Luana Savings Bank Mortgage Rates, Fees & Info
Luana, IA
LEI: 549300IZ5GOBKOERL931
Tax ID: 42-0386770
5 stars
-
out of 5 stars, based on 53 reviews
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Mortgage Data
Bank Data
Overview
Luana Savings Bank is a
smaller
bank
specializing in
Refi and Home Purchase loans.
Luana Savings Bank has a high proportion of conventional loans.
Their top markets include Des Moines, Ames, Waterloo, Iowa City, and Minneapolis among others. Luana Savings Bank 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.
Luana Savings Bank is typically
a low fee
lendor.
Originations
2,810
Origination Dollar Volume (All Markets)
$711,870,000
Employee count
98
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Luana Savings Bank - 2021
Luana Savings Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Luana Savings Bank's average 30 year fixed rate mortgage of loans were
2.99%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.16%.
Relative Fees
Luana Savings Bank's average total fees for a 30 year fixed rate
mortgage are $1,147.
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 |
|
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA)
|
2,187
|
$569,675,000 |
$260,482 |
$970 |
2.78% |
|
Outside of Metro Areas
|
356 |
$49,110,000 |
$137,949 |
$800 |
3.10% |
|
AMES, IA (FHA|USDA|VA)
|
113
|
$26,565,000 |
$235,088 |
$1,127 |
2.82% |
|
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA)
|
26
|
$23,140,000 |
$890,000 |
$745 |
2.96% |
|
IOWA CITY, IA (FHA|USDA|VA)
|
9
|
$9,665,000 |
$1,073,889 |
$1,030 |
2.89% |
|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)
|
5
|
$8,165,000 |
$1,633,000 |
$2,408 |
2.78% |
|
CEDAR RAPIDS, IA (FHA|USDA|VA)
|
20
|
$3,530,000 |
$176,500 |
$913 |
2.70% |
|
Mason City, IA (FHA|USDA|VA)
|
14
|
$3,380,000 |
$241,429 |
$1,264 |
2.89% |
|
Pella, IA (FHA|USDA|VA)
|
14
|
$3,270,000 |
$233,571 |
$1,317 |
2.84% |
|
Marshalltown, IA (FHA|USDA|VA)
|
10
|
$2,210,000 |
$221,000 |
$1,297 |
3.03% |
|
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA)
|
4
|
$1,610,000 |
$402,500 |
$1,052 |
2.86% |
|
Beaver Dam, WI (FHA|USDA|VA)
|
1
|
$1,485,000 |
$1,485,000 |
$0 |
3.75% |
|
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA)
|
6
|
$1,320,000 |
$220,000 |
$1,291 |
2.52% |
|
Spirit Lake, IA (FHA|USDA|VA)
|
6
|
$1,230,000 |
$205,000 |
$1,277 |
2.73% |
|
SHEBOYGAN, WI (FHA|USDA|VA)
|
1
|
$855,000 |
$855,000 |
$0 |
3.60% |
|
JANESVILLE-BELOIT, WI (FHA|USDA|VA)
|
1
|
$855,000 |
$855,000 |
$0 |
3.60% |
|
Carroll, IA (FHA|USDA|VA)
|
6
|
$820,000 |
$136,667 |
$888 |
2.38% |
|
DUBUQUE, IA (FHA|USDA|VA)
