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 Refi and Home Purchase loans. Prospect Bank has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Terre Haute, Indianapolis, Miami, and Chicago among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Prospect 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.

    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

    253

    Origination Dollar Volume (All Markets)

    $62,845,000

    Employee count

    90

    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) 126 $35,350,000 $280,556 $0 0.00%
    TERRE HAUTE, IN (FHA|USDA|VA) 21 $14,335,000 $682,619 $0 0.00%
    Outside of Metro Areas 83 $8,305,000 $100,060 $0 0.00%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 5 $1,405,000 $281,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $905,000 $905,000 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $620,000 $310,000 $0 0.00%
    Charleston-Mattoon, IL (FHA|USDA|VA) 4 $480,000 $120,000 $0 0.00%
    DANVILLE, IL (FHA|USDA|VA) 4 $420,000 $105,000 $0 0.00%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
    PEORIA, IL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Pontiac, IL (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    DECATUR, IL (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
    Prospect Bank's top markets include Champaign, Terre Haute, Indianapolis, Miami, and Chicago among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Kentucky (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: 160
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 216
    Marine Bank
    Similarity Rank: 236
    INB
    Similarity Rank: 584
    First Mid Bank & Trust
    Similarity Rank: 640
    Heartland Bank and Trust Company
    Similarity Rank: 954
    Petefish, Skiles & Co.
    Similarity Rank: 1131
    Community Mortgage Banc Corporation
    Similarity Rank: 1736
    Midland States Bank
    Similarity Rank: 2001
    First Financial Bank
    Similarity Rank: 2278

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 253 $62,845,000 $248,399 $0 0.00%

    For 2020, Prospect Bank's most frequently originated type of loan was Conventional, with 253 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 122 $33,940,000 $278,197 $0 0.00%
    Home Purchase 88 $22,000,000 $250,000 $0 0.00%
    Cash Out Refi 41 $6,815,000 $166,220 $0 0.00%
    Home Improvement 2 $90,000 $45,000 $0 0.00%

    For 2020, Prospect Bank's most frequently cited loan purpose was Refi, with 122 originations. The 2nd most popular reason was Home Purchase, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 253 $62,845,000 $248,399 $0 0.00%

    For 2020, Prospect Bank's most frequently cited loan duration was Other, with 253 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 97 $14,255,000 $146,959 $0 0.00%
    $100,000 or less 82 $4,980,000 $60,732 $0 0.00%
    $200k-400k 50 $12,790,000 $255,800 $0 0.00%
    $400k-600k 13 $6,125,000 $471,154 $0 0.00%
    $1MM+ 8 $22,440,000 $2,805,000 $0 0.00%
    $600k-1MM 3 $2,255,000 $751,667 $0 0.00%

    2020 saw Prospect Bank place emphasis on $100k-200k loans with 97 originations, totaling $14,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 53 $6,985,000 $131,792 $0 0.00%
    $100k-150k 48 $9,970,000 $207,708 $0 0.00%
    $50k or less 47 $3,705,000 $78,830 $0 0.00%
    $75k-100k 41 $5,995,000 $146,220 $0 0.00%
    $150k-250k 25 $5,355,000 $214,200 $0 0.00%
    $250k+ 10 $3,400,000 $340,000 $0 0.00%

    Prospect Bank lent most frequently to those with incomes in the $50k-75k range, with 53 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 253 $62,845,000 $248,399 $0 0.00%

    Prospect Bank lent most frequently to those with DTI ratios of Exempt%, with 253 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 225 $41,335,000 $183,711 $0 0.00%
    Not applicable 24 $20,810,000 $867,083 $0 0.00%
    Black 2 $360,000 $180,000 $0 0.00%
    Native Hawaiian or Islander 1 $185,000 $185,000 $0 0.00%
    Asian 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.92%

    Prospect Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.12%

    Prospect Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 253 $62,845,000 $248,399

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 18 $26,080,000 $1,448,889
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 234 $36,730,000 $156,966

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PROSPERITY BANCSHARES, INC. Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 14.3%
    PROSPERITY BANCSHARES, INC. Conventional home mortgage Closing on a mortgage 2 28.6%
    PROSPERITY BANCSHARES, INC. Conventional home mortgage Trouble during payment process 1 14.3%
    PROSPERITY BANCSHARES, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    PROSPERITY BANCSHARES, INC. Other type of mortgage Closing on a mortgage 1 14.3%
    PROSPERITY BANCSHARES, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Prospect Bank 1601 South Prospect Avenue Champaign, IL 61820 Full Service B&M $112,654
    Prospect Bank 177 West Wood Street Paris, IL 61944 Full Service B&M $221,975
    Prospect Bank 209 South Crescent Street Gilman, IL 60938 Full Service B&M $62,088
    Prospect Bank 212-214 North Main Street Paris, IL 61944 Limited, Drive-thru $0
    Prospect Bank 504 North Chicago Street Sidell, IL 61876 Full Service B&M $13,141
    Prospect Bank 301 W 3rd Street Brocton, IL 61917 Limited, Drive-thru $9,329
    Prospect Bank 10 West Ashmore Street Ashmore, IL 61912 Full Service B&M $20,136
    Prospect Bank 101 S. Front Street Kansas, IL 61933 Full Service B&M $18,168
    Prospect Bank 134 South Main Street Homer, IL 61849 Full Service B&M $20,665
    Prospect Bank 141 Veterans Parkway Watseka, IL 60970 Full Service B&M $35,041

