Horicon Bank Mortgage Rates, Fees & Info

Horicon, WI

LEI: 549300GIXEN5875K5W17

Tax ID: 39-0356800

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Horicon Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Horicon Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Beaver Dam, Fond Du Lac, Milwaukee, Oshkosh, and Madison among others. Horicon 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. Horicon Bank is typically a low fee lendor.


Originations

989

Origination Dollar Volume (All Markets)

$183,975,000

Employee count

206 Show all (8) awards

Relative Rate

Horicon Bank's average 30 year fixed rate mortgage of loans were 3.1%.

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

This yields a difference of -0.05%.

Relative Fees

Horicon Bank's average total fees for a 30 year fixed rate mortgage are $1,391.

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
Beaver Dam, WI (FHA|USDA|VA) 338 $51,500,000 $152,367 $1,137 2.97%
FOND DU LAC, WI (FHA|USDA|VA) 234 $38,200,000 $163,248 $1,187 3.04%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 156 $33,700,000 $216,026 $1,220 2.97%
Outside of Metro Areas 99 $22,905,000 $231,364 $1,306 3.07%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 75 $16,215,000 $216,200 $1,085 2.97%
MADISON, WI (FHA|USDA|VA) 35 $7,555,000 $215,857 $1,272 2.97%
APPLETON, WI (FHA|USDA|VA) 16 $4,740,000 $296,250 $1,226 3.35%
SHEBOYGAN, WI (FHA|USDA|VA) 8 $2,390,000 $298,750 $1,303 2.72%
GREEN BAY, WI (FHA|USDA|VA) 7 $1,745,000 $249,286 $1,499 3.22%
Manitowoc, WI (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $1,292 3.25%
WAUSAU-WESTON, WI (FHA|USDA|VA) 5 $1,025,000 $205,000 $2,119 3.47%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $505,000 $505,000 $2,471 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 3.85%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $360,000 $180,000 $1,650 2.63%
KNOXVILLE, TN (FHA|USDA|VA) 1 $275,000 $275,000 $2,193 2.88%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $235,000 $235,000 $1,289 2.50%
Whitewater, WI (FHA|USDA|VA) 2 $230,000 $115,000 $811 2.63%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $195,000 $195,000 $1,179 3.25%
Shawano, WI (FHA|USDA|VA) 1 $195,000 $195,000 $742 2.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,013 2.75%
Baraboo, WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,272 2.13%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $105,000 $105,000 $846 3.00%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,837 2.75%
Marinette, WI-MI (FHA|USDA|VA) 1 $25,000 $25,000 $1,521 2.88%

Horicon Bank's top markets include Beaver Dam, Fond Du Lac, Milwaukee, Oshkosh, and Madison among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 981 $182,745,000 $186,284 $1,173 3.00%
USDA 8 $1,230,000 $153,750 $3,234 3.17%

For the 2021 period, Horicon Bank's most frequently originated loan type of loans were Conventional, with 981 originations. Their 2nd most popular type is USDA, with 8 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 363 $63,315,000 $174,421 $943 2.79%
Cash Out Refi 318 $60,120,000 $189,057 $1,113 2.93%
Home Purchase 269 $54,905,000 $204,108 $1,767 3.27%
Other 23 $3,135,000 $136,304 $676 3.83%
Home Improvement 16 $2,500,000 $156,250 $804 3.70%

For the 2021, Horicon Bank's most frequently cited loan purpose of loans were Refi, with 363 originations. The 2nd most popular reason of loans were Cash Out Refi, with 318 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 442 $98,210,000 $222,195 $1,391 3.10%
15 Year 331 $51,455,000 $155,453 $1,090 2.53%
20 Year 109 $18,415,000 $168,945 $1,066 2.94%
5 Year 46 $8,440,000 $183,478 $261 4.13%
10 Year 44 $2,550,000 $57,955 $297 4.23%
Other 8 $3,890,000 $486,250 $968 4.22%
1 Year 5 $525,000 $105,000 $524 4.05%
3 Year 4 $490,000 $122,500 $0 3.78%

