Union Savings Bank Mortgage Rates, Fees & Info

Freeport, IL

LEI: 549300OEWY869SOVHF18

Tax ID: 36-1893340

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Mortgage Data

Bank Data

Review & Overview

Union Savings Bank is a smaller bank specializing in Home Purchase loans. Union Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Freeport, Rockford, Rochelle, Chicago, and Seneca among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Union Savings 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

95

Origination Dollar Volume (All Markets)

$8,985,000

Employee count

49

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
Freeport, IL (FHA|USDA|VA) 52 $3,870,000 $74,423 $0 0.00%
ROCKFORD, IL (FHA|USDA|VA) 16 $1,370,000 $85,625 $0 0.00%
Rochelle, IL (FHA|USDA|VA) 13 $1,135,000 $87,308 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $690,000 $345,000 $0 0.00%
Seneca, SC (FHA|USDA|VA) 1 $635,000 $635,000 $0 0.00%
Outside of Metro Areas 6 $620,000 $103,333 $0 0.00%
Dixon, IL (FHA|USDA|VA) 4 $390,000 $97,500 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Union Savings Bank's top markets include Freeport, Rockford, Rochelle, Chicago, and Seneca among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $7,545,000 $103,356 $0 0.00%
    USDA 22 $1,440,000 $65,455 $0 0.00%

    For 2018, Union Savings Bank's most frequently originated type of loan was Conventional, with 73 originations. Their 2nd most popular type was USDA, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 73 $7,035,000 $96,370 $0 0.00%
    Cash Out Refi 12 $910,000 $75,833 $0 0.00%
    Refi 10 $1,040,000 $104,000 $0 0.00%

    For 2018, Union Savings Bank's most frequently cited loan purpose was Home Purchase, with 73 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 95 $8,985,000 $94,579 $0 0.00%

    For 2018, Union Savings Bank's most frequently cited loan duration was Other, with 95 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 68 $4,180,000 $61,471 $0 0.00%
    $100k-200k 21 $2,675,000 $127,381 $0 0.00%
    $200k-400k 4 $1,010,000 $252,500 $0 0.00%
    $400k-600k 1 $485,000 $485,000 $0 0.00%
    $600k-1MM 1 $635,000 $635,000 $0 0.00%

    2018 saw Union Savings Bank place emphasis on $100,000 or less loans with 68 originations, totaling $4,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 40 $2,650,000 $66,250 $0 0.00%
    $50k-75k 26 $2,250,000 $86,538 $0 0.00%
    $75k-100k 9 $995,000 $110,556 $0 0.00%
    $100k-150k 8 $1,510,000 $188,750 $0 0.00%
    $150k-250k 5 $585,000 $117,000 $0 0.00%
    $250k+ 2 $790,000 $395,000 $0 0.00%

    Union Savings Bank lent most frequently to those with incomes in the $50k or less range, with 40 originations. The second most popular income band? $50k-75k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 95 $8,985,000 $94,579 $0 0.00%

    Union Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 86 $8,590,000 $99,884 $0 0.00%
    Not applicable 5 $205,000 $41,000 $0 0.00%
    Black 4 $190,000 $47,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.83%

    Union Savings 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 origination
    83.16%

    Union Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 95 $8,985,000 $94,579

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $95,000 $95,000
    Single Family (1-4 Units):Site-Built 94 $8,890,000 $94,574

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Union Savings Bank 1320 North State Street Belvidere, IL 61008 Full Service B&M $17,074
    Union Savings Bank 2 West Main Street Mount Morris, IL 61054 Full Service B&M $30,972
    Union Savings Bank 203 North Alpine Road Rockford, IL 61107 Full Service B&M $12,714
    Union Savings Bank 223 West Stephenson Street Freeport, IL 61032 Full Service B&M $59,480
    Union Savings Bank 715 West South Street Freeport, IL 61032 Full Service B&M $20,392

    For 2018, Union Savings Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,924
    Net interest income $5,156
    Total noninterest income $1,598
    Gross Fiduciary activities income $585
    Service charges on deposit accounts $351
    Trading account gains and fees $0
    Additional Noninterest Income $662
    Pre-tax net operating income $966
    Securities gains (or losses, -) $14
    Income before extraordinary items $781
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $781
    Minority interest net income $0
    Net income $781
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $769