    For 2020, Prospect Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $21,290
    Net interest income $17,315
    Total noninterest income $3,507
    Gross Fiduciary activities income $939
    Service charges on deposit accounts $389
    Trading account gains and fees $0
    Additional Noninterest Income $2,179
    Pre-tax net operating income $6,547
    Securities gains (or losses, -) $89
    Income before extraordinary items $6,594
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,594
    Minority interest net income $0
    Net income $6,594
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,505

    Prospect Bank's gross interest income from loans was $21,290,000.
    Prospect Bank's net interest income from loans was $17,315,000.
    Prospect Bank's fee based income from loans was $389,000.
    Prospect Bank's net income from loans was $6,594,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,975
    Provision for credit losses $1,600
    Total noninterest expense $12,675
    Salaries and employee benefits $6,963
    Premises and equipment expense $1,149
    Additional noninterest expense $4,563
    Applicable income taxes $42
    Net charge-offs $593
    Cash dividends $2,416

    Prospect Bank's interest expense for loans was $3,975,000.
    Prospect Bank's payroll and benefits expense were $6,963,000.
    Prospect Bank's property, plant and equipment expenses $1,149,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 6.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $566,724
    Deposits held in domestic offices $566,724
    Deposits by Individuals, partnerships, and corporations $419,188
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $135,094
    Deposits by Commercial banks and other depository institutions in U.S. $12,442
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $224,351
    Demand deposits $61,528
    Nontransaction accounts $342,373
    Money market deposit accounts (MMDAs) $73,774
    Other savings deposits (excluding MMDAs) $39,442
    Total time deposits $229,157
    Total time and savings deposits $505,196
    Noninterest-bearing deposits $60,816
    Interest-bearing deposits $505,908
    Retail deposits $396,439
    IRAs and Keogh plan accounts $11,183
    Brokered deposits $111,992
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $674,761
    Cash & Balances due from depository institutions $18,120
    Interest-bearing balances $13,984
    Total securities $234,060
    Federal funds sold & reverse repurchase $851
    Net loans and leases $390,488
    Loan and leases loss allowance $3,773
    Trading account assets $4,291
    Bank premises and fixed assets $8,852
    Other real estate owned $7
    Goodwill and other intangibles $2,567
    All other assets $15,525

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $674,761
    Total Liabilities $615,867
    Total deposits $566,724
    Interest-bearing deposits $505,908
    Deposits held in domestic offices $566,724
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $32,051
    Trading liabilities $0
    Other borrowed funds $14,000
    Subordinated debt $0
    All other liabilities $3,092

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $390,488
    Loan and leases loss allowance $3,773
    Total loans and leases (domestic) $394,261
    All real estate loans $304,129
    Real estate loans in domestic offices $304,129
    Construction and development loans $22,703
    Residential 1-4 family construction $2,266
    Other construction, all land development and other land $20,437
    Loans secured by nonfarm nonresidential properties $143,362
    Nonfarm nonresidential secured by owner-occupied properties $31,373
    Commercial real estate & other non-farm, non-residential $111,989
    Multifamily residential real estate $56,361
    1-4 family residential loans $53,725
    Farmland loans $27,978
    Loans held in foreign offices $0
    Farm loans $14,098
    Commercial and industrial loans $69,011
    To non-U.S. addressees $0
    Loans to individuals $3,390
    Credit card loans $0
    Related Plans $21
    Consumer Auto Loans $1,492
    Other loans to individuals $1,877
    All other loans & leases $3,633
    Loans to foreign governments and official institutions $0
    Other loans $42
    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 $2,669
    Non 1-4 family restructured loans & leases $2,556
    Total loans and leases (foreign) $0

    Prospect Bank had $390,488,000 of loans outstanding in 2020. $304,129,000 of loans were in real estate loans. $22,703,000 of loans were in development loans. $56,361,000 of loans were in multifamily mortgage loans. $53,725,000 of loans were in 1-4 family mortgage loans. $14,098,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,492,000 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 163 $31,207 $191,454
    Nonfarm, nonresidential loans - <$100k 51 $2,138 $41,922
    Nonfarm, nonresidential loans - $100-250k 43 $4,583 $106,581
    Nonfarm, nonresidential loans - $250k-1MM 69 $24,486 $354,870
    Commercial & Industrial, US addressed loans - <$1MM 268 $25,740 $96,045
    Commercial & Industrial, US addressed loans - <$100k 181 $6,189 $34,193
    Commercial & Industrial, US addressed loans - $100-250k 44 $5,770 $131,136
    Commercial & Industrial, US addressed loans - $250k-1MM 43 $13,781 $320,488
    Farmland loans - <$1MM 50 $7,683 $153,660
    Farmland loans - <$100k 13 $528 $40,615
    Farmland loans - $100-250k 22 $3,430 $155,909
    Farmland loans - $250k-1MM 15 $3,725 $248,333
    Agriculture operations loans - <$1MM 73 $3,897 $53,384
    Agriculture operations loans - <$100k 54 $1,269 $23,500
    Agriculture operations loans - $100-250k 14 $1,375 $98,214
    Agriculture operations loans - $250k-1MM 5 $1,253 $250,600