For the 2021, Horicon Bank's most frequently cited loan length of loans were 30 Year, with 442 originations. The 2nd most popular length of loans were 15 Year, with 331 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 896 $163,470,000 $182,444
$1k-2k 7 $1,825,000 $260,714
$2k-3k 4 $910,000 $227,500
$3k-4k 1 $285,000 $285,000

$1,391 of loans were Horicon Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 896 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 418 $80,190,000 $191,842
3-4% 259 $58,315,000 $225,154
<2.5% 228 $36,060,000 $158,158
4-5% 73 $7,915,000 $108,425
5-6% 11 $1,495,000 $135,909

During 2021, Horicon Bank's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 2.5-3%, with 418 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 440 $64,130,000 $145,750 $1,230 2.91%
$200k-400k 272 $73,360,000 $269,706 $1,294 2.93%
$100,000 or less 226 $15,640,000 $69,204 $908 3.25%
$400k-600k 39 $17,995,000 $461,410 $1,338 2.89%
$600k-1MM 9 $7,545,000 $838,333 $2,006 3.76%
$1MM+ 3 $5,305,000 $1,768,333 $1,292 3.82%

2021 saw Horicon Bank place emphasis on $100k-200k loans with 440 originations, totaling $64,130,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 240 $50,730,000 $211,375 $1,137 2.87%
$50k-75k 207 $29,265,000 $141,377 $1,232 2.97%
$75k-100k 191 $31,615,000 $165,524 $1,218 2.99%
$50k or less 140 $14,690,000 $104,929 $1,153 3.07%
$150k-250k 103 $25,005,000 $242,767 $1,156 2.83%
$250k+ 48 $18,360,000 $382,500 $1,341 3.20%

Horicon Bank lent most frequently to those with incomes in the $100k-150k range, with 240 originations. The second most popular income band? $50k-75k, with 207 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 325 $60,805,000 $187,092 $1,204 2.91%
30-36% 171 $32,825,000 $191,959 $1,232 3.00%
<20% 161 $26,505,000 $164,627 $1,096 2.74%
42% 32 $5,180,000 $161,875 $1,179 3.14%
39% 32 $6,390,000 $199,688 $1,047 2.97%
44% 24 $5,010,000 $208,750 $1,203 2.98%
43% 23 $3,925,000 $170,652 $1,119 3.24%
41% 23 $4,985,000 $216,739 $1,261 3.02%
40% 22 $4,460,000 $202,727 $1,291 2.95%
37% 22 $3,240,000 $147,273 $1,232 3.05%
38% 18 $2,980,000 $165,556 $999 3.35%
36% 18 $3,000,000 $166,667 $1,270 3.13%
47% 13 $2,355,000 $181,154 $1,340 2.81%
45% 12 $2,210,000 $184,167 $1,221 2.83%
48% 10 $2,210,000 $221,000 $926 2.95%
46% 8 $1,380,000 $172,500 $2,050 2.69%
49% 8 $1,660,000 $207,500 $1,246 2.86%
50-60% 6 $870,000 $145,000 $1,320 3.21%
>60% 3 $455,000 $151,667 $1,211 3.58%

Horicon Bank lent most frequently to those with DTI ratios of 20-30%, with 325 originations. The next most common DTI ratio? 30-36%, with 171 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 897 $163,525,000 $182,302 $1,193 2.95%
Not applicable 42 $11,260,000 $268,095 $0 4.04%
Not provided 37 $6,685,000 $180,676 $1,204 3.07%
American Indian 5 $875,000 $175,000 $1,008 2.98%
Asian 4 $580,000 $145,000 $1,090 2.75%
Other Pacific Islander 1 $445,000 $445,000 $399 3.25%
Black 2 $390,000 $195,000 $1,183 3.44%
Asian Indian 1 $215,000 $215,000 $0 4.19%

