Peoples Exchange Bank Mortgage Rates, Fees & Info

Winchester, KY

LEI: 549300Q3RKNDNMSDEE10

Tax ID: 61-0305975

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Peoples Exchange Bank is a smaller bank specializing in Home Purchase and Refi loans. Peoples Exchange Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Lexington, Frankfort, Mount Sterling, Richmond, and Cincinnati among others. Peoples Exchange Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Peoples Exchange Bank is typically a low fee lendor.


Originations

631

Origination Dollar Volume (All Markets)

$132,125,000

Employee count

83 Show all (15) awards

Relative Rate

Peoples Exchange Bank's average 30 year fixed rate mortgage of loans were 2.77%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.38%.

Relative Fees

Peoples Exchange Bank's average total fees for a 30 year fixed rate mortgage are $3,084.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 460 $100,980,000 $219,522 $2,816 3.12%
Frankfort, KY (FHA|USDA|VA) 32 $7,830,000 $244,688 $3,555 3.51%
Outside of Metro Areas 45 $7,745,000 $172,111 $2,837 3.10%
Mount Sterling, KY (FHA|USDA|VA) 49 $6,845,000 $139,694 $2,480 3.03%
Richmond-Berea, KY (FHA|USDA|VA) 23 $4,715,000 $205,000 $4,292 3.10%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 12 $1,770,000 $147,500 $3,366 3.54%
Danville, KY (FHA|USDA|VA) 2 $850,000 $425,000 $1,467 3.75%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 3 $695,000 $231,667 $2,960 3.21%
Somerset, KY (FHA|USDA|VA) 1 $225,000 $225,000 $6,084 2.88%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.75%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 2 $180,000 $90,000 $2,231 2.63%
Bardstown, KY (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%

Peoples Exchange Bank's top markets include Lexington, Frankfort, Mount Sterling, Richmond, and Cincinnati among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 549 $116,815,000 $212,778 $2,410 3.25%
USDA 43 $7,825,000 $181,977 $3,869 2.38%
FHA 32 $5,970,000 $186,563 $5,350 2.47%
VA 7 $1,515,000 $216,429 $6,759 2.32%

For the 2021 period, Peoples Exchange Bank's most frequently originated loan type of loans were Conventional, with 549 originations. Their 2nd most popular type is USDA, with 43 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 300 $63,280,000 $210,933 $3,440 3.09%
Refi 238 $50,760,000 $213,277 $2,235 3.33%
Cash Out Refi 87 $17,455,000 $200,632 $2,502 2.70%
Home Improvement 6 $630,000 $105,000 $0 4.29%

For the 2021, Peoples Exchange Bank's most frequently cited loan purpose of loans were Home Purchase, with 300 originations. The 2nd most popular reason of loans were Refi, with 238 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 303 $64,825,000 $213,944 $3,084 2.77%
Other 156 $34,630,000 $221,987 $2,214 3.93%
20 Year 78 $15,400,000 $197,436 $2,275 3.50%
15 Year 73 $12,185,000 $166,918 $2,288 2.47%
1 Year 13 $3,625,000 $278,846 $0 4.38%
10 Year 6 $1,210,000 $201,667 $2,391 2.04%
3 Year 1 $125,000 $125,000 $0 4.25%
5 Year 1 $125,000 $125,000 $0 4.00%

For the 2021, Peoples Exchange Bank's most frequently cited loan length of loans were 30 Year, with 303 originations. The 2nd most popular length of loans were Other, with 156 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 402 $82,730,000 $205,796
$1k-2k 6 $1,140,000 $190,000
$2k-3k 2 $490,000 $245,000

$3,084 of loans were Peoples Exchange Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 402 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 247 $53,625,000 $217,105
<2.5% 193 $38,225,000 $198,057
2.5-3% 141 $31,225,000 $221,454
4-5% 47 $8,885,000 $189,043
5-6% 1 $85,000 $85,000
6-7% 1 $15,000 $15,000

During 2021, Peoples Exchange Bank's average interest rate of loans were 2.77%, while their most frequently originated rate bucket of loans were 3-4%, with 247 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 307 $45,145,000 $147,052 $2,673 3.10%
$200k-400k 196 $51,020,000 $260,306 $3,250 2.90%
$100,000 or less 82 $6,190,000 $75,488 $2,232 3.69%
$400k-600k 30 $14,450,000 $481,667 $2,859 3.21%
$600k-1MM 11 $8,075,000 $734,091 $2,647 3.82%
$1MM+ 5 $7,245,000 $1,449,000 $3,042 3.87%

