Morton Community Bank Rates, Fees & Info

Morton, IL

LEI: 549300SNZET0P5BZ3J56

Tax ID: 37-0808298

5 stars - out of 5 stars, based on 43 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Morton Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Morton Community Bank has a high proportion of conventional loans. Their top markets include Peoria, Champaign, Bloomington, Macomb, and St. Louis among others. Morton Community Bank has an average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Morton Community Bank is typically a low fee lendor.


Originations

1,817

Origination Dollar Volume (All Markets)

$365,895,000

Employee count

420

Awards

Morton Community Bank 30 Year Conventional Loans gold Morton Community Bank 30 Year Conventional Loans gold Morton Community Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Morton Community Bank's average 30 year fixed rate mortgage of loans were 3.21%.

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

This yields a difference of 0.06%.

Relative Fees

Morton Community Bank's average total fees for a 30 year fixed rate mortgage are $2,057.

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
PEORIA, IL (FHA|USDA|VA) 1,404 $213,540,000 $152,094 $1,889 3.42%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 32 $75,910,000 $2,372,188 $2,042 3.40%
BLOOMINGTON, IL (FHA|USDA|VA) 81 $27,605,000 $340,802 $2,078 3.15%
Outside of Metro Areas 91 $12,105,000 $133,022 $1,990 3.43%
Macomb, IL (FHA|USDA|VA) 60 $6,230,000 $103,833 $2,154 3.25%
ST. LOUIS, MO-IL (FHA|USDA|VA) 8 $4,410,000 $551,250 $3,420 3.35%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $2,805,000 $2,805,000 $0 3.70%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $2,605,000 $372,143 $3,713 3.55%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 20 $2,440,000 $122,000 $1,943 3.87%
Sterling, IL (FHA|USDA|VA) 28 $2,270,000 $81,071 $2,001 3.58%
Pontiac, IL (FHA|USDA|VA) 14 $1,890,000 $135,000 $2,132 3.32%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 10 $1,720,000 $172,000 $3,187 3.11%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,485,000 $495,000 $9,065 4.08%
Ottawa, IL (FHA|USDA|VA) 12 $1,400,000 $116,667 $2,581 3.19%
Galesburg, IL (FHA|USDA|VA) 7 $1,335,000 $190,714 $2,100 2.93%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $8,018 3.63%
DECATUR, IL (FHA|USDA|VA) 3 $1,105,000 $368,333 $1,862 4.13%
Charleston-Mattoon, IL (FHA|USDA|VA) 9 $975,000 $108,333 $2,186 3.36%
SALEM, OR (FHA|USDA|VA) 2 $800,000 $400,000 $5,575 4.19%
Lincoln, IL (FHA|USDA|VA) 3 $695,000 $231,667 $2,542 2.96%
SPRINGFIELD, IL (FHA|USDA|VA) 2 $630,000 $315,000 $0 4.06%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $430,000 $215,000 $0 3.90%
Clinton, IA (FHA|USDA|VA) 5 $355,000 $71,000 $1,677 3.73%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,162 2.88%
Whitewater, WI (FHA|USDA|VA) 1 $325,000 $325,000 $3,230 2.63%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $265,000 $265,000 $3,170 2.38%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $255,000 $255,000 $2,603 2.25%
Taylorville, IL (FHA|USDA|VA) 1 $235,000 $235,000 $1,919 3.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,566 3.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,568 3.25%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $95,000 $95,000 $1,861 3.88%
Burlington, IA-IL (FHA|USDA|VA) 2 $90,000 $45,000 $1,788 3.63%
IOWA CITY, IA (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.00%
Sikeston, MO (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.50%

Morton Community Bank's top markets include Peoria, Champaign, Bloomington, Macomb, and St. Louis among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,817 $365,895,000 $201,373 $1,969 3.41%

