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 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 by origination volume include: Cincinnati, Dayton, Miami, Knoxville, and Naples among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Centerbank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

382

Origination Dollar Volume (All Markets)

$101,120,000

Employee count

42

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) 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.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Centerbank's most frequently originated type of loan was Conventional, with 366 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Centerbank's most frequently cited loan purpose was Home Purchase, with 191 originations. The 2nd most popular reason was 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 2021, Centerbank's most frequently cited loan duration was 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
    95.25%

    Centerbank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.88%

    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