Herring Bank Mortgage Rates, Fees & Info

Amarillo, TX

LEI: 549300OUFGVRFN8PZB89

Tax ID: 75-0330569

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Mortgage Data

Bank Data

Review & Overview

Herring Bank is a smaller bank specializing in Home Purchase and Refi loans. Herring Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Dallas, Amarillo, Houston, Colorado Springs, and Dumas among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

Herring 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

332

Origination Dollar Volume (All Markets)

$74,900,000

Employee count

148

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
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 104 $28,640,000 $275,385 $0 0.00%
AMARILLO, TX (FHA|USDA|VA) 106 $21,920,000 $206,792 $0 0.00%
Outside of Metro Areas 29 $3,805,000 $131,207 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 4 $3,130,000 $782,500 $0 0.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 6 $1,400,000 $233,333 $0 0.00%
Dumas, TX (FHA|USDA|VA) 5 $1,265,000 $253,000 $0 0.00%
LUBBOCK, TX (FHA|USDA|VA) 3 $1,255,000 $418,333 $0 0.00%
Vernon, TX (FHA|USDA|VA) 14 $1,160,000 $82,857 $0 0.00%
WICHITA FALLS, TX (FHA|USDA|VA) 8 $1,110,000 $138,750 $0 0.00%
Hereford, TX (FHA|USDA|VA) 7 $1,055,000 $150,714 $0 0.00%
Altus, OK (FHA|USDA|VA) 7 $875,000 $125,000 $0 0.00%
LAWTON, OK (FHA|USDA|VA) 5 $865,000 $173,000 $0 0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $855,000 $855,000 $0 0.00%
Sandpoint, ID (FHA|USDA|VA) 2 $830,000 $415,000 $0 0.00%
SHERMAN-DENISON, TX (FHA|USDA|VA) 4 $730,000 $182,500 $0 0.00%
MIDLAND, TX (FHA|USDA|VA) 2 $620,000 $310,000 $0 0.00%
Granbury, TX (FHA|USDA|VA) 2 $600,000 $300,000 $0 0.00%
Levelland, TX (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
OKLAHOMA CITY, OK (FHA|USDA|VA) 3 $495,000 $165,000 $0 0.00%
PUEBLO, CO (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
Borger, TX (FHA|USDA|VA) 5 $485,000 $97,000 $0 0.00%
FRESNO, CA (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $350,000 $175,000 $0 0.00%
Clovis, NM (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
Plainview, TX (FHA|USDA|VA) 2 $280,000 $140,000 $0 0.00%
Gainesville, TX (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Pampa, TX (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Herring Bank's top markets include Dallas, Amarillo, Houston, Colorado Springs, and Dumas among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 269 $62,525,000 $232,435 $0 0.00%
    FHA 47 $8,165,000 $173,723 $0 0.00%
    VA 16 $4,210,000 $263,125 $0 0.00%

    For 2020, Herring Bank's most frequently originated type of loan was Conventional, with 269 originations. Their 2nd most popular type was FHA, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 212 $46,820,000 $220,849 $0 0.00%
    Refi 86 $22,940,000 $266,744 $0 0.00%
    Cash Out Refi 24 $4,630,000 $192,917 $0 0.00%
    Home Improvement 9 $485,000 $53,889 $0 0.00%
    Other 1 $25,000 $25,000 $0 0.00%

    For 2020, Herring Bank's most frequently cited loan purpose was Home Purchase, with 212 originations. The 2nd most popular reason was Refi, with 86 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 332 $74,900,000 $225,602 $0 0.00%

    For 2020, Herring Bank's most frequently cited loan duration was Other, with 332 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 128 $36,000,000 $281,250 $0 0.00%
    $100k-200k 116 $17,220,000 $148,448 $0 0.00%
    $100,000 or less 54 $3,370,000 $62,407 $0 0.00%
    $400k-600k 28 $12,900,000 $460,714 $0 0.00%
    $600k-1MM 4 $3,010,000 $752,500 $0 0.00%
    $1MM+ 2 $2,400,000 $1,200,000 $0 0.00%

