Eastern Michigan Bank Mortgage Rates, Fees & Info

Croswell, MI

LEI: 549300ZATTFRM57YVB31

Tax ID: 38-1066390

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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

    Eastern Michigan Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Eastern Michigan Bank has a high proportion of conventional loans. Their top (well, only) market is Detroit.

    Eastern Michigan Bank has an average approval rate when compared to the average across all lenders. They have an 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

    98

    Origination Dollar Volume (All Markets)

    $12,360,000

    Employee count

    80

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 50 $7,940,000 $158,800 $0 0.00%
    Outside of Metro Areas 48 $4,420,000 $92,083 $0 0.00%
    Eastern Michigan Bank's top markets include and Detroit among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 98 $12,360,000 $126,122 $0 0.00%

    For 2019, Eastern Michigan Bank's most frequently originated type of loan was Conventional, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 41 $6,015,000 $146,707 $0 0.00%
    Refi 24 $2,670,000 $111,250 $0 0.00%
    Cash Out Refi 23 $3,315,000 $144,130 $0 0.00%
    Home Improvement 9 $345,000 $38,333 $0 0.00%
    Other 1 $15,000 $15,000 $0 0.00%

    For 2019, Eastern Michigan Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 98 $12,360,000 $126,122 $0 0.00%

    For 2019, Eastern Michigan Bank's most frequently cited loan duration was Other, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $3,115,000 $54,649 $0 0.00%
    $100k-200k 28 $4,140,000 $147,857 $0 0.00%
    $200k-400k 8 $1,940,000 $242,500 $0 0.00%
    $400k-600k 3 $1,535,000 $511,667 $0 0.00%
    $1MM+ 1 $1,015,000 $1,015,000 $0 0.00%
    $600k-1MM 1 $615,000 $615,000 $0 0.00%

    2019 saw Eastern Michigan Bank place emphasis on $100,000 or less loans with 57 originations, totaling $3,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 28 $3,000,000 $107,143 $0 0.00%
    $50k or less 25 $1,525,000 $61,000 $0 0.00%
    $100k-150k 16 $2,600,000 $162,500 $0 0.00%
    $75k-100k 12 $1,100,000 $91,667 $0 0.00%
    $150k-250k 7 $1,485,000 $212,143 $0 0.00%
    $250k+ 4 $1,030,000 $257,500 $0 0.00%

    Eastern Michigan Bank lent most frequently to those with incomes in the $50k-75k range, with 28 originations. The second most popular income band? $50k or less, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 98 $12,360,000 $126,122 $0 0.00%

    Eastern Michigan Bank lent most frequently to those with DTI ratios of Exempt%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 94 $10,900,000 $115,957 $0 0.00%
    Not applicable 2 $1,160,000 $580,000 $0 0.00%
    Not provided 2 $300,000 $150,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.37%

    Eastern Michigan Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.86%

    Eastern Michigan Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 98 $12,360,000 $126,122

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,015,000 $1,015,000
    Single Family (1-4 Units):Manufactured 8 $510,000 $63,750
    Single Family (1-4 Units):Site-Built 89 $10,835,000 $121,742

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Eastern Michigan Bank 37 N Horward Ave Croswell, MI 48422 Full Service B&M $60,411
    Eastern Michigan Bank 5446 Main Street Lexington, MI 48450 Full Service B&M $44,847
    Eastern Michigan Bank 3636 Main Street Deckerville, MI 48427 Full Service B&M $31,214
    Eastern Michigan Bank 2970 Gratiot Boulevard Marysville, MI 48040 Full Service B&M $17,882
    Eastern Michigan Bank 3061 Krafft Road Fort Gratiot, MI 48059 Full Service B&M $27,774
    Eastern Michigan Bank 324 South Elk Street Sandusky, MI 48471 Full Service B&M $39,096
    Eastern Michigan Bank 600 Water Street Port Huron, MI 48060 Full Service B&M $54,274
    Eastern Michigan Bank 65 North Howard Avenue Croswell, MI 48422 Full Service B&M $0
    Eastern Michigan Bank 7004 East Atwater Road Ruth, MI 48470 Full Service B&M $29,722
    Eastern Michigan Bank 7090 Lakeshore Road Lakeport, MI 48059 Full Service B&M $25,353

    For 2019, Eastern Michigan Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,804
    Net interest income $11,919
    Total noninterest income $1,764
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $573
    Trading account gains and fees $0
    Additional Noninterest Income $1,191
    Pre-tax net operating income $5,042
    Securities gains (or losses, -) $-15
    Income before extraordinary items $4,163
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,163
    Minority interest net income $0
    Net income $4,163
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,175

