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 two markets are Minneapolis and Brainerd .

    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

    163

    Origination Dollar Volume (All Markets)

    $31,145,000

    Employee count

    87

    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) 155 $29,535,000 $190,548 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 3 $985,000 $328,333 $0 0.00%
    Outside of Metro Areas 5 $625,000 $125,000 $0 0.00%
    Lake Elmo Bank's top markets include Minneapolis and Brainerd among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 163 $31,145,000 $191,074 $0 0.00%

    For 2019, Lake Elmo Bank's most frequently originated type of loan was Conventional, with 163 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 52 $10,630,000 $204,423 $0 0.00%
    Refi 48 $16,960,000 $353,333 $0 0.00%
    Other 33 $1,815,000 $55,000 $0 0.00%
    Home Improvement 30 $1,740,000 $58,000 $0 0.00%

    For 2019, Lake Elmo Bank's most frequently cited loan purpose was Home Purchase, with 52 originations. The 2nd most popular reason was Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 163 $31,145,000 $191,074 $0 0.00%

    For 2019, Lake Elmo Bank's most frequently cited loan duration was Other, with 163 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 80 $3,280,000 $41,000 $0 0.00%
    $100k-200k 42 $6,140,000 $146,190 $0 0.00%
    $200k-400k 25 $6,755,000 $270,200 $0 0.00%
    $400k-600k 8 $3,920,000 $490,000 $0 0.00%
    $600k-1MM 5 $3,835,000 $767,000 $0 0.00%
    $1MM+ 3 $7,215,000 $2,405,000 $0 0.00%

    2019 saw Lake Elmo Bank place emphasis on $100,000 or less loans with 80 originations, totaling $3,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $4,300,000 $113,158 $0 0.00%
    $50k-75k 27 $3,615,000 $133,889 $0 0.00%
    $150k-250k 23 $3,785,000 $164,565 $0 0.00%
    $75k-100k 23 $3,285,000 $142,826 $0 0.00%
    $50k or less 20 $2,370,000 $118,500 $0 0.00%
    $250k+ 12 $5,600,000 $466,667 $0 0.00%

    Lake Elmo Bank lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $50k-75k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 163 $31,145,000 $191,074 $0 0.00%

    Lake Elmo Bank lent most frequently to those with DTI ratios of Exempt%, with 163 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 137 $22,105,000 $161,350 $0 0.00%
    Not applicable 19 $8,175,000 $430,263 $0 0.00%
    Not provided 2 $510,000 $255,000 $0 0.00%
    Black 4 $180,000 $45,000 $0 0.00%
    Asian 1 $175,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.43%

    Lake Elmo Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.28%

    Lake Elmo Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 163 $31,145,000 $191,074

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $45,000 $45,000
    Single Family (1-4 Units):Site-Built 162 $31,100,000 $191,975

    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 $228,434
    Lake Elmo Bank 1937 South Greeley Street Stillwater, MN 55082 Full Service B&M $24,776
    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 $73,767
    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 2019, Lake Elmo Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,115
    Net interest income $14,257
    Total noninterest income $2,960
    Gross Fiduciary activities income $849
    Service charges on deposit accounts $517
    Trading account gains and fees $0
    Additional Noninterest Income $1,594
    Pre-tax net operating income $6,756
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,752
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,752
    Minority interest net income $0
    Net income $6,752
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,752

    Lake Elmo Bank's gross interest income from loans was $15,115,000.
    Lake Elmo Bank's net interest income from loans was $14,257,000.
    Lake Elmo Bank's fee based income from loans was $517,000.
    Lake Elmo Bank's net income from loans was $6,752,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $858
    Provision for credit losses $276
    Total noninterest expense $10,185
    Salaries and employee benefits $7,579
    Premises and equipment expense $730
    Additional noninterest expense $1,876
    Applicable income taxes $4
    Net charge-offs $-108
    Cash dividends $3,652

    Lake Elmo Bank's interest expense for loans was $858,000.
    Lake Elmo Bank's payroll and benefits expense were $7,579,000.
    Lake Elmo Bank's property, plant and equipment expenses $730,000.

    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 $329,871
    Deposits held in domestic offices $329,871
    Deposits by Individuals, partnerships, and corporations $317,708
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $12,163
    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 $140,487
    Demand deposits $77,956
    Nontransaction accounts $189,384
    Money market deposit accounts (MMDAs) $117,510
    Other savings deposits (excluding MMDAs) $20,280
    Total time deposits $51,594
    Total time and savings deposits $251,915
    Noninterest-bearing deposits $77,956
    Interest-bearing deposits $251,915
    Retail deposits $322,241
    IRAs and Keogh plan accounts $20,434
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $376,074
    Cash & Balances due from depository institutions $23,899
    Interest-bearing balances $21,771
    Total securities $62,167
    Federal funds sold & reverse repurchase $0
    Net loans and leases $273,824
    Loan and leases loss allowance $3,925
    Trading account assets $0
    Bank premises and fixed assets $6,965
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $9,219

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $376,074
    Total Liabilities $337,881
    Total deposits $329,871
    Interest-bearing deposits $251,915
    Deposits held in domestic offices $329,871
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $6,458
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,552

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $273,824
    Loan and leases loss allowance $3,925
    Total loans and leases (domestic) $277,749
    All real estate loans $243,192
    Real estate loans in domestic offices $243,192
    Construction and development loans $32,876
    Residential 1-4 family construction $15,604
    Other construction, all land development and other land $17,272
    Loans secured by nonfarm nonresidential properties $87,542
    Nonfarm nonresidential secured by owner-occupied properties $46,268
    Commercial real estate & other non-farm, non-residential $41,274
    Multifamily residential real estate $3,860
    1-4 family residential loans $117,473
    Farmland loans $1,441
    Loans held in foreign offices $0
    Farm loans $3
    Commercial and industrial loans $23,193
    To non-U.S. addressees $0
    Loans to individuals $9,864
    Credit card loans $0
    Related Plans $157
    Consumer Auto Loans $4,949
    Other loans to individuals $4,758
    All other loans & leases $1,497
    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 $1,172
    Non 1-4 family restructured loans & leases $658
    Total loans and leases (foreign) $0

    Lake Elmo Bank had $273,824,000 of loans outstanding in 2019. $243,192,000 of loans were in real estate loans. $32,876,000 of loans were in development loans. $3,860,000 of loans were in multifamily mortgage loans. $117,473,000 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. $4,949,000 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 176 $46,902 $266,489
    Nonfarm, nonresidential loans - <$100k 19 $768 $40,421
    Nonfarm, nonresidential loans - $100-250k 59 $8,219 $139,305
    Nonfarm, nonresidential loans - $250k-1MM 98 $37,915 $386,888
    Commercial & Industrial, US addressed loans - <$1MM 386 $21,646 $56,078
    Commercial & Industrial, US addressed loans - <$100k 301 $6,378 $21,189
    Commercial & Industrial, US addressed loans - $100-250k 43 $3,203 $74,488
    Commercial & Industrial, US addressed loans - $250k-1MM 42 $12,065 $287,262
    Farmland loans - <$1MM 4 $561 $140,250
    Farmland loans - <$100k 2 $107 $53,500
    Farmland loans - $100-250k 1 $156 $156,000
    Farmland loans - $250k-1MM 1 $298 $298,000
    Agriculture operations loans - <$1MM 1 $3 $3,000
    Agriculture operations loans - <$100k 1 $3 $3,000