Lake Area Bank Mortgage Rates, Fees & Info

Lindstrom, MN

LEI: 549300SCFU7K14E0J331

Tax ID: 41-0531790

5 stars - out of 5 stars, based on 53 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Lake Area Bank is a smaller bank specializing in Home Purchase and Refi loans. Lake Area Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Minneapolis, St. Cloud, Des Moines, Duluth, and Brainerd among others. Lake Area 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. Lake Area Bank is typically an average fee lendor.


Originations

2,825

Origination Dollar Volume (All Markets)

$692,035,000

Employee count

115

Awards

Lake Area Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Lake Area Bank's average 30 year fixed rate mortgage of loans were 2.62%.

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

This yields a difference of -0.53%.

Relative Fees

Lake Area Bank's average total fees for a 30 year fixed rate mortgage are $4,890.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2,583 $630,365,000 $244,044 $4,637 2.67%
Outside of Metro Areas 67 $13,895,000 $207,388 $4,381 2.82%
ST. CLOUD, MN (FHA|USDA|VA) 36 $6,440,000 $178,889 $3,664 2.69%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $4,685,000 $4,685,000 $0 3.90%
DULUTH, MN-WI (FHA|USDA|VA) 21 $4,655,000 $221,667 $3,581 2.75%
Brainerd, MN (FHA|USDA|VA) 9 $3,195,000 $355,000 $4,311 3.11%
Faribault-Northfield, MN (FHA|USDA|VA) 8 $2,480,000 $310,000 $5,705 2.41%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $1,610,000 $268,333 $4,154 3.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,460,000 $365,000 $4,824 2.94%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $1,365,000 $455,000 $5,671 3.29%
ROCHESTER, MN (FHA|USDA|VA) 6 $1,360,000 $226,667 $4,498 3.02%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,255,000 $418,333 $10,127 2.91%
Red Wing, MN (FHA|USDA|VA) 6 $1,030,000 $171,667 $4,124 2.04%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 3 $975,000 $325,000 $5,121 3.00%
Hutchinson, MN (FHA|USDA|VA) 6 $890,000 $148,333 $5,099 2.71%
Owatonna, MN (FHA|USDA|VA) 5 $885,000 $177,000 $5,044 3.05%
Heber, UT (FHA|USDA|VA) 1 $815,000 $815,000 $8,202 3.25%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $745,000 $248,333 $4,875 2.96%
MANKATO, MN (FHA|USDA|VA) 4 $650,000 $162,500 $3,858 2.78%
BILLINGS, MT (FHA|USDA|VA) 1 $545,000 $545,000 $3,885 3.13%
Fergus Falls, MN (FHA|USDA|VA) 1 $545,000 $545,000 $11,042 2.99%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $545,000 $545,000 $0 4.13%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $545,000 $545,000 $11,796 2.25%
Grand Rapids, MN (FHA|USDA|VA) 1 $505,000 $505,000 $3,885 3.00%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $450,000 $225,000 $1,929 2.44%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $445,000 $445,000 $4,039 2.50%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $445,000 $445,000 $4,459 2.25%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $435,000 $435,000 $15,625 2.63%
MADISON, WI (FHA|USDA|VA) 1 $415,000 $415,000 $3,007 2.13%
Alexandria, MN (FHA|USDA|VA) 2 $410,000 $205,000 $4,332 3.38%
RENO, NV (FHA|USDA|VA) 1 $405,000 $405,000 $3,210 2.75%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $405,000 $405,000 $3,580 2.88%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $395,000 $395,000 $4,742 2.38%
FRESNO, CA (FHA|USDA|VA) 2 $370,000 $185,000 $2,836 3.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $7,764 2.88%
GREEN BAY, WI (FHA|USDA|VA) 1 $345,000 $345,000 $2,525 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,538 2.75%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $305,000 $305,000 $4,922 3.00%
Beaver Dam, WI (FHA|USDA|VA) 1 $305,000 $305,000 $7,311 2.99%
Willmar, MN (FHA|USDA|VA) 2 $300,000 $150,000 $6,412 3.25%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $295,000 $295,000 $3,436 2.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,856 3.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $290,000 $145,000 $3,534 2.69%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $285,000 $285,000 $9,114 3.75%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $275,000 $275,000 $6,128 2.25%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $275,000 $275,000 $12,042 2.63%
FORT COLLINS, CO (FHA|USDA|VA) 1 $275,000 $275,000 $2,426 2.25%
ANCHORAGE, AK (FHA|USDA|VA) 1 $265,000 $265,000 $3,338 2.63%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $6,237 3.25%
Menomonie, WI (FHA|USDA|VA) 1 $235,000 $235,000 $2,146 2.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,957 3.25%
Worthington, MN (FHA|USDA|VA) 2 $180,000 $90,000 $4,016 1.50%
Austin, MN (FHA|USDA|VA) 1 $165,000 $165,000 $6,226 2.99%
Pahrump, NV (FHA|USDA|VA) 1 $155,000 $155,000 $3,210 2.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,540 3.13%
TULSA, OK (FHA|USDA|VA) 1 $155,000 $155,000 $3,399 2.75%
Clinton, IA (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.38%
Winona, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.49%
FARGO, ND-MN (FHA|USDA|VA) 1 $115,000 $115,000 $4,677 3.00%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $115,000 $115,000 $2,191 2.25%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $105,000 $105,000 $4,425 2.50%
Albert Lea, MN (FHA|USDA|VA) 1 $85,000 $85,000 $4,837 3.25%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.63%

