North Shore Bank Of Commerce Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300TWX5Q3V5VXNF89

Tax ID: 41-0138390

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Duluth, Minneapolis, Phoenix, Hutchinson, and Flagstaff among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    North Shore Bank Of Commerce 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. North Shore Bank Of Commerce is typically a low 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.78% 11/17/24
    30 Year Conventional Refi 6.44% 11/17/24
    30 Year Cash-out Refi 6.76% 11/17/24
    30 Year FHA Purchase 7.64% 11/17/24
    30 Year VA Purchase 6.43% 11/17/24
    15 Year Conventional Purchase 6.21% 11/17/24
    15 Year Conventional Refi 6.16% 11/17/24
    15 Year Cash-out Refi 6.16% 11/17/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    North Shore Bank Of Commerce Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from North Shore Bank Of Commerce. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    594

    Origination Dollar Volume (All Markets)

    $105,300,000

    Employee count

    110 Show all (5) awards

    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) 563 $98,145,000 $174,325 $3,887 4.64%
    Outside of Metro Areas 14 $3,150,000 $225,000 $5,028 4.49%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $1,310,000 $327,500 $6,916 4.47%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $490,000 $245,000 $6,081 4.31%
    Hutchinson, MN (FHA|USDA|VA) 1 $475,000 $475,000 $8,041 3.88%
    FLAGSTAFF, AZ (FHA|USDA|VA) 1 $455,000 $455,000 $7,624 3.88%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $320,000 $160,000 $4,175 4.44%
    Menomonie, WI (FHA|USDA|VA) 1 $285,000 $285,000 $5,359 3.88%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,489 3.88%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $145,000 $145,000 $3,257 4.50%
    HOT SPRINGS, AR (FHA|USDA|VA) 1 $125,000 $125,000 $3,291 4.88%
    ST. JOSEPH, MO-KS (FHA|USDA|VA) 1 $95,000 $95,000 $2,597 4.88%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $55,000 $55,000 $2,322 4.00%
    Brainerd, MN (FHA|USDA|VA) 1 $45,000 $45,000 $2,540 4.00%
    North Shore Bank Of Commerce's top markets include Duluth, Minneapolis, Phoenix, Hutchinson, and Flagstaff among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against North Shore Bank of Commerce based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Miners National Bank of Eveleth
    Similarity Rank: 78
    Western National Bank
    Similarity Rank: 110
    Regent Financial Group, Inc.
    Similarity Rank: 450
    Cornerstone State Bank
    Similarity Rank: 468
    SUPERIOR CHOICE
    Similarity Rank: 616
    North Shore Bank of Commerce
    Similarity Rank: 630
    MEMBERS COOPERATIVE
    Similarity Rank: 774
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    South Metro Federal Credit Union
    Similarity Rank: 882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 509 $88,925,000 $174,705 $3,561 4.68%
    FHA 52 $8,430,000 $162,115 $6,485 4.42%
    VA 32 $7,810,000 $244,063 $5,759 4.14%
    USDA 1 $135,000 $135,000 $5,117 4.25%

    For 2018, North Shore Bank Of Commerce's most frequently originated type of loan was Conventional, with 509 originations. Their 2nd most popular type was FHA, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 449 $83,325,000 $185,579 $4,463 4.62%
    Refi 69 $13,295,000 $192,681 $2,521 4.59%
    Cash Out Refi 35 $6,085,000 $173,857 $4,394 4.57%
    Home Improvement 27 $1,355,000 $50,185 $495 4.86%
    Other 14 $1,240,000 $88,571 $310 5.02%

    For 2018, North Shore Bank Of Commerce's most frequently cited loan purpose was Home Purchase, with 449 originations. The 2nd most popular reason was Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 451 $87,825,000 $194,734 $4,480 4.57%
    Other 54 $4,070,000 $75,370 $472 5.01%
    15 Year 35 $7,265,000 $207,571 $4,248 4.12%
    5 Year 28 $2,140,000 $76,429 $328 5.08%
    20 Year 13 $1,985,000 $152,692 $3,667 4.82%
    1 Year 11 $1,675,000 $152,273 $380 5.50%
    30+ year 1 $265,000 $265,000 $4,942 4.63%
    10 Year 1 $75,000 $75,000 $2,293 4.13%

    For 2018, North Shore Bank Of Commerce's most frequently cited loan duration was 30 Year, with 451 originations. The 2nd most popular length was Other, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 182 $32,440,000 $178,242
    $1k-2k 159 $18,235,000 $114,686
    $<1k 127 $18,615,000 $146,575
    $3k-4k 60 $16,540,000 $275,667
    $4k-5k 22 $7,750,000 $352,273
    $5k+ 18 $8,880,000 $493,333