|
4
|
$790,000 |
$197,500 |
$1,055 |
3.23% |
|
Platteville, WI (FHA|USDA|VA)
|
5
|
$765,000 |
$153,000 |
$672 |
3.16% |
|
Oskaloosa, IA (FHA|USDA|VA)
|
2
|
$670,000 |
$335,000 |
$1,339 |
3.48% |
|
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)
|
2
|
$500,000 |
$250,000 |
$1,952 |
3.23% |
|
Fort Dodge, IA (FHA|USDA|VA)
|
3
|
$405,000 |
$135,000 |
$1,024 |
3.16% |
|
Storm Lake, IA (FHA|USDA|VA)
|
1
|
$305,000 |
$305,000 |
$909 |
2.00% |
|
Ottumwa, IA (FHA|USDA|VA)
|
2
|
$280,000 |
$140,000 |
$1,320 |
3.38% |
|
DECATUR, IL (FHA|USDA|VA)
|
4
|
$230,000 |
$57,500 |
$0 |
4.03% |
|
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA)
|
1
|
$225,000 |
$225,000 |
$1,271 |
2.38% |
|
ROCHESTER, MN (FHA|USDA|VA)
|
1
|
$205,000 |
$205,000 |
$886 |
2.90% |
|
Baraboo, WI (FHA|USDA|VA)
|
1
|
$135,000 |
$135,000 |
$1,182 |
3.40% |
|
COLUMBIA, MO (FHA|USDA|VA)
|
1
|
$135,000 |
$135,000 |
$695 |
2.63% |
|
MANKATO, MN (FHA|USDA|VA)
|
1
|
$125,000 |
$125,000 |
$1,431 |
2.38% |
|
Burlington, IA-IL (FHA|USDA|VA)
|
2
|
$120,000 |
$60,000 |
$0 |
4.30% |
|
Fairfield, IA (FHA|USDA|VA)
|
1
|
$95,000 |
$95,000 |
$666 |
3.13% |
Luana Savings Bank's top markets include Des Moines, Ames, Waterloo, Iowa City, and Minneapolis among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
2,810 |
$711,870,000 |
$253,335 |
$962 |
2.83% |
For the 2021 period, Luana Savings Bank's most frequently
originated loan type
of loans were Conventional, with 2,810 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
1,565 |
$383,895,000 |
$245,300 |
$885 |
2.66% |
| Home Purchase |
786 |
$233,000,000 |
$296,438 |
$1,047 |
3.14% |
| Cash Out Refi |
424 |
$91,860,000 |
$216,651 |
$1,131 |
2.86% |
| Other |
18 |
$1,970,000 |
$109,444 |
$723 |
3.21% |
| Home Improvement |
17 |
$1,145,000 |
$67,353 |
$521 |
3.59% |
For the 2021, Luana Savings Bank's most frequently cited loan
purpose
of loans were Refi, with 1,565
originations.
The 2nd most popular reason of loans were Home Purchase,
with 786 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
1,050 |
$253,640,000 |
$241,562 |
$1,147 |
2.99% |
| 15 Year |
906 |
$155,130,000 |
$171,225 |
$846 |
2.54% |
| Other |
320 |
$117,170,000 |
$366,156 |
$829 |
2.85% |
| 10 Year |
262 |
$119,090,000 |
$454,542 |
$717 |
3.02% |
| 20 Year |
212 |
$45,300,000 |
$213,679 |
$1,006 |
2.88% |
| 5 Year |
48 |
$19,540,000 |
$407,083 |
$105 |
3.23% |
| 3 Year |
7 |
$925,000 |
$132,143 |
$0 |
3.21% |
| 1 Year |
5 |
$1,075,000 |
$215,000 |
$957 |
3.38% |
For the 2021, Luana Savings Bank's most frequently cited loan
length
of loans were 30 Year, with 1,050 originations.
