Security Bank Mortgage Rates, Fees & Info

New Auburn, WI

LEI: 549300IPFYHYZ3L7UL18

Tax ID: 39-0147940

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Mortgage Data

Bank Data

Review & Overview

Security Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Security Bank has a high proportion of conventional loans. Their top markets by origination volume include: Eau Claire, Menomonie, Minneapolis, Duluth, and Wausau among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Security 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.

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Originations

181

Origination Dollar Volume (All Markets)

$31,225,000

Employee count

22

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
EAU CLAIRE, WI (FHA|USDA|VA) 112 $19,390,000 $173,125 $0 0.00%
Outside of Metro Areas 41 $6,425,000 $156,707 $0 0.00%
Menomonie, WI (FHA|USDA|VA) 21 $4,065,000 $193,571 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $830,000 $207,500 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
GREEN BAY, WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Security Bank's top markets include Eau Claire, Menomonie, Minneapolis, Duluth, and Wausau among others.

Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $31,225,000 $172,514 $0 0.00%

    For 2021, Security Bank's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 67 $13,445,000 $200,672 $0 0.00%
    Refi 58 $8,640,000 $148,966 $0 0.00%
    Home Purchase 54 $8,990,000 $166,481 $0 0.00%
    Home Improvement 2 $150,000 $75,000 $0 0.00%

    For 2021, Security Bank's most frequently cited loan purpose was Cash Out Refi, with 67 originations. The 2nd most popular reason was Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 181 $31,225,000 $172,514 $0 0.00%

    For 2021, Security Bank's most frequently cited loan duration was Other, with 181 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 78 $11,330,000 $145,256 $0 0.00%
    $200k-400k 51 $13,585,000 $266,373 $0 0.00%
    $100,000 or less 46 $3,380,000 $73,478 $0 0.00%
    $400k-600k 6 $2,930,000 $488,333 $0 0.00%

    2021 saw Security Bank place emphasis on $100k-200k loans with 78 originations, totaling $11,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 47 $5,315,000 $113,085 $0 0.00%
    $50k-75k 45 $6,795,000 $151,000 $0 0.00%
    $100k-150k 37 $7,925,000 $214,189 $0 0.00%
    $75k-100k 31 $4,955,000 $159,839 $0 0.00%
    $150k-250k 13 $4,275,000 $328,846 $0 0.00%
    $250k+ 3 $1,075,000 $358,333 $0 0.00%

    Security Bank lent most frequently to those with incomes in the $50k or less range, with 47 originations. The second most popular income band? $50k-75k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 181 $31,225,000 $172,514 $0 0.00%

    Security Bank lent most frequently to those with DTI ratios of Exempt%, with 181 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 171 $28,835,000 $168,626 $0 0.00%
    Not provided 7 $1,625,000 $232,143 $0 0.00%
    Not applicable 3 $765,000 $255,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.41%

    Security 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%

    Security 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
    Exempt 181 $31,225,000 $172,514

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    181 $31,225,000 $172,514

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    Security National Financial Corp Conventional home mortgage Closing on a mortgage 1 7.1%
    Security National Financial Corp Conventional home mortgage Incorrect information on your report 1 7.1%
    Security National Financial Corp Conventional home mortgage Trouble during payment process 5 35.7%
    Security National Financial Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    Security National Financial Corp FHA mortgage Trouble during payment process 2 14.3%
    Security National Financial Corp Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 14.3%
    Security National Financial Corp VA mortgage Closing on a mortgage 1 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Security Bank 101 Main Street Ridgeland, WI 54763 Full Service B&M $27,062
    Security Bank 107 Dallas Street West Dallas, WI 54733 Full Service B&M $5,417
    Security Bank 112 East Main Street New Auburn, WI 54757 Full Service B&M $73,025
    Security Bank 1923 17th Avenue Bloomer, WI 54724 Full Service B&M $8,610
    Security Bank County Road 1 Sand Creek, WI 54765 Full Service B&M $10,154

    For 2021, Security Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,590
    Net interest income $5,687
    Total noninterest income $1,235
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $119
    Trading account gains and fees $0
    Additional Noninterest Income $1,116
    Pre-tax net operating income $3,351
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,490
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,490
    Minority interest net income $0
    Net income $2,490
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,490

    Security Bank's gross interest income from loans was $6,590,000.
    Security Bank's net interest income from loans was $5,687,000.
    Security Bank's fee based income from loans was $119,000.
    Security Bank's net income from loans was $2,490,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $903
    Provision for credit losses $240
    Total noninterest expense $3,331
    Salaries and employee benefits $1,620
    Premises and equipment expense $281
    Additional noninterest expense $1,430
    Applicable income taxes $861
    Net charge-offs $373
    Cash dividends $200

    Security Bank's interest expense for loans was $903,000.
    Security Bank's payroll and benefits expense were $1,620,000.
    Security Bank's property, plant and equipment expenses $281,000.

