Bank Of Cleveland Mortgage Rates, Fees & Info

Cleveland, TN

LEI: 549300TNGC371911XJ76

Tax ID: 62-1308417

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Mortgage Data

Bank Data

Review & Overview

Bank Of Cleveland is a smaller bank specializing in Home Purchase loans. Bank Of Cleveland has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Cleveland, Chattanooga, Athens, Dayton, and Knoxville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Cleveland has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

366

Origination Dollar Volume (All Markets)

$62,840,000

Employee count

64

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
CLEVELAND, TN (FHA|USDA|VA) 303 $50,905,000 $168,003 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 32 $7,070,000 $220,938 $0 0.00%
Outside of Metro Areas 10 $1,950,000 $195,000 $0 0.00%
Athens, TN (FHA|USDA|VA) 11 $1,175,000 $106,818 $0 0.00%
Dayton, TN (FHA|USDA|VA) 4 $620,000 $155,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
MORRISTOWN, TN (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
Fort Payne, AL (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
ROME, GA (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Bank Of Cleveland's top markets include Cleveland, Chattanooga, Athens, Dayton, and Knoxville among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 253 $44,705,000 $176,700 $0 0.00%
    FHA 70 $10,000,000 $142,857 $0 0.00%
    USDA 27 $4,555,000 $168,704 $0 0.00%
    VA 16 $3,580,000 $223,750 $0 0.00%

    For 2018, Bank Of Cleveland's most frequently originated type of loan was Conventional, with 253 originations. Their 2nd most popular type was FHA, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 280 $50,790,000 $181,393 $0 0.00%
    Refi 64 $9,440,000 $147,500 $0 0.00%
    Cash Out Refi 15 $2,175,000 $145,000 $0 0.00%
    Home Improvement 4 $230,000 $57,500 $0 0.00%
    Other 3 $205,000 $68,333 $0 0.00%

    For 2018, Bank Of Cleveland's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 366 $62,840,000 $171,694 $0 0.00%

    For 2018, Bank Of Cleveland's most frequently cited loan duration was Other, with 366 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 182 $26,820,000 $147,363 $0 0.00%
    $200k-400k 92 $24,420,000 $265,435 $0 0.00%
    $100,000 or less 80 $5,560,000 $69,500 $0 0.00%
    $400k-600k 10 $4,570,000 $457,000 $0 0.00%
    $600k-1MM 2 $1,470,000 $735,000 $0 0.00%

    2018 saw Bank Of Cleveland place emphasis on $100k-200k loans with 182 originations, totaling $26,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 101 $11,985,000 $118,663 $0 0.00%
    $50k-75k 98 $16,590,000 $169,286 $0 0.00%
    $75k-100k 62 $11,550,000 $186,290 $0 0.00%
    $100k-150k 40 $10,320,000 $258,000 $0 0.00%
    $150k-250k 27 $5,495,000 $203,519 $0 0.00%
    $250k+ 23 $4,315,000 $187,609 $0 0.00%

    Bank Of Cleveland lent most frequently to those with incomes in the $50k or less range, with 101 originations. The second most popular income band? $50k-75k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 366 $62,840,000 $171,694 $0 0.00%

    Bank Of Cleveland lent most frequently to those with DTI ratios of Exempt%, with 366 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 325 $55,055,000 $169,400 $0 0.00%
    Not provided 13 $2,535,000 $195,000 $0 0.00%
    Not applicable 11 $2,005,000 $182,273 $0 0.00%
    Black 8 $1,460,000 $182,500 $0 0.00%
    Asian 5 $995,000 $199,000 $0 0.00%
    Asian Indian 3 $595,000 $198,333 $0 0.00%
    Vietnamese 1 $195,000 $195,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.78%

    Bank Of Cleveland has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.80%

    Bank Of Cleveland has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 366 $62,840,000 $171,694

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $1,675,000 $239,286
    Single Family (1-4 Units):Manufactured 13 $1,195,000 $91,923
    Single Family (1-4 Units):Site-Built 346 $59,970,000 $173,324

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANK OF THE WEST FHA mortgage Closing on a mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 1 3.7%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 2 7.4%
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Incorrect information on your report 2 7.4%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 3 11.1%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 5 18.5%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank of Cleveland 1200 Perimeter Drive Cleveland, TN 37311 Full Service B&M $13,444
    Bank of Cleveland 1400 25th Street, N.W. Cleveland, TN 37311 Full Service B&M $24,796
    Bank of Cleveland 190 Paul Huff Parkway Cleveland, TN 37320 Full Service B&M $38,662
    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 $143,229

