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

2021 Data | 2020 Data | 2019 Data | 2018 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

Awards

North Shore Bank of Commerce VA Loans bronze North Shore Bank of Commerce FHA Loans silver
Show all (2) awards

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

Item Value (in 000's)
Total interest income $15,444
Net interest income $15,107
Total noninterest income $10,255
Gross Fiduciary activities income $4,897
Service charges on deposit accounts $233
Trading account gains and fees $0
Additional Noninterest Income $5,125
Pre-tax net operating income $6,574
Securities gains (or losses, -) $0
Income before extraordinary items $6,574
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,574
Minority interest net income $0
Net income $6,574
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,574

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.

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 $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