Isabella Bank Mortgage Rates, Fees & Info

Mount Pleasant, MI

LEI: 549300XYX207IABFXL60

Tax ID: 38-0681630

5 stars - out of 5 stars, based on 32 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Isabella Bank is a smaller bank specializing in Home Purchase and Refi loans. Isabella Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Mount Pleasant, Midland, Big Rapids, Saginaw, and Grand Rapids among others. Isabella Bank 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. Isabella Bank is typically a low fee lendor.


Originations

1,040

Origination Dollar Volume (All Markets)

$209,280,000

Employee count

330 Show all (15) awards

Relative Rate

Isabella Bank's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Isabella Bank's average total fees for a 30 year fixed rate mortgage are $2,726.

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
Mount Pleasant, MI (FHA|USDA|VA) 349 $64,355,000 $184,398 $2,515 3.00%
MIDLAND, MI (FHA|USDA|VA) 104 $25,830,000 $248,365 $2,631 3.13%
Big Rapids, MI (FHA|USDA|VA) 138 $23,220,000 $168,261 $2,419 2.88%
Outside of Metro Areas 131 $21,015,000 $160,420 $2,476 2.90%
SAGINAW, MI (FHA|USDA|VA) 74 $20,370,000 $275,270 $2,606 3.09%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 122 $20,040,000 $164,262 $2,326 2.96%
BAY CITY, MI (FHA|USDA|VA) 29 $19,015,000 $655,690 $2,752 3.46%
Alma, MI (FHA|USDA|VA) 52 $6,620,000 $127,308 $2,304 3.09%
Traverse City, MI (FHA|USDA|VA) 6 $2,040,000 $340,000 $3,170 2.79%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 9 $1,925,000 $213,889 $2,696 2.92%
ANN ARBOR, MI (FHA|USDA|VA) 3 $1,525,000 $508,333 $0 6.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $880,000 $110,000 $2,189 2.73%
Houghton, MI (FHA|USDA|VA) 2 $640,000 $320,000 $2,298 3.50%
FLINT, MI (FHA|USDA|VA) 3 $455,000 $151,667 $2,453 2.83%
Cadillac, MI (FHA|USDA|VA) 2 $430,000 $215,000 $2,889 3.00%
Marquette, MI (FHA|USDA|VA) 2 $240,000 $120,000 $2,058 3.13%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,237 3.69%
Holland, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,125 3.13%
MUSKEGON, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,046 2.38%
Ludington, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,094 2.63%
Sturgis, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.95%

Isabella Bank's top markets include Mount Pleasant, Midland, Big Rapids, Saginaw, and Grand Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,026 $207,380,000 $202,125 $2,460 3.00%
USDA 14 $1,900,000 $135,714 $3,922 3.34%

For the 2021 period, Isabella Bank's most frequently originated loan type of loans were Conventional, with 1,026 originations. Their 2nd most popular type is USDA, with 14 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 420 $108,780,000 $259,000 $2,784 3.07%
Refi 403 $73,435,000 $182,221 $2,231 3.00%
Cash Out Refi 170 $22,130,000 $130,176 $2,479 2.77%
Home Improvement 26 $2,690,000 $103,462 $1,760 3.59%
Other 21 $2,245,000 $106,905 $2,102 3.08%

For the 2021, Isabella Bank's most frequently cited loan purpose of loans were Home Purchase, with 420 originations. The 2nd most popular reason of loans were Refi, with 403 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 461 $81,905,000 $177,668 $2,726 2.90%
15 Year 295 $39,965,000 $135,475 $2,073 2.79%
20 Year 159 $63,555,000 $399,717 $2,274 3.37%
Other 40 $9,840,000 $246,000 $2,219 3.62%
10 Year 37 $2,815,000 $76,081 $1,535 3.87%
30+ year 34 $10,490,000 $308,529 $3,927 2.66%
5 Year 12 $500,000 $41,667 $1,258 3.74%
1 Year 1 $125,000 $125,000 $0 4.50%
3 Year 1 $85,000 $85,000 $0 4.50%

