Monona Bank Mortgage Rates, Fees & Info

Monona, WI

LEI: 2549003WYFPGUVPTRK86

Tax ID: 39-1701359

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Monona Bank is a smaller bank specializing in Refi and Home Purchase loans. Monona Bank has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Dubuque, Baraboo, Milwaukee, and Janesville among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Monona Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Monona Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 2.06% 12/3/24
    30 Year Conventional Purchase 6.51% 12/3/24
    30 Year Conventional Refi 6.48% 12/3/24
    30 Year Cash-out Refi 6.57% 12/3/24
    15 Year Conventional Purchase 5.56% 12/3/24
    15 Year Conventional Refi 5.81% 12/3/24
    15 Year Cash-out Refi 5.81% 12/3/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Monona Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Monona Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    810

    Origination Dollar Volume (All Markets)

    $262,940,000

    Employee count

    157 Show all (5) awards

    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
    MADISON, WI (FHA|USDA|VA) 691 $218,895,000 $316,780 $1,636 2.75%
    DUBUQUE, IA (FHA|USDA|VA) 1 $12,105,000 $12,105,000 $0 3.80%
    Baraboo, WI (FHA|USDA|VA) 41 $8,955,000 $218,415 $1,611 2.71%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 12 $7,630,000 $635,833 $1,570 2.88%
    Outside of Metro Areas 28 $6,980,000 $249,286 $1,883 2.59%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 17 $3,945,000 $232,059 $1,445 3.01%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 8 $1,790,000 $223,750 $2,030 2.91%
    Whitewater, WI (FHA|USDA|VA) 2 $710,000 $355,000 $1,916 2.44%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $610,000 $305,000 $1,355 2.31%
    Stevens Point, WI (FHA|USDA|VA) 2 $510,000 $255,000 $2,532 3.13%
    Beaver Dam, WI (FHA|USDA|VA) 4 $460,000 $115,000 $1,826 3.09%
    GREEN BAY, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,205 2.63%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.63%
    Monona Bank's top markets include Madison, Dubuque, Baraboo, Milwaukee, and Janesville among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Monona Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    DMB Community Bank
    Similarity Rank: 400
    Dane County Credit Union
    Similarity Rank: 531
    The Greenwood's State Bank
    Similarity Rank: 625
    Farmers & Merchants State Bank
    Similarity Rank: 784
    Hometown Bank
    Similarity Rank: 798
    The Park Bank
    Similarity Rank: 819
    Starion Bank
    Similarity Rank: 900
    Badger Bank
    Similarity Rank: 913
    Monona Bank
    Similarity Rank: 949
    A + MORTGAGE SERVICES, INC.
    Similarity Rank: 962

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 810 $262,940,000 $324,617 $1,646 2.76%

    For 2021, Monona Bank's most frequently originated type of loan was Conventional, with 810 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 434 $140,850,000 $324,539 $1,306 2.53%
    Home Purchase 217 $82,805,000 $381,590 $2,495 3.07%
    Cash Out Refi 153 $37,765,000 $246,830 $1,554 2.96%
    Other 6 $1,520,000 $253,333 $1,588 2.64%

    For 2021, Monona Bank's most frequently cited loan purpose was Refi, with 434 originations. The 2nd most popular reason was Home Purchase, with 217 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 381 $100,035,000 $262,559 $1,876 3.05%
    10 Year 145 $25,795,000 $177,897 $1,133 2.01%
    15 Year 130 $33,530,000 $257,923 $1,614 2.41%
    Other 62 $44,680,000 $720,645 $1,613 2.75%
    20 Year 58 $13,970,000 $240,862 $1,581 2.83%
    5 Year 32 $32,170,000 $1,005,313 $0 3.85%
    1 Year 1 $655,000 $655,000 $0 5.00%
    3 Year 1 $12,105,000 $12,105,000 $0 3.80%

    For 2021, Monona Bank's most frequently cited loan duration was 30 Year, with 381 originations. The 2nd most popular length was 10 Year, with 145 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 705 $173,035,000 $245,440
    $1k-2k 13 $3,925,000 $301,923
    $2k-3k 3 $1,745,000 $581,667
    $5k+ 1 $1,555,000 $1,555,000

    Monona Bank's average total fees were $1,876, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 705 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 303 $82,225,000 $271,370
    <2.5% 286 $60,740,000 $212,378
    3-4% 209 $105,055,000 $502,656
    4-5% 11 $14,855,000 $1,350,455
    5-6% 1 $65,000 $65,000

    During 2021, Monona Bank's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 303 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 371 $103,045,000 $277,749 $1,752 2.83%
    $100k-200k 275 $42,275,000 $153,727 $1,462 2.64%
    $400k-600k 82 $37,540,000 $457,805 $1,910 2.81%
    $100,000 or less 55 $4,295,000 $78,091 $1,191 2.51%
    $600k-1MM 14 $10,920,000 $780,000 $2,298 3.21%
    $1MM+ 13 $64,865,000 $4,989,615 $4,036 3.40%

