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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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, Grand Rapids, Cape Coral, and The Villages among others. We have data for 10 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 a below 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    747

    Origination Dollar Volume (All Markets)

    $142,895,000

    Employee count

    111 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) 700 $133,460,000 $190,657 $4,292 4.21%
    Outside of Metro Areas 27 $5,055,000 $187,222 $3,815 4.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 10 $1,830,000 $183,000 $4,551 4.40%
    Grand Rapids, MN (FHA|USDA|VA) 3 $595,000 $198,333 $4,589 4.13%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $580,000 $290,000 $6,371 4.44%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $435,000 $435,000 $6,480 3.50%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $325,000 $325,000 $6,004 3.88%
    TUCSON, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $6,643 4.25%
    Brainerd, MN (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.75%
    Owatonna, MN (FHA|USDA|VA) 1 $115,000 $115,000 $3,747 3.88%
    North Shore Bank Of Commerce's top markets include Duluth, Minneapolis, Grand Rapids, Cape Coral, and The Villages among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (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.

    Western National Bank
    Similarity Rank: 156
    The Miners National Bank of Eveleth
    Similarity Rank: 335
    SUPERIOR CHOICE
    Similarity Rank: 606
    North Shore Bank of Commerce
    Similarity Rank: 670
    ST. CLOUD FINANCIAL
    Similarity Rank: 978
    South Metro Federal Credit Union
    Similarity Rank: 1088
    First National Bank of Elk River
    Similarity Rank: 1110
    WESTconsin Credit Union
    Similarity Rank: 1216
    IDEAL
    Similarity Rank: 1221
    Liberty Bank Minnesota
    Similarity Rank: 1344

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 644 $121,480,000 $188,634 $4,010 4.28%
    VA 58 $13,230,000 $228,103 $4,800 3.58%
    FHA 43 $7,875,000 $183,140 $7,239 3.93%
    USDA 2 $310,000 $155,000 $5,597 3.75%

    For 2019, North Shore Bank Of Commerce's most frequently originated type of loan was Conventional, with 644 originations. Their 2nd most popular type was VA, with 58 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 536 $106,640,000 $198,955 $4,792 4.16%
    Refi 90 $19,290,000 $214,333 $3,110 4.25%
    Cash Out Refi 71 $13,965,000 $196,690 $4,635 3.97%
    Home Improvement 29 $1,915,000 $66,034 $394 4.86%
    Other 21 $1,085,000 $51,667 $327 4.89%

    For 2019, North Shore Bank Of Commerce's most frequently cited loan purpose was Home Purchase, with 536 originations. The 2nd most popular reason was Refi, with 90 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 554 $112,600,000 $203,249 $4,655 4.07%
    Other 57 $4,345,000 $76,228 $446 5.02%
    15 Year 53 $11,175,000 $210,849 $4,335 3.74%
    5 Year 51 $7,265,000 $142,451 $268 5.11%
    20 Year 18 $3,330,000 $185,000 $3,723 3.81%
    30+ year 10 $3,670,000 $367,000 $7,720 5.30%
    1 Year 3 $385,000 $128,333 $348 5.50%
    10 Year 1 $125,000 $125,000 $3,530 3.88%

    For 2019, North Shore Bank Of Commerce's most frequently cited loan duration was 30 Year, with 554 originations. The 2nd most popular length was Other, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 206 $36,890,000 $179,078
    $1k-2k 152 $17,330,000 $114,013
    $<1k 151 $25,515,000 $168,974
    $3k-4k 92 $25,220,000 $274,130
    $4k-5k 37 $13,705,000 $370,405
    $5k+ 27 $12,795,000 $473,889

    North Shore Bank Of Commerce's average total fees were $4,655, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 206 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 398 $83,690,000 $210,276
    4-5% 263 $43,685,000 $166,103
    5-6% 77 $14,085,000 $182,922
    2.5-3% 4 $890,000 $222,500
    6-7% 4 $530,000 $132,500

