Badger Bank Mortgage Rates, Fees & Info

Fort Atkinson, WI

LEI: 5493003Q218ZJ8R1WN88

Tax ID: 39-0210180

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

Review & Overview

Badger Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Badger Bank has a high proportion of conventional loans. Their top markets by origination volume include: Watertown, Madison, Milwaukee, Janesville, and Whitewater among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Badger Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Badger 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.45%	11/22/24
30 Year Conventional Refi	6.52%	11/22/24
30 Year Cash-out Refi	6.76%	11/22/24
15 Year Conventional Purchase	5.79%	11/22/24
15 Year Conventional Refi	6.10%	11/22/24
15 Year Cash-out Refi	6.10%	11/22/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Badger Bank Mortgage Calculator

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This is not an official calculator from Badger Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

221

Origination Dollar Volume (All Markets)

$43,385,000

Employee count

Awards

Badger Bank 30 Year Conventional Loans silver

Badger 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
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	152	$31,110,000	$204,671	$1,392	3.24%
MADISON, WI (FHA\|USDA\|VA)	24	$4,480,000	$186,667	$1,535	3.16%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	17	$3,535,000	$207,941	$1,481	3.07%
Outside of Metro Areas	7	$1,485,000	$212,143	$1,724	3.17%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	8	$980,000	$122,500	$1,221	3.36%
Whitewater, WI (FHA\|USDA\|VA)	4	$630,000	$157,500	$999	3.52%
Beaver Dam, WI (FHA\|USDA\|VA)	4	$600,000	$150,000	$2,398	3.72%
OSHKOSH-NEENAH, WI (FHA\|USDA\|VA)	2	$200,000	$100,000	$0	3.19%
DECATUR, IL (FHA\|USDA\|VA)	1	$155,000	$155,000	$314	3.00%
APPLETON, WI (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	3.63%
Platteville, WI (FHA\|USDA\|VA)	1	$95,000	$95,000	$0	3.88%

Badger Bank's top markets include Watertown, Madison, Milwaukee, Janesville, and Whitewater among others.

Their top states include:

Wisconsin (FHA|USDA|VA)

Illinois (FHA|USDA|VA)

Similar Lenders

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

PremierBank
Similarity Rank: 204

DMB Community Bank
Similarity Rank: 400

Dane County Credit Union
Similarity Rank: 531

The Greenwood's State Bank
Similarity Rank: 700

WISCONSIN MORTGAGE CORPORATION
Similarity Rank: 748

Monona Bank
Similarity Rank: 793

The Park Bank
Similarity Rank: 819

Hometown Bank
Similarity Rank: 840

Starion Bank
Similarity Rank: 900

State Bank of Cross Plains
Similarity Rank: 900

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	221	$43,385,000	$196,312	$1,430	3.24%

For 2021, Badger 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	83	$15,055,000	$181,386	$1,208	3.04%
Home Purchase	71	$17,475,000	$246,127	$1,753	3.54%
Cash Out Refi	55	$10,085,000	$183,364	$1,658	2.95%
Home Improvement	6	$460,000	$76,667	$269	4.13%
Other	6	$310,000	$51,667	$337	4.13%

For 2021, Badger Bank's most frequently cited loan purpose was Refi, with 83 originations. The 2nd most popular reason was Home Purchase, with 71 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	90	$18,230,000	$202,556	$1,706	3.13%
15 Year	49	$7,445,000	$151,939	$1,244	2.60%
Other	29	$2,995,000	$103,276	$790	4.01%
5 Year	25	$8,915,000	$356,600	$1,227	4.11%
20 Year	21	$4,625,000	$220,238	$1,604	2.78%
1 Year	3	$565,000	$188,333	$800	4.33%
3 Year	3	$425,000	$141,667	$0	4.25%
10 Year	1	$185,000	$185,000	$1,073	2.63%

For 2021, Badger Bank's most frequently cited loan duration was 30 Year, with 90 originations. The 2nd most popular length was 15 Year, with 49 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	163	$30,615,000	$187,822
$3k-4k	2	$730,000	$365,000

Badger Bank's average total fees were $1,706, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 163 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	93	$20,755,000	$223,172
2.5-3%	65	$12,925,000	$198,846
<2.5%	37	$5,975,000	$161,486
4-5%	23	$3,375,000	$146,739
5-6%	3	$355,000	$118,333

