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 Refi, Cash Out Refi, and Home Purchase loans. The Shelby State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Muskegon, Ludington, Grand Rapids, Traverse City, and Adrian among others. We have data for 7 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

    282

    Origination Dollar Volume (All Markets)

    $45,160,000

    Employee count

    103

    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 136 $20,740,000 $152,500 $0 0.00%
    MUSKEGON, MI (FHA|USDA|VA) 89 $15,545,000 $174,663 $0 0.00%
    Ludington, MI (FHA|USDA|VA) 41 $6,195,000 $151,098 $0 0.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 13 $2,095,000 $161,154 $0 0.00%
    Traverse City, MI (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Adrian, MI (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    Cadillac, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    The Shelby State Bank's top markets include Muskegon, Ludington, Grand Rapids, Traverse City, and Adrian among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 282 $45,160,000 $160,142 $0 0.00%

    For 2020, The Shelby State Bank's most frequently originated type of loan was Conventional, with 282 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 110 $18,450,000 $167,727 $0 0.00%
    Cash Out Refi 95 $14,975,000 $157,632 $0 0.00%
    Home Purchase 69 $11,155,000 $161,667 $0 0.00%
    Other 5 $425,000 $85,000 $0 0.00%
    Home Improvement 3 $155,000 $51,667 $0 0.00%

    For 2020, The Shelby State Bank's most frequently cited loan purpose was Refi, with 110 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 282 $45,160,000 $160,142 $0 0.00%

    For 2020, The Shelby State Bank's most frequently cited loan duration was Other, with 282 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 134 $19,420,000 $144,925 $0 0.00%
    $100,000 or less 88 $5,620,000 $63,864 $0 0.00%
    $200k-400k 51 $13,625,000 $267,157 $0 0.00%
    $400k-600k 5 $2,395,000 $479,000 $0 0.00%
    $1MM+ 2 $2,520,000 $1,260,000 $0 0.00%
    $600k-1MM 2 $1,580,000 $790,000 $0 0.00%

    2020 saw The Shelby State Bank place emphasis on $100k-200k loans with 134 originations, totaling $19,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 55 $10,595,000 $192,636 $0 0.00%
    $50k-75k 54 $7,320,000 $135,556 $0 0.00%
    $50k or less 54 $4,520,000 $83,704 $0 0.00%
    $75k-100k 52 $6,790,000 $130,577 $0 0.00%
    $250k+ 15 $4,275,000 $285,000 $0 0.00%
    $150k-250k 14 $2,970,000 $212,143 $0 0.00%

    The Shelby State Bank lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $50k-75k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 282 $45,160,000 $160,142 $0 0.00%

    The Shelby State Bank lent most frequently to those with DTI ratios of Exempt%, with 282 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 221 $32,135,000 $145,407 $0 0.00%
    Not applicable 23 $6,685,000 $290,652 $0 0.00%
    Not provided 36 $6,140,000 $170,556 $0 0.00%
    American Indian 2 $200,000 $100,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.89%

    The Shelby State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.85%

    The Shelby State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 282 $45,160,000 $160,142

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $3,945,000 $438,333
    Single Family (1-4 Units):Manufactured 18 $1,420,000 $78,889
    Single Family (1-4 Units):Site-Built 255 $39,795,000 $156,059

    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 $8,014
    The Shelby State Bank 180 North Division Avenue Hesperia, MI 49421 Full Service B&M $21,016
    The Shelby State Bank 2222 Holton Road Dalton Township, MI 49445 Full Service B&M $28,074
    The Shelby State Bank 242 North Michigan Shelby, MI 49455 Full Service B&M $76,972
    The Shelby State Bank 30 North Meyers Avenue Ludington, MI 49431 Full Service B&M $22,006
    The Shelby State Bank 388 South Hancock Street Pentwater, MI 49449 Full Service B&M $19,483
    The Shelby State Bank 4555 Dowling Street Montague, MI 49437 Full Service B&M $24,220
    The Shelby State Bank 6448 Airline Road Fruitport Township, MI 49415 Full Service B&M $15,794
    The Shelby State Bank 811 South State Street Hart, MI 49420 Full Service B&M $32,594
    The Shelby State Bank 8238 Whitehall Road Whitehall Township, MI 49461 Full Service B&M $37,870

    For 2020, The Shelby State Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $10,720
    Net interest income $9,823
    Total noninterest income $4,544
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $450
    Trading account gains and fees $0
    Additional Noninterest Income $4,094
    Pre-tax net operating income $2,520
    Securities gains (or losses, -) $-22
    Income before extraordinary items $2,110
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,110
    Minority interest net income $0
    Net income $2,110
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,128

