The Port Washington State Bank Mortgage Rates, Fees & Info

Port Washington, WI

LEI: 549300BPOIHOHG3TPP54

Tax ID: 39-0545620

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Port Washington State Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. The Port Washington State Bank has a high proportion of conventional loans. Their top markets include Milwaukee, Sheboygan, Fond Du Lac, Green Bay, and Beaver Dam among others. The Port Washington State Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Port Washington State Bank is typically a low fee lendor.


Originations

883

Origination Dollar Volume (All Markets)

$192,985,000

Employee count

119

Awards

The Port Washington State Bank 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

The Port Washington State Bank's average 30 year fixed rate mortgage of loans were 3.23%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.08%.

Relative Fees

The Port Washington State Bank's average total fees for a 30 year fixed rate mortgage are $2,544.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 736 $165,490,000 $224,851 $2,089 3.05%
SHEBOYGAN, WI (FHA|USDA|VA) 81 $14,335,000 $176,975 $2,154 3.33%
Outside of Metro Areas 24 $4,430,000 $184,583 $2,037 2.78%
FOND DU LAC, WI (FHA|USDA|VA) 9 $1,415,000 $157,222 $2,851 3.10%
GREEN BAY, WI (FHA|USDA|VA) 4 $1,340,000 $335,000 $2,279 2.81%
Beaver Dam, WI (FHA|USDA|VA) 6 $1,300,000 $216,667 $1,809 3.21%
MADISON, WI (FHA|USDA|VA) 4 $850,000 $212,500 $2,062 2.97%
APPLETON, WI (FHA|USDA|VA) 3 $545,000 $181,667 $2,110 3.08%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $515,000 $515,000 $7,382 3.25%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $460,000 $230,000 $2,475 2.81%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $385,000 $385,000 $6,927 3.00%
Bozeman, MT (FHA|USDA|VA) 1 $355,000 $355,000 $0 3.50%
RACINE, WI (FHA|USDA|VA) 2 $320,000 $160,000 $1,524 3.13%
Manitowoc, WI (FHA|USDA|VA) 3 $295,000 $98,333 $2,108 3.83%
Marinette, WI-MI (FHA|USDA|VA) 2 $290,000 $145,000 $2,122 3.00%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $275,000 $275,000 $1,649 2.63%
Whitewater, WI (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.00%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $140,000 $70,000 $1,687 2.56%

The Port Washington State Bank's top markets include Milwaukee, Sheboygan, Fond Du Lac, Green Bay, and Beaver Dam among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 883 $192,985,000 $218,556 $2,111 3.07%

For the 2021 period, The Port Washington State Bank's most frequently originated loan type of loans were Conventional, with 883 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 361 $81,235,000 $225,028 $1,610 2.98%
Cash Out Refi 255 $53,145,000 $208,412 $2,378 2.89%
Home Purchase 243 $57,735,000 $237,593 $2,770 3.26%
Home Improvement 14 $510,000 $36,429 $382 4.57%
Other 10 $360,000 $36,000 $403 4.50%

For the 2021, The Port Washington State Bank's most frequently cited loan purpose of loans were Refi, with 361 originations. The 2nd most popular reason of loans were Cash Out Refi, with 255 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 426 $99,230,000 $232,934 $2,544 3.23%
15 Year 234 $42,510,000 $181,667 $1,622 2.68%
20 Year 72 $14,170,000 $196,806 $2,164 2.91%
5 Year 66 $18,980,000 $287,576 $369 3.85%
10 Year 64 $14,260,000 $222,813 $1,586 2.65%
Other 19 $3,305,000 $173,947 $1,615 3.66%
3 Year 1 $185,000 $185,000 $0 4.00%
30+ year 1 $345,000 $345,000 $0 4.25%

For the 2021, The Port Washington State Bank's most frequently cited loan length of loans were 30 Year, with 426 originations. The 2nd most popular length of loans were 15 Year, with 234 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 475 $90,695,000 $190,937
$1k-2k 178 $37,610,000 $211,292
$2k-3k 63 $15,735,000 $249,762
$3k-4k 39 $11,145,000 $285,769
$5k+ 13 $4,685,000 $360,385

$2,544 of loans were The Port Washington State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 475 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 369 $88,745,000 $240,501
2.5-3% 287 $63,795,000 $222,282
<2.5% 180 $33,340,000 $185,222
4-5% 37 $6,565,000 $177,432
5-6% 10 $540,000 $54,000