    During 2019, North Shore Bank Of Commerce's average interest rate for loans was 4.07%, while their most frequently originated rate bucket for loans was 3-4%, with 398 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 331 $49,225,000 $148,716 $3,868 4.13%
    $200k-400k 241 $65,495,000 $271,763 $5,383 4.01%
    $100,000 or less 136 $8,890,000 $65,368 $1,615 4.68%
    $400k-600k 34 $15,480,000 $455,294 $8,103 4.32%
    $600k-1MM 5 $3,805,000 $761,000 $10,838 4.25%

    2019 saw North Shore Bank Of Commerce place emphasis on $100k-200k loans with 331 originations, totaling $49,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 174 $28,050,000 $161,207 $4,007 4.00%
    $100k-150k 154 $35,220,000 $228,701 $4,639 4.21%
    $50k or less 137 $16,525,000 $120,620 $3,429 4.16%
    $75k-100k 119 $21,585,000 $181,387 $4,078 4.11%
    $150k-250k 77 $20,775,000 $269,805 $5,348 4.10%
    $250k+ 33 $12,425,000 $376,515 $6,379 4.30%

    North Shore Bank Of Commerce lent most frequently to those with incomes in the $50k-75k range, with 174 originations. The second most popular income band? $100k-150k, with 154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 216 $40,640,000 $188,148 $3,956 4.09%
    30-36% 134 $27,380,000 $204,328 $4,515 4.25%
    <20% 77 $15,675,000 $203,571 $4,040 3.88%
    36% 31 $6,475,000 $208,871 $4,349 4.21%
    40% 28 $5,570,000 $198,929 $4,656 4.10%
    42% 25 $4,315,000 $172,600 $3,861 4.15%
    37% 25 $4,475,000 $179,000 $3,992 4.33%
    41% 24 $4,450,000 $185,417 $3,962 4.38%
    39% 21 $3,355,000 $159,762 $3,842 4.19%
    38% 20 $4,060,000 $203,000 $4,850 4.12%
    43% 19 $3,775,000 $198,684 $5,192 4.03%
    44% 17 $2,315,000 $136,176 $3,642 4.40%
    45% 14 $3,060,000 $218,571 $4,607 3.88%
    46% 14 $2,660,000 $190,000 $4,392 4.03%
    47% 11 $2,545,000 $231,364 $6,498 4.11%
    50-60% 8 $1,880,000 $235,000 $8,446 3.75%
    48% 5 $1,255,000 $251,000 $6,747 4.23%
    49% 5 $705,000 $141,000 $3,576 4.08%

    North Shore Bank Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 216 originations. The next most common DTI ratio? 30-36%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 651 $125,725,000 $193,126 $4,266 4.14%
    Not applicable 47 $7,275,000 $154,787 $0 5.27%
    Not provided 28 $6,110,000 $218,214 $4,777 3.92%
    Asian 8 $1,260,000 $157,500 $3,236 4.36%
    American Indian 7 $1,215,000 $173,571 $4,116 4.16%
    Asian Indian 1 $495,000 $495,000 $7,619 3.88%
    Black 3 $425,000 $141,667 $5,668 4.08%
    Native Hawaiian or Islander 2 $390,000 $195,000 $6,567 4.06%

    Approval Rates

    Total approvals of all applications
    96.41%

    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
    89.56%

    North Shore Bank Of Commerce has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 747 $142,895,000 $191,292

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $1,605,000 $321,000
    Single Family (1-4 Units):Manufactured 4 $570,000 $142,500
    Single Family (1-4 Units):Site-Built 738 $140,720,000 $190,678

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $4,115,000 $105,513 $1,679 4.49%
    40-60% 46 $7,420,000 $161,304 $3,501 4.05%
    60-80% 214 $43,540,000 $203,458 $4,480 4.39%
    80-100% 408 $84,480,000 $207,059 $4,772 4.06%
    Over 100% 9 $2,365,000 $262,778 $7,189 3.72%
    Under 20% 31 $975,000 $31,452 $344 4.84%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Other type of mortgage Trouble during payment process 1 100.0%

    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 $129,065
    North Shore Bank of Commerce 17 Calvary Road Duluth, MN 55803 Full Service B&M $22,593
    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 $46,878
    North Shore Bank of Commerce 4810 Miller Trunk Highway Hermantown, MN 55811 Full Service B&M $48,144

