The Harvard State Bank Mortgage Rates, Fees & Info

Harvard, IL

LEI: 549300TUISK0W7DE2464

Tax ID: 36-1197840

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    The Harvard State Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. The Harvard State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Whitewater, Rochelle, Rockford, and Dixon among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Harvard State Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Harvard State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

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    Originations

    89

    Origination Dollar Volume (All Markets)

    $22,595,000

    Employee count

    59

    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
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 54 $14,000,000 $259,259 $3,483 4.82%
    Whitewater, WI (FHA|USDA|VA) 14 $5,490,000 $392,143 $2,615 4.81%
    Rochelle, IL (FHA|USDA|VA) 9 $1,335,000 $148,333 $2,535 4.64%
    ROCKFORD, IL (FHA|USDA|VA) 7 $905,000 $129,286 $2,726 4.91%
    Dixon, IL (FHA|USDA|VA) 3 $565,000 $188,333 $2,044 5.34%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $195,000 $195,000 $3,260 4.69%
    PEORIA, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,717 5.25%
    The Harvard State Bank's top markets include Chicago, Whitewater, Rochelle, Rockford, and Dixon among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Harvard State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    UNITED
    Similarity Rank: 28
    Liberty Bank for Savings
    Similarity Rank: 104
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    The Equitable Bank, S.S.B.
    Similarity Rank: 533
    TECH Credit Union
    Similarity Rank: 759
    DuPage Credit Union
    Similarity Rank: 852
    First Financial Credit Union
    Similarity Rank: 870
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 921
    Community State Bank
    Similarity Rank: 1032
    Landmark Credit Union
    Similarity Rank: 1056

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 87 $22,195,000 $255,115 $3,152 4.81%
    HELOC 2 $400,000 $200,000 n/a 5.50%

    For 2018, The Harvard State Bank's most frequently originated type of loan was Conventional, with 87 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 44 $10,620,000 $241,364 $4,043 4.77%
    Refi 23 $3,995,000 $173,696 $2,180 4.91%
    Cash Out Refi 18 $7,330,000 $407,222 $2,330 4.73%
    Other 3 $525,000 $175,000 $1,629 5.32%
    Home Improvement 1 $125,000 $125,000 $0 5.75%

    For 2018, The Harvard State Bank's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 49 $11,345,000 $231,531 $3,420 4.73%
    Other 18 $6,960,000 $386,667 $2,856 5.14%
    20 Year 11 $2,095,000 $190,455 $2,160 4.92%
    15 Year 9 $1,815,000 $201,667 $3,061 4.49%
    10 Year 2 $380,000 $190,000 $2,290 5.29%

    For 2018, The Harvard State Bank's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was Other, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 66 $14,470,000 $219,242
    $<1k 4 $490,000 $122,500

    The Harvard State Bank's average total fees were $3,420, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 66 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 65 $16,175,000 $248,846
    5-6% 18 $4,270,000 $237,222
    3-4% 3 $1,635,000 $545,000
    6-7% 2 $190,000 $95,000
    % 1 $325,000 $325,000

    During 2018, The Harvard State Bank's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 4-5%, with 65 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 31 $4,295,000 $138,548 $3,168 4.89%
    $200k-400k 26 $7,540,000 $290,000 $3,279 4.75%
    $100,000 or less 21 $1,295,000 $61,667 $2,433 4.96%
    $400k-600k 4 $1,850,000 $462,500 $5,237 4.56%
    $600k-1MM 4 $3,400,000 $850,000 $3,683 4.41%
    $1MM+ 3 $4,215,000 $1,405,000 $0 4.82%

    2018 saw The Harvard State Bank place emphasis on $100k-200k loans with 31 originations, totaling $4,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $3,745,000 $220,294 $3,341 4.82%
    $50k-75k 17 $1,735,000 $102,059 $2,411 4.83%
    $150k-250k 13 $5,155,000 $396,538 $3,574 4.97%
    $75k-100k 12 $2,080,000 $173,333 $3,207 4.72%
    $50k or less 10 $720,000 $72,000 $2,735 4.84%
    $250k+ 7 $3,485,000 $497,857 $4,257 4.41%

