Gnb Bank Mortgage Rates, Fees & Info

Grundy Center, IA

LEI: 25490072C0PMGDUJQU77

Tax ID: 42-0287760

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

Review & Overview

Gnb Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Gnb Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Waterloo, Mason City, Ames, Des Moines, and Marshalltown among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Gnb Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

302

Origination Dollar Volume (All Markets)

$46,510,000

Employee count

114

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
Outside of Metro Areas	140	$19,540,000	$139,571	$0	0.00%
WATERLOO-CEDAR FALLS, IA (FHA\|USDA\|VA)	60	$7,450,000	$124,167	$0	0.00%
Mason City, IA (FHA\|USDA\|VA)	12	$4,940,000	$411,667	$0	0.00%
AMES, IA (FHA\|USDA\|VA)	20	$3,910,000	$195,500	$0	0.00%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	15	$3,595,000	$239,667	$0	0.00%
Marshalltown, IA (FHA\|USDA\|VA)	26	$2,760,000	$106,154	$0	0.00%
CEDAR RAPIDS, IA (FHA\|USDA\|VA)	10	$1,300,000	$130,000	$0	0.00%
Muscatine, IA (FHA\|USDA\|VA)	2	$500,000	$250,000	$0	0.00%
IOWA CITY, IA (FHA\|USDA\|VA)	2	$390,000	$195,000	$0	0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	1	$385,000	$385,000	$0	0.00%
DUBUQUE, IA (FHA\|USDA\|VA)	3	$385,000	$128,333	$0	0.00%
Pella, IA (FHA\|USDA\|VA)	3	$345,000	$115,000	$0	0.00%
Fort Dodge, IA (FHA\|USDA\|VA)	2	$270,000	$135,000	$0	0.00%
Oskaloosa, IA (FHA\|USDA\|VA)	2	$250,000	$125,000	$0	0.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	1	$145,000	$145,000	$0	0.00%
ROCHESTER, MN (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	0.00%
Carroll, IA (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	0.00%
SIOUX FALLS, SD (FHA\|USDA\|VA)	1	$85,000	$85,000	$0	0.00%

Gnb Bank's top markets include Waterloo, Mason City, Ames, Des Moines, and Marshalltown among others.

Their top states include:

Iowa (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

South Dakota (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	289	$45,165,000	$156,280	$0	0.00%
USDA	13	$1,345,000	$103,462	$0	0.00%

For 2020, Gnb Bank's most frequently originated type of loan was Conventional, with 289 originations. Their 2nd most popular type was USDA, with 13 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	107	$13,625,000	$127,336	$0	0.00%
Refi	94	$17,250,000	$183,511	$0	0.00%
Cash Out Refi	93	$15,095,000	$162,312	$0	0.00%
Home Improvement	6	$450,000	$75,000	$0	0.00%
Other	2	$90,000	$45,000	$0	0.00%

For 2020, Gnb Bank's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Refi, with 94 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	302	$46,510,000	$154,007	$0	0.00%

For 2020, Gnb Bank's most frequently cited loan duration was Other, with 302 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	130	$18,210,000	$140,077	$0	0.00%
$100,000 or less	108	$6,450,000	$59,722	$0	0.00%
$200k-400k	56	$14,620,000	$261,071	$0	0.00%
$400k-600k	4	$1,790,000	$447,500	$0	0.00%
$1MM+	2	$4,190,000	$2,095,000	$0	0.00%
$600k-1MM	2	$1,250,000	$625,000	$0	0.00%

2020 saw Gnb Bank place emphasis on $100k-200k loans with 130 originations, totaling $18,210,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	70	$7,620,000	$108,857	$0	0.00%
$100k-150k	69	$11,805,000	$171,087	$0	0.00%
$75k-100k	65	$8,135,000	$125,154	$0	0.00%
$50k or less	37	$3,285,000	$88,784	$0	0.00%
$150k-250k	30	$6,520,000	$217,333	$0	0.00%
$250k+	10	$2,620,000	$262,000	$0	0.00%

