North Shore Bank Of Commerce Mortgage Rates, Fees & Info
Duluth, MN
LEI: 549300TWX5Q3V5VXNF89
Tax ID: 41-0138390
5 stars
-
out of 5 stars, based on 32 reviews
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Mortgage Data
Bank Data
Overview
North Shore Bank Of Commerce is a
smaller
bank
specializing in
Home Purchase
loans.
North Shore Bank Of Commerce has a high proportion of conventional loans.
They have a a low proportion of FHA loans. (This may mean they shy away from
first time homebuyers.)
Their top markets include Duluth, Minneapolis, Grand Rapids, Brainerd, and Cape Coral among others. North Shore Bank Of Commerce has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
North Shore Bank Of Commerce is typically
an average fee
lendor.
Originations
1,023
Origination Dollar Volume (All Markets)
$234,615,000
Employee count
125
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Relative Rate
North Shore Bank Of Commerce's average 30 year fixed rate mortgage of loans were
3.08%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.07%.
Relative Fees
North Shore Bank Of Commerce's average total fees for a 30 year fixed rate
mortgage are $4,928.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
DULUTH, MN-WI (FHA|USDA|VA)
|
944
|
$216,480,000 |
$229,322 |
$4,529 |
3.10% |
|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)
|
30
|
$8,680,000 |
$289,333 |
$5,748 |
3.09% |
|
Outside of Metro Areas
|
29 |
$5,255,000 |
$181,207 |
$4,146 |
3.16% |
|
Grand Rapids, MN (FHA|USDA|VA)
|
6
|
$1,050,000 |
$175,000 |
$6,840 |
3.10% |
|
Brainerd, MN (FHA|USDA|VA)
|
2
|
$600,000 |
$300,000 |
$4,298 |
2.75% |
|
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
1
|
$425,000 |
$425,000 |
$8,620 |
2.63% |
|
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA)
|
1
|
$355,000 |
$355,000 |
$5,232 |
2.50% |
|
TUCSON, AZ (FHA|USDA|VA)
|
1
|
$345,000 |
$345,000 |
$7,765 |
3.00% |
|
Dickinson, ND (FHA|USDA|VA)
|
1
|
$255,000 |
$255,000 |
$4,912 |
3.25% |
|
Bemidji, MN (FHA|USDA|VA)
|
1
|
$235,000 |
$235,000 |
$5,804 |
2.38% |
|
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA)
|
2
|
$200,000 |
$100,000 |
$0 |
4.00% |
|
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA)
|
1
|
$195,000 |
$195,000 |
$3,792 |
3.13% |
|
Jamestown, ND (FHA|USDA|VA)
|
1
|
$165,000 |
$165,000 |
$3,909 |
3.38% |
|
MADISON, WI (FHA|USDA|VA)
|
1
|
$145,000 |
$145,000 |
$3,974 |
2.88% |
|
ST. CLOUD, MN (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$3,463 |
2.50% |
|
GRAND FORKS, ND-MN (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$2,866 |
2.13% |
North Shore Bank Of Commerce's top markets include Duluth, Minneapolis, Grand Rapids, Brainerd, and Cape Coral among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
918 |
$209,280,000 |
$227,974 |
$4,435 |
3.13% |
| VA |
72 |
$19,580,000 |
$271,944 |
$4,946 |
2.76% |
| FHA |
33 |
$5,755,000 |
$174,394 |
$6,964 |
2.95% |
For the 2021 period, North Shore Bank Of Commerce's most frequently
originated loan type
of loans were Conventional, with 918 originations.
Their 2nd most popular type is VA,
with 72 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Purchase |
608 |
$151,430,000 |
$249,063 |
$5,210 |
3.14% |
| Refi |
216 |
$45,590,000 |
$211,065 |
$3,503 |
2.91% |
| Cash Out Refi |
170 |
$35,630,000 |
$209,588 |
$4,203 |
2.96% |
| Home Improvement |
18 |
$1,240,000 |
$68,889 |
$372 |
4.51% |
| Other |
11 |
$725,000 |
$65,909 |
$859 |
4.60% |
For the 2021, North Shore Bank Of Commerce's most frequently cited loan
purpose
of loans were Home Purchase, with 608
originations.
