Resource Bank Mortgage Rates, Fees & Info

Covington, LA

LEI: 549300OMHGOGEWTCI138

Tax ID: 72-1410047

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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 (Closing Costs)

    • Bank Data

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

    • Review & 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 by origination volume include: New Orleans, Baton Rouge, Heber, Gulfport, and Crestview among others. We have data for 10 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    269

    Origination Dollar Volume (All Markets)

    $118,365,000

    Employee count

    158

    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) 209 $89,145,000 $426,531 $0 0.00%
    BATON ROUGE, LA (FHA|USDA|VA) 22 $9,700,000 $440,909 $0 0.00%
    Heber, UT (FHA|USDA|VA) 3 $9,115,000 $3,038,333 $0 0.00%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 6 $3,060,000 $510,000 $0 0.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $2,735,000 $911,667 $0 0.00%
    Picayune, MS (FHA|USDA|VA) 6 $1,520,000 $253,333 $0 0.00%
    HAMMOND, LA (FHA|USDA|VA) 9 $1,235,000 $137,222 $0 0.00%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $1,225,000 $1,225,000 $0 0.00%
    Bogalusa, LA (FHA|USDA|VA) 9 $465,000 $51,667 $0 0.00%
    HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    Resource Bank's top markets include New Orleans, Baton Rouge, Heber, Gulfport, and Crestview among others.

    Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 269 $118,365,000 $440,019 $0 0.00%

    For 2020, Resource Bank's most frequently originated type of loan was Conventional, with 269 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 129 $54,085,000 $419,264 $0 0.00%
    Refi 128 $62,650,000 $489,453 $0 0.00%
    Home Improvement 10 $1,510,000 $151,000 $0 0.00%
    Other 2 $120,000 $60,000 $0 0.00%

    For 2020, Resource Bank's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Refi, with 128 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 269 $118,365,000 $440,019 $0 0.00%

    For 2020, Resource Bank's most frequently cited loan duration was Other, with 269 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 84 $12,440,000 $148,095 $0 0.00%
    $100,000 or less 58 $3,210,000 $55,345 $0 0.00%
    $200k-400k 56 $15,380,000 $274,643 $0 0.00%
    $400k-600k 27 $12,785,000 $473,519 $0 0.00%
    $1MM+ 23 $58,865,000 $2,559,348 $0 0.00%
    $600k-1MM 21 $15,685,000 $746,905 $0 0.00%

    2020 saw Resource Bank place emphasis on $100k-200k loans with 84 originations, totaling $12,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 45 $29,095,000 $646,556 $0 0.00%
    $150k-250k 27 $8,525,000 $315,741 $0 0.00%
    $100k-150k 17 $2,565,000 $150,882 $0 0.00%
    $50k or less 15 $5,265,000 $351,000 $0 0.00%
    $50k-75k 11 $1,125,000 $102,273 $0 0.00%
    $75k-100k 9 $1,045,000 $116,111 $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? $150k-250k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 269 $118,365,000 $440,019 $0 0.00%

    Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 269 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 145 $70,705,000 $487,621 $0 0.00%
    White 99 $35,635,000 $359,949 $0 0.00%
    Not provided 20 $11,430,000 $571,500 $0 0.00%
    Black 5 $595,000 $119,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.93%

    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
    95.17%

    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 269 $118,365,000 $440,019

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 3 $2,425,000 $808,333
    Multifamily:Site-Built 24 $35,920,000 $1,496,667
    Single Family (1-4 Units):Manufactured 4 $170,000 $42,500
    Single Family (1-4 Units):Site-Built 238 $79,850,000 $335,504

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Resurgent Capital Services L.P. Conventional home mortgage Trouble during payment process 1 33.3%
    Resurgent Capital Services L.P. Other type of mortgage Trouble during payment process 2 66.7%

    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 $257,248
    Resource Bank 2283 Gause Boulevard East Slidell, LA 70461 Full Service B&M $71,835
    Resource Bank 321 Veterans Blvd Metairie, LA 70005 Full Service B&M $40,360
    Resource Bank 402 Avenue B Bogalusa, LA 70427 Full Service B&M $21,452
    Resource Bank 412 Magazine Street New Orleans, LA 70130 Full Service B&M $17,844
    Resource Bank 5100 Village Walk Covington, LA 70433 Full Service B&M $47,261
    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 $241,619
    Resource Bank 950 Tenth Avenue Franklinton, LA 70438 Full Service B&M $70,096
    Resource Bank 9513 Jefferson Highway Baton Rouge, LA 70809 Full Service B&M $6,934

