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 and Refi 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, and Lansing among others. We have data for 4 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

    135

    Origination Dollar Volume (All Markets)

    $19,895,000

    Employee count

    99

    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 88 $10,740,000 $122,045 $0 0.00%
    MUSKEGON, MI (FHA|USDA|VA) 31 $6,195,000 $199,839 $0 0.00%
    Ludington, MI (FHA|USDA|VA) 15 $2,845,000 $189,667 $0 0.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    The Shelby State Bank's top markets include Muskegon, Ludington, and Lansing among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 131 $19,455,000 $148,511 $0 0.00%
    USDA 4 $440,000 $110,000 $0 0.00%

    For 2019, The Shelby State Bank's most frequently originated type of loan was Conventional, with 131 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 50 $6,870,000 $137,400 $0 0.00%
    Refi 45 $9,275,000 $206,111 $0 0.00%
    Cash Out Refi 27 $2,915,000 $107,963 $0 0.00%
    Home Improvement 8 $460,000 $57,500 $0 0.00%
    Other 5 $375,000 $75,000 $0 0.00%

    For 2019, The Shelby State Bank's most frequently cited loan purpose was Home Purchase, with 50 originations. The 2nd most popular reason was Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 135 $19,895,000 $147,370 $0 0.00%

    For 2019, The Shelby State Bank's most frequently cited loan duration was Other, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 69 $3,875,000 $56,159 $0 0.00%
    $100k-200k 43 $5,825,000 $135,465 $0 0.00%
    $200k-400k 17 $4,795,000 $282,059 $0 0.00%
    $400k-600k 4 $1,940,000 $485,000 $0 0.00%
    $1MM+ 1 $2,705,000 $2,705,000 $0 0.00%
    $600k-1MM 1 $755,000 $755,000 $0 0.00%

    2019 saw The Shelby State Bank place emphasis on $100,000 or less loans with 69 originations, totaling $3,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 47 $3,705,000 $78,830 $0 0.00%
    $50k-75k 25 $2,695,000 $107,800 $0 0.00%
    $75k-100k 18 $1,850,000 $102,778 $0 0.00%
    $100k-150k 15 $2,145,000 $143,000 $0 0.00%
    $150k-250k 6 $1,440,000 $240,000 $0 0.00%
    $250k+ 5 $1,035,000 $207,000 $0 0.00%

    The Shelby State Bank lent most frequently to those with incomes in the $50k or less range, with 47 originations. The second most popular income band? $50k-75k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 135 $19,895,000 $147,370 $0 0.00%

    The Shelby State Bank lent most frequently to those with DTI ratios of Exempt%, with 135 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 99 $11,385,000 $115,000 $0 0.00%
    Not applicable 18 $7,000,000 $388,889 $0 0.00%
    Not provided 17 $1,485,000 $87,353 $0 0.00%
    American Indian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    78.92%

    The Shelby State Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.70%

    The Shelby State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 135 $19,895,000 $147,370

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $2,705,000 $2,705,000
    Multifamily:Site-Built 7 $2,305,000 $329,286
    Single Family (1-4 Units):Manufactured 17 $1,105,000 $65,000
    Single Family (1-4 Units):Site-Built 110 $13,780,000 $125,273

    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 $6,305
    The Shelby State Bank 180 North Division Avenue Hesperia, MI 49421 Full Service B&M $18,402
    The Shelby State Bank 2222 Holton Road Dalton Township, MI 49445 Full Service B&M $16,265
    The Shelby State Bank 242 North Michigan Shelby, MI 49455 Full Service B&M $61,372
    The Shelby State Bank 30 North Meyers Avenue Ludington, MI 49431 Full Service B&M $18,908
    The Shelby State Bank 388 South Hancock Street Pentwater, MI 49449 Full Service B&M $15,613
    The Shelby State Bank 4555 Dowling Street Montague, MI 49437 Full Service B&M $18,657
    The Shelby State Bank 6448 Airline Road Fruitport Township, MI 49415 Full Service B&M $12,940
    The Shelby State Bank 811 South State Street Hart, MI 49420 Full Service B&M $25,104
    The Shelby State Bank 8238 Whitehall Road Whitehall Township, MI 49461 Full Service B&M $31,218

    For 2019, The Shelby State Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $10,409
    Net interest income $9,417
    Total noninterest income $3,802
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $644
    Trading account gains and fees $0
    Additional Noninterest Income $3,158
    Pre-tax net operating income $2,161
    Securities gains (or losses, -) $-12
    Income before extraordinary items $1,860
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,860
    Minority interest net income $0
    Net income $1,860
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,870

