The Equitable Bank S.s.b. Mortgage Rates, Fees & Info

Wauwatosa, WI

LEI: 549300N24HTC7KQ3LC70

Tax ID: 39-0265500

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Equitable Bank S.s.b. is a smaller bank specializing in Home Purchase and Refi loans. The Equitable Bank S.s.b. has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Milwaukee, Racine, Chicago, Whitewater, and Oshkosh among others. The Equitable Bank S.s.b. has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Equitable Bank S.s.b. is typically a low fee lendor.


Originations

1,466

Origination Dollar Volume (All Markets)

$404,410,000

Employee count

95 Show all (16) awards

Relative Rate

The Equitable Bank S.s.b.'s average 30 year fixed rate mortgage of loans were 2.84%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.31%.

Relative Fees

The Equitable Bank S.s.b.'s average total fees for a 30 year fixed rate mortgage are $2,371.

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
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1,246 $348,830,000 $279,960 $2,120 2.75%
RACINE, WI (FHA|USDA|VA) 83 $18,545,000 $223,434 $2,232 2.71%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 40 $9,940,000 $248,500 $2,837 2.76%
Whitewater, WI (FHA|USDA|VA) 24 $7,400,000 $308,333 $2,066 2.80%
Outside of Metro Areas 13 $3,465,000 $266,538 $1,934 2.67%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 4 $3,400,000 $850,000 $2,270 2.56%
Beaver Dam, WI (FHA|USDA|VA) 11 $2,385,000 $216,818 $1,896 2.70%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 11 $2,125,000 $193,182 $2,086 2.67%
APPLETON, WI (FHA|USDA|VA) 6 $1,480,000 $246,667 $2,132 2.63%
SHEBOYGAN, WI (FHA|USDA|VA) 4 $1,460,000 $365,000 $1,917 2.94%
MADISON, WI (FHA|USDA|VA) 4 $1,180,000 $295,000 $2,400 2.59%
GREEN BAY, WI (FHA|USDA|VA) 6 $1,000,000 $166,667 $2,245 3.21%
Shawano, WI (FHA|USDA|VA) 2 $500,000 $250,000 $1,755 3.06%
FOND DU LAC, WI (FHA|USDA|VA) 3 $485,000 $161,667 $1,822 2.58%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $455,000 $455,000 $2,093 2.75%
Manitowoc, WI (FHA|USDA|VA) 2 $380,000 $190,000 $2,204 2.75%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $345,000 $345,000 $2,972 2.63%
DULUTH, MN-WI (FHA|USDA|VA) 1 $275,000 $275,000 $2,139 2.50%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $235,000 $235,000 $1,666 2.25%
Marinette, WI-MI (FHA|USDA|VA) 1 $205,000 $205,000 $1,338 2.25%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $1,514 2.13%
Baraboo, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,730 3.00%

The Equitable Bank S.s.b.'s top markets include Milwaukee, Racine, Chicago, Whitewater, and Oshkosh among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,372 $382,750,000 $278,972 $1,905 2.76%
FHA 57 $11,095,000 $194,649 $6,124 2.55%
VA 37 $10,565,000 $285,541 $4,252 2.40%

For the 2021 period, The Equitable Bank S.s.b.'s most frequently originated loan type of loans were Conventional, with 1,372 originations. Their 2nd most popular type is FHA, with 57 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 598 $172,330,000 $288,177 $2,956 2.83%
Refi 583 $157,825,000 $270,712 $1,526 2.62%
Cash Out Refi 265 $69,155,000 $260,962 $1,806 2.79%
Home Improvement 11 $3,845,000 $349,545 $1,368 3.47%
Other 9 $1,255,000 $139,444 $1,396 2.94%

For the 2021, The Equitable Bank S.s.b.'s most frequently cited loan purpose of loans were Home Purchase, with 598 originations. The 2nd most popular reason of loans were Refi, with 583 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 986 $260,240,000 $263,935 $2,371 2.84%
15 Year 277 $62,845,000 $226,877 $1,626 2.30%
20 Year 82 $21,300,000 $259,756 $1,625 2.62%
10 Year 57 $15,975,000 $280,263 $1,272 2.71%
5 Year 24 $19,350,000 $806,250 $68 3.66%
30+ year 20 $12,530,000 $626,500 $2,374 3.13%
Other 19 $12,125,000 $638,158 $1,637 3.48%
3 Year 1 $45,000 $45,000 $0 3.50%

For the 2021, The Equitable Bank S.s.b.'s most frequently cited loan length of loans were 30 Year, with 986 originations. The 2nd most popular length of loans were 15 Year, with 277 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,228 $324,210,000 $264,015
$1k-2k 147 $33,175,000 $225,680
$2k-3k 5 $1,865,000 $373,000
$3k-4k 5 $2,115,000 $423,000

