Prospect Bank Mortgage Rates, Fees & Info
Paris, ILLEI: 549300QWYPPH283K6R36
Tax ID: 37-0258325
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Mortgage Data
Bank Data
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, Terre Haute, Chicago, Atlanta, and Danville among others. We have data for 17 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.
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Originations
193Origination Dollar Volume (All Markets)
$49,495,000Employee count
87Top 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) | 61 | $24,725,000 | $405,328 | $0 | 0.00% |
| Outside of Metro Areas | 78 | $7,060,000 | $90,513 | $0 | 0.00% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 26 | $6,690,000 | $257,308 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 3 | $4,275,000 | $1,425,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $2,050,000 | $1,025,000 | $0 | 0.00% |
| DANVILLE, IL (FHA|USDA|VA) | 5 | $725,000 | $145,000 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $0 | 0.00% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $0 | 0.00% |
| KANKAKEE, IL (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 0.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 0.00% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Lincoln, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 193 | $49,495,000 | $256,451 | $0 | 0.00% |
For 2021, Prospect Bank's most frequently originated type of loan was Conventional, with 193 originations.
Loan Reason
For 2021, Prospect Bank's most frequently cited loan purpose was Home Purchase, with 90 originations. The 2nd most popular reason was Refi, with 70 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 193 | $49,495,000 | $256,451 | $0 | 0.00% |
For 2021, Prospect Bank's most frequently cited loan duration was Other, with 193 originations.
Loan Sizing
2021 saw Prospect Bank place emphasis on $100k-200k loans with 77 originations, totaling $10,755,000 in origination value.
Applicant Income
Prospect Bank lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $50k or less, with 35 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 193 | $49,495,000 | $256,451 | $0 | 0.00% |
Prospect Bank lent most frequently to those with DTI ratios of Exempt%, with 193 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.34%
Prospect Bank has an average approval rate.
Pick Rate
Approvals leading to origination93.78%
Prospect Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 193 | $49,495,000 | $256,451 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PROSPERITY BANCSHARES, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| PROSPERITY BANCSHARES, INC. | Conventional home mortgage | Incorrect information on your report | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Prospect Bank | 134 South Main Street Homer, IL 61849 | Full Service B&M | $25,273 |
| Prospect Bank | 141 Veterans Parkway Watseka, IL 60970 | Full Service B&M | $31,321 |
| Prospect Bank | 10 West Ashmore Street Ashmore, IL 61912 | Full Service B&M | $24,115 |
| Prospect Bank | 101 S. Front Street Kansas, IL 61933 | Full Service B&M | $22,583 |
| Prospect Bank | 1601 South Prospect Avenue Champaign, IL 61820 | Full Service B&M | $152,604 |
| Prospect Bank | 177 West Wood Street Paris, IL 61944 | Full Service B&M | $244,035 |
| Prospect Bank | 209 South Crescent Street Gilman, IL 60938 | Full Service B&M | $67,010 |
| 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 | $7,025 |
| Prospect Bank | 504 North Chicago Street Sidell, IL 61876 | Full Service B&M | $13,696 |
For 2021, Prospect Bank had 10 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $20,956 |
| Net interest income | $19,586 |
| Total noninterest income | $3,544 |
| Gross Fiduciary activities income | $997 |
| Service charges on deposit accounts | $576 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,971 |
| Pre-tax net operating income | $9,410 |
| Securities gains (or losses, -) | $-487 |
| Income before extraordinary items | $8,831 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $8,831 |
| Minority interest net income | $0 |
| Net income | $8,831 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $9,313 |
Prospect Bank's gross interest income from loans was $20,956,000.
Prospect Bank's net interest income from loans was $19,586,000.
Prospect Bank's fee based income from loans was $576,000.
Prospect Bank's net income from loans was $8,831,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,370 |
| Provision for credit losses | $75 |
| Total noninterest expense | $13,645 |
| Salaries and employee benefits | $7,205 |
| Premises and equipment expense | $1,242 |
| Additional noninterest expense | $5,198 |
| Applicable income taxes | $92 |
| Net charge-offs | $64 |
| Cash dividends | $3,153 |
Prospect Bank's interest expense for loans was $1,370,000.
Prospect Bank's payroll and benefits expense were $7,205,000.
Prospect Bank's property, plant and equipment expenses $1,242,000.
