The Bank Of New Glarus Mortgage Rates, Fees & Info

New Glarus, WI

LEI: 549300HZMPZC336WP721

Tax ID: 39-0147950

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Bank Of New Glarus is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. The Bank Of New Glarus has a high proportion of conventional loans. Their top markets include Madison, Janesville, Milwaukee, Watertown, and Freeport among others. The Bank Of New Glarus has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. The Bank Of New Glarus is typically a low fee lendor.


Originations

790

Origination Dollar Volume (All Markets)

$164,240,000

Employee count

68

Awards

The Bank of New Glarus 30 Year Conventional Loans gold The Bank of New Glarus 30 Year Conventional Loans gold The Bank of New Glarus 30 Year Conventional Loans gold The Bank of New Glarus 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

The Bank Of New Glarus's average 30 year fixed rate mortgage of loans were 3.21%.

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

This yields a difference of 0.06%.

Relative Fees

The Bank Of New Glarus's average total fees for a 30 year fixed rate mortgage are $1,678.

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
MADISON, WI (FHA|USDA|VA) 625 $131,415,000 $210,264 $1,443 3.08%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 57 $10,895,000 $191,140 $1,586 3.11%
Outside of Metro Areas 52 $9,870,000 $189,808 $1,773 3.10%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 8 $2,330,000 $291,250 $1,843 2.81%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 6 $1,410,000 $235,000 $1,532 2.69%
Freeport, IL (FHA|USDA|VA) 7 $1,015,000 $145,000 $1,444 2.95%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $760,000 $380,000 $1,504 2.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $660,000 $330,000 $3,402 2.88%
Platteville, WI (FHA|USDA|VA) 3 $505,000 $168,333 $1,891 3.42%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $495,000 $495,000 $2,834 2.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $455,000 $455,000 $3,385 2.75%
Baraboo, WI (FHA|USDA|VA) 3 $435,000 $145,000 $1,787 3.25%
WAUSAU-WESTON, WI (FHA|USDA|VA) 3 $395,000 $131,667 $2,313 3.13%
AMES, IA (FHA|USDA|VA) 1 $355,000 $355,000 $0 4.25%
GREEN BAY, WI (FHA|USDA|VA) 2 $350,000 $175,000 $2,308 3.38%
Beaver Dam, WI (FHA|USDA|VA) 1 $305,000 $305,000 $2,536 4.25%
Shawano, WI (FHA|USDA|VA) 2 $300,000 $150,000 $1,434 3.87%
Aberdeen, WA (FHA|USDA|VA) 1 $265,000 $265,000 $1,619 2.63%
FOND DU LAC, WI (FHA|USDA|VA) 3 $265,000 $88,333 $1,754 3.58%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $1,420 2.75%
Tifton, GA (FHA|USDA|VA) 1 $245,000 $245,000 $1,727 2.38%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $225,000 $225,000 $1,745 2.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,252 3.50%
Marinette, WI-MI (FHA|USDA|VA) 1 $175,000 $175,000 $1,345 2.38%
DULUTH, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,177 3.00%
ROCKFORD, IL (FHA|USDA|VA) 1 $165,000 $165,000 $1,477 3.25%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $135,000 $135,000 $945 2.25%
Whitewater, WI (FHA|USDA|VA) 1 $95,000 $95,000 $977 2.38%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $85,000 $85,000 $1,252 2.25%

The Bank Of New Glarus's top markets include Madison, Janesville, Milwaukee, Watertown, and Freeport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 790 $164,240,000 $207,899 $1,501 3.08%

For the 2021 period, The Bank Of New Glarus's most frequently originated loan type of loans were Conventional, with 790 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 330 $66,720,000 $202,182 $1,161 2.86%
Home Purchase 244 $59,080,000 $242,131 $2,150 3.36%
Cash Out Refi 197 $36,465,000 $185,102 $1,348 3.00%
Other 10 $1,200,000 $120,000 $1,280 3.72%
Home Improvement 9 $775,000 $86,111 $871 4.36%

