Commerce State Bank Mortgage Rates, Fees & Info

West Bend, WI

LEI: 5493001UU04U3T40J822

Tax ID: 35-2259112

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
  • Complaints
  • Similar Lenders
  • 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

    Commerce State Bank is a smaller bank specializing in Home Purchase and Refi loans. Commerce State Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Milwaukee, Sheboygan, Oshkosh, Racine, and Appleton among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Commerce State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Commerce State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    593

    Origination Dollar Volume (All Markets)

    $134,435,000

    Employee count

    72

    Awards

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

    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
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 320 $79,760,000 $249,250 $1,610 3.60%
    SHEBOYGAN, WI (FHA|USDA|VA) 191 $33,555,000 $175,681 $1,716 3.28%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 11 $7,875,000 $715,909 $1,765 4.37%
    RACINE, WI (FHA|USDA|VA) 8 $2,140,000 $267,500 $0 4.59%
    Outside of Metro Areas 9 $1,935,000 $215,000 $1,870 3.47%
    APPLETON, WI (FHA|USDA|VA) 10 $1,760,000 $176,000 $1,687 3.51%
    Beaver Dam, WI (FHA|USDA|VA) 10 $1,560,000 $156,000 $1,529 3.60%
    FOND DU LAC, WI (FHA|USDA|VA) 12 $1,420,000 $118,333 $1,824 3.69%
    Whitewater, WI (FHA|USDA|VA) 2 $960,000 $480,000 $1,825 4.56%
    Manitowoc, WI (FHA|USDA|VA) 8 $890,000 $111,250 $1,453 2.98%
    Baraboo, WI (FHA|USDA|VA) 2 $590,000 $295,000 $2,154 3.88%
    MADISON, WI (FHA|USDA|VA) 2 $540,000 $270,000 $1,872 3.00%
    GREEN BAY, WI (FHA|USDA|VA) 3 $435,000 $145,000 $1,814 3.21%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $405,000 $405,000 $2,015 3.13%
    Marinette, WI-MI (FHA|USDA|VA) 2 $300,000 $150,000 $1,709 2.94%
    Shawano, WI (FHA|USDA|VA) 1 $165,000 $165,000 $1,989 3.00%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $145,000 $145,000 $1,340 2.88%
    Commerce State Bank's top markets include Milwaukee, Sheboygan, Oshkosh, Racine, and Appleton among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Commerce State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Hometown Bank
    Similarity Rank: 216
    The Greenwood's State Bank
    Similarity Rank: 432
    UNITEDONE Credit Union
    Similarity Rank: 442
    Empower Credit Union
    Similarity Rank: 459
    Horicon Bank
    Similarity Rank: 540
    Westbury Bank
    Similarity Rank: 612
    Fox Valley Savings Bank
    Similarity Rank: 952
    Guardian Credit Union
    Similarity Rank: 999
    NORTHWESTERN MUTUAL
    Similarity Rank: 1016
    State Bank of Cross Plains
    Similarity Rank: 1120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 588 $133,500,000 $227,041 $1,626 3.51%
    FHA 5 $935,000 $187,000 $5,202 3.48%

    For 2020, Commerce State Bank's most frequently originated type of loan was Conventional, with 588 originations. Their 2nd most popular type was FHA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 239 $50,705,000 $212,155 $2,001 3.87%
    Refi 217 $55,835,000 $257,304 $1,483 3.16%
    Cash Out Refi 124 $25,800,000 $208,065 $1,554 3.39%
    Other 11 $1,925,000 $175,000 $1,667 3.57%
    Home Improvement 2 $170,000 $85,000 $363 4.88%

    For 2020, Commerce State Bank's most frequently cited loan purpose was Home Purchase, with 239 originations. The 2nd most popular reason was Refi, with 217 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 284 $61,490,000 $216,514 $1,751 3.20%
    5 Year 113 $30,985,000 $274,204 $0 4.46%
    15 Year 110 $19,820,000 $180,182 $1,526 2.70%
    Other 44 $8,580,000 $195,000 $1,631 4.98%
    20 Year 22 $5,380,000 $244,545 $1,623 3.07%
    1 Year 8 $5,250,000 $656,250 $0 3.98%
    3 Year 7 $2,605,000 $372,143 $0 4.68%
    10 Year 5 $325,000 $65,000 $30 3.68%

    For 2020, Commerce State Bank's most frequently cited loan duration was 30 Year, with 284 originations. The 2nd most popular length was 5 Year, with 113 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 427 $85,525,000 $200,293
    $1k-2k 27 $6,995,000 $259,074
    $2k-3k 3 $865,000 $288,333
    $3k-4k 3 $905,000 $301,667
    $5k+ 1 $425,000 $425,000

