Edgewater Bank Mortgage Rates, Fees & Info

Saint Joseph, MI

LEI: 549300KM534EBXZB8F72

Tax ID: 38-0381552

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Mortgage Data

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

    Edgewater Bank is a smaller bank specializing in Home Purchase and Refi loans. Edgewater Bank has a high proportion of conventional loans. Their top markets by origination volume include: Niles, Grand Rapids, South Bend, Elkhart, and Greenville among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Edgewater 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.

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    Originations

    105

    Origination Dollar Volume (All Markets)

    $19,175,000

    Employee count

    37

    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
    NILES, MI (FHA|USDA|VA) 89 $16,375,000 $183,989 $0 0.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $1,080,000 $270,000 $0 0.00%
    Outside of Metro Areas 7 $1,005,000 $143,571 $0 0.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
    Edgewater Bank's top markets include Niles, Grand Rapids, South Bend, Elkhart, and Greenville among others.

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

    • Similar Lenders

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

    TEACHERS CREDIT UNION
    Similarity Rank: 420
    Fifth Third Mortgage, MI LLC
    Similarity Rank: 702
    Notre Dame Federal Credit Union Corporation
    Similarity Rank: 800
    1st Source Bank
    Similarity Rank: 874
    LAKE MICHIGAN CREDIT UNION
    Similarity Rank: 966
    Honor Credit Union
    Similarity Rank: 1000
    Horizon Bank
    Similarity Rank: 1098
    First Federal Savings Bank
    Similarity Rank: 1258
    Independent Bank
    Similarity Rank: 1885
    CHEMECAL BANK
    Similarity Rank: 2254

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 105 $19,175,000 $182,619 $0 0.00%

    For 2018, Edgewater Bank's most frequently originated type of loan was Conventional, with 105 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 59 $11,295,000 $191,441 $0 0.00%
    Refi 46 $7,880,000 $171,304 $0 0.00%

    For 2018, Edgewater Bank's most frequently cited loan purpose was Home Purchase, with 59 originations. The 2nd most popular reason was Refi, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 105 $19,175,000 $182,619 $0 0.00%

    For 2018, Edgewater Bank's most frequently cited loan duration was Other, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 52 $7,350,000 $141,346 $0 0.00%
    $200k-400k 27 $7,815,000 $289,444 $0 0.00%
    $100,000 or less 20 $1,260,000 $63,000 $0 0.00%
    $400k-600k 6 $2,750,000 $458,333 $0 0.00%

    2018 saw Edgewater Bank place emphasis on $100k-200k loans with 52 originations, totaling $7,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $4,450,000 $185,417 $0 0.00%
    $50k-75k 22 $3,470,000 $157,727 $0 0.00%
    $150k-250k 19 $5,215,000 $274,474 $0 0.00%
    $75k-100k 14 $2,670,000 $190,714 $0 0.00%
    $50k or less 13 $1,565,000 $120,385 $0 0.00%
    $250k+ 2 $520,000 $260,000 $0 0.00%

    Edgewater Bank lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 105 $19,175,000 $182,619 $0 0.00%

    Edgewater Bank lent most frequently to those with DTI ratios of Exempt%, with 105 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 92 $17,400,000 $189,130 $0 0.00%
    Not applicable 10 $1,230,000 $123,000 $0 0.00%
    Asian 3 $545,000 $181,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.55%

    Edgewater Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.48%

    Edgewater Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 105 $19,175,000 $182,619

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $270,000 $135,000
    Single Family (1-4 Units):Manufactured 3 $215,000 $71,667
    Single Family (1-4 Units):Site-Built 100 $18,690,000 $186,900

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Edgewater Bank 167 Paw Paw Coloma, MI 49038 Full Service B&M $23,238
    Edgewater Bank 321 Main Street Saint Joseph, MI 49085 Full Service B&M $46,555
    Edgewater Bank 4097 Hollywood Road Saint Joseph, MI 49085 Full Service B&M $14,132
    Edgewater Bank 4509 Lake Street Bridgman, MI 49106 Full Service B&M $30,423
    Edgewater Bank 720 East Front Street Buchanan, MI 49107 Full Service B&M $15,135

