The Shelby State Bank Mortgage Rates, Fees & Info

Shelby, MI

LEI: 254900LUVSH5K254AU10

Tax ID: 38-1066460

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

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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, Home Purchase, and Cash Out Refi loans. The Shelby State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Muskegon, Ludington, Grand Rapids, Holland, and Big Rapids among others. We have data for 8 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

    221

    Origination Dollar Volume (All Markets)

    $34,485,000

    Employee count

    102

    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 122 $18,630,000 $152,705 $0 0.00%
    MUSKEGON, MI (FHA|USDA|VA) 65 $10,565,000 $162,538 $0 0.00%
    Ludington, MI (FHA|USDA|VA) 24 $3,560,000 $148,333 $0 0.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $1,140,000 $190,000 $0 0.00%
    Holland, MI (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Big Rapids, MI (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    Cadillac, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
    The Shelby State Bank's top markets include Muskegon, Ludington, Grand Rapids, Holland, and Big Rapids among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 221 $34,485,000 $156,041 $0 0.00%

    For 2021, The Shelby State Bank's most frequently originated type of loan was Conventional, with 221 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 88 $12,950,000 $147,159 $0 0.00%
    Home Purchase 62 $11,440,000 $184,516 $0 0.00%
    Cash Out Refi 60 $9,200,000 $153,333 $0 0.00%
    Other 8 $510,000 $63,750 $0 0.00%
    Home Improvement 3 $385,000 $128,333 $0 0.00%

    For 2021, The Shelby State Bank's most frequently cited loan purpose was Refi, with 88 originations. The 2nd most popular reason was Home Purchase, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 221 $34,485,000 $156,041 $0 0.00%

    For 2021, The Shelby State Bank's most frequently cited loan duration was Other, with 221 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 97 $14,155,000 $145,928 $0 0.00%
    $100,000 or less 72 $4,220,000 $58,611 $0 0.00%
    $200k-400k 44 $12,030,000 $273,409 $0 0.00%
    $400k-600k 8 $4,080,000 $510,000 $0 0.00%

    2021 saw The Shelby State Bank place emphasis on $100k-200k loans with 97 originations, totaling $14,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 45 $4,845,000 $107,667 $0 0.00%
    $50k or less 44 $3,760,000 $85,455 $0 0.00%
    $100k-150k 34 $5,970,000 $175,588 $0 0.00%
    $75k-100k 34 $5,380,000 $158,235 $0 0.00%
    $150k-250k 21 $4,025,000 $191,667 $0 0.00%
    $250k+ 13 $4,685,000 $360,385 $0 0.00%

    The Shelby State Bank lent most frequently to those with incomes in the $50k-75k range, with 45 originations. The second most popular income band? $50k or less, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 221 $34,485,000 $156,041 $0 0.00%

    The Shelby State Bank lent most frequently to those with DTI ratios of Exempt%, with 221 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 161 $24,125,000 $149,845 $0 0.00%
    Not provided 36 $5,690,000 $158,056 $0 0.00%
    Not applicable 21 $4,355,000 $207,381 $0 0.00%
    American Indian 2 $200,000 $100,000 $0 0.00%
    Asian 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.26%

    The Shelby State Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.28%

    The Shelby State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 221 $34,485,000 $156,041

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    221 $34,485,000 $156,041

    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 $6,982
    The Shelby State Bank 180 North Division Avenue Hesperia, MI 49421 Full Service B&M $23,522
    The Shelby State Bank 2222 Holton Road Dalton Township, MI 49445 Full Service B&M $21,731
    The Shelby State Bank 242 North Michigan Shelby, MI 49455 Full Service B&M $83,280
    The Shelby State Bank 30 North Meyers Avenue Ludington, MI 49431 Full Service B&M $23,872
    The Shelby State Bank 388 South Hancock Street Pentwater, MI 49449 Full Service B&M $21,948
    The Shelby State Bank 4555 Dowling Street Montague, MI 49437 Full Service B&M $29,292
    The Shelby State Bank 6448 Airline Road Fruitport Township, MI 49415 Full Service B&M $19,211
    The Shelby State Bank 811 South State Street Hart, MI 49420 Full Service B&M $34,326
    The Shelby State Bank 8238 Whitehall Road Whitehall Township, MI 49461 Full Service B&M $44,105

    For 2021, The Shelby State Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,110
    Net interest income $10,809
    Total noninterest income $4,941
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $540
    Trading account gains and fees $0
    Additional Noninterest Income $4,401
    Pre-tax net operating income $2,925
    Securities gains (or losses, -) $4
    Income before extraordinary items $2,276
    Discontinued Operations (Extraordinary gains, net) $3,480
    Net income of bank and minority interests $5,756
    Minority interest net income $0
    Net income $5,756
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,272