    The Harvard State Bank lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $4,245,000 $202,143 $3,622 4.74%
    30-36% 16 $4,790,000 $299,375 $2,941 4.71%
    <20% 6 $870,000 $145,000 $2,937 4.89%
    >60% 4 $390,000 $97,500 $3,322 5.47%
    37% 4 $1,070,000 $267,500 $2,821 4.69%
    39% 4 $550,000 $137,500 $2,279 4.97%
    38% 3 $665,000 $221,667 $2,097 4.75%
    42% 3 $275,000 $91,667 $2,644 4.29%
    46% 3 $635,000 $211,667 $5,009 4.83%
    50-60% 3 $1,525,000 $508,333 $2,582 5.25%
    43% 2 $320,000 $160,000 $3,726 4.85%
    45% 1 $225,000 $225,000 $2,217 4.25%
    36% 1 $175,000 $175,000 $2,254 4.38%
    47% 1 $275,000 $275,000 $4,708 4.75%
    48% 1 $325,000 $325,000 $1,925 4.00%
    44% 1 $285,000 $285,000 $2,509 4.75%

    The Harvard State Bank lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 70 $14,640,000 $209,143 $3,144 4.76%
    Not applicable 13 $5,675,000 $436,538 $0 5.00%
    Not provided 3 $1,625,000 $541,667 $0 5.75%
    Asian 2 $500,000 $250,000 $3,496 4.75%
    American Indian 1 $155,000 $155,000 $3,046 4.38%

    Approval Rates

    Total approvals of all applications
    87.07%

    The Harvard State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.76%

    The Harvard State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 89 $22,595,000 $253,876

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $385,000 $385,000
    Single Family (1-4 Units):Manufactured 1 $55,000 $55,000
    Single Family (1-4 Units):Site-Built 87 $22,155,000 $254,655

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $555,000 $111,000 $2,915 4.70%
    40-60% 11 $2,865,000 $260,455 $2,637 4.81%
    60-80% 57 $15,695,000 $275,351 $3,353 4.82%
    80-100% 14 $3,400,000 $242,857 $3,025 4.76%
    Under 20% 2 $80,000 $40,000 $1,042 5.98%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Harvard State Bank 1265 South Division Street Harvard, IL 60033 Full Service Retail $0
    The Harvard State Bank 2470 East Rock Drive Rockford, IL 61108 Full Service B&M $6,844
    The Harvard State Bank 33-35 North Ayer Street Harvard, IL 60033 Full Service B&M $110,512
    The Harvard State Bank 510 W Washington Oregon, IL 61061 Full Service B&M $51,661
    The Harvard State Bank 9605 Main Street Hebron, IL 60034 Full Service B&M $29,624

    For 2018, The Harvard State Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,335
    Net interest income $7,293
    Total noninterest income $1,026
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $244
    Trading account gains and fees $0
    Additional Noninterest Income $782
    Pre-tax net operating income $1,532
    Securities gains (or losses, -) $10
    Income before extraordinary items $1,527
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,527
    Minority interest net income $0
    Net income $1,527
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,517

    The Harvard State Bank's gross interest income from loans was $8,335,000.
    The Harvard State Bank's net interest income from loans was $7,293,000.
    The Harvard State Bank's fee based income from loans was $244,000.
    The Harvard State Bank's net income from loans was $1,527,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,042
    Provision for credit losses $70
    Total noninterest expense $6,717
    Salaries and employee benefits $3,374
    Premises and equipment expense $1,077
    Additional noninterest expense $2,266
    Applicable income taxes $15
    Net charge-offs $178
    Cash dividends $819

    The Harvard State Bank's interest expense for loans was $1,042,000.
    The Harvard State Bank's payroll and benefits expense were $3,374,000.
    The Harvard State Bank's property, plant and equipment expenses $1,077,000.

