Waterford Bank N.a. Mortgage Rates, Fees & Info

Toledo, OH

LEI: 549300Z8EM6P4IUIYG50

Tax ID: 11-3809585

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Waterford Bank N.a. is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Waterford Bank N.a. has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Toledo, Flint, Detroit, Denver, and Monroe among others. Waterford Bank N.a. has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

339

Origination Dollar Volume (All Markets)

$97,625,000

Employee count

107

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
TOLEDO, OH (FHA|USDA|VA) 242 $63,230,000 $261,281 $0 0.00%
FLINT, MI (FHA|USDA|VA) 3 $8,235,000 $2,745,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 29 $7,485,000 $258,103 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 8 $3,160,000 $395,000 $0 0.00%
MONROE, MI (FHA|USDA|VA) 11 $2,385,000 $216,818 $0 0.00%
Outside of Metro Areas 6 $1,780,000 $296,667 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,165,000 $388,333 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 0.00%
Findlay, OH (FHA|USDA|VA) 4 $950,000 $237,500 $0 0.00%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $825,000 $825,000 $0 0.00%
Adrian, MI (FHA|USDA|VA) 2 $750,000 $375,000 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 2 $750,000 $375,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $610,000 $305,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $530,000 $265,000 $0 0.00%
Outside of Metro Areas 1 $525,000 $525,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
Defiance, OH (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Morehead City, NC (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
MANSFIELD, OH (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Fremont, OH (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $160,000 $80,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Bluefield, WV-VA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Coldwater, MI (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%

Waterford Bank N.a.'s top markets include Toledo, Flint, Detroit, Denver, and Monroe among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 330 $95,610,000 $289,727 $0 0.00%
FHA 6 $1,380,000 $230,000 $0 0.00%
USDA 2 $480,000 $240,000 $0 0.00%
VA 1 $155,000 $155,000 $0 0.00%

For the 2021 period, Waterford Bank N.a.'s most frequently originated loan type of loans were Conventional, with 330 originations. Their 2nd most popular type is FHA, with 6 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 165 $40,705,000 $246,697 $0 0.00%
Refi 112 $35,380,000 $315,893 $0 0.00%
Cash Out Refi 62 $21,540,000 $347,419 $0 0.00%

For the 2021, Waterford Bank N.a.'s most frequently cited loan purpose of loans were Home Purchase, with 165 originations. The 2nd most popular reason of loans were Refi, with 112 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 339 $97,625,000 $287,979 $0 0.00%

For the 2021, Waterford Bank N.a.'s most frequently cited loan length of loans were Other, with 339 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 139 $38,155,000 $274,496 $0 0.00%
$100k-200k 114 $16,900,000 $148,246 $0 0.00%
$100,000 or less 46 $3,480,000 $75,652 $0 0.00%
$400k-600k 33 $16,165,000 $489,848 $0 0.00%
$1MM+ 5 $21,135,000 $4,227,000 $0 0.00%
$600k-1MM 2 $1,790,000 $895,000 $0 0.00%

2021 saw Waterford Bank N.a. place emphasis on $200k-400k loans with 139 originations, totaling $38,155,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 95 $22,535,000 $237,211 $0 0.00%
$150k-250k 54 $15,960,000 $295,556 $0 0.00%
$50k-75k 53 $8,985,000 $169,528 $0 0.00%
$75k-100k 48 $8,290,000 $172,708 $0 0.00%
$250k+ 40 $15,730,000 $393,250 $0 0.00%
$50k or less 32 $3,270,000 $102,188 $0 0.00%

Waterford Bank N.a. lent most frequently to those with incomes in the $100k-150k range, with 95 originations. The second most popular income band? $150k-250k, with 54 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 339 $97,625,000 $287,979 $0 0.00%

Waterford Bank N.a. lent most frequently to those with DTI ratios of Exempt%, with 339 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 289 $65,925,000 $228,114 $0 0.00%
Not applicable 16 $22,610,000 $1,413,125 $0 0.00%
Not provided 18 $5,020,000 $278,889 $0 0.00%
Black 7 $2,005,000 $286,429 $0 0.00%
Asian 5 $1,465,000 $293,000 $0 0.00%
American Indian 3 $355,000 $118,333 $0 0.00%
Other Asian 1 $245,000 $245,000 $0 0.00%

Approval Rates

Total approvals of all applications
95.95%

Waterford Bank N.a. 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
79.06%

Waterford Bank N.a. has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 339 $97,625,000 $287,979

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
339 $97,625,000 $287,979

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Waterford Bank, N.A. 231 Louisiana Avenue Perrysburg, OH 43551 Full Service B&M $42,344
Waterford Bank, N.A. 3900 N. Mccord Rd Toledo, OH 43617 Full Service B&M $1,017,175
Waterford Bank, N.A. 5600 New King Drive Troy, MI 48098 Full Service B&M $194,888
Waterford Bank, N.A. 5800 South Main Street Clarkston, MI 48346 Full Service B&M $123,169

