Centerstate Bank N.a.

WINTER HAVEN, FL 33880

LEI: 8I3UVGYULPJQIP7FQV10

Tax ID: 59-2979916

2019 Data | 2018 Data


Overview

Centerstate Bank N.a. is a small mortgage company specializing in Home Purchase and Refi loans. Centerstate Bank N.a. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Atlanta, Tampa, Huntsville, Jacksonville, and North Port among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Centerstate Bank N.a. is typically a medium-low fee lendor.


Originations

8,206

Origination Dollar Volume (All Markets)

$1,899,360,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 7,188 $1,675,750,000 $233,132
FHA 563 $110,085,000 $195,533
VA 358 $99,860,000 $278,939
USDA 97 $13,665,000 $140,876

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 4,867 $1,134,805,000 $233,163
Home Improvement 591 $83,325,000 $140,990
Other 783 $107,555,000 $137,363
Refi 1,304 $405,390,000 $310,882
Cash Out Refi 661 $168,285,000 $254,592

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 1,301 $416,815,000 $320,380
Outside of Metro Areas 749 $149,075,000 $199,032
TAMPA-ST. PETERSBURG-CLEARWATER, FL 674 $120,780,000 $179,199
HUNTSVILLE, AL 316 $96,740,000 $306,139
JACKSONVILLE, FL 302 $80,170,000 $265,464
NORTH PORT-SARASOTA-BRADENTON, FL 340 $80,030,000 $235,382
ORLANDO-KISSIMMEE-SANFORD, FL 509 $78,845,000 $154,902
PORT ST. LUCIE, FL 363 $78,045,000 $215,000
DAPHNE-FAIRHOPE-FOLEY, AL 265 $78,035,000 $294,472
LAKELAND-WINTER HAVEN, FL 569 $71,335,000 $125,369
SEBASTIAN-VERO BEACH, FL 253 $62,325,000 $246,344
AUGUSTA-RICHMOND COUNTY, GA-SC 257 $56,365,000 $219,319
AUBURN-OPELIKA, AL 217 $53,395,000 $246,060
SAVANNAH, GA 190 $44,600,000 $234,737
BIRMINGHAM-HOOVER, AL 140 $44,080,000 $314,857
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 266 $39,540,000 $148,647
OCALA, FL 150 $39,530,000 $263,533
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 77 $37,325,000 $484,740
ROME, GA 139 $28,315,000 $203,705
MIAMI-MIAMI BEACH-KENDALL, FL 90 $23,330,000 $259,222
MACON-BIBB COUNTY, GA 108 $21,630,000 $200,278
PALM BAY-MELBOURNE-TITUSVILLE, FL 69 $19,525,000 $282,971
PENSACOLA-FERRY PASS-BRENT, FL 67 $19,465,000 $290,522
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 61 $16,485,000 $270,246
GAINESVILLE, FL 48 $11,200,000 $233,333
DALTON, GA 49 $8,455,000 $172,551
WARNER ROBINS, GA 39 $8,215,000 $210,641
GREENVILLE-ANDERSON, SC 50 $8,050,000 $161,000
HOMOSASSA SPRINGS, FL 28 $7,240,000 $258,571
SEBRING-AVON PARK, FL 79 $6,245,000 $79,051
THE VILLAGES, FL 42 $6,170,000 $146,905
RALEIGH-CARY, NC 25 $4,945,000 $197,800
GAINESVILLE, GA 20 $4,830,000 $241,500
CAPE CORAL-FORT MYERS, FL 42 $4,480,000 $106,667
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 8 $3,440,000 $430,000
COLUMBUS, GA-AL 19 $3,355,000 $176,579
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 10 $3,340,000 $334,000
PUNTA GORDA, FL 26 $3,310,000 $127,308
GREENVILLE, NC 16 $3,250,000 $203,125
ATHENS-CLARKE COUNTY, GA 11 $3,225,000 $293,182
ALBANY, GA 12 $3,140,000 $261,667
HINESVILLE, GA 16 $2,710,000 $169,375
MOBILE, AL 6 $2,680,000 $446,667
NEW BERN, NC 14 $2,290,000 $163,571
DURHAM-CHAPEL HILL, NC 12 $2,290,000 $190,833
DECATUR, AL 11 $2,265,000 $205,909
NAPLES-MARCO ISLAND, FL 8 $1,980,000 $247,500
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 6 $1,940,000 $323,333
BOSTON, MA 4 $1,690,000 $422,500
PANAMA CITY, FL 7 $1,685,000 $240,714
VALDOSTA, GA 10 $1,670,000 $167,000