    North Shore Bank Of Commerce's average total fees were $4,480, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 182 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 407 $75,045,000 $184,386
    5-6% 107 $13,835,000 $129,299
    3-4% 76 $16,050,000 $211,184
    6-7% 4 $370,000 $92,500

    During 2018, North Shore Bank Of Commerce's average interest rate for loans was 4.57%, while their most frequently originated rate bucket for loans was 4-5%, with 407 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 288 $42,290,000 $146,840 $3,780 4.66%
    $200k-400k 154 $42,040,000 $272,987 $5,496 4.42%
    $100,000 or less 128 $8,070,000 $63,047 $1,659 4.87%
    $400k-600k 18 $8,380,000 $465,556 $7,236 4.30%
    $600k-1MM 6 $4,520,000 $753,333 $7,641 4.65%

    2018 saw North Shore Bank Of Commerce place emphasis on $100k-200k loans with 288 originations, totaling $42,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 165 $23,895,000 $144,818 $3,667 4.66%
    $50k or less 108 $12,780,000 $118,333 $3,499 4.68%
    $100k-150k 106 $22,180,000 $209,245 $4,438 4.54%
    $75k-100k 90 $16,280,000 $180,889 $4,077 4.55%
    $150k-250k 68 $17,070,000 $251,029 $4,260 4.48%
    $250k+ 27 $9,775,000 $362,037 $5,125 4.47%

    North Shore Bank Of Commerce lent most frequently to those with incomes in the $50k-75k range, with 165 originations. The second most popular income band? $50k or less, with 108 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 151 $28,635,000 $189,636 $3,749 4.64%
    30-36% 119 $19,065,000 $160,210 $3,843 4.60%
    <20% 75 $14,465,000 $192,867 $3,626 4.49%
    36% 31 $4,425,000 $142,742 $2,826 4.61%
    38% 28 $5,420,000 $193,571 $4,425 4.54%
    43% 21 $3,415,000 $162,619 $4,359 4.82%
    37% 21 $3,335,000 $158,810 $3,433 4.60%
    40% 19 $3,145,000 $165,526 $4,588 4.68%
    44% 17 $3,125,000 $183,824 $4,536 4.57%
    41% 16 $3,280,000 $205,000 $4,699 4.58%
    39% 15 $2,055,000 $137,000 $3,591 4.49%
    49% 11 $2,125,000 $193,182 $5,223 4.47%
    46% 10 $2,280,000 $228,000 $4,348 4.51%
    50-60% 9 $1,795,000 $199,444 $5,931 4.71%
    47% 8 $1,720,000 $215,000 $5,904 4.58%
    45% 7 $1,735,000 $247,857 $4,593 4.43%
    48% 7 $1,405,000 $200,714 $6,245 4.38%
    42% 2 $620,000 $310,000 $2,913 4.38%
    >60% 1 $225,000 $225,000 $4,789 5.38%

    North Shore Bank Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? 30-36%, with 119 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 546 $97,680,000 $178,901 $3,926 4.59%
    Not provided 15 $3,575,000 $238,333 $4,636 4.58%
    Not applicable 23 $2,315,000 $100,652 $2,261 5.51%
    American Indian 4 $790,000 $197,500 $4,355 4.94%
    Asian 4 $740,000 $185,000 $3,955 4.81%
    Black 2 $200,000 $100,000 $3,765 4.75%

    Approval Rates

    Total approvals of all applications
    95.67%

    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
    90.74%

    North Shore Bank Of Commerce has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 594 $105,300,000 $177,273

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $225,000 $225,000
    Single Family (1-4 Units):Manufactured 10 $1,660,000 $166,000
    Single Family (1-4 Units):Site-Built 583 $103,415,000 $177,384

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $3,725,000 $86,628 $1,179 4.77%
    40-60% 27 $5,595,000 $207,222 $2,973 4.45%
    60-80% 148 $26,870,000 $181,554 $3,804 4.76%
    80-100% 339 $66,285,000 $195,531 $4,593 4.56%
    Over 100% 5 $1,635,000 $327,000 $11,103 4.01%
    Under 20% 32 $1,190,000 $37,188 $349 4.86%

