Waterford Bank N.a. Mortgage Rates, Fees & Info
Toledo, OHLEI: 549300Z8EM6P4IUIYG50
Tax ID: 11-3809585
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Bank Data
Review & 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 by origination volume include: Toledo, Flint, Detroit, Denver, and Monroe among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)Waterford Bank N.a. 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
339Origination Dollar Volume (All Markets)
$97,625,000Employee count
107Top 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 |
|---|---|---|---|---|---|
| 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% |
Product Mix
For 2021, Waterford Bank N.a.'s most frequently originated type of loan was Conventional, with 330 originations. Their 2nd most popular type was FHA, with 6 originations.
Loan Reason
For 2021, Waterford Bank N.a.'s most frequently cited loan purpose was Home Purchase, with 165 originations. The 2nd most popular reason was 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 2021, Waterford Bank N.a.'s most frequently cited loan duration was Other, with 339 originations.
Loan Sizing
2021 saw Waterford Bank N.a. place emphasis on $200k-400k loans with 139 originations, totaling $38,155,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications96.54%
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 origination78.76%
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 |
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 |