    2021 saw Monona Bank place emphasis on $200k-400k loans with 371 originations, totaling $103,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 200 $51,750,000 $258,750 $1,640 2.69%
    $150k-250k 153 $47,675,000 $311,601 $1,663 2.59%
    $50k-75k 148 $28,290,000 $191,149 $1,643 2.84%
    $75k-100k 125 $24,835,000 $198,680 $1,564 2.65%
    $50k or less 82 $12,570,000 $153,293 $1,633 2.89%
    $250k+ 57 $24,725,000 $433,772 $1,912 2.55%

    Monona Bank lent most frequently to those with incomes in the $100k-150k range, with 200 originations. The second most popular income band? $150k-250k, with 153 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 211 $52,735,000 $249,929 $1,654 2.68%
    30-36% 160 $43,840,000 $274,000 $1,722 2.70%
    <20% 96 $19,290,000 $200,938 $1,368 2.53%
    36% 35 $8,115,000 $231,857 $1,703 2.66%
    38% 27 $6,165,000 $228,333 $1,570 2.69%
    40% 26 $6,620,000 $254,615 $1,830 2.78%
    39% 26 $7,970,000 $306,538 $1,659 2.88%
    42% 25 $5,845,000 $233,800 $1,710 2.94%
    37% 25 $6,055,000 $242,200 $1,679 2.85%
    43% 23 $5,745,000 $249,783 $1,489 2.65%
    41% 21 $4,705,000 $224,048 $1,825 3.00%
    44% 19 $5,665,000 $298,158 $1,717 2.80%
    45% 19 $4,665,000 $245,526 $1,781 2.60%
    47% 17 $3,655,000 $215,000 $1,870 2.91%
    46% 13 $2,495,000 $191,923 $1,692 2.66%
    48% 12 $3,850,000 $320,833 $1,639 2.68%
    49% 7 $1,835,000 $262,143 $1,594 2.80%
    50-60% 5 $1,145,000 $229,000 $1,458 2.42%
    >60% 1 $165,000 $165,000 $0 4.25%

    Monona Bank lent most frequently to those with DTI ratios of 20-30%, with 211 originations. The next most common DTI ratio? 30-36%, with 160 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 683 $173,825,000 $254,502 $1,632 2.71%
    Not applicable 38 $66,950,000 $1,761,842 $0 3.82%
    Not provided 74 $18,380,000 $248,378 $1,727 2.66%
    Black 5 $1,345,000 $269,000 $1,747 2.67%
    Asian 5 $1,245,000 $249,000 $2,523 3.02%
    American Indian 3 $685,000 $228,333 $1,629 2.92%
    Asian Indian 1 $305,000 $305,000 $1,265 2.63%
    Other Asian 1 $205,000 $205,000 $1,285 1.99%

    Approval Rates

    Total approvals of all applications
    96.30%

    Monona Bank 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
    81.48%

    Monona Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 810 $262,940,000 $324,617

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    810 $262,940,000 $324,617

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 104 $14,510,000 $139,519 $1,237 2.37%
    40-60% 216 $51,070,000 $236,435 $1,392 2.53%
    60-80% 343 $123,355,000 $359,636 $1,700 2.93%
    80-100% 124 $46,280,000 $373,226 $2,352 2.99%
    Over 100% 7 $26,555,000 $3,793,571 $0 3.59%
    Under 20% 16 $1,170,000 $73,125 $1,126 2.37%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Monona Bank 1965 Atwood Avenue Madison, WI 53704 Full Service B&M $52,532
    Monona Bank 229 Douglas Drive Brooklyn, WI 53521 Full Service B&M $14,229
    Monona Bank 2615 Westview Court Cross Plains, WI 53528 Full Service B&M $87,427
    Monona Bank 27 W Main St Belleville, WI 53508 Full Service B&M $22,513
    Monona Bank 3207 Parmenter Street Middleton, WI 53562 Full Service B&M $171,205
    Monona Bank 341 West Cottage Grove Road Cottage Grove, WI 53527 Full Service B&M $89,445
    Monona Bank 5515 Monona Drive Monona, WI 53716 Full Service B&M $329,490
    Monona Bank 603 Phillips Boulevard Sauk City, WI 53583 Full Service B&M $27,449
    Monona Bank 6430 Bridge Road Monona, WI 53716 Full Service B&M $184,279

    For 2021, Monona Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,569
    Net interest income $38,251
    Total noninterest income $7,140
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $554
    Trading account gains and fees $0
    Additional Noninterest Income $6,586
    Pre-tax net operating income $16,595
    Securities gains (or losses, -) $-32
    Income before extraordinary items $12,352
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,352
    Minority interest net income $0
    Net income $12,352
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,377