During 2021, The Port Washington State Bank's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 369 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 371 $56,415,000 $152,062 $1,924 2.97%
$200k-400k 306 $84,010,000 $274,542 $2,471 3.07%
$100,000 or less 137 $9,155,000 $66,825 $1,225 3.36%
$400k-600k 59 $27,635,000 $468,390 $3,406 3.02%
$600k-1MM 6 $4,790,000 $798,333 $2,054 3.04%
$1MM+ 4 $10,980,000 $2,745,000 $2,690 3.73%

2021 saw The Port Washington State Bank place emphasis on $100k-200k loans with 371 originations, totaling $56,415,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 214 $46,410,000 $216,869 $2,156 3.03%
$50k-75k 157 $24,905,000 $158,631 $2,103 3.01%
$75k-100k 148 $27,870,000 $188,311 $2,131 3.03%
$150k-250k 128 $34,200,000 $267,188 $2,438 2.99%
$50k or less 103 $12,955,000 $125,777 $1,741 3.18%
$250k+ 50 $17,790,000 $355,800 $2,171 2.90%

The Port Washington State Bank lent most frequently to those with incomes in the $100k-150k range, with 214 originations. The second most popular income band? $50k-75k, with 157 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 242 $46,700,000 $192,975 $2,117 2.96%
30-36% 131 $26,055,000 $198,893 $1,972 3.09%
<20% 130 $26,150,000 $201,154 $1,965 2.85%
41% 31 $5,445,000 $175,645 $2,036 3.02%
37% 31 $5,575,000 $179,839 $2,309 3.19%
43% 26 $5,230,000 $201,154 $1,846 3.25%
40% 26 $5,620,000 $216,154 $1,945 2.73%
38% 25 $5,745,000 $229,800 $2,645 3.01%
42% 24 $5,640,000 $235,000 $2,886 3.20%
47% 21 $5,545,000 $264,048 $2,662 3.04%
36% 21 $4,835,000 $230,238 $2,829 3.03%
45% 17 $3,555,000 $209,118 $1,843 3.28%
49% 16 $4,110,000 $256,875 $2,141 2.98%
50-60% 16 $4,020,000 $251,250 $1,726 3.41%
44% 16 $3,960,000 $247,500 $2,267 3.24%
48% 16 $3,910,000 $244,375 $1,982 2.98%
39% 15 $3,145,000 $209,667 $2,130 3.36%
46% 14 $2,370,000 $169,286 $1,764 2.80%
>60% 7 $1,615,000 $230,714 $2,015 3.25%

The Port Washington State Bank lent most frequently to those with DTI ratios of 20-30%, with 242 originations. The next most common DTI ratio? 30-36%, with 131 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 759 $155,335,000 $204,657 $2,098 3.03%
Not applicable 54 $22,870,000 $423,519 $0 3.82%
Not provided 55 $11,895,000 $216,273 $2,323 2.98%
Asian 8 $1,650,000 $206,250 $1,590 2.64%
American Indian 3 $595,000 $198,333 $2,772 3.00%
Black 2 $390,000 $195,000 $2,126 3.81%
Korean 1 $135,000 $135,000 $2,325 2.75%
Native Hawaiian 1 $115,000 $115,000 $3,428 2.25%

Approval Rates

Total approvals of all applications
94.50%

The Port Washington State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.44%

The Port Washington State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 883 $192,985,000 $218,556

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
883 $192,985,000 $218,556

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 95 $14,465,000 $152,263 $1,467 2.91%
40-60% 202 $45,100,000 $223,267 $1,726 2.83%
60-80% 367 $84,535,000 $230,341 $2,465 3.05%
80-100% 171 $46,055,000 $269,327 $2,692 3.31%
Under 20% 48 $2,830,000 $58,958 $691 3.75%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Port Washington State Bank 10509 N. Port Washington Rd. Mequon, WI 53092 Full Service B&M $36,572
The Port Washington State Bank 197 South Main Street Thiensville, WI 53092 Full Service Retail $45,419
The Port Washington State Bank 201 Regal Drive Fredonia, WI 53021 Full Service B&M $87,261
The Port Washington State Bank 206 North Franklin Street Port Washington, WI 53074 Full Service B&M $249,004
The Port Washington State Bank 2080 Washington Street Grafton, WI 53024 Full Service B&M $96,928
The Port Washington State Bank 545 Main Street Belgium, WI 53004 Full Service B&M $51,532
The Port Washington State Bank 601 East Green Bay Avenue Saukville, WI 53080 Full Service B&M $89,025
The Port Washington State Bank W61 N526 Washington Avenue Cedarburg, WI 53012 Full Service B&M $127,696