    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 1.0%
    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 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $125,433
    Deposits held in domestic offices $125,433
    Deposits by Individuals, partnerships, and corporations $115,326
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $10,107
    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 $46,279
    Demand deposits $32,798
    Nontransaction accounts $79,154
    Money market deposit accounts (MMDAs) $23,506
    Other savings deposits (excluding MMDAs) $20,368
    Total time deposits $35,281
    Total time and savings deposits $92,635
    Noninterest-bearing deposits $32,798
    Interest-bearing deposits $92,635
    Retail deposits $111,703
    IRAs and Keogh plan accounts $7,976
    Brokered deposits $7,446
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $149,624
    Cash & Balances due from depository institutions $15,027
    Interest-bearing balances $7,269
    Total securities $7,458
    Federal funds sold & reverse repurchase $9,464
    Net loans and leases $114,850
    Loan and leases loss allowance $1,297
    Trading account assets $0
    Bank premises and fixed assets $400
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,425

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $149,624
    Total Liabilities $131,204
    Total deposits $125,433
    Interest-bearing deposits $92,635
    Deposits held in domestic offices $125,433
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $5,000
    Subordinated debt $0
    All other liabilities $771

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $114,850
    Loan and leases loss allowance $1,297
    Total loans and leases (domestic) $116,147
    All real estate loans $94,059
    Real estate loans in domestic offices $94,059
    Construction and development loans $7,173
    Residential 1-4 family construction $5,173
    Other construction, all land development and other land $2,000
    Loans secured by nonfarm nonresidential properties $41,530
    Nonfarm nonresidential secured by owner-occupied properties $39,692
    Commercial real estate & other non-farm, non-residential $1,838
    Multifamily residential real estate $448
    1-4 family residential loans $21,556
    Farmland loans $23,352
    Loans held in foreign offices $0
    Farm loans $5,744
    Commercial and industrial loans $14,037
    To non-U.S. addressees $0
    Loans to individuals $1,996
    Credit card loans $42
    Related Plans $28
    Consumer Auto Loans $1,445
    Other loans to individuals $481
    All other loans & leases $311
    Loans to foreign governments and official institutions $0
    Other loans $26
    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

    Security Bank had $114,850,000 of loans outstanding in 2021. $94,059,000 of loans were in real estate loans. $7,173,000 of loans were in development loans. $448,000 of loans were in multifamily mortgage loans. $21,556,000 of loans were in 1-4 family mortgage loans. $5,744,000 of loans were in farm loans. $42,000 of loans were in credit card loans. $1,445,000 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 110 $18,415 $167,409
    Nonfarm, nonresidential loans - <$100k 46 $1,850 $40,217
    Nonfarm, nonresidential loans - $100-250k 33 $3,972 $120,364
    Nonfarm, nonresidential loans - $250k-1MM 31 $12,593 $406,226
    Commercial & Industrial, US addressed loans - <$1MM 104 $8,104 $77,923
    Commercial & Industrial, US addressed loans - <$100k 68 $1,609 $23,662
    Commercial & Industrial, US addressed loans - $100-250k 15 $1,181 $78,733
    Commercial & Industrial, US addressed loans - $250k-1MM 21 $5,314 $253,048
    Farmland loans - <$1MM 65 $9,055 $139,308
    Farmland loans - <$100k 20 $962 $48,100
    Farmland loans - $100-250k 25 $2,824 $112,960
    Farmland loans - $250k-1MM 20 $5,269 $263,450
    Agriculture operations loans - <$1MM 90 $3,257 $36,189
    Agriculture operations loans - <$100k 71 $1,467 $20,662
    Agriculture operations loans - $100-250k 16 $1,233 $77,063
    Agriculture operations loans - $250k-1MM 3 $557 $185,667