Prospect Bank Mortgage Rates, Fees & Info

Paris, IL

LEI: 549300QWYPPH283K6R36

Tax ID: 37-0258325

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Prospect Bank is a smaller bank specializing in Home Purchase and Refi loans. Prospect Bank has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Indianapolis, Terre Haute, Chicago, and Charleston among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Prospect Bank has an average approval rate when compared to the average across all lenders. They have an 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

    103

    Origination Dollar Volume (All Markets)

    $34,095,000

    Employee count

    86

    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
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 45 $12,845,000 $285,444 $0 0.00%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $8,005,000 $8,005,000 $0 0.00%
    TERRE HAUTE, IN (FHA|USDA|VA) 7 $6,045,000 $863,571 $0 0.00%
    Outside of Metro Areas 39 $3,665,000 $93,974 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $2,240,000 $560,000 $0 0.00%
    Charleston-Mattoon, IL (FHA|USDA|VA) 3 $415,000 $138,333 $0 0.00%
    Holland, MI (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    DANVILLE, IL (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
    Prospect Bank's top markets include Champaign, Indianapolis, Terre Haute, Chicago, and Charleston among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Prospect Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Prairie State Bank and Trust
    Similarity Rank: 138
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 150
    Marine Bank
    Similarity Rank: 282
    First Mid Bank & Trust
    Similarity Rank: 360
    Heartland Bank and Trust Company
    Similarity Rank: 528
    CIBM Bank
    Similarity Rank: 752
    INB
    Similarity Rank: 1377
    First Financial Bank
    Similarity Rank: 1715
    Midland States Bank
    Similarity Rank: 1769
    Busey Bank
    Similarity Rank: 2480

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 103 $34,095,000 $331,019 $0 0.00%

    For 2019, Prospect Bank's most frequently originated type of loan was Conventional, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 62 $22,570,000 $364,032 $0 0.00%
    Refi 31 $10,465,000 $337,581 $0 0.00%
    Cash Out Refi 8 $1,000,000 $125,000 $0 0.00%
    Home Improvement 2 $60,000 $30,000 $0 0.00%

    For 2019, Prospect Bank's most frequently cited loan purpose was Home Purchase, with 62 originations. The 2nd most popular reason was Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 103 $34,095,000 $331,019 $0 0.00%

    For 2019, Prospect Bank's most frequently cited loan duration was Other, with 103 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 49 $2,735,000 $55,816 $0 0.00%
    $100k-200k 22 $3,120,000 $141,818 $0 0.00%
    $200k-400k 19 $5,135,000 $270,263 $0 0.00%
    $1MM+ 5 $17,955,000 $3,591,000 $0 0.00%
    $600k-1MM 5 $3,905,000 $781,000 $0 0.00%
    $400k-600k 3 $1,245,000 $415,000 $0 0.00%

    2019 saw Prospect Bank place emphasis on $100,000 or less loans with 49 originations, totaling $2,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 21 $1,395,000 $66,429 $0 0.00%
    $50k-75k 17 $1,345,000 $79,118 $0 0.00%
    $75k-100k 16 $2,170,000 $135,625 $0 0.00%
    $100k-150k 14 $2,500,000 $178,571 $0 0.00%
    $150k-250k 8 $1,980,000 $247,500 $0 0.00%
    $250k+ 5 $2,645,000 $529,000 $0 0.00%

    Prospect Bank lent most frequently to those with incomes in the $50k or less range, with 21 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 103 $34,095,000 $331,019 $0 0.00%

    Prospect Bank lent most frequently to those with DTI ratios of Exempt%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 17 $20,865,000 $1,227,353 $0 0.00%
    White 82 $12,730,000 $155,244 $0 0.00%
    Black 3 $305,000 $101,667 $0 0.00%
    Asian 1 $195,000 $195,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.98%

    Prospect Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.29%

    Prospect Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 103 $34,095,000 $331,019

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $17,755,000 $2,536,429
    Single Family (1-4 Units):Manufactured 3 $165,000 $55,000
    Single Family (1-4 Units):Site-Built 93 $16,175,000 $173,925

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    PROSPERITY BANCSHARES, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    PROSPERITY BANCSHARES, INC. Conventional home mortgage Trouble during payment process 1 33.3%
    PROSPERITY BANCSHARES, INC. Other type of mortgage Closing on a mortgage 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Prospect Bank 212-214 North Main Street Paris, IL 61944 Limited, Drive-thru $0
    Prospect Bank 301 W 3rd Street Brocton, IL 61917 Limited, Drive-thru $5,217
    Prospect Bank 209 South Crescent Street Gilman, IL 60938 Full Service B&M $59,418
    Prospect Bank 504 North Chicago Street Sidell, IL 61876 Full Service B&M $11,515
    Prospect Bank 177 West Wood Street Paris, IL 61944 Full Service B&M $200,924
    Prospect Bank 10 West Ashmore Street Ashmore, IL 61912 Full Service B&M $19,636
    Prospect Bank 101 S. Front Street Kansas, IL 61933 Full Service B&M $17,276
    Prospect Bank 134 South Main Street Homer, IL 61849 Full Service B&M $18,708
    Prospect Bank 141 Veterans Parkway Watseka, IL 60970 Full Service B&M $23,220
    Prospect Bank 1601 South Prospect Avenue Champaign, IL 61820 Full Service B&M $82,520