For the 2021, Isabella Bank's most frequently cited loan length of loans were 30 Year, with 461 originations. The 2nd most popular length of loans were 15 Year, with 295 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 689 $112,335,000 $163,041
$1k-2k 129 $19,975,000 $154,845
$2k-3k 46 $9,580,000 $208,261
$3k-4k 27 $5,715,000 $211,667
$5k+ 1 $255,000 $255,000

$2,726 of loans were Isabella Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 689 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 488 $84,420,000 $172,992
3-4% 230 $75,400,000 $327,826
<2.5% 226 $35,240,000 $155,929
4-5% 79 $11,135,000 $140,949
5-6% 16 $3,000,000 $187,500
6-7% 1 $85,000 $85,000

During 2021, Isabella Bank's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 488 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 432 $61,780,000 $143,009 $2,470 2.94%
$100,000 or less 325 $22,055,000 $67,862 $2,011 3.15%
$200k-400k 221 $57,855,000 $261,787 $2,930 2.86%
$400k-600k 37 $17,545,000 $474,189 $3,204 3.04%
$600k-1MM 14 $9,890,000 $706,429 $3,492 3.50%
$1MM+ 11 $40,155,000 $3,650,455 $5,472 3.69%

2021 saw Isabella Bank place emphasis on $100k-200k loans with 432 originations, totaling $61,780,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 233 $30,425,000 $130,579 $2,438 2.84%
$50k or less 198 $19,700,000 $99,495 $2,304 2.85%
$100k-150k 164 $33,140,000 $202,073 $2,621 2.83%
$75k-100k 140 $22,780,000 $162,714 $2,571 2.81%
$150k-250k 88 $23,070,000 $262,159 $2,779 2.77%
$250k+ 43 $14,415,000 $335,233 $2,864 2.74%

Isabella Bank lent most frequently to those with incomes in the $50k-75k range, with 233 originations. The second most popular income band? $50k or less, with 198 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 286 $46,620,000 $163,007 $2,512 2.79%
30-36% 188 $30,650,000 $163,032 $2,346 2.82%
<20% 175 $27,795,000 $158,829 $2,499 2.76%
36% 33 $5,305,000 $160,758 $2,347 2.82%
39% 32 $5,620,000 $175,625 $2,490 2.88%
38% 30 $5,740,000 $191,333 $2,722 3.02%
37% 24 $4,030,000 $167,917 $2,488 2.83%
40% 22 $4,220,000 $191,818 $2,893 2.88%
41% 21 $3,155,000 $150,238 $2,412 2.83%
44% 17 $3,965,000 $233,235 $3,112 2.79%
43% 16 $2,310,000 $144,375 $2,457 2.88%
45% 13 $2,905,000 $223,462 $2,564 2.99%
42% 10 $1,890,000 $189,000 $2,913 2.89%
48% 10 $1,190,000 $119,000 $2,382 3.06%
46% 8 $1,060,000 $132,500 $2,499 2.67%
47% 6 $830,000 $138,333 $1,978 2.85%
49% 6 $1,090,000 $181,667 $2,774 3.04%
50-60% 5 $495,000 $99,000 $2,169 2.93%
>60% 3 $535,000 $178,333 $1,609 2.79%

Isabella Bank lent most frequently to those with DTI ratios of 20-30%, with 286 originations. The next most common DTI ratio? 30-36%, with 188 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 890 $145,220,000 $163,169 $2,486 2.90%
Not applicable 85 $52,585,000 $618,647 $0 4.26%
Not provided 46 $8,700,000 $189,130 $2,469 2.86%
American Indian 7 $1,345,000 $192,143 $2,709 2.66%
Asian 5 $645,000 $129,000 $2,231 2.73%
Black 5 $595,000 $119,000 $2,141 2.65%
Native Hawaiian 2 $190,000 $95,000 $2,033 2.56%

Approval Rates

Total approvals of all applications
87.55%

Isabella Bank has an average approval rate.

