Honor Bank

2254 Henry Street
Honor, MI 49640

 

2019 Overview

General Bank Information

FDIC Insured Yes
FDIC Certificate # 8165
Date Established 1917
Assets $0.24 billion
Loans $0.20 billion
Deposits $0.21 billion
Capital $0.02 billion

Honor Bank is an FDIC insured institution located in Honor, MI. It was founded in 1917 and has approximately $0.24 billion in assets. Customers can open an account at one of its 9 branches.

For a more detailed analysis of Honor Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - October 14, 2019

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Money Market
0.10% $2,500 $9,999 Learn MoreShow Less
Money Market
0.20% $10,000 $49,999 Learn MoreShow Less
Premium Money Market Account
0.10% $5,000 $24,999 Learn MoreShow Less
Premium Money Market Account
0.20% $25,000 $49,999 Learn MoreShow Less
CD Rates APY MIN MAX
0.40% $10,000 $49,999 Learn MoreShow Less
3 Mo CD
0.40% $100,000 - Learn MoreShow Less
0.75% $10,000 $49,999 Learn MoreShow Less
6 Mo CD
0.75% $100,000 - Learn MoreShow Less
0.80% $10,000 $49,999 Learn MoreShow Less
12 Mo CD
0.80% $100,000 - Learn MoreShow Less
0.85% $10,000 $49,999 Learn MoreShow Less
18 Mo CD
0.85% $100,000 - Learn MoreShow Less
0.95% $10,000 $49,999 Learn MoreShow Less
24 Mo CD
0.95% $100,000 - Learn MoreShow Less
1.05% $10,000 $49,999 Learn MoreShow Less
1.15% $10,000 $49,999 Learn MoreShow Less
60 Mo CD
1.15% $100,000 - Learn MoreShow Less

Fixed IRA Rates APY MIN MAX
0.35% $1,000 $9,999 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.06% $1,000 - Learn MoreShow Less

Loan Rates - October 14, 2019

Your Current Location: Connecticut, CT 06828

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
5 Year 4.90% 4.44% $465.39
6 Year 5.28% 4.24% $393.87
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Honor Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Honor Bank Locations


Financial Details

Honor Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Honor Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Honor Bank U.S. Bank Average
4.98% 6.77%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2019, Honor Bank had $665,000 in non-current loans and $562,000 in owned real estate. To cover these potential losses it had $22,126,000 in equity and $2,500,000 in loans loss reserves. That gives it a Texas Ratio of 4.98%.

Return on Equity
Honor Bank U.S. Bank Average
10.71% 9.50%

Honor Bank has a Return on Equity of 10.71% versus the BestCashCow average of 9.50%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Honor Bank U.S. Bank Average
9.11% 12.76%

Honor Bank has a Capitalization of 9.11% versus the BestCashCow average of 12.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Honor Bank Balance Sheet Analysis

As of June 30, 2019, Honor Bank had assets of $242,756,000, loans of $195,181,000, and deposits of $211,483,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2019
ASSETS
Cash & Balances due from depository institutions $0.01 billion
Interest-bearing balances $0.00 billion
Total securities $0.02 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $0.20 billion
Loan loss allowance $0.00 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.00 billion
All other assets $0.01 billion
     Total Assets $0.22 billion
LIABILITIES
Total deposits $0.21 billion
      Interest-bearing deposits $0.16 billion
      Deposits held in domestic offices $0.21 billion
      % insured (estimated) 91.65%
Federal funds purchased and repurchase agreements $0.00 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.01 billion
Subordinated debt $0.00 billion
All other liabilities $0.00 billion
      Total Liabilities $0.22 billion
      Shareholders’ Equity $0.02 billion

Summary Income Statement

June 30, 2019
INCOME AND EXPENSES
Total Interest Income $0.01 billion
Total Interest Expense $0.00 billion
Net interest income $0.00 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.00 billion
Total non interest expense $0.00 billion
Pre-tax Net Operating Income $0.00 billion

Bank Loan Profile?

The top three loan types in Honor Bank’s loan portfolio are Commercial Real Estate, Small Business Loans, and 1-4 Family Residential Loans.

Compared to other banks in Michigan, Honor Bank has a significantly higher percent of Multifamily Mortgages, Small Business Loans, Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 16.82
Multifamily
Mortgages
5.50
Credit Card Loans 0.00
Consumer Auto Loans 1.32
Small Business Loans 33.63
Construction and Development Loans 7.53
Commercial Real Estate 53.48
Commercial and Industrial Loans 13.79
Farm Loans 0.00

Frequently Asked Questions About Honor Bank

Branches and Savings

Is Honor Bank FDIC insured?

Yes. It is covered under FDIC Certificate #8165.

Why does Honor Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Honor Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Honor Bank a commercial bank?

Yes

Where are Honor Bank locations?

See branch locations nearby.

Is Honor Bank open on Saturdays?

Is Honor Bank open on Sundays?

What time does Honor Bank open?

What time does Honor Bank close?

Are Honor Bank ATMs Open 24/7?

Do Honor Bank ATMs accept cash deposits?

Can Honor Bank customers use other ATMs?

Do Honor Bank branches have notaries?

Will Honor Bank notarize my document?

What address for Honor Bank should I put for incoming ACH transfers?

Will the Honor Bank branch print checks?

Do Honor Bank checks expire?

Does Honor Bank require US citizenship to open account?

Can Honor Bank close my account?

Does Honor Bank Report to credit bureaus?

Does Honor Bank Use Equifax?

What is Honor Bank's ACH Routing Number?

What is Honor Bank's SWIFT code?

Products

Does Honor Bank offer mortgages?

Compare mortgage rates here.

Does Honor Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Honor Bank offer personal loans?

Compare personal loan rates here.

Does Honor Bank offer student loans?

Will Honor Bank cash a check?

Will Honor Bank redeem a savings bond?

Does Honor Bank cash savings bonds?

Will Honor Bank cash money orders?

Can Honor Bank issue a money order?

Does Honor Bank do currency exchange?

Background on The Bank

Who owns Honor Bank?

How long has Honor Bank been around?

Can Honor Bank transfer to other banks?

Does Honor Bank have quick pay?

Does Honor Bank accept rolled coins?

Will Honor Bank accept loose change?

Where is Honor Bank headquarters?

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