Lake Area Bank Mortgage Rates, Fees & Info

Lindstrom, MN

LEI: 549300SCFU7K14E0J331

Tax ID: 41-0531790

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Mortgage Data

Bank Data

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, Duluth, St. Cloud, Brainerd, and Hutchinson among others. We have data for 26 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 an above 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.

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Originations

1,391

Origination Dollar Volume (All Markets)

$279,525,000

Employee count

97

Awards

Lake Area Bank FHA Loans silver Lake Area Bank FHA Loans bronze
Show all (2) 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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1,297 $260,815,000 $201,091 $4,683 3.59%
Outside of Metro Areas 34 $7,590,000 $223,235 $5,427 3.93%
DULUTH, MN-WI (FHA|USDA|VA) 9 $2,095,000 $232,778 $4,284 4.00%
ST. CLOUD, MN (FHA|USDA|VA) 12 $1,880,000 $156,667 $3,183 3.59%
Brainerd, MN (FHA|USDA|VA) 4 $1,030,000 $257,500 $4,750 4.34%
Hutchinson, MN (FHA|USDA|VA) 3 $645,000 $215,000 $4,829 5.04%
Willmar, MN (FHA|USDA|VA) 5 $605,000 $121,000 $3,391 2.85%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $510,000 $255,000 $5,263 4.06%
Faribault-Northfield, MN (FHA|USDA|VA) 3 $495,000 $165,000 $6,820 2.57%
Grand Rapids, MN (FHA|USDA|VA) 1 $425,000 $425,000 $2,722 4.00%
Steamboat Springs, CO (FHA|USDA|VA) 1 $405,000 $405,000 $4,911 4.19%
EAU CLAIRE, WI (FHA|USDA|VA) 2 $380,000 $190,000 $3,641 4.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $325,000 $325,000 $7,450 4.50%
Key West, FL (FHA|USDA|VA) 1 $275,000 $275,000 $8,018 4.00%
Red Wing, MN (FHA|USDA|VA) 1 $265,000 $265,000 $8,085 3.63%
MADISON, WI (FHA|USDA|VA) 1 $245,000 $245,000 $1,993 4.38%
Alexandria, MN (FHA|USDA|VA) 4 $240,000 $60,000 $1,645 3.55%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $235,000 $235,000 $779 3.25%
Palatka, FL (FHA|USDA|VA) 1 $195,000 $195,000 $7,371 2.99%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,537 3.88%
ROCHESTER, MN (FHA|USDA|VA) 2 $160,000 $80,000 $2,993 5.00%
Fergus Falls, MN (FHA|USDA|VA) 1 $155,000 $155,000 $4,887 4.33%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.35%
New Ulm, MN (FHA|USDA|VA) 1 $95,000 $95,000 $5,973 3.55%
SAVANNAH, GA (FHA|USDA|VA) 1 $75,000 $75,000 $3,451 3.88%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.25%
Lake Area Bank's top markets include Minneapolis, Duluth, St. Cloud, Brainerd, and Hutchinson among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,123 $219,545,000 $195,499 $3,650 3.54%
    FHA 266 $59,520,000 $223,759 $8,649 3.91%
    USDA 2 $460,000 $230,000 $5,795 3.81%

    For 2019, Lake Area Bank's most frequently originated type of loan was Conventional, with 1,123 originations. Their 2nd most popular type was FHA, with 266 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,071 $203,045,000 $189,585 $4,865 3.49%
    Refi 164 $44,430,000 $270,915 $4,603 3.99%
    Cash Out Refi 123 $29,505,000 $239,878 $4,092 3.96%
    Home Improvement 29 $1,305,000 $45,000 $499 4.34%
    Other 4 $1,240,000 $310,000 $3,554 4.13%

    For 2019, Lake Area Bank's most frequently cited loan purpose was Home Purchase, with 1,071 originations. The 2nd most popular reason was Refi, with 164 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,109 $231,755,000 $208,977 $5,065 3.49%
    10 Year 110 $4,150,000 $37,727 $243 4.39%
    15 Year 69 $14,825,000 $214,855 $3,636 3.71%
    20 Year 35 $4,045,000 $115,571 $1,764 4.21%
    30+ year 33 $15,725,000 $476,515 $9,262 3.37%
    Other 28 $8,340,000 $297,857 $7,196 4.58%
    5 Year 5 $455,000 $91,000 $280 4.30%
    1 Year 1 $135,000 $135,000 $1,555 4.49%
    3 Year 1 $95,000 $95,000 $0 5.00%

    For 2019, Lake Area Bank's most frequently cited loan duration was 30 Year, with 1,109 originations. The 2nd most popular length was 10 Year, with 110 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 409 $98,855,000 $241,699
    $<1k 304 $7,560,000 $24,868
    $3k-4k 260 $63,520,000 $244,308
    $2k-3k 207 $40,635,000 $196,304
    $4k-5k 58 $20,230,000 $348,793
    $5k+ 58 $29,540,000 $509,310