The 2nd most popular reason of loans were Refi,
with 216 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
726 |
$165,420,000 |
$227,851 |
$4,928 |
3.08% |
| 15 Year |
142 |
$27,230,000 |
$191,761 |
$4,034 |
2.49% |
| 20 Year |
50 |
$10,360,000 |
$207,200 |
$4,053 |
2.77% |
| Other |
47 |
$8,605,000 |
$183,085 |
$1,418 |
4.28% |
| 5 Year |
37 |
$15,975,000 |
$431,757 |
$357 |
4.12% |
| 10 Year |
16 |
$5,690,000 |
$355,625 |
$2,941 |
3.69% |
| 1 Year |
5 |
$1,335,000 |
$267,000 |
$389 |
5.25% |
For the 2021, North Shore Bank Of Commerce's most frequently cited loan
length
of loans were 30 Year, with 726 originations.
The 2nd most popular length of loans were 15 Year,
with 142 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $2k-3k |
332 |
$60,770,000 |
$183,042 |
| $3k-4k |
242 |
$72,030,000 |
$297,645 |
| $1k-2k |
164 |
$19,620,000 |
$119,634 |
| $<1k |
120 |
$24,980,000 |
$208,167 |
| $5k+ |
46 |
$22,280,000 |
$484,348 |
$4,928 of loans were North Shore Bank Of Commerce's
average total fees, while their most
frequently occuring range of origination fees were in the
$2k-3k bucket,
with 332 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 3-4% |
412 |
$105,610,000 |
$256,335 |
| 2.5-3% |
371 |
$85,365,000 |
$230,094 |
| <2.5% |
173 |
$35,205,000 |
$203,497 |
| 4-5% |
63 |
$7,235,000 |
$114,841 |
| 5-6% |
4 |
$1,200,000 |
$300,000 |
During 2021, North Shore Bank Of Commerce's average interest
rate of loans were 3.08%, while their
most frequently originated rate bucket of loans were 3-4%,
with 412 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-200k |
463 |
$70,965,000 |
$153,272 |
$3,819 |
3.10% |
| $200k-400k |
403 |
$110,395,000 |
$273,933 |
$5,350 |
3.00% |
| $100,000 or less |
91 |
$6,245,000 |
$68,626 |
$1,923 |
3.50% |
| $400k-600k |
53 |
$25,165,000 |
$474,811 |
$7,512 |
2.98% |
| $600k-1MM |
10 |
$7,570,000 |
$757,000 |
$9,449 |
3.57% |
| $1MM+ |
3 |
$14,275,000 |
$4,758,333 |
$0 |
3.87% |
2021 saw North Shore Bank Of Commerce place emphasis on
$100k-200k loans
with 463 originations, totaling
$70,965,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $50k-75k |
255 |
$45,145,000 |
$177,039 |
$4,160 |
2.98% |
| $100k-150k |
216 |
$51,750,000 |
$239,583 |
$4,727 |
3.11% |
| $75k-100k |
200 |
$44,630,000 |
$223,150 |
$4,763 |
2.97% |
| $50k or less |
141 |
$19,655,000 |
$139,397 |
$3,612 |
3.07% |
| $150k-250k |
100 |
$29,770,000 |
$297,700 |
$5,467 |
3.06% |
| $250k+ |
45 |
$16,555,000 |
$367,889 |
$6,849 |
3.01% |
North Shore Bank Of Commerce lent most frequently to those with incomes in the
$50k-75k range, with
255 originations.
