Superior Savings Bank Mortgage Rates, Fees & Info

Superior, WI

LEI: 549300TSV5GUFPY3IT90

Tax ID: 39-0634605

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

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