Lake Area Bank Mortgage Rates, Fees & Info
Lindstrom, MNLEI: 549300SCFU7K14E0J331
Tax ID: 41-0531790
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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.
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Originations
1,391Origination Dollar Volume (All Markets)
$279,525,000Employee count
97 Show all (2) awardsLake Area Bank - 2019
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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% |
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.
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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
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
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
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
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
2019 saw Lake Area Bank place emphasis on $200k-400k loans with 612 originations, totaling $163,360,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.73%
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 origination93.75%
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
LTV Distribution
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 |