Luana Savings Bank Mortgage Rates, Fees & Info

Luana, IA

LEI: 549300IZ5GOBKOERL931

Tax ID: 42-0386770

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Luana Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Luana Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Mason City, Chicago, and Iowa City among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Luana Savings 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. Luana Savings 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.36% 4/21/24
    30 Year Conventional Refi 6.38% 4/21/24
    30 Year Cash-out Refi 6.54% 4/21/24
    15 Year Conventional Purchase 6.24% 4/21/24
    15 Year Conventional Refi 6.07% 4/21/24
    15 Year Cash-out Refi 6.07% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Luana Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Luana Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    892

    Origination Dollar Volume (All Markets)

    $181,310,000

    Employee count

    75 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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 643 $147,275,000 $229,044 $890 4.71%
    Outside of Metro Areas 192 $21,620,000 $112,604 $705 4.88%
    AMES, IA (FHA|USDA|VA) 26 $7,290,000 $280,385 $954 4.77%
    Mason City, IA (FHA|USDA|VA) 4 $1,030,000 $257,500 $1,016 4.38%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $805,000 $268,333 $2,579 4.46%
    IOWA CITY, IA (FHA|USDA|VA) 2 $780,000 $390,000 $1,211 4.25%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 5 $585,000 $117,000 $1,692 4.85%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 3 $495,000 $165,000 $621 4.43%
    DUBUQUE, IA (FHA|USDA|VA) 2 $480,000 $240,000 $620 4.13%
    Spirit Lake, IA (FHA|USDA|VA) 1 $225,000 $225,000 $1,361 4.50%
    DECATUR, IL (FHA|USDA|VA) 4 $220,000 $55,000 $0 5.48%
    Carroll, IA (FHA|USDA|VA) 2 $150,000 $75,000 $785 4.59%
    Pella, IA (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.00%
    Marshalltown, IA (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.20%
    Rochelle, IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.25%
    Kirksville, MO (FHA|USDA|VA) 1 $65,000 $65,000 $1,051 4.50%
    Fairfield, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.30%
    Luana Savings Bank's top markets include Des Moines, Ames, Mason City, Chicago, and Iowa City among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)

    • Similar Lenders

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

    Charter Bank
    Similarity Rank: 36
    Raccoon Valley Bank
    Similarity Rank: 96
    Guthrie County State Bank
    Similarity Rank: 166
    Community Choice Credit Union
    Similarity Rank: 187
    Collins Community Credit Union
    Similarity Rank: 273
    Luana Savings Bank
    Similarity Rank: 289
    GREATER IOWA CREDIT UNION
    Similarity Rank: 374
    Fidelity Bank
    Similarity Rank: 428
    Premier Credit Union
    Similarity Rank: 450
    American Trust & Savings Bank
    Similarity Rank: 486

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 891 $181,205,000 $203,373 $861 4.75%
    HELOC 1 $105,000 $105,000 n/a 5.00%

    For 2018, Luana Savings Bank's most frequently originated type of loan was Conventional, with 891 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 633 $134,165,000 $211,951 $955 4.72%
    Refi 184 $42,080,000 $228,696 $733 4.75%
    Home Improvement 41 $1,585,000 $38,659 $297 5.19%
    Other 27 $1,905,000 $70,556 $526 4.98%
    Cash Out Refi 7 $1,575,000 $225,000 $1,255 3.89%

    For 2018, Luana Savings Bank's most frequently cited loan purpose was Home Purchase, with 633 originations. The 2nd most popular reason was Refi, with 184 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 297 $67,915,000 $228,670 $1,298 4.47%
    10 Year 198 $63,360,000 $320,000 $276 5.05%
    15 Year 185 $17,555,000 $94,892 $538 4.76%
    Other 119 $21,505,000 $180,714 $512 4.85%
    5 Year 42 $2,890,000 $68,810 $201 5.16%
    20 Year 30 $5,240,000 $174,667 $1,438 4.40%
    3 Year 16 $2,190,000 $136,875 $609 5.07%
    1 Year 5 $655,000 $131,000 $759 4.77%

    For 2018, Luana Savings Bank's most frequently cited loan duration was 30 Year, with 297 originations. The 2nd most popular length was 10 Year, with 198 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 637 $95,405,000 $149,772
    $1k-2k 34 $7,260,000 $213,529
    $3k-4k 3 $1,015,000 $338,333
    $4k-5k 2 $670,000 $335,000

    Luana Savings Bank's average total fees were $1,298, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 637 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 560 $132,560,000 $236,714
    5-6% 237 $31,315,000 $132,131
    3-4% 78 $16,360,000 $209,744
    6-7% 16 $780,000 $48,750
    2.5-3% 1 $295,000 $295,000