The 2nd most popular length of loans were 15 Year,
with 906 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
2,527 |
$515,525,000 |
$204,007 |
| $1k-2k |
23 |
$5,505,000 |
$239,348 |
| $2k-3k |
7 |
$1,565,000 |
$223,571 |
| $3k-4k |
6 |
$2,040,000 |
$340,000 |
| $5k+ |
4 |
$2,070,000 |
$517,500 |
$1,147 of loans were Luana Savings Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 2,527 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
1,170 |
$283,630,000 |
$242,419 |
| <2.5% |
887 |
$178,415,000 |
$201,144 |
| 3-4% |
687 |
$243,505,000 |
$354,447 |
| 4-5% |
66 |
$6,320,000 |
$95,758 |
During 2021, Luana Savings Bank's average interest
rate of loans were 2.99%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 1,170 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
1,098 |
$298,820,000 |
$272,149 |
$1,051 |
2.72% |
| $100k-200k |
1,032 |
$156,590,000 |
$151,734 |
$979 |
2.76% |
| $100,000 or less |
482 |
$27,010,000 |
$56,037 |
$524 |
3.20% |
| $400k-600k |
148 |
$70,150,000 |
$473,986 |
$1,454 |
2.77% |
| $1MM+ |
32 |
$145,740,000 |
$4,554,375 |
$0 |
3.28% |
| $600k-1MM |
18 |
$13,560,000 |
$753,333 |
$1,483 |
3.37% |
2021 saw Luana Savings Bank place emphasis on
$200k-400k loans
with 1,098 originations, totaling
$298,820,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
808 |
$165,150,000 |
$204,394 |
$968 |
2.76% |
| $150k-250k |
696 |
$174,720,000 |
$251,034 |
$984 |
2.69% |
| $75k-100k |
454 |
$75,900,000 |
$167,181 |
$932 |
2.86% |
| $50k-75k |
347 |
$45,425,000 |
$130,908 |
$933 |
2.97% |
| $250k+ |
196 |
$62,440,000 |
$318,571 |
$1,073 |
2.68% |
| $50k or less |
157 |
$14,465,000 |
$92,134 |
$894 |
3.03% |
Luana Savings Bank lent most frequently to those with incomes in the
$100k-150k range, with
808 originations.
The second most popular income band? $150k-250k,
with 696 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
1,061 |
$222,695,000 |
$209,892 |
$966 |
2.78% |
| <20% |
640 |
$126,200,000 |
$197,188 |
$924 |
2.61% |
| 30-36% |
504 |
$101,580,000 |
$201,548 |
$1,016 |
2.85% |
| 36% |
83 |
$16,465,000 |
$198,373 |
$967 |
2.99% |
| 38% |
78 |
$15,050,000 |
$192,949 |
$971 |
3.00% |
| 39% |
66 |
$14,000,000 |
$212,121 |
$970 |
2.95% |
| 37% |
65 |
$12,815,000 |
$197,154 |
$885 |
3.02% |
| 40% |
52 |
$8,750,000 |
$168,269 |
$958 |
3.01% |
| 42% |
51 |
$10,365,000 |
$203,235 |
$938 |
3.02% |
| 41% |
34 |
$6,010,000 |
$176,765 |
$1,032 |
3.08% |
| 43% |
13 |
$1,555,000 |
$119,615 |
$877 |
3.02% |
| 44% |
9 |
$1,865,000 |
$207,222 |
$915 |
2.83% |
| 45% |
6 |
$940,000 |
$156,667 |
$751 |
2.67% |
| 46% |
4 |
$1,010,000 |
$252,500 |
$1,167 |
2.84% |
| 48% |
2 |
$350,000 |
$175,000 |
$1,033 |
2.81% |
| 49% |
2 |
$440,000 |
$220,000 |
$897 |
2.75% |
| >60% |
2 |
$90,000 |
$45,000 |
$48 |
4.33% |
Luana Savings Bank lent most frequently to those with DTI ratios
of 20-30%, with
1,061 originations.