For the 2021, The Bank Of New Glarus's most frequently cited loan purpose of loans were Refi, with 330 originations. The 2nd most popular reason of loans were Home Purchase, with 244 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 463 $105,485,000 $227,829 $1,678 3.21%
15 Year 187 $32,275,000 $172,594 $1,302 2.41%
Other 62 $11,260,000 $181,613 $1,070 3.40%
20 Year 42 $7,340,000 $174,762 $1,245 2.95%
5 Year 13 $3,385,000 $260,385 $195 4.42%
10 Year 10 $2,140,000 $214,000 $694 4.53%
3 Year 9 $1,245,000 $138,333 $0 4.54%
1 Year 4 $1,110,000 $277,500 $1,236 4.31%

For the 2021, The Bank Of New Glarus's most frequently cited loan length of loans were 30 Year, with 463 originations. The 2nd most popular length of loans were 15 Year, with 187 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 732 $148,900,000 $203,415
$1k-2k 16 $4,100,000 $256,250
$2k-3k 5 $1,045,000 $209,000
$3k-4k 4 $1,570,000 $392,500
$5k+ 3 $1,135,000 $378,333

$1,678 of loans were The Bank Of New Glarus's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 732 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 290 $71,030,000 $244,931
3-4% 239 $48,685,000 $203,703
<2.5% 191 $32,135,000 $168,246
4-5% 55 $10,755,000 $195,545
5-6% 9 $1,415,000 $157,222
7-8% 4 $120,000 $30,000
6-7% 2 $100,000 $50,000

During 2021, The Bank Of New Glarus's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 2.5-3%, with 290 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 316 $46,020,000 $145,633 $1,390 3.06%
$200k-400k 261 $71,175,000 $272,701 $1,671 3.00%
$100,000 or less 143 $10,175,000 $71,154 $1,304 3.26%
$400k-600k 65 $31,205,000 $480,077 $1,771 2.98%
$1MM+ 3 $3,985,000 $1,328,333 $895 4.38%
$600k-1MM 2 $1,680,000 $840,000 $1,451 3.25%

2021 saw The Bank Of New Glarus place emphasis on $100k-200k loans with 316 originations, totaling $46,020,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 184 $41,180,000 $223,804 $1,495 2.96%
$50k-75k 154 $23,480,000 $152,468 $1,454 3.10%
$75k-100k 139 $26,275,000 $189,029 $1,453 3.15%
$150k-250k 107 $29,535,000 $276,028 $1,577 2.89%
$50k or less 102 $12,130,000 $118,922 $1,455 3.19%
$250k+ 74 $24,200,000 $327,027 $1,752 3.13%

The Bank Of New Glarus lent most frequently to those with incomes in the $100k-150k range, with 184 originations. The second most popular income band? $50k-75k, with 154 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 229 $49,355,000 $215,524 $1,538 2.95%
<20% 164 $31,920,000 $194,634 $1,328 2.78%
30-36% 133 $27,215,000 $204,624 $1,500 3.08%
36% 26 $4,720,000 $181,538 $1,598 3.19%
41% 26 $6,160,000 $236,923 $1,530 3.13%
40% 25 $6,405,000 $256,200 $1,424 3.41%
38% 23 $4,355,000 $189,348 $1,527 3.18%
43% 21 $5,045,000 $240,238 $1,879 3.06%
42% 19 $3,195,000 $168,158 $1,440 2.92%
37% 17 $3,445,000 $202,647 $1,970 3.21%
39% 14 $3,780,000 $270,000 $1,983 3.11%
45% 14 $2,830,000 $202,143 $1,528 3.37%
46% 13 $2,105,000 $161,923 $1,376 3.46%
44% 11 $1,985,000 $180,455 $1,601 2.98%
47% 6 $890,000 $148,333 $1,344 3.17%
48% 6 $1,010,000 $168,333 $1,164 2.75%
49% 5 $1,175,000 $235,000 $1,640 3.23%
50-60% 5 $755,000 $151,000 $1,176 5.42%
>60% 3 $405,000 $135,000 $1,816 4.08%