Lake Area Bank's top markets include Minneapolis, St. Cloud, Des Moines, Duluth, and Brainerd among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,376 $569,360,000 $239,630 $3,650 2.63%
FHA 409 $107,755,000 $263,460 $9,515 2.95%
VA 35 $13,625,000 $389,286 $8,795 2.80%
USDA 5 $1,295,000 $259,000 $5,961 2.78%

For the 2021 period, Lake Area Bank's most frequently originated loan type of loans were Conventional, with 2,376 originations. Their 2nd most popular type is FHA, with 409 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,846 $447,870,000 $242,616 $5,173 2.56%
Refi 604 $154,140,000 $255,199 $3,489 2.78%
Cash Out Refi 335 $86,015,000 $256,761 $3,857 3.01%
Home Improvement 31 $1,705,000 $55,000 $869 3.73%
Other 9 $2,305,000 $256,111 $4,279 3.13%

For the 2021, Lake Area Bank's most frequently cited loan purpose of loans were Home Purchase, with 1,846 originations. The 2nd most popular reason of loans were Refi, with 604 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,310 $567,210,000 $245,545 $4,890 2.62%
15 Year 194 $46,880,000 $241,649 $3,307 2.45%
10 Year 125 $9,725,000 $77,800 $431 3.32%
20 Year 105 $20,445,000 $194,714 $2,562 2.99%
30+ year 54 $33,750,000 $625,000 $10,944 3.06%
Other 25 $6,755,000 $270,200 $3,337 3.29%
5 Year 11 $6,975,000 $634,091 $0 4.07%
1 Year 1 $295,000 $295,000 $0 5.00%

For the 2021, Lake Area Bank's most frequently cited loan length of loans were 30 Year, with 2,310 originations. The 2nd most popular length of loans were 15 Year, with 194 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,366 $375,690,000 $275,029
$3k-4k 527 $146,185,000 $277,391
$<1k 412 $8,260,000 $20,049
$2k-3k 240 $52,820,000 $220,083
$5k+ 108 $65,460,000 $606,111

$4,890 of loans were Lake Area Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,366 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,291 $366,915,000 $284,210
3-4% 869 $224,655,000 $258,521
<2.5% 616 $89,750,000 $145,698
4-5% 49 $10,715,000 $218,673

During 2021, Lake Area Bank's average interest rate of loans were 2.62%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,291 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,477 $412,685,000 $279,408 $5,677 2.97%
$100k-200k 578 $93,420,000 $161,626 $4,011 2.92%
$100,000 or less 456 $10,980,000 $24,079 $417 1.21%
$400k-600k 257 $121,615,000 $473,210 $5,841 2.94%
$600k-1MM 45 $34,575,000 $768,333 $10,378 3.05%
$1MM+ 12 $18,760,000 $1,563,333 $16,817 3.18%