    During 2018, Luana Savings Bank's average interest rate for loans was 4.47%, while their most frequently originated rate bucket for loans was 4-5%, with 560 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 370 $17,800,000 $48,108 $330 5.00%
    $100k-200k 251 $37,285,000 $148,546 $1,126 4.67%
    $200k-400k 224 $61,430,000 $274,241 $1,256 4.46%
    $400k-600k 28 $12,220,000 $436,429 $1,729 4.38%
    $600k-1MM 12 $9,350,000 $779,167 $125 4.88%
    $1MM+ 7 $43,225,000 $6,175,000 $0 4.91%

    2018 saw Luana Savings Bank place emphasis on $100,000 or less loans with 370 originations, totaling $17,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 192 $31,810,000 $165,677 $891 4.64%
    $150k-250k 165 $31,935,000 $193,545 $937 4.65%
    $50k-75k 124 $13,610,000 $109,758 $874 4.70%
    $75k-100k 122 $16,420,000 $134,590 $776 4.67%
    $50k or less 73 $5,255,000 $71,986 $831 4.79%
    $250k+ 55 $9,615,000 $174,818 $752 4.76%

    Luana Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 192 originations. The second most popular income band? $150k-250k, with 165 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 253 $36,675,000 $144,960 $884 4.66%
    30-36% 158 $24,050,000 $152,215 $796 4.72%
    <20% 104 $15,250,000 $146,635 $965 4.58%
    37% 37 $6,065,000 $163,919 $1,006 4.73%
    38% 35 $4,685,000 $133,857 $876 4.75%
    36% 34 $5,290,000 $155,588 $807 4.53%
    39% 32 $5,140,000 $160,625 $646 4.67%
    40% 32 $4,860,000 $151,875 $925 4.68%
    42% 17 $2,835,000 $166,765 $672 4.77%
    41% 16 $2,460,000 $153,750 $932 4.77%
    43% 3 $375,000 $125,000 $1,101 4.71%
    50-60% 3 $275,000 $91,667 $243 4.95%
    >60% 2 $180,000 $90,000 $303 4.98%
    48% 1 $55,000 $55,000 $75 5.65%
    47% 1 $115,000 $115,000 $0 4.45%
    44% 1 $185,000 $185,000 $1,301 3.38%
    46% 1 $355,000 $355,000 $1,736 4.63%

    Luana Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 253 originations. The next most common DTI ratio? 30-36%, with 158 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 663 $98,205,000 $148,122 $865 4.70%
    Not applicable 136 $68,530,000 $503,897 $0 5.10%
    Not provided 60 $8,680,000 $144,667 $822 4.77%
    Asian 22 $4,190,000 $190,455 $919 4.12%
    American Indian 6 $990,000 $165,000 $691 4.14%
    Asian Indian 4 $540,000 $135,000 $467 4.47%
    Black 1 $175,000 $175,000 $1,016 4.50%

    Approval Rates

    Total approvals of all applications
    95.83%

    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
    91.82%

    Luana Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 892 $181,310,000 $203,262

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 62 $58,290,000 $940,161
    Single Family (1-4 Units):Manufactured 7 $205,000 $29,286
    Single Family (1-4 Units):Site-Built 823 $122,815,000 $149,228

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $6,020,000 $103,793 $588 4.91%
    40-60% 87 $16,685,000 $191,782 $1,058 4.68%
    60-80% 313 $94,615,000 $302,284 $1,213 4.63%
    80-100% 208 $52,740,000 $253,558 $1,199 4.63%
    Under 20% 225 $11,205,000 $49,800 $89 5.01%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Long & Foster Financial Services, Inc. Conventional home mortgage Closing on a mortgage 2 66.7%
    Long & Foster Financial Services, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Luana Savings Bank 100 Harvest Drive Luana, IA 52156 Full Service B&M $612,009
    Luana Savings Bank 123 East Main Street Ossian, IA 52161 Full Service B&M $36,907
    Luana Savings Bank 16390 Holcomb Ct. Clive, IA 50325 Full Service B&M $29,634
    Luana Savings Bank 22 West Main Street New Hampton, IA 50659 Full Service B&M $44,013
    Luana Savings Bank 755 West Bridge Road Polk City, IA 50226 Full Service B&M $59,889

    For 2018, Luana Savings Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $44,659
    Net interest income $30,253
    Total noninterest income $3,473
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $431
    Trading account gains and fees $0
    Additional Noninterest Income $3,042
    Pre-tax net operating income $21,092
    Securities gains (or losses, -) $-24
    Income before extraordinary items $20,119
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $20,119
    Minority interest net income $0
    Net income $20,119
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $20,141

    Luana Savings Bank's gross interest income from loans was $44,659,000.
    Luana Savings Bank's net interest income from loans was $30,253,000.
    Luana Savings Bank's fee based income from loans was $431,000.
    Luana Savings Bank's net income from loans was $20,119,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $14,406
    Provision for credit losses $882
    Total noninterest expense $11,752
    Salaries and employee benefits $7,136
    Premises and equipment expense $906
    Additional noninterest expense $3,710
    Applicable income taxes $949
    Net charge-offs $32
    Cash dividends $9,303

    Luana Savings Bank's interest expense for loans was $14,406,000.
    Luana Savings Bank's payroll and benefits expense were $7,136,000.
    Luana Savings Bank's property, plant and equipment expenses $906,000.

