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

2021 Data | 2020 Data | 2019 Data | 2018 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 Show all (7) awards

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

Item Value (in 000's)
Total interest income $61,275
Net interest income $45,558
Total noninterest income $12,109
Gross Fiduciary activities income $0
Service charges on deposit accounts $385
Trading account gains and fees $0
Additional Noninterest Income $11,724
Pre-tax net operating income $24,760
Securities gains (or losses, -) $0
Income before extraordinary items $23,425
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $23,425
Minority interest net income $0
Net income $23,425
Sale, conversion, retirement of capital stock, net $0
Net operating income $23,425

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.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
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 $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