    For 2018, Edgewater Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,475
    Net interest income $5,564
    Total noninterest income $822
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $261
    Trading account gains and fees $0
    Additional Noninterest Income $561
    Pre-tax net operating income $124
    Securities gains (or losses, -) $-1
    Income before extraordinary items $1,464
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,464
    Minority interest net income $0
    Net income $1,464
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,465

    Edgewater Bank's gross interest income from loans was $6,475,000.
    Edgewater Bank's net interest income from loans was $5,564,000.
    Edgewater Bank's fee based income from loans was $261,000.
    Edgewater Bank's net income from loans was $1,464,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $911
    Provision for credit losses $150
    Total noninterest expense $6,112
    Salaries and employee benefits $4,049
    Premises and equipment expense $631
    Additional noninterest expense $1,432
    Applicable income taxes $-1,341
    Net charge-offs $24
    Cash dividends $0

    Edgewater Bank's interest expense for loans was $911,000.
    Edgewater Bank's payroll and benefits expense were $4,049,000.
    Edgewater Bank's property, plant and equipment expenses $631,000.

    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 1.0%
    HELOC loans 3.0%
    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 $144,667
    Deposits held in domestic offices $144,667
    Deposits by Individuals, partnerships, and corporations $114,120
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $30,547
    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 $79,650
    Demand deposits $23,145
    Nontransaction accounts $65,017
    Money market deposit accounts (MMDAs) $20,189
    Other savings deposits (excluding MMDAs) $16,119
    Total time deposits $28,709
    Total time and savings deposits $121,522
    Noninterest-bearing deposits $23,145
    Interest-bearing deposits $121,522
    Retail deposits $135,907
    IRAs and Keogh plan accounts $5,002
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $169,981
    Cash & Balances due from depository institutions $23,256
    Interest-bearing balances $22,399
    Total securities $13,434
    Federal funds sold & reverse repurchase $0
    Net loans and leases $126,941
    Loan and leases loss allowance $1,402
    Trading account assets $0
    Bank premises and fixed assets $2,900
    Other real estate owned $0
    Goodwill and other intangibles $365
    All other assets $3,085

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $169,981
    Total Liabilities $153,359
    Total deposits $144,667
    Interest-bearing deposits $121,522
    Deposits held in domestic offices $144,667
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,000
    Subordinated debt $0
    All other liabilities $1,692

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $126,941
    Loan and leases loss allowance $1,402
    Total loans and leases (domestic) $128,343
    All real estate loans $110,863
    Real estate loans in domestic offices $110,863
    Construction and development loans $8,757
    Residential 1-4 family construction $4,819
    Other construction, all land development and other land $3,938
    Loans secured by nonfarm nonresidential properties $41,997
    Nonfarm nonresidential secured by owner-occupied properties $28,448
    Commercial real estate & other non-farm, non-residential $13,549
    Multifamily residential real estate $2,050
    1-4 family residential loans $57,156
    Farmland loans $903
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $16,421
    To non-U.S. addressees $0
    Loans to individuals $880
    Credit card loans $0
    Related Plans $96
    Consumer Auto Loans $274
    Other loans to individuals $510
    All other loans & leases $252
    Loans to foreign governments and official institutions $0
    Other loans $10
    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 $557
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Edgewater Bank had $126,941,000 of loans outstanding in 2018. $110,863,000 of loans were in real estate loans. $8,757,000 of loans were in development loans. $2,050,000 of loans were in multifamily mortgage loans. $57,156,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $274,000 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 128 $34,301 $267,977
    Nonfarm, nonresidential loans - <$100k 19 $1,146 $60,316
    Nonfarm, nonresidential loans - $100-250k 46 $6,435 $139,891
    Nonfarm, nonresidential loans - $250k-1MM 63 $26,720 $424,127
    Commercial & Industrial, US addressed loans - <$1MM 133 $13,016 $97,865
    Commercial & Industrial, US addressed loans - <$100k 74 $1,742 $23,541
    Commercial & Industrial, US addressed loans - $100-250k 29 $2,495 $86,034
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $8,779 $292,633
    Farmland loans - <$1MM 1 $38 $38,000
    Farmland loans - <$100k 1 $38 $38,000