Bank Of Cleveland Mortgage Rates, Fees & Info

Cleveland, TN

LEI: 549300TNGC371911XJ76

Tax ID: 62-1308417

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Of Cleveland is a smaller bank specializing in Home Purchase and Refi loans. Bank Of Cleveland has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Cleveland, Chattanooga, Athens, Knoxville, and Naples among others. Bank Of Cleveland has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

465

Origination Dollar Volume (All Markets)

$99,305,000

Employee count

62

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CLEVELAND, TN (FHA|USDA|VA) 375 $76,575,000 $204,200 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 52 $15,450,000 $297,115 $0 0.00%
Athens, TN (FHA|USDA|VA) 16 $2,460,000 $153,750 $0 0.00%
Outside of Metro Areas 10 $2,130,000 $213,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 3 $765,000 $255,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
Dayton, TN (FHA|USDA|VA) 3 $415,000 $138,333 $0 0.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
Cookeville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
DALTON, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
MORRISTOWN, TN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%

Bank Of Cleveland's top markets include Cleveland, Chattanooga, Athens, Knoxville, and Naples among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 415 $87,425,000 $210,663 $0 0.00%
FHA 21 $4,135,000 $196,905 $0 0.00%
VA 18 $5,810,000 $322,778 $0 0.00%
USDA 11 $1,935,000 $175,909 $0 0.00%

For the 2021 period, Bank Of Cleveland's most frequently originated loan type of loans were Conventional, with 415 originations. Their 2nd most popular type is FHA, with 21 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 228 $56,440,000 $247,544 $0 0.00%
Refi 159 $27,055,000 $170,157 $0 0.00%
Cash Out Refi 69 $14,825,000 $214,855 $0 0.00%
Other 6 $750,000 $125,000 $0 0.00%
Home Improvement 3 $235,000 $78,333 $0 0.00%

For the 2021, Bank Of Cleveland's most frequently cited loan purpose of loans were Home Purchase, with 228 originations. The 2nd most popular reason of loans were Refi, with 159 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 465 $99,305,000 $213,559 $0 0.00%

For the 2021, Bank Of Cleveland's most frequently cited loan length of loans were Other, with 465 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 193 $28,995,000 $150,233 $0 0.00%
$200k-400k 178 $49,330,000 $277,135 $0 0.00%
$100,000 or less 63 $4,485,000 $71,190 $0 0.00%
$400k-600k 25 $12,335,000 $493,400 $0 0.00%
$600k-1MM 6 $4,160,000 $693,333 $0 0.00%

2021 saw Bank Of Cleveland place emphasis on $100k-200k loans with 193 originations, totaling $28,995,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 109 $16,365,000 $150,138 $0 0.00%
$50k-75k 102 $19,850,000 $194,608 $0 0.00%
$100k-150k 79 $21,365,000 $270,443 $0 0.00%
$75k-100k 78 $17,640,000 $226,154 $0 0.00%
$150k-250k 39 $11,985,000 $307,308 $0 0.00%
$250k+ 39 $8,395,000 $215,256 $0 0.00%

Bank Of Cleveland lent most frequently to those with incomes in the $50k or less range, with 109 originations. The second most popular income band? $50k-75k, with 102 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 465 $99,305,000 $213,559 $0 0.00%

Bank Of Cleveland lent most frequently to those with DTI ratios of Exempt%, with 465 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 427 $91,575,000 $214,461 $0 0.00%
Asian 12 $2,850,000 $237,500 $0 0.00%
Not provided 11 $2,145,000 $195,000 $0 0.00%
Not applicable 8 $1,230,000 $153,750 $0 0.00%
Black 3 $785,000 $261,667 $0 0.00%
American Indian 2 $440,000 $220,000 $0 0.00%
Korean 1 $145,000 $145,000 $0 0.00%
Other Pacific Islander 1 $135,000 $135,000 $0 0.00%

Approval Rates

Total approvals of all applications
95.18%

Bank Of Cleveland has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
89.78%

Bank Of Cleveland has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 465 $99,305,000 $213,559

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
465 $99,305,000 $213,559

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%
BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank of Cleveland 1200 Perimeter Drive Cleveland, TN 37311 Full Service B&M $17,635
Bank of Cleveland 1400 25th Street, N.W. Cleveland, TN 37311 Full Service B&M $37,290
Bank of Cleveland 190 Paul Huff Parkway Cleveland, TN 37320 Full Service B&M $54,751
Bank of Cleveland 315 Broad Street, Northwest Cleveland, TN 37311 Limited, Drive-thru $0
Bank of Cleveland 75 Bobby Taylor Avenue Cleveland, TN 37311 Full Service B&M $153,778