2021 saw Lake Area Bank place emphasis on $200k-400k loans with 1,477 originations, totaling $412,685,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 840 $165,070,000 $196,512 $4,591 2.51%
$50k or less 552 $82,940,000 $150,254 $4,251 2.21%
$75k-100k 508 $123,970,000 $244,035 $4,673 2.84%
$100k-150k 462 $133,360,000 $288,658 $4,423 3.00%
$150k-250k 273 $103,275,000 $378,297 $5,201 2.90%
$250k+ 128 $60,220,000 $470,469 $6,612 3.06%

Lake Area Bank lent most frequently to those with incomes in the $50k-75k range, with 840 originations. The second most popular income band? $50k or less, with 552 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 496 $132,700,000 $267,540 $4,033 2.84%
30-36% 449 $122,855,000 $273,619 $4,753 2.77%
43% 172 $34,850,000 $202,616 $4,366 2.47%
42% 154 $37,950,000 $246,429 $4,643 2.57%
<20% 151 $39,055,000 $258,642 $3,667 2.77%
41% 125 $28,185,000 $225,480 $5,132 2.80%
44% 118 $25,540,000 $216,441 $4,422 2.53%
39% 116 $25,060,000 $216,034 $4,398 2.59%
49% 115 $22,515,000 $195,783 $4,766 2.41%
45% 112 $25,520,000 $227,857 $4,637 2.50%
47% 106 $20,790,000 $196,132 $4,836 2.45%
46% 105 $22,925,000 $218,333 $5,183 2.51%
48% 104 $23,730,000 $228,173 $5,087 2.32%
40% 102 $24,200,000 $237,255 $4,460 2.54%
37% 94 $21,230,000 $225,851 $4,418 2.69%
36% 93 $21,295,000 $228,978 $3,938 2.82%
38% 89 $21,055,000 $236,573 $4,325 2.59%
50-60% 75 $21,585,000 $287,800 $9,714 2.72%

Lake Area Bank lent most frequently to those with DTI ratios of 20-30%, with 496 originations. The next most common DTI ratio? 30-36%, with 449 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,773 $442,565,000 $249,614 $4,549 2.72%
Not provided 527 $123,295,000 $233,956 $4,595 2.53%
Asian 247 $61,675,000 $249,696 $5,142 2.61%
Black 216 $42,030,000 $194,583 $4,698 2.50%
Not applicable 38 $16,690,000 $439,211 $0 4.06%
American Indian 21 $5,175,000 $246,429 $5,357 2.67%
Native Hawaiian 1 $365,000 $365,000 $3,752 3.25%
Asian Indian 2 $240,000 $120,000 $1,800 1.69%

Approval Rates

Total approvals of all applications
97.16%

Lake Area 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
90.63%

Lake Area Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,825 $692,035,000 $244,968

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,825 $692,035,000 $244,968

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 73 $12,175,000 $166,781 $2,884 2.83%
40-60% 272 $64,050,000 $235,478 $3,431 2.74%
60-80% 791 $227,645,000 $287,794 $4,067 3.02%
80-100% 1,279 $377,795,000 $295,383 $6,589 2.98%
Over 100% 9 $3,735,000 $415,000 $13,507 2.94%
Under 20% 401 $6,635,000 $16,546 $196 0.96%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Lake Area Bank 808 W. Broadway, Suite D Forest Lake, MN 55025 Full Service B&M $25,564
Lake Area Bank 12790 First Avenue North Lindstrom, MN 55045 Full Service B&M $80,861
Lake Area Bank 1400 East Highway 96 White Bear Lake, MN 55110 Full Service B&M $196,752
Lake Area Bank 14602 Everton Avenue North Hugo, MN 55038 Full Service B&M $21,794
Lake Area Bank 5795 Morning Dove Avenue North Stillwater, MN 55082 Full Service B&M $19,375

For 2021, Lake Area Bank had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $16,077
Net interest income $15,180
Total noninterest income $26,746
Gross Fiduciary activities income $0
Service charges on deposit accounts $458
Trading account gains and fees $0
Additional Noninterest Income $26,288
Pre-tax net operating income $9,523
Securities gains (or losses, -) $2,901
Income before extraordinary items $12,424
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,424
Minority interest net income $0
Net income $12,424
Sale, conversion, retirement of capital stock, net $0
Net operating income $9,523

