Prevail Bank Mortgage Rates, Fees & Info

Medford, WI

LEI: 254900OC13I9CJC7SD87

Tax ID: 39-0462655

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Prevail Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Prevail Bank has a high proportion of conventional loans. Their top markets include Wausau, Eau Claire, Stevens Point, Wisconsin Rapids, and Galesburg among others. Prevail Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Prevail Bank is typically a low fee lendor.


Originations

790

Origination Dollar Volume (All Markets)

$145,920,000

Employee count

122 Show all (11) awards

Relative Rate

Prevail Bank's average 30 year fixed rate mortgage of loans were 2.88%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.27%.

Relative Fees

Prevail Bank's average total fees for a 30 year fixed rate mortgage are $1,769.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 209 $33,295,000 $159,306 $1,486 2.62%
WAUSAU-WESTON, WI (FHA|USDA|VA) 204 $29,830,000 $146,225 $1,380 2.67%
EAU CLAIRE, WI (FHA|USDA|VA) 109 $26,405,000 $242,248 $1,653 2.68%
Stevens Point, WI (FHA|USDA|VA) 94 $22,010,000 $234,149 $1,417 2.76%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 118 $16,380,000 $138,814 $1,390 2.63%
Galesburg, IL (FHA|USDA|VA) 1 $5,825,000 $5,825,000 $0 3.48%
MADISON, WI (FHA|USDA|VA) 11 $3,615,000 $328,636 $1,771 2.91%
Baraboo, WI (FHA|USDA|VA) 18 $2,930,000 $162,778 $1,209 3.12%
Menomonie, WI (FHA|USDA|VA) 8 $1,510,000 $188,750 $1,880 2.72%
APPLETON, WI (FHA|USDA|VA) 3 $755,000 $251,667 $2,266 3.21%
ROCHESTER, MN (FHA|USDA|VA) 1 $665,000 $665,000 $0 3.60%
Shawano, WI (FHA|USDA|VA) 2 $440,000 $220,000 $1,509 4.06%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $335,000 $335,000 $1,462 2.75%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $330,000 $165,000 $0 3.44%
GREEN BAY, WI (FHA|USDA|VA) 2 $310,000 $155,000 $1,131 2.94%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $285,000 $285,000 $1,457 2.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.30%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.55%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,265 2.38%
Platteville, WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,264 2.25%
FOND DU LAC, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,507 3.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $95,000 $95,000 $1,057 2.38%

Prevail Bank's top markets include Wausau, Eau Claire, Stevens Point, Wisconsin Rapids, and Galesburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 790 $145,920,000 $184,709 $1,465 2.69%

For the 2021 period, Prevail Bank's most frequently originated loan type of loans were Conventional, with 790 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 318 $57,880,000 $182,013 $1,341 2.60%
Refi 215 $31,665,000 $147,279 $1,206 2.59%
Home Purchase 202 $52,300,000 $258,911 $2,214 2.97%
Other 34 $2,770,000 $81,471 $989 2.55%
Home Improvement 21 $1,305,000 $62,143 $832 2.66%

For the 2021, Prevail Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 318 originations. The 2nd most popular reason of loans were Refi, with 215 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 280 $43,110,000 $153,964 $1,330 2.42%
30 Year 268 $55,610,000 $207,500 $1,769 2.88%
10 Year 143 $16,965,000 $118,636 $1,005 2.37%
5 Year 35 $11,425,000 $326,429 $0 3.75%
Other 30 $9,260,000 $308,667 $2,345 3.45%
20 Year 14 $2,270,000 $162,143 $1,364 3.04%
30+ year 12 $3,830,000 $319,167 $2,547 2.90%
3 Year 8 $3,450,000 $431,250 $0 3.38%

For the 2021, Prevail Bank's most frequently cited loan length of loans were 15 Year, with 280 originations. The 2nd most popular length of loans were 30 Year, with 268 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 713 $120,275,000 $168,689
$2k-3k 3 $785,000 $261,667
$1k-2k 2 $380,000 $190,000

$1,769 of loans were Prevail Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 713 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 432 $67,760,000 $156,852
2.5-3% 229 $43,145,000 $188,406
3-4% 115 $31,005,000 $269,609
4-5% 13 $3,785,000 $291,154
5-6% 1 $225,000 $225,000

During 2021, Prevail Bank's average interest rate of loans were 2.88%, while their most frequently originated rate bucket of loans were <2.5%, with 432 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 327 $47,735,000 $145,979 $1,439 2.65%
$100,000 or less 232 $15,430,000 $66,509 $1,164 2.65%
$200k-400k 197 $53,305,000 $270,584 $1,778 2.76%
$400k-600k 19 $9,345,000 $491,842 $1,843 2.81%
$600k-1MM 8 $5,580,000 $697,500 $2,587 2.98%
$1MM+ 7 $14,525,000 $2,075,000 $2,407 3.18%

