Synergy Bank Mortgage Rates, Fees & Info
Houma, LALEI: 549300QAJ2SD5X8T7X10
Tax ID: 72-1433422
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Bank Data
Review & Overview
Synergy Bank is a smaller bank specializing in Refi and Home Purchase loans. Synergy Bank has a high proportion of conventional loans. Their top markets by origination volume include: Houma, New Orleans, Baton Rouge, Gulfport, and Daphne among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Synergy 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.
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
235Origination Dollar Volume (All Markets)
$36,705,000Employee count
122Top 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 |
|---|---|---|---|---|---|
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 201 | $29,225,000 | $145,398 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 8 | $3,350,000 | $418,750 | $0 | 0.00% |
| BATON ROUGE, LA (FHA|USDA|VA) | 13 | $1,425,000 | $109,615 | $0 | 0.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $0 | 0.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $320,000 | $160,000 | $0 | 0.00% |
| MONROE, LA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| Morgan City, LA (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Williston, ND (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| Fort Polk South, LA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 235 | $36,705,000 | $156,191 | $0 | 0.00% |
For 2021, Synergy Bank's most frequently originated type of loan was Conventional, with 235 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 153 | $21,125,000 | $138,072 | $0 | 0.00% |
| Home Purchase | 76 | $15,180,000 | $199,737 | $0 | 0.00% |
| Home Improvement | 6 | $400,000 | $66,667 | $0 | 0.00% |
For 2021, Synergy Bank's most frequently cited loan purpose was Refi, with 153 originations. The 2nd most popular reason was Home Purchase, with 76 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 235 | $36,705,000 | $156,191 | $0 | 0.00% |
For 2021, Synergy Bank's most frequently cited loan duration was Other, with 235 originations.
Loan Sizing
2021 saw Synergy Bank place emphasis on $100,000 or less loans with 127 originations, totaling $6,735,000 in origination value.
Applicant Income
Synergy Bank lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $50k or less, with 28 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 235 | $36,705,000 | $156,191 | $0 | 0.00% |
Synergy Bank lent most frequently to those with DTI ratios of Exempt%, with 235 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.10%
Synergy 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 origination84.26%
Synergy Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 235 | $36,705,000 | $156,191 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Synergy One Lending, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Synergy One Lending, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Synergy Bank | 3855 West Park Avenue Gray, LA 70359 | Full Service B&M | $35,426 |
| Synergy Bank | 1036 West Tunnel Boulevard Houma, LA 70360 | Full Service B&M | $189,236 |
| Synergy Bank | 1070 South Acadia Road Thibodaux, LA 70301 | Full Service B&M | $41,906 |
| Synergy Bank | 209 East Bayou Road Thibodaux, LA 70301 | Full Service B&M | $115,298 |
| Synergy Bank | 210 Synergy Center Blvd Houma, LA 70360 | Full Service B&M | $207,951 |
| Synergy Bank | 919 Grand Caillou Road Houma, LA 70363 | Full Service B&M | $77,421 |
For 2021, Synergy Bank had 6 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $25,479 |
| Net interest income | $23,372 |
| Total noninterest income | $5,167 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $819 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $4,348 |
| Pre-tax net operating income | $11,489 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $9,124 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $9,124 |
| Minority interest net income | $0 |
| Net income | $9,124 |
| Sale, conversion, retirement of capital stock, net | $122 |
| Net operating income | $9,124 |
Synergy Bank's gross interest income from loans was $25,479,000.
Synergy Bank's net interest income from loans was $23,372,000.
Synergy Bank's fee based income from loans was $819,000.
Synergy Bank's net income from loans was $9,124,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,107 |
| Provision for credit losses | $1,185 |
| Total noninterest expense | $15,865 |
| Salaries and employee benefits | $9,866 |
| Premises and equipment expense | $1,368 |
| Additional noninterest expense | $4,631 |
| Applicable income taxes | $2,365 |
| Net charge-offs | $330 |
| Cash dividends | $1,874 |
Synergy Bank's interest expense for loans was $2,107,000.
