Lake Area Bank Mortgage Rates, Fees & Info

Lindstrom, MN

LEI: 549300SCFU7K14E0J331

Tax ID: 41-0531790

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

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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

    Lake Area Bank is a smaller bank specializing in Home Purchase 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 by origination volume include: Minneapolis, St. Cloud, Brainerd, Duluth, and Naples among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Lake Area Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Lake Area Bank is typically an average 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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    Originations

    1,168

    Origination Dollar Volume (All Markets)

    $210,960,000

    Employee count

    96

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1,098 $200,760,000 $182,842 $4,524 4.85%
    Outside of Metro Areas 19 $2,655,000 $139,737 $3,486 4.65%
    ST. CLOUD, MN (FHA|USDA|VA) 20 $2,130,000 $106,500 $3,092 5.09%
    Brainerd, MN (FHA|USDA|VA) 6 $1,430,000 $238,333 $4,612 4.69%
    DULUTH, MN-WI (FHA|USDA|VA) 7 $1,095,000 $156,429 $4,515 4.80%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $455,000 $455,000 $0 4.15%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $365,000 $365,000 $6,229 3.88%
    Red Wing, MN (FHA|USDA|VA) 3 $315,000 $105,000 $4,034 4.88%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $285,000 $285,000 $5,494 4.75%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $215,000 $215,000 $6,075 4.75%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $195,000 $195,000 $4,185 4.38%
    Fergus Falls, MN (FHA|USDA|VA) 2 $190,000 $95,000 $3,013 4.81%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $165,000 $165,000 $4,653 4.50%
    Owatonna, MN (FHA|USDA|VA) 2 $160,000 $80,000 $2,446 5.88%
    Grand Rapids, MN (FHA|USDA|VA) 1 $135,000 $135,000 $4,340 5.50%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $125,000 $125,000 $5,319 4.25%
    Willmar, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,653 4.88%
    Albert Lea, MN (FHA|USDA|VA) 1 $85,000 $85,000 $3,716 4.75%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $85,000 $85,000 $2,484 4.75%
    Lake Area Bank's top markets include Minneapolis, St. Cloud, Brainerd, Duluth, and Naples among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)

    • Similar Lenders

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

    GREAT RIVER FEDERAL CREDIT UNION
    Similarity Rank: 12
    The Miners National Bank of Eveleth
    Similarity Rank: 78
    Western National Bank
    Similarity Rank: 110
    Regent Financial Group, Inc.
    Similarity Rank: 450
    Cornerstone State Bank
    Similarity Rank: 468
    SUPERIOR CHOICE
    Similarity Rank: 616
    North Shore Bank of Commerce
    Similarity Rank: 630
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    MEMBERS COOPERATIVE
    Similarity Rank: 858

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 919 $158,105,000 $172,040 $3,325 4.88%
    FHA 246 $52,220,000 $212,276 $8,257 4.73%
    USDA 3 $635,000 $211,667 $5,466 4.75%

    For 2018, Lake Area Bank's most frequently originated type of loan was Conventional, with 919 originations. Their 2nd most popular type was FHA, with 246 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,020 $179,780,000 $176,255 $4,553 4.83%
    Refi 80 $18,500,000 $231,250 $4,153 4.97%
    Cash Out Refi 51 $11,475,000 $225,000 $4,289 4.72%
    Home Improvement 13 $965,000 $74,231 $819 5.20%
    Other 4 $240,000 $60,000 $1,284 5.22%

    For 2018, Lake Area Bank's most frequently cited loan purpose was Home Purchase, with 1,020 originations. The 2nd most popular reason was Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 940 $173,180,000 $184,234 $4,857 4.83%
    10 Year 124 $10,710,000 $86,371 $244 5.18%
    Other 25 $4,695,000 $187,800 $357 4.74%
    20 Year 24 $3,290,000 $137,083 $2,030 5.18%
    30+ year 21 $10,935,000 $520,714 $9,795 3.32%
    15 Year 19 $5,185,000 $272,895 $4,273 4.66%
    1 Year 9 $1,925,000 $213,889 $4,934 5.22%
    5 Year 6 $1,040,000 $173,333 $457 4.72%

    For 2018, Lake Area Bank's most frequently cited loan duration was 30 Year, with 940 originations. The 2nd most popular length was 10 Year, with 124 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 294 $63,390,000 $215,612
    $<1k 286 $4,930,000 $17,238
    $3k-4k 225 $53,215,000 $236,511
    $2k-3k 178 $30,720,000 $172,584
    $4k-5k 38 $12,900,000 $339,474
    $5k+ 37 $20,725,000 $560,135