2021 saw Prevail Bank place emphasis on $100k-200k loans with 327 originations, totaling $47,735,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 173 $34,595,000 $199,971 $1,505 2.59%
$50k or less 151 $16,065,000 $106,391 $1,461 2.66%
$50k-75k 148 $19,840,000 $134,054 $1,443 2.60%
$75k-100k 141 $22,885,000 $162,305 $1,463 2.62%
$150k-250k 70 $17,710,000 $253,000 $1,428 2.61%
$250k+ 27 $9,245,000 $342,407 $1,599 2.57%

Prevail Bank lent most frequently to those with incomes in the $100k-150k range, with 173 originations. The second most popular income band? $50k or less, with 151 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 205 $33,435,000 $163,098 $1,452 2.59%
30-36% 135 $22,115,000 $163,815 $1,501 2.63%
<20% 118 $16,490,000 $139,746 $1,338 2.48%
50-60% 39 $8,015,000 $205,513 $1,402 2.44%
41% 24 $5,110,000 $212,917 $1,477 2.63%
39% 23 $4,505,000 $195,870 $1,739 2.67%
44% 22 $4,520,000 $205,455 $1,612 2.74%
43% 20 $3,510,000 $175,500 $1,675 2.76%
>60% 18 $4,980,000 $276,667 $1,756 2.58%
40% 18 $2,700,000 $150,000 $1,378 2.51%
38% 17 $3,245,000 $190,882 $1,720 2.62%
42% 14 $2,510,000 $179,286 $1,405 2.66%
36% 12 $2,980,000 $248,333 $1,543 2.65%
37% 11 $1,715,000 $155,909 $1,715 2.78%
45% 11 $1,625,000 $147,727 $1,242 2.65%
47% 7 $965,000 $137,857 $1,257 2.61%
46% 6 $720,000 $120,000 $1,357 2.46%
49% 4 $570,000 $142,500 $1,288 2.56%
48% 2 $200,000 $100,000 $1,578 2.63%

Prevail Bank lent most frequently to those with DTI ratios of 20-30%, with 205 originations. The next most common DTI ratio? 30-36%, with 135 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 665 $111,215,000 $167,241 $1,455 2.62%
Not applicable 57 $22,125,000 $388,158 $0 3.72%
Not provided 55 $10,285,000 $187,000 $1,507 2.54%
Asian 9 $1,445,000 $160,556 $1,847 2.53%
Asian Indian 2 $660,000 $330,000 $1,946 2.31%
Other Asian 1 $145,000 $145,000 $1,497 2.88%
American Indian 1 $45,000 $45,000 $1,029 2.38%

Approval Rates

Total approvals of all applications
93.79%

Prevail Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.96%

Prevail Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 790 $145,920,000 $184,709

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
790 $145,920,000 $184,709

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 77 $7,145,000 $92,792 $1,277 2.53%
40-60% 184 $33,980,000 $184,674 $1,325 2.63%
60-80% 367 $75,385,000 $205,409 $1,498 2.72%
80-100% 123 $27,875,000 $226,626 $1,939 2.82%
Under 20% 37 $1,235,000 $33,378 $641 2.54%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Prevail Bank 110 Linn Street Baraboo, WI 53913 Full Service B&M $84,726
Prevail Bank 1601 Lincoln Street Wisconsin Rapids, WI 54494 Full Service B&M $142,656
Prevail Bank 204 N Avon Ave Phillips, WI 54555 Full Service B&M $95,452
Prevail Bank 2225 Fairfax Street Eau Claire, WI 54701 Full Service B&M $3,446
Prevail Bank 326 North Central Avenue Owen, WI 54460 Full Service B&M $40,919
Prevail Bank 5709 Windy Drive, Suite A Stevens Point, WI 54482 Full Service B&M $44,282
Prevail Bank 675 E. Broadway Ave. Medford, WI 54451 Full Service B&M $143,238
Prevail Bank 810 North Central Avenue Marshfield, WI 54449 Full Service B&M $120,072
Prevail Bank 900 South 17th Avenue Wausau, WI 54401 Full Service B&M $55,829

For 2021, Prevail Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $25,453
Net interest income $22,097
Total noninterest income $1,967
Gross Fiduciary activities income $0
Service charges on deposit accounts $168
Trading account gains and fees $0
Additional Noninterest Income $1,799
Pre-tax net operating income $7,615
Securities gains (or losses, -) $17
Income before extraordinary items $6,060
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,060
Minority interest net income $0
Net income $6,060
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,046

