Resource Bank Mortgage Rates, Fees & Info

Covington, LA

LEI: 549300OMHGOGEWTCI138

Tax ID: 72-1410047

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Mortgage Data

Bank Data

Review & Overview

Resource Bank is a smaller bank specializing in Refi and Home Purchase loans. Resource Bank has a high proportion of conventional loans. Their top markets by origination volume include: New Orleans, Baton Rouge, Hammond, Bogalusa, and Daphne among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Resource Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

284

Origination Dollar Volume (All Markets)

$99,200,000

Employee count

174

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
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 225 $85,475,000 $379,889 $0 0.00%
BATON ROUGE, LA (FHA|USDA|VA) 24 $6,700,000 $279,167 $0 0.00%
HAMMOND, LA (FHA|USDA|VA) 12 $2,240,000 $186,667 $0 0.00%
Bogalusa, LA (FHA|USDA|VA) 13 $1,525,000 $117,308 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $1,325,000 $1,325,000 $0 0.00%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 0.00%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 3 $395,000 $131,667 $0 0.00%
Paragould, AR (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Picayune, MS (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
Outside of Metro Areas 1 $105,000 $105,000 $0 0.00%
Brevard, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Resource Bank's top markets include New Orleans, Baton Rouge, Hammond, Bogalusa, and Daphne among others.

Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 284 $99,200,000 $349,296 $0 0.00%

    For 2019, Resource Bank's most frequently originated type of loan was Conventional, with 284 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 137 $52,935,000 $386,387 $0 0.00%
    Home Purchase 123 $39,425,000 $320,528 $0 0.00%
    Home Improvement 20 $4,850,000 $242,500 $0 0.00%
    Other 4 $1,990,000 $497,500 $0 0.00%

    For 2019, Resource Bank's most frequently cited loan purpose was Refi, with 137 originations. The 2nd most popular reason was Home Purchase, with 123 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 284 $99,200,000 $349,296 $0 0.00%

    For 2019, Resource Bank's most frequently cited loan duration was Other, with 284 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 98 $14,420,000 $147,143 $0 0.00%
    $200k-400k 85 $23,175,000 $272,647 $0 0.00%
    $100,000 or less 39 $2,235,000 $57,308 $0 0.00%
    $400k-600k 23 $11,165,000 $485,435 $0 0.00%
    $1MM+ 22 $34,620,000 $1,573,636 $0 0.00%
    $600k-1MM 17 $13,585,000 $799,118 $0 0.00%

    2019 saw Resource Bank place emphasis on $100k-200k loans with 98 originations, totaling $14,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 45 $33,735,000 $749,667 $0 0.00%
    $100k-150k 25 $4,615,000 $184,600 $0 0.00%
    $150k-250k 22 $5,100,000 $231,818 $0 0.00%
    $50k-75k 15 $2,095,000 $139,667 $0 0.00%
    $75k-100k 9 $1,765,000 $196,111 $0 0.00%
    $50k or less 6 $610,000 $101,667 $0 0.00%

    Resource Bank lent most frequently to those with incomes in the $250k+ range, with 45 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 284 $99,200,000 $349,296 $0 0.00%

    Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 284 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 158 $50,170,000 $317,532 $0 0.00%
    White 99 $37,805,000 $381,869 $0 0.00%
    Black 14 $6,610,000 $472,143 $0 0.00%
    Not provided 12 $4,500,000 $375,000 $0 0.00%
    Asian 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.02%

    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
    95.42%

    Resource Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 284 $99,200,000 $349,296

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 3 $2,315,000 $771,667
    Multifamily:Site-Built 13 $7,285,000 $560,385
    Single Family (1-4 Units):Manufactured 6 $250,000 $41,667
    Single Family (1-4 Units):Site-Built 262 $89,350,000 $341,031

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Resurgent Capital Services L.P. Conventional home mortgage Struggling to pay mortgage 1 50.0%
    Resurgent Capital Services L.P. Conventional home mortgage Trouble during payment process 1 50.0%

    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 1695 West Causeway Approach Mandeville, LA 70471 Full Service B&M $209,230
    Resource Bank 2283 Gause Boulevard East Slidell, LA 70461 Full Service B&M $65,972
    Resource Bank 321 Veterans Blvd Metairie, LA 70005 Full Service B&M $33,323
    Resource Bank 402 Avenue B Bogalusa, LA 70427 Full Service B&M $18,753
    Resource Bank 412 Magazine Street New Orleans, LA 70130 Full Service B&M $13,542
    Resource Bank 5100 Village Walk Covington, LA 70433 Full Service B&M $39,559
    Resource Bank 68177 Highway 59 Mandeville, LA 70471 Full Service B&M $0
    Resource Bank 70533 Highway 21 Covington, LA 70433 Full Service B&M $188,808
    Resource Bank 950 Tenth Avenue Franklinton, LA 70438 Full Service B&M $57,272
    Resource Bank 9513 Jefferson Highway Baton Rouge, LA 70809 Full Service B&M $9,153