$2,371 of loans were The Equitable Bank S.s.b.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,228 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 778 $210,760,000 $270,900
<2.5% 450 $105,450,000 $234,333
3-4% 228 $87,090,000 $381,974
4-5% 10 $1,110,000 $111,000

During 2021, The Equitable Bank S.s.b.'s average interest rate of loans were 2.84%, while their most frequently originated rate bucket of loans were 2.5-3%, with 778 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 732 $203,070,000 $277,418 $2,139 2.74%
$100k-200k 448 $68,850,000 $153,683 $2,070 2.70%
$400k-600k 170 $80,350,000 $472,647 $2,541 2.71%
$100,000 or less 78 $6,040,000 $77,436 $1,456 2.94%
$600k-1MM 21 $16,275,000 $775,000 $2,576 3.29%
$1MM+ 17 $29,825,000 $1,754,412 $4,413 3.35%

2021 saw The Equitable Bank S.s.b. place emphasis on $200k-400k loans with 732 originations, totaling $203,070,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 389 $106,255,000 $273,149 $2,046 2.69%
$50k-75k 278 $52,470,000 $188,741 $2,224 2.73%
$150k-250k 259 $83,575,000 $322,683 $2,021 2.73%
$75k-100k 244 $58,020,000 $237,787 $2,116 2.74%
$50k or less 135 $18,655,000 $138,185 $2,590 2.72%
$250k+ 85 $40,185,000 $472,765 $2,145 2.67%

The Equitable Bank S.s.b. lent most frequently to those with incomes in the $100k-150k range, with 389 originations. The second most popular income band? $50k-75k, with 278 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 440 $113,220,000 $257,318 $2,001 2.73%
30-36% 245 $68,445,000 $279,367 $2,149 2.72%
<20% 238 $59,750,000 $251,050 $1,811 2.61%
38% 52 $12,710,000 $244,423 $2,299 2.77%
41% 44 $11,250,000 $255,682 $2,548 2.78%
42% 39 $9,885,000 $253,462 $2,138 2.78%
40% 35 $8,935,000 $255,286 $2,542 2.82%
37% 35 $9,325,000 $266,429 $2,723 2.68%
39% 33 $9,165,000 $277,727 $2,291 2.81%
44% 33 $8,175,000 $247,727 $2,612 2.78%
43% 30 $6,990,000 $233,000 $2,306 2.83%
36% 29 $7,145,000 $246,379 $2,223 2.88%
45% 26 $6,530,000 $251,154 $2,303 2.68%
46% 25 $6,395,000 $255,800 $2,198 2.74%
47% 20 $4,930,000 $246,500 $2,456 2.80%
48% 20 $3,450,000 $172,500 $2,693 2.64%
49% 20 $6,250,000 $312,500 $2,637 2.66%
50-60% 8 $1,570,000 $196,250 $6,215 2.59%

The Equitable Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 440 originations. The next most common DTI ratio? 30-36%, with 245 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,131 $289,315,000 $255,805 $2,036 2.71%
Not applicable 52 $38,370,000 $737,885 $0 3.69%
Not provided 117 $33,705,000 $288,077 $2,262 2.71%
Asian 74 $24,520,000 $331,351 $2,156 2.76%
Black 63 $10,545,000 $167,381 $3,832 2.73%
Asian Indian 12 $3,440,000 $286,667 $1,872 2.48%
American Indian 5 $1,115,000 $223,000 $2,139 2.93%
Native Hawaiian 2 $910,000 $455,000 $5,916 2.88%
Other Asian 3 $825,000 $275,000 $2,507 2.54%
Korean 2 $560,000 $280,000 $1,560 2.38%
Chinese 2 $400,000 $200,000 $1,665 2.06%
Japanese 1 $265,000 $265,000 $2,593 2.63%
Vietnamese 1 $235,000 $235,000 $2,414 3.00%
Filipino 1 $205,000 $205,000 $1,348 3.13%

Approval Rates

Total approvals of all applications
96.40%

The Equitable Bank S.s.b. 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
87.20%

The Equitable Bank S.s.b. has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,466 $404,410,000 $275,859