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 | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 2.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $590,432 |
| Deposits held in domestic offices | $590,432 |
| Deposits by Individuals, partnerships, and corporations | $456,901 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $118,862 |
| Deposits by Commercial banks and other depository institutions in U.S. | $14,669 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $267,751 |
| Demand deposits | $71,129 |
| Nontransaction accounts | $322,681 |
| Money market deposit accounts (MMDAs) | $71,033 |
| Other savings deposits (excluding MMDAs) | $51,558 |
| Total time deposits | $200,090 |
| Total time and savings deposits | $519,303 |
| Noninterest-bearing deposits | $70,295 |
| Interest-bearing deposits | $520,137 |
| Retail deposits | $469,561 |
| IRAs and Keogh plan accounts | $9,884 |
| Brokered deposits | $85,166 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $696,860 |
| Cash & Balances due from depository institutions | $26,988 |
| Interest-bearing balances | $22,348 |
| Total securities | $225,091 |
| Federal funds sold & reverse repurchase | $2,389 |
| Net loans and leases | $411,511 |
| Loan and leases loss allowance | $3,784 |
| Trading account assets | $3,198 |
| Bank premises and fixed assets | $9,298 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $2,715 |
| All other assets | $15,670 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $696,860 |
| Total Liabilities | $639,249 |
| Total deposits | $590,432 |
| Interest-bearing deposits | $520,137 |
| Deposits held in domestic offices | $590,432 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $30,482 |
| Trading liabilities | $0 |
| Other borrowed funds | $15,000 |
| Subordinated debt | $0 |
| All other liabilities | $3,335 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $411,511 |
| Loan and leases loss allowance | $3,784 |
| Total loans and leases (domestic) | $415,295 |
| All real estate loans | $329,304 |
| Real estate loans in domestic offices | $329,304 |
| Construction and development loans | $42,699 |
| Residential 1-4 family construction | $2,164 |
| Other construction, all land development and other land | $40,535 |
| Loans secured by nonfarm nonresidential properties | $137,489 |
| Nonfarm nonresidential secured by owner-occupied properties | $29,609 |
| Commercial real estate & other non-farm, non-residential | $107,880 |
| Multifamily residential real estate | $68,630 |
| 1-4 family residential loans | $55,792 |
| Farmland loans | $24,694 |
| Loans held in foreign offices | $0 |
| Farm loans | $19,621 |
| Commercial and industrial loans | $59,714 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,266 |
| Credit card loans | $0 |
| Related Plans | $8 |
| Consumer Auto Loans | $1,387 |
| Other loans to individuals | $1,871 |
| All other loans & leases | $3,389 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $54 |
| 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 | $2,604 |
| Non 1-4 family restructured loans & leases | $2,541 |
| Total loans and leases (foreign) | $0 |
Prospect Bank had $411,511,000 of loans outstanding in 2021. $329,304,000 of loans were in real estate loans. $42,699,000 of loans were in development loans. $68,630,000 of loans were in multifamily mortgage loans. $55,792,000 of loans were in 1-4 family mortgage loans. $19,621,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,387,000 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 | 157 | $33,958 | $216,293 |
| Nonfarm, nonresidential loans - <$100k | 48 | $2,163 | $45,063 |
| Nonfarm, nonresidential loans - $100-250k | 39 | $4,149 | $106,385 |
| Nonfarm, nonresidential loans - $250k-1MM | 70 | $27,646 | $394,943 |
| Commercial & Industrial, US addressed loans - <$1MM | 238 | $25,302 | $106,311 |
| Commercial & Industrial, US addressed loans - <$100k | 160 | $6,767 | $42,294 |
| Commercial & Industrial, US addressed loans - $100-250k | 38 | $4,215 | $110,921 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 40 | $14,320 | $358,000 |
| Farmland loans - <$1MM | 40 | $6,411 | $160,275 |
| Farmland loans - <$100k | 10 | $431 | $43,100 |
| Farmland loans - $100-250k | 17 | $2,455 | $144,412 |
| Farmland loans - $250k-1MM | 13 | $3,525 | $271,154 |
| Agriculture operations loans - <$1MM | 84 | $5,051 | $60,131 |
| Agriculture operations loans - <$100k | 53 | $1,637 | $30,887 |
| Agriculture operations loans - $100-250k | 9 | $969 | $107,667 |
| Agriculture operations loans - $250k-1MM | 22 | $2,445 | $111,136 |