    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 5.0%
    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 $199,396
    Deposits held in domestic offices $199,396
    Deposits by Individuals, partnerships, and corporations $159,018
    Deposits by U.S. Government $8
    Deposits by States and political subdivisions in the U.S. $40,371
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $91,442
    Demand deposits $42,992
    Nontransaction accounts $107,955
    Money market deposit accounts (MMDAs) $29,245
    Other savings deposits (excluding MMDAs) $27,917
    Total time deposits $50,795
    Total time and savings deposits $156,405
    Noninterest-bearing deposits $42,992
    Interest-bearing deposits $156,404
    Retail deposits $186,459
    IRAs and Keogh plan accounts $5,943
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $229,095
    Cash & Balances due from depository institutions $11,932
    Interest-bearing balances $5,546
    Total securities $62,816
    Federal funds sold & reverse repurchase $0
    Net loans and leases $137,489
    Loan and leases loss allowance $1,223
    Trading account assets $0
    Bank premises and fixed assets $7,136
    Other real estate owned $0
    Goodwill and other intangibles $2,382
    All other assets $7,340

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $229,095
    Total Liabilities $204,869
    Total deposits $199,396
    Interest-bearing deposits $156,404
    Deposits held in domestic offices $199,396
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $1,161
    Trading liabilities $0
    Other borrowed funds $3,500
    Subordinated debt $0
    All other liabilities $812

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $137,489
    Loan and leases loss allowance $1,223
    Total loans and leases (domestic) $138,712
    All real estate loans $117,954
    Real estate loans in domestic offices $117,954
    Construction and development loans $5,951
    Residential 1-4 family construction $1,541
    Other construction, all land development and other land $4,410
    Loans secured by nonfarm nonresidential properties $43,642
    Nonfarm nonresidential secured by owner-occupied properties $15,216
    Commercial real estate & other non-farm, non-residential $28,426
    Multifamily residential real estate $8,430
    1-4 family residential loans $54,405
    Farmland loans $5,526
    Loans held in foreign offices $0
    Farm loans $4,035
    Commercial and industrial loans $12,680
    To non-U.S. addressees $0
    Loans to individuals $2,896
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,553
    Other loans to individuals $1,343
    All other loans & leases $1,147
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $360
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Harvard State Bank had $137,489,000 of loans outstanding in 2018. $117,954,000 of loans were in real estate loans. $5,951,000 of loans were in development loans. $8,430,000 of loans were in multifamily mortgage loans. $54,405,000 of loans were in 1-4 family mortgage loans. $4,035,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,553,000 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 143 $28,412 $198,685
    Nonfarm, nonresidential loans - <$100k 30 $1,447 $48,233
    Nonfarm, nonresidential loans - $100-250k 54 $5,880 $108,889
    Nonfarm, nonresidential loans - $250k-1MM 59 $21,085 $357,373
    Commercial & Industrial, US addressed loans - <$1MM 137 $10,587 $77,277
    Commercial & Industrial, US addressed loans - <$100k 88 $2,319 $26,352
    Commercial & Industrial, US addressed loans - $100-250k 26 $2,301 $88,500
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $5,967 $259,435
    Farmland loans - <$1MM 21 $2,364 $112,571
    Farmland loans - <$100k 7 $218 $31,143
    Farmland loans - $100-250k 8 $1,031 $128,875
    Farmland loans - $250k-1MM 6 $1,115 $185,833
    Agriculture operations loans - <$1MM 28 $1,692 $60,429
    Agriculture operations loans - <$100k 18 $396 $22,000
    Agriculture operations loans - $100-250k 7 $638 $91,143
    Agriculture operations loans - $250k-1MM 3 $658 $219,333