Lake Elmo Bank Mortgage Rates, Fees & Info

Lake Elmo, MN

LEI: 549300B934MYWT57IX38

Tax ID: 41-0557070

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
  • 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 Refi and Home Purchase loans. Lake Elmo Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, Menomonie, St. Cloud, and Brainerd among others. We have data for 8 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 an above 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

    312

    Origination Dollar Volume (All Markets)

    $90,630,000

    Employee count

    82

    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) 295 $85,415,000 $289,542 $0 0.00%
    Outside of Metro Areas 9 $3,705,000 $411,667 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $470,000 $235,000 $0 0.00%
    Menomonie, WI (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $230,000 $115,000 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    MANKATO, MN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    Lake Elmo Bank's top markets include Minneapolis, Duluth, Menomonie, St. Cloud, 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 312 $90,630,000 $290,481 $0 0.00%

    For 2021, Lake Elmo Bank's most frequently originated type of loan was Conventional, with 312 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 165 $52,495,000 $318,152 $0 0.00%
    Home Purchase 106 $36,060,000 $340,189 $0 0.00%
    Home Improvement 21 $915,000 $43,571 $0 0.00%
    Other 20 $1,160,000 $58,000 $0 0.00%

    For 2021, Lake Elmo Bank's most frequently cited loan purpose was Refi, with 165 originations. The 2nd most popular reason was Home Purchase, with 106 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 312 $90,630,000 $290,481 $0 0.00%

    For 2021, Lake Elmo Bank's most frequently cited loan duration was Other, with 312 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 112 $31,670,000 $282,768 $0 0.00%
    $100k-200k 87 $12,795,000 $147,069 $0 0.00%
    $100,000 or less 62 $3,250,000 $52,419 $0 0.00%
    $400k-600k 32 $15,110,000 $472,188 $0 0.00%
    $1MM+ 10 $20,280,000 $2,028,000 $0 0.00%
    $600k-1MM 9 $7,525,000 $836,111 $0 0.00%

    2021 saw Lake Elmo Bank place emphasis on $200k-400k loans with 112 originations, totaling $31,670,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 74 $16,880,000 $228,108 $0 0.00%
    $150k-250k 69 $18,975,000 $275,000 $0 0.00%
    $50k-75k 39 $6,955,000 $178,333 $0 0.00%
    $75k-100k 39 $8,115,000 $208,077 $0 0.00%
    $250k+ 33 $16,605,000 $503,182 $0 0.00%
    $50k or less 29 $5,005,000 $172,586 $0 0.00%

    Lake Elmo Bank lent most frequently to those with incomes in the $100k-150k range, with 74 originations. The second most popular income band? $150k-250k, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 312 $90,630,000 $290,481 $0 0.00%

    Lake Elmo Bank lent most frequently to those with DTI ratios of Exempt%, with 312 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 261 $65,515,000 $251,015 $0 0.00%
    Not applicable 28 $18,070,000 $645,357 $0 0.00%
    Not provided 17 $5,745,000 $337,941 $0 0.00%
    Black 3 $665,000 $221,667 $0 0.00%
    Asian 3 $635,000 $211,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.39%

    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
    94.87%

    Lake Elmo Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 312 $90,630,000 $290,481

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    312 $90,630,000 $290,481

    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 11070 39th St N Lake Elmo, MN 55042 Limited, Mobile/Seasonal Office $0
    Lake Elmo Bank 11465 39th Street North Lake Elmo, MN 55042 Full Service B&M $319,477
    Lake Elmo Bank 1937 South Greeley Street Stillwater, MN 55082 Full Service B&M $40,426
    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 $98,955
    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 2021, Lake Elmo Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,521
    Net interest income $14,827
    Total noninterest income $3,989
    Gross Fiduciary activities income $900
    Service charges on deposit accounts $319
    Trading account gains and fees $0
    Additional Noninterest Income $2,770
    Pre-tax net operating income $7,475
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,873
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,873
    Minority interest net income $0
    Net income $6,873
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,873