Synergy Bank's payroll and benefits expense were $9,866,000.
Synergy Bank's property, plant and equipment expenses $1,368,000.
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 | 1.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 1.0% |
| 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 | 1.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $764,041 |
| Deposits held in domestic offices | $764,041 |
| Deposits by Individuals, partnerships, and corporations | $726,634 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $34,713 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,694 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $366,741 |
| Demand deposits | $239,215 |
| Nontransaction accounts | $397,300 |
| Money market deposit accounts (MMDAs) | $200,678 |
| Other savings deposits (excluding MMDAs) | $54,457 |
| Total time deposits | $142,165 |
| Total time and savings deposits | $524,826 |
| Noninterest-bearing deposits | $239,215 |
| Interest-bearing deposits | $524,826 |
| Retail deposits | $725,417 |
| IRAs and Keogh plan accounts | $18,749 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $842,951 |
| Cash & Balances due from depository institutions | $77,173 |
| Interest-bearing balances | $65,839 |
| Total securities | $374,135 |
| Federal funds sold & reverse repurchase | $500 |
| Net loans and leases | $365,000 |
| Loan and leases loss allowance | $10,270 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $11,638 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $14,505 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $842,951 |
| Total Liabilities | $766,893 |
| Total deposits | $764,041 |
| Interest-bearing deposits | $524,826 |
| Deposits held in domestic offices | $764,041 |
| % insured (estimated) | $77 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $2,852 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $365,000 |
| Loan and leases loss allowance | $10,270 |
| Total loans and leases (domestic) | $375,270 |
| All real estate loans | $280,858 |
| Real estate loans in domestic offices | $280,858 |
| Construction and development loans | $39,473 |
| Residential 1-4 family construction | $8,671 |
| Other construction, all land development and other land | $30,802 |
| Loans secured by nonfarm nonresidential properties | $128,423 |
| Nonfarm nonresidential secured by owner-occupied properties | $73,255 |
| Commercial real estate & other non-farm, non-residential | $55,168 |
| Multifamily residential real estate | $13,969 |
| 1-4 family residential loans | $94,691 |
| Farmland loans | $4,302 |
| Loans held in foreign offices | $0 |
| Farm loans | $277 |
| Commercial and industrial loans | $81,419 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $12,396 |
| Credit card loans | $0 |
| Related Plans | $1,012 |
| Consumer Auto Loans | $1,514 |
| Other loans to individuals | $9,870 |
| All other loans & leases | $320 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $257 |
| 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 | $2,022 |
| Non 1-4 family restructured loans & leases | $987 |
| Total loans and leases (foreign) | $0 |
Synergy Bank had $365,000,000 of loans outstanding in 2021. $280,858,000 of loans were in real estate loans. $39,473,000 of loans were in development loans. $13,969,000 of loans were in multifamily mortgage loans. $94,691,000 of loans were in 1-4 family mortgage loans. $277,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,514,000 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 | 317 | $79,220 | $249,905 |
| Nonfarm, nonresidential loans - <$100k | 69 | $2,956 | $42,841 |
| Nonfarm, nonresidential loans - $100-250k | 112 | $16,739 | $149,455 |
| Nonfarm, nonresidential loans - $250k-1MM | 136 | $59,525 | $437,684 |
| Commercial & Industrial, US addressed loans - <$1MM | 936 | $53,198 | $56,835 |
| Commercial & Industrial, US addressed loans - <$100k | 754 | $11,865 | $15,736 |
| Commercial & Industrial, US addressed loans - $100-250k | 101 | $12,445 | $123,218 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 81 | $28,888 | $356,642 |
| Agriculture operations loans - <$1MM | 2 | $277 | $138,500 |
| Agriculture operations loans - <$100k | 1 | $85 | $85,000 |
| Agriculture operations loans - $100-250k | 1 | $192 | $192,000 |