    2020 saw Herring Bank place emphasis on $200k-400k loans with 128 originations, totaling $36,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 73 $17,975,000 $246,233 $0 0.00%
    $50k-75k 61 $10,645,000 $174,508 $0 0.00%
    $150k-250k 55 $17,725,000 $322,273 $0 0.00%
    $75k-100k 48 $9,830,000 $204,792 $0 0.00%
    $50k or less 47 $5,545,000 $117,979 $0 0.00%
    $250k+ 22 $8,760,000 $398,182 $0 0.00%

    Herring Bank lent most frequently to those with incomes in the $100k-150k range, with 73 originations. The second most popular income band? $50k-75k, with 61 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 332 $74,900,000 $225,602 $0 0.00%

    Herring Bank lent most frequently to those with DTI ratios of Exempt%, with 332 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 265 $58,905,000 $222,283 $0 0.00%
    Asian 20 $6,680,000 $334,000 $0 0.00%
    Not provided 16 $5,040,000 $315,000 $0 0.00%
    Black 13 $2,475,000 $190,385 $0 0.00%
    Not applicable 16 $1,560,000 $97,500 $0 0.00%
    American Indian 2 $240,000 $120,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.64%

    Herring 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
    87.65%

    Herring Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 332 $74,900,000 $225,602

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $470,000 $235,000
    Multifamily:Site-Built 1 $315,000 $315,000
    Single Family (1-4 Units):Manufactured 10 $900,000 $90,000
    Single Family (1-4 Units):Site-Built 319 $73,215,000 $229,514

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Herring Bank 4102 Wilbarger Street Vernon, TX 76384 Full Service B&M $12,613
    Herring Bank 105 Kearney St Clarendon, TX 79226 Full Service B&M $41,811
    Herring Bank 108 Industrial Avenue Azle, TX 76020 Full Service B&M $19,819
    Herring Bank 1900 Pease Street Vernon, TX 76384 Full Service B&M $75,885
    Herring Bank 1900 Pease Street Vernon, TX 76385 Limited, Mobile/Seasonal Office $0
    Herring Bank 2201 Civic Circle Amarillo, TX 79101 Full Service B&M $96,348
    Herring Bank 2317 S. Beltline Road Grand Prairie, TX 75051 Full Service B&M $15,080
    Herring Bank 2500-2516 North Main Street Altus, OK 73521 Full Service B&M $4,731
    Herring Bank 3110 North Nevada Avenue Colorado Springs, CO 80933 Full Service B&M $113,023
    Herring Bank 323 North Main Street Seymour, TX 76380 Full Service B&M $21,469
    Herring Bank 400 S. Pierce Amarillo, TX 79101 Full Service B&M $9,573
    Herring Bank 45th And Bell Street Amarillo, TX 79109 Full Service Retail $9,263
    Herring Bank 721 North Main Street Altus, OK 73521 Full Service B&M $42,007

    For 2020, Herring Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,160
    Net interest income $20,016
    Total noninterest income $10,851
    Gross Fiduciary activities income $1,207
    Service charges on deposit accounts $3,549
    Trading account gains and fees $0
    Additional Noninterest Income $6,095
    Pre-tax net operating income $6,183
    Securities gains (or losses, -) $37
    Income before extraordinary items $6,220
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,220
    Minority interest net income $0
    Net income $6,220
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,183

    Herring Bank's gross interest income from loans was $22,160,000.
    Herring Bank's net interest income from loans was $20,016,000.
    Herring Bank's fee based income from loans was $3,549,000.
    Herring Bank's net income from loans was $6,220,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,144
    Provision for credit losses $723
    Total noninterest expense $23,961
    Salaries and employee benefits $13,117
    Premises and equipment expense $2,653
    Additional noninterest expense $8,191
    Applicable income taxes $0
    Net charge-offs $-104
    Cash dividends $2,278

    Herring Bank's interest expense for loans was $2,144,000.
    Herring Bank's payroll and benefits expense were $13,117,000.
    Herring Bank's property, plant and equipment expenses $2,653,000.

