Commerce State Bank Mortgage Rates, Fees & Info

West Bend, WI

LEI: 5493001UU04U3T40J822

Tax ID: 35-2259112

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Commerce State Bank is a smaller bank specializing in Home Purchase and Refi loans. Commerce State Bank has a high proportion of conventional loans. Their top markets include Milwaukee, Sheboygan, Oshkosh, Green Bay, and Fond Du Lac among others. Commerce State 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. Commerce State Bank is typically a low fee lendor.


Originations

496

Origination Dollar Volume (All Markets)

$141,790,000

Employee count

72

Awards

Commerce State Bank 30 Year Conventional Loans silver Commerce State Bank 30 Year Conventional Loans gold Commerce State Bank 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Commerce State Bank's average 30 year fixed rate mortgage of loans were 3.13%.

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

This yields a difference of -0.02%.

Relative Fees

Commerce State Bank's average total fees for a 30 year fixed rate mortgage are $1,756.

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
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 274 $81,370,000 $296,971 $1,767 3.42%
SHEBOYGAN, WI (FHA|USDA|VA) 131 $34,815,000 $265,763 $1,722 3.19%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 11 $4,945,000 $449,545 $2,269 3.85%
GREEN BAY, WI (FHA|USDA|VA) 3 $4,845,000 $1,615,000 $2,026 3.33%
FOND DU LAC, WI (FHA|USDA|VA) 18 $4,050,000 $225,000 $1,577 3.34%
RACINE, WI (FHA|USDA|VA) 15 $3,385,000 $225,667 $1,786 4.43%
Outside of Metro Areas 11 $2,305,000 $209,545 $1,898 3.30%
WAUSAU-WESTON, WI (FHA|USDA|VA) 3 $1,005,000 $335,000 $1,789 3.50%
Shawano, WI (FHA|USDA|VA) 3 $855,000 $285,000 $1,767 4.11%
Beaver Dam, WI (FHA|USDA|VA) 6 $750,000 $125,000 $1,315 4.25%
APPLETON, WI (FHA|USDA|VA) 5 $695,000 $139,000 $1,769 3.38%
Manitowoc, WI (FHA|USDA|VA) 4 $650,000 $162,500 $1,688 2.97%
MADISON, WI (FHA|USDA|VA) 2 $520,000 $260,000 $2,133 3.13%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $440,000 $220,000 $1,546 2.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $345,000 $345,000 $1,646 3.63%
Baraboo, WI (FHA|USDA|VA) 1 $345,000 $345,000 $2,320 3.38%
Marinette, WI-MI (FHA|USDA|VA) 4 $300,000 $75,000 $1,997 2.84%
Stevens Point, WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,640 3.00%
Whitewater, WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.25%

Commerce State Bank's top markets include Milwaukee, Sheboygan, Oshkosh, Green Bay, and Fond Du Lac among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 496 $141,790,000 $285,867 $1,755 3.39%

For the 2021 period, Commerce State Bank's most frequently originated loan type of loans were Conventional, with 496 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 214 $61,080,000 $285,421 $2,225 3.73%
Refi 180 $58,550,000 $325,278 $1,505 3.11%
Cash Out Refi 84 $18,860,000 $224,524 $1,642 3.04%
Other 12 $2,040,000 $170,000 $979 3.73%
Home Improvement 6 $1,260,000 $210,000 $1,220 4.19%

For the 2021, Commerce State Bank's most frequently cited loan purpose of loans were Home Purchase, with 214 originations. The 2nd most popular reason of loans were Refi, with 180 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 172 $40,410,000 $234,942 $1,756 3.13%
5 Year 130 $38,890,000 $299,154 $0 4.12%
15 Year 94 $18,260,000 $194,255 $1,532 2.58%
Other 55 $32,385,000 $588,818 $2,463 4.07%
20 Year 29 $5,705,000 $196,724 $1,419 2.94%
1 Year 11 $3,245,000 $295,000 $0 3.77%
10 Year 3 $555,000 $185,000 $701 3.21%
3 Year 2 $2,340,000 $1,170,000 $0 3.75%

For the 2021, Commerce State Bank's most frequently cited loan length of loans were 30 Year, with 172 originations. The 2nd most popular length of loans were 5 Year, with 130 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 308 $68,160,000 $221,299
$1k-2k 17 $2,975,000 $175,000
$2k-3k 9 $1,615,000 $179,444
$3k-4k 9 $2,595,000 $288,333
$5k+ 1 $545,000 $545,000

