The Greenwood's State Bank Mortgage Rates, Fees & Info

Lake Mills, WI

LEI: 2549006HGDHH72X1BE36

Tax ID: 39-0320310

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Greenwood's State Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. The Greenwood's State Bank has a high proportion of conventional loans. Their top markets include Whitewater, Watertown, Madison, Milwaukee, and Racine among others. The Greenwood's State Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. The Greenwood's State Bank is typically a low fee lendor.


Originations

441

Origination Dollar Volume (All Markets)

$122,435,000

Employee count

99 Show all (14) awards

Relative Rate

The Greenwood's State Bank's average 30 year fixed rate mortgage of loans were 2.92%.

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

This yields a difference of -0.23%.

Relative Fees

The Greenwood's State Bank's average total fees for a 30 year fixed rate mortgage are $1,545.

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
Whitewater, WI (FHA|USDA|VA) 101 $25,345,000 $250,941 $1,539 2.90%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 74 $14,800,000 $200,000 $1,429 2.88%
MADISON, WI (FHA|USDA|VA) 62 $14,020,000 $226,129 $1,494 2.83%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 36 $13,010,000 $361,389 $1,430 3.26%
RACINE, WI (FHA|USDA|VA) 46 $10,980,000 $238,696 $1,404 2.88%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 62 $10,280,000 $165,806 $1,523 2.64%
Outside of Metro Areas 15 $10,105,000 $673,667 $1,797 2.99%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 17 $7,825,000 $460,294 $1,567 2.74%
RAPID CITY, SD (FHA|USDA|VA) 1 $3,405,000 $3,405,000 $0 3.25%
Paris, TN (FHA|USDA|VA) 1 $2,865,000 $2,865,000 $0 3.25%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $2,055,000 $2,055,000 $0 3.35%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 2.72%
Hays, KS (FHA|USDA|VA) 1 $1,435,000 $1,435,000 $0 2.72%
Beaver Dam, WI (FHA|USDA|VA) 6 $1,300,000 $216,667 $1,447 3.31%
Baraboo, WI (FHA|USDA|VA) 2 $850,000 $425,000 $1,043 3.25%
Shawano, WI (FHA|USDA|VA) 2 $530,000 $265,000 $1,824 3.25%
GREEN BAY, WI (FHA|USDA|VA) 2 $410,000 $205,000 $1,761 2.94%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $395,000 $395,000 $951 2.63%
Menomonie, WI (FHA|USDA|VA) 2 $270,000 $135,000 $1,850 3.31%
Arkadelphia, AR (FHA|USDA|VA) 1 $255,000 $255,000 $1,783 2.88%
Rochelle, IL (FHA|USDA|VA) 2 $220,000 $110,000 $1,391 3.06%
Freeport, IL (FHA|USDA|VA) 2 $190,000 $95,000 $1,466 2.56%
THE VILLAGES, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.75%
FOND DU LAC, WI (FHA|USDA|VA) 1 $145,000 $145,000 $1,026 2.50%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $65,000 $65,000 $1,814 3.50%

The Greenwood's State Bank's top markets include Whitewater, Watertown, Madison, Milwaukee, and Racine among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 441 $122,435,000 $277,630 $1,498 2.89%

For the 2021 period, The Greenwood's State Bank's most frequently originated loan type of loans were Conventional, with 441 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 191 $54,485,000 $285,262 $1,265 2.73%
Cash Out Refi 138 $33,480,000 $242,609 $1,449 2.85%
Home Purchase 110 $34,320,000 $312,000 $2,046 3.23%
Home Improvement 1 $15,000 $15,000 $0 3.25%
Other 1 $135,000 $135,000 $1,074 2.63%

For the 2021, The Greenwood's State Bank's most frequently cited loan purpose of loans were Refi, with 191 originations. The 2nd most popular reason of loans were Cash Out Refi, with 138 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 248 $59,170,000 $238,589 $1,545 2.92%
15 Year 91 $18,135,000 $199,286 $1,381 2.23%
5 Year 29 $23,885,000 $823,621 $861 3.95%
20 Year 28 $5,800,000 $207,143 $1,338 2.73%
Other 18 $7,070,000 $392,778 $2,388 4.42%
10 Year 18 $2,540,000 $141,111 $1,161 2.10%
1 Year 5 $1,765,000 $353,000 $0 4.55%
3 Year 4 $4,070,000 $1,017,500 $0 3.90%

For the 2021, The Greenwood's State Bank's most frequently cited loan length of loans were 30 Year, with 248 originations. The 2nd most popular length of loans were 15 Year, with 91 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 392 $86,240,000 $220,000
$2k-3k 3 $845,000 $281,667
$1k-2k 2 $180,000 $90,000
$3k-4k 2 $2,730,000 $1,365,000

$1,545 of loans were The Greenwood's State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 392 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 192 $48,160,000 $250,833
<2.5% 135 $25,825,000 $191,296
3-4% 82 $40,450,000 $493,293
4-5% 29 $7,785,000 $268,448
5-6% 2 $190,000 $95,000
6-7% 1 $25,000 $25,000

