Peoples Bank Mortgage Rates, Fees & Info

Lubbock, TX

LEI: 549300X7PN8KSYQHY415

Tax ID: 75-1254812

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Mortgage Data

Bank Data

Review & Overview

Peoples Bank is a smaller bank specializing in Home Purchase loans. Peoples Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top (well, only) market is Lubbock.

Peoples Bank 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

334

Origination Dollar Volume (All Markets)

$67,930,000

Employee count

106

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
LUBBOCK, TX (FHA|USDA|VA) 283 $59,395,000 $209,876 $0 0.00%
Outside of Metro Areas 51 $8,535,000 $167,353 $0 0.00%
Peoples Bank's top markets include and Lubbock among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 271 $56,215,000 $207,435 $0 0.00%
    FHA 46 $7,950,000 $172,826 $0 0.00%
    VA 17 $3,765,000 $221,471 $0 0.00%

    For 2019, Peoples Bank's most frequently originated type of loan was Conventional, with 271 originations. Their 2nd most popular type was FHA, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 258 $54,300,000 $210,465 $0 0.00%
    Refi 33 $6,995,000 $211,970 $0 0.00%
    Cash Out Refi 29 $5,185,000 $178,793 $0 0.00%
    Home Improvement 7 $815,000 $116,429 $0 0.00%
    NA 4 $130,000 $32,500 $0 0.00%
    Other 3 $505,000 $168,333 $0 0.00%

    For 2019, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 258 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 334 $67,930,000 $203,383 $0 0.00%

    For 2019, Peoples Bank's most frequently cited loan duration was Other, with 334 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 136 $19,150,000 $140,809 $0 0.00%
    $200k-400k 113 $31,075,000 $275,000 $0 0.00%
    $100,000 or less 58 $3,920,000 $67,586 $0 0.00%
    $400k-600k 22 $10,090,000 $458,636 $0 0.00%
    $600k-1MM 4 $2,590,000 $647,500 $0 0.00%
    $1MM+ 1 $1,105,000 $1,105,000 $0 0.00%

    2019 saw Peoples Bank place emphasis on $100k-200k loans with 136 originations, totaling $19,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 89 $20,645,000 $231,966 $0 0.00%
    $150k-250k 56 $13,730,000 $245,179 $0 0.00%
    $50k-75k 50 $7,400,000 $148,000 $0 0.00%
    $75k-100k 41 $7,415,000 $180,854 $0 0.00%
    $250k+ 30 $8,150,000 $271,667 $0 0.00%
    $50k or less 26 $3,240,000 $124,615 $0 0.00%

    Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 89 originations. The second most popular income band? $150k-250k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 334 $67,930,000 $203,383 $0 0.00%

    Peoples Bank lent most frequently to those with DTI ratios of Exempt%, with 334 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 289 $60,255,000 $208,495 $0 0.00%
    Not applicable 31 $4,855,000 $156,613 $0 0.00%
    Asian 5 $1,145,000 $229,000 $0 0.00%
    Not provided 5 $975,000 $195,000 $0 0.00%
    Black 4 $700,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.18%

    Peoples Bank 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
    87.13%

    Peoples Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 334 $67,930,000 $203,383

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $215,000 $215,000
    Single Family (1-4 Units):Site-Built 333 $67,715,000 $203,348

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 3 21.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 28.6%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Closing on a mortgage 1 7.1%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 14.3%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 2 14.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Peoples Bank 615 North Broadway Street Post, TX 79356 Full Service B&M $20,097
    Peoples Bank 101 West Hwy 86 Nazareth, TX 79063 Full Service B&M $34,241
    Peoples Bank 11011 Quaker Avenue Lubbock, TX 79424 Full Service B&M $29,141
    Peoples Bank 1605 West Division Street Slaton, TX 79364 Full Service B&M $39,689
    Peoples Bank 3801 34th Street Lubbock, TX 79424 Full Service B&M $28,690
    Peoples Bank 416 Harrison Avenue Lorenzo, TX 79343 Full Service B&M $34,930
    Peoples Bank 5820 82nd Street Lubbock, TX 79424 Full Service B&M $265,807
    Peoples Bank 7503 Highway 84 Shallowater, TX 79363 Full Service B&M $19,472

    For 2019, Peoples Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,089
    Net interest income $20,400
    Total noninterest income $4,562
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,246
    Trading account gains and fees $0
    Additional Noninterest Income $3,316
    Pre-tax net operating income $9,349
    Securities gains (or losses, -) $7
    Income before extraordinary items $7,449
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,449
    Minority interest net income $0
    Net income $7,449
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,443