Approval Rates

Total approvals of all applications
92.71%

Horicon Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.81%

Horicon Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 989 $183,975,000 $186,021

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
989 $183,975,000 $186,021

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 71 $7,595,000 $106,972 $972 2.67%
40-60% 231 $39,605,000 $171,450 $1,077 2.81%
60-80% 453 $95,885,000 $211,667 $1,196 2.97%
80-100% 187 $38,155,000 $204,037 $1,624 3.13%
Over 100% 3 $695,000 $231,667 $0 3.65%
Under 20% 44 $2,040,000 $46,364 $340 4.32%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Horicon Bank 2251 Omro Road Oshkosh, WI 54904 Full Service B&M $53,287
Horicon Bank 100 East Midway Road Appleton, WI 54915 Full Service B&M $24,027
Horicon Bank 105 Industrial Drive Beaver Dam, WI 53916 Full Service B&M $208,501
Horicon Bank 1188 West Fond Du Lac Street Ripon, WI 54971 Full Service Retail $8,215
Horicon Bank 1207 West Johnson Street Fond Du Lac, WI 54935 Full Service B&M $35,959
Horicon Bank 1440 Horicon Street Mayville, WI 53050 Full Service Retail $11,875
Horicon Bank 1535 West Paradise Drive West Bend, WI 53095 Full Service B&M $115,193
Horicon Bank 156 South Main Street Iron Ridge, WI 53035 Full Service B&M $23,803
Horicon Bank 170 Kienow Drive Randolph, WI 53956 Full Service B&M $37,340
Horicon Bank 226 Schuyler Street Neosho, WI 53059 Full Service B&M $29,920
Horicon Bank 326 East Lake Street Horicon, WI 53032 Full Service B&M $146,397
Horicon Bank 400 Watson Street Ripon, WI 54971 Full Service B&M $101,689
Horicon Bank 515 Hill Street Green Lake, WI 54941 Full Service B&M $67,652
Horicon Bank 609 North Spring Street Beaver Dam, WI 53916 Full Service Retail $8,915
Horicon Bank 807 West Main Street Waupun, WI 53963 Full Service B&M $32,916
Horicon Bank 810 Park Avenue Beaver Dam, WI 53916 Full Service Retail $9,855
Horicon Bank 825 North Margaret Street Markesan, WI 53946 Full Service B&M $27
Horicon Bank 84 N. Bridge Street Markesan, WI 53946 Full Service B&M $49,236
Horicon Bank 854 East Johnson Street Fond Du Lac, WI 54935 Full Service B&M $79,184

For 2021, Horicon Bank had 19 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $39,447
Net interest income $36,945
Total noninterest income $9,280
Gross Fiduciary activities income $305
Service charges on deposit accounts $839
Trading account gains and fees $0
Additional Noninterest Income $8,136
Pre-tax net operating income $16,695
Securities gains (or losses, -) $27
Income before extraordinary items $15,118
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,118
Minority interest net income $0
Net income $15,118
Sale, conversion, retirement of capital stock, net $0
Net operating income $15,093

Horicon Bank's gross interest income from loans was $39,447,000.
Horicon Bank's net interest income from loans was $36,945,000.
Horicon Bank's fee based income from loans was $839,000.
Horicon Bank's net income from loans was $15,118,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,502
Provision for credit losses $-953
Total noninterest expense $30,483
Salaries and employee benefits $18,410
Premises and equipment expense $2,972
Additional noninterest expense $9,101
Applicable income taxes $1,604
Net charge-offs $-316
Cash dividends $6,632

Horicon Bank's interest expense for loans was $2,502,000.
Horicon Bank's payroll and benefits expense were $18,410,000.
Horicon Bank's property, plant and equipment expenses $2,972,000.