$1,756 of loans were Commerce State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 308 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 211 $88,265,000 $418,318
2.5-3% 147 $32,325,000 $219,898
4-5% 83 $12,755,000 $153,675
<2.5% 46 $7,850,000 $170,652
5-6% 5 $295,000 $59,000
6-7% 3 $275,000 $91,667

During 2021, Commerce State Bank's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 3-4%, with 211 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 187 $27,985,000 $149,652 $1,640 3.25%
$200k-400k 134 $37,000,000 $276,119 $1,967 3.27%
$100,000 or less 103 $7,245,000 $70,340 $1,489 3.81%
$400k-600k 45 $21,855,000 $485,667 $2,007 3.32%
$1MM+ 14 $38,370,000 $2,740,714 $2,518 3.53%
$600k-1MM 13 $9,335,000 $718,077 $1,112 3.57%

2021 saw Commerce State Bank place emphasis on $100k-200k loans with 187 originations, totaling $27,985,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 74 $11,420,000 $154,324 $1,653 3.04%
$75k-100k 71 $13,925,000 $196,127 $1,752 3.16%
$100k-150k 67 $15,265,000 $227,836 $1,839 3.20%
$150k-250k 54 $16,100,000 $298,148 $1,966 3.19%
$50k or less 53 $6,605,000 $124,623 $1,613 3.11%
$250k+ 34 $14,210,000 $417,941 $1,702 3.06%

Commerce State Bank lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $75k-100k, with 71 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 85 $17,095,000 $201,118 $1,695 3.02%
<20% 62 $17,960,000 $289,677 $1,606 2.90%
30-36% 52 $11,550,000 $222,115 $2,016 3.19%
41% 18 $3,350,000 $186,111 $1,629 3.05%
39% 15 $2,865,000 $191,000 $1,849 3.44%
36% 14 $3,140,000 $224,286 $1,992 3.21%
38% 14 $2,830,000 $202,143 $2,170 3.37%
47% 13 $2,615,000 $201,154 $1,648 3.36%
42% 12 $2,630,000 $219,167 $1,871 2.99%
37% 12 $2,380,000 $198,333 $1,666 2.98%
40% 12 $1,820,000 $151,667 $1,698 3.28%
46% 9 $2,085,000 $231,667 $1,480 3.21%
49% 7 $1,435,000 $205,000 $1,629 2.95%
48% 6 $810,000 $135,000 $1,675 3.44%
44% 6 $1,010,000 $168,333 $1,491 3.48%
43% 6 $1,720,000 $286,667 $1,607 3.48%
45% 4 $1,310,000 $327,500 $1,748 3.09%
50-60% 1 $85,000 $85,000 $0 3.75%
>60% 1 $125,000 $125,000 $0 3.75%

Commerce State Bank lent most frequently to those with DTI ratios of 20-30%, with 85 originations. The next most common DTI ratio? <20%, with 62 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 324 $71,010,000 $219,167 $1,755 3.12%
Not applicable 139 $62,945,000 $452,842 $0 4.05%
Not provided 24 $5,590,000 $232,917 $1,492 3.38%
Asian 4 $1,160,000 $290,000 $2,621 3.09%
Black 3 $695,000 $231,667 $1,903 3.25%
American Indian 1 $265,000 $265,000 $2,811 2.88%
Asian Indian 1 $125,000 $125,000 $1,651 3.50%

Approval Rates

Total approvals of all applications
94.52%

Commerce State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
88.86%

Commerce State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 496 $141,790,000 $285,867

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
496 $141,790,000 $285,867

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 36 $8,120,000 $225,556 $1,455 3.23%
40-60% 92 $20,480,000 $222,609 $1,672 3.09%
60-80% 248 $73,790,000 $297,540 $1,696 3.43%
80-100% 102 $37,710,000 $369,706 $2,163 3.56%
Over 100% 2 $570,000 $285,000 $4,767 4.25%
Under 20% 13 $675,000 $51,923 $539 3.79%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
COMMERCE BANK Conventional home mortgage Closing on a mortgage 1 33.3%
COMMERCE BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
COMMERCE BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Commerce State Bank 12960 West Bluemound Road Elm Grove, WI 53122 Full Service B&M $73,071
Commerce State Bank 1700 S Silverbrook Dr West Bend, WI 53095 Full Service B&M $392,085
Commerce State Bank 2230 Kohler Memorial Drive Sheboygan, WI 53081 Full Service B&M $126,227
Commerce State Bank N 301 Washington Avenue Cedarburg, WI 53012 Full Service B&M $115,708