During 2021, Badger Bank's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 3-4%, with 93 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	95	$13,705,000	$144,263	$1,332	3.10%
$200k-400k	67	$17,865,000	$266,642	$1,774	3.21%
$100,000 or less	47	$2,995,000	$63,723	$734	3.52%
$400k-600k	7	$3,655,000	$522,143	$2,357	2.96%
$600k-1MM	4	$3,070,000	$767,500	$0	3.81%
$1MM+	1	$2,095,000	$2,095,000	$0	3.90%

2021 saw Badger Bank place emphasis on $100k-200k loans with 95 originations, totaling $13,705,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	47	$9,165,000	$195,000	$1,207	3.05%
$50k-75k	45	$6,555,000	$145,667	$1,493	3.28%
$75k-100k	35	$5,865,000	$167,571	$1,563	3.28%
$150k-250k	33	$7,795,000	$236,212	$1,689	3.17%
$50k or less	28	$3,410,000	$121,786	$1,346	3.08%
$250k+	14	$4,070,000	$290,714	$1,387	3.33%

Badger Bank lent most frequently to those with incomes in the $100k-150k range, with 47 originations. The second most popular income band? $50k-75k, with 45 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	72	$13,220,000	$183,611	$1,579	3.10%
30-36%	37	$7,395,000	$199,865	$1,396	3.14%
<20%	36	$5,930,000	$164,722	$1,148	2.96%
38%	8	$1,700,000	$212,500	$1,253	3.16%
44%	6	$840,000	$140,000	$1,714	3.78%
45%	5	$765,000	$153,000	$1,763	3.13%
36%	5	$865,000	$173,000	$1,521	2.90%
41%	5	$765,000	$153,000	$1,170	3.80%
39%	4	$420,000	$105,000	$3,136	4.02%
40%	4	$1,120,000	$280,000	$1,145	2.84%
50-60%	3	$425,000	$141,667	$849	3.38%
37%	3	$285,000	$95,000	$1,439	2.67%
43%	3	$645,000	$215,000	$1,916	4.25%
48%	3	$505,000	$168,333	$1,401	3.63%
49%	2	$140,000	$70,000	$589	3.44%
47%	2	$300,000	$150,000	$0	4.06%
>60%	1	$995,000	$995,000	$0	4.00%
42%	1	$255,000	$255,000	$1,376	3.25%

Badger Bank lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? 30-36%, with 37 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	194	$34,460,000	$177,629	$1,424	3.18%
Not applicable	16	$6,350,000	$396,875	$0	3.94%
Not provided	6	$1,060,000	$176,667	$1,441	3.43%
American Indian	3	$845,000	$281,667	$969	3.04%
Asian	2	$670,000	$335,000	$2,628	3.13%

Approval Rates

Total approvals of all applications
97.53%

Badger 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
92.76%

Badger Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	221	$43,385,000	$196,312

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	221	$43,385,000	$196,312

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	27	$3,545,000	$131,296	$899	3.29%
40-60%	55	$6,845,000	$124,455	$1,282	2.99%
60-80%	94	$22,850,000	$243,085	$1,605	3.13%
80-100%	36	$9,780,000	$271,667	$2,045	3.59%
Under 20%	9	$365,000	$40,556	$166	4.26%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Badger Bank	1003 South Main Street Jefferson, WI 53549	Full Service B&M	$13,280
Badger Bank	102 West Main Street Cambridge, WI 53523	Full Service B&M	$48,308
Badger Bank	220 Grant Street Fort Atkinson, WI 53538	Full Service B&M	$70,379
Badger Bank	545 Village Walk Lane Johnson Creek, WI 53038	Full Service B&M	$25,934

For 2021, Badger Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$5,687
Net interest income	$5,405
Total noninterest income	$2,100
Gross Fiduciary activities income	$326
Service charges on deposit accounts	$173
Trading account gains and fees	$0
Additional Noninterest Income	$1,601
Pre-tax net operating income	$2,888
Securities gains (or losses, -)	$-3
Income before extraordinary items	$2,158
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,158
Minority interest net income	$0
Net income	$2,158
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,160

