Equitable Bank Mortgage Rates, Fees & Info

Grand Island, NE

LEI: 549300K5SWOZ1F2OHY48

Tax ID: 47-0151910

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Equitable Bank is a smaller bank specializing in Home Purchase and Refi loans. Equitable Bank 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 Omaha, Grand Island, North Platte, Lincoln, and Hastings among others. Equitable Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Equitable Bank is typically a low fee lendor.


Originations

432

Origination Dollar Volume (All Markets)

$94,260,000

Employee count

87

Awards

Equitable Bank 30 Year Conventional Loans gold Equitable Bank 30 Year Conventional Loans gold Equitable Bank 30 Year Conventional Loans gold Equitable Bank 30 Year Conventional Loans gold
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Relative Rate

Equitable Bank's average 30 year fixed rate mortgage of loans were 3.13%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.02%.

Relative Fees

Equitable Bank's average total fees for a 30 year fixed rate mortgage are $1,766.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 109 $32,845,000 $301,330 $1,618 3.27%
GRAND ISLAND, NE (FHA|USDA|VA) 151 $32,715,000 $216,656 $1,380 3.45%
North Platte, NE (FHA|USDA|VA) 91 $12,505,000 $137,418 $1,531 3.59%
LINCOLN, NE (FHA|USDA|VA) 20 $3,990,000 $199,500 $1,645 3.47%
Outside of Metro Areas 25 $3,875,000 $155,000 $1,549 3.45%
Hastings, NE (FHA|USDA|VA) 13 $2,665,000 $205,000 $1,403 3.36%
Kearney, NE (FHA|USDA|VA) 8 $1,160,000 $145,000 $1,411 3.13%
Fremont, NE (FHA|USDA|VA) 6 $1,080,000 $180,000 $1,524 3.23%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $975,000 $975,000 $2,826 4.49%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $670,000 $335,000 $2,880 3.19%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $595,000 $595,000 $1,461 3.25%
FORT COLLINS, CO (FHA|USDA|VA) 1 $475,000 $475,000 $2,394 3.00%
Spearfish, SD (FHA|USDA|VA) 1 $265,000 $265,000 $0 3.95%
Lexington, NE (FHA|USDA|VA) 2 $240,000 $120,000 $2,103 3.56%
Norfolk, NE (FHA|USDA|VA) 1 $205,000 $205,000 $991 2.88%

Equitable Bank's top markets include Omaha, Grand Island, North Platte, Lincoln, and Hastings among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 431 $94,145,000 $218,434 $1,509 3.42%
FHA 1 $115,000 $115,000 $3,659 3.50%

For the 2021 period, Equitable Bank's most frequently originated loan type of loans were Conventional, with 431 originations. Their 2nd most popular type is FHA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 210 $48,720,000 $232,000 $1,869 3.54%
Refi 149 $33,545,000 $225,134 $1,171 3.32%
Cash Out Refi 62 $10,720,000 $172,903 $1,541 3.13%
Home Improvement 8 $700,000 $87,500 $350 4.56%
Other 3 $575,000 $191,667 $1,589 3.13%

For the 2021, Equitable Bank's most frequently cited loan purpose of loans were Home Purchase, with 210 originations. The 2nd most popular reason of loans were Refi, with 149 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 158 $35,500,000 $224,684 $1,766 3.13%
15 Year 89 $15,565,000 $174,888 $1,370 2.79%
20 Year 55 $12,705,000 $231,000 $1,466 3.35%
5 Year 41 $8,245,000 $201,098 $484 4.26%
10 Year 39 $10,365,000 $265,769 $774 4.00%
Other 32 $6,830,000 $213,438 $1,037 4.54%
1 Year 13 $3,935,000 $302,692 $0 4.32%
3 Year 5 $1,115,000 $223,000 $350 3.60%

For the 2021, Equitable Bank's most frequently cited loan length of loans were 30 Year, with 158 originations. The 2nd most popular length of loans were 15 Year, with 89 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 329 $61,085,000 $185,669

$1,766 of loans were Equitable Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 329 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 151 $28,965,000 $191,821
3-4% 137 $39,045,000 $285,000
4-5% 83 $15,185,000 $182,952
<2.5% 47 $9,405,000 $200,106
5-6% 11 $1,415,000 $128,636
6-7% 3 $245,000 $81,667