For 2021, Commerce State Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $32,222
Net interest income $29,698
Total noninterest income $4,630
Gross Fiduciary activities income $0
Service charges on deposit accounts $448
Trading account gains and fees $0
Additional Noninterest Income $4,182
Pre-tax net operating income $15,885
Securities gains (or losses, -) $0
Income before extraordinary items $11,645
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,645
Minority interest net income $0
Net income $11,645
Sale, conversion, retirement of capital stock, net $388
Net operating income $11,645

Commerce State Bank's gross interest income from loans was $32,222,000.
Commerce State Bank's net interest income from loans was $29,698,000.
Commerce State Bank's fee based income from loans was $448,000.
Commerce State Bank's net income from loans was $11,645,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,524
Provision for credit losses $3,700
Total noninterest expense $14,743
Salaries and employee benefits $9,272
Premises and equipment expense $1,353
Additional noninterest expense $4,118
Applicable income taxes $4,240
Net charge-offs $2,845
Cash dividends $3,508

Commerce State Bank's interest expense for loans was $2,524,000.
Commerce State Bank's payroll and benefits expense were $9,272,000.
Commerce State Bank's property, plant and equipment expenses $1,353,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
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 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 $709,971
Deposits held in domestic offices $709,971
Deposits by Individuals, partnerships, and corporations $601,956
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $35,480
Deposits by Commercial banks and other depository institutions in U.S. $72,535
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $175,856
Demand deposits $154,134
Nontransaction accounts $534,115
Money market deposit accounts (MMDAs) $74,586
Other savings deposits (excluding MMDAs) $273,108
Total time deposits $186,420
Total time and savings deposits $555,837
Noninterest-bearing deposits $154,134
Interest-bearing deposits $555,837
Retail deposits $643,737
IRAs and Keogh plan accounts $9,589
Brokered deposits $56,470
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $837,128
Cash & Balances due from depository institutions $51,896
Interest-bearing balances $42,113
Total securities $39,472
Federal funds sold & reverse repurchase $0
Net loans and leases $714,699
Loan and leases loss allowance $8,953
Trading account assets $0
Bank premises and fixed assets $13,907
Other real estate owned $493
Goodwill and other intangibles $1,102
All other assets $15,559

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $837,128
Total Liabilities $751,613
Total deposits $709,971
Interest-bearing deposits $555,837
Deposits held in domestic offices $709,971
% insured (estimated) $61
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $35,000
Subordinated debt $0
All other liabilities $6,642

Issued Loan Types

Type Value (in 000's)
Net loans and leases $714,699
Loan and leases loss allowance $8,953
Total loans and leases (domestic) $723,652
All real estate loans $551,550
Real estate loans in domestic offices $551,550
Construction and development loans $74,248
Residential 1-4 family construction $11,765
Other construction, all land development and other land $62,483
Loans secured by nonfarm nonresidential properties $278,703
Nonfarm nonresidential secured by owner-occupied properties $191,454
Commercial real estate & other non-farm, non-residential $87,249
Multifamily residential real estate $74,947
1-4 family residential loans $123,223
Farmland loans $429
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $168,703
To non-U.S. addressees $0
Loans to individuals $2,059
Credit card loans $0
Related Plans $1
Consumer Auto Loans $1,010
Other loans to individuals $1,048
All other loans & leases $1,341
Loans to foreign governments and official institutions $0
Other loans $60
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Commerce State Bank had $714,699,000 of loans outstanding in 2021. $551,550,000 of loans were in real estate loans. $74,248,000 of loans were in development loans. $74,947,000 of loans were in multifamily mortgage loans. $123,223,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,010,000 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 315 $96,271 $305,622
Nonfarm, nonresidential loans - <$100k 42 $2,217 $52,786
Nonfarm, nonresidential loans - $100-250k 85 $12,032 $141,553
Nonfarm, nonresidential loans - $250k-1MM 188 $82,022 $436,287
Commercial & Industrial, US addressed loans - <$1MM 472 $62,947 $133,362
Commercial & Industrial, US addressed loans - <$100k 219 $5,861 $26,763
Commercial & Industrial, US addressed loans - $100-250k 115 $13,298 $115,635
Commercial & Industrial, US addressed loans - $250k-1MM 138 $43,788 $317,304
Farmland loans - <$1MM 1 $40 $40,000
Farmland loans - $100-250k 1 $40 $40,000