Central Bank Illinois Mortgage Rates, Fees & Info

Geneseo, IL

LEI: 549300ZM3TKJVUYB3676

Tax ID: 36-0886040

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Central Bank Illinois is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Central Bank Illinois has a high proportion of conventional loans. Their top markets include Ottawa, Chicago, Davenport, Rochelle, and Sterling among others. Central Bank Illinois 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. Central Bank Illinois is typically a low fee lendor.


Originations

611

Origination Dollar Volume (All Markets)

$86,465,000

Employee count

172 Show all (6) awards

Relative Rate

Central Bank Illinois's average 30 year fixed rate mortgage of loans were 3.23%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.08%.

Relative Fees

Central Bank Illinois's average total fees for a 30 year fixed rate mortgage are $1,676.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Ottawa, IL (FHA|USDA|VA) 243 $26,095,000 $107,387 $1,280 3.30%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 35 $14,245,000 $407,000 $1,880 3.26%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 87 $13,225,000 $152,011 $1,373 3.25%
Rochelle, IL (FHA|USDA|VA) 107 $12,935,000 $120,888 $1,597 3.22%
Sterling, IL (FHA|USDA|VA) 60 $6,550,000 $109,167 $1,091 3.26%
Dixon, IL (FHA|USDA|VA) 27 $3,195,000 $118,333 $1,688 3.29%
Outside of Metro Areas 11 $1,705,000 $155,000 $1,502 3.22%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 4.50%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $950,000 $475,000 $1,500 4.15%
ROCKFORD, IL (FHA|USDA|VA) 8 $830,000 $103,750 $1,936 3.43%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $690,000 $345,000 $0 4.50%
Galesburg, IL (FHA|USDA|VA) 3 $675,000 $225,000 $1,412 2.79%
BLOOMINGTON, IL (FHA|USDA|VA) 2 $470,000 $235,000 $2,788 3.06%
Beaver Dam, WI (FHA|USDA|VA) 1 $385,000 $385,000 $2,737 3.38%
Clinton, IA (FHA|USDA|VA) 4 $360,000 $90,000 $1,494 3.38%
FARGO, ND-MN (FHA|USDA|VA) 1 $355,000 $355,000 $2,189 3.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $325,000 $325,000 $2,090 2.88%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $305,000 $305,000 $1,846 2.50%
PEORIA, IL (FHA|USDA|VA) 3 $245,000 $81,667 $1,543 3.62%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $235,000 $235,000 $3,367 2.25%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,057 3.25%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $185,000 $185,000 $2,204 3.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,321 2.75%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $175,000 $175,000 $1,754 3.88%
KANKAKEE, IL (FHA|USDA|VA) 1 $175,000 $175,000 $1,273 2.50%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.63%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $125,000 $125,000 $690 4.12%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $115,000 $115,000 $1,433 3.13%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $85,000 $85,000 $1,919 3.38%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.40%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $45,000 $45,000 $2,201 3.13%

Central Bank Illinois's top markets include Ottawa, Chicago, Davenport, Rochelle, and Sterling among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 611 $86,465,000 $141,514 $1,420 3.28%

For the 2021 period, Central Bank Illinois's most frequently originated loan type of loans were Conventional, with 611 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 244 $32,090,000 $131,516 $1,739 3.48%
Refi 212 $35,810,000 $168,915 $1,129 3.19%
Cash Out Refi 136 $17,420,000 $128,088 $1,390 2.99%
Home Improvement 10 $560,000 $56,000 $818 3.78%
Other 9 $585,000 $65,000 $636 3.66%

For the 2021, Central Bank Illinois's most frequently cited loan purpose of loans were Home Purchase, with 244 originations. The 2nd most popular reason of loans were Refi, with 212 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 227 $34,435,000 $151,696 $1,676 3.23%
15 Year 173 $18,565,000 $107,312 $1,291 2.65%
Other 115 $21,025,000 $182,826 $1,206 3.99%
20 Year 41 $5,895,000 $143,780 $1,331 3.40%
5 Year 24 $3,660,000 $152,500 $172 4.28%
10 Year 17 $1,395,000 $82,059 $1,250 2.97%
1 Year 13 $1,475,000 $113,462 $728 4.32%
3 Year 1 $15,000 $15,000 $0 4.25%

For the 2021, Central Bank Illinois's most frequently cited loan length of loans were 30 Year, with 227 originations. The 2nd most popular length of loans were 15 Year, with 173 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 498 $64,100,000 $128,715
$3k-4k 5 $1,395,000 $279,000
$1k-2k 2 $240,000 $120,000

$1,676 of loans were Central Bank Illinois's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 498 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 233 $42,815,000 $183,755
2.5-3% 151 $19,145,000 $126,788
<2.5% 112 $11,110,000 $99,196
4-5% 111 $13,005,000 $117,162
5-6% 4 $390,000 $97,500

