The Garrett State Bank Mortgage Rates, Fees & Info

Garrett, IN

LEI: 549300I3BPURP4WOHN47

Tax ID: 35-0328710

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    The Garrett State Bank is a smaller bank specializing in Home Purchase and Refi loans. The Garrett State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fort Wayne, Auburn, Angola, Kendallville, and Warsaw among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Garrett State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The Garrett State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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

    284

    Origination Dollar Volume (All Markets)

    $32,790,000

    Employee count

    40 Show all (6) awards

    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
    FORT WAYNE, IN (FHA|USDA|VA) 138 $17,100,000 $123,913 $1,171 4.89%
    Auburn, IN (FHA|USDA|VA) 99 $9,115,000 $92,071 $961 5.19%
    Angola, IN (FHA|USDA|VA) 17 $2,475,000 $145,588 $1,186 5.09%
    Kendallville, IN (FHA|USDA|VA) 21 $2,305,000 $109,762 $1,079 5.36%
    Outside of Metro Areas 4 $960,000 $240,000 $1,579 4.19%
    Warsaw, IN (FHA|USDA|VA) 1 $445,000 $445,000 $1,536 4.63%
    Huntington, IN (FHA|USDA|VA) 2 $280,000 $140,000 $1,198 4.38%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $110,000 $55,000 $858 6.06%
    The Garrett State Bank's top markets include Fort Wayne, Auburn, Angola, Kendallville, and Warsaw among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Garrett State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Fire Police City County Federal Credit Union
    Similarity Rank: 48
    INTERRA CREDIT UNION
    Similarity Rank: 64
    The Garrett State Bank
    Similarity Rank: 152
    First Federal Savings Bank
    Similarity Rank: 833
    MIDWEST AMERICA
    Similarity Rank: 836
    ProFed Federal Credit Union
    Similarity Rank: 874
    1st Source Bank
    Similarity Rank: 1178
    STAR Financial Bank
    Similarity Rank: 1302
    The State Bank and Trust Company
    Similarity Rank: 1344
    Union Savings Bank
    Similarity Rank: 1408

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 284 $32,790,000 $115,458 $1,095 5.04%

    For 2018, The Garrett State Bank's most frequently originated type of loan was Conventional, with 284 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 156 $19,310,000 $123,782 $1,257 4.99%
    Refi 76 $10,000,000 $131,579 $1,031 4.81%
    Other 24 $1,270,000 $52,917 $625 5.66%
    Home Improvement 17 $685,000 $40,294 $429 6.06%
    Cash Out Refi 11 $1,525,000 $138,636 $1,428 4.35%

    For 2018, The Garrett State Bank's most frequently cited loan purpose was Home Purchase, with 156 originations. The 2nd most popular reason was Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 142 $21,990,000 $154,859 $1,249 4.53%
    15 Year 57 $4,015,000 $70,439 $874 5.86%
    Other 24 $1,580,000 $65,833 $808 5.10%
    20 Year 18 $1,700,000 $94,444 $1,413 5.63%
    1 Year 17 $1,805,000 $106,176 $1,017 5.71%
    10 Year 15 $1,405,000 $93,667 $786 4.53%
    5 Year 10 $290,000 $29,000 $513 5.68%
    3 Year 1 $5,000 $5,000 $114 6.75%

    For 2018, The Garrett State Bank's most frequently cited loan duration was 30 Year, with 142 originations. The 2nd most popular length was 15 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 216 $26,620,000 $123,241
    $1k-2k 4 $840,000 $210,000

    The Garrett State Bank's average total fees were $1,249, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 216 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 124 $16,990,000 $137,016
    5-6% 69 $7,165,000 $103,841
    3-4% 46 $6,470,000 $140,652
    6-7% 30 $1,670,000 $55,667
    7-8% 9 $245,000 $27,222
    Over 8% 5 $175,000 $35,000
    <2.5% 1 $75,000 $75,000

    During 2018, The Garrett State Bank's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 146 $7,990,000 $54,726 $939 5.42%
    $100k-200k 98 $13,510,000 $137,857 $1,276 4.66%
    $200k-400k 37 $9,715,000 $262,568 $1,088 4.57%
    $400k-600k 3 $1,575,000 $525,000 $1,202 4.29%