    The Shelby State Bank's gross interest income from loans was $10,409,000.
    The Shelby State Bank's net interest income from loans was $9,417,000.
    The Shelby State Bank's fee based income from loans was $644,000.
    The Shelby State Bank's net income from loans was $1,860,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $992
    Provision for credit losses $70
    Total noninterest expense $10,988
    Salaries and employee benefits $6,534
    Premises and equipment expense $1,304
    Additional noninterest expense $3,150
    Applicable income taxes $289
    Net charge-offs $37
    Cash dividends $975

    The Shelby State Bank's interest expense for loans was $992,000.
    The Shelby State Bank's payroll and benefits expense were $6,534,000.
    The Shelby State Bank's property, plant and equipment expenses $1,304,000.

    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 1.0%
    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 $247,885
    Deposits held in domestic offices $247,885
    Deposits by Individuals, partnerships, and corporations $216,428
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $31,457
    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 $118,372
    Demand deposits $78,757
    Nontransaction accounts $129,513
    Money market deposit accounts (MMDAs) $38,077
    Other savings deposits (excluding MMDAs) $51,106
    Total time deposits $40,331
    Total time and savings deposits $169,128
    Noninterest-bearing deposits $78,757
    Interest-bearing deposits $169,128
    Retail deposits $240,563
    IRAs and Keogh plan accounts $5,044
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $277,492
    Cash & Balances due from depository institutions $18,439
    Interest-bearing balances $13,090
    Total securities $69,724
    Federal funds sold & reverse repurchase $295
    Net loans and leases $171,533
    Loan and leases loss allowance $1,756
    Trading account assets $0
    Bank premises and fixed assets $7,452
    Other real estate owned $539
    Goodwill and other intangibles $1,873
    All other assets $7,637

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $277,492
    Total Liabilities $253,630
    Total deposits $247,885
    Interest-bearing deposits $169,128
    Deposits held in domestic offices $247,885
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $4,397
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,348

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $171,533
    Loan and leases loss allowance $1,756
    Total loans and leases (domestic) $173,289
    All real estate loans $151,416
    Real estate loans in domestic offices $151,416
    Construction and development loans $11,528
    Residential 1-4 family construction $1,903
    Other construction, all land development and other land $9,625
    Loans secured by nonfarm nonresidential properties $81,772
    Nonfarm nonresidential secured by owner-occupied properties $38,245
    Commercial real estate & other non-farm, non-residential $43,527
    Multifamily residential real estate $2,055
    1-4 family residential loans $45,071
    Farmland loans $10,990
    Loans held in foreign offices $0
    Farm loans $3,918
    Commercial and industrial loans $13,064
    To non-U.S. addressees $0
    Loans to individuals $3,724
    Credit card loans $0
    Related Plans $54
    Consumer Auto Loans $1,583
    Other loans to individuals $2,087
    All other loans & leases $1,168
    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 $3,908
    Non 1-4 family restructured loans & leases $3,783
    Total loans and leases (foreign) $0

    The Shelby State Bank had $171,533,000 of loans outstanding in 2019. $151,416,000 of loans were in real estate loans. $11,528,000 of loans were in development loans. $2,055,000 of loans were in multifamily mortgage loans. $45,071,000 of loans were in 1-4 family mortgage loans. $3,918,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,583,000 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 272 $55,227 $203,040
    Nonfarm, nonresidential loans - <$100k 75 $3,551 $47,347
    Nonfarm, nonresidential loans - $100-250k 92 $11,268 $122,478
    Nonfarm, nonresidential loans - $250k-1MM 105 $40,408 $384,838
    Commercial & Industrial, US addressed loans - <$1MM 202 $13,064 $64,673
    Commercial & Industrial, US addressed loans - <$100k 145 $3,940 $27,172
    Commercial & Industrial, US addressed loans - $100-250k 43 $4,379 $101,837
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $4,745 $338,929
    Farmland loans - <$1MM 51 $6,073 $119,078
    Farmland loans - <$100k 22 $770 $35,000
    Farmland loans - $100-250k 17 $2,039 $119,941
    Farmland loans - $250k-1MM 12 $3,264 $272,000
    Agriculture operations loans - <$1MM 50 $3,318 $66,360
    Agriculture operations loans - <$100k 33 $912 $27,636
    Agriculture operations loans - $100-250k 13 $1,385 $106,538
    Agriculture operations loans - $250k-1MM 4 $1,021 $255,250