Gnb Bank lent most frequently to those with incomes in the $50k-75k range, with 70 originations. The second most popular income band? $100k-150k, with 69 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	302	$46,510,000	$154,007	$0	0.00%

Gnb Bank lent most frequently to those with DTI ratios of Exempt%, with 302 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	271	$38,585,000	$142,380	$0	0.00%
Not applicable	21	$6,525,000	$310,714	$0	0.00%
Not provided	5	$985,000	$197,000	$0	0.00%
American Indian	2	$200,000	$100,000	$0	0.00%
Black	1	$155,000	$155,000	$0	0.00%
Native Hawaiian or Islander	2	$60,000	$30,000	$0	0.00%

Approval Rates

Total approvals of all applications
81.64%

Gnb Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
75.17%

Gnb Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	302	$46,510,000	$154,007

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	6	$5,270,000	$878,333
Single Family (1-4 Units):Manufactured	2	$130,000	$65,000
Single Family (1-4 Units):Site-Built	294	$41,110,000	$139,830

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
Geneva Financial, LLC, Chandler, AZ Branch	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	25.0%
Geneva Financial, LLC, Chandler, AZ Branch	Conventional home mortgage	Closing on a mortgage	1	25.0%
Geneva Financial, LLC, Chandler, AZ Branch	Conventional home mortgage	Trouble during payment process	1	25.0%
Geneva Financial, LLC, Chandler, AZ Branch	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	25.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Gnb Bank	315 Main Street Iowa Falls, IA 50126	Full Service B&M	$28,954
Gnb Bank	408 Front Street Geneva, IA 50633	Full Service B&M	$4,639
Gnb Bank	529 G Ave Grundy Center, IA 50638	Full Service B&M	$189,365
Gnb Bank	603 7th St Grundy Center, IA 50638	Limited, Administrative	$0
Gnb Bank	103 E Center Conrad, IA 50621	Full Service B&M	$24,354
Gnb Bank	2504 South 2nd Street Marshalltown, IA 50158	Full Service B&M	$23,374
Gnb Bank	300 East Main Street Manchester, IA 52057	Full Service B&M	$111,044
Gnb Bank	629 Broad Street Story City, IA 50248	Full Service B&M	$30,137
Gnb Bank	650 Main Street Ackley, IA 50601	Full Service B&M	$48,543
Gnb Bank	725 Timberland Drive Story City, IA 50248	Limited, Mobile/Seasonal Office	$0

For 2020, Gnb Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$24,838
Net interest income	$20,935
Total noninterest income	$5,397
Gross Fiduciary activities income	$402
Service charges on deposit accounts	$453
Trading account gains and fees	$0
Additional Noninterest Income	$4,542
Pre-tax net operating income	$9,157
Securities gains (or losses, -)	$46
Income before extraordinary items	$8,816
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,816
Minority interest net income	$0
Net income	$8,816
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,771

Gnb Bank's gross interest income from loans was $24,838,000.
Gnb Bank's net interest income from loans was $20,935,000.
Gnb Bank's fee based income from loans was $453,000.
Gnb Bank's net income from loans was $8,816,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,903
Provision for credit losses	$1,195
Total noninterest expense	$15,980
Salaries and employee benefits	$11,463
Premises and equipment expense	$768
Additional noninterest expense	$3,749
Applicable income taxes	$387
Net charge-offs	$1,014
Cash dividends	$9,165

Gnb Bank's interest expense for loans was $3,903,000.
Gnb Bank's payroll and benefits expense were $11,463,000.
Gnb Bank's property, plant and equipment expenses $768,000.

