Resource Bank Mortgage Rates, Fees & Info

Covington, LA

LEI: 549300OMHGOGEWTCI138

Tax ID: 72-1410047

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Resource Bank is a smaller bank specializing in Home Purchase and Refi loans. Resource Bank has a high proportion of conventional loans. Their top markets include New Orleans, Baton Rouge, Heber, Hammond, and Bogalusa among others. Resource 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.


Originations

219

Origination Dollar Volume (All Markets)

$89,645,000

Employee count

157

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 179 $75,315,000 $420,754 $0 0.00%
BATON ROUGE, LA (FHA|USDA|VA) 18 $8,290,000 $460,556 $0 0.00%
Heber, UT (FHA|USDA|VA) 1 $2,475,000 $2,475,000 $0 0.00%
HAMMOND, LA (FHA|USDA|VA) 8 $1,960,000 $245,000 $0 0.00%
Bogalusa, LA (FHA|USDA|VA) 7 $495,000 $70,714 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $470,000 $235,000 $0 0.00%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 2 $410,000 $205,000 $0 0.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
Picayune, MS (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%

Resource Bank's top markets include New Orleans, Baton Rouge, Heber, Hammond, and Bogalusa among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 219 $89,645,000 $409,338 $0 0.00%

For the 2021 period, Resource Bank's most frequently originated loan type of loans were Conventional, with 219 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 104 $39,790,000 $382,596 $0 0.00%
Refi 100 $44,800,000 $448,000 $0 0.00%
Home Improvement 12 $4,790,000 $399,167 $0 0.00%
Other 3 $265,000 $88,333 $0 0.00%

For the 2021, Resource Bank's most frequently cited loan purpose of loans were Home Purchase, with 104 originations. The 2nd most popular reason of loans were Refi, with 100 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 219 $89,645,000 $409,338 $0 0.00%

For the 2021, Resource Bank's most frequently cited loan length of loans were Other, with 219 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 77 $11,335,000 $147,208 $0 0.00%
$200k-400k 47 $13,235,000 $281,596 $0 0.00%
$100,000 or less 38 $2,110,000 $55,526 $0 0.00%
$600k-1MM 22 $16,130,000 $733,182 $0 0.00%
$400k-600k 19 $9,015,000 $474,474 $0 0.00%
$1MM+ 16 $37,820,000 $2,363,750 $0 0.00%

2021 saw Resource Bank place emphasis on $100k-200k loans with 77 originations, totaling $11,335,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 31 $21,155,000 $682,419 $0 0.00%
$150k-250k 27 $5,965,000 $220,926 $0 0.00%
$100k-150k 16 $3,270,000 $204,375 $0 0.00%
$50k or less 15 $1,615,000 $107,667 $0 0.00%
$50k-75k 6 $780,000 $130,000 $0 0.00%
$75k-100k 3 $675,000 $225,000 $0 0.00%

Resource Bank lent most frequently to those with incomes in the $250k+ range, with 31 originations. The second most popular income band? $150k-250k, with 27 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 219 $89,645,000 $409,338 $0 0.00%

Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 219 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 117 $55,435,000 $473,803 $0 0.00%
White 72 $22,250,000 $309,028 $0 0.00%
Not provided 23 $9,855,000 $428,478 $0 0.00%
Black 6 $1,170,000 $195,000 $0 0.00%
Asian 1 $935,000 $935,000 $0 0.00%

Approval Rates

Total approvals of all applications
97.11%

Resource 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
94.96%

Resource Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 219 $89,645,000 $409,338

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
219 $89,645,000 $409,338

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
RESOURCE PRO VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Resource Bank 100 Christwood Boulevard Covington, LA 70433 Limited, Mobile/Seasonal Office $0
Resource Bank 70533 Highway 21 Covington, LA 70433 Full Service B&M $249,095
Resource Bank 9513 Jefferson Highway Baton Rouge, LA 70809 Full Service B&M $9,958
Resource Bank 988 Washington Street Franklinton, LA 70438 Full Service B&M $82,877
Resource Bank 1695 West Causeway Approach Mandeville, LA 70471 Full Service B&M $269,811
Resource Bank 2283 Gause Boulevard East Slidell, LA 70461 Full Service B&M $90,970
Resource Bank 321 Veterans Blvd Metairie, LA 70005 Full Service B&M $41,669
Resource Bank 402 Avenue B Bogalusa, LA 70427 Full Service B&M $26,893
Resource Bank 412 Magazine Street New Orleans, LA 70130 Full Service B&M $17,549
Resource Bank 5100 Village Walk Covington, LA 70433 Full Service B&M $54,618
Resource Bank 68177 Highway 59 Mandeville, LA 70471 Full Service B&M $0