    For 2019, Resource Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $37,265
    Net interest income $31,903
    Total noninterest income $1,463
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $371
    Trading account gains and fees $0
    Additional Noninterest Income $1,092
    Pre-tax net operating income $11,836
    Securities gains (or losses, -) $-3
    Income before extraordinary items $9,419
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,419
    Minority interest net income $0
    Net income $9,419
    Sale, conversion, retirement of capital stock, net $-1,797
    Net operating income $9,421

    Resource Bank's gross interest income from loans was $37,265,000.
    Resource Bank's net interest income from loans was $31,903,000.
    Resource Bank's fee based income from loans was $371,000.
    Resource Bank's net income from loans was $9,419,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,362
    Provision for credit losses $154
    Total noninterest expense $21,376
    Salaries and employee benefits $13,492
    Premises and equipment expense $2,148
    Additional noninterest expense $5,736
    Applicable income taxes $2,414
    Net charge-offs $-8
    Cash dividends $2,224

    Resource Bank's interest expense for loans was $5,362,000.
    Resource Bank's payroll and benefits expense were $13,492,000.
    Resource Bank's property, plant and equipment expenses $2,148,000.

    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 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 $638,490
    Deposits held in domestic offices $638,490
    Deposits by Individuals, partnerships, and corporations $582,923
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $55,567
    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 $11,341
    Demand deposits $10,069
    Nontransaction accounts $627,149
    Money market deposit accounts (MMDAs) $91,243
    Other savings deposits (excluding MMDAs) $433,496
    Total time deposits $102,410
    Total time and savings deposits $628,421
    Noninterest-bearing deposits $146,686
    Interest-bearing deposits $491,804
    Retail deposits $579,691
    IRAs and Keogh plan accounts $7,550
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $752,339
    Cash & Balances due from depository institutions $38,697
    Interest-bearing balances $30,526
    Total securities $45,011
    Federal funds sold & reverse repurchase $300
    Net loans and leases $641,004
    Loan and leases loss allowance $4,282
    Trading account assets $0
    Bank premises and fixed assets $21,014
    Other real estate owned $1,127
    Goodwill and other intangibles $0
    All other assets $5,186

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $752,339
    Total Liabilities $660,436
    Total deposits $638,490
    Interest-bearing deposits $491,804
    Deposits held in domestic offices $638,490
    % insured (estimated) $55
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $20,000
    Subordinated debt $0
    All other liabilities $1,946

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $641,004
    Loan and leases loss allowance $4,282
    Total loans and leases (domestic) $645,286
    All real estate loans $612,593
    Real estate loans in domestic offices $612,593
    Construction and development loans $180,612
    Residential 1-4 family construction $81,011
    Other construction, all land development and other land $99,601
    Loans secured by nonfarm nonresidential properties $224,060
    Nonfarm nonresidential secured by owner-occupied properties $115,632
    Commercial real estate & other non-farm, non-residential $108,428
    Multifamily residential real estate $19,006
    1-4 family residential loans $186,303
    Farmland loans $2,612
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $25,702
    To non-U.S. addressees $0
    Loans to individuals $7,252
    Credit card loans $0
    Related Plans $11
    Consumer Auto Loans $998
    Other loans to individuals $6,243
    All other loans & leases $103
    Loans to foreign governments and official institutions $0
    Other loans $103
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $260
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,105
    Non 1-4 family restructured loans & leases $1,863
    Total loans and leases (foreign) $0

    Resource Bank had $641,004,000 of loans outstanding in 2019. $612,593,000 of loans were in real estate loans. $180,612,000 of loans were in development loans. $19,006,000 of loans were in multifamily mortgage loans. $186,303,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $998,000 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 351 $95,445 $271,923
    Nonfarm, nonresidential loans - <$100k 59 $2,241 $37,983
    Nonfarm, nonresidential loans - $100-250k 107 $15,799 $147,654
    Nonfarm, nonresidential loans - $250k-1MM 185 $77,405 $418,405
    Commercial & Industrial, US addressed loans - <$1MM 498 $19,594 $39,345
    Commercial & Industrial, US addressed loans - <$100k 383 $7,499 $19,580
    Commercial & Industrial, US addressed loans - $100-250k 83 $7,369 $88,783
    Commercial & Industrial, US addressed loans - $250k-1MM 32 $4,726 $147,688
    Farmland loans - <$1MM 4 $1,029 $257,250
    Farmland loans - <$100k 1 $58 $58,000
    Farmland loans - $100-250k 1 $218 $218,000
    Farmland loans - $250k-1MM 2 $753 $376,500