Lake Elmo Bank Mortgage Rates, Fees & Info

Lake Elmo, MN

LEI: 549300B934MYWT57IX38

Tax ID: 41-0557070

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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

    Lake Elmo Bank is a smaller bank specializing in Home Purchase and Refi loans. Lake Elmo Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, and Steamboat Springs among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Lake Elmo 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.

    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

    210

    Origination Dollar Volume (All Markets)

    $39,660,000

    Employee count

    84

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 198 $36,560,000 $184,646 $0 0.00%
    Outside of Metro Areas 9 $1,925,000 $213,889 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $940,000 $470,000 $0 0.00%
    Steamboat Springs, CO (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    Lake Elmo Bank's top markets include Minneapolis, Duluth, and Steamboat Springs among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 210 $39,660,000 $188,857 $0 0.00%

    For 2018, Lake Elmo Bank's most frequently originated type of loan was Conventional, with 210 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 69 $21,865,000 $316,884 $0 0.00%
    Refi 63 $13,265,000 $210,556 $0 0.00%
    Home Improvement 55 $3,035,000 $55,182 $0 0.00%
    Other 23 $1,495,000 $65,000 $0 0.00%

    For 2018, Lake Elmo Bank's most frequently cited loan purpose was Home Purchase, with 69 originations. The 2nd most popular reason was Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 210 $39,660,000 $188,857 $0 0.00%

    For 2018, Lake Elmo Bank's most frequently cited loan duration was Other, with 210 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 96 $4,480,000 $46,667 $0 0.00%
    $100k-200k 48 $7,000,000 $145,833 $0 0.00%
    $200k-400k 38 $10,150,000 $267,105 $0 0.00%
    $400k-600k 17 $7,965,000 $468,529 $0 0.00%
    $600k-1MM 8 $5,650,000 $706,250 $0 0.00%
    $1MM+ 3 $4,415,000 $1,471,667 $0 0.00%

    2018 saw Lake Elmo Bank place emphasis on $100,000 or less loans with 96 originations, totaling $4,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 46 $6,360,000 $138,261 $0 0.00%
    $150k-250k 40 $10,060,000 $251,500 $0 0.00%
    $50k-75k 35 $4,055,000 $115,857 $0 0.00%
    $75k-100k 29 $3,405,000 $117,414 $0 0.00%
    $250k+ 22 $8,370,000 $380,455 $0 0.00%
    $50k or less 19 $1,585,000 $83,421 $0 0.00%

    Lake Elmo Bank lent most frequently to those with incomes in the $100k-150k range, with 46 originations. The second most popular income band? $150k-250k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 210 $39,660,000 $188,857 $0 0.00%

    Lake Elmo Bank lent most frequently to those with DTI ratios of Exempt%, with 210 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 187 $32,755,000 $175,160 $0 0.00%
    Not applicable 15 $5,535,000 $369,000 $0 0.00%
    Not provided 5 $915,000 $183,000 $0 0.00%
    Asian 2 $420,000 $210,000 $0 0.00%
    Black 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.16%

    Lake Elmo 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
    88.10%

    Lake Elmo Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 210 $39,660,000 $188,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $3,910,000 $977,500
    Single Family (1-4 Units):Site-Built 206 $35,750,000 $173,544

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Lake Elmo Bank 1033 Greshwin Avenue Oakdale, MN 55128 Limited, Mobile/Seasonal Office $0
    Lake Elmo Bank 11465 39th Street North Lake Elmo, MN 55042 Full Service B&M $254,347
    Lake Elmo Bank 1937 South Greeley Street Stillwater, MN 55082 Full Service B&M $20,347
    Lake Elmo Bank 5600 Norwich Parkway Oak Park Heights, MN 55082 Limited, Mobile/Seasonal Office $0
    Lake Elmo Bank 600 Inwood Avenue North Oakdale, MN 55128 Full Service B&M $64,435
    Lake Elmo Bank 7555 Bailey Road Woodbury, MN 55129 Limited, Mobile/Seasonal Office $0
    Lake Elmo Bank 8132 And 8133 Fourth Street North Oakdale, MN 55128 Limited, Mobile/Seasonal Office $0

    For 2018, Lake Elmo Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,841
    Net interest income $13,252
    Total noninterest income $2,697
    Gross Fiduciary activities income $859
    Service charges on deposit accounts $505
    Trading account gains and fees $0
    Additional Noninterest Income $1,333
    Pre-tax net operating income $5,841
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,837
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,837
    Minority interest net income $0
    Net income $5,837
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,837