For 2021, Bank Of Cleveland had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $13,496
Net interest income $12,921
Total noninterest income $4,084
Gross Fiduciary activities income $0
Service charges on deposit accounts $172
Trading account gains and fees $0
Additional Noninterest Income $3,912
Pre-tax net operating income $9,023
Securities gains (or losses, -) $0
Income before extraordinary items $6,685
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,685
Minority interest net income $0
Net income $6,685
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,685

Bank Of Cleveland's gross interest income from loans was $13,496,000.
Bank Of Cleveland's net interest income from loans was $12,921,000.
Bank Of Cleveland's fee based income from loans was $172,000.
Bank Of Cleveland's net income from loans was $6,685,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $575
Provision for credit losses $-985
Total noninterest expense $8,967
Salaries and employee benefits $6,057
Premises and equipment expense $1,176
Additional noninterest expense $1,734
Applicable income taxes $2,338
Net charge-offs $-775
Cash dividends $350

Bank Of Cleveland's interest expense for loans was $575,000.
Bank Of Cleveland's payroll and benefits expense were $6,057,000.
Bank Of Cleveland's property, plant and equipment expenses $1,176,000.

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 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 $279,820
Deposits held in domestic offices $279,820
Deposits by Individuals, partnerships, and corporations $270,491
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $9,318
Deposits by Commercial banks and other depository institutions in U.S. $11
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $27,708
Demand deposits $15,481
Nontransaction accounts $252,112
Money market deposit accounts (MMDAs) $44,403
Other savings deposits (excluding MMDAs) $179,901
Total time deposits $27,806
Total time and savings deposits $264,339
Noninterest-bearing deposits $86,518
Interest-bearing deposits $193,302
Retail deposits $276,136
IRAs and Keogh plan accounts $6,458
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $341,423
Cash & Balances due from depository institutions $90,864
Interest-bearing balances $88,596
Total securities $24,620
Federal funds sold & reverse repurchase $0
Net loans and leases $211,125
Loan and leases loss allowance $2,455
Trading account assets $0
Bank premises and fixed assets $4,489
Other real estate owned $961
Goodwill and other intangibles $0
All other assets $9,364

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $341,423
Total Liabilities $287,488
Total deposits $279,820
Interest-bearing deposits $193,302
Deposits held in domestic offices $279,820
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,000
Subordinated debt $0
All other liabilities $2,668

Issued Loan Types

Type Value (in 000's)
Net loans and leases $211,125
Loan and leases loss allowance $2,455
Total loans and leases (domestic) $213,580
All real estate loans $201,366
Real estate loans in domestic offices $201,366
Construction and development loans $24,343
Residential 1-4 family construction $8,687
Other construction, all land development and other land $15,656
Loans secured by nonfarm nonresidential properties $107,436
Nonfarm nonresidential secured by owner-occupied properties $19,224
Commercial real estate & other non-farm, non-residential $88,212
Multifamily residential real estate $8,742
1-4 family residential loans $59,040
Farmland loans $1,805
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $9,749
To non-U.S. addressees $0
Loans to individuals $2,921
Credit card loans $0
Related Plans $0
Consumer Auto Loans $242
Other loans to individuals $2,679
All other loans & leases $8
Loans to foreign governments and official institutions $0
Other loans $8
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Bank of Cleveland had $211,125,000 of loans outstanding in 2021. $201,366,000 of loans were in real estate loans. $24,343,000 of loans were in development loans. $8,742,000 of loans were in multifamily mortgage loans. $59,040,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $242,000 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 83 $23,512 $283,277
Nonfarm, nonresidential loans - <$100k 17 $865 $50,882
Nonfarm, nonresidential loans - $100-250k 21 $2,779 $132,333
Nonfarm, nonresidential loans - $250k-1MM 45 $19,868 $441,511
Commercial & Industrial, US addressed loans - <$1MM 61 $5,715 $93,689
Commercial & Industrial, US addressed loans - <$100k 33 $771 $23,364
Commercial & Industrial, US addressed loans - $100-250k 19 $2,140 $112,632
Commercial & Industrial, US addressed loans - $250k-1MM 9 $2,804 $311,556
Farmland loans - <$1MM 3 $411 $137,000
Farmland loans - <$100k 1 $23 $23,000
Farmland loans - $100-250k 1 $147 $147,000
Farmland loans - $250k-1MM 1 $241 $241,000