For the 2021 period, Morton Community Bank's most frequently originated loan type of loans were Conventional, with 1,817 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 885 $185,625,000 $209,746 $2,094 3.32%
Refi 577 $146,125,000 $253,250 $1,806 3.32%
Cash Out Refi 159 $21,615,000 $135,943 $2,043 3.02%
Home Improvement 115 $6,725,000 $58,478 $1,373 4.43%
Other 81 $5,805,000 $71,667 $1,482 4.36%

For the 2021, Morton Community Bank's most frequently cited loan purpose of loans were Home Purchase, with 885 originations. The 2nd most popular reason of loans were Refi, with 577 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 725 $121,305,000 $167,317 $2,057 3.21%
15 Year 386 $52,190,000 $135,207 $1,880 2.70%
10 Year 330 $70,110,000 $212,455 $1,720 4.24%
5 Year 196 $50,110,000 $255,663 $750 4.03%
20 Year 66 $9,110,000 $138,030 $1,967 3.07%
1 Year 58 $9,790,000 $168,793 $0 3.78%
Other 44 $51,710,000 $1,175,227 $1,984 3.81%
3 Year 12 $1,570,000 $130,833 $0 3.84%

For the 2021, Morton Community Bank's most frequently cited loan length of loans were 30 Year, with 725 originations. The 2nd most popular length of loans were 15 Year, with 386 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,259 $191,905,000 $152,427
$1k-2k 10 $2,110,000 $211,000
$3k-4k 2 $680,000 $340,000
$2k-3k 1 $115,000 $115,000
$5k+ 1 $225,000 $225,000

$2,057 of loans were Morton Community Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,259 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 680 $165,540,000 $243,441
2.5-3% 483 $110,095,000 $227,940
4-5% 411 $59,575,000 $144,951
<2.5% 225 $30,015,000 $133,400
5-6% 18 $670,000 $37,222

During 2021, Morton Community Bank's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 680 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 845 $48,535,000 $57,438 $1,784 3.63%
$100k-200k 589 $81,735,000 $138,769 $1,906 3.20%
$200k-400k 294 $78,790,000 $267,993 $2,191 3.18%
$400k-600k 55 $25,535,000 $464,273 $2,872 3.28%
$1MM+ 19 $119,955,000 $6,313,421 $8,542 3.54%
$600k-1MM 15 $11,345,000 $756,333 $3,865 3.89%

2021 saw Morton Community Bank place emphasis on $100,000 or less loans with 845 originations, totaling $48,535,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 362 $25,380,000 $70,110 $1,804 3.46%
$50k-75k 352 $36,410,000 $103,438 $1,974 3.35%
$100k-150k 329 $51,735,000 $157,249 $2,020 3.33%
$75k-100k 301 $36,995,000 $122,907 $1,967 3.25%
$150k-250k 188 $37,070,000 $197,181 $2,109 3.39%
$250k+ 101 $30,545,000 $302,426 $2,515 3.42%

Morton Community Bank lent most frequently to those with incomes in the $50k or less range, with 362 originations. The second most popular income band? $50k-75k, with 352 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 483 $62,775,000 $129,969 $1,959 3.26%
<20% 321 $39,475,000 $122,975 $1,884 3.34%
30-36% 285 $39,195,000 $137,526 $1,944 3.29%
36% 45 $5,785,000 $128,556 $1,854 3.23%
42% 44 $6,500,000 $147,727 $1,975 3.38%
38% 44 $7,720,000 $175,455 $2,059 3.15%
39% 42 $7,620,000 $181,429 $2,019 3.26%
41% 38 $6,280,000 $165,263 $2,169 3.57%
40% 37 $5,875,000 $158,784 $1,948 3.36%
44% 35 $6,285,000 $179,571 $2,375 3.59%
43% 33 $4,285,000 $129,848 $2,056 3.40%
37% 32 $4,140,000 $129,375 $1,930 3.38%
49% 22 $3,660,000 $166,364 $2,040 3.52%
45% 21 $3,155,000 $150,238 $2,073 3.26%
46% 21 $3,625,000 $172,619 $2,263 3.34%
47% 18 $2,960,000 $164,444 $2,128 3.08%
48% 16 $2,500,000 $156,250 $2,094 3.07%
>60% 9 $675,000 $75,000 $1,820 4.00%
50-60% 6 $660,000 $110,000 $2,397 3.33%