Badger Bank's gross interest income from loans was $5,687,000.
Badger Bank's net interest income from loans was $5,405,000.
Badger Bank's fee based income from loans was $173,000.
Badger Bank's net income from loans was $2,158,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$282
Provision for credit losses	$120
Total noninterest expense	$4,497
Salaries and employee benefits	$2,620
Premises and equipment expense	$562
Additional noninterest expense	$1,315
Applicable income taxes	$727
Net charge-offs	$56
Cash dividends	$1,502

Badger Bank's interest expense for loans was $282,000.
Badger Bank's payroll and benefits expense were $2,620,000.
Badger Bank's property, plant and equipment expenses $562,000.

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	$155,437
Deposits held in domestic offices	$155,437
Deposits by Individuals, partnerships, and corporations	$140,472
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$14,965
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	$66,227
Demand deposits	$34,321
Nontransaction accounts	$89,210
Money market deposit accounts (MMDAs)	$22,569
Other savings deposits (excluding MMDAs)	$44,370
Total time deposits	$22,271
Total time and savings deposits	$121,116
Noninterest-bearing deposits	$34,321
Interest-bearing deposits	$121,116
Retail deposits	$152,751
IRAs and Keogh plan accounts	$5,076
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$182,527
Cash & Balances due from depository institutions	$16,007
Interest-bearing balances	$12,297
Total securities	$54,288
Federal funds sold & reverse repurchase	$552
Net loans and leases	$101,712
Loan and leases loss allowance	$1,201
Trading account assets	$0
Bank premises and fixed assets	$4,151
Other real estate owned	$336
Goodwill and other intangibles	$512
All other assets	$4,969

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$182,527
Total Liabilities	$161,597
Total deposits	$155,437
Interest-bearing deposits	$121,116
Deposits held in domestic offices	$155,437
% insured (estimated)	$83
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,000
Subordinated debt	$0
All other liabilities	$1,160

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$101,712
Loan and leases loss allowance	$1,201
Total loans and leases (domestic)	$102,913
All real estate loans	$83,660
Real estate loans in domestic offices	$83,660
Construction and development loans	$1,640
Residential 1-4 family construction	$467
Other construction, all land development and other land	$1,173
Loans secured by nonfarm nonresidential properties	$21,043
Nonfarm nonresidential secured by owner-occupied properties	$16,341
Commercial real estate & other non-farm, non-residential	$4,702
Multifamily residential real estate	$6,642
1-4 family residential loans	$52,107
Farmland loans	$2,228
Loans held in foreign offices	$0
Farm loans	$11
Commercial and industrial loans	$14,609
To non-U.S. addressees	$0
Loans to individuals	$2,072
Credit card loans	$0
Related Plans	$9
Consumer Auto Loans	$1,056
Other loans to individuals	$1,007
All other loans & leases	$2,561
Loans to foreign governments and official institutions	$0
Other loans	$894
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	$226
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Badger Bank had $101,712,000 of loans outstanding in 2021. $83,660,000 of loans were in real estate loans. $1,640,000 of loans were in development loans. $6,642,000 of loans were in multifamily mortgage loans. $52,107,000 of loans were in 1-4 family mortgage loans. $11,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,056,000 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	88	$16,250	$184,659
Nonfarm, nonresidential loans - <$100k	31	$817	$26,355
Nonfarm, nonresidential loans - $100-250k	32	$4,650	$145,313
Nonfarm, nonresidential loans - $250k-1MM	25	$10,783	$431,320
Commercial & Industrial, US addressed loans - <$1MM	170	$9,257	$54,453
Commercial & Industrial, US addressed loans - <$100k	136	$3,610	$26,544
Commercial & Industrial, US addressed loans - $100-250k	27	$2,568	$95,111
Commercial & Industrial, US addressed loans - $250k-1MM	7	$3,079	$439,857
Farmland loans - <$1MM	12	$976	$81,333
Farmland loans - <$100k	7	$207	$29,571
Farmland loans - $100-250k	4	$498	$124,500
Farmland loans - $250k-1MM	1	$271	$271,000
Agriculture operations loans - <$1MM	1	$11	$11,000
Agriculture operations loans - <$100k	1	$11	$11,000