    The Shelby State Bank's gross interest income from loans was $10,720,000.
    The Shelby State Bank's net interest income from loans was $9,823,000.
    The Shelby State Bank's fee based income from loans was $450,000.
    The Shelby State Bank's net income from loans was $2,110,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $897
    Provision for credit losses $475
    Total noninterest expense $11,372
    Salaries and employee benefits $6,823
    Premises and equipment expense $1,245
    Additional noninterest expense $3,304
    Applicable income taxes $388
    Net charge-offs $210
    Cash dividends $660

    The Shelby State Bank's interest expense for loans was $897,000.
    The Shelby State Bank's payroll and benefits expense were $6,823,000.
    The Shelby State Bank's property, plant and equipment expenses $1,245,000.

    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 $291,440
    Deposits held in domestic offices $291,440
    Deposits by Individuals, partnerships, and corporations $261,513
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $29,927
    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 $152,450
    Demand deposits $101,041
    Nontransaction accounts $138,990
    Money market deposit accounts (MMDAs) $39,165
    Other savings deposits (excluding MMDAs) $64,932
    Total time deposits $34,893
    Total time and savings deposits $190,399
    Noninterest-bearing deposits $101,041
    Interest-bearing deposits $190,399
    Retail deposits $286,323
    IRAs and Keogh plan accounts $4,485
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $332,749
    Cash & Balances due from depository institutions $22,338
    Interest-bearing balances $16,214
    Total securities $113,153
    Federal funds sold & reverse repurchase $81
    Net loans and leases $179,741
    Loan and leases loss allowance $2,021
    Trading account assets $0
    Bank premises and fixed assets $7,541
    Other real estate owned $354
    Goodwill and other intangibles $2,027
    All other assets $7,514

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $332,749
    Total Liabilities $306,192
    Total deposits $291,440
    Interest-bearing deposits $190,399
    Deposits held in domestic offices $291,440
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $12,583
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,169

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $179,741
    Loan and leases loss allowance $2,021
    Total loans and leases (domestic) $181,762
    All real estate loans $152,192
    Real estate loans in domestic offices $152,192
    Construction and development loans $8,101
    Residential 1-4 family construction $1,994
    Other construction, all land development and other land $6,107
    Loans secured by nonfarm nonresidential properties $81,500
    Nonfarm nonresidential secured by owner-occupied properties $37,915
    Commercial real estate & other non-farm, non-residential $43,585
    Multifamily residential real estate $4,718
    1-4 family residential loans $47,036
    Farmland loans $10,837
    Loans held in foreign offices $0
    Farm loans $3,564
    Commercial and industrial loans $20,935
    To non-U.S. addressees $0
    Loans to individuals $3,463
    Credit card loans $0
    Related Plans $51
    Consumer Auto Loans $1,664
    Other loans to individuals $1,748
    All other loans & leases $1,608
    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 $3,863
    Non 1-4 family restructured loans & leases $3,733
    Total loans and leases (foreign) $0

    The Shelby State Bank had $179,741,000 of loans outstanding in 2020. $152,192,000 of loans were in real estate loans. $8,101,000 of loans were in development loans. $4,718,000 of loans were in multifamily mortgage loans. $47,036,000 of loans were in 1-4 family mortgage loans. $3,564,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,664,000 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 262 $53,941 $205,882
    Nonfarm, nonresidential loans - <$100k 71 $3,376 $47,549
    Nonfarm, nonresidential loans - $100-250k 85 $10,884 $128,047
    Nonfarm, nonresidential loans - $250k-1MM 106 $39,681 $374,349
    Commercial & Industrial, US addressed loans - <$1MM 186 $10,877 $58,478
    Commercial & Industrial, US addressed loans - <$100k 139 $3,853 $27,719
    Commercial & Industrial, US addressed loans - $100-250k 37 $3,954 $106,865
    Commercial & Industrial, US addressed loans - $250k-1MM 10 $3,070 $307,000
    Farmland loans - <$1MM 47 $5,686 $120,979
    Farmland loans - <$100k 20 $702 $35,100
    Farmland loans - $100-250k 15 $1,609 $107,267
    Farmland loans - $250k-1MM 12 $3,375 $281,250
    Agriculture operations loans - <$1MM 41 $3,265 $79,634
    Agriculture operations loans - <$100k 26 $750 $28,846
    Agriculture operations loans - $100-250k 9 $855 $95,000
    Agriculture operations loans - $250k-1MM 6 $1,660 $276,667