Morton Community Bank lent most frequently to those with DTI ratios of 20-30%, with 483 originations. The next most common DTI ratio? <20%, with 321 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,622 $218,470,000 $134,692 $1,960 3.36%
Not applicable 135 $140,055,000 $1,037,444 $0 3.94%
Not provided 20 $2,750,000 $137,500 $2,402 3.22%
Black 25 $2,005,000 $80,200 $1,895 3.71%
Asian 9 $1,415,000 $157,222 $2,056 3.22%
Asian Indian 2 $790,000 $395,000 $4,003 3.13%
American Indian 4 $410,000 $102,500 $2,030 3.59%

Approval Rates

Total approvals of all applications
89.05%

Morton Community Bank has an average approval rate.

Pick Rate

Approvals leading to origination
91.31%

Morton Community Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,817 $365,895,000 $201,373

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,817 $365,895,000 $201,373

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 168 $11,540,000 $68,690 $1,557 3.96%
40-60% 260 $35,420,000 $136,231 $1,961 3.24%
60-80% 709 $191,915,000 $270,684 $2,032 3.28%
80-100% 557 $120,455,000 $216,257 $2,013 3.26%
Over 100% 1 $95,000 $95,000 $0 4.75%
Under 20% 122 $6,470,000 $53,033 $818 4.46%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Morton Community Bank 105 South Adams Manito, IL 61546 Full Service B&M $58,478
Morton Community Bank 1100 West Jackson Street Macomb, IL 61455 Limited, Drive-thru $0
Morton Community Bank 12223 W Farmington Road Hanna City, IL 61536 Full Service B&M $37,655
Morton Community Bank 119 West 5th Street Minonk, IL 61760 Full Service B&M $132,224
Morton Community Bank 218 North Main Street Morton, IL 61550 Full Service B&M $90,748
Morton Community Bank 601 Court St Pekin, IL 61554 Full Service B&M $174,636
Morton Community Bank 101 S Jefferson Washburn, IL 61570 Limited, Drive-thru $36,860
Morton Community Bank 105 East Main Street Princeville, IL 61559 Full Service B&M $14,192
Morton Community Bank 2229 S. Neil Street Champaign, IL 61820 Full Service B&M $6,647
Morton Community Bank 230 Main Street Hillsdale, IL 61257 Full Service B&M $43,708
Morton Community Bank 2301 Washington Road East Peoria, IL 61611 Full Service B&M $31,669
Morton Community Bank 2311 West Pioneer Parkway Peoria, IL 61615 Full Service B&M $46,375
Morton Community Bank 2400 East Washington Road East Peoria, IL 61611 Full Service B&M $212,403
Morton Community Bank 2807 E. Empire Street Bloomington, IL 61704 Full Service B&M $87,811
Morton Community Bank 3100 West Harmon Highway Peoria, IL 61604 Full Service B&M $32,037
Morton Community Bank 313 5th Street Lacon, IL 61540 Full Service B&M $27,920
