Centerbank Mortgage Rates, Fees & Info

Milford, OH

LEI: 549300JICBJ5KEDP3217

Tax ID: 31-1657741

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Mortgage Data

Bank Data

Review & Overview

Centerbank is a smaller bank specializing in Home Purchase 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Cincinnati, Indianapolis, Cape Coral, Key West, and Dayton among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Centerbank has an 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

260

Origination Dollar Volume (All Markets)

$66,380,000

Employee count

38

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
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 243 $62,185,000 $255,905 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $880,000 $440,000 $0 0.00%
Outside of Metro Areas 3 $745,000 $248,333 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $715,000 $238,333 $0 0.00%
Key West, FL (FHA|USDA|VA) 1 $665,000 $665,000 $0 0.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $280,000 $140,000 $0 0.00%
Wilmington, OH (FHA|USDA|VA) 2 $240,000 $120,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Chillicothe, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Centerbank's top markets include Cincinnati, Indianapolis, Cape Coral, Key West, and Dayton among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 232 $61,770,000 $266,250 $0 0.00%
    FHA 20 $3,120,000 $156,000 $0 0.00%
    VA 5 $975,000 $195,000 $0 0.00%
    USDA 3 $515,000 $171,667 $0 0.00%

    For 2019, Centerbank's most frequently originated type of loan was Conventional, with 232 originations. Their 2nd most popular type was FHA, with 20 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 172 $41,040,000 $238,605 $0 0.00%
    Refi 43 $12,445,000 $289,419 $0 0.00%
    Cash Out Refi 36 $9,860,000 $273,889 $0 0.00%
    Home Improvement 6 $2,460,000 $410,000 $0 0.00%
    Other 3 $575,000 $191,667 $0 0.00%

    For 2019, Centerbank's most frequently cited loan purpose was Home Purchase, with 172 originations. The 2nd most popular reason was Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 260 $66,380,000 $255,308 $0 0.00%

    For 2019, Centerbank's most frequently cited loan duration was Other, with 260 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 100 $26,490,000 $264,900 $0 0.00%
    $100k-200k 89 $13,375,000 $150,281 $0 0.00%
    $100,000 or less 31 $2,135,000 $68,871 $0 0.00%
    $400k-600k 23 $10,485,000 $455,870 $0 0.00%
    $600k-1MM 15 $11,365,000 $757,667 $0 0.00%
    $1MM+ 2 $2,530,000 $1,265,000 $0 0.00%

    2019 saw Centerbank place emphasis on $200k-400k loans with 100 originations, totaling $26,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 53 $8,895,000 $167,830 $0 0.00%
    $100k-150k 47 $11,455,000 $243,723 $0 0.00%
    $75k-100k 45 $9,595,000 $213,222 $0 0.00%
    $50k or less 37 $4,645,000 $125,541 $0 0.00%
    $150k-250k 31 $10,335,000 $333,387 $0 0.00%
    $250k+ 22 $11,570,000 $525,909 $0 0.00%

    Centerbank lent most frequently to those with incomes in the $50k-75k range, with 53 originations. The second most popular income band? $100k-150k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 260 $66,380,000 $255,308 $0 0.00%

    Centerbank lent most frequently to those with DTI ratios of Exempt%, with 260 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 208 $50,410,000 $242,356 $0 0.00%
    Not applicable 25 $9,885,000 $395,400 $0 0.00%
    Not provided 10 $3,250,000 $325,000 $0 0.00%
    Asian 7 $1,555,000 $222,143 $0 0.00%
    Black 10 $1,280,000 $128,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.49%

    Centerbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.77%

    Centerbank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 260 $66,380,000 $255,308

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $4,640,000 $580,000
    Single Family (1-4 Units):Site-Built 252 $61,740,000 $245,000

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    CENTERSTATE BANK CORPORATION Conventional home mortgage Trouble during payment process 1 50.0%
    CENTERSTATE BANK CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    CenterBank 6934 Miami Avenue Madeira, OH 45243 Full Service B&M $30,683
    CenterBank 7391 Beechmont Avenue Cincinnati, OH 45230 Full Service B&M $15,407
    CenterBank 744 State Route 28 Milford, OH 45150 Full Service B&M $117,492

