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 Refi, Home Purchase, and Cash Out Refi loans. Union Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Rochelle, Freeport, Rockford, Chicago, and Dixon among others. We have data for 12 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

326

Origination Dollar Volume (All Markets)

$40,720,000

Employee count

53

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
Rochelle, IL (FHA|USDA|VA) 118 $14,550,000 $123,305 $0 0.00%
Freeport, IL (FHA|USDA|VA) 104 $10,350,000 $99,519 $0 0.00%
ROCKFORD, IL (FHA|USDA|VA) 50 $6,760,000 $135,200 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 12 $3,480,000 $290,000 $0 0.00%
Outside of Metro Areas 22 $2,730,000 $124,091 $0 0.00%
Dixon, IL (FHA|USDA|VA) 12 $1,370,000 $114,167 $0 0.00%
Seneca, SC (FHA|USDA|VA) 1 $565,000 $565,000 $0 0.00%
MADISON, WI (FHA|USDA|VA) 2 $280,000 $140,000 $0 0.00%
Sterling, IL (FHA|USDA|VA) 2 $230,000 $115,000 $0 0.00%
Whitewater, WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Union Savings Bank's top markets include Rochelle, Freeport, Rockford, Chicago, and Dixon among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 322 $40,360,000 $125,342 $0 0.00%
    USDA 4 $360,000 $90,000 $0 0.00%

    For 2020, Union Savings Bank's most frequently originated type of loan was Conventional, with 322 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 157 $18,905,000 $120,414 $0 0.00%
    Home Purchase 86 $10,640,000 $123,721 $0 0.00%
    Cash Out Refi 83 $11,175,000 $134,639 $0 0.00%

    For 2020, Union Savings Bank's most frequently cited loan purpose was Refi, with 157 originations. The 2nd most popular reason was Home Purchase, with 86 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 326 $40,720,000 $124,908 $0 0.00%

    For 2020, Union Savings Bank's most frequently cited loan duration was Other, with 326 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 147 $9,755,000 $66,361 $0 0.00%
    $100k-200k 135 $18,245,000 $135,148 $0 0.00%
    $200k-400k 38 $9,750,000 $256,579 $0 0.00%
    $400k-600k 6 $2,970,000 $495,000 $0 0.00%

    2020 saw Union Savings Bank place emphasis on $100,000 or less loans with 147 originations, totaling $9,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 80 $8,260,000 $103,250 $0 0.00%
    $75k-100k 65 $8,775,000 $135,000 $0 0.00%
    $50k or less 63 $4,795,000 $76,111 $0 0.00%
    $100k-150k 61 $8,575,000 $140,574 $0 0.00%
    $150k-250k 30 $7,280,000 $242,667 $0 0.00%
    $250k+ 7 $1,545,000 $220,714 $0 0.00%

    Union Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 80 originations. The second most popular income band? $75k-100k, with 65 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 326 $40,720,000 $124,908 $0 0.00%

    Union Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 326 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 294 $36,890,000 $125,476 $0 0.00%
    Not provided 9 $1,865,000 $207,222 $0 0.00%
    Not applicable 19 $1,425,000 $75,000 $0 0.00%
    Asian 1 $235,000 $235,000 $0 0.00%
    Black 2 $190,000 $95,000 $0 0.00%
    Native Hawaiian or Islander 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.43%

    Union Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.44%

    Union Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 326 $40,720,000 $124,908

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $255,000 $85,000
    Single Family (1-4 Units):Site-Built 323 $40,465,000 $125,279

    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 $20,180
    Union Savings Bank 2 West Main Street Mount Morris, IL 61054 Full Service B&M $30,534
    Union Savings Bank 203 North Alpine Road Rockford, IL 61107 Full Service B&M $14,251
    Union Savings Bank 223 West Stephenson Street Freeport, IL 61032 Full Service B&M $65,639
    Union Savings Bank 715 West South Street Freeport, IL 61032 Full Service B&M $24,278

    For 2020, Union Savings Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,767
    Net interest income $4,900
    Total noninterest income $1,745
    Gross Fiduciary activities income $592
    Service charges on deposit accounts $262
    Trading account gains and fees $0
    Additional Noninterest Income $891
    Pre-tax net operating income $227
    Securities gains (or losses, -) $238
    Income before extraordinary items $336
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $336
    Minority interest net income $0
    Net income $336
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $147