During 2021, Central Bank Illinois's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 233 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 270 $16,810,000 $62,259 $1,241 3.35%
$100k-200k 244 $34,170,000 $140,041 $1,392 3.14%
$200k-400k 85 $21,885,000 $257,471 $1,938 3.37%
$400k-600k 8 $3,700,000 $462,500 $1,980 3.66%
$1MM+ 4 $9,900,000 $2,475,000 $0 4.07%

2021 saw Central Bank Illinois place emphasis on $100,000 or less loans with 270 originations, totaling $16,810,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 138 $15,080,000 $109,275 $1,347 3.22%
$50k or less 132 $10,200,000 $77,273 $1,380 3.13%
$100k-150k 118 $17,610,000 $149,237 $1,563 3.31%
$75k-100k 109 $14,995,000 $137,569 $1,435 3.16%
$150k-250k 49 $8,335,000 $170,102 $1,428 3.26%
$250k+ 12 $2,930,000 $244,167 $1,294 3.18%

Central Bank Illinois lent most frequently to those with incomes in the $50k-75k range, with 138 originations. The second most popular income band? $50k or less, with 132 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 160 $19,980,000 $124,875 $1,429 3.10%
30-36% 99 $12,705,000 $128,333 $1,357 3.24%
<20% 73 $7,675,000 $105,137 $1,376 2.95%
37% 26 $4,120,000 $158,462 $1,378 3.49%
38% 25 $3,075,000 $123,000 $1,543 3.08%
42% 23 $3,225,000 $140,217 $1,342 3.15%
41% 18 $2,160,000 $120,000 $1,526 3.14%
39% 17 $2,515,000 $147,941 $1,604 3.08%
36% 16 $1,670,000 $104,375 $1,165 3.61%
45% 13 $1,765,000 $135,769 $1,548 3.00%
44% 13 $1,925,000 $148,077 $1,556 3.44%
40% 11 $1,915,000 $174,091 $1,660 2.83%
43% 9 $1,175,000 $130,556 $1,513 2.83%
46% 9 $985,000 $109,444 $1,785 3.15%
47% 9 $1,075,000 $119,444 $1,357 2.85%
48% 8 $1,160,000 $145,000 $1,283 2.94%
49% 6 $730,000 $121,667 $1,567 3.13%
50-60% 2 $190,000 $95,000 $1,700 3.90%
>60% 2 $220,000 $110,000 $149 4.57%

Central Bank Illinois lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 99 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 564 $70,030,000 $124,167 $1,408 3.21%
Not applicable 34 $14,370,000 $422,647 $0 4.30%
Not provided 7 $1,145,000 $163,571 $2,788 3.54%
Black 4 $490,000 $122,500 $1,131 3.34%
Asian 2 $430,000 $215,000 $0 3.98%

Approval Rates

Total approvals of all applications
94.36%

Central Bank Illinois has an average approval rate.

Pick Rate

Approvals leading to origination
88.83%

Central Bank Illinois has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 611 $86,465,000 $141,514

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
611 $86,465,000 $141,514

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 44 $4,150,000 $94,318 $1,198 3.23%
40-60% 101 $11,195,000 $110,842 $1,251 3.19%
60-80% 321 $52,265,000 $162,819 $1,449 3.22%
80-100% 120 $17,940,000 $149,500 $1,713 3.40%
Under 20% 25 $915,000 $36,600 $477 3.95%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Central Mortgage Funding, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Central Bank Illinois 1011 Shooting Park Road Peru, IL 61354 Full Service B&M $0
Central Bank Illinois 1404 14th Avenue Fulton, IL 61252 Full Service B&M $63,123
Central Bank Illinois 1721 Midtown Road Peru, IL 61354 Full Service B&M $32,839
Central Bank Illinois 307 Franklin Street Oregon, IL 61061 Full Service B&M $0
Central Bank Illinois 317 South Main Street Princeton, IL 61356 Full Service B&M $191,503
Central Bank Illinois 340 May Mart Drive Rochelle, IL 61068 Full Service B&M $289,424
Central Bank Illinois 425 Us Highway 6 East Geneseo, IL 61254 Full Service B&M $0
Central Bank Illinois 803 Main Street Ashton, IL 61006 Full Service B&M $0
Central Bank Illinois State Road 81 And Mulberry Street Andover, IL 61233 Full Service B&M $0
Central Bank Illinois 101 North State Street Geneseo, IL 61254 Full Service B&M $277,351