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	0.2%
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	$472,945
Deposits held in domestic offices	$472,945
Deposits by Individuals, partnerships, and corporations	$374,087
Deposits by U.S. Government	$33
Deposits by States and political subdivisions in the U.S.	$76,033
Deposits by Commercial banks and other depository institutions in U.S.	$22,792
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$190,562
Demand deposits	$81,724
Nontransaction accounts	$282,383
Money market deposit accounts (MMDAs)	$76,739
Other savings deposits (excluding MMDAs)	$78,342
Total time deposits	$127,303
Total time and savings deposits	$391,221
Noninterest-bearing deposits	$81,724
Interest-bearing deposits	$391,221
Retail deposits	$415,041
IRAs and Keogh plan accounts	$15,947
Brokered deposits	$41,489
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$577,114
Cash & Balances due from depository institutions	$40,366
Interest-bearing balances	$30,665
Total securities	$47,856
Federal funds sold & reverse repurchase	$1,388
Net loans and leases	$446,450
Loan and leases loss allowance	$3,735
Trading account assets	$0
Bank premises and fixed assets	$3,717
Other real estate owned	$0
Goodwill and other intangibles	$6,727
All other assets	$30,610

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$577,114
Total Liabilities	$502,922
Total deposits	$472,945
Interest-bearing deposits	$391,221
Deposits held in domestic offices	$472,945
% insured (estimated)	$87
Federal funds purchased and repurchase agreements	$7,785
Trading liabilities	$0
Other borrowed funds	$17,654
Subordinated debt	$0
All other liabilities	$4,538

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$446,450
Loan and leases loss allowance	$3,735
Total loans and leases (domestic)	$450,185
All real estate loans	$209,600
Real estate loans in domestic offices	$209,600
Construction and development loans	$14,988
Residential 1-4 family construction	$2,295
Other construction, all land development and other land	$12,693
Loans secured by nonfarm nonresidential properties	$42,058
Nonfarm nonresidential secured by owner-occupied properties	$19,400
Commercial real estate & other non-farm, non-residential	$22,658
Multifamily residential real estate	$13,603
1-4 family residential loans	$53,491
Farmland loans	$85,460
Loans held in foreign offices	$0
Farm loans	$95,809
Commercial and industrial loans	$122,402
To non-U.S. addressees	$0
Loans to individuals	$5,197
Credit card loans	$1,487
Related Plans	$72
Consumer Auto Loans	$2,500
Other loans to individuals	$1,138
All other loans & leases	$17,177
Loans to foreign governments and official institutions	$0
Other loans	$13,429
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	$4,278
Non 1-4 family restructured loans & leases	$4,278
Total loans and leases (foreign)	$0

GNB Bank had $446,450,000 of loans outstanding in 2020. $209,600,000 of loans were in real estate loans. $14,988,000 of loans were in development loans. $13,603,000 of loans were in multifamily mortgage loans. $53,491,000 of loans were in 1-4 family mortgage loans. $95,809,000 of loans were in farm loans. $1,487,000 of loans were in credit card loans. $2,500,000 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	136	$22,576	$166,000
Nonfarm, nonresidential loans - <$100k	58	$2,634	$45,414
Nonfarm, nonresidential loans - $100-250k	38	$4,439	$116,816
Nonfarm, nonresidential loans - $250k-1MM	40	$15,503	$387,575
Commercial & Industrial, US addressed loans - <$1MM	506	$35,326	$69,814
Commercial & Industrial, US addressed loans - <$100k	386	$9,156	$23,720
Commercial & Industrial, US addressed loans - $100-250k	71	$8,310	$117,042
Commercial & Industrial, US addressed loans - $250k-1MM	49	$17,860	$364,490
Farmland loans - <$1MM	223	$29,466	$132,135
Farmland loans - <$100k	76	$3,304	$43,474
Farmland loans - $100-250k	84	$10,392	$123,714
Farmland loans - $250k-1MM	63	$15,770	$250,317
Agriculture operations loans - <$1MM	635	$43,348	$68,265
Agriculture operations loans - <$100k	421	$10,563	$25,090
Agriculture operations loans - $100-250k	133	$14,565	$109,511
Agriculture operations loans - $250k-1MM	81	$18,220	$224,938