    Commerce State Bank's average total fees were $1,751, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 427 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 237 $59,145,000 $249,557
    2.5-3% 181 $41,515,000 $229,365
    4-5% 97 $20,675,000 $213,144
    <2.5% 50 $8,760,000 $175,200
    5-6% 22 $3,720,000 $169,091
    6-7% 6 $620,000 $103,333

    During 2020, Commerce State Bank's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 237 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 209 $30,655,000 $146,675 $1,672 3.39%
    $200k-400k 203 $55,835,000 $275,049 $1,696 3.27%
    $100,000 or less 135 $9,655,000 $71,519 $1,458 3.98%
    $400k-600k 30 $14,270,000 $475,667 $2,022 3.48%
    $1MM+ 10 $19,560,000 $1,956,000 $0 3.86%
    $600k-1MM 6 $4,460,000 $743,333 $2,047 4.32%

    2020 saw Commerce State Bank place emphasis on $100k-200k loans with 209 originations, totaling $30,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 124 $30,180,000 $243,387 $1,644 3.27%
    $50k-75k 103 $17,125,000 $166,262 $1,667 3.23%
    $50k or less 80 $9,200,000 $115,000 $1,651 3.35%
    $150k-250k 75 $20,165,000 $268,867 $1,662 3.31%
    $75k-100k 74 $14,090,000 $190,405 $1,682 3.18%
    $250k+ 23 $7,335,000 $318,913 $1,770 3.78%

    Commerce State Bank lent most frequently to those with incomes in the $100k-150k range, with 124 originations. The second most popular income band? $50k-75k, with 103 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 139 $27,915,000 $200,827 $1,670 3.19%
    30-36% 102 $19,580,000 $191,961 $1,690 3.40%
    <20% 58 $12,310,000 $212,241 $1,569 3.14%
    42% 19 $3,345,000 $176,053 $1,784 3.09%
    37% 19 $4,315,000 $227,105 $1,659 3.32%
    41% 16 $3,620,000 $226,250 $1,577 3.48%
    38% 16 $3,070,000 $191,875 $1,568 3.20%
    39% 15 $3,055,000 $203,667 $1,732 3.58%
    44% 15 $2,685,000 $179,000 $1,850 3.14%
    43% 14 $4,190,000 $299,286 $1,835 3.22%
    40% 14 $2,960,000 $211,429 $1,567 3.31%
    36% 13 $2,275,000 $175,000 $1,780 3.34%
    47% 12 $2,860,000 $238,333 $1,500 3.18%
    45% 8 $2,090,000 $261,250 $1,482 4.19%
    46% 8 $1,490,000 $186,250 $1,579 3.27%
    49% 3 $445,000 $148,333 $1,757 2.75%
    50-60% 3 $805,000 $268,333 $1,969 4.75%
    >60% 3 $775,000 $258,333 $0 4.25%
    48% 2 $310,000 $155,000 $1,621 3.31%

    Commerce State Bank lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 448 $92,350,000 $206,138 $1,669 3.28%
    Not applicable 114 $36,340,000 $318,772 $0 4.41%
    Not provided 18 $3,550,000 $197,222 $1,515 3.67%
    Asian 10 $1,960,000 $196,000 $1,917 3.30%
    Black 2 $170,000 $85,000 $880 3.63%
    American Indian 1 $65,000 $65,000 $1,290 2.75%

    Approval Rates

    Total approvals of all applications
    96.81%

    Commerce State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.36%

    Commerce State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 593 $134,435,000 $226,703

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 30 $26,500,000 $883,333
    Single Family (1-4 Units):Manufactured 2 $220,000 $110,000
    Single Family (1-4 Units):Site-Built 561 $107,715,000 $192,005

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $5,595,000 $151,216 $1,392 3.63%
    40-60% 104 $23,920,000 $230,000 $1,580 3.14%
    60-80% 279 $70,585,000 $252,993 $1,609 3.44%
    80-100% 160 $33,840,000 $211,500 $2,042 3.75%
    Over 100% 1 $35,000 $35,000 $0 5.00%
    Under 20% 12 $460,000 $38,333 $363 4.61%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    COMMERCE BANK Conventional home mortgage Closing on a mortgage 2 66.7%
    COMMERCE BANK Home equity loan or line of credit (HELOC) Trouble during payment process 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 $65,571
    Commerce State Bank 1700 S Silverbrook Dr West Bend, WI 53095 Full Service B&M $383,262
    Commerce State Bank 2230 Kohler Memorial Drive Sheboygan, WI 53081 Full Service B&M $103,735
    Commerce State Bank N 301 Washington Avenue Cedarburg, WI 53012 Full Service B&M $99,060