For 2021, Central Bank Illinois had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,865
Net interest income $33,898
Total noninterest income $7,850
Gross Fiduciary activities income $1,121
Service charges on deposit accounts $839
Trading account gains and fees $0
Additional Noninterest Income $5,890
Pre-tax net operating income $19,709
Securities gains (or losses, -) $98
Income before extraordinary items $15,686
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,686
Minority interest net income $0
Net income $15,686
Sale, conversion, retirement of capital stock, net $0
Net operating income $15,608

Central Bank Illinois's gross interest income from loans was $37,865,000.
Central Bank Illinois's net interest income from loans was $33,898,000.
Central Bank Illinois's fee based income from loans was $839,000.
Central Bank Illinois's net income from loans was $15,686,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,967
Provision for credit losses $296
Total noninterest expense $21,743
Salaries and employee benefits $15,097
Premises and equipment expense $2,311
Additional noninterest expense $4,335
Applicable income taxes $4,121
Net charge-offs $-69
Cash dividends $5,000

Central Bank Illinois's interest expense for loans was $3,967,000.
Central Bank Illinois's payroll and benefits expense were $15,097,000.
Central Bank Illinois's property, plant and equipment expenses $2,311,000.

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 2.0%
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 $926,322
Deposits held in domestic offices $926,322
Deposits by Individuals, partnerships, and corporations $758,244
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $167,812
Deposits by Commercial banks and other depository institutions in U.S. $266
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $526,885
Demand deposits $168,381
Nontransaction accounts $399,437
Money market deposit accounts (MMDAs) $139,390
Other savings deposits (excluding MMDAs) $139,751
Total time deposits $120,296
Total time and savings deposits $757,941
Noninterest-bearing deposits $168,091
Interest-bearing deposits $758,231
Retail deposits $907,304
IRAs and Keogh plan accounts $20,613
Brokered deposits $2
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,155,805
Cash & Balances due from depository institutions $46,634
Interest-bearing balances $16,885
Total securities $468,645
Federal funds sold & reverse repurchase $0
Net loans and leases $580,268
Loan and leases loss allowance $7,064
Trading account assets $0
Bank premises and fixed assets $12,684
Other real estate owned $0
Goodwill and other intangibles $12,844
All other assets $34,730

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,155,805
Total Liabilities $1,033,819
Total deposits $926,322
Interest-bearing deposits $758,231
Deposits held in domestic offices $926,322
% insured (estimated) $66
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $100,000
Subordinated debt $0
All other liabilities $7,497

Issued Loan Types

Type Value (in 000's)
Net loans and leases $580,268
Loan and leases loss allowance $7,064
Total loans and leases (domestic) $587,332
All real estate loans $463,760
Real estate loans in domestic offices $463,760
Construction and development loans $32,709
Residential 1-4 family construction $4,434
Other construction, all land development and other land $28,275
Loans secured by nonfarm nonresidential properties $155,966
Nonfarm nonresidential secured by owner-occupied properties $99,935
Commercial real estate & other non-farm, non-residential $56,031
Multifamily residential real estate $51,926
1-4 family residential loans $71,079
Farmland loans $152,080
Loans held in foreign offices $0
Farm loans $57,934
Commercial and industrial loans $54,833
To non-U.S. addressees $0
Loans to individuals $5,843
Credit card loans $0
Related Plans $93
Consumer Auto Loans $3,538
Other loans to individuals $2,212
All other loans & leases $4,962
Loans to foreign governments and official institutions $0
Other loans $0
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 $201
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Central Bank Illinois had $580,268,000 of loans outstanding in 2021. $463,760,000 of loans were in real estate loans. $32,709,000 of loans were in development loans. $51,926,000 of loans were in multifamily mortgage loans. $71,079,000 of loans were in 1-4 family mortgage loans. $57,934,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,538,000 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 331 $60,973 $184,208
Nonfarm, nonresidential loans - <$100k 162 $7,291 $45,006
Nonfarm, nonresidential loans - $100-250k 93 $14,629 $157,301
Nonfarm, nonresidential loans - $250k-1MM 76 $39,053 $513,855
Commercial & Industrial, US addressed loans - <$1MM 521 $31,090 $59,674
Commercial & Industrial, US addressed loans - <$100k 451 $11,587 $25,692
Commercial & Industrial, US addressed loans - $100-250k 41 $6,459 $157,537
Commercial & Industrial, US addressed loans - $250k-1MM 29 $13,044 $449,793
Farmland loans - <$1MM 300 $47,104 $157,013
Farmland loans - <$100k 136 $6,579 $48,375
Farmland loans - $100-250k 91 $15,221 $167,264
Farmland loans - $250k-1MM 73 $25,304 $346,630
Agriculture operations loans - <$1MM 434 $35,938 $82,806
Agriculture operations loans - <$100k 311 $9,313 $29,945
Agriculture operations loans - $100-250k 93 $15,307 $164,591
Agriculture operations loans - $250k-1MM 30 $11,318 $377,267