    Union Savings Bank's gross interest income from loans was $5,767,000.
    Union Savings Bank's net interest income from loans was $4,900,000.
    Union Savings Bank's fee based income from loans was $262,000.
    Union Savings Bank's net income from loans was $336,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $867
    Provision for credit losses $207
    Total noninterest expense $6,211
    Salaries and employee benefits $3,959
    Premises and equipment expense $610
    Additional noninterest expense $1,642
    Applicable income taxes $129
    Net charge-offs $121
    Cash dividends $4

    Union Savings Bank's interest expense for loans was $867,000.
    Union Savings Bank's payroll and benefits expense were $3,959,000.
    Union Savings Bank's property, plant and equipment expenses $610,000.

    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 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $159,405
    Deposits held in domestic offices $159,405
    Deposits by Individuals, partnerships, and corporations $156,720
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $2,535
    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 $55,060
    Demand deposits $15,129
    Nontransaction accounts $104,345
    Money market deposit accounts (MMDAs) $10,473
    Other savings deposits (excluding MMDAs) $46,902
    Total time deposits $46,970
    Total time and savings deposits $144,276
    Noninterest-bearing deposits $17,727
    Interest-bearing deposits $141,678
    Retail deposits $157,016
    IRAs and Keogh plan accounts $16,725
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $177,628
    Cash & Balances due from depository institutions $22,707
    Interest-bearing balances $20,738
    Total securities $33,091
    Federal funds sold & reverse repurchase $415
    Net loans and leases $116,850
    Loan and leases loss allowance $908
    Trading account assets $0
    Bank premises and fixed assets $3,156
    Other real estate owned $85
    Goodwill and other intangibles $173
    All other assets $1,151

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $177,628
    Total Liabilities $160,852
    Total deposits $159,405
    Interest-bearing deposits $141,678
    Deposits held in domestic offices $159,405
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,447

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $116,850
    Loan and leases loss allowance $908
    Total loans and leases (domestic) $117,758
    All real estate loans $103,710
    Real estate loans in domestic offices $103,710
    Construction and development loans $495
    Residential 1-4 family construction $39
    Other construction, all land development and other land $456
    Loans secured by nonfarm nonresidential properties $17,249
    Nonfarm nonresidential secured by owner-occupied properties $16,170
    Commercial real estate & other non-farm, non-residential $1,079
    Multifamily residential real estate $3,938
    1-4 family residential loans $71,771
    Farmland loans $10,257
    Loans held in foreign offices $0
    Farm loans $1,238
    Commercial and industrial loans $9,445
    To non-U.S. addressees $0
    Loans to individuals $3,364
    Credit card loans $0
    Related Plans $79
    Consumer Auto Loans $2,964
    Other loans to individuals $321
    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 $2
    Non 1-4 family restructured loans & leases $2
    Total loans and leases (foreign) $0

    Union Savings Bank had $116,850,000 of loans outstanding in 2020. $103,710,000 of loans were in real estate loans. $495,000 of loans were in development loans. $3,938,000 of loans were in multifamily mortgage loans. $71,771,000 of loans were in 1-4 family mortgage loans. $1,238,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,964,000 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 65 $8,560 $131,692
    Nonfarm, nonresidential loans - <$100k 33 $1,586 $48,061
    Nonfarm, nonresidential loans - $100-250k 19 $2,333 $122,789
    Nonfarm, nonresidential loans - $250k-1MM 13 $4,641 $357,000
    Commercial & Industrial, US addressed loans - <$1MM 111 $2,902 $26,144
    Commercial & Industrial, US addressed loans - <$100k 105 $2,261 $21,533
    Commercial & Industrial, US addressed loans - $100-250k 6 $641 $106,833
    Farmland loans - <$1MM 10 $2,309 $230,900
    Farmland loans - <$100k 4 $158 $39,500
    Farmland loans - $100-250k 2 $401 $200,500
    Farmland loans - $250k-1MM 4 $1,750 $437,500
    Agriculture operations loans - <$1MM 8 $362 $45,250
    Agriculture operations loans - <$100k 7 $172 $24,571
    Agriculture operations loans - $100-250k 1 $190 $190,000