The Bank Of New Glarus lent most frequently to those with DTI ratios of 20-30%, with 229 originations. The next most common DTI ratio? <20%, with 164 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 761 $156,235,000 $205,302 $1,493 3.04%
Not applicable 15 $4,345,000 $289,667 $0 4.49%
Not provided 7 $2,095,000 $299,286 $2,211 3.52%
Asian 3 $875,000 $291,667 $1,837 2.71%
Black 4 $690,000 $172,500 $1,501 3.56%

Approval Rates

Total approvals of all applications
97.51%

The Bank Of New Glarus 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
94.66%

The Bank Of New Glarus has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 790 $164,240,000 $207,899

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
790 $164,240,000 $207,899

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 72 $8,930,000 $124,028 $1,155 2.86%
40-60% 184 $35,410,000 $192,446 $1,337 2.78%
60-80% 337 $75,465,000 $223,932 $1,446 3.06%
80-100% 172 $38,990,000 $226,686 $1,998 3.31%
Over 100% 6 $4,310,000 $718,333 $1,966 4.56%
Under 20% 18 $960,000 $53,333 $688 4.55%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 24 16.9%
TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 13 9.2%
TD BANK US HOLDING COMPANY Conventional home mortgage Improper use of your report 1 0.7%
TD BANK US HOLDING COMPANY Conventional home mortgage Incorrect information on your report 4 2.8%
TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 6 4.2%
TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 37 26.1%
TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.7%
TD BANK US HOLDING COMPANY FHA mortgage Struggling to pay mortgage 2 1.4%
TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 1 0.7%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 15 10.6%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 6 4.2%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.7%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 1.4%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 11 7.7%
TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 7 4.9%
TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 1 0.7%
TD BANK US HOLDING COMPANY Other type of mortgage Struggling to pay mortgage 1 0.7%
TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 6 4.2%
TD BANK US HOLDING COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
TD BANK US HOLDING COMPANY VA mortgage Trouble during payment process 1 0.7%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Bank of New Glarus 1101 Hwy 69 New Glarus, WI 53574 Full Service B&M $95,085
The Bank of New Glarus 12 North Shore Drive Belleville, WI 53508 Full Service B&M $36,869
The Bank of New Glarus 2006 First Center Avenue Brodhead, WI 53520 Full Service B&M $69,170
The Bank of New Glarus 201 Main Street Juda, WI 53550 Full Service B&M $35,250
The Bank of New Glarus 250 North 18th Avenue Monroe, WI 53566 Full Service B&M $65,771
The Bank of New Glarus 501 First Street New Glarus, WI 53574 Full Service B&M $44,866

For 2021, The Bank Of New Glarus had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $13,782
Net interest income $12,066
Total noninterest income $6,477
Gross Fiduciary activities income $0
Service charges on deposit accounts $257
Trading account gains and fees $0
Additional Noninterest Income $6,220
Pre-tax net operating income $6,683
Securities gains (or losses, -) $0
Income before extraordinary items $5,223
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,223
Minority interest net income $0
Net income $5,223
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,223

The Bank Of New Glarus's gross interest income from loans was $13,782,000.
The Bank Of New Glarus's net interest income from loans was $12,066,000.
The Bank Of New Glarus's fee based income from loans was $257,000.
The Bank Of New Glarus's net income from loans was $5,223,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,716
Provision for credit losses $1,100
Total noninterest expense $10,760
Salaries and employee benefits $6,254
Premises and equipment expense $768
Additional noninterest expense $3,738
Applicable income taxes $1,460
Net charge-offs $3
Cash dividends $1,230

The Bank Of New Glarus's interest expense for loans was $1,716,000.
The Bank Of New Glarus's payroll and benefits expense were $6,254,000.
The Bank Of New Glarus's property, plant and equipment expenses $768,000.

