most popular reason of loans were Refi, with 106 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 382 $101,120,000 $264,712 $0 0.00%

For the 2021, Centerbank's most frequently cited loan length of loans were Other, with 382 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 155 $42,405,000 $273,581 $0 0.00%
$100k-200k 139 $21,235,000 $152,770 $0 0.00%
$400k-600k 45 $21,315,000 $473,667 $0 0.00%
$100,000 or less 27 $2,165,000 $80,185 $0 0.00%
$600k-1MM 13 $10,095,000 $776,538 $0 0.00%
$1MM+ 3 $3,905,000 $1,301,667 $0 0.00%

2021 saw Centerbank place emphasis on $200k-400k loans with 155 originations, totaling $42,405,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 78 $20,760,000 $266,154 $0 0.00%
$50k-75k 74 $13,310,000 $179,865 $0 0.00%
$75k-100k 65 $14,995,000 $230,692 $0 0.00%
$150k-250k 61 $22,255,000 $364,836 $0 0.00%
$50k or less 49 $6,515,000 $132,959 $0 0.00%
$250k+ 33 $15,255,000 $462,273 $0 0.00%

Centerbank lent most frequently to those with incomes in the $100k-150k range, with 78 originations. The second most popular income band? $50k-75k, with 74 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 382 $101,120,000 $264,712 $0 0.00%

Centerbank lent most frequently to those with DTI ratios of Exempt%, with 382 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 262 $65,740,000 $250,916 $0 0.00%
Not provided 73 $21,845,000 $299,247 $0 0.00%
Not applicable 20 $7,600,000 $380,000 $0 0.00%
Black 22 $4,330,000 $196,818 $0 0.00%
Asian 5 $1,605,000 $321,000 $0 0.00%

Approval Rates

Total approvals of all applications
92.59%

Centerbank has an average approval rate.

Pick Rate

Approvals leading to origination
89.62%

Centerbank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 382 $101,120,000 $264,712

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
382 $101,120,000 $264,712

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
CENTURY MORTGAGE COMPANY VA mortgage Trouble during payment process 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Centerbank 6934 Miami Avenue Madeira, OH 45243 Full Service B&M $41,783
Centerbank 7391 Beechmont Avenue Cincinnati, OH 45230 Full Service B&M $37,830
Centerbank 744 State Route 28 Milford, OH 45150 Full Service B&M $141,966

For 2021, Centerbank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $12,134
Net interest income $10,681
Total noninterest income $3,889
Gross Fiduciary activities income $0
Service charges on deposit accounts $141
Trading account gains and fees $0
Additional Noninterest Income $3,748
Pre-tax net operating income $7,408
Securities gains (or losses, -) $11
Income before extraordinary items $5,861
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,861
Minority interest net income $0
Net income $5,861
Sale, conversion, retirement of capital stock, net $84
Net operating income $5,852

Centerbank's gross interest income from loans was $12,134,000.
Centerbank's net interest income from loans was $10,681,000.
Centerbank's fee based income from loans was $141,000.
Centerbank's net income from loans was $5,861,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,453
Provision for credit losses $-350
Total noninterest expense $7,512
Salaries and employee benefits $5,173
Premises and equipment expense $732
Additional noninterest expense $1,607
Applicable income taxes $1,558
Net charge-offs $-10
Cash dividends $0

Centerbank's interest expense for loans was $1,453,000.
Centerbank's payroll and benefits expense were $5,173,000.
Centerbank's property, plant and equipment expenses $732,000.

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 $210,131
Deposits held in domestic offices $210,131
Deposits by Individuals, partnerships, and corporations $209,801
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $330
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 $76,047
Demand deposits $49,517
Nontransaction accounts $134,084
Money market deposit accounts (MMDAs) $38,497
Other savings deposits (excluding MMDAs) $37,171
Total time deposits $58,417
Total time and savings deposits $160,614
Noninterest-bearing deposits $49,517
Interest-bearing deposits $160,614
Retail deposits $204,614
IRAs and Keogh plan accounts $10,506
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $272,037
Cash & Balances due from depository institutions $7,582
Interest-bearing balances $4,935
Total securities $31,925
Federal funds sold & reverse repurchase $1,077
Net loans and leases $224,243
Loan and leases loss allowance $2,883
Trading account assets $0
Bank premises and fixed assets $2,276
Other real estate owned $0
Goodwill and other intangibles $560
All other assets $4,374

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $272,037
Total Liabilities $241,350
Total deposits $210,131
Interest-bearing deposits $160,614
Deposits held in domestic offices $210,131
% insured (estimated) $75
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $29,872
Subordinated debt $0
All other liabilities $1,347

Issued Loan Types

Type Value (in 000's)
Net loans and leases $224,243
Loan and leases loss allowance $2,883
Total loans and leases (domestic) $227,126
All real estate loans $184,422
Real estate loans in domestic offices $184,422
Construction and development loans $32,242
Residential 1-4 family construction $12,338
Other construction, all land development and other land $19,904
Loans secured by nonfarm nonresidential properties $76,319
Nonfarm nonresidential secured by owner-occupied properties $48,572
Commercial real estate & other non-farm, non-residential $27,747
Multifamily residential real estate $12,162
1-4 family residential loans $63,699
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $43,103
To non-U.S. addressees $0
Loans to individuals $177
Credit card loans $0
Related Plans $0
Consumer Auto Loans $140
Other loans to individuals $37
All other loans & leases $21
Loans to foreign governments and official institutions $0
Other loans $21
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 $11
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

CenterBank had $224,243,000 of loans outstanding in 2021. $184,422,000 of loans were in real estate loans. $32,242,000 of loans were in development loans. $12,162,000 of loans were in multifamily mortgage loans. $63,699,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $140,000 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 180 $45,449 $252,494
Nonfarm, nonresidential loans - <$100k 20 $1,031 $51,550
Nonfarm, nonresidential loans - $100-250k 63 $8,220 $130,476
Nonfarm, nonresidential loans - $250k-1MM 97 $36,198 $373,175
Commercial & Industrial, US addressed loans - <$1MM 116 $17,194 $148,224
Commercial & Industrial, US addressed loans - <$100k 34 $1,081 $31,794
Commercial & Industrial, US addressed loans - $100-250k 38 $4,582 $120,579
Commercial & Industrial, US addressed loans - $250k-1MM 44 $11,531 $262,068