Resource Bank Mortgage Rates, Fees & Info

Covington, LA

LEI: 549300OMHGOGEWTCI138

Tax ID: 72-1410047

2021 Data | 2020 Data | 2019 Data | 2018 Data


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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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