Morton Community Bank 3420 W Willow Knolls Drive Peoria, IL 61614 Full Service B&M $80,069
Morton Community Bank 411 South Vine Street Arthur, IL 61911 Full Service B&M $141,340
Morton Community Bank 416 West Front Street Roanoke, IL 61561 Full Service B&M $100,121
Morton Community Bank 4488 N Prospect Road Peoria Heights, IL 61616 Full Service B&M $35,547
Morton Community Bank 4730 North University Street Peoria, IL 61614 Full Service B&M $224,946
Morton Community Bank 100 South Chestnut Tremont, IL 61568 Full Service B&M $69,270
Morton Community Bank 1006 N High St Port Byron, IL 61275 Full Service B&M $14,826
Morton Community Bank 1007 N 4th St Chillicothe, IL 61523 Full Service B&M $3,070
Morton Community Bank 101 East Evergreen Street Elmwood, IL 61529 Full Service B&M $14,240
Morton Community Bank 615 North Trivoli Avenue Trivoli, IL 61569 Full Service B&M $31,810
Morton Community Bank 617 West Garfield Avenue Bartonville, IL 61607 Full Service B&M $24,978
Morton Community Bank 6907 North Knoxville Avenue Peoria, IL 61614 Full Service B&M $48,989
Morton Community Bank 700 Main Street Erie, IL 61250 Full Service B&M $37,409
Morton Community Bank 701 N Minier Ave Minier, IL 61759 Full Service B&M $62,990
Morton Community Bank 721 West Jackson Street Morton, IL 61550 Full Service B&M $988,789
Morton Community Bank 804 West Oak Street Fairbury, IL 61739 Full Service B&M $40,200
Morton Community Bank Main Street And Penn Avenue Roseville, IL 61473 Full Service B&M $21,904
Morton Community Bank 127 South Side Square Macomb, IL 61455 Full Service B&M $289,803
Morton Community Bank 1301 South Main Street Morton, IL 61550 Full Service B&M $55,551
Morton Community Bank 139 South Vine Street Arthur, IL 61911 Limited, Drive-thru $0
Morton Community Bank 14 Main Street Speer, IL 61479 Full Service B&M $77,510
Morton Community Bank 1400 East Jackson Street Macomb, IL 61455 Limited, Drive-thru $0
Morton Community Bank 147 East Fort Street Farmington, IL 61531 Full Service B&M $11,713
Morton Community Bank 1605 North Tremont Street Spring Bay, IL 61611 Full Service B&M $12,802
Morton Community Bank 1881 Washington Road Washington, IL 61571 Full Service B&M $101,586
Morton Community Bank 201 North Main Street Toluca, IL 61369 Full Service B&M $54,717
Morton Community Bank 201clock Tower Dr East Peoria, IL 61611 Full Service B&M $406,423
Morton Community Bank 205 South Main Street Eureka, IL 61530 Full Service B&M $85,643
Morton Community Bank 209 South Main Street Albany, IL 61230 Full Service B&M $65,294

