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

Jump to:

Mortgage Data

Bank Data

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, Kendallville, Angola, and Warsaw among others. We have data for 7 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

277

Origination Dollar Volume (All Markets)

$35,465,000

Employee count

41

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) 128 $16,110,000 $125,859 $0 0.00%
Auburn, IN (FHA|USDA|VA) 95 $10,515,000 $110,684 $0 0.00%
Kendallville, IN (FHA|USDA|VA) 25 $4,485,000 $179,400 $0 0.00%
Angola, IN (FHA|USDA|VA) 19 $2,525,000 $132,895 $0 0.00%
Warsaw, IN (FHA|USDA|VA) 4 $940,000 $235,000 $0 0.00%
Outside of Metro Areas 5 $785,000 $157,000 $0 0.00%
Coldwater, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
The Garrett State Bank's top markets include Fort Wayne, Auburn, Kendallville, Angola, and Warsaw among others.

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

    BEACON CREDIT UNION
    Similarity Rank: 52
    INTERRA CREDIT UNION
    Similarity Rank: 234
    MIDWEST AMERICA
    Similarity Rank: 600
    ProFed Federal Credit Union
    Similarity Rank: 748
    First Federal Bank of the Midwest
    Similarity Rank: 781
    MutualBank
    Similarity Rank: 1060
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 1134
    First Federal Savings Bank
    Similarity Rank: 1176
    STAR Financial Bank
    Similarity Rank: 1519

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 277 $35,465,000 $128,032 $0 0.00%

    For 2019, The Garrett State Bank's most frequently originated type of loan was Conventional, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 139 $18,615,000 $133,921 $0 0.00%
    Refi 109 $15,055,000 $138,119 $0 0.00%
    Other 17 $1,305,000 $76,765 $0 0.00%
    Home Improvement 12 $490,000 $40,833 $0 0.00%

    For 2019, The Garrett State Bank's most frequently cited loan purpose was Home Purchase, with 139 originations. The 2nd most popular reason was Refi, with 109 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 277 $35,465,000 $128,032 $0 0.00%

    For 2019, The Garrett State Bank's most frequently cited loan duration was Other, with 277 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 140 $7,750,000 $55,357 $0 0.00%
    $100k-200k 88 $12,660,000 $143,864 $0 0.00%
    $200k-400k 43 $11,305,000 $262,907 $0 0.00%
    $400k-600k 4 $1,770,000 $442,500 $0 0.00%
    $1MM+ 1 $1,365,000 $1,365,000 $0 0.00%
    $600k-1MM 1 $615,000 $615,000 $0 0.00%

    2019 saw The Garrett State Bank place emphasis on $100,000 or less loans with 140 originations, totaling $7,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 59 $7,375,000 $125,000 $0 0.00%
    $50k or less 58 $4,770,000 $82,241 $0 0.00%
    $100k-150k 51 $8,005,000 $156,961 $0 0.00%
    $75k-100k 43 $4,795,000 $111,512 $0 0.00%
    $150k-250k 23 $4,725,000 $205,435 $0 0.00%
    $250k+ 9 $935,000 $103,889 $0 0.00%

    The Garrett State Bank lent most frequently to those with incomes in the $50k-75k range, with 59 originations. The second most popular income band? $50k or less, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 277 $35,465,000 $128,032 $0 0.00%

    The Garrett State Bank lent most frequently to those with DTI ratios of Exempt%, with 277 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 229 $28,825,000 $125,873 $0 0.00%
    Not applicable 34 $4,860,000 $142,941 $0 0.00%
    Asian 10 $1,360,000 $136,000 $0 0.00%
    Black 3 $385,000 $128,333 $0 0.00%
    Other Asian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.01%

    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
    94.58%

    The Garrett State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 277 $35,465,000 $128,032

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $1,365,000 $1,365,000
    Single Family (1-4 Units):Manufactured 9 $575,000 $63,889
    Single Family (1-4 Units):Site-Built 267 $33,525,000 $125,562

    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 $96,050
    The Garrett State Bank 1341 South Randolph Street Garrett, IN 46738 Full Service B&M $32,152
    The Garrett State Bank 502 S Gonser Street Ashley, IN 46705 Limited, Mobile/Seasonal Office $10,708
    The Garrett State Bank 811 Mill Lake Road Fort Wayne, IN 46845 Full Service B&M $70,542

    For 2019, The Garrett State Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,016
    Net interest income $9,038
    Total noninterest income $696
    Gross Fiduciary activities income $3
    Service charges on deposit accounts $282
    Trading account gains and fees $0
    Additional Noninterest Income $411
    Pre-tax net operating income $4,096
    Securities gains (or losses, -) $0
    Income before extraordinary items $4,096
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,096
    Minority interest net income $0
    Net income $4,096
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,096