The next most common DTI ratio? <20%,
with 640 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
2,302 |
$464,930,000 |
$201,968 |
$963 |
2.80% |
| Not applicable |
121 |
$168,385,000 |
$1,391,612 |
$0 |
3.53% |
| Not provided |
268 |
$53,800,000 |
$200,746 |
$946 |
2.83% |
| Asian |
62 |
$12,380,000 |
$199,677 |
$1,002 |
2.65% |
| Asian Indian |
29 |
$6,155,000 |
$212,241 |
$982 |
2.50% |
| Black |
11 |
$2,845,000 |
$258,636 |
$986 |
2.92% |
| Other Asian |
7 |
$1,275,000 |
$182,143 |
$684 |
2.50% |
| American Indian |
6 |
$900,000 |
$150,000 |
$1,033 |
2.80% |
| Vietnamese |
2 |
$600,000 |
$300,000 |
$816 |
2.56% |
| Chinese |
1 |
$405,000 |
$405,000 |
$1,234 |
2.13% |
| Korean |
1 |
$195,000 |
$195,000 |
$824 |
2.13% |
Approval Rates
Total approvals of all applications
96.88%
Luana Savings 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
91.89%
Luana Savings Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
2,810 |
$711,870,000 |
$253,335 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
2,810 |
$711,870,000 |
$253,335 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
240 |
$56,060,000 |
$233,583 |
$948 |
2.67% |
| 40-60% |
657 |
$127,775,000 |
$194,482 |
$973 |
2.56% |
| 60-80% |
1,358 |
$423,660,000 |
$311,973 |
$1,047 |
2.81% |
| 80-100% |
320 |
$87,190,000 |
$272,469 |
$1,195 |
3.11% |
| Over 100% |
1 |
$125,000 |
$125,000 |
$939 |
4.10% |
| Under 20% |
234 |
$17,060,000 |
$72,906 |
$82 |
3.47% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| Long & Foster Financial Services, Inc. |
VA mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
8.3% |
| Long & Foster Financial Services, Inc. |
Conventional home mortgage |
Applying for a mortgage or refinancing an existing mortgage |
4 |
33.3% |
| Long & Foster Financial Services, Inc. |
Conventional home mortgage |
Closing on a mortgage |
2 |
16.7% |
| Long & Foster Financial Services, Inc. |
Conventional home mortgage |
Trouble during payment process |
2 |
16.7% |
| Long & Foster Financial Services, Inc. |
FHA mortgage |
Closing on a mortgage |
1 |
8.3% |
| Long & Foster Financial Services, Inc. |
FHA mortgage |
Trouble during payment process |
1 |
8.3% |
| Long & Foster Financial Services, Inc. |
Other type of mortgage |
Closing on a mortgage |
1 |
8.3% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Luana Savings Bank |
855 West Bridge Road Polk City, IA 50226 |
Full Service B&M
|
$84,226 |
| Luana Savings Bank |
22 West Main Street New Hampton, IA 50659 |
Full Service B&M
|
$86,720 |
| Luana Savings Bank |
100 Harvest Drive Luana, IA 52156 |
Full Service B&M
|
$1,412,615 |
| Luana Savings Bank |
123 East Main Street Ossian, IA 52161 |
Full Service B&M
|
$67,274 |
| Luana Savings Bank |
16390 Holcomb Ct. Clive, IA 50325 |
Full Service B&M
|
$51,410 |
| Luana Savings Bank |
9321 Market Place Drive Norwalk, IA 50211 |
Full Service B&M
|
$7,362 |
For 2021, Luana Savings Bank had 6 branches.
Yearly Performance Overview
Bank Income
Luana Savings Bank's gross interest income from loans was $61,275,000.
Luana Savings Bank's net interest income from loans was $45,558,000.
Luana Savings Bank's fee based income from loans was $385,000.
Luana Savings Bank's net income from loans was $23,425,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$15,717 |
| Provision for credit losses |
$545 |
| Total noninterest expense |
$32,362 |
| Salaries and employee benefits |
$11,469 |
| Premises and equipment expense |
$1,449 |
| Additional noninterest expense |
$19,444 |
| Applicable income taxes |
$1,335 |
| Net charge-offs |
$-5 |
| Cash dividends |
$15,613 |
Luana Savings Bank's interest expense for loans was $15,717,000.
Luana Savings Bank's payroll and benefits expense were $11,469,000.
