The Harvard State Bank Mortgage Rates, Fees & Info

Harvard, IL

LEI: 549300TUISK0W7DE2464

Tax ID: 36-1197840

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Mortgage Data

Bank Data

Review & Overview

The Harvard State Bank is a smaller bank specializing in Home Purchase, Refi, 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 Racine among others. We have data for 9 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 an average pick rate when compared to similar lenders.

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.

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Originations

109

Origination Dollar Volume (All Markets)

$22,615,000

Employee count

56

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) 62 $12,390,000 $199,839 $0 0.00%
Whitewater, WI (FHA|USDA|VA) 15 $5,895,000 $393,000 $0 0.00%
Rochelle, IL (FHA|USDA|VA) 13 $1,495,000 $115,000 $0 0.00%
ROCKFORD, IL (FHA|USDA|VA) 13 $1,295,000 $99,615 $0 0.00%
RACINE, WI (FHA|USDA|VA) 2 $950,000 $475,000 $0 0.00%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Dixon, IL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
APPLETON, WI (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Baraboo, WI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
The Harvard State Bank's top markets include Chicago, Whitewater, Rochelle, Rockford, and Racine among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 109 $22,615,000 $207,477 $0 0.00%

    For 2019, The Harvard State Bank's most frequently originated type of loan was Conventional, with 109 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 42 $10,630,000 $253,095 $0 0.00%
    Refi 32 $5,850,000 $182,813 $0 0.00%
    Cash Out Refi 32 $5,590,000 $174,688 $0 0.00%
    Home Improvement 2 $480,000 $240,000 $0 0.00%
    Other 1 $65,000 $65,000 $0 0.00%

    For 2019, The Harvard State Bank's most frequently cited loan purpose was Home Purchase, with 42 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 109 $22,615,000 $207,477 $0 0.00%

    For 2019, The Harvard State Bank's most frequently cited loan duration was Other, with 109 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 40 $5,530,000 $138,250 $0 0.00%
    $100,000 or less 33 $2,235,000 $67,727 $0 0.00%
    $200k-400k 27 $7,455,000 $276,111 $0 0.00%
    $400k-600k 8 $3,690,000 $461,250 $0 0.00%
    $1MM+ 1 $3,705,000 $3,705,000 $0 0.00%

    2019 saw The Harvard State Bank place emphasis on $100k-200k loans with 40 originations, totaling $5,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 23 $5,245,000 $228,043 $0 0.00%
    $50k-75k 23 $2,475,000 $107,609 $0 0.00%
    $150k-250k 16 $3,980,000 $248,750 $0 0.00%
    $75k-100k 15 $1,935,000 $129,000 $0 0.00%
    $50k or less 12 $1,240,000 $103,333 $0 0.00%
    $250k+ 6 $5,140,000 $856,667 $0 0.00%

    The Harvard State Bank lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $50k-75k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 109 $22,615,000 $207,477 $0 0.00%

    The Harvard State Bank lent most frequently to those with DTI ratios of Exempt%, with 109 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 96 $20,320,000 $211,667 $0 0.00%
    Not applicable 11 $2,135,000 $194,091 $0 0.00%
    Not provided 2 $160,000 $80,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.67%

    The Harvard State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.58%

    The Harvard State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 109 $22,615,000 $207,477

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $640,000 $320,000
    Single Family (1-4 Units):Site-Built 107 $21,975,000 $205,374

    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 $9,348
    The Harvard State Bank 33-35 North Ayer Street Harvard, IL 60033 Full Service B&M $118,919
    The Harvard State Bank 510 W Washington Oregon, IL 61061 Full Service B&M $65,312
    The Harvard State Bank 9605 Main Street Hebron, IL 60034 Full Service B&M $30,315

    For 2019, The Harvard State Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,029
    Net interest income $7,185
    Total noninterest income $1,205
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $239
    Trading account gains and fees $0
    Additional Noninterest Income $966
    Pre-tax net operating income $1,462
    Securities gains (or losses, -) $268
    Income before extraordinary items $1,652
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,652
    Minority interest net income $0
    Net income $1,652
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,397

