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

Mount Vernon, IA

LEI: 549300Z8UWZMQ33WI653

Tax ID: 42-0426690

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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 Home Purchase, Refi, and Cash Out Refi 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, Des Moines, Muscatine, and Waterloo among others. We have data for 6 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.

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    Originations

    227

    Origination Dollar Volume (All Markets)

    $36,815,000

    Employee count

    21

    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) 180 $28,820,000 $160,111 $0 0.00%
    Outside of Metro Areas 32 $5,630,000 $175,938 $0 0.00%
    IOWA CITY, IA (FHA|USDA|VA) 11 $1,745,000 $158,636 $0 0.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $340,000 $170,000 $0 0.00%
    Muscatine, IA (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Mount Vernon Bank And Trust Company's top markets include Cedar Rapids, Iowa City, Des Moines, Muscatine, and Waterloo among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 227 $36,815,000 $162,181 $0 0.00%

    For 2021, Mount Vernon Bank And Trust Company's most frequently originated type of loan was Conventional, with 227 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 89 $15,225,000 $171,067 $0 0.00%
    Refi 77 $11,665,000 $151,494 $0 0.00%
    Cash Out Refi 41 $9,185,000 $224,024 $0 0.00%
    Home Improvement 13 $375,000 $28,846 $0 0.00%
    Other 7 $365,000 $52,143 $0 0.00%

    For 2021, Mount Vernon Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 89 originations. The 2nd most popular reason was Refi, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 227 $36,815,000 $162,181 $0 0.00%

    For 2021, Mount Vernon Bank And Trust Company's most frequently cited loan duration was Other, with 227 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 89 $12,615,000 $141,742 $0 0.00%
    $200k-400k 67 $17,715,000 $264,403 $0 0.00%
    $100,000 or less 64 $3,310,000 $51,719 $0 0.00%
    $400k-600k 7 $3,175,000 $453,571 $0 0.00%

    2021 saw Mount Vernon Bank And Trust Company place emphasis on $100k-200k loans with 89 originations, totaling $12,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $10,430,000 $186,250 $0 0.00%
    $50k or less 42 $4,460,000 $106,190 $0 0.00%
    $50k-75k 40 $6,520,000 $163,000 $0 0.00%
    $75k-100k 36 $5,430,000 $150,833 $0 0.00%
    $150k-250k 32 $7,010,000 $219,063 $0 0.00%
    $250k+ 8 $1,510,000 $188,750 $0 0.00%

    Mount Vernon Bank And Trust Company lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $50k or less, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 227 $36,815,000 $162,181 $0 0.00%

    Mount Vernon Bank And Trust Company lent most frequently to those with DTI ratios of Exempt%, with 227 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 217 $35,745,000 $164,724 $0 0.00%
    Not applicable 7 $765,000 $109,286 $0 0.00%
    Not provided 2 $180,000 $90,000 $0 0.00%
    Black 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.56%

    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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 227 $36,815,000 $162,181

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    227 $36,815,000 $162,181

    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 $136,396

    For 2021, Mount Vernon Bank And Trust Company had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,446
    Net interest income $4,969
    Total noninterest income $1,453
    Gross Fiduciary activities income $5
    Service charges on deposit accounts $102
    Trading account gains and fees $0
    Additional Noninterest Income $1,346
    Pre-tax net operating income $3,167
    Securities gains (or losses, -) $25
    Income before extraordinary items $2,429
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,429
    Minority interest net income $0
    Net income $2,429
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,409

    Mount Vernon Bank And Trust Company's gross interest income from loans was $5,446,000.
    Mount Vernon Bank And Trust Company's net interest income from loans was $4,969,000.
    Mount Vernon Bank And Trust Company's fee based income from loans was $102,000.
    Mount Vernon Bank And Trust Company's net income from loans was $2,429,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $477
    Provision for credit losses $50
    Total noninterest expense $3,205
    Salaries and employee benefits $2,002
    Premises and equipment expense $242
    Additional noninterest expense $961
    Applicable income taxes $763
    Net charge-offs $-1
    Cash dividends $556

    Mount Vernon Bank And Trust Company's interest expense for loans was $477,000.
    Mount Vernon Bank And Trust Company's payroll and benefits expense were $2,002,000.
    Mount Vernon Bank And Trust Company's property, plant and equipment expenses $242,000.