    For 2020, Commerce State Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $32,480
    Net interest income $25,936
    Total noninterest income $4,357
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $464
    Trading account gains and fees $0
    Additional Noninterest Income $3,893
    Pre-tax net operating income $9,747
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,154
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,154
    Minority interest net income $0
    Net income $7,154
    Sale, conversion, retirement of capital stock, net $234
    Net operating income $7,154

    Commerce State Bank's gross interest income from loans was $32,480,000.
    Commerce State Bank's net interest income from loans was $25,936,000.
    Commerce State Bank's fee based income from loans was $464,000.
    Commerce State Bank's net income from loans was $7,154,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,544
    Provision for credit losses $6,875
    Total noninterest expense $13,671
    Salaries and employee benefits $8,344
    Premises and equipment expense $1,302
    Additional noninterest expense $4,025
    Applicable income taxes $2,593
    Net charge-offs $3,429
    Cash dividends $0

    Commerce State Bank's interest expense for loans was $6,544,000.
    Commerce State Bank's payroll and benefits expense were $8,344,000.
    Commerce State Bank's property, plant and equipment expenses $1,302,000.

    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 $642,621
    Deposits held in domestic offices $642,621
    Deposits by Individuals, partnerships, and corporations $542,778
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $32,858
    Deposits by Commercial banks and other depository institutions in U.S. $66,985
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $137,817
    Demand deposits $119,181
    Nontransaction accounts $504,804
    Money market deposit accounts (MMDAs) $63,569
    Other savings deposits (excluding MMDAs) $220,560
    Total time deposits $220,675
    Total time and savings deposits $523,440
    Noninterest-bearing deposits $119,181
    Interest-bearing deposits $523,440
    Retail deposits $563,094
    IRAs and Keogh plan accounts $11,257
    Brokered deposits $61,357
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $751,626
    Cash & Balances due from depository institutions $71,553
    Interest-bearing balances $59,956
    Total securities $30,254
    Federal funds sold & reverse repurchase $0
    Net loans and leases $619,742
    Loan and leases loss allowance $8,098
    Trading account assets $0
    Bank premises and fixed assets $14,303
    Other real estate owned $0
    Goodwill and other intangibles $890
    All other assets $14,884

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $751,626
    Total Liabilities $673,965
    Total deposits $642,621
    Interest-bearing deposits $523,440
    Deposits held in domestic offices $642,621
    % insured (estimated) $67
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $24,000
    Subordinated debt $0
    All other liabilities $7,344

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $619,742
    Loan and leases loss allowance $8,098
    Total loans and leases (domestic) $627,840
    All real estate loans $452,037
    Real estate loans in domestic offices $452,037
    Construction and development loans $54,193
    Residential 1-4 family construction $12,595
    Other construction, all land development and other land $41,598
    Loans secured by nonfarm nonresidential properties $240,059
    Nonfarm nonresidential secured by owner-occupied properties $164,483
    Commercial real estate & other non-farm, non-residential $75,576
    Multifamily residential real estate $41,801
    1-4 family residential loans $114,784
    Farmland loans $1,200
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $174,223
    To non-U.S. addressees $0
    Loans to individuals $234
    Credit card loans $0
    Related Plans $1
    Consumer Auto Loans $39
    Other loans to individuals $194
    All other loans & leases $1,346
    Loans to foreign governments and official institutions $0
    Other loans $107
    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 $696
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Commerce State Bank had $619,742,000 of loans outstanding in 2020. $452,037,000 of loans were in real estate loans. $54,193,000 of loans were in development loans. $41,801,000 of loans were in multifamily mortgage loans. $114,784,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $39,000 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 328 $91,809 $279,905
    Nonfarm, nonresidential loans - <$100k 50 $2,765 $55,300
    Nonfarm, nonresidential loans - $100-250k 89 $11,843 $133,067
    Nonfarm, nonresidential loans - $250k-1MM 189 $77,201 $408,471
    Commercial & Industrial, US addressed loans - <$1MM 476 $62,099 $130,460
    Commercial & Industrial, US addressed loans - <$100k 243 $6,745 $27,757
    Commercial & Industrial, US addressed loans - $100-250k 117 $13,525 $115,598
    Commercial & Industrial, US addressed loans - $250k-1MM 116 $41,829 $360,595
    Farmland loans - <$1MM 6 $579 $96,500
    Farmland loans - <$100k 1 $0 $0
    Farmland loans - $100-250k 2 $126 $63,000
    Farmland loans - $250k-1MM 3 $453 $151,000