2021 saw Peoples Exchange Bank place emphasis on $100k-200k loans with 307 originations, totaling $45,145,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 129 $22,105,000 $171,357 $3,005 2.77%
$50k or less 117 $17,625,000 $150,641 $2,999 2.95%
$100k-150k 94 $23,150,000 $246,277 $2,650 2.77%
$75k-100k 78 $15,460,000 $198,205 $2,896 2.86%
$150k-250k 46 $12,430,000 $270,217 $2,582 3.01%
$250k+ 28 $6,640,000 $237,143 $2,671 3.63%

Peoples Exchange Bank lent most frequently to those with incomes in the $50k-75k range, with 129 originations. The second most popular income band? $50k or less, with 117 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 118 $22,560,000 $191,186 $2,710 2.63%
30-36% 93 $20,695,000 $222,527 $2,670 2.74%
<20% 47 $8,375,000 $178,191 $2,417 2.58%
39% 20 $4,090,000 $204,500 $3,384 2.59%
44% 18 $3,620,000 $201,111 $3,162 2.66%
36% 17 $3,755,000 $220,882 $2,980 2.62%
37% 17 $4,265,000 $250,882 $2,695 2.82%
42% 13 $2,475,000 $190,385 $3,239 2.60%
43% 13 $2,695,000 $207,308 $4,513 2.95%
38% 11 $2,865,000 $260,455 $2,794 2.82%
41% 9 $1,915,000 $212,778 $2,663 2.89%
40% 8 $1,420,000 $177,500 $3,570 2.59%
46% 8 $1,340,000 $167,500 $3,963 2.56%
49% 6 $880,000 $146,667 $2,832 2.85%
45% 6 $1,520,000 $253,333 $3,338 2.48%
48% 5 $1,125,000 $225,000 $3,214 2.65%
>60% 3 $305,000 $101,667 $1,374 4.92%
47% 3 $465,000 $155,000 $2,180 3.42%
50-60% 3 $1,025,000 $341,667 $4,730 2.67%

Peoples Exchange Bank lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 93 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 451 $88,275,000 $195,732 $2,892 2.91%
Not applicable 135 $33,855,000 $250,778 $0 4.01%
Not provided 29 $6,565,000 $226,379 $2,481 2.59%
Black 11 $2,285,000 $207,727 $3,225 3.55%
Asian Indian 1 $465,000 $465,000 $3,202 2.75%
American Indian 2 $450,000 $225,000 $2,492 2.63%
Asian 1 $125,000 $125,000 $3,079 1.99%
Other Asian 1 $105,000 $105,000 $0 4.25%

Approval Rates

Total approvals of all applications
88.16%

Peoples Exchange Bank has an average approval rate.

Pick Rate

Approvals leading to origination
76.52%

Peoples Exchange Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 631 $132,125,000 $209,390

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
631 $132,125,000 $209,390

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 22 $2,610,000 $118,636 $1,910 3.15%
40-60% 83 $13,915,000 $167,651 $2,325 2.89%
60-80% 250 $57,020,000 $228,080 $2,419 3.26%
80-100% 266 $57,370,000 $215,677 $3,397 3.08%
Over 100% 4 $840,000 $210,000 $8,600 3.13%
Under 20% 4 $270,000 $67,500 $1,752 4.09%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 30.8%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 3 23.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Peoples Exchange Bank 5377 Main Street Clay City, KY 40312 Full Service Retail $4,059
Peoples Exchange Bank 101 North Main Street Winchester, KY 40391 Full Service B&M $117,828
Peoples Exchange Bank 175 Brooks Place Way Winchester, KY 40391 Full Service B&M $18,079
Peoples Exchange Bank 212 Apperson Heights Mount Sterling, KY 40353 Full Service B&M $11,381
Peoples Exchange Bank 3101 Claysmill Rd. Lexington, KY 40503 Full Service B&M $14,509
Peoples Exchange Bank 53 E Pendleton Street Stanton, KY 40380 Full Service B&M $31,098
Peoples Exchange Bank 560 Indian Mound Drive Mount Sterling, KY 40353 Full Service Retail $81,264
Peoples Exchange Bank 901 Richmond Road Lexington, KY 40502 Full Service B&M $42,962
Peoples Exchange Bank 923 South Broadway Georgetown, KY 40324 Full Service B&M $39,331
Peoples Exchange Bank Highways 52 And 11 Beattyville, KY 41311 Full Service B&M $68,517

For 2021, Peoples Exchange Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $18,702
Net interest income $16,929
Total noninterest income $3,827
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,087
Trading account gains and fees $0
Additional Noninterest Income $2,740
Pre-tax net operating income $6,842
Securities gains (or losses, -) $1
Income before extraordinary items $5,368
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,368
Minority interest net income $0
Net income $5,368
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,367