    The Harvard State Bank's gross interest income from loans was $9,029,000.
    The Harvard State Bank's net interest income from loans was $7,185,000.
    The Harvard State Bank's fee based income from loans was $239,000.
    The Harvard State Bank's net income from loans was $1,652,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,844
    Provision for credit losses $346
    Total noninterest expense $6,582
    Salaries and employee benefits $3,328
    Premises and equipment expense $1,056
    Additional noninterest expense $2,198
    Applicable income taxes $78
    Net charge-offs $482
    Cash dividends $1,088

    The Harvard State Bank's interest expense for loans was $1,844,000.
    The Harvard State Bank's payroll and benefits expense were $3,328,000.
    The Harvard State Bank's property, plant and equipment expenses $1,056,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 8.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 6.0%
    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 $230,156
    Deposits held in domestic offices $230,156
    Deposits by Individuals, partnerships, and corporations $177,177
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $52,976
    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 $103,561
    Demand deposits $51,190
    Nontransaction accounts $126,595
    Money market deposit accounts (MMDAs) $35,764
    Other savings deposits (excluding MMDAs) $27,904
    Total time deposits $62,926
    Total time and savings deposits $178,966
    Noninterest-bearing deposits $51,190
    Interest-bearing deposits $178,966
    Retail deposits $213,739
    IRAs and Keogh plan accounts $6,225
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $259,771
    Cash & Balances due from depository institutions $13,427
    Interest-bearing balances $7,171
    Total securities $79,260
    Federal funds sold & reverse repurchase $5,848
    Net loans and leases $144,314
    Loan and leases loss allowance $1,086
    Trading account assets $0
    Bank premises and fixed assets $6,762
    Other real estate owned $156
    Goodwill and other intangibles $2,340
    All other assets $7,664

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $259,771
    Total Liabilities $233,468
    Total deposits $230,156
    Interest-bearing deposits $178,966
    Deposits held in domestic offices $230,156
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $2,500
    Subordinated debt $0
    All other liabilities $812

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $144,314
    Loan and leases loss allowance $1,086
    Total loans and leases (domestic) $145,400
    All real estate loans $123,594
    Real estate loans in domestic offices $123,594
    Construction and development loans $11,310
    Residential 1-4 family construction $3,651
    Other construction, all land development and other land $7,659
    Loans secured by nonfarm nonresidential properties $43,308
    Nonfarm nonresidential secured by owner-occupied properties $21,568
    Commercial real estate & other non-farm, non-residential $21,740
    Multifamily residential real estate $8,934
    1-4 family residential loans $55,666
    Farmland loans $4,376
    Loans held in foreign offices $0
    Farm loans $3,312
    Commercial and industrial loans $14,233
    To non-U.S. addressees $0
    Loans to individuals $3,227
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,818
    Other loans to individuals $1,409
    All other loans & leases $1,034
    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 $1,026
    Non 1-4 family restructured loans & leases $781
    Total loans and leases (foreign) $0

    The Harvard State Bank had $144,314,000 of loans outstanding in 2019. $123,594,000 of loans were in real estate loans. $11,310,000 of loans were in development loans. $8,934,000 of loans were in multifamily mortgage loans. $55,666,000 of loans were in 1-4 family mortgage loans. $3,312,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,818,000 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 145 $30,340 $209,241
    Nonfarm, nonresidential loans - <$100k 29 $1,274 $43,931
    Nonfarm, nonresidential loans - $100-250k 56 $6,285 $112,232
    Nonfarm, nonresidential loans - $250k-1MM 60 $22,781 $379,683
    Commercial & Industrial, US addressed loans - <$1MM 130 $9,589 $73,762
    Commercial & Industrial, US addressed loans - <$100k 78 $1,898 $24,333
    Commercial & Industrial, US addressed loans - $100-250k 31 $2,762 $89,097
    Commercial & Industrial, US addressed loans - $250k-1MM 21 $4,929 $234,714
    Farmland loans - <$1MM 20 $2,353 $117,650
    Farmland loans - <$100k 5 $211 $42,200
    Farmland loans - $100-250k 8 $1,148 $143,500
    Farmland loans - $250k-1MM 7 $994 $142,000
    Agriculture operations loans - <$1MM 20 $1,824 $91,200
    Agriculture operations loans - <$100k 14 $397 $28,357
    Agriculture operations loans - $100-250k 2 $253 $126,500
    Agriculture operations loans - $250k-1MM 4 $1,174 $293,500