During 2021, The Greenwood's State Bank's average interest rate of loans were 2.92%, while their most frequently originated rate bucket of loans were 2.5-3%, with 192 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 177 $26,565,000 $150,085 $1,455 2.83%
$200k-400k 148 $40,580,000 $274,189 $1,496 2.84%
$100,000 or less 54 $4,060,000 $75,185 $1,431 3.01%
$400k-600k 46 $21,890,000 $475,870 $1,661 2.89%
$1MM+ 11 $25,775,000 $2,343,182 $4,976 3.39%
$600k-1MM 5 $3,565,000 $713,000 $0 4.18%

2021 saw The Greenwood's State Bank place emphasis on $100k-200k loans with 177 originations, totaling $26,565,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 117 $26,875,000 $229,701 $1,449 2.69%
$50k-75k 83 $13,845,000 $166,807 $1,500 2.79%
$150k-250k 72 $21,000,000 $291,667 $1,520 2.88%
$75k-100k 62 $12,660,000 $204,194 $1,550 2.75%
$250k+ 37 $13,075,000 $353,378 $1,597 2.97%
$50k or less 36 $3,890,000 $108,056 $1,458 2.92%

The Greenwood's State Bank lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $50k-75k, with 83 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 141 $31,415,000 $222,801 $1,484 2.74%
<20% 94 $18,440,000 $196,170 $1,426 2.66%
30-36% 64 $16,430,000 $256,719 $1,570 2.77%
40% 13 $3,435,000 $264,231 $1,874 3.03%
36% 13 $2,885,000 $221,923 $1,409 3.12%
41% 12 $2,830,000 $235,833 $1,522 2.83%
44% 8 $1,330,000 $166,250 $1,436 2.66%
38% 8 $1,970,000 $246,250 $1,661 2.64%
47% 8 $1,540,000 $192,500 $1,427 2.80%
42% 6 $2,010,000 $335,000 $1,754 2.85%
43% 5 $1,185,000 $237,000 $1,477 2.78%
46% 5 $1,605,000 $321,000 $1,401 2.75%
37% 5 $1,035,000 $207,000 $1,799 3.03%
48% 5 $1,485,000 $297,000 $1,446 3.13%
39% 4 $840,000 $210,000 $1,419 2.78%
49% 3 $455,000 $151,667 $1,160 2.67%
45% 3 $895,000 $298,333 $1,043 2.79%
50-60% 1 $185,000 $185,000 $3,176 5.00%

The Greenwood's State Bank lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? <20%, with 94 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 379 $86,165,000 $227,348 $1,494 2.81%
Not applicable 30 $29,710,000 $990,333 $0 3.88%
Not provided 24 $4,690,000 $195,417 $1,460 3.03%
Black 3 $625,000 $208,333 $1,416 2.58%
Other Asian 1 $545,000 $545,000 $1,746 2.88%
American Indian 1 $215,000 $215,000 $1,788 2.63%
Asian Indian 1 $185,000 $185,000 $2,783 2.63%
Asian 1 $165,000 $165,000 $1,402 2.88%
Filipino 1 $135,000 $135,000 $2,268 3.00%

Approval Rates

Total approvals of all applications
95.97%

The Greenwood's State 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
93.24%

The Greenwood's State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 441 $122,435,000 $277,630

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
441 $122,435,000 $277,630

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 50 $7,070,000 $141,400 $1,301 2.55%
40-60% 114 $32,190,000 $282,368 $1,319 2.66%
60-80% 204 $60,890,000 $298,480 $1,493 2.98%
80-100% 64 $20,660,000 $322,813 $2,094 3.20%
Over 100% 1 $245,000 $245,000 $0 4.50%
Under 20% 8 $1,380,000 $172,500 $1,052 3.48%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Greenwood's State Bank 300 East Lake Street Lake Mills, WI 53551 Full Service B&M $43,183
The Greenwood's State Bank 101 7-1/2 Street Monroe, WI 53566 Full Service B&M $18,902
The Greenwood's State Bank 102 West Main Street Albany, WI 53502 Full Service B&M $18,975
The Greenwood's State Bank 12 J. Lendemann Drive Evansville, WI 53536 Full Service B&M $36,099
The Greenwood's State Bank 15815 Highway 81 Darlington, WI 53530 Full Service B&M $33,634
The Greenwood's State Bank 241 E. Jefferson Street Burlington, WI 53105 Full Service B&M $118,253
The Greenwood's State Bank 3212 Fiddlers Creek Drive Waukesha, WI 53188 Full Service B&M $9,072
The Greenwood's State Bank 365 West Tyranena Park Road Lake Mills, WI 53551 Full Service B&M $86,793
The Greenwood's State Bank 401 West Coates Avenue Monticello, WI 53570 Full Service B&M $71,256
The Greenwood's State Bank 500 Interchange North Suite 1 Lake Geneva, WI 53147 Full Service B&M $8,082