    Lake Elmo Bank's gross interest income from loans was $15,521,000.
    Lake Elmo Bank's net interest income from loans was $14,827,000.
    Lake Elmo Bank's fee based income from loans was $319,000.
    Lake Elmo Bank's net income from loans was $6,873,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $694
    Provision for credit losses $-250
    Total noninterest expense $11,591
    Salaries and employee benefits $8,491
    Premises and equipment expense $633
    Additional noninterest expense $2,467
    Applicable income taxes $602
    Net charge-offs $-82
    Cash dividends $3,397

    Lake Elmo Bank's interest expense for loans was $694,000.
    Lake Elmo Bank's payroll and benefits expense were $8,491,000.
    Lake Elmo Bank's property, plant and equipment expenses $633,000.

    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 $487,826
    Deposits held in domestic offices $487,826
    Deposits by Individuals, partnerships, and corporations $465,621
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $22,205
    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 $208,149
    Demand deposits $122,534
    Nontransaction accounts $279,677
    Money market deposit accounts (MMDAs) $192,392
    Other savings deposits (excluding MMDAs) $38,462
    Total time deposits $48,823
    Total time and savings deposits $365,292
    Noninterest-bearing deposits $122,534
    Interest-bearing deposits $365,292
    Retail deposits $480,642
    IRAs and Keogh plan accounts $18,395
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $541,594
    Cash & Balances due from depository institutions $162,003
    Interest-bearing balances $159,454
    Total securities $62,220
    Federal funds sold & reverse repurchase $0
    Net loans and leases $301,368
    Loan and leases loss allowance $4,659
    Trading account assets $0
    Bank premises and fixed assets $6,545
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $9,458

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $541,594
    Total Liabilities $497,098
    Total deposits $487,826
    Interest-bearing deposits $365,292
    Deposits held in domestic offices $487,826
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $7,405
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,867

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $301,368
    Loan and leases loss allowance $4,659
    Total loans and leases (domestic) $306,027
    All real estate loans $260,978
    Real estate loans in domestic offices $260,978
    Construction and development loans $23,840
    Residential 1-4 family construction $7,507
    Other construction, all land development and other land $16,333
    Loans secured by nonfarm nonresidential properties $92,637
    Nonfarm nonresidential secured by owner-occupied properties $48,437
    Commercial real estate & other non-farm, non-residential $44,200
    Multifamily residential real estate $9,852
    1-4 family residential loans $133,419
    Farmland loans $1,230
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $34,550
    To non-U.S. addressees $0
    Loans to individuals $8,815
    Credit card loans $0
    Related Plans $77
    Consumer Auto Loans $4,082
    Other loans to individuals $4,656
    All other loans & leases $1,771
    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 $1,880
    Non 1-4 family restructured loans & leases $1,467
    Total loans and leases (foreign) $0

    Lake Elmo Bank had $301,368,000 of loans outstanding in 2021. $260,978,000 of loans were in real estate loans. $23,840,000 of loans were in development loans. $9,852,000 of loans were in multifamily mortgage loans. $133,419,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,082,000 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 187 $50,134 $268,096
    Nonfarm, nonresidential loans - <$100k 18 $994 $55,222
    Nonfarm, nonresidential loans - $100-250k 61 $8,256 $135,344
    Nonfarm, nonresidential loans - $250k-1MM 108 $40,884 $378,556
    Commercial & Industrial, US addressed loans - <$1MM 371 $22,873 $61,652
    Commercial & Industrial, US addressed loans - <$100k 266 $5,232 $19,669
    Commercial & Industrial, US addressed loans - $100-250k 51 $4,676 $91,686
    Commercial & Industrial, US addressed loans - $250k-1MM 54 $12,965 $240,093
    Farmland loans - <$1MM 3 $455 $151,667
    Farmland loans - <$100k 1 $54 $54,000
    Farmland loans - $100-250k 1 $140 $140,000
    Farmland loans - $250k-1MM 1 $261 $261,000