For 2021, Waterford Bank N.a. had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $48,699
Net interest income $45,817
Total noninterest income $6,231
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,121
Trading account gains and fees $0
Additional Noninterest Income $5,110
Pre-tax net operating income $20,543
Securities gains (or losses, -) $3
Income before extraordinary items $16,515
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $16,515
Minority interest net income $0
Net income $16,515
Sale, conversion, retirement of capital stock, net $0
Net operating income $16,512

Waterford Bank N.a.'s gross interest income from loans was $48,699,000.
Waterford Bank N.a.'s net interest income from loans was $45,817,000.
Waterford Bank N.a.'s fee based income from loans was $1,121,000.
Waterford Bank N.a.'s net income from loans was $16,515,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,882
Provision for credit losses $3,357
Total noninterest expense $28,148
Salaries and employee benefits $16,719
Premises and equipment expense $1,629
Additional noninterest expense $9,800
Applicable income taxes $4,031
Net charge-offs $68
Cash dividends $5,000

Waterford Bank N.a.'s interest expense for loans was $2,882,000.
Waterford Bank N.a.'s payroll and benefits expense were $16,719,000.
Waterford Bank N.a.'s property, plant and equipment expenses $1,629,000.

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 1.0%
HELOC loans 1.0%
All other family 1.0%
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 $1,393,946
Deposits held in domestic offices $1,393,946
Deposits by Individuals, partnerships, and corporations $1,201,568
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $118,362
Deposits by Commercial banks and other depository institutions in U.S. $74,016
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $745,088
Demand deposits $698,656
Nontransaction accounts $648,858
Money market deposit accounts (MMDAs) $490,059
Other savings deposits (excluding MMDAs) $26,248
Total time deposits $132,551
Total time and savings deposits $695,290
Noninterest-bearing deposits $370,134
Interest-bearing deposits $1,023,812
Retail deposits $1,352,638
IRAs and Keogh plan accounts $4,318
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,532,949
Cash & Balances due from depository institutions $220,931
Interest-bearing balances $210,431
Total securities $299,630
Federal funds sold & reverse repurchase $0
Net loans and leases $963,750
Loan and leases loss allowance $14,932
Trading account assets $0
Bank premises and fixed assets $8,161
Other real estate owned $500
Goodwill and other intangibles $16,460
All other assets $23,517

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,532,949
Total Liabilities $1,399,812
Total deposits $1,393,946
Interest-bearing deposits $1,023,812
Deposits held in domestic offices $1,393,946
% insured (estimated) $53
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $5,866

Issued Loan Types

Type Value (in 000's)
Net loans and leases $963,750
Loan and leases loss allowance $14,932
Total loans and leases (domestic) $978,682
All real estate loans $644,539
Real estate loans in domestic offices $644,539
Construction and development loans $77,196
Residential 1-4 family construction $11,061
Other construction, all land development and other land $66,135
Loans secured by nonfarm nonresidential properties $467,862
Nonfarm nonresidential secured by owner-occupied properties $178,956
Commercial real estate & other non-farm, non-residential $288,906
Multifamily residential real estate $53,334
1-4 family residential loans $45,334
Farmland loans $813
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $313,148
To non-U.S. addressees $0
Loans to individuals $14,315
Credit card loans $0
Related Plans $0
Consumer Auto Loans $303
Other loans to individuals $14,012
All other loans & leases $9,395
Loans to foreign governments and official institutions $0
Other loans $4,368
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $1,361
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $302
Non 1-4 family restructured loans & leases $302
Total loans and leases (foreign) $0

Waterford Bank N.A. had $963,750,000 of loans outstanding in 2021. $644,539,000 of loans were in real estate loans. $77,196,000 of loans were in development loans. $53,334,000 of loans were in multifamily mortgage loans. $45,334,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $303,000 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 219 $75,760 $345,936
Nonfarm, nonresidential loans - <$100k 13 $701 $53,923
Nonfarm, nonresidential loans - $100-250k 44 $5,596 $127,182
Nonfarm, nonresidential loans - $250k-1MM 162 $69,463 $428,784
Commercial & Industrial, US addressed loans - <$1MM 813 $81,816 $100,635
Commercial & Industrial, US addressed loans - <$100k 357 $6,594 $18,471
Commercial & Industrial, US addressed loans - $100-250k 175 $11,385 $65,057
Commercial & Industrial, US addressed loans - $250k-1MM 281 $63,837 $227,178
Farmland loans - <$1MM 2 $154 $77,000
Farmland loans - <$100k 1 $87 $87,000
Farmland loans - $100-250k 1 $67 $67,000