    Union Savings Bank's gross interest income from loans was $5,924,000.
    Union Savings Bank's net interest income from loans was $5,156,000.
    Union Savings Bank's fee based income from loans was $351,000.
    Union Savings Bank's net income from loans was $781,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $768
    Provision for credit losses $45
    Total noninterest expense $5,743
    Salaries and employee benefits $3,475
    Premises and equipment expense $652
    Additional noninterest expense $1,616
    Applicable income taxes $199
    Net charge-offs $130
    Cash dividends $6

    Union Savings Bank's interest expense for loans was $768,000.
    Union Savings Bank's payroll and benefits expense were $3,475,000.
    Union Savings Bank's property, plant and equipment expenses $652,000.

    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 1.0%
    HELOC loans 2.0%
    All other family 1.0%
    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 $137,957
    Deposits held in domestic offices $137,957
    Deposits by Individuals, partnerships, and corporations $133,100
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,707
    Deposits by Commercial banks and other depository institutions in U.S. $150
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $44,238
    Demand deposits $10,766
    Nontransaction accounts $93,719
    Money market deposit accounts (MMDAs) $10,485
    Other savings deposits (excluding MMDAs) $36,577
    Total time deposits $46,657
    Total time and savings deposits $127,191
    Noninterest-bearing deposits $12,414
    Interest-bearing deposits $125,543
    Retail deposits $134,705
    IRAs and Keogh plan accounts $15,982
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $154,942
    Cash & Balances due from depository institutions $11,809
    Interest-bearing balances $9,881
    Total securities $25,021
    Federal funds sold & reverse repurchase $3,927
    Net loans and leases $109,440
    Loan and leases loss allowance $930
    Trading account assets $0
    Bank premises and fixed assets $3,385
    Other real estate owned $92
    Goodwill and other intangibles $169
    All other assets $1,099

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $154,942
    Total Liabilities $139,841
    Total deposits $137,957
    Interest-bearing deposits $125,543
    Deposits held in domestic offices $137,957
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $750
    Subordinated debt $0
    All other liabilities $1,134

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $109,440
    Loan and leases loss allowance $930
    Total loans and leases (domestic) $110,370
    All real estate loans $93,458
    Real estate loans in domestic offices $93,458
    Construction and development loans $443
    Residential 1-4 family construction $114
    Other construction, all land development and other land $329
    Loans secured by nonfarm nonresidential properties $21,831
    Nonfarm nonresidential secured by owner-occupied properties $18,196
    Commercial real estate & other non-farm, non-residential $3,635
    Multifamily residential real estate $7,263
    1-4 family residential loans $56,256
    Farmland loans $7,665
    Loans held in foreign offices $0
    Farm loans $382
    Commercial and industrial loans $9,245
    To non-U.S. addressees $0
    Loans to individuals $7,285
    Credit card loans $0
    Related Plans $104
    Consumer Auto Loans $6,531
    Other loans to individuals $650
    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 $1,040
    Non 1-4 family restructured loans & leases $1,040
    Total loans and leases (foreign) $0

    Union Savings Bank had $109,440,000 of loans outstanding in 2018. $93,458,000 of loans were in real estate loans. $443,000 of loans were in development loans. $7,263,000 of loans were in multifamily mortgage loans. $56,256,000 of loans were in 1-4 family mortgage loans. $382,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,531,000 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 82 $17,252 $210,390
    Nonfarm, nonresidential loans - <$100k 40 $2,303 $57,575
    Nonfarm, nonresidential loans - $100-250k 17 $2,282 $134,235
    Nonfarm, nonresidential loans - $250k-1MM 25 $12,667 $506,680
    Commercial & Industrial, US addressed loans - <$1MM 144 $3,839 $26,660
    Commercial & Industrial, US addressed loans - <$100k 139 $3,516 $25,295
    Commercial & Industrial, US addressed loans - $100-250k 5 $323 $64,600
    Farmland loans - <$1MM 7 $1,527 $218,143
    Farmland loans - <$100k 3 $164 $54,667
    Farmland loans - $100-250k 1 $185 $185,000
    Farmland loans - $250k-1MM 3 $1,178 $392,667
    Agriculture operations loans - <$1MM 9 $382 $42,444
    Agriculture operations loans - <$100k 9 $382 $42,444