For 2021, The Greenwood's State Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $21,987
Net interest income $20,032
Total noninterest income $7,808
Gross Fiduciary activities income $0
Service charges on deposit accounts $224
Trading account gains and fees $0
Additional Noninterest Income $7,584
Pre-tax net operating income $7,090
Securities gains (or losses, -) $578
Income before extraordinary items $5,875
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,875
Minority interest net income $0
Net income $5,875
Sale, conversion, retirement of capital stock, net $3,225
Net operating income $5,418

The Greenwood's State Bank's gross interest income from loans was $21,987,000.
The Greenwood's State Bank's net interest income from loans was $20,032,000.
The Greenwood's State Bank's fee based income from loans was $224,000.
The Greenwood's State Bank's net income from loans was $5,875,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,955
Provision for credit losses $1,007
Total noninterest expense $19,743
Salaries and employee benefits $13,059
Premises and equipment expense $1,438
Additional noninterest expense $5,246
Applicable income taxes $1,793
Net charge-offs $92
Cash dividends $750

The Greenwood's State Bank's interest expense for loans was $1,955,000.
The Greenwood's State Bank's payroll and benefits expense were $13,059,000.
The Greenwood's State Bank's property, plant and equipment expenses $1,438,000.

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 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 $470,557
Deposits held in domestic offices $470,557
Deposits by Individuals, partnerships, and corporations $451,451
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $18,115
Deposits by Commercial banks and other depository institutions in U.S. $991
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $221,522
Demand deposits $106,814
Nontransaction accounts $249,035
Money market deposit accounts (MMDAs) $94,666
Other savings deposits (excluding MMDAs) $62,872
Total time deposits $91,497
Total time and savings deposits $363,743
Noninterest-bearing deposits $107,120
Interest-bearing deposits $363,437
Retail deposits $454,325
IRAs and Keogh plan accounts $13,782
Brokered deposits $17
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $535,416
Cash & Balances due from depository institutions $68,480
Interest-bearing balances $62,839
Total securities $44,489
Federal funds sold & reverse repurchase $4,831
Net loans and leases $387,558
Loan and leases loss allowance $4,639
Trading account assets $0
Bank premises and fixed assets $7,823
Other real estate owned $0
Goodwill and other intangibles $12,286
All other assets $9,949

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $535,416
Total Liabilities $480,303
Total deposits $470,557
Interest-bearing deposits $363,437
Deposits held in domestic offices $470,557
% insured (estimated) $75
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $7,051
Subordinated debt $0
All other liabilities $2,695

Issued Loan Types

Type Value (in 000's)
Net loans and leases $387,558
Loan and leases loss allowance $4,639
Total loans and leases (domestic) $392,197
All real estate loans $242,753
Real estate loans in domestic offices $242,753
Construction and development loans $30,446
Residential 1-4 family construction $9,329
Other construction, all land development and other land $21,117
Loans secured by nonfarm nonresidential properties $103,344
Nonfarm nonresidential secured by owner-occupied properties $55,276
Commercial real estate & other non-farm, non-residential $48,068
Multifamily residential real estate $44,178
1-4 family residential loans $49,749
Farmland loans $15,036
Loans held in foreign offices $0
Farm loans $2,590
Commercial and industrial loans $141,339
To non-U.S. addressees $0
Loans to individuals $1,941
Credit card loans $43
Related Plans $115
Consumer Auto Loans $758
Other loans to individuals $1,025
All other loans & leases $3,574
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 $1,511
Non 1-4 family restructured loans & leases $1,079
Total loans and leases (foreign) $0

The Greenwood's State Bank had $387,558,000 of loans outstanding in 2021. $242,753,000 of loans were in real estate loans. $30,446,000 of loans were in development loans. $44,178,000 of loans were in multifamily mortgage loans. $49,749,000 of loans were in 1-4 family mortgage loans. $2,590,000 of loans were in farm loans. $43,000 of loans were in credit card loans. $758,000 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 162 $36,772 $226,988
Nonfarm, nonresidential loans - <$100k 32 $1,558 $48,688
Nonfarm, nonresidential loans - $100-250k 59 $8,020 $135,932
Nonfarm, nonresidential loans - $250k-1MM 71 $27,194 $383,014
Commercial & Industrial, US addressed loans - <$1MM 1,217 $123,392 $101,390
Commercial & Industrial, US addressed loans - <$100k 545 $24,225 $44,450
Commercial & Industrial, US addressed loans - $100-250k 634 $86,454 $136,363
Commercial & Industrial, US addressed loans - $250k-1MM 38 $12,713 $334,553
Farmland loans - <$1MM 91 $10,994 $120,813
Farmland loans - <$100k 39 $1,224 $31,385
Farmland loans - $100-250k 30 $3,700 $123,333
Farmland loans - $250k-1MM 22 $6,070 $275,909
Agriculture operations loans - <$1MM 57 $1,167 $20,474
Agriculture operations loans - <$100k 51 $695 $13,627
Agriculture operations loans - $100-250k 6 $472 $78,667