    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 $770,630
    Deposits held in domestic offices $770,630
    Deposits by Individuals, partnerships, and corporations $700,817
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $53,877
    Deposits by Commercial banks and other depository institutions in U.S. $15,936
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $63,610
    Demand deposits $42,308
    Nontransaction accounts $707,020
    Money market deposit accounts (MMDAs) $90,910
    Other savings deposits (excluding MMDAs) $14,011
    Total time deposits $602,099
    Total time and savings deposits $728,322
    Noninterest-bearing deposits $42,308
    Interest-bearing deposits $728,322
    Retail deposits $285,749
    IRAs and Keogh plan accounts $11,885
    Brokered deposits $447,788
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,185,477
    Cash & Balances due from depository institutions $11,023
    Interest-bearing balances $8,473
    Total securities $170,513
    Federal funds sold & reverse repurchase $3,713
    Net loans and leases $936,056
    Loan and leases loss allowance $10,400
    Trading account assets $0
    Bank premises and fixed assets $12,390
    Other real estate owned $613
    Goodwill and other intangibles $6,806
    All other assets $44,363

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,185,477
    Total Liabilities $1,079,542
    Total deposits $770,630
    Interest-bearing deposits $728,322
    Deposits held in domestic offices $770,630
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $303,700
    Subordinated debt $0
    All other liabilities $5,212

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $936,056
    Loan and leases loss allowance $10,400
    Total loans and leases (domestic) $946,456
    All real estate loans $861,305
    Real estate loans in domestic offices $861,305
    Construction and development loans $76,293
    Residential 1-4 family construction $25,894
    Other construction, all land development and other land $50,399
    Loans secured by nonfarm nonresidential properties $86,544
    Nonfarm nonresidential secured by owner-occupied properties $12,022
    Commercial real estate & other non-farm, non-residential $74,522
    Multifamily residential real estate $150,553
    1-4 family residential loans $275,543
    Farmland loans $272,372
    Loans held in foreign offices $0
    Farm loans $55,137
    Commercial and industrial loans $12,172
    To non-U.S. addressees $0
    Loans to individuals $17,827
    Credit card loans $0
    Related Plans $1
    Consumer Auto Loans $10,956
    Other loans to individuals $6,870
    All other loans & leases $15
    Loans to foreign governments and official institutions $0
    Other loans $15
    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 $1,064
    Non 1-4 family restructured loans & leases $59
    Total loans and leases (foreign) $0

    Luana Savings Bank had $936,056,000 of loans outstanding in 2018. $861,305,000 of loans were in real estate loans. $76,293,000 of loans were in development loans. $150,553,000 of loans were in multifamily mortgage loans. $275,543,000 of loans were in 1-4 family mortgage loans. $55,137,000 of loans were in farm loans. $0 of loans were in credit card loans. $10,956,000 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 175 $26,235 $149,914
    Nonfarm, nonresidential loans - <$100k 69 $2,823 $40,913
    Nonfarm, nonresidential loans - $100-250k 59 $7,332 $124,271
    Nonfarm, nonresidential loans - $250k-1MM 47 $16,080 $342,128
    Commercial & Industrial, US addressed loans - <$1MM 271 $11,850 $43,727
    Commercial & Industrial, US addressed loans - <$100k 224 $5,363 $23,942
    Commercial & Industrial, US addressed loans - $100-250k 40 $3,982 $99,550
    Commercial & Industrial, US addressed loans - $250k-1MM 7 $2,505 $357,857
    Farmland loans - <$1MM 649 $88,260 $135,994
    Farmland loans - <$100k 211 $8,935 $42,346
    Farmland loans - $100-250k 251 $31,266 $124,566
    Farmland loans - $250k-1MM 187 $48,059 $257,000
    Agriculture operations loans - <$1MM 570 $32,271 $56,616
    Agriculture operations loans - <$100k 452 $10,601 $23,454
    Agriculture operations loans - $100-250k 85 $14,524 $170,871
    Agriculture operations loans - $250k-1MM 33 $7,146 $216,545