Provident Savings Bank F.s.b. Mortgage Rates, Fees & Info

Riverside, CA

LEI: 549300VRYDYOPWK5MO08

Tax ID: 95-1897077

3.7 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Provident Savings Bank F.s.b. is a smaller bank specializing in Refi and Home Purchase loans. Provident Savings Bank F.s.b. has a high proportion of conventional loans. Their top markets include Riverside, Los Angeles, San Francisco, San Jose, and Stockton among others. Provident Savings Bank F.s.b. has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Provident Savings Bank F.s.b. is typically a high fee lendor.


Originations

329

Origination Dollar Volume (All Markets)

$267,895,000

Employee count

170 Show all (6) awards

Relative Rate

Provident Savings Bank F.s.b.'s average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Provident Savings Bank F.s.b.'s average total fees for a 30 year fixed rate mortgage are $6,260.

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
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 110 $72,950,000 $663,182 $8,202 2.99%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 70 $65,430,000 $934,714 $6,837 3.39%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 48 $45,110,000 $939,792 $4,407 3.04%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 33 $34,575,000 $1,047,727 $4,278 2.81%
STOCKTON, CA (FHA|USDA|VA) 22 $15,000,000 $681,818 $3,765 2.70%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 12 $8,940,000 $745,000 $5,478 3.18%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 9 $8,155,000 $906,111 $7,142 3.30%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 6 $4,690,000 $781,667 $5,817 2.93%
VALLEJO, CA (FHA|USDA|VA) 4 $3,750,000 $937,500 $0 3.54%
SALINAS, CA (FHA|USDA|VA) 3 $1,975,000 $658,333 $0 3.68%
NAPA, CA (FHA|USDA|VA) 2 $1,800,000 $900,000 $9,561 3.21%
FRESNO, CA (FHA|USDA|VA) 4 $1,670,000 $417,500 $0 3.99%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $1,630,000 $815,000 $4,469 3.34%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $970,000 $485,000 $0 3.83%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $925,000 $925,000 $0 3.40%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.05%

Provident Savings Bank F.s.b.'s top markets include Riverside, Los Angeles, San Francisco, San Jose, and Stockton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 329 $267,895,000 $814,271 $6,297 3.10%

For the 2021 period, Provident Savings Bank F.s.b.'s most frequently originated loan type of loans were Conventional, with 329 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 180 $146,780,000 $815,444 $5,420 3.06%
Home Purchase 96 $83,920,000 $874,167 $8,303 3.18%
Cash Out Refi 53 $37,195,000 $701,792 $6,339 3.06%

For the 2021, Provident Savings Bank F.s.b.'s most frequently cited loan purpose of loans were Refi, with 180 originations. The 2nd most popular reason of loans were Home Purchase, with 96 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 317 $256,845,000 $810,237 $6,260 3.08%
Other 8 $7,660,000 $957,500 $0 3.85%
15 Year 3 $1,815,000 $605,000 $8,774 2.67%
30+ year 1 $1,575,000 $1,575,000 $0 3.55%

For the 2021, Provident Savings Bank F.s.b.'s most frequently cited loan length of loans were 30 Year, with 317 originations. The 2nd most popular length of loans were Other, with 8 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 95 $80,945,000 $852,053
$5k+ 45 $35,785,000 $795,222
$1k-2k 25 $17,385,000 $695,400
$3k-4k 25 $17,095,000 $683,800
$2k-3k 14 $9,300,000 $664,286

$6,260 of loans were Provident Savings Bank F.s.b.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 95 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 147 $120,775,000 $821,599
3-4% 126 $107,880,000 $856,190
<2.5% 43 $31,605,000 $735,000
4-5% 10 $7,140,000 $714,000
5-6% 3 $495,000 $165,000

During 2021, Provident Savings Bank F.s.b.'s average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 147 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$600k-1MM 187 $146,695,000 $784,465 $5,987 2.99%
$1MM+ 69 $89,735,000 $1,300,507 $7,851 3.12%
$400k-600k 46 $24,510,000 $532,826 $6,008 3.31%
$200k-400k 19 $5,795,000 $305,000 $6,037 3.45%
$100k-200k 7 $1,095,000 $156,429 $5,185 3.39%
$100,000 or less 1 $65,000 $65,000 $4,134 2.63%