    For 2019, North Shore Bank Of Commerce had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,669
    Net interest income $11,955
    Total noninterest income $7,249
    Gross Fiduciary activities income $4,167
    Service charges on deposit accounts $314
    Trading account gains and fees $0
    Additional Noninterest Income $2,768
    Pre-tax net operating income $4,500
    Securities gains (or losses, -) $61
    Income before extraordinary items $4,561
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,561
    Minority interest net income $0
    Net income $4,561
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,500

    North Shore Bank Of Commerce's gross interest income from loans was $12,669,000.
    North Shore Bank Of Commerce's net interest income from loans was $11,955,000.
    North Shore Bank Of Commerce's fee based income from loans was $314,000.
    North Shore Bank Of Commerce's net income from loans was $4,561,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $714
    Provision for credit losses $360
    Total noninterest expense $14,344
    Salaries and employee benefits $9,320
    Premises and equipment expense $1,538
    Additional noninterest expense $3,486
    Applicable income taxes $0
    Net charge-offs $-1
    Cash dividends $3,556

    North Shore Bank Of Commerce's interest expense for loans was $714,000.
    North Shore Bank Of Commerce's payroll and benefits expense were $9,320,000.
    North Shore Bank Of Commerce's property, plant and equipment expenses $1,538,000.

    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 $258,401
    Deposits held in domestic offices $258,401
    Deposits by Individuals, partnerships, and corporations $250,703
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $7,695
    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 $135,861
    Demand deposits $102,791
    Nontransaction accounts $122,540
    Money market deposit accounts (MMDAs) $33,322
    Other savings deposits (excluding MMDAs) $61,249
    Total time deposits $27,968
    Total time and savings deposits $155,610
    Noninterest-bearing deposits $102,791
    Interest-bearing deposits $155,610
    Retail deposits $255,274
    IRAs and Keogh plan accounts $4,448
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $286,645
    Cash & Balances due from depository institutions $29,473
    Interest-bearing balances $21,832
    Total securities $33,400
    Federal funds sold & reverse repurchase $0
    Net loans and leases $203,872
    Loan and leases loss allowance $2,159
    Trading account assets $0
    Bank premises and fixed assets $7,413
    Other real estate owned $0
    Goodwill and other intangibles $1,203
    All other assets $11,284

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $286,646
    Total Liabilities $261,157
    Total deposits $258,401
    Interest-bearing deposits $155,610
    Deposits held in domestic offices $258,401
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,886
    Subordinated debt $0
    All other liabilities $870

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $203,872
    Loan and leases loss allowance $2,159
    Total loans and leases (domestic) $206,031
    All real estate loans $184,010
    Real estate loans in domestic offices $184,010
    Construction and development loans $13,688
    Residential 1-4 family construction $10,625
    Other construction, all land development and other land $3,063
    Loans secured by nonfarm nonresidential properties $50,278
    Nonfarm nonresidential secured by owner-occupied properties $25,028
    Commercial real estate & other non-farm, non-residential $25,250
    Multifamily residential real estate $11,335
    1-4 family residential loans $108,709
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,644
    To non-U.S. addressees $0
    Loans to individuals $2,313
    Credit card loans $0
    Related Plans $184
    Consumer Auto Loans $292
    Other loans to individuals $1,837
    All other loans & leases $11,065
    Loans to foreign governments and official institutions $0
    Other loans $29
    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 $942
    Non 1-4 family restructured loans & leases $234
    Total loans and leases (foreign) $0

    North Shore Bank of Commerce had $203,872,000 of loans outstanding in 2019. $184,010,000 of loans were in real estate loans. $13,688,000 of loans were in development loans. $11,335,000 of loans were in multifamily mortgage loans. $108,709,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $292,000 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 77 $12,824 $166,545
    Nonfarm, nonresidential loans - <$100k 18 $476 $26,444
    Nonfarm, nonresidential loans - $100-250k 27 $3,203 $118,630
    Nonfarm, nonresidential loans - $250k-1MM 32 $9,145 $285,781
    Commercial & Industrial, US addressed loans - <$1MM 131 $8,644 $65,985
    Commercial & Industrial, US addressed loans - <$100k 88 $1,166 $13,250
    Commercial & Industrial, US addressed loans - $100-250k 20 $1,660 $83,000
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $5,818 $252,957