Prevail Bank's gross interest income from loans was $25,453,000.
Prevail Bank's net interest income from loans was $22,097,000.
Prevail Bank's fee based income from loans was $168,000.
Prevail Bank's net income from loans was $6,060,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,356
Provision for credit losses $650
Total noninterest expense $15,799
Salaries and employee benefits $10,203
Premises and equipment expense $1,631
Additional noninterest expense $3,965
Applicable income taxes $1,572
Net charge-offs $-52
Cash dividends $0

Prevail Bank's interest expense for loans was $3,356,000.
Prevail Bank's payroll and benefits expense were $10,203,000.
Prevail Bank's property, plant and equipment expenses $1,631,000.

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 1.0%
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 $774,960
Deposits held in domestic offices $774,960
Deposits by Individuals, partnerships, and corporations $730,857
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $42,659
Deposits by Commercial banks and other depository institutions in U.S. $1,444
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $215,558
Demand deposits $215,558
Nontransaction accounts $559,402
Money market deposit accounts (MMDAs) $145,770
Other savings deposits (excluding MMDAs) $198,381
Total time deposits $215,251
Total time and savings deposits $559,402
Noninterest-bearing deposits $103,601
Interest-bearing deposits $671,359
Retail deposits $748,444
IRAs and Keogh plan accounts $58,558
Brokered deposits $11
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $941,811
Cash & Balances due from depository institutions $47,111
Interest-bearing balances $33,830
Total securities $251,565
Federal funds sold & reverse repurchase $395
Net loans and leases $568,171
Loan and leases loss allowance $5,087
Trading account assets $0
Bank premises and fixed assets $14,312
Other real estate owned $0
Goodwill and other intangibles $30,019
All other assets $30,238

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $941,811
Total Liabilities $793,376
Total deposits $774,960
Interest-bearing deposits $671,359
Deposits held in domestic offices $774,960
% insured (estimated) $79
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $13,000
Subordinated debt $0
All other liabilities $5,416

Issued Loan Types

Type Value (in 000's)
Net loans and leases $568,171
Loan and leases loss allowance $5,087
Total loans and leases (domestic) $573,258
All real estate loans $515,859
Real estate loans in domestic offices $515,859
Construction and development loans $20,211
Residential 1-4 family construction $2,603
Other construction, all land development and other land $17,608
Loans secured by nonfarm nonresidential properties $105,509
Nonfarm nonresidential secured by owner-occupied properties $52,195
Commercial real estate & other non-farm, non-residential $53,314
Multifamily residential real estate $46,322
1-4 family residential loans $339,669
Farmland loans $4,148
Loans held in foreign offices $0
Farm loans $322
Commercial and industrial loans $43,580
To non-U.S. addressees $0
Loans to individuals $895
Credit card loans $0
Related Plans $0
Consumer Auto Loans $728
Other loans to individuals $167
All other loans & leases $12,602
Loans to foreign governments and official institutions $0
Other loans $1,408
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 $4,659
Non 1-4 family restructured loans & leases $4,528
Total loans and leases (foreign) $0

Prevail Bank had $568,171,000 of loans outstanding in 2021. $515,859,000 of loans were in real estate loans. $20,211,000 of loans were in development loans. $46,322,000 of loans were in multifamily mortgage loans. $339,669,000 of loans were in 1-4 family mortgage loans. $322,000 of loans were in farm loans. $0 of loans were in credit card loans. $728,000 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 127 $29,105 $229,173
Nonfarm, nonresidential loans - <$100k 21 $934 $44,476
Nonfarm, nonresidential loans - $100-250k 44 $5,538 $125,864
Nonfarm, nonresidential loans - $250k-1MM 62 $22,633 $365,048
Commercial & Industrial, US addressed loans - <$1MM 153 $12,216 $79,843
Commercial & Industrial, US addressed loans - <$100k 99 $2,424 $24,485
Commercial & Industrial, US addressed loans - $100-250k 21 $2,308 $109,905
Commercial & Industrial, US addressed loans - $250k-1MM 33 $7,484 $226,788
Farmland loans - <$1MM 18 $2,632 $146,222
Farmland loans - <$100k 3 $103 $34,333
Farmland loans - $100-250k 12 $1,666 $138,833
Farmland loans - $250k-1MM 3 $863 $287,667
Agriculture operations loans - <$1MM 5 $322 $64,400
Agriculture operations loans - <$100k 4 $95 $23,750
Agriculture operations loans - $100-250k 1 $227 $227,000