Luana Savings Bank's property, plant and equipment expenses $1,449,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$1,763,008 |
| Deposits held in domestic offices |
$1,763,008 |
| Deposits by Individuals, partnerships, and corporations |
$1,599,424 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$40,437 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$123,147 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$139,952 |
| Demand deposits |
$116,183 |
| Nontransaction accounts |
$1,623,056 |
| Money market deposit accounts (MMDAs) |
$614,008 |
| Other savings deposits (excluding MMDAs) |
$22,885 |
| Total time deposits |
$986,163 |
| Total time and savings deposits |
$1,646,825 |
| Noninterest-bearing deposits |
$116,183 |
| Interest-bearing deposits |
$1,646,825 |
| Retail deposits |
$943,566 |
| IRAs and Keogh plan accounts |
$10,162 |
| Brokered deposits |
$814,283 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$1,965,700 |
| Cash & Balances due from depository institutions |
$85,024 |
| Interest-bearing balances |
$82,126 |
| Total securities |
$393,996 |
| Federal funds sold & reverse repurchase |
$822 |
| Net loans and leases |
$1,437,392 |
| Loan and leases loss allowance |
$14,550 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$15,135 |
| Other real estate owned |
$116 |
| Goodwill and other intangibles |
$9,516 |
| All other assets |
$23,699 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$1,965,700 |
| Total Liabilities |
$1,767,358 |
| Total deposits |
$1,763,008 |
| Interest-bearing deposits |
$1,646,825 |
| Deposits held in domestic offices |
$1,763,008 |
| % insured (estimated) |
$96 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$0 |
| Subordinated debt |
$0 |
| All other liabilities |
$4,350 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$1,437,392 |
| Loan and leases loss allowance |
$14,550 |
| Total loans and leases (domestic) |
$1,451,942 |
| All real estate loans |
$1,322,931 |
| Real estate loans in domestic offices |
$1,322,931 |
| Construction and development loans |
$127,612 |
| Residential 1-4 family construction |
$21,741 |
| Other construction, all land development and other land |
$105,871 |
| Loans secured by nonfarm nonresidential properties |
$234,599 |
| Nonfarm nonresidential secured by owner-occupied properties |
$21,606 |
| Commercial real estate & other non-farm, non-residential |
$212,993 |
| Multifamily residential real estate |
$244,263 |
| 1-4 family residential loans |
$379,892 |
| Farmland loans |
$336,565 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$63,489 |
| Commercial and industrial loans |
$14,912 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$18,479 |
| Credit card loans |
$0 |
| Related Plans |
$1 |
| Consumer Auto Loans |
$9,698 |
| Other loans to individuals |
$8,780 |
| All other loans & leases |
$32,131 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$31,710 |
| 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 |
$590 |
| Non 1-4 family restructured loans & leases |
$157 |
| Total loans and leases (foreign) |
$0 |
Luana Savings Bank had $1,437,392,000 of loans outstanding in 2021. $1,322,931,000 of loans were in real estate loans.
$127,612,000 of loans were in development loans. $244,263,000 of loans were in multifamily mortgage loans.
$379,892,000 of loans were in 1-4 family mortgage loans. $63,489,000 of loans were in farm loans. $0
of loans were in credit card loans. $9,698,000 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 |
172 |
$38,556 |
$224,163 |
| Nonfarm, nonresidential loans - <$100k |
57 |
$2,274 |
$39,895 |
| Nonfarm, nonresidential loans - $100-250k |
46 |
$5,508 |
$119,739 |
| Nonfarm, nonresidential loans - $250k-1MM |
69 |
$30,774 |
$446,000 |
| Commercial & Industrial, US addressed loans - <$1MM |
264 |
$14,912 |
$56,485 |
| Commercial & Industrial, US addressed loans - <$100k |
211 |
$5,239 |
$24,829 |
| Commercial & Industrial, US addressed loans - $100-250k |
34 |
$3,503 |
$103,029 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
19 |
$6,170 |
$324,737 |
| Farmland loans - <$1MM |
651 |
$100,234 |
$153,969 |
| Farmland loans - <$100k |
196 |
$8,101 |
$41,332 |
| Farmland loans - $100-250k |
238 |
$30,143 |
$126,651 |
| Farmland loans - $250k-1MM |
217 |
$61,990 |
$285,668 |
| Agriculture operations loans - <$1MM |
568 |
$27,714 |
$48,792 |
| Agriculture operations loans - <$100k |
405 |
$9,305 |
$22,975 |
| Agriculture operations loans - $100-250k |
119 |
$10,225 |
$85,924 |
| Agriculture operations loans - $250k-1MM |
44 |
$8,184 |
$186,000 |