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,466 $404,410,000 $275,859

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 70 $10,590,000 $151,286 $1,508 2.50%
40-60% 290 $67,000,000 $231,034 $1,613 2.56%
60-80% 664 $198,740,000 $299,307 $1,818 2.82%
80-100% 426 $125,770,000 $295,235 $3,038 2.79%
Over 100% 4 $1,180,000 $295,000 $10,116 2.59%
Under 20% 12 $1,130,000 $94,167 $606 3.40%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Equitable Bank, S.S.B. 2290 North Mayfair Road Wauwatosa, WI 53226 Full Service B&M $57,265
The Equitable Bank, S.S.B. 5225 South 108th Street Hales Corners, WI 53130 Full Service B&M $51,041
The Equitable Bank, S.S.B. 701 Trailview Court Waterford, WI 53185 Full Service B&M $36,402
The Equitable Bank, S.S.B. 705 East Silver Spring Drive Whitefish Bay, WI 53217 Full Service B&M $51,806
The Equitable Bank, S.S.B. 7400 West Oklahoma Avenue West Allis, WI 53219 Full Service B&M $59,509
The Equitable Bank, S.S.B. N15 W30921 Golf Road Delafield, WI 53018 Full Service B&M $21,397

For 2021, The Equitable Bank S.s.b. had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $9,884
Net interest income $8,766
Total noninterest income $8,963
Gross Fiduciary activities income $0
Service charges on deposit accounts $411
Trading account gains and fees $0
Additional Noninterest Income $8,552
Pre-tax net operating income $3,933
Securities gains (or losses, -) $0
Income before extraordinary items $3,933
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,933
Minority interest net income $0
Net income $3,933
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,933

The Equitable Bank S.s.b.'s gross interest income from loans was $9,884,000.
The Equitable Bank S.s.b.'s net interest income from loans was $8,766,000.
The Equitable Bank S.s.b.'s fee based income from loans was $411,000.
The Equitable Bank S.s.b.'s net income from loans was $3,933,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,118
Provision for credit losses $175
Total noninterest expense $13,621
Salaries and employee benefits $8,877
Premises and equipment expense $2,217
Additional noninterest expense $2,527
Applicable income taxes $0
Net charge-offs $91
Cash dividends $0

The Equitable Bank S.s.b.'s interest expense for loans was $1,118,000.
The Equitable Bank S.s.b.'s payroll and benefits expense were $8,877,000.
The Equitable Bank S.s.b.'s property, plant and equipment expenses $2,217,000.

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 $273,218
Deposits held in domestic offices $273,218
Deposits by Individuals, partnerships, and corporations $272,724
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $493
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 $112,686
Demand deposits $44,234
Nontransaction accounts $160,531
Money market deposit accounts (MMDAs) $33,420
Other savings deposits (excluding MMDAs) $57,150
Total time deposits $69,960
Total time and savings deposits $228,983
Noninterest-bearing deposits $44,234
Interest-bearing deposits $228,984
Retail deposits $266,304
IRAs and Keogh plan accounts $7,577
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $312,324
Cash & Balances due from depository institutions $24,273
Interest-bearing balances $21,279
Total securities $38,213
Federal funds sold & reverse repurchase $1,767
Net loans and leases $237,149
Loan and leases loss allowance $1,488
Trading account assets $0
Bank premises and fixed assets $7,802
Other real estate owned $168
Goodwill and other intangibles $0
All other assets $2,952

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $312,324
Total Liabilities $278,944
Total deposits $273,218
Interest-bearing deposits $228,984
Deposits held in domestic offices $273,218
% insured (estimated) $91
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,000
Subordinated debt $0
All other liabilities $726

Issued Loan Types

Type Value (in 000's)
Net loans and leases $237,149
Loan and leases loss allowance $1,488
Total loans and leases (domestic) $238,637
All real estate loans $237,045
Real estate loans in domestic offices $237,045
Construction and development loans $14,562
Residential 1-4 family construction $4,802
Other construction, all land development and other land $9,760
Loans secured by nonfarm nonresidential properties $18,730
Nonfarm nonresidential secured by owner-occupied properties $6,154
Commercial real estate & other non-farm, non-residential $12,576
Multifamily residential real estate $100,200
1-4 family residential loans $103,553
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $1,451
To non-U.S. addressees $0
Loans to individuals $140
Credit card loans $56
Related Plans $0
Consumer Auto Loans $0
Other loans to individuals $84
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $1,451
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

The Equitable Bank S.S.B. had $237,149,000 of loans outstanding in 2021. $237,045,000 of loans were in real estate loans. $14,562,000 of loans were in development loans. $100,200,000 of loans were in multifamily mortgage loans. $103,553,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $56,000 of loans were in credit card loans. $0 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 32 $5,595 $174,844
Nonfarm, nonresidential loans - <$100k 7 $82 $11,714
Nonfarm, nonresidential loans - $100-250k 11 $831 $75,545
Nonfarm, nonresidential loans - $250k-1MM 14 $4,682 $334,429
Commercial & Industrial, US addressed loans - <$1MM 16 $984 $61,500
Commercial & Industrial, US addressed loans - <$100k 11 $491 $44,636
Commercial & Industrial, US addressed loans - $100-250k 3 $294 $98,000
Commercial & Industrial, US addressed loans - $250k-1MM 2 $199 $99,500