For 2021, Morton Community Bank had 45 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $148,382
Net interest income $129,578
Total noninterest income $15,280
Gross Fiduciary activities income $2,252
Service charges on deposit accounts $2,168
Trading account gains and fees $0
Additional Noninterest Income $10,860
Pre-tax net operating income $73,558
Securities gains (or losses, -) $-1,017
Income before extraordinary items $71,535
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $71,535
Minority interest net income $0
Net income $71,535
Sale, conversion, retirement of capital stock, net $0
Net operating income $72,541

Morton Community Bank's gross interest income from loans was $148,382,000.
Morton Community Bank's net interest income from loans was $129,578,000.
Morton Community Bank's fee based income from loans was $2,168,000.
Morton Community Bank's net income from loans was $71,535,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $18,804
Provision for credit losses $2,500
Total noninterest expense $68,800
Salaries and employee benefits $40,120
Premises and equipment expense $6,550
Additional noninterest expense $22,130
Applicable income taxes $1,006
Net charge-offs $1,014
Cash dividends $34,000

Morton Community Bank's interest expense for loans was $18,804,000.
Morton Community Bank's payroll and benefits expense were $40,120,000.
Morton Community Bank's property, plant and equipment expenses $6,550,000.

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 3.0%
Multifamily residential loans 0.0%
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 $4,064,293
Deposits held in domestic offices $4,064,293
Deposits by Individuals, partnerships, and corporations $3,194,397
Deposits by U.S. Government $2
Deposits by States and political subdivisions in the U.S. $857,300
Deposits by Commercial banks and other depository institutions in U.S. $12,595
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $729,665
Demand deposits $622,403
Nontransaction accounts $3,334,629
Money market deposit accounts (MMDAs) $745,634
Other savings deposits (excluding MMDAs) $1,904,409
Total time deposits $684,586
Total time and savings deposits $3,441,891
Noninterest-bearing deposits $734,545
Interest-bearing deposits $3,329,748
Retail deposits $3,642,514
IRAs and Keogh plan accounts $85,423
Brokered deposits $290,089
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $4,880,056
Cash & Balances due from depository institutions $122,836
Interest-bearing balances $83,114
Total securities $1,781,208
Federal funds sold & reverse repurchase $119,923
Net loans and leases $2,672,599
Loan and leases loss allowance $39,265
Trading account assets $0
Bank premises and fixed assets $44,434
Other real estate owned $14,214
Goodwill and other intangibles $40,548
All other assets $84,294

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $4,880,056
Total Liabilities $4,408,247
Total deposits $4,064,293
Interest-bearing deposits $3,329,748
Deposits held in domestic offices $4,064,293
% insured (estimated) $76
Federal funds purchased and repurchase agreements $100
Trading liabilities $0
Other borrowed funds $328,687
Subordinated debt $0
All other liabilities $15,167

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,672,599
Loan and leases loss allowance $39,265
Total loans and leases (domestic) $2,711,864
All real estate loans $1,961,256
Real estate loans in domestic offices $1,961,256
Construction and development loans $142,180
Residential 1-4 family construction $15,485
Other construction, all land development and other land $126,695
Loans secured by nonfarm nonresidential properties $801,875
Nonfarm nonresidential secured by owner-occupied properties $312,536
Commercial real estate & other non-farm, non-residential $489,339
Multifamily residential real estate $430,406
1-4 family residential loans $398,391
Farmland loans $188,404
Loans held in foreign offices $0
Farm loans $110,398
Commercial and industrial loans $429,070
To non-U.S. addressees $0
Loans to individuals $99,546
Credit card loans $2,916
Related Plans $56,885
Consumer Auto Loans $9,378
Other loans to individuals $30,367
All other loans & leases $111,594
Loans to foreign governments and official institutions $0
Other loans $16,334
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 $3,030
Non 1-4 family restructured loans & leases $2,302
Total loans and leases (foreign) $0

Morton Community Bank had $2,672,599,000 of loans outstanding in 2021. $1,961,256,000 of loans were in real estate loans. $142,180,000 of loans were in development loans. $430,406,000 of loans were in multifamily mortgage loans. $398,391,000 of loans were in 1-4 family mortgage loans. $110,398,000 of loans were in farm loans. $2,916,000 of loans were in credit card loans. $9,378,000 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 941 $207,681 $220,702
Nonfarm, nonresidential loans - <$100k 254 $12,176 $47,937
Nonfarm, nonresidential loans - $100-250k 309 $40,987 $132,644
Nonfarm, nonresidential loans - $250k-1MM 378 $154,518 $408,778
Commercial & Industrial, US addressed loans - <$1MM 4,455 $201,699 $45,275
Commercial & Industrial, US addressed loans - <$100k 3,552 $49,733 $14,001
Commercial & Industrial, US addressed loans - $100-250k 519 $46,149 $88,919
Commercial & Industrial, US addressed loans - $250k-1MM 384 $105,817 $275,565
Farmland loans - <$1MM 575 $91,408 $158,970
Farmland loans - <$100k 177 $8,490 $47,966
Farmland loans - $100-250k 225 $31,483 $139,924
Farmland loans - $250k-1MM 173 $51,435 $297,312
Agriculture operations loans - <$1MM 980 $58,515 $59,709
Agriculture operations loans - <$100k 671 $16,744 $24,954
Agriculture operations loans - $100-250k 201 $19,021 $94,632
Agriculture operations loans - $250k-1MM 108 $22,750 $210,648