Mount Vernon Bank And Trust Company Mortgage Rates, Fees & Info

Mount Vernon, IA

LEI: 549300Z8UWZMQ33WI653

Tax ID: 42-0426690

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mount Vernon Bank And Trust Company is a smaller bank specializing in Refi and Home Purchase loans. Mount Vernon Bank And Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, and Des Moines among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mount Vernon Bank And Trust Company has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    180

    Origination Dollar Volume (All Markets)

    $28,390,000

    Employee count

    23

    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
    CEDAR RAPIDS, IA (FHA|USDA|VA) 151 $24,005,000 $158,974 $0 0.00%
    IOWA CITY, IA (FHA|USDA|VA) 9 $2,055,000 $228,333 $0 0.00%
    Outside of Metro Areas 15 $1,525,000 $101,667 $0 0.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 5 $805,000 $161,000 $0 0.00%
    Mount Vernon Bank And Trust Company's top markets include Cedar Rapids, Iowa City, and Des Moines among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 180 $28,390,000 $157,722 $0 0.00%

    For 2019, Mount Vernon Bank And Trust Company's most frequently originated type of loan was Conventional, with 180 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 91 $16,725,000 $183,791 $0 0.00%
    Home Purchase 50 $7,630,000 $152,600 $0 0.00%
    Other 14 $630,000 $45,000 $0 0.00%
    Home Improvement 13 $335,000 $25,769 $0 0.00%
    Cash Out Refi 12 $3,070,000 $255,833 $0 0.00%

    For 2019, Mount Vernon Bank And Trust Company's most frequently cited loan purpose was Refi, with 91 originations. The 2nd most popular reason was Home Purchase, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 180 $28,390,000 $157,722 $0 0.00%

    For 2019, Mount Vernon Bank And Trust Company's most frequently cited loan duration was Other, with 180 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 69 $2,925,000 $42,391 $0 0.00%
    $100k-200k 53 $7,965,000 $150,283 $0 0.00%
    $200k-400k 47 $12,485,000 $265,638 $0 0.00%
    $400k-600k 11 $5,015,000 $455,909 $0 0.00%

    2019 saw Mount Vernon Bank And Trust Company place emphasis on $100,000 or less loans with 69 originations, totaling $2,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 51 $8,355,000 $163,824 $0 0.00%
    $50k-75k 37 $3,835,000 $103,649 $0 0.00%
    $75k-100k 29 $3,895,000 $134,310 $0 0.00%
    $150k-250k 24 $4,950,000 $206,250 $0 0.00%
    $50k or less 15 $975,000 $65,000 $0 0.00%
    $250k+ 11 $4,135,000 $375,909 $0 0.00%

    Mount Vernon Bank And Trust Company lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $50k-75k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 180 $28,390,000 $157,722 $0 0.00%

    Mount Vernon Bank And Trust Company lent most frequently to those with DTI ratios of Exempt%, with 180 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 172 $27,370,000 $159,128 $0 0.00%
    Not applicable 7 $865,000 $123,571 $0 0.00%
    American Indian 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.91%

    Mount Vernon Bank And Trust Company 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
    99.44%

    Mount Vernon Bank And Trust Company has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 180 $28,390,000 $157,722

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 180 $28,390,000 $157,722

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mount Vernon Bank and Trust Company 116 Third Avenue South Mount Vernon, IA 52314 Limited, Drive-thru $0
    Mount Vernon Bank and Trust Company 206 First Street West Mount Vernon, IA 52314 Full Service B&M $109,333

    For 2019, Mount Vernon Bank And Trust Company had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,281
    Net interest income $4,174
    Total noninterest income $410
    Gross Fiduciary activities income $4
    Service charges on deposit accounts $156
    Trading account gains and fees $0
    Additional Noninterest Income $250
    Pre-tax net operating income $1,838
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,420
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,420
    Minority interest net income $0
    Net income $1,420
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,420

    Mount Vernon Bank And Trust Company's gross interest income from loans was $5,281,000.
    Mount Vernon Bank And Trust Company's net interest income from loans was $4,174,000.
    Mount Vernon Bank And Trust Company's fee based income from loans was $156,000.
    Mount Vernon Bank And Trust Company's net income from loans was $1,420,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,107
    Provision for credit losses $35
    Total noninterest expense $2,711
    Salaries and employee benefits $1,834
    Premises and equipment expense $187
    Additional noninterest expense $690
    Applicable income taxes $418
    Net charge-offs $7
    Cash dividends $490

    Mount Vernon Bank And Trust Company's interest expense for loans was $1,107,000.
    Mount Vernon Bank And Trust Company's payroll and benefits expense were $1,834,000.
    Mount Vernon Bank And Trust Company's property, plant and equipment expenses $187,000.