    Peoples Bank's gross interest income from loans was $25,089,000.
    Peoples Bank's net interest income from loans was $20,400,000.
    Peoples Bank's fee based income from loans was $1,246,000.
    Peoples Bank's net income from loans was $7,449,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,689
    Provision for credit losses $50
    Total noninterest expense $15,563
    Salaries and employee benefits $8,882
    Premises and equipment expense $2,048
    Additional noninterest expense $4,633
    Applicable income taxes $1,907
    Net charge-offs $19
    Cash dividends $3,494

    Peoples Bank's interest expense for loans was $4,689,000.
    Peoples Bank's payroll and benefits expense were $8,882,000.
    Peoples Bank's property, plant and equipment expenses $2,048,000.

    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 $510,682
    Deposits held in domestic offices $510,682
    Deposits by Individuals, partnerships, and corporations $473,081
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $37,479
    Deposits by Commercial banks and other depository institutions in U.S. $122
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $48,122
    Demand deposits $39,179
    Nontransaction accounts $462,560
    Money market deposit accounts (MMDAs) $96,107
    Other savings deposits (excluding MMDAs) $233,786
    Total time deposits $132,666
    Total time and savings deposits $471,503
    Noninterest-bearing deposits $126,574
    Interest-bearing deposits $384,108
    Retail deposits $477,843
    IRAs and Keogh plan accounts $11,846
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $570,840
    Cash & Balances due from depository institutions $47,216
    Interest-bearing balances $36,992
    Total securities $84,291
    Federal funds sold & reverse repurchase $38,475
    Net loans and leases $372,639
    Loan and leases loss allowance $3,233
    Trading account assets $0
    Bank premises and fixed assets $13,241
    Other real estate owned $0
    Goodwill and other intangibles $1,397
    All other assets $13,581

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $570,840
    Total Liabilities $512,667
    Total deposits $510,682
    Interest-bearing deposits $384,108
    Deposits held in domestic offices $510,682
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,985

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $372,639
    Loan and leases loss allowance $3,233
    Total loans and leases (domestic) $375,872
    All real estate loans $215,235
    Real estate loans in domestic offices $215,235
    Construction and development loans $42,323
    Residential 1-4 family construction $15,282
    Other construction, all land development and other land $27,041
    Loans secured by nonfarm nonresidential properties $96,394
    Nonfarm nonresidential secured by owner-occupied properties $29,187
    Commercial real estate & other non-farm, non-residential $67,207
    Multifamily residential real estate $3,863
    1-4 family residential loans $45,987
    Farmland loans $26,668
    Loans held in foreign offices $0
    Farm loans $91,968
    Commercial and industrial loans $50,197
    To non-U.S. addressees $0
    Loans to individuals $13,495
    Credit card loans $0
    Related Plans $116
    Consumer Auto Loans $3,672
    Other loans to individuals $9,707
    All other loans & leases $5,092
    Loans to foreign governments and official institutions $0
    Other loans $3,199
    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

    Peoples Bank had $372,639,000 of loans outstanding in 2019. $215,235,000 of loans were in real estate loans. $42,323,000 of loans were in development loans. $3,863,000 of loans were in multifamily mortgage loans. $45,987,000 of loans were in 1-4 family mortgage loans. $91,968,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,672,000 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 113 $26,272 $232,496
    Nonfarm, nonresidential loans - <$100k 23 $929 $40,391
    Nonfarm, nonresidential loans - $100-250k 33 $3,415 $103,485
    Nonfarm, nonresidential loans - $250k-1MM 57 $21,928 $384,702
    Commercial & Industrial, US addressed loans - <$1MM 645 $29,891 $46,343
    Commercial & Industrial, US addressed loans - <$100k 509 $11,141 $21,888
    Commercial & Industrial, US addressed loans - $100-250k 81 $6,418 $79,235
    Commercial & Industrial, US addressed loans - $250k-1MM 55 $12,332 $224,218
    Farmland loans - <$1MM 104 $13,083 $125,798
    Farmland loans - <$100k 36 $1,580 $43,889
    Farmland loans - $100-250k 49 $6,055 $123,571
    Farmland loans - $250k-1MM 19 $5,448 $286,737
    Agriculture operations loans - <$1MM 594 $35,681 $60,069
    Agriculture operations loans - <$100k 397 $9,529 $24,003
    Agriculture operations loans - $100-250k 115 $10,683 $92,896
    Agriculture operations loans - $250k-1MM 82 $15,469 $188,646