For 2021, The Port Washington State Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,226
Net interest income $20,444
Total noninterest income $7,907
Gross Fiduciary activities income $0
Service charges on deposit accounts $522
Trading account gains and fees $0
Additional Noninterest Income $7,385
Pre-tax net operating income $8,173
Securities gains (or losses, -) $43
Income before extraordinary items $6,194
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,194
Minority interest net income $0
Net income $6,194
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,160

The Port Washington State Bank's gross interest income from loans was $22,226,000.
The Port Washington State Bank's net interest income from loans was $20,444,000.
The Port Washington State Bank's fee based income from loans was $522,000.
The Port Washington State Bank's net income from loans was $6,194,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,782
Provision for credit losses $1,201
Total noninterest expense $18,977
Salaries and employee benefits $10,989
Premises and equipment expense $2,317
Additional noninterest expense $5,671
Applicable income taxes $2,022
Net charge-offs $158
Cash dividends $1,900

The Port Washington State Bank's interest expense for loans was $1,782,000.
The Port Washington State Bank's payroll and benefits expense were $10,989,000.
The Port Washington State Bank's property, plant and equipment expenses $2,317,000.

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 0.2%
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 $876,059
Deposits held in domestic offices $876,059
Deposits by Individuals, partnerships, and corporations $711,206
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $164,853
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 $296,467
Demand deposits $193,205
Nontransaction accounts $579,592
Money market deposit accounts (MMDAs) $341,623
Other savings deposits (excluding MMDAs) $88,443
Total time deposits $149,525
Total time and savings deposits $682,854
Noninterest-bearing deposits $193,915
Interest-bearing deposits $682,144
Retail deposits $837,295
IRAs and Keogh plan accounts $33,554
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $957,618
Cash & Balances due from depository institutions $87,348
Interest-bearing balances $77,978
Total securities $347,995
Federal funds sold & reverse repurchase $6,157
Net loans and leases $479,314
Loan and leases loss allowance $5,337
Trading account assets $0
Bank premises and fixed assets $13,019
Other real estate owned $0
Goodwill and other intangibles $2,379
All other assets $21,406

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $957,618
Total Liabilities $884,209
Total deposits $876,059
Interest-bearing deposits $682,144
Deposits held in domestic offices $876,059
% insured (estimated) $70
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $8,150

Issued Loan Types

Type Value (in 000's)
Net loans and leases $479,314
Loan and leases loss allowance $5,337
Total loans and leases (domestic) $484,651
All real estate loans $387,152
Real estate loans in domestic offices $387,152
Construction and development loans $39,227
Residential 1-4 family construction $12,953
Other construction, all land development and other land $26,274
Loans secured by nonfarm nonresidential properties $173,202
Nonfarm nonresidential secured by owner-occupied properties $111,867
Commercial real estate & other non-farm, non-residential $61,335
Multifamily residential real estate $45,029
1-4 family residential loans $129,617
Farmland loans $77
Loans held in foreign offices $0
Farm loans $117
Commercial and industrial loans $67,446
To non-U.S. addressees $0
Loans to individuals $19,742
Credit card loans $1,859
Related Plans $37
Consumer Auto Loans $13,899
Other loans to individuals $3,947
All other loans & leases $10,194
Loans to foreign governments and official institutions $0
Other loans $1,774
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 $419
Non 1-4 family restructured loans & leases $419
Total loans and leases (foreign) $0

The Port Washington State Bank had $479,314,000 of loans outstanding in 2021. $387,152,000 of loans were in real estate loans. $39,227,000 of loans were in development loans. $45,029,000 of loans were in multifamily mortgage loans. $129,617,000 of loans were in 1-4 family mortgage loans. $117,000 of loans were in farm loans. $1,859,000 of loans were in credit card loans. $13,899,000 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 325 $62,338 $191,809
Nonfarm, nonresidential loans - <$100k 108 $4,880 $45,185
Nonfarm, nonresidential loans - $100-250k 113 $15,864 $140,389
Nonfarm, nonresidential loans - $250k-1MM 104 $41,594 $399,942
Commercial & Industrial, US addressed loans - <$1MM 395 $31,098 $78,729
Commercial & Industrial, US addressed loans - <$100k 281 $8,138 $28,961
Commercial & Industrial, US addressed loans - $100-250k 69 $7,994 $115,855
Commercial & Industrial, US addressed loans - $250k-1MM 45 $14,966 $332,578
Farmland loans - <$1MM 1 $77 $77,000
Farmland loans - <$100k 1 $77 $77,000
Agriculture operations loans - <$1MM 3 $117 $39,000
Agriculture operations loans - <$100k 3 $117 $39,000