Pick Rate

Approvals leading to origination
79.32%

Isabella Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,040 $209,280,000 $201,231

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,040 $209,280,000 $201,231

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 110 $10,770,000 $97,909 $1,951 3.02%
40-60% 195 $31,695,000 $162,538 $2,149 2.97%
60-80% 412 $88,330,000 $214,393 $2,527 3.00%
80-100% 294 $75,260,000 $255,986 $2,907 2.96%
Over 100% 2 $580,000 $290,000 $0 3.88%
Under 20% 22 $2,420,000 $110,000 $1,240 3.97%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Isabella Bank 240 East Northern Avenue Barryton, MI 49305 Full Service B&M $24,948
Isabella Bank 1125 North Mcewan Street Clare, MI 48617 Limited, Drive-thru $0
Isabella Bank 125 N. Coldwater Rd Lake Isabella, MI 48893 Full Service B&M $7,363
Isabella Bank 131 N State St Stanton, MI 48888 Full Service B&M $32,215
Isabella Bank 1402 East Center Ithaca, MI 48847 Full Service B&M $55,806
Isabella Bank 1402 West High Street Mount Pleasant, MI 48858 Full Service B&M $90,432
Isabella Bank 1405 West Washington Street Greenville, MI 48838 Full Service B&M $126,489
Isabella Bank 1416 East Pickard Street Mount Pleasant, MI 48858 Full Service B&M $166,168
Isabella Bank 16490 Gratiot Road Hemlock, MI 48626 Full Service B&M $43,725
Isabella Bank 1876 North Winn Road Weidman, MI 48893 Full Service B&M $30,320
Isabella Bank 200 East Broadway Mount Pleasant, MI 48858 Full Service B&M $212,844
Isabella Bank 200 S University Mount Pleasant, MI 48858 Limited, Drive-thru $0
Isabella Bank 203 East Genesee Avenue Saginaw, MI 48607 Full Service B&M $2,860
Isabella Bank 210 S Saginaw Street Midland, MI 48640 Full Service B&M $29,255
Isabella Bank 2127 South Mission Street Mount Pleasant, MI 48858 Full Service B&M $127,242
Isabella Bank 21440 Perry St Big Rapids, MI 49307 Full Service B&M $55,802
Isabella Bank 220 West Wheatland Street Remus, MI 49340 Full Service B&M $39,342
Isabella Bank 2222 N. Saginaw Road Midland, MI 48640 Full Service B&M $55,413
Isabella Bank 313 West Bridge Street Six Lakes, MI 48886 Full Service B&M $47,552
Isabella Bank 316 East Saginaw Street Breckenridge, MI 48615 Full Service B&M $95,924
Isabella Bank 3388 North Woodruff Road Weidman, MI 48893 Full Service B&M $49,763
Isabella Bank 399 South Main Street Freeland, MI 48623 Full Service B&M $31,694
Isabella Bank 399 West Main Street Farwell, MI 48622 Full Service B&M $59,886
Isabella Bank 401 East Main Street Blanchard, MI 49310 Full Service B&M $25,208
Isabella Bank 4975 Bay Road Saginaw, MI 48604 Full Service B&M $38,835
Isabella Bank 500 East Wright Avenue Shepherd, MI 48883 Full Service B&M $53,782
Isabella Bank 532 Mcewan Clare, MI 48617 Full Service B&M $71,506
Isabella Bank 711 Maple Street Big Rapids, MI 49307 Full Service B&M $5,479
Isabella Bank 8225 West Ludington Drive Lake, MI 48632 Full Service B&M $9,419
Isabella Bank 8351 100th Avenue Canadian Lakes, MI 49346 Full Service B&M $75,673

For 2021, Isabella Bank had 30 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $60,223
Net interest income $53,462
Total noninterest income $14,513
Gross Fiduciary activities income $2,707
Service charges on deposit accounts $2,224
Trading account gains and fees $0
Additional Noninterest Income $9,582
Pre-tax net operating income $26,054
Securities gains (or losses, -) $0
Income before extraordinary items $21,713
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $21,713
Minority interest net income $0
Net income $21,713
Sale, conversion, retirement of capital stock, net $0
Net operating income $21,713

Isabella Bank's gross interest income from loans was $60,223,000.
Isabella Bank's net interest income from loans was $53,462,000.
Isabella Bank's fee based income from loans was $2,224,000.
Isabella Bank's net income from loans was $21,713,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,761
Provision for credit losses $-518
Total noninterest expense $42,439
Salaries and employee benefits $23,741
Premises and equipment expense $8,145
Additional noninterest expense $10,553
Applicable income taxes $4,341
Net charge-offs $123
Cash dividends $3,600

Isabella Bank's interest expense for loans was $6,761,000.
Isabella Bank's payroll and benefits expense were $23,741,000.
Isabella Bank's property, plant and equipment expenses $8,145,000.