Lake Area Bank's gross interest income from loans was $16,077,000.
Lake Area Bank's net interest income from loans was $15,180,000.
Lake Area Bank's fee based income from loans was $458,000.
Lake Area Bank's net income from loans was $12,424,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $897
Provision for credit losses $-150
Total noninterest expense $32,553
Salaries and employee benefits $21,571
Premises and equipment expense $1,341
Additional noninterest expense $9,641
Applicable income taxes $0
Net charge-offs $-65
Cash dividends $4,786

Lake Area Bank's interest expense for loans was $897,000.
Lake Area Bank's payroll and benefits expense were $21,571,000.
Lake Area Bank's property, plant and equipment expenses $1,341,000.

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 1.0%
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 $354,069
Deposits held in domestic offices $354,069
Deposits by Individuals, partnerships, and corporations $319,938
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $20,500
Deposits by Commercial banks and other depository institutions in U.S. $13,631
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $38,383
Demand deposits $20,696
Nontransaction accounts $315,686
Money market deposit accounts (MMDAs) $62,440
Other savings deposits (excluding MMDAs) $204,159
Total time deposits $49,087
Total time and savings deposits $333,373
Noninterest-bearing deposits $97,322
Interest-bearing deposits $256,747
Retail deposits $343,717
IRAs and Keogh plan accounts $4,339
Brokered deposits $1,988
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $423,563
Cash & Balances due from depository institutions $77,353
Interest-bearing balances $29,839
Total securities $74,051
Federal funds sold & reverse repurchase $2,140
Net loans and leases $246,313
Loan and leases loss allowance $2,870
Trading account assets $0
Bank premises and fixed assets $4,940
Other real estate owned $1,613
Goodwill and other intangibles $6,416
All other assets $10,737

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $423,563
Total Liabilities $369,084
Total deposits $354,069
Interest-bearing deposits $256,747
Deposits held in domestic offices $354,069
% insured (estimated) $78
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $9,000
Subordinated debt $0
All other liabilities $6,015

Issued Loan Types

Type Value (in 000's)
Net loans and leases $246,313
Loan and leases loss allowance $2,870
Total loans and leases (domestic) $249,183
All real estate loans $215,971
Real estate loans in domestic offices $215,971
Construction and development loans $16,861
Residential 1-4 family construction $16,861
Other construction, all land development and other land $0
Loans secured by nonfarm nonresidential properties $98,030
Nonfarm nonresidential secured by owner-occupied properties $46,190
Commercial real estate & other non-farm, non-residential $51,840
Multifamily residential real estate $10,532
1-4 family residential loans $90,312
Farmland loans $236
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $26,986
To non-U.S. addressees $0
Loans to individuals $698
Credit card loans $0
Related Plans $34
Consumer Auto Loans $396
Other loans to individuals $268
All other loans & leases $5,528
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 $1,030
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $5,582
Non 1-4 family restructured loans & leases $5,577
Total loans and leases (foreign) $0

Lake Area Bank had $246,313,000 of loans outstanding in 2021. $215,971,000 of loans were in real estate loans. $16,861,000 of loans were in development loans. $10,532,000 of loans were in multifamily mortgage loans. $90,312,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $396,000 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 121 $38,774 $320,446
Nonfarm, nonresidential loans - <$100k 4 $163 $40,750
Nonfarm, nonresidential loans - $100-250k 39 $5,003 $128,282
Nonfarm, nonresidential loans - $250k-1MM 78 $33,608 $430,872
Commercial & Industrial, US addressed loans - <$1MM 202 $21,174 $104,822
Commercial & Industrial, US addressed loans - <$100k 91 $2,107 $23,154
Commercial & Industrial, US addressed loans - $100-250k 64 $6,489 $101,391
Commercial & Industrial, US addressed loans - $250k-1MM 47 $12,578 $267,617
Farmland loans - <$1MM 5 $236 $47,200
Farmland loans - <$100k 4 $126 $31,500
Farmland loans - $100-250k 1 $110 $110,000