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 3.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 2.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 1.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $355,915
Deposits held in domestic offices $355,915
Deposits by Individuals, partnerships, and corporations $321,310
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $34,605
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 $149,107
Demand deposits $107,519
Nontransaction accounts $206,808
Money market deposit accounts (MMDAs) $86,553
Other savings deposits (excluding MMDAs) $49,064
Total time deposits $71,191
Total time and savings deposits $248,396
Noninterest-bearing deposits $109,370
Interest-bearing deposits $246,545
Retail deposits $343,155
IRAs and Keogh plan accounts $12,191
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $429,385
Cash & Balances due from depository institutions $6,945
Interest-bearing balances $3,092
Total securities $122,509
Federal funds sold & reverse repurchase $28,539
Net loans and leases $250,739
Loan and leases loss allowance $6,049
Trading account assets $0
Bank premises and fixed assets $4,254
Other real estate owned $0
Goodwill and other intangibles $2,180
All other assets $14,219

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $429,385
Total Liabilities $386,614
Total deposits $355,915
Interest-bearing deposits $246,545
Deposits held in domestic offices $355,915
% insured (estimated) $71
Federal funds purchased and repurchase agreements $13,565
Trading liabilities $0
Other borrowed funds $14,500
Subordinated debt $0
All other liabilities $2,634

Issued Loan Types

Type Value (in 000's)
Net loans and leases $250,739
Loan and leases loss allowance $6,049
Total loans and leases (domestic) $256,788
All real estate loans $166,149
Real estate loans in domestic offices $166,149
Construction and development loans $34,296
Residential 1-4 family construction $8,466
Other construction, all land development and other land $25,830
Loans secured by nonfarm nonresidential properties $59,937
Nonfarm nonresidential secured by owner-occupied properties $40,195
Commercial real estate & other non-farm, non-residential $19,742
Multifamily residential real estate $2,050
1-4 family residential loans $47,552
Farmland loans $22,314
Loans held in foreign offices $0
Farm loans $12,289
Commercial and industrial loans $66,944
To non-U.S. addressees $0
Loans to individuals $6,235
Credit card loans $194
Related Plans $158
Consumer Auto Loans $3,842
Other loans to individuals $2,041
All other loans & leases $5,171
Loans to foreign governments and official institutions $0
Other loans $971
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 $2,116
Non 1-4 family restructured loans & leases $2,024
Total loans and leases (foreign) $0

The Bank of New Glarus had $250,739,000 of loans outstanding in 2021. $166,149,000 of loans were in real estate loans. $34,296,000 of loans were in development loans. $2,050,000 of loans were in multifamily mortgage loans. $47,552,000 of loans were in 1-4 family mortgage loans. $12,289,000 of loans were in farm loans. $194,000 of loans were in credit card loans. $3,842,000 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 186 $40,746 $219,065
Nonfarm, nonresidential loans - <$100k 57 $2,790 $48,947
Nonfarm, nonresidential loans - $100-250k 59 $8,111 $137,475
Nonfarm, nonresidential loans - $250k-1MM 70 $29,845 $426,357
Commercial & Industrial, US addressed loans - <$1MM 597 $48,905 $81,918
Commercial & Industrial, US addressed loans - <$100k 483 $28,069 $58,114
Commercial & Industrial, US addressed loans - $100-250k 74 $9,183 $124,095
Commercial & Industrial, US addressed loans - $250k-1MM 40 $11,653 $291,325
Farmland loans - <$1MM 77 $9,279 $120,506
Farmland loans - <$100k 29 $2,553 $88,034
Farmland loans - $100-250k 30 $3,122 $104,067
Farmland loans - $250k-1MM 18 $3,604 $200,222
Agriculture operations loans - <$1MM 137 $8,536 $62,307
Agriculture operations loans - <$100k 115 $4,176 $36,313
Agriculture operations loans - $100-250k 12 $1,361 $113,417
Agriculture operations loans - $250k-1MM 10 $2,999 $299,900