    For 2019, Prospect Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,835
    Net interest income $14,566
    Total noninterest income $2,689
    Gross Fiduciary activities income $842
    Service charges on deposit accounts $441
    Trading account gains and fees $0
    Additional Noninterest Income $1,406
    Pre-tax net operating income $5,064
    Securities gains (or losses, -) $103
    Income before extraordinary items $5,120
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,120
    Minority interest net income $0
    Net income $5,120
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,018

    Prospect Bank's gross interest income from loans was $20,835,000.
    Prospect Bank's net interest income from loans was $14,566,000.
    Prospect Bank's fee based income from loans was $441,000.
    Prospect Bank's net income from loans was $5,120,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,269
    Provision for credit losses $0
    Total noninterest expense $12,191
    Salaries and employee benefits $6,648
    Premises and equipment expense $1,072
    Additional noninterest expense $4,471
    Applicable income taxes $47
    Net charge-offs $-463
    Cash dividends $1,357

    Prospect Bank's interest expense for loans was $6,269,000.
    Prospect Bank's payroll and benefits expense were $6,648,000.
    Prospect Bank's property, plant and equipment expenses $1,072,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 3.0%
    HELOC loans 0.0%
    All other family 4.0%
    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 $455,415
    Deposits held in domestic offices $455,415
    Deposits by Individuals, partnerships, and corporations $367,138
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $88,250
    Deposits by Commercial banks and other depository institutions in U.S. $27
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $183,105
    Demand deposits $53,093
    Nontransaction accounts $272,310
    Money market deposit accounts (MMDAs) $35,030
    Other savings deposits (excluding MMDAs) $33,366
    Total time deposits $203,914
    Total time and savings deposits $402,322
    Noninterest-bearing deposits $52,504
    Interest-bearing deposits $402,911
    Retail deposits $337,535
    IRAs and Keogh plan accounts $11,481
    Brokered deposits $82,941
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $559,587
    Cash & Balances due from depository institutions $16,406
    Interest-bearing balances $11,725
    Total securities $183,017
    Federal funds sold & reverse repurchase $502
    Net loans and leases $335,713
    Loan and leases loss allowance $2,766
    Trading account assets $0
    Bank premises and fixed assets $8,438
    Other real estate owned $69
    Goodwill and other intangibles $2,578
    All other assets $12,864

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $559,587
    Total Liabilities $505,689
    Total deposits $455,415
    Interest-bearing deposits $402,911
    Deposits held in domestic offices $455,415
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $22,251
    Trading liabilities $0
    Other borrowed funds $25,000
    Subordinated debt $0
    All other liabilities $3,023

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $335,713
    Loan and leases loss allowance $2,766
    Total loans and leases (domestic) $338,479
    All real estate loans $247,188
    Real estate loans in domestic offices $247,188
    Construction and development loans $16,858
    Residential 1-4 family construction $776
    Other construction, all land development and other land $16,082
    Loans secured by nonfarm nonresidential properties $103,748
    Nonfarm nonresidential secured by owner-occupied properties $28,613
    Commercial real estate & other non-farm, non-residential $75,135
    Multifamily residential real estate $49,493
    1-4 family residential loans $52,495
    Farmland loans $24,594
    Loans held in foreign offices $0
    Farm loans $13,364
    Commercial and industrial loans $68,630
    To non-U.S. addressees $0
    Loans to individuals $2,993
    Credit card loans $0
    Related Plans $28
    Consumer Auto Loans $1,299
    Other loans to individuals $1,666
    All other loans & leases $6,304
    Loans to foreign governments and official institutions $0
    Other loans $2,355
    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 $2,739
    Non 1-4 family restructured loans & leases $2,597
    Total loans and leases (foreign) $0

    Prospect Bank had $335,713,000 of loans outstanding in 2019. $247,188,000 of loans were in real estate loans. $16,858,000 of loans were in development loans. $49,493,000 of loans were in multifamily mortgage loans. $52,495,000 of loans were in 1-4 family mortgage loans. $13,364,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,299,000 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 160 $28,257 $176,606
    Nonfarm, nonresidential loans - <$100k 53 $2,382 $44,943
    Nonfarm, nonresidential loans - $100-250k 45 $5,224 $116,089
    Nonfarm, nonresidential loans - $250k-1MM 62 $20,651 $333,081
    Commercial & Industrial, US addressed loans - <$1MM 301 $32,435 $107,757
    Commercial & Industrial, US addressed loans - <$100k 200 $6,263 $31,315
    Commercial & Industrial, US addressed loans - $100-250k 43 $5,001 $116,302
    Commercial & Industrial, US addressed loans - $250k-1MM 58 $21,171 $365,017
    Farmland loans - <$1MM 50 $7,806 $156,120
    Farmland loans - <$100k 13 $518 $39,846
    Farmland loans - $100-250k 22 $3,329 $151,318
    Farmland loans - $250k-1MM 15 $3,959 $263,933
    Agriculture operations loans - <$1MM 69 $3,625 $52,536
    Agriculture operations loans - <$100k 49 $1,167 $23,816
    Agriculture operations loans - $100-250k 16 $1,744 $109,000
    Agriculture operations loans - $250k-1MM 4 $714 $178,500