    Lake Area Bank's average total fees were $5,065, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 409 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 646 $153,500,000 $237,616
    4-5% 450 $96,010,000 $213,356
    <2.5% 165 $1,515,000 $9,182
    5-6% 94 $15,420,000 $164,043
    2.5-3% 30 $12,680,000 $422,667
    6-7% 1 $355,000 $355,000

    During 2019, Lake Area Bank's average interest rate for loans was 3.49%, while their most frequently originated rate bucket for loans was 3-4%, with 646 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 612 $163,360,000 $266,928 $6,239 4.03%
    $100k-200k 354 $57,580,000 $162,655 $5,187 4.19%
    $100,000 or less 326 $6,460,000 $19,816 $459 2.10%
    $400k-600k 77 $35,655,000 $463,052 $6,552 3.83%
    $600k-1MM 21 $15,445,000 $735,476 $11,188 3.93%
    $1MM+ 1 $1,025,000 $1,025,000 $0 4.70%

    2019 saw Lake Area Bank place emphasis on $200k-400k loans with 612 originations, totaling $163,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 424 $65,270,000 $153,939 $4,387 3.34%
    $50k or less 280 $34,980,000 $124,929 $4,285 2.98%
    $75k-100k 255 $50,395,000 $197,627 $4,563 3.99%
    $100k-150k 221 $57,965,000 $262,285 $5,046 3.99%
    $150k-250k 104 $36,560,000 $351,538 $5,828 4.00%
    $250k+ 46 $19,500,000 $423,913 $7,226 3.96%

    Lake Area Bank lent most frequently to those with incomes in the $50k-75k range, with 424 originations. The second most popular income band? $50k or less, with 280 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 213 $46,105,000 $216,455 $4,337 3.76%
    20-30% 206 $45,380,000 $220,291 $4,359 3.90%
    41% 75 $13,665,000 $182,200 $4,939 3.29%
    49% 72 $11,420,000 $158,611 $5,018 2.94%
    42% 68 $14,740,000 $216,765 $5,060 3.51%
    37% 63 $11,335,000 $179,921 $4,290 3.49%
    40% 62 $11,480,000 $185,161 $4,441 3.52%
    48% 61 $11,535,000 $189,098 $4,586 3.18%
    43% 59 $11,215,000 $190,085 $4,115 3.74%
    <20% 56 $13,520,000 $241,429 $4,418 3.88%
    44% 55 $10,065,000 $183,000 $4,562 3.72%
    39% 55 $10,625,000 $193,182 $4,703 3.55%
    45% 54 $9,300,000 $172,222 $4,389 3.34%
    36% 53 $11,895,000 $224,434 $4,792 3.58%
    46% 50 $8,490,000 $169,800 $4,304 3.10%
    47% 47 $7,175,000 $152,660 $4,386 3.11%
    38% 45 $7,675,000 $170,556 $4,448 3.37%
    50-60% 43 $10,615,000 $246,860 $9,078 3.95%
    >60% 1 $665,000 $665,000 $12,752 2.99%

    Lake Area Bank lent most frequently to those with DTI ratios of 30-36%, with 213 originations. The next most common DTI ratio? 20-30%, with 206 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 740 $165,180,000 $223,216 $4,664 3.81%
    Not provided 436 $73,400,000 $168,349 $4,721 3.25%
    Asian 99 $18,255,000 $184,394 $4,622 3.20%
    Not applicable 46 $11,030,000 $239,783 $0 4.86%
    Black 67 $10,665,000 $159,179 $4,532 3.58%
    Other Asian 1 $425,000 $425,000 $7,920 3.50%
    American Indian 1 $285,000 $285,000 $6,752 4.00%
    Asian Indian 1 $285,000 $285,000 $3,528 4.75%

    Approval Rates

    Total approvals of all applications
    96.73%

    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
    93.75%

    Lake Area Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    3209.5 1 $205,000 $205,000
    NA 1,390 $279,320,000 $200,950

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,070,000 $517,500
    Single Family (1-4 Units):Manufactured 2 $350,000 $175,000
    Single Family (1-4 Units):Site-Built 1,385 $277,105,000 $200,076

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,440,000 $122,000 $2,248 4.16%
    40-60% 51 $12,125,000 $237,745 $4,458 3.89%
    60-80% 305 $79,025,000 $259,098 $4,751 4.08%
    80-100% 728 $182,180,000 $250,247 $6,519 4.09%
    Over 100% 1 $325,000 $325,000 $2,975 3.49%
    Under 20% 286 $3,430,000 $11,993 $195 1.79%