    For 2019, Centerbank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,026
    Net interest income $8,396
    Total noninterest income $1,443
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $116
    Trading account gains and fees $0
    Additional Noninterest Income $1,327
    Pre-tax net operating income $3,418
    Securities gains (or losses, -) $7
    Income before extraordinary items $2,706
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,706
    Minority interest net income $0
    Net income $2,706
    Sale, conversion, retirement of capital stock, net $65
    Net operating income $2,700

    Centerbank's gross interest income from loans was $11,026,000.
    Centerbank's net interest income from loans was $8,396,000.
    Centerbank's fee based income from loans was $116,000.
    Centerbank's net income from loans was $2,706,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,630
    Provision for credit losses $315
    Total noninterest expense $6,106
    Salaries and employee benefits $4,074
    Premises and equipment expense $672
    Additional noninterest expense $1,360
    Applicable income taxes $719
    Net charge-offs $-38
    Cash dividends $225

    Centerbank's interest expense for loans was $2,630,000.
    Centerbank's payroll and benefits expense were $4,074,000.
    Centerbank's property, plant and equipment expenses $672,000.

    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 $191,923
    Deposits held in domestic offices $191,923
    Deposits by Individuals, partnerships, and corporations $191,170
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $654
    Deposits by Commercial banks and other depository institutions in U.S. $99
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $48,463
    Demand deposits $29,142
    Nontransaction accounts $143,460
    Money market deposit accounts (MMDAs) $26,061
    Other savings deposits (excluding MMDAs) $15,012
    Total time deposits $102,387
    Total time and savings deposits $162,781
    Noninterest-bearing deposits $29,142
    Interest-bearing deposits $162,781
    Retail deposits $165,504
    IRAs and Keogh plan accounts $10,008
    Brokered deposits $10,185
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $224,827
    Cash & Balances due from depository institutions $5,418
    Interest-bearing balances $1,554
    Total securities $10,764
    Federal funds sold & reverse repurchase $5,212
    Net loans and leases $197,466
    Loan and leases loss allowance $2,577
    Trading account assets $0
    Bank premises and fixed assets $3,263
    Other real estate owned $0
    Goodwill and other intangibles $801
    All other assets $1,903

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $224,827
    Total Liabilities $203,082
    Total deposits $191,923
    Interest-bearing deposits $162,781
    Deposits held in domestic offices $191,923
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $1,159

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $197,466
    Loan and leases loss allowance $2,577
    Total loans and leases (domestic) $200,043
    All real estate loans $154,239
    Real estate loans in domestic offices $154,239
    Construction and development loans $28,571
    Residential 1-4 family construction $17,565
    Other construction, all land development and other land $11,006
    Loans secured by nonfarm nonresidential properties $65,586
    Nonfarm nonresidential secured by owner-occupied properties $42,126
    Commercial real estate & other non-farm, non-residential $23,460
    Multifamily residential real estate $8,906
    1-4 family residential loans $51,176
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $45,935
    To non-U.S. addressees $0
    Loans to individuals $256
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $166
    Other loans to individuals $90
    All other loans & leases $46
    Loans to foreign governments and official institutions $0
    Other loans $46
    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 $16
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    CenterBank had $197,466,000 of loans outstanding in 2019. $154,239,000 of loans were in real estate loans. $28,571,000 of loans were in development loans. $8,906,000 of loans were in multifamily mortgage loans. $51,176,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $166,000 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 157 $35,969 $229,102
    Nonfarm, nonresidential loans - <$100k 16 $976 $61,000
    Nonfarm, nonresidential loans - $100-250k 63 $7,694 $122,127
    Nonfarm, nonresidential loans - $250k-1MM 78 $27,299 $349,987
    Commercial & Industrial, US addressed loans - <$1MM 127 $18,515 $145,787
    Commercial & Industrial, US addressed loans - <$100k 48 $1,465 $30,521
    Commercial & Industrial, US addressed loans - $100-250k 35 $4,111 $117,457
    Commercial & Industrial, US addressed loans - $250k-1MM 44 $12,939 $294,068