    For 2018, Bank Of Cleveland had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,856
    Net interest income $11,438
    Total noninterest income $2,222
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $245
    Trading account gains and fees $0
    Additional Noninterest Income $1,977
    Pre-tax net operating income $5,497
    Securities gains (or losses, -) $0
    Income before extraordinary items $4,071
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,071
    Minority interest net income $0
    Net income $4,071
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,071

    Bank Of Cleveland's gross interest income from loans was $12,856,000.
    Bank Of Cleveland's net interest income from loans was $11,438,000.
    Bank Of Cleveland's fee based income from loans was $245,000.
    Bank Of Cleveland's net income from loans was $4,071,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,418
    Provision for credit losses $11
    Total noninterest expense $8,152
    Salaries and employee benefits $5,257
    Premises and equipment expense $1,108
    Additional noninterest expense $1,787
    Applicable income taxes $1,426
    Net charge-offs $5
    Cash dividends $4,000

    Bank Of Cleveland's interest expense for loans was $1,418,000.
    Bank Of Cleveland's payroll and benefits expense were $5,257,000.
    Bank Of Cleveland's property, plant and equipment expenses $1,108,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    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 $231,424
    Deposits held in domestic offices $231,424
    Deposits by Individuals, partnerships, and corporations $174,374
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $56,996
    Deposits by Commercial banks and other depository institutions in U.S. $54
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $26,216
    Demand deposits $10,680
    Nontransaction accounts $205,208
    Money market deposit accounts (MMDAs) $29,595
    Other savings deposits (excluding MMDAs) $143,722
    Total time deposits $31,891
    Total time and savings deposits $220,744
    Noninterest-bearing deposits $45,535
    Interest-bearing deposits $185,889
    Retail deposits $226,158
    IRAs and Keogh plan accounts $6,358
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $273,887
    Cash & Balances due from depository institutions $34,280
    Interest-bearing balances $31,794
    Total securities $4,227
    Federal funds sold & reverse repurchase $0
    Net loans and leases $218,286
    Loan and leases loss allowance $2,816
    Trading account assets $0
    Bank premises and fixed assets $4,682
    Other real estate owned $3,341
    Goodwill and other intangibles $0
    All other assets $9,071

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $273,887
    Total Liabilities $233,324
    Total deposits $231,424
    Interest-bearing deposits $185,889
    Deposits held in domestic offices $231,424
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,900

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $218,286
    Loan and leases loss allowance $2,816
    Total loans and leases (domestic) $221,102
    All real estate loans $210,891
    Real estate loans in domestic offices $210,891
    Construction and development loans $34,839
    Residential 1-4 family construction $12,568
    Other construction, all land development and other land $22,271
    Loans secured by nonfarm nonresidential properties $108,397
    Nonfarm nonresidential secured by owner-occupied properties $30,698
    Commercial real estate & other non-farm, non-residential $77,699
    Multifamily residential real estate $10,849
    1-4 family residential loans $54,840
    Farmland loans $1,966
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $9,120
    To non-U.S. addressees $0
    Loans to individuals $1,396
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $207
    Other loans to individuals $1,189
    All other loans & leases $33
    Loans to foreign governments and official institutions $0
    Other loans $33
    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 $252
    Non 1-4 family restructured loans & leases $252
    Total loans and leases (foreign) $0

    Bank of Cleveland had $218,286,000 of loans outstanding in 2018. $210,891,000 of loans were in real estate loans. $34,839,000 of loans were in development loans. $10,849,000 of loans were in multifamily mortgage loans. $54,840,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $207,000 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 100 $24,883 $248,830
    Nonfarm, nonresidential loans - <$100k 27 $1,322 $48,963
    Nonfarm, nonresidential loans - $100-250k 32 $4,725 $147,656
    Nonfarm, nonresidential loans - $250k-1MM 41 $18,836 $459,415
    Commercial & Industrial, US addressed loans - <$1MM 104 $9,120 $87,692
    Commercial & Industrial, US addressed loans - <$100k 67 $1,468 $21,910
    Commercial & Industrial, US addressed loans - $100-250k 24 $3,476 $144,833
    Commercial & Industrial, US addressed loans - $250k-1MM 13 $4,176 $321,231
    Farmland loans - <$1MM 3 $526 $175,333
    Farmland loans - <$100k 1 $23 $23,000
    Farmland loans - $100-250k 1 $156 $156,000
    Farmland loans - $250k-1MM 1 $347 $347,000