The Shelby State Bank Mortgage Rates, Fees & Info

Shelby, MI

LEI: 254900LUVSH5K254AU10

Tax ID: 38-1066460

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Mortgage Data

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

    The Shelby State Bank is a smaller bank specializing in Home Purchase loans. The Shelby State Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Muskegon, Ludington, Grand Rapids, and Springfield among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Shelby State 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.

    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.

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    Originations

    115

    Origination Dollar Volume (All Markets)

    $14,535,000

    Employee count

    95

    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 69 $7,435,000 $107,754 $0 0.00%
    MUSKEGON, MI (FHA|USDA|VA) 25 $3,565,000 $142,600 $0 0.00%
    Ludington, MI (FHA|USDA|VA) 19 $3,225,000 $169,737 $0 0.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    SPRINGFIELD, OH (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    The Shelby State Bank's top markets include Muskegon, Ludington, Grand Rapids, and Springfield among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 111 $14,125,000 $127,252 $0 0.00%
    USDA 4 $410,000 $102,500 $0 0.00%

    For 2018, The Shelby State Bank's most frequently originated type of loan was Conventional, with 111 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $10,020,000 $156,563 $0 0.00%
    Refi 31 $2,525,000 $81,452 $0 0.00%
    Cash Out Refi 15 $1,785,000 $119,000 $0 0.00%
    Home Improvement 3 $145,000 $48,333 $0 0.00%
    Other 2 $60,000 $30,000 $0 0.00%

    For 2018, The Shelby State Bank's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 115 $14,535,000 $126,391 $0 0.00%

    For 2018, The Shelby State Bank's most frequently cited loan duration was Other, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 64 $3,690,000 $57,656 $0 0.00%
    $100k-200k 38 $5,480,000 $144,211 $0 0.00%
    $200k-400k 10 $2,880,000 $288,000 $0 0.00%
    $400k-600k 2 $1,010,000 $505,000 $0 0.00%
    $1MM+ 1 $1,475,000 $1,475,000 $0 0.00%

    2018 saw The Shelby State Bank place emphasis on $100,000 or less loans with 64 originations, totaling $3,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 36 $2,490,000 $69,167 $0 0.00%
    $50k-75k 29 $2,865,000 $98,793 $0 0.00%
    $75k-100k 16 $1,750,000 $109,375 $0 0.00%
    $100k-150k 9 $2,165,000 $240,556 $0 0.00%
    $150k-250k 7 $1,275,000 $182,143 $0 0.00%
    $250k+ 3 $2,085,000 $695,000 $0 0.00%

    The Shelby State Bank lent most frequently to those with incomes in the $50k or less range, with 36 originations. The second most popular income band? $50k-75k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 115 $14,535,000 $126,391 $0 0.00%

    The Shelby State Bank lent most frequently to those with DTI ratios of Exempt%, with 115 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 94 $10,840,000 $115,319 $0 0.00%
    Not provided 6 $1,910,000 $318,333 $0 0.00%
    Not applicable 13 $1,675,000 $128,846 $0 0.00%
    American Indian 2 $110,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    77.53%

    The Shelby State Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.87%

    The Shelby State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 115 $14,535,000 $126,391

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $365,000 $365,000
    Multifamily:Site-Built 5 $485,000 $97,000
    Single Family (1-4 Units):Manufactured 13 $785,000 $60,385
    Single Family (1-4 Units):Site-Built 96 $12,900,000 $134,375

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Shelby State Bank 1710 U.S. 31 South Manistee, MI 49660 Full Service B&M $9,415
    The Shelby State Bank 180 North Division Avenue Hesperia, MI 49421 Full Service B&M $18,247
    The Shelby State Bank 2222 Holton Road Dalton Township, MI 49445 Full Service B&M $14,105
    The Shelby State Bank 242 North Michigan Shelby, MI 49455 Full Service B&M $55,755
    The Shelby State Bank 30 North Meyers Avenue Ludington, MI 49431 Full Service B&M $20,004
    The Shelby State Bank 388 South Hancock Street Pentwater, MI 49449 Full Service B&M $15,060
    The Shelby State Bank 4555 Dowling Street Montague, MI 49437 Full Service B&M $16,746
    The Shelby State Bank 6448 Airline Road Fruitport Township, MI 49415 Full Service B&M $14,142
    The Shelby State Bank 811 South State Street Hart, MI 49420 Full Service B&M $25,077
    The Shelby State Bank 8238 Whitehall Road Whitehall Township, MI 49461 Full Service B&M $26,157