    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 $153,111
    Deposits held in domestic offices $153,111
    Deposits by Individuals, partnerships, and corporations $138,740
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,372
    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 $80,258
    Demand deposits $31,226
    Nontransaction accounts $72,854
    Money market deposit accounts (MMDAs) $29,751
    Other savings deposits (excluding MMDAs) $23,369
    Total time deposits $19,734
    Total time and savings deposits $121,886
    Noninterest-bearing deposits $31,675
    Interest-bearing deposits $121,436
    Retail deposits $152,329
    IRAs and Keogh plan accounts $3,109
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $174,678
    Cash & Balances due from depository institutions $19,229
    Interest-bearing balances $17,017
    Total securities $50,675
    Federal funds sold & reverse repurchase $998
    Net loans and leases $101,344
    Loan and leases loss allowance $1,098
    Trading account assets $0
    Bank premises and fixed assets $764
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $1,668

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $174,678
    Total Liabilities $153,396
    Total deposits $153,111
    Interest-bearing deposits $121,436
    Deposits held in domestic offices $153,111
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $285

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $101,344
    Loan and leases loss allowance $1,098
    Total loans and leases (domestic) $102,442
    All real estate loans $78,694
    Real estate loans in domestic offices $78,694
    Construction and development loans $5,156
    Residential 1-4 family construction $4,807
    Other construction, all land development and other land $349
    Loans secured by nonfarm nonresidential properties $12,903
    Nonfarm nonresidential secured by owner-occupied properties $10,383
    Commercial real estate & other non-farm, non-residential $2,520
    Multifamily residential real estate $140
    1-4 family residential loans $47,139
    Farmland loans $13,356
    Loans held in foreign offices $0
    Farm loans $7,478
    Commercial and industrial loans $8,748
    To non-U.S. addressees $0
    Loans to individuals $7,503
    Credit card loans $29
    Related Plans $0
    Consumer Auto Loans $4,726
    Other loans to individuals $2,748
    All other loans & leases $19
    Loans to foreign governments and official institutions $0
    Other loans $19
    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 $101,344,000 of loans outstanding in 2021. $78,694,000 of loans were in real estate loans. $5,156,000 of loans were in development loans. $140,000 of loans were in multifamily mortgage loans. $47,139,000 of loans were in 1-4 family mortgage loans. $7,478,000 of loans were in farm loans. $29,000 of loans were in credit card loans. $4,726,000 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 77 $11,146 $144,753
    Nonfarm, nonresidential loans - <$100k 27 $1,102 $40,815
    Nonfarm, nonresidential loans - $100-250k 28 $3,371 $120,393
    Nonfarm, nonresidential loans - $250k-1MM 22 $6,673 $303,318
    Commercial & Industrial, US addressed loans - <$1MM 149 $6,906 $46,349
    Commercial & Industrial, US addressed loans - <$100k 121 $2,783 $23,000
    Commercial & Industrial, US addressed loans - $100-250k 20 $1,919 $95,950
    Commercial & Industrial, US addressed loans - $250k-1MM 8 $2,204 $275,500
    Farmland loans - <$1MM 37 $5,768 $155,892
    Farmland loans - <$100k 12 $652 $54,333
    Farmland loans - $100-250k 12 $1,415 $117,917
    Farmland loans - $250k-1MM 13 $3,701 $284,692
    Agriculture operations loans - <$1MM 71 $4,002 $56,366
    Agriculture operations loans - <$100k 58 $1,382 $23,828
    Agriculture operations loans - $100-250k 8 $1,268 $158,500
    Agriculture operations loans - $250k-1MM 5 $1,352 $270,400