    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 $126,959
    North Shore Bank of Commerce 17 Calvary Road Duluth, MN 55803 Full Service B&M $22,114
    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 $48,579
    North Shore Bank of Commerce 4810 Miller Trunk Highway Hermantown, MN 55811 Full Service B&M $46,866

    For 2018, North Shore Bank Of Commerce had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,085
    Net interest income $10,657
    Total noninterest income $6,662
    Gross Fiduciary activities income $4,005
    Service charges on deposit accounts $370
    Trading account gains and fees $0
    Additional Noninterest Income $2,287
    Pre-tax net operating income $3,520
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,516
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,516
    Minority interest net income $0
    Net income $3,516
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,516

    North Shore Bank Of Commerce's gross interest income from loans was $11,085,000.
    North Shore Bank Of Commerce's net interest income from loans was $10,657,000.
    North Shore Bank Of Commerce's fee based income from loans was $370,000.
    North Shore Bank Of Commerce's net income from loans was $3,516,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $428
    Provision for credit losses $375
    Total noninterest expense $13,424
    Salaries and employee benefits $8,686
    Premises and equipment expense $1,527
    Additional noninterest expense $3,211
    Applicable income taxes $4
    Net charge-offs $178
    Cash dividends $2,264

    North Shore Bank Of Commerce's interest expense for loans was $428,000.
    North Shore Bank Of Commerce's payroll and benefits expense were $8,686,000.
    North Shore Bank Of Commerce's property, plant and equipment expenses $1,527,000.

    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 2.0%
    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 $249,431
    Deposits held in domestic offices $249,431
    Deposits by Individuals, partnerships, and corporations $242,722
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $6,706
    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 $133,724
    Demand deposits $98,160
    Nontransaction accounts $115,706
    Money market deposit accounts (MMDAs) $36,071
    Other savings deposits (excluding MMDAs) $57,750
    Total time deposits $21,886
    Total time and savings deposits $151,270
    Noninterest-bearing deposits $98,160
    Interest-bearing deposits $151,271
    Retail deposits $248,802
    IRAs and Keogh plan accounts $4,679
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $276,484
    Cash & Balances due from depository institutions $36,811
    Interest-bearing balances $30,078
    Total securities $39,253
    Federal funds sold & reverse repurchase $0
    Net loans and leases $184,432
    Loan and leases loss allowance $1,797
    Trading account assets $0
    Bank premises and fixed assets $7,620
    Other real estate owned $83
    Goodwill and other intangibles $318
    All other assets $7,967

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $276,484
    Total Liabilities $253,084
    Total deposits $249,431
    Interest-bearing deposits $151,271
    Deposits held in domestic offices $249,431
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,936
    Subordinated debt $0
    All other liabilities $1,717

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $184,432
    Loan and leases loss allowance $1,797
    Total loans and leases (domestic) $186,229
    All real estate loans $163,950
    Real estate loans in domestic offices $163,950
    Construction and development loans $12,346
    Residential 1-4 family construction $7,845
    Other construction, all land development and other land $4,501
    Loans secured by nonfarm nonresidential properties $38,308
    Nonfarm nonresidential secured by owner-occupied properties $20,624
    Commercial real estate & other non-farm, non-residential $17,684
    Multifamily residential real estate $11,226
    1-4 family residential loans $102,070
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,979
    To non-U.S. addressees $0
    Loans to individuals $1,265
    Credit card loans $0
    Related Plans $222
    Consumer Auto Loans $208
    Other loans to individuals $835
    All other loans & leases $12,034
    Loans to foreign governments and official institutions $0
    Other loans $291
    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 $1,497
    Non 1-4 family restructured loans & leases $409
    Total loans and leases (foreign) $0

    North Shore Bank of Commerce had $184,432,000 of loans outstanding in 2018. $163,950,000 of loans were in real estate loans. $12,346,000 of loans were in development loans. $11,226,000 of loans were in multifamily mortgage loans. $102,070,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $208,000 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 68 $10,227 $150,397
    Nonfarm, nonresidential loans - <$100k 17 $175 $10,294
    Nonfarm, nonresidential loans - $100-250k 29 $3,619 $124,793
    Nonfarm, nonresidential loans - $250k-1MM 22 $6,433 $292,409
    Commercial & Industrial, US addressed loans - <$1MM 134 $8,928 $66,627
    Commercial & Industrial, US addressed loans - <$100k 88 $1,355 $15,398
    Commercial & Industrial, US addressed loans - $100-250k 18 $1,248 $69,333
    Commercial & Industrial, US addressed loans - $250k-1MM 28 $6,325 $225,893