    2018 saw The Garrett State Bank place emphasis on $100,000 or less loans with 146 originations, totaling $7,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 72 $8,570,000 $119,028 $1,187 4.80%
    $50k or less 55 $3,935,000 $71,545 $1,120 4.92%
    $75k-100k 50 $6,780,000 $135,600 $1,073 4.79%
    $100k-150k 40 $5,430,000 $135,750 $982 5.10%
    $250k+ 12 $1,820,000 $151,667 $930 5.54%
    $150k-250k 11 $1,915,000 $174,091 $1,060 5.00%

    The Garrett State Bank lent most frequently to those with incomes in the $50k-75k range, with 72 originations. The second most popular income band? $50k or less, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 107 $11,815,000 $110,421 $1,047 5.03%
    <20% 60 $6,420,000 $107,000 $1,107 4.70%
    30-36% 43 $4,735,000 $110,116 $1,119 5.16%
    >60% 12 $1,010,000 $84,167 $0 5.95%
    50-60% 11 $1,095,000 $99,545 $1,241 5.14%
    36% 7 $975,000 $139,286 $1,087 4.71%
    40% 5 $455,000 $91,000 $1,078 5.90%
    38% 5 $635,000 $127,000 $721 5.28%
    49% 4 $460,000 $115,000 $1,515 4.88%
    47% 3 $345,000 $115,000 $1,496 5.13%
    44% 3 $585,000 $195,000 $1,536 5.25%
    39% 3 $555,000 $185,000 $583 4.54%
    42% 3 $585,000 $195,000 $1,436 4.92%
    43% 3 $835,000 $278,333 $1,677 4.33%
    37% 3 $365,000 $121,667 $1,355 5.25%
    45% 2 $510,000 $255,000 $1,599 5.25%
    41% 2 $550,000 $275,000 $2,392 5.13%
    48% 1 $345,000 $345,000 $1,539 4.50%
    46% 1 $35,000 $35,000 $129 6.75%

    The Garrett State Bank lent most frequently to those with DTI ratios of 20-30%, with 107 originations. The next most common DTI ratio? <20%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 231 $27,485,000 $118,983 $1,076 4.94%
    Not applicable 38 $3,770,000 $99,211 $990 5.78%
    Black 7 $745,000 $106,429 $1,501 4.34%
    Asian 5 $495,000 $99,000 $1,333 4.95%
    Other Pacific Islander 1 $155,000 $155,000 $0 5.00%
    Other Asian 2 $140,000 $70,000 $1,409 4.50%

    Approval Rates

    Total approvals of all applications
    98.01%

    The Garrett State Bank 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
    96.13%

    The Garrett State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 284 $32,790,000 $115,458

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $650,000 $81,250
    Single Family (1-4 Units):Site-Built 276 $32,140,000 $116,449

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $2,525,000 $76,515 $728 5.19%
    40-60% 33 $3,395,000 $102,879 $1,061 4.86%
    60-80% 125 $15,835,000 $126,680 $1,249 4.92%
    80-100% 64 $9,360,000 $146,250 $1,337 4.86%
    Over 100% 8 $1,130,000 $141,250 $1,040 5.44%
    Under 20% 21 $545,000 $25,952 $306 6.16%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Garrett State Bank 120 West King Street Garrett, IN 46738 Full Service B&M $90,216
    The Garrett State Bank 1341 South Randolph Street Garrett, IN 46738 Full Service B&M $30,251
    The Garrett State Bank 502 S Gonser Street Ashley, IN 46705 Limited, Mobile/Seasonal Office $9,666
    The Garrett State Bank 811 Mill Lake Road Fort Wayne, IN 46845 Full Service B&M $68,917

    For 2018, The Garrett State Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,876
    Net interest income $8,276
    Total noninterest income $772
    Gross Fiduciary activities income $4
    Service charges on deposit accounts $304
    Trading account gains and fees $0
    Additional Noninterest Income $464
    Pre-tax net operating income $3,643
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,643
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,643
    Minority interest net income $0
    Net income $3,643
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,643

    The Garrett State Bank's gross interest income from loans was $9,876,000.
    The Garrett State Bank's net interest income from loans was $8,276,000.
    The Garrett State Bank's fee based income from loans was $304,000.
    The Garrett State Bank's net income from loans was $3,643,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,600
    Provision for credit losses $195
    Total noninterest expense $5,210
    Salaries and employee benefits $2,850
    Premises and equipment expense $539
    Additional noninterest expense $1,821
    Applicable income taxes $0
    Net charge-offs $155
    Cash dividends $2,087

    The Garrett State Bank's interest expense for loans was $1,600,000.
    The Garrett State Bank's payroll and benefits expense were $2,850,000.
    The Garrett State Bank's property, plant and equipment expenses $539,000.