Peoples Exchange Bank's gross interest income from loans was $18,702,000.
Peoples Exchange Bank's net interest income from loans was $16,929,000.
Peoples Exchange Bank's fee based income from loans was $1,087,000.
Peoples Exchange Bank's net income from loans was $5,368,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,773
Provision for credit losses $100
Total noninterest expense $13,814
Salaries and employee benefits $7,882
Premises and equipment expense $2,232
Additional noninterest expense $3,700
Applicable income taxes $1,475
Net charge-offs $-5
Cash dividends $1,600

Peoples Exchange Bank's interest expense for loans was $1,773,000.
Peoples Exchange Bank's payroll and benefits expense were $7,882,000.
Peoples Exchange Bank's property, plant and equipment expenses $2,232,000.

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 $445,060
Deposits held in domestic offices $445,060
Deposits by Individuals, partnerships, and corporations $395,279
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $49,531
Deposits by Commercial banks and other depository institutions in U.S. $250
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $229,497
Demand deposits $229,497
Nontransaction accounts $215,563
Money market deposit accounts (MMDAs) $50,603
Other savings deposits (excluding MMDAs) $61,471
Total time deposits $103,488
Total time and savings deposits $215,563
Noninterest-bearing deposits $129,944
Interest-bearing deposits $315,116
Retail deposits $416,714
IRAs and Keogh plan accounts $14,494
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $505,600
Cash & Balances due from depository institutions $50,697
Interest-bearing balances $46,239
Total securities $70,959
Federal funds sold & reverse repurchase $4,730
Net loans and leases $355,421
Loan and leases loss allowance $4,353
Trading account assets $0
Bank premises and fixed assets $11,629
Other real estate owned $0
Goodwill and other intangibles $555
All other assets $11,609

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $505,600
Total Liabilities $459,414
Total deposits $445,060
Interest-bearing deposits $315,116
Deposits held in domestic offices $445,060
% insured (estimated) $79
Federal funds purchased and repurchase agreements $5,742
Trading liabilities $0
Other borrowed funds $4,721
Subordinated debt $0
All other liabilities $3,891

Issued Loan Types

Type Value (in 000's)
Net loans and leases $355,421
Loan and leases loss allowance $4,353
Total loans and leases (domestic) $359,774
All real estate loans $338,250
Real estate loans in domestic offices $338,250
Construction and development loans $23,064
Residential 1-4 family construction $11,416
Other construction, all land development and other land $11,648
Loans secured by nonfarm nonresidential properties $93,732
Nonfarm nonresidential secured by owner-occupied properties $53,157
Commercial real estate & other non-farm, non-residential $40,575
Multifamily residential real estate $21,893
1-4 family residential loans $159,924
Farmland loans $39,637
Loans held in foreign offices $0
Farm loans $5,283
Commercial and industrial loans $10,436
To non-U.S. addressees $0
Loans to individuals $5,287
Credit card loans $0
Related Plans $15
Consumer Auto Loans $2,196
Other loans to individuals $3,076
All other loans & leases $518
Loans to foreign governments and official institutions $0
Other loans $0
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 $992
Non 1-4 family restructured loans & leases $843
Total loans and leases (foreign) $0

Peoples Exchange Bank had $355,421,000 of loans outstanding in 2021. $338,250,000 of loans were in real estate loans. $23,064,000 of loans were in development loans. $21,893,000 of loans were in multifamily mortgage loans. $159,924,000 of loans were in 1-4 family mortgage loans. $5,283,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,196,000 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 193 $44,690 $231,554
Nonfarm, nonresidential loans - <$100k 36 $1,546 $42,944
Nonfarm, nonresidential loans - $100-250k 67 $8,447 $126,075
Nonfarm, nonresidential loans - $250k-1MM 90 $34,697 $385,522
Commercial & Industrial, US addressed loans - <$1MM 290 $9,799 $33,790
Commercial & Industrial, US addressed loans - <$100k 245 $5,012 $20,457
Commercial & Industrial, US addressed loans - $100-250k 30 $1,584 $52,800
Commercial & Industrial, US addressed loans - $250k-1MM 15 $3,203 $213,533
Farmland loans - <$1MM 185 $25,165 $136,027
Farmland loans - <$100k 61 $2,545 $41,721
Farmland loans - $100-250k 86 $11,491 $133,616
Farmland loans - $250k-1MM 38 $11,129 $292,868
Agriculture operations loans - <$1MM 187 $5,283 $28,251
Agriculture operations loans - <$100k 176 $3,987 $22,653
Agriculture operations loans - $100-250k 10 $1,095 $109,500
Agriculture operations loans - $250k-1MM 1 $201 $201,000