CHATTANOOGA, TN-GA 7 $1,655,000 $236,429
MONTGOMERY, AL 7 $1,305,000 $186,429
COLUMBIA, SC 6 $1,200,000 $200,000
TUSCALOOSA, AL 5 $1,115,000 $223,000
HILTON HEAD ISLAND-BLUFFTON, SC 3 $1,085,000 $361,667
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 2 $1,050,000 $525,000
GOLDSBORO, NC 6 $1,000,000 $166,667
PROVIDENCE-WARWICK, RI-MA 3 $985,000 $328,333
CHARLOTTE-CONCORD-GASTONIA, NC-SC 5 $945,000 $189,000
DENVER-AURORA-LAKEWOOD, CO 3 $945,000 $315,000
SANTA FE, NM 2 $840,000 $420,000
BRUNSWICK, GA 4 $800,000 $200,000
BRIDGEPORT-STAMFORD-NORWALK, CT 1 $765,000 $765,000
SEATTLE-BELLEVUE-KENT, WA 1 $725,000 $725,000
COLORADO SPRINGS, CO 1 $715,000 $715,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 1 $655,000 $655,000
CHARLESTON-NORTH CHARLESTON, SC 3 $625,000 $208,333
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 2 $620,000 $310,000
DALLAS-PLANO-IRVING, TX 2 $600,000 $300,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 3 $555,000 $185,000
MEMPHIS, TN-MS-AR 2 $520,000 $260,000
SALINAS, CA 1 $495,000 $495,000
DOTHAN, AL 2 $490,000 $245,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 1 $485,000 $485,000
FLORENCE-MUSCLE SHOALS, AL 2 $480,000 $240,000
SPARTANBURG, SC 2 $470,000 $235,000
TALLAHASSEE, FL 3 $455,000 $151,667
NEW ORLEANS-METAIRIE, LA 1 $425,000 $425,000
GREEN BAY, WI 1 $405,000 $405,000
NEWARK, NJ-PA 1 $405,000 $405,000
MEDFORD, OR 1 $385,000 $385,000
HOUMA-THIBODAUX, LA 1 $385,000 $385,000
WILMINGTON, NC 2 $350,000 $175,000
WORCESTER, MA-CT 2 $350,000 $175,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $335,000 $335,000
FORT COLLINS, CO 1 $315,000 $315,000
PHOENIX-MESA-CHANDLER, AZ 1 $295,000 $295,000
LANSING-EAST LANSING, MI 2 $280,000 $140,000
BOULDER, CO 1 $255,000 $255,000
JACKSON, MS 1 $255,000 $255,000
MANCHESTER-NASHUA, NH 1 $255,000 $255,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $245,000 $245,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $235,000 $235,000
COLUMBUS, OH 1 $225,000 $225,000
ASHEVILLE, NC 1 $205,000 $205,000
KNOXVILLE, TN 1 $205,000 $205,000
PORTLAND-SOUTH PORTLAND, ME 1 $205,000 $205,000
BLOOMINGTON, IN 1 $205,000 $205,000
GREELEY, CO 1 $195,000 $195,000
ROCKY MOUNT, NC 1 $185,000 $185,000
FLORENCE, SC 1 $185,000 $185,000
WINSTON-SALEM, NC 1 $175,000 $175,000
NEW BRUNSWICK-LAKEWOOD, NJ 1 $175,000 $175,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $165,000 $165,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 1 $145,000 $145,000
JACKSONVILLE, NC 1 $135,000 $135,000
ANNISTON-OXFORD, AL 1 $95,000 $95,000
DETROIT-DEARBORN-LIVONIA, MI 1 $95,000 $95,000
SUMTER, SC 1 $75,000 $75,000
DAYTON-KETTERING, OH 1 $65,000 $65,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 20 $190,000 $9,500
2.5-3% 60 $13,300,000 $221,667
3-4% 2,997 $829,775,000 $276,869
4-5% 2,759 $753,815,000 $273,220
5-6% 1,704 $248,550,000 $145,863
6-7% 624 $49,860,000 $79,904
7-8% 36 $2,440,000 $67,778
Over 8% 2 $490,000 $245,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 2,167 $120,245,000 $55,489
$100k-200k 2,322 $345,090,000 $148,618
$200k-400k 2,667 $741,785,000 $278,135
$400k-600k 702 $327,690,000 $466,795
$600k-1000k 246 $185,360,000 $753,496
$Over $1MM 102 $179,190,000 $1,756,765

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 767 $118,475,000 $154,465
40-60% 926 $212,710,000 $229,708
60-80% 2,887 $721,845,000 $250,033
80-100% 2,917 $769,275,000 $263,721
Over 100% 82 $23,800,000 $290,244
Under 20% 589 $40,075,000 $68,039