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 $1,722,405
Deposits held in domestic offices $1,722,405
Deposits by Individuals, partnerships, and corporations $1,483,249
Deposits by U.S. Government $952
Deposits by States and political subdivisions in the U.S. $222,080
Deposits by Commercial banks and other depository institutions in U.S. $16,124
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $813,881
Demand deposits $813,881
Nontransaction accounts $908,524
Money market deposit accounts (MMDAs) $314,679
Other savings deposits (excluding MMDAs) $293,082
Total time deposits $300,763
Total time and savings deposits $908,524
Noninterest-bearing deposits $449,317
Interest-bearing deposits $1,273,088
Retail deposits $1,643,822
IRAs and Keogh plan accounts $52,725
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,982,186
Cash & Balances due from depository institutions $105,287
Interest-bearing balances $79,768
Total securities $490,601
Federal funds sold & reverse repurchase $0
Net loans and leases $1,293,669
Loan and leases loss allowance $9,103
Trading account assets $0
Bank premises and fixed assets $22,139
Other real estate owned $150
Goodwill and other intangibles $6,860
All other assets $63,480

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,982,186
Total Liabilities $1,804,338
Total deposits $1,722,405
Interest-bearing deposits $1,273,088
Deposits held in domestic offices $1,722,405
% insured (estimated) $68
Federal funds purchased and repurchase agreements $50,162
Trading liabilities $0
Other borrowed funds $20,000
Subordinated debt $0
All other liabilities $11,771

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,293,669
Loan and leases loss allowance $9,103
Total loans and leases (domestic) $1,302,772
All real estate loans $964,107
Real estate loans in domestic offices $964,107
Construction and development loans $22,452
Residential 1-4 family construction $9,927
Other construction, all land development and other land $12,525
Loans secured by nonfarm nonresidential properties $390,551
Nonfarm nonresidential secured by owner-occupied properties $189,468
Commercial real estate & other non-farm, non-residential $201,083
Multifamily residential real estate $86,531
1-4 family residential loans $396,840
Farmland loans $67,733
Loans held in foreign offices $0
Farm loans $28,193
Commercial and industrial loans $154,050
To non-U.S. addressees $0
Loans to individuals $73,209
Credit card loans $0
Related Plans $477
Consumer Auto Loans $28,050
Other loans to individuals $44,682
All other loans & leases $83,213
Loans to foreign governments and official institutions $0
Other loans $81,718
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 $25,236
Non 1-4 family restructured loans & leases $20,547
Total loans and leases (foreign) $0

Isabella Bank had $1,293,669,000 of loans outstanding in 2021. $964,107,000 of loans were in real estate loans. $22,452,000 of loans were in development loans. $86,531,000 of loans were in multifamily mortgage loans. $396,840,000 of loans were in 1-4 family mortgage loans. $28,193,000 of loans were in farm loans. $0 of loans were in credit card loans. $28,050,000 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 572 $126,509 $221,170
Nonfarm, nonresidential loans - <$100k 146 $6,593 $45,158
Nonfarm, nonresidential loans - $100-250k 215 $27,521 $128,005
Nonfarm, nonresidential loans - $250k-1MM 211 $92,395 $437,891
Commercial & Industrial, US addressed loans - <$1MM 1,433 $109,382 $76,331
Commercial & Industrial, US addressed loans - <$100k 1,037 $26,765 $25,810
Commercial & Industrial, US addressed loans - $100-250k 228 $25,347 $111,171
Commercial & Industrial, US addressed loans - $250k-1MM 168 $57,270 $340,893
Farmland loans - <$1MM 278 $34,729 $124,924
Farmland loans - <$100k 120 $5,599 $46,658
Farmland loans - $100-250k 102 $13,243 $129,833
Farmland loans - $250k-1MM 56 $15,887 $283,696
Agriculture operations loans - <$1MM 349 $15,547 $44,547
Agriculture operations loans - <$100k 286 $6,211 $21,717
Agriculture operations loans - $100-250k 47 $4,798 $102,085
Agriculture operations loans - $250k-1MM 16 $4,538 $283,625