    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 $73,094
    Lake Area Bank 1400 East Highway 96 White Bear Lake, MN 55110 Full Service B&M $146,068
    Lake Area Bank 14602 Everton Avenue North Hugo, MN 55038 Full Service B&M $15,291
    Lake Area Bank 5795 Morning Dove Avenue North Stillwater, MN 55082 Full Service B&M $17,004
    Lake Area Bank 91 South Lake Street Forest Lake, MN 55025 Full Service B&M $22,136

    For 2019, Lake Area Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,919
    Net interest income $12,470
    Total noninterest income $9,781
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $611
    Trading account gains and fees $0
    Additional Noninterest Income $9,170
    Pre-tax net operating income $4,980
    Securities gains (or losses, -) $258
    Income before extraordinary items $5,228
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,228
    Minority interest net income $0
    Net income $5,228
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,970

    Lake Area Bank's gross interest income from loans was $14,919,000.
    Lake Area Bank's net interest income from loans was $12,470,000.
    Lake Area Bank's fee based income from loans was $611,000.
    Lake Area Bank's net income from loans was $5,228,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,449
    Provision for credit losses $270
    Total noninterest expense $17,001
    Salaries and employee benefits $11,657
    Premises and equipment expense $1,457
    Additional noninterest expense $3,887
    Applicable income taxes $10
    Net charge-offs $252
    Cash dividends $2,873

    Lake Area Bank's interest expense for loans was $2,449,000.
    Lake Area Bank's payroll and benefits expense were $11,657,000.
    Lake Area Bank's property, plant and equipment expenses $1,457,000.

    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 4.0%
    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 $285,840
    Deposits held in domestic offices $285,840
    Deposits by Individuals, partnerships, and corporations $262,888
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,591
    Deposits by Commercial banks and other depository institutions in U.S. $7,362
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $28,802
    Demand deposits $17,139
    Nontransaction accounts $257,039
    Money market deposit accounts (MMDAs) $23,579
    Other savings deposits (excluding MMDAs) $147,697
    Total time deposits $85,762
    Total time and savings deposits $268,702
    Noninterest-bearing deposits $68,909
    Interest-bearing deposits $216,931
    Retail deposits $257,652
    IRAs and Keogh plan accounts $5,977
    Brokered deposits $11,592
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $359,274
    Cash & Balances due from depository institutions $17,436
    Interest-bearing balances $11,329
    Total securities $66,844
    Federal funds sold & reverse repurchase $39
    Net loans and leases $251,336
    Loan and leases loss allowance $1,916
    Trading account assets $0
    Bank premises and fixed assets $5,023
    Other real estate owned $2,913
    Goodwill and other intangibles $4,484
    All other assets $11,199

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $359,274
    Total Liabilities $319,799
    Total deposits $285,840
    Interest-bearing deposits $216,931
    Deposits held in domestic offices $285,840
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $20,810
    Trading liabilities $0
    Other borrowed funds $9,250
    Subordinated debt $0
    All other liabilities $3,899

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $251,336
    Loan and leases loss allowance $1,916
    Total loans and leases (domestic) $253,252
    All real estate loans $218,733
    Real estate loans in domestic offices $218,733
    Construction and development loans $20,094
    Residential 1-4 family construction $13,486
    Other construction, all land development and other land $6,608
    Loans secured by nonfarm nonresidential properties $102,047
    Nonfarm nonresidential secured by owner-occupied properties $47,698
    Commercial real estate & other non-farm, non-residential $54,349
    Multifamily residential real estate $12,352
    1-4 family residential loans $83,943
    Farmland loans $297
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $29,590
    To non-U.S. addressees $0
    Loans to individuals $425
    Credit card loans $0
    Related Plans $73
    Consumer Auto Loans $287
    Other loans to individuals $65
    All other loans & leases $4,504
    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 $1,477
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $4,493
    Non 1-4 family restructured loans & leases $4,475
    Total loans and leases (foreign) $0

    Lake Area Bank had $251,336,000 of loans outstanding in 2019. $218,733,000 of loans were in real estate loans. $20,094,000 of loans were in development loans. $12,352,000 of loans were in multifamily mortgage loans. $83,943,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $287,000 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 $38,934 $321,769
    Nonfarm, nonresidential loans - <$100k 9 $548 $60,889
    Nonfarm, nonresidential loans - $100-250k 44 $6,362 $144,591
    Nonfarm, nonresidential loans - $250k-1MM 68 $32,024 $470,941
    Commercial & Industrial, US addressed loans - <$1MM 256 $21,153 $82,629
    Commercial & Industrial, US addressed loans - <$100k 137 $3,293 $24,036
    Commercial & Industrial, US addressed loans - $100-250k 73 $7,057 $96,671
    Commercial & Industrial, US addressed loans - $250k-1MM 46 $10,803 $234,848
    Farmland loans - <$1MM 5 $296 $59,200
    Farmland loans - <$100k 4 $174 $43,500
    Farmland loans - $100-250k 1 $122 $122,000