    Lake Area Bank's average total fees were $4,857, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 294 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 669 $145,995,000 $218,229
    5-6% 286 $48,990,000 $171,294
    3-4% 23 $4,665,000 $202,826
    2.5-3% 18 $9,460,000 $525,556
    6-7% 3 $275,000 $91,667
    7-8% 1 $5,000 $5,000

    During 2018, Lake Area Bank's average interest rate for loans was 4.83%, while their most frequently originated rate bucket for loans was 4-5%, with 669 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 426 $110,610,000 $259,648 $6,555 4.76%
    $100k-200k 348 $54,730,000 $157,270 $5,072 4.91%
    $100,000 or less 333 $7,375,000 $22,147 $517 5.12%
    $400k-600k 46 $21,930,000 $476,739 $7,053 4.36%
    $600k-1MM 11 $7,585,000 $689,545 $11,622 4.03%
    $1MM+ 4 $8,730,000 $2,182,500 $16,928 5.01%

    2018 saw Lake Area Bank place emphasis on $200k-400k loans with 426 originations, totaling $110,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 364 $53,370,000 $146,621 $4,333 4.86%
    $50k or less 289 $30,405,000 $105,208 $3,590 4.89%
    $75k-100k 176 $32,350,000 $183,807 $4,844 4.83%
    $100k-150k 162 $39,310,000 $242,654 $5,128 4.84%
    $150k-250k 83 $25,795,000 $310,783 $5,730 4.58%
    $250k+ 33 $12,225,000 $370,455 $7,351 4.82%

    Lake Area Bank lent most frequently to those with incomes in the $50k-75k range, with 364 originations. The second most popular income band? $50k or less, with 289 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 178 $33,860,000 $190,225 $4,662 4.76%
    20-30% 131 $27,195,000 $207,595 $4,230 4.71%
    42% 73 $12,735,000 $174,452 $4,424 5.06%
    49% 72 $10,580,000 $146,944 $4,370 4.92%
    44% 64 $10,000,000 $156,250 $4,176 4.80%
    43% 63 $12,075,000 $191,667 $4,692 4.68%
    48% 56 $7,880,000 $140,714 $4,198 4.97%
    45% 55 $7,545,000 $137,182 $3,886 4.88%
    47% 55 $7,215,000 $131,182 $3,527 4.96%
    40% 52 $7,580,000 $145,769 $3,959 4.91%
    36% 45 $9,575,000 $212,778 $5,096 4.85%
    46% 45 $6,805,000 $151,222 $4,288 4.81%
    41% 44 $7,680,000 $174,545 $4,339 4.84%
    50-60% 42 $9,460,000 $225,238 $8,345 4.67%
    <20% 31 $7,795,000 $251,452 $4,881 4.67%
    39% 30 $5,370,000 $179,000 $4,735 4.82%
    37% 30 $4,080,000 $136,000 $3,604 5.06%
    38% 28 $4,490,000 $160,357 $3,793 4.80%
    >60% 2 $50,000 $25,000 $558 5.38%

    Lake Area Bank lent most frequently to those with DTI ratios of 30-36%, with 178 originations. The next most common DTI ratio? 20-30%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 809 $146,415,000 $180,983 $4,542 4.79%
    Not provided 144 $23,740,000 $164,861 $4,251 4.95%
    Not applicable 58 $16,950,000 $292,241 $0 5.11%
    Asian 78 $12,590,000 $161,410 $4,253 4.99%
    Black 68 $9,750,000 $143,382 $4,518 4.85%
    American Indian 8 $920,000 $115,000 $3,523 4.85%
    Other Asian 1 $205,000 $205,000 $3,691 4.63%
    Native Hawaiian or Islander 1 $195,000 $195,000 $6,447 4.13%
    Asian Indian 1 $195,000 $195,000 $4,336 4.38%

    Approval Rates

    Total approvals of all applications
    97.06%

    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
    89.81%

    Lake Area Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,168 $210,960,000 $180,616

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $9,020,000 $1,127,500
    Single Family (1-4 Units):Manufactured 4 $420,000 $105,000
    Single Family (1-4 Units):Site-Built 1,156 $201,520,000 $174,325

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $2,305,000 $79,483 $2,410 5.19%
    40-60% 33 $6,335,000 $191,970 $3,847 4.66%
    60-80% 198 $55,720,000 $281,414 $5,051 4.73%
    80-100% 628 $142,760,000 $227,325 $6,353 4.82%
    Under 20% 280 $3,840,000 $13,714 $223 5.17%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Lake Area Bank 12790 First Avenue North Lindstrom, MN 55045 Full Service B&M $70,094
    Lake Area Bank 1400 East Highway 96 White Bear Lake, MN 55110 Full Service B&M $143,266
    Lake Area Bank 14602 Everton Avenue North Hugo, MN 55038 Full Service B&M $14,418
    Lake Area Bank 5795 Morning Dove Avenue North Stillwater, MN 55082 Full Service B&M $15,810
    Lake Area Bank 91 South Lake Street Forest Lake, MN 55025 Full Service B&M $20,991