    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 $111,720
    Deposits held in domestic offices $111,720
    Deposits by Individuals, partnerships, and corporations $95,471
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $16,249
    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 $51,152
    Demand deposits $16,623
    Nontransaction accounts $60,568
    Money market deposit accounts (MMDAs) $16,466
    Other savings deposits (excluding MMDAs) $14,332
    Total time deposits $29,770
    Total time and savings deposits $95,097
    Noninterest-bearing deposits $16,623
    Interest-bearing deposits $95,097
    Retail deposits $102,329
    IRAs and Keogh plan accounts $2,450
    Brokered deposits $2,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $130,653
    Cash & Balances due from depository institutions $10,342
    Interest-bearing balances $8,433
    Total securities $23,414
    Federal funds sold & reverse repurchase $1,347
    Net loans and leases $92,842
    Loan and leases loss allowance $987
    Trading account assets $0
    Bank premises and fixed assets $803
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $1,905

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $130,653
    Total Liabilities $111,963
    Total deposits $111,720
    Interest-bearing deposits $95,097
    Deposits held in domestic offices $111,720
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $243

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $92,842
    Loan and leases loss allowance $987
    Total loans and leases (domestic) $93,829
    All real estate loans $74,059
    Real estate loans in domestic offices $74,059
    Construction and development loans $3,259
    Residential 1-4 family construction $2,206
    Other construction, all land development and other land $1,053
    Loans secured by nonfarm nonresidential properties $13,397
    Nonfarm nonresidential secured by owner-occupied properties $12,891
    Commercial real estate & other non-farm, non-residential $506
    Multifamily residential real estate $153
    1-4 family residential loans $42,641
    Farmland loans $14,609
    Loans held in foreign offices $0
    Farm loans $6,496
    Commercial and industrial loans $7,871
    To non-U.S. addressees $0
    Loans to individuals $5,217
    Credit card loans $52
    Related Plans $0
    Consumer Auto Loans $4,984
    Other loans to individuals $181
    All other loans & leases $186
    Loans to foreign governments and official institutions $0
    Other loans $9
    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

    Mount Vernon Bank and Trust Company had $92,842,000 of loans outstanding in 2019. $74,059,000 of loans were in real estate loans. $3,259,000 of loans were in development loans. $153,000 of loans were in multifamily mortgage loans. $42,641,000 of loans were in 1-4 family mortgage loans. $6,496,000 of loans were in farm loans. $52,000 of loans were in credit card loans. $4,984,000 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 59 $11,793 $199,881
    Nonfarm, nonresidential loans - <$100k 20 $909 $45,450
    Nonfarm, nonresidential loans - $100-250k 14 $1,681 $120,071
    Nonfarm, nonresidential loans - $250k-1MM 25 $9,203 $368,120
    Commercial & Industrial, US addressed loans - <$1MM 101 $5,421 $53,673
    Commercial & Industrial, US addressed loans - <$100k 76 $1,704 $22,421
    Commercial & Industrial, US addressed loans - $100-250k 16 $1,539 $96,188
    Commercial & Industrial, US addressed loans - $250k-1MM 9 $2,178 $242,000
    Farmland loans - <$1MM 34 $5,815 $171,029
    Farmland loans - <$100k 11 $675 $61,364
    Farmland loans - $100-250k 13 $2,070 $159,231
    Farmland loans - $250k-1MM 10 $3,070 $307,000
    Agriculture operations loans - <$1MM 27 $2,741 $101,519
    Agriculture operations loans - <$100k 15 $322 $21,467
    Agriculture operations loans - $100-250k 8 $965 $120,625
    Agriculture operations loans - $250k-1MM 4 $1,454 $363,500