    Eastern Michigan Bank's gross interest income from loans was $12,804,000.
    Eastern Michigan Bank's net interest income from loans was $11,919,000.
    Eastern Michigan Bank's fee based income from loans was $573,000.
    Eastern Michigan Bank's net income from loans was $4,163,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $885
    Provision for credit losses $155
    Total noninterest expense $8,486
    Salaries and employee benefits $5,066
    Premises and equipment expense $816
    Additional noninterest expense $2,604
    Applicable income taxes $864
    Net charge-offs $133
    Cash dividends $1,052

    Eastern Michigan Bank's interest expense for loans was $885,000.
    Eastern Michigan Bank's payroll and benefits expense were $5,066,000.
    Eastern Michigan Bank's property, plant and equipment expenses $816,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    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 1.0%
    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 $334,421
    Deposits held in domestic offices $334,421
    Deposits by Individuals, partnerships, and corporations $270,879
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $63,210
    Deposits by Commercial banks and other depository institutions in U.S. $330
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $37,223
    Demand deposits $19,356
    Nontransaction accounts $297,198
    Money market deposit accounts (MMDAs) $50,365
    Other savings deposits (excluding MMDAs) $215,466
    Total time deposits $31,367
    Total time and savings deposits $315,065
    Noninterest-bearing deposits $79,843
    Interest-bearing deposits $254,578
    Retail deposits $332,239
    IRAs and Keogh plan accounts $7,247
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $373,854
    Cash & Balances due from depository institutions $50,693
    Interest-bearing balances $44,151
    Total securities $103,158
    Federal funds sold & reverse repurchase $21,128
    Net loans and leases $179,766
    Loan and leases loss allowance $1,574
    Trading account assets $0
    Bank premises and fixed assets $5,300
    Other real estate owned $0
    Goodwill and other intangibles $716
    All other assets $13,093

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $373,854
    Total Liabilities $335,622
    Total deposits $334,421
    Interest-bearing deposits $254,578
    Deposits held in domestic offices $334,421
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,201

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $179,766
    Loan and leases loss allowance $1,574
    Total loans and leases (domestic) $181,340
    All real estate loans $104,554
    Real estate loans in domestic offices $104,554
    Construction and development loans $5,028
    Residential 1-4 family construction $1,517
    Other construction, all land development and other land $3,511
    Loans secured by nonfarm nonresidential properties $25,332
    Nonfarm nonresidential secured by owner-occupied properties $17,719
    Commercial real estate & other non-farm, non-residential $7,613
    Multifamily residential real estate $8,922
    1-4 family residential loans $37,892
    Farmland loans $27,380
    Loans held in foreign offices $0
    Farm loans $20,383
    Commercial and industrial loans $32,841
    To non-U.S. addressees $0
    Loans to individuals $13,759
    Credit card loans $0
    Related Plans $17
    Consumer Auto Loans $8,399
    Other loans to individuals $5,343
    All other loans & leases $9,803
    Loans to foreign governments and official institutions $0
    Other loans $8,604
    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 $2,336
    Non 1-4 family restructured loans & leases $2,336
    Total loans and leases (foreign) $0

    Eastern Michigan Bank had $179,766,000 of loans outstanding in 2019. $104,554,000 of loans were in real estate loans. $5,028,000 of loans were in development loans. $8,922,000 of loans were in multifamily mortgage loans. $37,892,000 of loans were in 1-4 family mortgage loans. $20,383,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,399,000 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 140 $19,997 $142,836
    Nonfarm, nonresidential loans - <$100k 38 $1,560 $41,053
    Nonfarm, nonresidential loans - $100-250k 53 $5,601 $105,679
    Nonfarm, nonresidential loans - $250k-1MM 49 $12,836 $261,959
    Commercial & Industrial, US addressed loans - <$1MM 253 $20,210 $79,881
    Commercial & Industrial, US addressed loans - <$100k 143 $3,565 $24,930
    Commercial & Industrial, US addressed loans - $100-250k 72 $7,021 $97,514
    Commercial & Industrial, US addressed loans - $250k-1MM 38 $9,624 $253,263
    Farmland loans - <$1MM 102 $12,608 $123,608
    Farmland loans - <$100k 33 $1,429 $43,303
    Farmland loans - $100-250k 45 $5,378 $119,511
    Farmland loans - $250k-1MM 24 $5,801 $241,708
    Agriculture operations loans - <$1MM 147 $11,375 $77,381
    Agriculture operations loans - <$100k 90 $2,931 $32,567
    Agriculture operations loans - $100-250k 39 $4,621 $118,487
    Agriculture operations loans - $250k-1MM 18 $3,823 $212,389