During 2021, Equitable Bank's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 2.5-3%, with 151 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 163 $23,735,000 $145,613 $1,457 3.36%
$200k-400k 123 $33,755,000 $274,431 $1,781 3.18%
$100,000 or less 107 $6,895,000 $64,439 $1,065 3.78%
$400k-600k 25 $12,085,000 $483,400 $2,239 3.24%
$600k-1MM 9 $6,835,000 $759,444 $2,826 4.05%
$1MM+ 5 $10,955,000 $2,191,000 $0 3.51%

2021 saw Equitable Bank place emphasis on $100k-200k loans with 163 originations, totaling $23,735,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 83 $12,545,000 $151,145 $1,487 3.39%
$100k-150k 72 $14,050,000 $195,139 $1,578 3.27%
$50k or less 66 $7,350,000 $111,364 $1,478 3.55%
$75k-100k 63 $10,715,000 $170,079 $1,550 3.23%
$150k-250k 43 $11,395,000 $265,000 $1,541 3.18%
$250k+ 31 $9,015,000 $290,806 $1,549 3.12%

Equitable Bank lent most frequently to those with incomes in the $50k-75k range, with 83 originations. The second most popular income band? $100k-150k, with 72 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 109 $17,615,000 $161,606 $1,510 3.16%
<20% 69 $12,505,000 $181,232 $1,370 3.01%
30-36% 44 $7,560,000 $171,818 $1,491 3.15%
38% 13 $1,785,000 $137,308 $1,457 3.49%
41% 10 $2,600,000 $260,000 $1,449 2.99%
36% 10 $2,300,000 $230,000 $1,585 2.89%
37% 9 $1,265,000 $140,556 $1,322 4.17%
44% 9 $2,335,000 $259,444 $1,837 2.96%
40% 9 $2,115,000 $235,000 $1,885 3.33%
43% 8 $1,490,000 $186,250 $1,904 3.38%
45% 7 $1,485,000 $212,143 $1,749 3.02%
39% 6 $1,200,000 $200,000 $1,450 3.23%
>60% 5 $705,000 $141,000 $1,108 4.51%
46% 5 $1,815,000 $363,000 $1,938 3.03%
48% 5 $745,000 $149,000 $1,592 2.85%
42% 4 $690,000 $172,500 $1,264 3.50%
50-60% 3 $775,000 $258,333 $2,026 3.97%
47% 2 $1,210,000 $605,000 $2,327 3.62%
49% 1 $545,000 $545,000 $1,982 2.75%

Equitable Bank lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? <20%, with 69 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 350 $63,260,000 $180,743 $1,529 3.31%
Not applicable 63 $27,065,000 $429,603 $0 4.11%
Not provided 15 $3,015,000 $201,000 $1,289 3.36%
Black 2 $410,000 $205,000 $1,404 2.69%
Asian 1 $355,000 $355,000 $1,386 2.88%
American Indian 1 $155,000 $155,000 $1,011 2.88%

Approval Rates

Total approvals of all applications
90.77%

Equitable Bank has an average approval rate.

Pick Rate

Approvals leading to origination
90.26%

Equitable Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 432 $94,260,000 $218,194

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
432 $94,260,000 $218,194

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 61 $9,195,000 $150,738 $1,123 3.85%
40-60% 96 $17,510,000 $182,396 $1,434 3.16%
60-80% 162 $43,970,000 $271,420 $1,549 3.36%
80-100% 86 $19,910,000 $231,512 $2,034 3.43%
Under 20% 27 $3,675,000 $136,111 $483 3.72%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Equitable Bank 10855 W Dodge Rd Omaha, NE 68154 Full Service B&M $67,233
Equitable Bank 113 N Locust St Grand Island, NE 68801 Full Service B&M $94,513
Equitable Bank 113 N Locust Street Grand Island, NE 68801 Limited, Drive-thru $0
Equitable Bank 619 North Diers Avenue Grand Island, NE 68803 Full Service B&M $94,514
Equitable Bank 920 South Jeffers North Platte, NE 69101 Full Service B&M $109,710

For 2021, Equitable Bank had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $16,745
Net interest income $14,764
Total noninterest income $5,975
Gross Fiduciary activities income $0
Service charges on deposit accounts $125
Trading account gains and fees $0
Additional Noninterest Income $5,850
Pre-tax net operating income $5,686
Securities gains (or losses, -) $0
Income before extraordinary items $4,456
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $4,456
Minority interest net income $0
Net income $4,456
Sale, conversion, retirement of capital stock, net $-152
Net operating income $4,456

Equitable Bank's gross interest income from loans was $16,745,000.
Equitable Bank's net interest income from loans was $14,764,000.
Equitable Bank's fee based income from loans was $125,000.
Equitable Bank's net income from loans was $4,456,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,981
Provision for credit losses $405
Total noninterest expense $14,648
Salaries and employee benefits $8,271
Premises and equipment expense $1,416
Additional noninterest expense $4,961
Applicable income taxes $1,230
Net charge-offs $2
Cash dividends $0

Equitable Bank's interest expense for loans was $1,981,000.
Equitable Bank's payroll and benefits expense were $8,271,000.
Equitable Bank's property, plant and equipment expenses $1,416,000.