    Monona Bank's gross interest income from loans was $40,569,000.
    Monona Bank's net interest income from loans was $38,251,000.
    Monona Bank's fee based income from loans was $554,000.
    Monona Bank's net income from loans was $12,352,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,318
    Provision for credit losses $600
    Total noninterest expense $28,196
    Salaries and employee benefits $18,252
    Premises and equipment expense $2,297
    Additional noninterest expense $7,647
    Applicable income taxes $4,211
    Net charge-offs $-221
    Cash dividends $3,600

    Monona Bank's interest expense for loans was $2,318,000.
    Monona Bank's payroll and benefits expense were $18,252,000.
    Monona Bank's property, plant and equipment expenses $2,297,000.

    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 $1,048,289
    Deposits held in domestic offices $1,048,289
    Deposits by Individuals, partnerships, and corporations $967,716
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $77,880
    Deposits by Commercial banks and other depository institutions in U.S. $2,693
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $520,047
    Demand deposits $414,052
    Nontransaction accounts $528,242
    Money market deposit accounts (MMDAs) $292,764
    Other savings deposits (excluding MMDAs) $74,701
    Total time deposits $160,777
    Total time and savings deposits $634,237
    Noninterest-bearing deposits $283,008
    Interest-bearing deposits $765,281
    Retail deposits $1,013,980
    IRAs and Keogh plan accounts $22,506
    Brokered deposits $5,638
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,198,733
    Cash & Balances due from depository institutions $97,412
    Interest-bearing balances $81,678
    Total securities $109,997
    Federal funds sold & reverse repurchase $6,995
    Net loans and leases $924,133
    Loan and leases loss allowance $12,931
    Trading account assets $135
    Bank premises and fixed assets $17,434
    Other real estate owned $0
    Goodwill and other intangibles $16,998
    All other assets $25,629

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,198,733
    Total Liabilities $1,076,413
    Total deposits $1,048,289
    Interest-bearing deposits $765,281
    Deposits held in domestic offices $1,048,289
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $137
    Other borrowed funds $20,000
    Subordinated debt $0
    All other liabilities $7,987

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $924,133
    Loan and leases loss allowance $12,931
    Total loans and leases (domestic) $937,064
    All real estate loans $777,269
    Real estate loans in domestic offices $777,269
    Construction and development loans $56,387
    Residential 1-4 family construction $10,471
    Other construction, all land development and other land $45,916
    Loans secured by nonfarm nonresidential properties $355,688
    Nonfarm nonresidential secured by owner-occupied properties $111,031
    Commercial real estate & other non-farm, non-residential $244,657
    Multifamily residential real estate $146,312
    1-4 family residential loans $199,677
    Farmland loans $19,205
    Loans held in foreign offices $0
    Farm loans $4,106
    Commercial and industrial loans $110,008
    To non-U.S. addressees $0
    Loans to individuals $6,531
    Credit card loans $4,212
    Related Plans $33
    Consumer Auto Loans $1,669
    Other loans to individuals $617
    All other loans & leases $39,150
    Loans to foreign governments and official institutions $0
    Other loans $12,060
    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 $29
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Monona Bank had $924,133,000 of loans outstanding in 2021. $777,269,000 of loans were in real estate loans. $56,387,000 of loans were in development loans. $146,312,000 of loans were in multifamily mortgage loans. $199,677,000 of loans were in 1-4 family mortgage loans. $4,106,000 of loans were in farm loans. $4,212,000 of loans were in credit card loans. $1,669,000 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 315 $76,877 $244,054
    Nonfarm, nonresidential loans - <$100k 49 $1,969 $40,184
    Nonfarm, nonresidential loans - $100-250k 81 $9,126 $112,667
    Nonfarm, nonresidential loans - $250k-1MM 185 $65,782 $355,578
    Commercial & Industrial, US addressed loans - <$1MM 746 $53,393 $71,572
    Commercial & Industrial, US addressed loans - <$100k 470 $10,829 $23,040
    Commercial & Industrial, US addressed loans - $100-250k 142 $11,654 $82,070
    Commercial & Industrial, US addressed loans - $250k-1MM 134 $30,910 $230,672
    Farmland loans - <$1MM 48 $7,903 $164,646
    Farmland loans - <$100k 8 $415 $51,875
    Farmland loans - $100-250k 24 $3,128 $130,333
    Farmland loans - $250k-1MM 16 $4,360 $272,500
    Agriculture operations loans - <$1MM 65 $3,441 $52,938
    Agriculture operations loans - <$100k 49 $1,492 $30,449
    Agriculture operations loans - $100-250k 11 $1,051 $95,545
    Agriculture operations loans - $250k-1MM 5 $898 $179,600