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 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
326Origination Dollar Volume (All Markets)
$40,720,000Employee count
53Top 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% |
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
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
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
Approval Rates
Total approvals of all applications91.43%
Union Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination83.44%
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 |