2021 saw Provident Savings Bank F.s.b. place emphasis on $600k-1MM loans with 187 originations, totaling $146,695,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 99 $79,935,000 $807,424 $5,899 2.73%
$250k+ 73 $65,395,000 $895,822 $7,183 2.82%
$100k-150k 22 $12,840,000 $583,636 $5,231 2.70%
$50k-75k 4 $860,000 $215,000 $6,872 2.59%
$50k or less 3 $465,000 $155,000 $3,744 2.88%
$75k-100k 3 $1,015,000 $338,333 $7,441 2.67%

Provident Savings Bank F.s.b. lent most frequently to those with incomes in the $150k-250k range, with 99 originations. The second most popular income band? $250k+, with 73 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 56 $42,860,000 $765,357 $7,067 2.77%
20-30% 37 $27,125,000 $733,108 $5,682 2.71%
41% 20 $17,880,000 $894,000 $6,620 2.80%
40% 18 $14,630,000 $812,778 $8,473 2.72%
42% 18 $14,900,000 $827,778 $7,216 2.83%
37% 18 $13,650,000 $758,333 $3,916 2.67%
39% 12 $9,920,000 $826,667 $5,659 2.70%
38% 10 $8,960,000 $896,000 $6,353 2.60%
<20% 9 $5,325,000 $591,667 $4,696 3.17%
36% 5 $4,255,000 $851,000 $3,320 2.78%
50-60% 1 $1,005,000 $1,005,000 $2,947 2.38%

Provident Savings Bank F.s.b. lent most frequently to those with DTI ratios of 30-36%, with 56 originations. The next most common DTI ratio? 20-30%, with 37 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 115 $86,785,000 $754,652 $7,743 2.97%
Asian 85 $78,225,000 $920,294 $4,217 2.78%
Not applicable 90 $74,130,000 $823,667 $0 3.64%
Not provided 32 $23,370,000 $730,313 $6,971 2.81%
Chinese 1 $2,005,000 $2,005,000 $0 3.50%
Black 3 $1,885,000 $628,333 $7,566 3.09%
American Indian 2 $800,000 $400,000 $6,599 4.25%
Asian Indian 1 $695,000 $695,000 $2,984 2.63%

Approval Rates

Total approvals of all applications
89.17%

Provident Savings Bank F.s.b. has an average approval rate.

Pick Rate

Approvals leading to origination
67.88%

Provident Savings Bank F.s.b. has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 329 $267,895,000 $814,271

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
329 $267,895,000 $814,271

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 38 $27,070,000 $712,368 $7,058 3.33%
40-60% 110 $95,660,000 $869,636 $5,992 3.17%
60-80% 154 $127,370,000 $827,078 $6,198 2.96%
80-100% 19 $14,115,000 $742,895 $7,648 2.91%
Over 100% 1 $1,545,000 $1,545,000 $0 3.55%
Under 20% 7 $2,135,000 $305,000 $3,282 4.28%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 46.2%
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 1 7.7%
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 6 46.2%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Provident Savings Bank, F.S.B. 27010 Sun City Boulevard Sun City, CA 92586 Full Service B&M $84,748
Provident Savings Bank, F.S.B. 12460 Heacock St Moreno Valley, CA 92553 Full Service B&M $83,064
Provident Savings Bank, F.S.B. 125 East Citrus Avenue Redlands, CA 92373 Full Service B&M $108,371
Provident Savings Bank, F.S.B. 1690 E Florida Ave Hemet, CA 92544 Full Service B&M $84,619
Provident Savings Bank, F.S.B. 19348 Van Buren Blvd, Ste.119 Riverside, CA 92508 Full Service B&M $46,533
Provident Savings Bank, F.S.B. 3312 La Sierra Ave Ste 105 Riverside, CA 92503 Full Service B&M $24,581
Provident Savings Bank, F.S.B. 350 East Hobson Way Blythe, CA 92225 Full Service B&M $70,610
Provident Savings Bank, F.S.B. 4001 Main Street Riverside, CA 92501 Full Service B&M $40,155
Provident Savings Bank, F.S.B. 40705 Winchester Road, Suite 6 Temecula, CA 92591 Full Service B&M $27,043
Provident Savings Bank, F.S.B. 487 Magnolia Avenue, Suite 101 Corona, CA 92879 Full Service B&M $31,171
Provident Savings Bank, F.S.B. 5225 Canyon Crest Dr, Suite 86 Riverside, CA 92507 Full Service B&M $72,417
Provident Savings Bank, F.S.B. 6570 Magnolia Ave Riverside, CA 92506 Full Service B&M $224,174
Provident Savings Bank, F.S.B. 6570 Magnolia Avenue Riverside, CA 92506 Limited, Administrative $0
Provident Savings Bank, F.S.B. 71-991 Highway 111 Rancho Mirage, CA 92270 Full Service B&M $50,757