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 1.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.7%
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 $376,566
Deposits held in domestic offices $376,566
Deposits by Individuals, partnerships, and corporations $361,744
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $13,786
Deposits by Commercial banks and other depository institutions in U.S. $1,036
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $158,299
Demand deposits $98,789
Nontransaction accounts $218,267
Money market deposit accounts (MMDAs) $120,452
Other savings deposits (excluding MMDAs) $34,976
Total time deposits $62,839
Total time and savings deposits $277,777
Noninterest-bearing deposits $65,551
Interest-bearing deposits $311,015
Retail deposits $366,169
IRAs and Keogh plan accounts $11,177
Brokered deposits $996
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $434,802
Cash & Balances due from depository institutions $20,235
Interest-bearing balances $15,684
Total securities $29,303
Federal funds sold & reverse repurchase $0
Net loans and leases $362,120
Loan and leases loss allowance $5,457
Trading account assets $49
Bank premises and fixed assets $9,115
Other real estate owned $0
Goodwill and other intangibles $2,833
All other assets $11,147

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $434,802
Total Liabilities $392,582
Total deposits $376,566
Interest-bearing deposits $311,015
Deposits held in domestic offices $376,566
% insured (estimated) $81
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $11,727
Subordinated debt $0
All other liabilities $4,289

Issued Loan Types

Type Value (in 000's)
Net loans and leases $362,120
Loan and leases loss allowance $5,457
Total loans and leases (domestic) $367,577
All real estate loans $268,726
Real estate loans in domestic offices $268,726
Construction and development loans $22,294
Residential 1-4 family construction $8,405
Other construction, all land development and other land $13,889
Loans secured by nonfarm nonresidential properties $102,308
Nonfarm nonresidential secured by owner-occupied properties $43,376
Commercial real estate & other non-farm, non-residential $58,932
Multifamily residential real estate $17,029
1-4 family residential loans $86,543
Farmland loans $40,552
Loans held in foreign offices $0
Farm loans $45,762
Commercial and industrial loans $48,376
To non-U.S. addressees $0
Loans to individuals $4,713
Credit card loans $284
Related Plans $48
Consumer Auto Loans $2,831
Other loans to individuals $1,550
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 $713
Non 1-4 family restructured loans & leases $4
Total loans and leases (foreign) $0

Equitable Bank had $362,120,000 of loans outstanding in 2021. $268,726,000 of loans were in real estate loans. $22,294,000 of loans were in development loans. $17,029,000 of loans were in multifamily mortgage loans. $86,543,000 of loans were in 1-4 family mortgage loans. $45,762,000 of loans were in farm loans. $284,000 of loans were in credit card loans. $2,831,000 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 118 $32,897 $278,788
Nonfarm, nonresidential loans - <$100k 16 $665 $41,563
Nonfarm, nonresidential loans - $100-250k 40 $5,764 $144,100
Nonfarm, nonresidential loans - $250k-1MM 62 $26,468 $426,903
Commercial & Industrial, US addressed loans - <$1MM 307 $25,225 $82,166
Commercial & Industrial, US addressed loans - <$100k 178 $3,118 $17,517
Commercial & Industrial, US addressed loans - $100-250k 77 $7,605 $98,766
Commercial & Industrial, US addressed loans - $250k-1MM 52 $14,502 $278,885
Farmland loans - <$1MM 74 $12,697 $171,581
Farmland loans - <$100k 15 $762 $50,800
Farmland loans - $100-250k 31 $3,966 $127,935
Farmland loans - $250k-1MM 28 $7,969 $284,607
Agriculture operations loans - <$1MM 193 $11,464 $59,399
Agriculture operations loans - <$100k 121 $2,822 $23,322
Agriculture operations loans - $100-250k 44 $4,218 $95,864
Agriculture operations loans - $250k-1MM 28 $4,424 $158,000