For 2021, Resource Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $34,107
Net interest income $32,123
Total noninterest income $1,772
Gross Fiduciary activities income $0
Service charges on deposit accounts $316
Trading account gains and fees $0
Additional Noninterest Income $1,456
Pre-tax net operating income $11,513
Securities gains (or losses, -) $0
Income before extraordinary items $9,281
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $9,281
Minority interest net income $0
Net income $9,281
Sale, conversion, retirement of capital stock, net $0
Net operating income $9,281

Resource Bank's gross interest income from loans was $34,107,000.
Resource Bank's net interest income from loans was $32,123,000.
Resource Bank's fee based income from loans was $316,000.
Resource Bank's net income from loans was $9,281,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,984
Provision for credit losses $41
Total noninterest expense $22,341
Salaries and employee benefits $14,268
Premises and equipment expense $2,089
Additional noninterest expense $5,984
Applicable income taxes $2,232
Net charge-offs $-22
Cash dividends $9,904

Resource Bank's interest expense for loans was $1,984,000.
Resource Bank's payroll and benefits expense were $14,268,000.
Resource Bank's property, plant and equipment expenses $2,089,000.

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 0.0%
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 $875,761
Deposits held in domestic offices $875,761
Deposits by Individuals, partnerships, and corporations $821,096
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $54,665
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $17,588
Demand deposits $8,218
Nontransaction accounts $858,173
Money market deposit accounts (MMDAs) $108,145
Other savings deposits (excluding MMDAs) $656,150
Total time deposits $93,877
Total time and savings deposits $867,543
Noninterest-bearing deposits $236,857
Interest-bearing deposits $638,904
Retail deposits $826,189
IRAs and Keogh plan accounts $7,647
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $993,963
Cash & Balances due from depository institutions $125,860
Interest-bearing balances $119,589
Total securities $200,918
Federal funds sold & reverse repurchase $800
Net loans and leases $636,016
Loan and leases loss allowance $4,205
Trading account assets $0
Bank premises and fixed assets $23,706
Other real estate owned $1,174
Goodwill and other intangibles $0
All other assets $5,489

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $993,963
Total Liabilities $897,276
Total deposits $875,761
Interest-bearing deposits $638,904
Deposits held in domestic offices $875,761
% insured (estimated) $56
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $20,000
Subordinated debt $0
All other liabilities $1,515

Issued Loan Types

Type Value (in 000's)
Net loans and leases $636,016
Loan and leases loss allowance $4,205
Total loans and leases (domestic) $640,221
All real estate loans $610,509
Real estate loans in domestic offices $610,509
Construction and development loans $175,496
Residential 1-4 family construction $55,174
Other construction, all land development and other land $120,322
Loans secured by nonfarm nonresidential properties $250,651
Nonfarm nonresidential secured by owner-occupied properties $118,066
Commercial real estate & other non-farm, non-residential $132,585
Multifamily residential real estate $33,050
1-4 family residential loans $150,249
Farmland loans $1,063
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $24,381
To non-U.S. addressees $0
Loans to individuals $5,661
Credit card loans $0
Related Plans $6
Consumer Auto Loans $520
Other loans to individuals $5,135
All other loans & leases $65
Loans to foreign governments and official institutions $0
Other loans $65
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 $1,908
Non 1-4 family restructured loans & leases $1,451
Total loans and leases (foreign) $0

Resource Bank had $636,016,000 of loans outstanding in 2021. $610,509,000 of loans were in real estate loans. $175,496,000 of loans were in development loans. $33,050,000 of loans were in multifamily mortgage loans. $150,249,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $520,000 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 320 $95,762 $299,256
Nonfarm, nonresidential loans - <$100k 47 $2,302 $48,979
Nonfarm, nonresidential loans - $100-250k 91 $12,740 $140,000
Nonfarm, nonresidential loans - $250k-1MM 182 $80,720 $443,516
Commercial & Industrial, US addressed loans - <$1MM 399 $17,670 $44,286
Commercial & Industrial, US addressed loans - <$100k 294 $4,454 $15,150
Commercial & Industrial, US addressed loans - $100-250k 66 $3,976 $60,242
Commercial & Industrial, US addressed loans - $250k-1MM 39 $9,240 $236,923
Farmland loans - <$1MM 4 $1,063 $265,750
Farmland loans - $100-250k 2 $328 $164,000
Farmland loans - $250k-1MM 2 $735 $367,500