    For 2018, The Shelby State Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,464
    Net interest income $8,881
    Total noninterest income $3,575
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $668
    Trading account gains and fees $0
    Additional Noninterest Income $2,907
    Pre-tax net operating income $2,116
    Securities gains (or losses, -) $-3
    Income before extraordinary items $1,792
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,792
    Minority interest net income $0
    Net income $1,792
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,794

    The Shelby State Bank's gross interest income from loans was $9,464,000.
    The Shelby State Bank's net interest income from loans was $8,881,000.
    The Shelby State Bank's fee based income from loans was $668,000.
    The Shelby State Bank's net income from loans was $1,792,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $583
    Provision for credit losses $122
    Total noninterest expense $10,218
    Salaries and employee benefits $5,972
    Premises and equipment expense $1,177
    Additional noninterest expense $3,069
    Applicable income taxes $321
    Net charge-offs $21
    Cash dividends $975

    The Shelby State Bank's interest expense for loans was $583,000.
    The Shelby State Bank's payroll and benefits expense were $5,972,000.
    The Shelby State Bank's property, plant and equipment expenses $1,177,000.

    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 1.0%
    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 $216,280
    Deposits held in domestic offices $216,280
    Deposits by Individuals, partnerships, and corporations $191,100
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $25,180
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $106,162
    Demand deposits $65,412
    Nontransaction accounts $110,118
    Money market deposit accounts (MMDAs) $26,340
    Other savings deposits (excluding MMDAs) $47,763
    Total time deposits $36,015
    Total time and savings deposits $150,868
    Noninterest-bearing deposits $65,412
    Interest-bearing deposits $150,867
    Retail deposits $210,357
    IRAs and Keogh plan accounts $5,148
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $245,537
    Cash & Balances due from depository institutions $8,015
    Interest-bearing balances $2,645
    Total securities $59,368
    Federal funds sold & reverse repurchase $10
    Net loans and leases $161,490
    Loan and leases loss allowance $1,723
    Trading account assets $0
    Bank premises and fixed assets $6,922
    Other real estate owned $267
    Goodwill and other intangibles $1,866
    All other assets $7,599

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $245,537
    Total Liabilities $223,880
    Total deposits $216,280
    Interest-bearing deposits $150,867
    Deposits held in domestic offices $216,280
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $6,352
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,248

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $161,490
    Loan and leases loss allowance $1,723
    Total loans and leases (domestic) $163,213
    All real estate loans $141,149
    Real estate loans in domestic offices $141,149
    Construction and development loans $10,490
    Residential 1-4 family construction $2,282
    Other construction, all land development and other land $8,208
    Loans secured by nonfarm nonresidential properties $74,072
    Nonfarm nonresidential secured by owner-occupied properties $39,091
    Commercial real estate & other non-farm, non-residential $34,981
    Multifamily residential real estate $1,865
    1-4 family residential loans $43,637
    Farmland loans $11,085
    Loans held in foreign offices $0
    Farm loans $4,384
    Commercial and industrial loans $12,053
    To non-U.S. addressees $0
    Loans to individuals $4,044
    Credit card loans $0
    Related Plans $58
    Consumer Auto Loans $1,750
    Other loans to individuals $2,236
    All other loans & leases $1,582
    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 $2,791
    Non 1-4 family restructured loans & leases $2,671
    Total loans and leases (foreign) $0

    The Shelby State Bank had $161,490,000 of loans outstanding in 2018. $141,149,000 of loans were in real estate loans. $10,490,000 of loans were in development loans. $1,865,000 of loans were in multifamily mortgage loans. $43,637,000 of loans were in 1-4 family mortgage loans. $4,384,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,750,000 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 253 $50,591 $199,964
    Nonfarm, nonresidential loans - <$100k 78 $3,391 $43,474
    Nonfarm, nonresidential loans - $100-250k 81 $9,929 $122,580
    Nonfarm, nonresidential loans - $250k-1MM 94 $37,271 $396,500
    Commercial & Industrial, US addressed loans - <$1MM 198 $12,052 $60,869
    Commercial & Industrial, US addressed loans - <$100k 141 $3,744 $26,553
    Commercial & Industrial, US addressed loans - $100-250k 42 $3,581 $85,262
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $4,727 $315,133
    Farmland loans - <$1MM 53 $5,699 $107,528
    Farmland loans - <$100k 26 $840 $32,308
    Farmland loans - $100-250k 17 $2,048 $120,471
    Farmland loans - $250k-1MM 10 $2,811 $281,100
    Agriculture operations loans - <$1MM 55 $4,384 $79,709
    Agriculture operations loans - <$100k 34 $994 $29,235
    Agriculture operations loans - $100-250k 14 $1,400 $100,000
    Agriculture operations loans - $250k-1MM 7 $1,990 $284,286