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 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 1.0%
Credit card loans 0.0%
Other individual loans 1.0%
Auto loans 0.0%
Other consumer loans 2.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,100,540
Deposits held in domestic offices $1,100,540
Deposits by Individuals, partnerships, and corporations $1,063,988
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $36,552
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 $465,519
Demand deposits $328,823
Nontransaction accounts $635,021
Money market deposit accounts (MMDAs) $383,703
Other savings deposits (excluding MMDAs) $144,805
Total time deposits $106,513
Total time and savings deposits $771,717
Noninterest-bearing deposits $328,823
Interest-bearing deposits $771,717
Retail deposits $1,080,792
IRAs and Keogh plan accounts $24,565
Brokered deposits $2,525
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,230,747
Cash & Balances due from depository institutions $319,193
Interest-bearing balances $288,719
Total securities $48,190
Federal funds sold & reverse repurchase $428
Net loans and leases $832,185
Loan and leases loss allowance $9,797
Trading account assets $0
Bank premises and fixed assets $17,732
Other real estate owned $0
Goodwill and other intangibles $3,444
All other assets $9,575

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,230,747
Total Liabilities $1,120,665
Total deposits $1,100,540
Interest-bearing deposits $771,717
Deposits held in domestic offices $1,100,540
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $11,398
Subordinated debt $0
All other liabilities $8,727

Issued Loan Types

Type Value (in 000's)
Net loans and leases $832,185
Loan and leases loss allowance $9,797
Total loans and leases (domestic) $841,982
All real estate loans $654,598
Real estate loans in domestic offices $654,598
Construction and development loans $66,355
Residential 1-4 family construction $14,031
Other construction, all land development and other land $52,324
Loans secured by nonfarm nonresidential properties $260,608
Nonfarm nonresidential secured by owner-occupied properties $149,657
Commercial real estate & other non-farm, non-residential $110,951
Multifamily residential real estate $27,761
1-4 family residential loans $171,885
Farmland loans $127,989
Loans held in foreign offices $0
Farm loans $36,185
Commercial and industrial loans $136,361
To non-U.S. addressees $0
Loans to individuals $5,459
Credit card loans $526
Related Plans $9
Consumer Auto Loans $2,329
Other loans to individuals $2,595
All other loans & leases $9,379
Loans to foreign governments and official institutions $0
Other loans $7,488
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $8,282
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $6,348
Non 1-4 family restructured loans & leases $5,209
Total loans and leases (foreign) $0

Horicon Bank had $832,185,000 of loans outstanding in 2021. $654,598,000 of loans were in real estate loans. $66,355,000 of loans were in development loans. $27,761,000 of loans were in multifamily mortgage loans. $171,885,000 of loans were in 1-4 family mortgage loans. $36,185,000 of loans were in farm loans. $526,000 of loans were in credit card loans. $2,329,000 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 529 $110,702 $209,267
Nonfarm, nonresidential loans - <$100k 168 $7,011 $41,732
Nonfarm, nonresidential loans - $100-250k 161 $21,088 $130,981
Nonfarm, nonresidential loans - $250k-1MM 200 $82,603 $413,015
Commercial & Industrial, US addressed loans - <$1MM 1,072 $56,564 $52,765
Commercial & Industrial, US addressed loans - <$100k 805 $13,438 $16,693
Commercial & Industrial, US addressed loans - $100-250k 145 $12,007 $82,807
Commercial & Industrial, US addressed loans - $250k-1MM 122 $31,119 $255,074
Farmland loans - <$1MM 223 $32,959 $147,798
Farmland loans - <$100k 75 $2,977 $39,693
Farmland loans - $100-250k 93 $12,954 $139,290
Farmland loans - $250k-1MM 55 $17,028 $309,600
Agriculture operations loans - <$1MM 306 $18,496 $60,444
Agriculture operations loans - <$100k 217 $4,060 $18,710
Agriculture operations loans - $100-250k 55 $6,269 $113,982
Agriculture operations loans - $250k-1MM 34 $8,167 $240,206