    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 $448,203
    Deposits held in domestic offices $448,203
    Deposits by Individuals, partnerships, and corporations $421,163
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $27,039
    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 $278,280
    Demand deposits $178,246
    Nontransaction accounts $169,922
    Money market deposit accounts (MMDAs) $51,879
    Other savings deposits (excluding MMDAs) $38,123
    Total time deposits $79,920
    Total time and savings deposits $269,956
    Noninterest-bearing deposits $178,247
    Interest-bearing deposits $269,956
    Retail deposits $433,859
    IRAs and Keogh plan accounts $8,682
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $495,101
    Cash & Balances due from depository institutions $46,977
    Interest-bearing balances $21,211
    Total securities $36,199
    Federal funds sold & reverse repurchase $0
    Net loans and leases $388,974
    Loan and leases loss allowance $4,020
    Trading account assets $0
    Bank premises and fixed assets $7,705
    Other real estate owned $1,152
    Goodwill and other intangibles $58
    All other assets $14,036

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $495,101
    Total Liabilities $450,150
    Total deposits $448,203
    Interest-bearing deposits $269,956
    Deposits held in domestic offices $448,203
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,947

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $388,974
    Loan and leases loss allowance $4,020
    Total loans and leases (domestic) $392,994
    All real estate loans $262,010
    Real estate loans in domestic offices $262,010
    Construction and development loans $26,740
    Residential 1-4 family construction $5,241
    Other construction, all land development and other land $21,499
    Loans secured by nonfarm nonresidential properties $170,295
    Nonfarm nonresidential secured by owner-occupied properties $51,815
    Commercial real estate & other non-farm, non-residential $118,480
    Multifamily residential real estate $7,986
    1-4 family residential loans $39,467
    Farmland loans $17,522
    Loans held in foreign offices $0
    Farm loans $9,845
    Commercial and industrial loans $58,363
    To non-U.S. addressees $0
    Loans to individuals $57,367
    Credit card loans $457
    Related Plans $0
    Consumer Auto Loans $3,546
    Other loans to individuals $53,364
    All other loans & leases $5,410
    Loans to foreign governments and official institutions $0
    Other loans $1,240
    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 $2,482
    Non 1-4 family restructured loans & leases $2,423
    Total loans and leases (foreign) $0

    Herring Bank had $388,974,000 of loans outstanding in 2020. $262,010,000 of loans were in real estate loans. $26,740,000 of loans were in development loans. $7,986,000 of loans were in multifamily mortgage loans. $39,467,000 of loans were in 1-4 family mortgage loans. $9,845,000 of loans were in farm loans. $457,000 of loans were in credit card loans. $3,546,000 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 131 $25,475 $194,466
    Nonfarm, nonresidential loans - <$100k 44 $1,841 $41,841
    Nonfarm, nonresidential loans - $100-250k 37 $4,709 $127,270
    Nonfarm, nonresidential loans - $250k-1MM 50 $18,925 $378,500
    Commercial & Industrial, US addressed loans - <$1MM 840 $51,568 $61,390
    Commercial & Industrial, US addressed loans - <$100k 711 $22,254 $31,300
    Commercial & Industrial, US addressed loans - $100-250k 78 $10,835 $138,910
    Commercial & Industrial, US addressed loans - $250k-1MM 51 $18,479 $362,333
    Farmland loans - <$1MM 68 $7,889 $116,015
    Farmland loans - <$100k 28 $1,292 $46,143
    Farmland loans - $100-250k 29 $3,465 $119,483
    Farmland loans - $250k-1MM 11 $3,132 $284,727
    Agriculture operations loans - <$1MM 135 $7,780 $57,630
    Agriculture operations loans - <$100k 105 $4,050 $38,571
    Agriculture operations loans - $100-250k 20 $2,188 $109,400
    Agriculture operations loans - $250k-1MM 10 $1,542 $154,200