Kerndt Brothers Savings Bank Mortgage Rates, Fees & Info

Lansing, IA

LEI: 549300C1FRYGOIEXG035

Tax ID: 42-0356760

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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

    Kerndt Brothers Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Kerndt Brothers Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Fairfield, Waterloo, and Red Wing among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Kerndt Brothers Savings 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

    92

    Origination Dollar Volume (All Markets)

    $12,770,000

    Employee count

    66

    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
    Outside of Metro Areas 60 $6,840,000 $114,000 $0 0.00%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 22 $4,140,000 $188,182 $0 0.00%
    IOWA CITY, IA (FHA|USDA|VA) 4 $890,000 $222,500 $0 0.00%
    Fairfield, IA (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2 $190,000 $95,000 $0 0.00%
    Red Wing, MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    DUBUQUE, IA (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    Kerndt Brothers Savings Bank's top markets include Cedar Rapids, Iowa City, Fairfield, Waterloo, and Red Wing among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 92 $12,770,000 $138,804 $0 0.00%

    For 2018, Kerndt Brothers Savings Bank's most frequently originated type of loan was Conventional, with 92 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 41 $6,085,000 $148,415 $0 0.00%
    Refi 37 $4,515,000 $122,027 $0 0.00%
    Cash Out Refi 9 $1,745,000 $193,889 $0 0.00%
    Other 3 $335,000 $111,667 $0 0.00%
    Home Improvement 2 $90,000 $45,000 $0 0.00%

    For 2018, Kerndt Brothers Savings Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 92 $12,770,000 $138,804 $0 0.00%

    For 2018, Kerndt Brothers Savings Bank's most frequently cited loan duration was Other, with 92 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 46 $2,650,000 $57,609 $0 0.00%
    $100k-200k 28 $3,860,000 $137,857 $0 0.00%
    $200k-400k 14 $3,490,000 $249,286 $0 0.00%
    $400k-600k 2 $1,000,000 $500,000 $0 0.00%
    $600k-1MM 2 $1,770,000 $885,000 $0 0.00%

    2018 saw Kerndt Brothers Savings Bank place emphasis on $100,000 or less loans with 46 originations, totaling $2,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $2,615,000 $104,600 $0 0.00%
    $50k or less 16 $1,240,000 $77,500 $0 0.00%
    $75k-100k 10 $1,810,000 $181,000 $0 0.00%
    $100k-150k 8 $1,210,000 $151,250 $0 0.00%
    $150k-250k 5 $1,645,000 $329,000 $0 0.00%
    $250k+ 3 $565,000 $188,333 $0 0.00%

    Kerndt Brothers Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 92 $12,770,000 $138,804 $0 0.00%

    Kerndt Brothers Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 92 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 68 $10,440,000 $153,529 $0 0.00%
    Not applicable 23 $2,155,000 $93,696 $0 0.00%
    Asian 1 $175,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.94%

    Kerndt Brothers Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.09%

    Kerndt Brothers Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 92 $12,770,000 $138,804

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $405,000 $405,000
    Multifamily:Site-Built 4 $1,650,000 $412,500
    Single Family (1-4 Units):Manufactured 6 $420,000 $70,000
    Single Family (1-4 Units):Site-Built 81 $10,295,000 $127,099

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Kerndt Brothers Savings Bank 200 Mill Street Clermont, IA 52135 Full Service B&M $15,528
    Kerndt Brothers Savings Bank 205 North Vine Street West Union, IA 52175 Full Service B&M $58,455
    Kerndt Brothers Savings Bank 370 Main Street Lansing, IA 52151 Full Service B&M $92,402
    Kerndt Brothers Savings Bank 600 Boyson Road Ne Cedar Rapids, IA 52402 Full Service B&M $10,826
    Kerndt Brothers Savings Bank 801 Mechanic Street Decorah, IA 52101 Full Service B&M $24,692
    Kerndt Brothers Savings Bank 820 11th Avenue, Sw Waukon, IA 52172 Full Service B&M $20,411

    For 2018, Kerndt Brothers Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,442
    Net interest income $9,332
    Total noninterest income $1,210
    Gross Fiduciary activities income $15
    Service charges on deposit accounts $498
    Trading account gains and fees $0
    Additional Noninterest Income $697
    Pre-tax net operating income $2,663
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,617
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,617
    Minority interest net income $0
    Net income $2,617
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,617