    The Shelby State Bank's gross interest income from loans was $11,110,000.
    The Shelby State Bank's net interest income from loans was $10,809,000.
    The Shelby State Bank's fee based income from loans was $540,000.
    The Shelby State Bank's net income from loans was $5,756,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $301
    Provision for credit losses $545
    Total noninterest expense $12,280
    Salaries and employee benefits $7,324
    Premises and equipment expense $1,323
    Additional noninterest expense $3,633
    Applicable income taxes $653
    Net charge-offs $8
    Cash dividends $979

    The Shelby State Bank's interest expense for loans was $301,000.
    The Shelby State Bank's payroll and benefits expense were $7,324,000.
    The Shelby State Bank's property, plant and equipment expenses $1,323,000.

    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 $336,211
    Deposits held in domestic offices $336,211
    Deposits by Individuals, partnerships, and corporations $306,707
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $29,504
    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 $187,625
    Demand deposits $129,212
    Nontransaction accounts $148,586
    Money market deposit accounts (MMDAs) $40,735
    Other savings deposits (excluding MMDAs) $82,078
    Total time deposits $25,773
    Total time and savings deposits $206,999
    Noninterest-bearing deposits $129,213
    Interest-bearing deposits $206,998
    Retail deposits $333,136
    IRAs and Keogh plan accounts $4,685
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $378,549
    Cash & Balances due from depository institutions $25,911
    Interest-bearing balances $19,806
    Total securities $164,031
    Federal funds sold & reverse repurchase $17
    Net loans and leases $171,406
    Loan and leases loss allowance $2,558
    Trading account assets $0
    Bank premises and fixed assets $7,630
    Other real estate owned $145
    Goodwill and other intangibles $1,415
    All other assets $7,994

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $378,549
    Total Liabilities $349,554
    Total deposits $336,211
    Interest-bearing deposits $206,998
    Deposits held in domestic offices $336,211
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $11,096
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,247

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $171,406
    Loan and leases loss allowance $2,558
    Total loans and leases (domestic) $173,964
    All real estate loans $154,403
    Real estate loans in domestic offices $154,403
    Construction and development loans $14,329
    Residential 1-4 family construction $1,563
    Other construction, all land development and other land $12,766
    Loans secured by nonfarm nonresidential properties $82,861
    Nonfarm nonresidential secured by owner-occupied properties $36,332
    Commercial real estate & other non-farm, non-residential $46,529
    Multifamily residential real estate $4,274
    1-4 family residential loans $42,775
    Farmland loans $10,164
    Loans held in foreign offices $0
    Farm loans $2,096
    Commercial and industrial loans $12,057
    To non-U.S. addressees $0
    Loans to individuals $3,784
    Credit card loans $0
    Related Plans $51
    Consumer Auto Loans $1,560
    Other loans to individuals $2,173
    All other loans & leases $1,625
    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 $3,938
    Non 1-4 family restructured loans & leases $3,894
    Total loans and leases (foreign) $0

    The Shelby State Bank had $171,406,000 of loans outstanding in 2021. $154,403,000 of loans were in real estate loans. $14,329,000 of loans were in development loans. $4,274,000 of loans were in multifamily mortgage loans. $42,775,000 of loans were in 1-4 family mortgage loans. $2,096,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,560,000 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 269 $53,923 $200,457
    Nonfarm, nonresidential loans - <$100k 67 $2,744 $40,955
    Nonfarm, nonresidential loans - $100-250k 94 $12,267 $130,500
    Nonfarm, nonresidential loans - $250k-1MM 108 $38,912 $360,296
    Commercial & Industrial, US addressed loans - <$1MM 169 $10,894 $64,462
    Commercial & Industrial, US addressed loans - <$100k 127 $3,634 $28,614
    Commercial & Industrial, US addressed loans - $100-250k 27 $2,771 $102,630
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $4,489 $299,267
    Farmland loans - <$1MM 45 $5,351 $118,911
    Farmland loans - <$100k 18 $485 $26,944
    Farmland loans - $100-250k 15 $1,592 $106,133
    Farmland loans - $250k-1MM 12 $3,274 $272,833
    Agriculture operations loans - <$1MM 33 $2,016 $61,091
    Agriculture operations loans - <$100k 23 $635 $27,609
    Agriculture operations loans - $100-250k 6 $425 $70,833
    Agriculture operations loans - $250k-1MM 4 $956 $239,000