    Lake Elmo Bank's gross interest income from loans was $13,841,000.
    Lake Elmo Bank's net interest income from loans was $13,252,000.
    Lake Elmo Bank's fee based income from loans was $505,000.
    Lake Elmo Bank's net income from loans was $5,837,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $589
    Provision for credit losses $240
    Total noninterest expense $9,868
    Salaries and employee benefits $7,212
    Premises and equipment expense $713
    Additional noninterest expense $1,943
    Applicable income taxes $4
    Net charge-offs $-278
    Cash dividends $3,322

    Lake Elmo Bank's interest expense for loans was $589,000.
    Lake Elmo Bank's payroll and benefits expense were $7,212,000.
    Lake Elmo Bank's property, plant and equipment expenses $713,000.

    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 $328,068
    Deposits held in domestic offices $328,068
    Deposits by Individuals, partnerships, and corporations $317,802
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $10,266
    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 $136,742
    Demand deposits $77,464
    Nontransaction accounts $191,326
    Money market deposit accounts (MMDAs) $119,921
    Other savings deposits (excluding MMDAs) $21,842
    Total time deposits $49,563
    Total time and savings deposits $250,604
    Noninterest-bearing deposits $77,464
    Interest-bearing deposits $250,604
    Retail deposits $322,635
    IRAs and Keogh plan accounts $19,053
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $368,097
    Cash & Balances due from depository institutions $26,459
    Interest-bearing balances $24,441
    Total securities $75,959
    Federal funds sold & reverse repurchase $0
    Net loans and leases $249,397
    Loan and leases loss allowance $3,542
    Trading account assets $0
    Bank premises and fixed assets $7,154
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $9,128

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $368,097
    Total Liabilities $334,927
    Total deposits $328,068
    Interest-bearing deposits $250,604
    Deposits held in domestic offices $328,068
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $5,353
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,506

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $249,397
    Loan and leases loss allowance $3,542
    Total loans and leases (domestic) $252,939
    All real estate loans $222,673
    Real estate loans in domestic offices $222,673
    Construction and development loans $29,588
    Residential 1-4 family construction $8,682
    Other construction, all land development and other land $20,906
    Loans secured by nonfarm nonresidential properties $74,094
    Nonfarm nonresidential secured by owner-occupied properties $44,597
    Commercial real estate & other non-farm, non-residential $29,497
    Multifamily residential real estate $4,126
    1-4 family residential loans $113,411
    Farmland loans $1,454
    Loans held in foreign offices $0
    Farm loans $3
    Commercial and industrial loans $17,684
    To non-U.S. addressees $0
    Loans to individuals $11,009
    Credit card loans $0
    Related Plans $144
    Consumer Auto Loans $5,860
    Other loans to individuals $5,005
    All other loans & leases $1,570
    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 $1,666
    Non 1-4 family restructured loans & leases $955
    Total loans and leases (foreign) $0

    Lake Elmo Bank had $249,397,000 of loans outstanding in 2018. $222,673,000 of loans were in real estate loans. $29,588,000 of loans were in development loans. $4,126,000 of loans were in multifamily mortgage loans. $113,411,000 of loans were in 1-4 family mortgage loans. $3,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,860,000 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 175 $45,895 $262,257
    Nonfarm, nonresidential loans - <$100k 23 $934 $40,609
    Nonfarm, nonresidential loans - $100-250k 59 $8,437 $143,000
    Nonfarm, nonresidential loans - $250k-1MM 93 $36,524 $392,731
    Commercial & Industrial, US addressed loans - <$1MM 367 $16,970 $46,240
    Commercial & Industrial, US addressed loans - <$100k 293 $6,483 $22,126
    Commercial & Industrial, US addressed loans - $100-250k 46 $3,574 $77,696
    Commercial & Industrial, US addressed loans - $250k-1MM 28 $6,913 $246,893
    Farmland loans - <$1MM 3 $526 $175,333
    Farmland loans - <$100k 1 $50 $50,000
    Farmland loans - $100-250k 1 $164 $164,000
    Farmland loans - $250k-1MM 1 $312 $312,000
    Agriculture operations loans - <$1MM 1 $3 $3,000
    Agriculture operations loans - <$100k 1 $3 $3,000