The second most popular income band? $100k-150k,
with 216 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
260 |
$56,200,000 |
$216,154 |
$4,398 |
2.98% |
| 30-36% |
187 |
$36,915,000 |
$197,406 |
$4,324 |
3.14% |
| <20% |
134 |
$28,440,000 |
$212,239 |
$4,137 |
2.91% |
| 43% |
40 |
$9,510,000 |
$237,750 |
$5,037 |
3.03% |
| 40% |
38 |
$9,070,000 |
$238,684 |
$4,938 |
3.09% |
| 38% |
34 |
$7,890,000 |
$232,059 |
$5,281 |
3.12% |
| 39% |
32 |
$7,910,000 |
$247,188 |
$4,994 |
3.17% |
| 37% |
32 |
$6,660,000 |
$208,125 |
$4,477 |
3.09% |
| 44% |
31 |
$7,035,000 |
$226,935 |
$4,669 |
3.15% |
| 36% |
31 |
$6,465,000 |
$208,548 |
$4,845 |
3.08% |
| 41% |
26 |
$4,930,000 |
$189,615 |
$4,257 |
2.94% |
| 45% |
22 |
$4,750,000 |
$215,909 |
$4,805 |
3.02% |
| 46% |
21 |
$4,575,000 |
$217,857 |
$4,688 |
2.85% |
| 42% |
20 |
$4,160,000 |
$208,000 |
$5,028 |
3.04% |
| 47% |
15 |
$3,245,000 |
$216,333 |
$5,584 |
3.08% |
| 48% |
15 |
$4,105,000 |
$273,667 |
$6,103 |
2.98% |
| 50-60% |
11 |
$3,195,000 |
$290,455 |
$6,244 |
2.91% |
| 49% |
9 |
$2,185,000 |
$242,778 |
$5,108 |
2.93% |
| >60% |
1 |
$735,000 |
$735,000 |
$10,542 |
2.88% |
North Shore Bank Of Commerce lent most frequently to those with DTI ratios
of 20-30%, with
260 originations.
The next most common DTI ratio? 30-36%,
with 187 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
867 |
$186,145,000 |
$214,700 |
$4,569 |
3.05% |
| Not applicable |
56 |
$25,340,000 |
$452,500 |
$0 |
4.14% |
| Not provided |
69 |
$15,295,000 |
$221,667 |
$4,502 |
2.96% |
| Asian |
12 |
$4,350,000 |
$362,500 |
$5,526 |
2.92% |
| American Indian |
10 |
$2,070,000 |
$207,000 |
$3,979 |
3.26% |
| Black |
9 |
$1,415,000 |
$157,222 |
$4,257 |
2.72% |
Approval Rates
Total approvals of all applications
96.08%
North Shore Bank Of Commerce 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
89.34%
North Shore Bank Of Commerce has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
1,023 |
$234,615,000 |
$229,340 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
1,023 |
$234,615,000 |
$229,340 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
40 |
$5,160,000 |
$129,000 |
$2,408 |
3.11% |
| 40-60% |
91 |
$18,065,000 |
$198,516 |
$3,713 |
2.89% |
| 60-80% |
401 |
$100,845,000 |
$251,484 |
$4,474 |
3.10% |
| 80-100% |
454 |
$105,690,000 |
$232,797 |
$5,003 |
3.07% |
| Over 100% |
11 |
$3,405,000 |
$309,545 |
$10,627 |
3.03% |
| Under 20% |
26 |
$1,450,000 |
$55,769 |
$540 |
4.33% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| NORTHWEST BANCSHARES INC |
Conventional home mortgage |
Struggling to pay mortgage |
1 |
11.1% |
| NORTHWEST BANCSHARES INC |
Conventional home mortgage |
Trouble during payment process |
5 |
55.6% |
| NORTHWEST BANCSHARES INC |
Home equity loan or line of credit (HELOC) |
Trouble during payment process |
1 |
11.1% |
| NORTHWEST BANCSHARES INC |
Other type of mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
11.1% |
| NORTHWEST BANCSHARES INC |
Other type of mortgage |
Struggling to pay mortgage |
1 |
11.1% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| North Shore Bank of Commerce |
131 W Superior St Duluth, MN 55802 |
Limited, Mobile/Seasonal Office
|
$0 |
| North Shore Bank of Commerce |
131 West Superior Street Duluth, MN 55802 |
Full Service Cyber Office
|
$0 |
| North Shore Bank of Commerce |
131 West Superior Street Duluth, MN 55802 |
Full Service B&M
|
$189,792 |
| North Shore Bank of Commerce |
17 Calvary Road Duluth, MN 55803 |
Full Service B&M
|
$30,175 |
| North Shore Bank of Commerce |
19 N 2nd Ave West Duluth, MN 55802 |
Limited, Drive-thru
|
$0 |
| North Shore Bank of Commerce |
4801 East Superior Street Duluth, MN 55804 |
Full Service B&M
|
$60,769 |
| North Shore Bank of Commerce |
4810 Miller Trunk Highway Hermantown, MN 55811 |
Full Service B&M
|
$62,680 |
For 2021, North Shore Bank Of Commerce had 7 branches.
Yearly Performance Overview
Bank Income
North Shore Bank Of Commerce's gross interest income from loans was $15,444,000.
North Shore Bank Of Commerce's net interest income from loans was $15,107,000.