    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 2.0%
    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 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $196,293
    Deposits held in domestic offices $196,293
    Deposits by Individuals, partnerships, and corporations $141,650
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $54,643
    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 $94,433
    Demand deposits $36,854
    Nontransaction accounts $101,860
    Money market deposit accounts (MMDAs) $15,474
    Other savings deposits (excluding MMDAs) $25,021
    Total time deposits $61,365
    Total time and savings deposits $159,439
    Noninterest-bearing deposits $36,854
    Interest-bearing deposits $159,439
    Retail deposits $176,733
    IRAs and Keogh plan accounts $13,255
    Brokered deposits $14,665
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $239,256
    Cash & Balances due from depository institutions $32,864
    Interest-bearing balances $31,394
    Total securities $28,687
    Federal funds sold & reverse repurchase $0
    Net loans and leases $172,193
    Loan and leases loss allowance $1,929
    Trading account assets $0
    Bank premises and fixed assets $2,836
    Other real estate owned $47
    Goodwill and other intangibles $0
    All other assets $2,629

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $239,256
    Total Liabilities $214,502
    Total deposits $196,293
    Interest-bearing deposits $159,439
    Deposits held in domestic offices $196,293
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $16,743
    Subordinated debt $0
    All other liabilities $1,466

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $172,193
    Loan and leases loss allowance $1,929
    Total loans and leases (domestic) $174,122
    All real estate loans $152,683
    Real estate loans in domestic offices $152,683
    Construction and development loans $8,590
    Residential 1-4 family construction $8,078
    Other construction, all land development and other land $512
    Loans secured by nonfarm nonresidential properties $13,364
    Nonfarm nonresidential secured by owner-occupied properties $12,221
    Commercial real estate & other non-farm, non-residential $1,143
    Multifamily residential real estate $1,850
    1-4 family residential loans $122,647
    Farmland loans $6,232
    Loans held in foreign offices $0
    Farm loans $1,654
    Commercial and industrial loans $12,977
    To non-U.S. addressees $0
    Loans to individuals $6,659
    Credit card loans $0
    Related Plans $54
    Consumer Auto Loans $3,916
    Other loans to individuals $2,689
    All other loans & leases $159
    Loans to foreign governments and official institutions $0
    Other loans $20
    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 $1,290
    Non 1-4 family restructured loans & leases $387
    Total loans and leases (foreign) $0

    The Garrett State Bank had $172,193,000 of loans outstanding in 2018. $152,683,000 of loans were in real estate loans. $8,590,000 of loans were in development loans. $1,850,000 of loans were in multifamily mortgage loans. $122,647,000 of loans were in 1-4 family mortgage loans. $1,654,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,916,000 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 130 $10,418 $80,138
    Nonfarm, nonresidential loans - <$100k 87 $3,083 $35,437
    Nonfarm, nonresidential loans - $100-250k 33 $4,643 $140,697
    Nonfarm, nonresidential loans - $250k-1MM 10 $2,692 $269,200
    Commercial & Industrial, US addressed loans - <$1MM 452 $12,977 $28,710
    Commercial & Industrial, US addressed loans - <$100k 427 $8,619 $20,185
    Commercial & Industrial, US addressed loans - $100-250k 18 $1,958 $108,778
    Commercial & Industrial, US addressed loans - $250k-1MM 7 $2,400 $342,857
    Farmland loans - <$1MM 38 $4,677 $123,079
    Farmland loans - <$100k 17 $645 $37,941
    Farmland loans - $100-250k 16 $2,167 $135,438
    Farmland loans - $250k-1MM 5 $1,865 $373,000
    Agriculture operations loans - <$1MM 41 $1,654 $40,341
    Agriculture operations loans - <$100k 35 $640 $18,286
    Agriculture operations loans - $100-250k 5 $769 $153,800
    Agriculture operations loans - $250k-1MM 1 $245 $245,000