For 2021, Provident Savings Bank F.s.b. had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $35,206
Net interest income $31,559
Total noninterest income $4,293
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,169
Trading account gains and fees $0
Additional Noninterest Income $3,124
Pre-tax net operating income $14,384
Securities gains (or losses, -) $0
Income before extraordinary items $10,639
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,639
Minority interest net income $0
Net income $10,639
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,639

Provident Savings Bank F.s.b.'s gross interest income from loans was $35,206,000.
Provident Savings Bank F.s.b.'s net interest income from loans was $31,559,000.
Provident Savings Bank F.s.b.'s fee based income from loans was $1,169,000.
Provident Savings Bank F.s.b.'s net income from loans was $10,639,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,647
Provision for credit losses $-2,373
Total noninterest expense $23,841
Salaries and employee benefits $13,649
Premises and equipment expense $4,053
Additional noninterest expense $6,139
Applicable income taxes $3,745
Net charge-offs $-443
Cash dividends $7,500

Provident Savings Bank F.s.b.'s interest expense for loans was $3,647,000.
Provident Savings Bank F.s.b.'s payroll and benefits expense were $13,649,000.
Provident Savings Bank F.s.b.'s property, plant and equipment expenses $4,053,000.

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 $969,754
Deposits held in domestic offices $969,754
Deposits by Individuals, partnerships, and corporations $961,139
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $8,615
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 $114,323
Demand deposits $103,765
Nontransaction accounts $855,431
Money market deposit accounts (MMDAs) $377,360
Other savings deposits (excluding MMDAs) $346,388
Total time deposits $131,683
Total time and savings deposits $865,989
Noninterest-bearing deposits $117,767
Interest-bearing deposits $851,987
Retail deposits $948,518
IRAs and Keogh plan accounts $30,577
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,182,400
Cash & Balances due from depository institutions $86,281
Interest-bearing balances $81,862
Total securities $207,583
Federal funds sold & reverse repurchase $0
Net loans and leases $852,006
Loan and leases loss allowance $6,608
Trading account assets $0
Bank premises and fixed assets $8,880
Other real estate owned $0
Goodwill and other intangibles $140
All other assets $27,510

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,182,400
Total Liabilities $1,062,402
Total deposits $969,754
Interest-bearing deposits $851,987
Deposits held in domestic offices $969,754
% insured (estimated) $72
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $80,000
Subordinated debt $0
All other liabilities $12,648

Issued Loan Types

Type Value (in 000's)
Net loans and leases $852,006
Loan and leases loss allowance $6,608
Total loans and leases (domestic) $858,614
All real estate loans $858,172
Real estate loans in domestic offices $858,172
Construction and development loans $3,629
Residential 1-4 family construction $1,768
Other construction, all land development and other land $1,861
Loans secured by nonfarm nonresidential properties $91,546
Nonfarm nonresidential secured by owner-occupied properties $5,539
Commercial real estate & other non-farm, non-residential $86,007
Multifamily residential real estate $469,656
1-4 family residential loans $293,341
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $364
To non-U.S. addressees $0
Loans to individuals $78
Credit card loans $0
Related Plans $78
Consumer Auto Loans $0
Other loans to individuals $0
All other loans & leases $0
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 $9,962
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Provident Savings Bank F.S.B. had $852,006,000 of loans outstanding in 2021. $858,172,000 of loans were in real estate loans. $3,629,000 of loans were in development loans. $469,656,000 of loans were in multifamily mortgage loans. $293,341,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 92 $44,359 $482,163
Nonfarm, nonresidential loans - $100-250k 5 $797 $159,400
Nonfarm, nonresidential loans - $250k-1MM 87 $43,562 $500,713
Commercial & Industrial, US addressed loans - <$1MM 4 $364 $91,000
Commercial & Industrial, US addressed loans - <$100k 2 $73 $36,500
Commercial & Industrial, US addressed loans - $100-250k 1 $19 $19,000
Commercial & Industrial, US addressed loans - $250k-1MM 1 $272 $272,000