Union Savings Bank Mortgage Rates, Fees & Info
Freeport, ILLEI: 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
95Origination Dollar Volume (All Markets)
$8,985,000Employee count
49Top 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% |
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
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
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 applications95.83%
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 origination83.16%
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 |