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,542 $348,920,000 $226,278
$150k-250k 1,116 $344,770,000 $308,934
$50k-75k 1,657 $247,245,000 $149,212
$50k-or less 1,397 $145,445,000 $104,112
$75k-100k 1,168 $222,670,000 $190,642
$Over $250k 865 $415,245,000 $480,052

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,681 $1,469,775,000 $219,993
Not applicable 228 $118,950,000 $521,711
Not provided 475 $116,825,000 $245,947
Black 437 $98,635,000 $225,709
Asian 332 $83,080,000 $250,241
American Indian 29 $7,125,000 $245,690
Native Hawaiian 14 $2,900,000 $207,143
Other Asian 2 $730,000 $365,000
Asian Indian 3 $555,000 $185,000
Vietnamese 2 $430,000 $215,000
Guamanian 1 $305,000 $305,000
Filipino 1 $25,000 $25,000
Other Pacific Islander 1 $25,000 $25,000

Approval Rates

Total approvals of all applications
86.98%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
83.07%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
1008.51 1 $125,000 $125,000
1014.0 1 $25,000 $25,000
1022.25 1 $55,000 $55,000
1033.21 1 $25,000 $25,000
1034.71 1 $35,000 $35,000
1049.37 1 $25,000 $25,000
1058.0 1 $55,000 $55,000
1061.63 1 $45,000 $45,000
1070.3 1 $15,000 $15,000
1077.0 1 $25,000 $25,000
1080.37 1 $55,000 $55,000
1081.2 1 $45,000 $45,000
1087.15 1 $25,000 $25,000
1095.75 1 $105,000 $105,000
1096.15 21 $945,000 $45,000
1101.95 1 $55,000 $55,000
1105.8 1 $105,000 $105,000
1110.05 2 $100,000 $50,000
1116.05 1 $65,000 $65,000
1119.05 49 $2,605,000 $53,163
1120.3 5 $185,000 $37,000
1122.37 1 $55,000 $55,000
1131.15 1 $25,000 $25,000
1143.2 1 $35,000 $35,000
1143.7 1 $35,000 $35,000
1144.05 3 $175,000 $58,333
1144.45 2 $70,000 $35,000
1145.3 1 $15,000 $15,000
1146.15 1 $115,000 $115,000
1168.0 1 $35,000 $35,000
1168.6 2 $160,000 $80,000
1169.02 1 $85,000 $85,000
1169.05 7 $375,000 $53,571
1170.03 1 $95,000 $95,000
1170.3 4 $130,000 $32,500
1171.63 1 $75,000 $75,000
1179.05 1 $25,000 $25,000
1180.3 1 $35,000 $35,000
1219.0 1 $45,000 $45,000
1592.01 1 $55,000 $55,000
1675.74 1 $75,000 $75,000
1903.69 1 $65,000 $65,000
2602.04 1 $35,000 $35,000
278.0 1 $25,000 $25,000
53.0 1 $15,000 $15,000
596.15 1 $25,000 $25,000
610.05 1 $45,000 $45,000
611.3 1 $15,000 $15,000
653.0 1 $15,000 $15,000
703.0 1 $5,000 $5,000
753.0 402 $19,540,000 $48,607
762.0 14 $540,000 $38,571
773.0 1 $45,000 $45,000
778.0 30 $1,610,000 $53,667
786.15 5 $255,000 $51,000
787.0 1 $45,000 $45,000
788.0 1 $35,000 $35,000
788.4 1 $25,000 $25,000
797.05 1 $75,000 $75,000
797.4 1 $45,000 $45,000
801.95 1 $85,000 $85,000
803.0 23 $1,175,000 $51,087
808.0 1 $75,000 $75,000
809.05 6 $360,000 $60,000
810.3 2 $110,000 $55,000
828.0 5 $335,000 $67,000
860.3 2 $60,000 $30,000
861.15 1 $45,000 $45,000
884.05 1 $55,000 $55,000
933.15 1 $45,000 $45,000
940.5 1 $25,000 $25,000
963.29 1 $15,000 $15,000
981.37 1 $55,000 $55,000
988.5 1 $45,000 $45,000
996.15 1 $15,000 $15,000
NA 7,565 $1,867,965,000 $246,922

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,088 $207,530,000 $190,744
$1k-2k 3,521 $949,275,000 $269,604
$2k-3k 583 $186,545,000 $319,974
$3k-4k 243 $78,265,000 $322,078
$5k+ 107 $53,925,000 $503,972

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 20 $19,480,000 $974,000
Multifamily:Site-Built 64 $63,360,000 $990,000
Single Family (1-4 Units):Manufactured 1,034 $66,640,000 $64,449
Single Family (1-4 Units):Site-Built 7,088 $1,749,880,000 $246,879