Kerndt Brothers Savings Bank Mortgage Rates, Fees & Info

Lansing, IA

LEI: 549300C1FRYGOIEXG035

Tax ID: 42-0356760

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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, Waterloo, Minneapolis, Rochester, and Austin among others. We have data for 11 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.

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Originations

166

Origination Dollar Volume (All Markets)

$30,610,000

Employee count

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	122	$16,310,000	$133,689	$0	0.00%
CEDAR RAPIDS, IA (FHA\|USDA\|VA)	17	$9,395,000	$552,647	$0	0.00%
WATERLOO-CEDAR FALLS, IA (FHA\|USDA\|VA)	18	$3,320,000	$184,444	$0	0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	0.00%
ROCHESTER, MN (FHA\|USDA\|VA)	1	$265,000	$265,000	$0	0.00%
Austin, MN (FHA\|USDA\|VA)	1	$235,000	$235,000	$0	0.00%
Red Wing, MN (FHA\|USDA\|VA)	1	$195,000	$195,000	$0	0.00%
IOWA CITY, IA (FHA\|USDA\|VA)	1	$175,000	$175,000	$0	0.00%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	2	$140,000	$70,000	$0	0.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	0.00%
LA CROSSE-ONALASKA, WI-MN (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	0.00%

Kerndt Brothers Savings Bank's top markets include Cedar Rapids, Waterloo, Minneapolis, Rochester, and Austin among others.

Their top states include:

Iowa (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	166	$30,610,000	$184,398	$0	0.00%

For 2021, Kerndt Brothers Savings Bank's most frequently originated type of loan was Conventional, with 166 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	88	$18,490,000	$210,114	$0	0.00%
Refi	43	$6,425,000	$149,419	$0	0.00%
Cash Out Refi	33	$5,515,000	$167,121	$0	0.00%
Home Improvement	1	$45,000	$45,000	$0	0.00%
Other	1	$135,000	$135,000	$0	0.00%

For 2021, Kerndt Brothers Savings Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 43 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	166	$30,610,000	$184,398	$0	0.00%

For 2021, Kerndt Brothers Savings Bank's most frequently cited loan duration was Other, with 166 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	71	$4,305,000	$60,634	$0	0.00%
$100k-200k	69	$9,665,000	$140,072	$0	0.00%
$200k-400k	19	$5,455,000	$287,105	$0	0.00%
$1MM+	4	$9,600,000	$2,400,000	$0	0.00%
$400k-600k	2	$950,000	$475,000	$0	0.00%
$600k-1MM	1	$635,000	$635,000	$0	0.00%

2021 saw Kerndt Brothers Savings Bank place emphasis on $100,000 or less loans with 71 originations, totaling $4,305,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	37	$3,265,000	$88,243	$0	0.00%
$50k-75k	35	$4,265,000	$121,857	$0	0.00%
$100k-150k	24	$4,270,000	$177,917	$0	0.00%
$75k-100k	24	$4,170,000	$173,750	$0	0.00%
$150k-250k	3	$805,000	$268,333	$0	0.00%
$250k+	3	$365,000	$121,667	$0	0.00%

Kerndt Brothers Savings Bank lent most frequently to those with incomes in the $50k or less range, with 37 originations. The second most popular income band? $50k-75k, with 35 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	166	$30,610,000	$184,398	$0	0.00%

Kerndt Brothers Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 166 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	127	$17,235,000	$135,709	$0	0.00%
Not applicable	37	$13,205,000	$356,892	$0	0.00%
Black	1	$115,000	$115,000	$0	0.00%
Native Hawaiian or Islander	1	$55,000	$55,000	$0	0.00%

Approval Rates

Total approvals of all applications
92.86%

Kerndt Brothers Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.53%

Kerndt Brothers Savings Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	166	$30,610,000	$184,398

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	166	$30,610,000	$184,398

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	$21,947
Kerndt Brothers Savings Bank	205 North Vine Street West Union, IA 52175	Full Service B&M	$67,108
Kerndt Brothers Savings Bank	370 Main Street Lansing, IA 52151	Full Service B&M	$101,862
Kerndt Brothers Savings Bank	600 Boyson Road Ne Cedar Rapids, IA 52402	Full Service B&M	$17,164
Kerndt Brothers Savings Bank	801 Mechanic Street Decorah, IA 52101	Full Service B&M	$42,197
Kerndt Brothers Savings Bank	820 11th Avenue, Sw Waukon, IA 52172	Full Service B&M	$32,134

For 2021, Kerndt Brothers Savings Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$10,938
Net interest income	$9,724
Total noninterest income	$1,656
Gross Fiduciary activities income	$22
Service charges on deposit accounts	$465
Trading account gains and fees	$0
Additional Noninterest Income	$1,169
Pre-tax net operating income	$1,438
Securities gains (or losses, -)	$218
Income before extraordinary items	$1,563
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,563
Minority interest net income	$0
Net income	$1,563
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,358

