Superior Savings Bank Mortgage Rates, Fees & Info

Superior, WI

LEI: 549300TSV5GUFPY3IT90

Tax ID: 39-0634605

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Mortgage Data

Bank Data

Review & Overview

Superior Savings Bank is a smaller bank specializing in Cash Out Refi and Refi loans. Superior Savings Bank has a high proportion of conventional loans. Their top two markets are Duluth and Minneapolis .

Superior Savings 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.

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Originations

398

Origination Dollar Volume (All Markets)

$62,600,000

Employee count

16

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
DULUTH, MN-WI (FHA|USDA|VA) 374 $58,810,000 $157,246 $0 0.00%
Outside of Metro Areas 22 $3,270,000 $148,636 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $520,000 $260,000 $0 0.00%
Superior Savings Bank's top markets include Duluth and Minneapolis among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 398 $62,600,000 $157,286 $0 0.00%

    For 2020, Superior Savings Bank's most frequently originated type of loan was Conventional, with 398 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 164 $26,410,000 $161,037 $0 0.00%
    Refi 153 $25,425,000 $166,176 $0 0.00%
    Home Purchase 71 $10,515,000 $148,099 $0 0.00%
    Home Improvement 8 $160,000 $20,000 $0 0.00%
    Other 2 $90,000 $45,000 $0 0.00%

    For 2020, Superior Savings Bank's most frequently cited loan purpose was Cash Out Refi, with 164 originations. The 2nd most popular reason was Refi, with 153 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 398 $62,600,000 $157,286 $0 0.00%

    For 2020, Superior Savings Bank's most frequently cited loan duration was Other, with 398 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 211 $30,435,000 $144,242 $0 0.00%
    $100,000 or less 92 $6,270,000 $68,152 $0 0.00%
    $200k-400k 88 $22,470,000 $255,341 $0 0.00%
    $400k-600k 6 $2,820,000 $470,000 $0 0.00%
    $600k-1MM 1 $605,000 $605,000 $0 0.00%

    2020 saw Superior Savings Bank place emphasis on $100k-200k loans with 211 originations, totaling $30,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 105 $19,435,000 $185,095 $0 0.00%
    $50k-75k 88 $12,530,000 $142,386 $0 0.00%
    $75k-100k 66 $10,610,000 $160,758 $0 0.00%
    $50k or less 63 $6,425,000 $101,984 $0 0.00%
    $150k-250k 34 $6,300,000 $185,294 $0 0.00%
    $250k+ 12 $2,930,000 $244,167 $0 0.00%

    Superior Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 105 originations. The second most popular income band? $50k-75k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 398 $62,600,000 $157,286 $0 0.00%

    Superior Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 398 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 366 $57,810,000 $157,951 $0 0.00%
    Not applicable 23 $3,435,000 $149,348 $0 0.00%
    Chinese 2 $490,000 $245,000 $0 0.00%
    Asian 2 $340,000 $170,000 $0 0.00%
    American Indian 3 $295,000 $98,333 $0 0.00%
    Black 1 $135,000 $135,000 $0 0.00%
    Other Asian 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.07%

    Superior Savings 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
    93.97%

    Superior Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 398 $62,600,000 $157,286

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $710,000 $355,000
    Single Family (1-4 Units):Manufactured 9 $1,035,000 $115,000
    Single Family (1-4 Units):Site-Built 387 $60,855,000 $157,248

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Superior Settlement Services LLC Other type of mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Superior Savings Bank 1130 Tower Avenue Superior, WI 54880 Full Service B&M $59,001

    For 2020, Superior Savings Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,097
    Net interest income $2,051
    Total noninterest income $1,170
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $28
    Trading account gains and fees $0
    Additional Noninterest Income $1,142
    Pre-tax net operating income $876
    Securities gains (or losses, -) $0
    Income before extraordinary items $635
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $635
    Minority interest net income $0
    Net income $635
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $635

    Superior Savings Bank's gross interest income from loans was $2,097,000.
    Superior Savings Bank's net interest income from loans was $2,051,000.
    Superior Savings Bank's fee based income from loans was $28,000.
    Superior Savings Bank's net income from loans was $635,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $46
    Provision for credit losses $140
    Total noninterest expense $2,205
    Salaries and employee benefits $1,028
    Premises and equipment expense $331
    Additional noninterest expense $846
    Applicable income taxes $241
    Net charge-offs $3
    Cash dividends $0

    Superior Savings Bank's interest expense for loans was $46,000.
    Superior Savings Bank's payroll and benefits expense were $1,028,000.
    Superior Savings Bank's property, plant and equipment expenses $331,000.

    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 $64,068
    Deposits held in domestic offices $64,068
    Deposits by Individuals, partnerships, and corporations $60,117
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $3,951
    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 $25,895
    Demand deposits $5,791
    Nontransaction accounts $38,173
    Money market deposit accounts (MMDAs) $7,172
    Other savings deposits (excluding MMDAs) $21,001
    Total time deposits $10,000
    Total time and savings deposits $58,277
    Noninterest-bearing deposits $8,413
    Interest-bearing deposits $55,655
    Retail deposits $62,739
    IRAs and Keogh plan accounts $4,937
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $78,109
    Cash & Balances due from depository institutions $2,174
    Interest-bearing balances $1,567
    Total securities $3,272
    Federal funds sold & reverse repurchase $20,917
    Net loans and leases $48,919
    Loan and leases loss allowance $1,450
    Trading account assets $0
    Bank premises and fixed assets $1,671
    Other real estate owned $0
    Goodwill and other intangibles $571
    All other assets $585

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $78,109
    Total Liabilities $64,540
    Total deposits $64,068
    Interest-bearing deposits $55,655
    Deposits held in domestic offices $64,068
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $472

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $48,919
    Loan and leases loss allowance $1,450
    Total loans and leases (domestic) $50,369
    All real estate loans $48,609
    Real estate loans in domestic offices $48,609
    Construction and development loans $1,274
    Residential 1-4 family construction $409
    Other construction, all land development and other land $865
    Loans secured by nonfarm nonresidential properties $7,619
    Nonfarm nonresidential secured by owner-occupied properties $5,357
    Commercial real estate & other non-farm, non-residential $2,262
    Multifamily residential real estate $1,000
    1-4 family residential loans $38,716
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $1,214
    To non-U.S. addressees $0
    Loans to individuals $546
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $227
    Other loans to individuals $319
    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 $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $772
    Non 1-4 family restructured loans & leases $559
    Total loans and leases (foreign) $0

    Superior Savings Bank had $48,919,000 of loans outstanding in 2020. $48,609,000 of loans were in real estate loans. $1,274,000 of loans were in development loans. $1,000,000 of loans were in multifamily mortgage loans. $38,716,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $227,000 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 28 $5,568 $198,857
    Nonfarm, nonresidential loans - <$100k 6 $269 $44,833
    Nonfarm, nonresidential loans - $100-250k 8 $873 $109,125
    Nonfarm, nonresidential loans - $250k-1MM 14 $4,426 $316,143
    Commercial & Industrial, US addressed loans - <$1MM 20 $1,214 $60,700
    Commercial & Industrial, US addressed loans - <$100k 13 $275 $21,154
    Commercial & Industrial, US addressed loans - $100-250k 4 $321 $80,250
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $618 $206,000