    For 2018, Lake Area Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,147
    Net interest income $11,305
    Total noninterest income $9,060
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $527
    Trading account gains and fees $0
    Additional Noninterest Income $8,533
    Pre-tax net operating income $5,364
    Securities gains (or losses, -) $-177
    Income before extraordinary items $5,193
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,193
    Minority interest net income $0
    Net income $5,193
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,370

    Lake Area Bank's gross interest income from loans was $13,147,000.
    Lake Area Bank's net interest income from loans was $11,305,000.
    Lake Area Bank's fee based income from loans was $527,000.
    Lake Area Bank's net income from loans was $5,193,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,842
    Provision for credit losses $0
    Total noninterest expense $15,001
    Salaries and employee benefits $10,003
    Premises and equipment expense $1,473
    Additional noninterest expense $3,525
    Applicable income taxes $-6
    Net charge-offs $330
    Cash dividends $2,035

    Lake Area Bank's interest expense for loans was $1,842,000.
    Lake Area Bank's payroll and benefits expense were $10,003,000.
    Lake Area Bank's property, plant and equipment expenses $1,473,000.

    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 5.0%
    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 $270,860
    Deposits held in domestic offices $270,860
    Deposits by Individuals, partnerships, and corporations $248,582
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $16,110
    Deposits by Commercial banks and other depository institutions in U.S. $6,169
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $51,607
    Demand deposits $16,301
    Nontransaction accounts $219,254
    Money market deposit accounts (MMDAs) $20,444
    Other savings deposits (excluding MMDAs) $118,669
    Total time deposits $80,141
    Total time and savings deposits $254,560
    Noninterest-bearing deposits $59,697
    Interest-bearing deposits $211,163
    Retail deposits $259,806
    IRAs and Keogh plan accounts $6,593
    Brokered deposits $3,287
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $334,839
    Cash & Balances due from depository institutions $19,926
    Interest-bearing balances $9,491
    Total securities $60,459
    Federal funds sold & reverse repurchase $0
    Net loans and leases $232,270
    Loan and leases loss allowance $1,898
    Trading account assets $0
    Bank premises and fixed assets $5,056
    Other real estate owned $3,692
    Goodwill and other intangibles $4,446
    All other assets $8,990

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $334,839
    Total Liabilities $300,143
    Total deposits $270,860
    Interest-bearing deposits $211,163
    Deposits held in domestic offices $270,860
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $10,090
    Trading liabilities $0
    Other borrowed funds $16,000
    Subordinated debt $0
    All other liabilities $3,193

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $232,270
    Loan and leases loss allowance $1,898
    Total loans and leases (domestic) $234,168
    All real estate loans $198,916
    Real estate loans in domestic offices $198,916
    Construction and development loans $17,341
    Residential 1-4 family construction $15,741
    Other construction, all land development and other land $1,600
    Loans secured by nonfarm nonresidential properties $93,816
    Nonfarm nonresidential secured by owner-occupied properties $45,201
    Commercial real estate & other non-farm, non-residential $48,615
    Multifamily residential real estate $12,564
    1-4 family residential loans $74,837
    Farmland loans $358
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $28,970
    To non-U.S. addressees $0
    Loans to individuals $525
    Credit card loans $0
    Related Plans $75
    Consumer Auto Loans $221
    Other loans to individuals $229
    All other loans & leases $5,756
    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 $1,164
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,109
    Non 1-4 family restructured loans & leases $5,074
    Total loans and leases (foreign) $0

    Lake Area Bank had $232,270,000 of loans outstanding in 2018. $198,916,000 of loans were in real estate loans. $17,341,000 of loans were in development loans. $12,564,000 of loans were in multifamily mortgage loans. $74,837,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $221,000 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 $35,556 $293,851
    Nonfarm, nonresidential loans - <$100k 13 $562 $43,231
    Nonfarm, nonresidential loans - $100-250k 43 $5,528 $128,558
    Nonfarm, nonresidential loans - $250k-1MM 65 $29,466 $453,323
    Commercial & Industrial, US addressed loans - <$1MM 252 $23,171 $91,948
    Commercial & Industrial, US addressed loans - <$100k 132 $3,197 $24,220
    Commercial & Industrial, US addressed loans - $100-250k 71 $6,851 $96,493
    Commercial & Industrial, US addressed loans - $250k-1MM 49 $13,123 $267,816
    Farmland loans - <$1MM 8 $358 $44,750
    Farmland loans - <$100k 7 $268 $38,286
    Farmland loans - $100-250k 1 $90 $90,000