Kerndt Brothers Savings Bank's gross interest income from loans was $10,938,000.
Kerndt Brothers Savings Bank's net interest income from loans was $9,724,000.
Kerndt Brothers Savings Bank's fee based income from loans was $465,000.
Kerndt Brothers Savings Bank's net income from loans was $1,563,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,214
Provision for credit losses	$200
Total noninterest expense	$9,742
Salaries and employee benefits	$5,595
Premises and equipment expense	$1,163
Additional noninterest expense	$2,984
Applicable income taxes	$93
Net charge-offs	$14
Cash dividends	$1,195

Kerndt Brothers Savings Bank's interest expense for loans was $1,214,000.
Kerndt Brothers Savings Bank's payroll and benefits expense were $5,595,000.
Kerndt Brothers Savings Bank's property, plant and equipment expenses $1,163,000.

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	$286,110
Deposits held in domestic offices	$286,110
Deposits by Individuals, partnerships, and corporations	$263,345
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$22,765
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	$107,725
Demand deposits	$101,874
Nontransaction accounts	$178,385
Money market deposit accounts (MMDAs)	$77,349
Other savings deposits (excluding MMDAs)	$33,279
Total time deposits	$67,757
Total time and savings deposits	$184,236
Noninterest-bearing deposits	$59,922
Interest-bearing deposits	$226,188
Retail deposits	$276,432
IRAs and Keogh plan accounts	$11,452
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$332,019
Cash & Balances due from depository institutions	$6,338
Interest-bearing balances	$3,539
Total securities	$103,529
Federal funds sold & reverse repurchase	$4
Net loans and leases	$202,160
Loan and leases loss allowance	$2,934
Trading account assets	$0
Bank premises and fixed assets	$3,714
Other real estate owned	$0
Goodwill and other intangibles	$4,177
All other assets	$12,097

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$332,019
Total Liabilities	$296,663
Total deposits	$286,110
Interest-bearing deposits	$226,188
Deposits held in domestic offices	$286,110
% insured (estimated)	$73
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$9,100
Subordinated debt	$0
All other liabilities	$1,453

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$202,160
Loan and leases loss allowance	$2,934
Total loans and leases (domestic)	$205,094
All real estate loans	$139,391
Real estate loans in domestic offices	$139,391
Construction and development loans	$2,481
Residential 1-4 family construction	$1,726
Other construction, all land development and other land	$755
Loans secured by nonfarm nonresidential properties	$47,808
Nonfarm nonresidential secured by owner-occupied properties	$2,643
Commercial real estate & other non-farm, non-residential	$45,165
Multifamily residential real estate	$156
1-4 family residential loans	$29,930
Farmland loans	$59,016
Loans held in foreign offices	$0
Farm loans	$34,199
Commercial and industrial loans	$27,548
To non-U.S. addressees	$0
Loans to individuals	$3,844
Credit card loans	$0
Related Plans	$63
Consumer Auto Loans	$1,727
Other loans to individuals	$2,054
All other loans & leases	$112
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	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Kerndt Brothers Savings Bank had $202,160,000 of loans outstanding in 2021. $139,391,000 of loans were in real estate loans. $2,481,000 of loans were in development loans. $156,000 of loans were in multifamily mortgage loans. $29,930,000 of loans were in 1-4 family mortgage loans. $34,199,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,727,000 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	114	$22,490	$197,281
Nonfarm, nonresidential loans - <$100k	43	$2,017	$46,907
Nonfarm, nonresidential loans - $100-250k	30	$4,162	$138,733
Nonfarm, nonresidential loans - $250k-1MM	41	$16,311	$397,829
Commercial & Industrial, US addressed loans - <$1MM	120	$15,059	$125,492
Commercial & Industrial, US addressed loans - <$100k	62	$1,784	$28,774
Commercial & Industrial, US addressed loans - $100-250k	26	$2,728	$104,923
Commercial & Industrial, US addressed loans - $250k-1MM	32	$10,547	$329,594
Farmland loans - <$1MM	66	$10,019	$151,803
Farmland loans - <$100k	19	$636	$33,474
Farmland loans - $100-250k	23	$2,677	$116,391
Farmland loans - $250k-1MM	24	$6,706	$279,417
Agriculture operations loans - <$1MM	109	$7,316	$67,119
Agriculture operations loans - <$100k	58	$1,192	$20,552
Agriculture operations loans - $100-250k	26	$2,158	$83,000
Agriculture operations loans - $250k-1MM	25	$3,966	$158,640