North Shore Bank Of Commerce's fee based income from loans was $233,000.
North Shore Bank Of Commerce's net income from loans was $6,574,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$337 |
| Provision for credit losses |
$250 |
| Total noninterest expense |
$18,538 |
| Salaries and employee benefits |
$12,382 |
| Premises and equipment expense |
$1,762 |
| Additional noninterest expense |
$4,394 |
| Applicable income taxes |
$0 |
| Net charge-offs |
$2 |
| Cash dividends |
$4,328 |
North Shore Bank Of Commerce's interest expense for loans was $337,000.
North Shore Bank Of Commerce's payroll and benefits expense were $12,382,000.
North Shore Bank Of Commerce's property, plant and equipment expenses $1,762,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$369,544 |
| Deposits held in domestic offices |
$369,544 |
| Deposits by Individuals, partnerships, and corporations |
$362,446 |
| Deposits by U.S. Government |
$36 |
| Deposits by States and political subdivisions in the U.S. |
$7,062 |
| 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 |
$200,038 |
| Demand deposits |
$155,430 |
| Nontransaction accounts |
$169,506 |
| Money market deposit accounts (MMDAs) |
$54,469 |
| Other savings deposits (excluding MMDAs) |
$91,366 |
| Total time deposits |
$23,671 |
| Total time and savings deposits |
$214,114 |
| Noninterest-bearing deposits |
$155,430 |
| Interest-bearing deposits |
$214,114 |
| Retail deposits |
$367,382 |
| IRAs and Keogh plan accounts |
$4,154 |
| Brokered deposits |
$0 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$410,662 |
| Cash & Balances due from depository institutions |
$33,939 |
| Interest-bearing balances |
$23,394 |
| Total securities |
$39,552 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$308,915 |
| Loan and leases loss allowance |
$2,943 |
| Trading account assets |
$151 |
| Bank premises and fixed assets |
$9,334 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$2,203 |
| All other assets |
$16,568 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$410,662 |
| Total Liabilities |
$370,472 |
| Total deposits |
$369,544 |
| Interest-bearing deposits |
$214,114 |
| Deposits held in domestic offices |
$369,544 |
| % insured (estimated) |
$81 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$0 |
| Subordinated debt |
$0 |
| All other liabilities |
$928 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$308,915 |
| Loan and leases loss allowance |
$2,943 |
| Total loans and leases (domestic) |
$311,858 |
| All real estate loans |
$297,479 |
| Real estate loans in domestic offices |
$297,479 |
| Construction and development loans |
$15,458 |
| Residential 1-4 family construction |
$9,958 |
| Other construction, all land development and other land |
$5,500 |
| Loans secured by nonfarm nonresidential properties |
$59,836 |
| Nonfarm nonresidential secured by owner-occupied properties |
$20,883 |
| Commercial real estate & other non-farm, non-residential |
$38,953 |
| Multifamily residential real estate |
$23,021 |
| 1-4 family residential loans |
$199,164 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$8,526 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$1,688 |
| Credit card loans |
$0 |
| Related Plans |
$150 |
| Consumer Auto Loans |
$510 |
| Other loans to individuals |
$1,028 |
| All other loans & leases |
$4,619 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$40 |
| 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 |
$820 |
| Non 1-4 family restructured loans & leases |
$199 |
| Total loans and leases (foreign) |
$0 |
North Shore Bank of Commerce had $308,915,000 of loans outstanding in 2021. $297,479,000 of loans were in real estate loans.
$15,458,000 of loans were in development loans. $23,021,000 of loans were in multifamily mortgage loans.
$199,164,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $510,000 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 |
87 |
$19,083 |
$219,345 |
| Nonfarm, nonresidential loans - <$100k |
20 |
$435 |
$21,750 |
| Nonfarm, nonresidential loans - $100-250k |
26 |
$3,246 |
$124,846 |
| Nonfarm, nonresidential loans - $250k-1MM |
41 |
$15,402 |
$375,659 |
| Commercial & Industrial, US addressed loans - <$1MM |
183 |
$7,234 |
$39,530 |
| Commercial & Industrial, US addressed loans - <$100k |
137 |
$2,219 |
$16,197 |
| Commercial & Industrial, US addressed loans - $100-250k |
23 |
$1,933 |
$84,043 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
23 |
$3,082 |
$134,000 |