    Kerndt Brothers Savings Bank's gross interest income from loans was $11,442,000.
    Kerndt Brothers Savings Bank's net interest income from loans was $9,332,000.
    Kerndt Brothers Savings Bank's fee based income from loans was $498,000.
    Kerndt Brothers Savings Bank's net income from loans was $2,617,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,110
    Provision for credit losses $100
    Total noninterest expense $7,779
    Salaries and employee benefits $5,025
    Premises and equipment expense $765
    Additional noninterest expense $1,989
    Applicable income taxes $46
    Net charge-offs $-29
    Cash dividends $1,236

    Kerndt Brothers Savings Bank's interest expense for loans was $2,110,000.
    Kerndt Brothers Savings Bank's payroll and benefits expense were $5,025,000.
    Kerndt Brothers Savings Bank's property, plant and equipment expenses $765,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 9.0%
    Nonfarm, nonresidential loans 1.0%
    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 $222,887
    Deposits held in domestic offices $222,887
    Deposits by Individuals, partnerships, and corporations $204,431
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,456
    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 $80,260
    Demand deposits $75,509
    Nontransaction accounts $142,627
    Money market deposit accounts (MMDAs) $44,685
    Other savings deposits (excluding MMDAs) $20,454
    Total time deposits $77,488
    Total time and savings deposits $147,378
    Noninterest-bearing deposits $37,633
    Interest-bearing deposits $185,254
    Retail deposits $213,060
    IRAs and Keogh plan accounts $12,559
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $282,968
    Cash & Balances due from depository institutions $9,787
    Interest-bearing balances $4,674
    Total securities $55,198
    Federal funds sold & reverse repurchase $0
    Net loans and leases $197,845
    Loan and leases loss allowance $2,229
    Trading account assets $0
    Bank premises and fixed assets $3,745
    Other real estate owned $0
    Goodwill and other intangibles $4,249
    All other assets $12,144

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $282,968
    Total Liabilities $251,436
    Total deposits $222,887
    Interest-bearing deposits $185,254
    Deposits held in domestic offices $222,887
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $2,685
    Trading liabilities $0
    Other borrowed funds $24,363
    Subordinated debt $0
    All other liabilities $1,501

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $197,845
    Loan and leases loss allowance $2,229
    Total loans and leases (domestic) $200,074
    All real estate loans $116,028
    Real estate loans in domestic offices $116,028
    Construction and development loans $464
    Residential 1-4 family construction $0
    Other construction, all land development and other land $464
    Loans secured by nonfarm nonresidential properties $21,011
    Nonfarm nonresidential secured by owner-occupied properties $2,853
    Commercial real estate & other non-farm, non-residential $18,158
    Multifamily residential real estate $297
    1-4 family residential loans $25,746
    Farmland loans $68,510
    Loans held in foreign offices $0
    Farm loans $49,320
    Commercial and industrial loans $30,979
    To non-U.S. addressees $0
    Loans to individuals $1,915
    Credit card loans $0
    Related Plans $79
    Consumer Auto Loans $888
    Other loans to individuals $948
    All other loans & leases $1,832
    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 $3,006
    Non 1-4 family restructured loans & leases $3,006
    Total loans and leases (foreign) $0

    Kerndt Brothers Savings Bank had $197,845,000 of loans outstanding in 2018. $116,028,000 of loans were in real estate loans. $464,000 of loans were in development loans. $297,000 of loans were in multifamily mortgage loans. $25,746,000 of loans were in 1-4 family mortgage loans. $49,320,000 of loans were in farm loans. $0 of loans were in credit card loans. $888,000 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 90 $12,994 $144,378
    Nonfarm, nonresidential loans - <$100k 42 $2,132 $50,762
    Nonfarm, nonresidential loans - $100-250k 28 $3,754 $134,071
    Nonfarm, nonresidential loans - $250k-1MM 20 $7,108 $355,400
    Commercial & Industrial, US addressed loans - <$1MM 158 $16,119 $102,019
    Commercial & Industrial, US addressed loans - <$100k 95 $2,583 $27,189
    Commercial & Industrial, US addressed loans - $100-250k 30 $2,773 $92,433
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $10,763 $326,152
    Farmland loans - <$1MM 89 $13,516 $151,865
    Farmland loans - <$100k 25 $1,099 $43,960
    Farmland loans - $100-250k 32 $3,876 $121,125
    Farmland loans - $250k-1MM 32 $8,541 $266,906
    Agriculture operations loans - <$1MM 148 $12,089 $81,682
    Agriculture operations loans - <$100k 73 $1,436 $19,671
    Agriculture operations loans - $100-250k 46 $4,338 $94,304
    Agriculture operations loans - $250k-1MM 29 $6,315 $217,759