    For 2020, Resource Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $36,588
    Net interest income $32,743
    Total noninterest income $1,565
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $311
    Trading account gains and fees $0
    Additional Noninterest Income $1,254
    Pre-tax net operating income $12,438
    Securities gains (or losses, -) $0
    Income before extraordinary items $9,936
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,936
    Minority interest net income $0
    Net income $9,936
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,936

    Resource Bank's gross interest income from loans was $36,588,000.
    Resource Bank's net interest income from loans was $32,743,000.
    Resource Bank's fee based income from loans was $311,000.
    Resource Bank's net income from loans was $9,936,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,845
    Provision for credit losses $-135
    Total noninterest expense $22,005
    Salaries and employee benefits $14,195
    Premises and equipment expense $2,083
    Additional noninterest expense $5,727
    Applicable income taxes $2,502
    Net charge-offs $5
    Cash dividends $3,333

    Resource Bank's interest expense for loans was $3,845,000.
    Resource Bank's payroll and benefits expense were $14,195,000.
    Resource Bank's property, plant and equipment expenses $2,083,000.

    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 $816,264
    Deposits held in domestic offices $816,264
    Deposits by Individuals, partnerships, and corporations $748,093
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $67,930
    Deposits by Commercial banks and other depository institutions in U.S. $241
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $20,300
    Demand deposits $13,766
    Nontransaction accounts $795,964
    Money market deposit accounts (MMDAs) $103,983
    Other savings deposits (excluding MMDAs) $572,332
    Total time deposits $119,648
    Total time and savings deposits $802,498
    Noninterest-bearing deposits $218,459
    Interest-bearing deposits $597,805
    Retail deposits $741,594
    IRAs and Keogh plan accounts $7,878
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $937,949
    Cash & Balances due from depository institutions $214,058
    Interest-bearing balances $206,718
    Total securities $66,508
    Federal funds sold & reverse repurchase $325
    Net loans and leases $629,069
    Loan and leases loss allowance $4,143
    Trading account assets $0
    Bank premises and fixed assets $21,458
    Other real estate owned $1,482
    Goodwill and other intangibles $0
    All other assets $5,049

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $937,949
    Total Liabilities $838,771
    Total deposits $816,264
    Interest-bearing deposits $597,805
    Deposits held in domestic offices $816,264
    % insured (estimated) $53
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $20,000
    Subordinated debt $0
    All other liabilities $2,507

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $629,069
    Loan and leases loss allowance $4,143
    Total loans and leases (domestic) $633,212
    All real estate loans $602,962
    Real estate loans in domestic offices $602,962
    Construction and development loans $175,395
    Residential 1-4 family construction $66,885
    Other construction, all land development and other land $108,510
    Loans secured by nonfarm nonresidential properties $243,843
    Nonfarm nonresidential secured by owner-occupied properties $119,645
    Commercial real estate & other non-farm, non-residential $124,198
    Multifamily residential real estate $21,342
    1-4 family residential loans $160,298
    Farmland loans $2,084
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $24,176
    To non-U.S. addressees $0
    Loans to individuals $6,377
    Credit card loans $0
    Related Plans $9
    Consumer Auto Loans $502
    Other loans to individuals $5,866
    All other loans & leases $40
    Loans to foreign governments and official institutions $0
    Other loans $40
    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 $1,948
    Non 1-4 family restructured loans & leases $1,827
    Total loans and leases (foreign) $0

    Resource Bank had $629,069,000 of loans outstanding in 2020. $602,962,000 of loans were in real estate loans. $175,395,000 of loans were in development loans. $21,342,000 of loans were in multifamily mortgage loans. $160,298,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $502,000 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 340 $96,421 $283,591
    Nonfarm, nonresidential loans - <$100k 52 $2,386 $45,885
    Nonfarm, nonresidential loans - $100-250k 103 $14,749 $143,194
    Nonfarm, nonresidential loans - $250k-1MM 185 $79,286 $428,573
    Commercial & Industrial, US addressed loans - <$1MM 434 $17,404 $40,101
    Commercial & Industrial, US addressed loans - <$100k 318 $4,825 $15,173
    Commercial & Industrial, US addressed loans - $100-250k 76 $5,527 $72,724
    Commercial & Industrial, US addressed loans - $250k-1MM 40 $7,052 $176,300
    Farmland loans - <$1MM 4 $998 $249,500
    Farmland loans - <$100k 1 $54 $54,000
    Farmland loans - $100-250k 1 $198 $198,000
    Farmland loans - $250k-1MM 2 $746 $373,000