    The Garrett State Bank's gross interest income from loans was $11,016,000.
    The Garrett State Bank's net interest income from loans was $9,038,000.
    The Garrett State Bank's fee based income from loans was $282,000.
    The Garrett State Bank's net income from loans was $4,096,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,978
    Provision for credit losses $120
    Total noninterest expense $5,518
    Salaries and employee benefits $3,077
    Premises and equipment expense $545
    Additional noninterest expense $1,896
    Applicable income taxes $0
    Net charge-offs $122
    Cash dividends $2,341

    The Garrett State Bank's interest expense for loans was $1,978,000.
    The Garrett State Bank's payroll and benefits expense were $3,077,000.
    The Garrett State Bank's property, plant and equipment expenses $545,000.

    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 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $213,371
    Deposits held in domestic offices $213,371
    Deposits by Individuals, partnerships, and corporations $156,820
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $56,551
    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 $99,230
    Demand deposits $40,114
    Nontransaction accounts $114,141
    Money market deposit accounts (MMDAs) $23,837
    Other savings deposits (excluding MMDAs) $26,510
    Total time deposits $63,794
    Total time and savings deposits $173,257
    Noninterest-bearing deposits $40,114
    Interest-bearing deposits $173,257
    Retail deposits $190,891
    IRAs and Keogh plan accounts $13,511
    Brokered deposits $16,089
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $259,773
    Cash & Balances due from depository institutions $20,392
    Interest-bearing balances $18,657
    Total securities $47,930
    Federal funds sold & reverse repurchase $0
    Net loans and leases $185,659
    Loan and leases loss allowance $1,927
    Trading account assets $0
    Bank premises and fixed assets $3,013
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,779

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $259,773
    Total Liabilities $232,042
    Total deposits $213,371
    Interest-bearing deposits $173,257
    Deposits held in domestic offices $213,371
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $17,098
    Subordinated debt $0
    All other liabilities $1,573

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $185,659
    Loan and leases loss allowance $1,927
    Total loans and leases (domestic) $187,586
    All real estate loans $168,062
    Real estate loans in domestic offices $168,062
    Construction and development loans $14,684
    Residential 1-4 family construction $13,089
    Other construction, all land development and other land $1,595
    Loans secured by nonfarm nonresidential properties $13,595
    Nonfarm nonresidential secured by owner-occupied properties $12,540
    Commercial real estate & other non-farm, non-residential $1,055
    Multifamily residential real estate $2,488
    1-4 family residential loans $130,489
    Farmland loans $6,806
    Loans held in foreign offices $0
    Farm loans $1,978
    Commercial and industrial loans $11,133
    To non-U.S. addressees $0
    Loans to individuals $6,380
    Credit card loans $0
    Related Plans $56
    Consumer Auto Loans $3,753
    Other loans to individuals $2,571
    All other loans & leases $42
    Loans to foreign governments and official institutions $0
    Other loans $8
    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 $1,901
    Non 1-4 family restructured loans & leases $456
    Total loans and leases (foreign) $0

    The Garrett State Bank had $185,659,000 of loans outstanding in 2019. $168,062,000 of loans were in real estate loans. $14,684,000 of loans were in development loans. $2,488,000 of loans were in multifamily mortgage loans. $130,489,000 of loans were in 1-4 family mortgage loans. $1,978,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,753,000 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 134 $10,956 $81,761
    Nonfarm, nonresidential loans - <$100k 95 $3,563 $37,505
    Nonfarm, nonresidential loans - $100-250k 29 $4,084 $140,828
    Nonfarm, nonresidential loans - $250k-1MM 10 $3,309 $330,900
    Commercial & Industrial, US addressed loans - <$1MM 399 $11,133 $27,902
    Commercial & Industrial, US addressed loans - <$100k 383 $8,121 $21,204
    Commercial & Industrial, US addressed loans - $100-250k 10 $1,017 $101,700
    Commercial & Industrial, US addressed loans - $250k-1MM 6 $1,995 $332,500
    Farmland loans - <$1MM 42 $5,307 $126,357
    Farmland loans - <$100k 23 $1,433 $62,304
    Farmland loans - $100-250k 15 $2,477 $165,133
    Farmland loans - $250k-1MM 4 $1,397 $349,250
    Agriculture operations loans - <$1MM 48 $1,977 $41,188
    Agriculture operations loans - <$100k 40 $717 $17,925
    Agriculture operations loans - $100-250k 5 $762 $152,400
    Agriculture operations loans - $250k-1MM 3 $498 $166,000