Settlers Bank Mortgage Rates, Fees & Info

Windsor, WI

LEI: 549300UGOOUZ7MQRIN06

Tax ID: 26-0636784

5 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Settlers Bank is a smaller bank specializing in Refi and Home Purchase loans. Settlers Bank has a high proportion of conventional loans. Their top markets include Madison, Appleton, Oshkosh, Baraboo, and Milwaukee among others. Settlers Bank 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. Settlers Bank is typically a low fee lendor.


Originations

299

Origination Dollar Volume (All Markets)

$99,905,000

Employee count

42

Awards

Settlers Bank 30 Year Conventional Loans silver Settlers Bank 30 Year Conventional Loans silver Settlers Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Settlers Bank's average 30 year fixed rate mortgage of loans were 3.05%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.1%.

Relative Fees

Settlers Bank's average total fees for a 30 year fixed rate mortgage are $2,480.

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
MADISON, WI (FHA|USDA|VA) 194 $69,740,000 $359,485 $2,295 3.00%
Outside of Metro Areas 23 $9,515,000 $413,696 $2,047 3.27%
APPLETON, WI (FHA|USDA|VA) 21 $5,205,000 $247,857 $1,612 2.72%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 13 $3,465,000 $266,538 $1,956 3.08%
Baraboo, WI (FHA|USDA|VA) 7 $2,555,000 $365,000 $1,861 3.11%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 10 $1,950,000 $195,000 $2,120 3.30%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 4 $1,380,000 $345,000 $2,346 2.81%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $965,000 $321,667 $4,353 2.92%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 5 $795,000 $159,000 $2,092 3.38%
WAUSAU-WESTON, WI (FHA|USDA|VA) 3 $715,000 $238,333 $1,393 2.29%
GREEN BAY, WI (FHA|USDA|VA) 4 $700,000 $175,000 $1,785 2.63%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $680,000 $340,000 $2,591 3.00%
Beaver Dam, WI (FHA|USDA|VA) 2 $650,000 $325,000 $2,730 3.13%
SHEBOYGAN, WI (FHA|USDA|VA) 2 $540,000 $270,000 $2,538 3.43%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $455,000 $455,000 $4,562 2.25%
FOND DU LAC, WI (FHA|USDA|VA) 1 $215,000 $215,000 $1,972 3.13%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $145,000 $145,000 $1,185 2.25%
Marinette, WI-MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 3.83%
Platteville, WI (FHA|USDA|VA) 1 $95,000 $95,000 $2,684 3.25%

Settlers Bank's top markets include Madison, Appleton, Oshkosh, Baraboo, and Milwaukee among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 291 $96,775,000 $332,560 $2,155 3.02%
VA 8 $3,130,000 $391,250 $4,192 2.75%

For the 2021 period, Settlers Bank's most frequently originated loan type of loans were Conventional, with 291 originations. Their 2nd most popular type is VA, with 8 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 136 $49,010,000 $360,368 $1,829 2.83%
Home Purchase 116 $37,050,000 $319,397 $2,817 3.23%
Cash Out Refi 46 $13,790,000 $299,783 $1,907 2.95%
Home Improvement 1 $55,000 $55,000 $0 4.65%

For the 2021, Settlers Bank's most frequently cited loan purpose of loans were Refi, with 136 originations. The 2nd most popular reason of loans were Home Purchase, with 116 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 202 $66,960,000 $331,485 $2,480 3.05%
15 Year 49 $14,275,000 $291,327 $1,855 2.28%
20 Year 22 $4,680,000 $212,727 $1,179 3.45%
5 Year 12 $9,550,000 $795,833 $0 4.09%
10 Year 7 $825,000 $117,857 $738 2.55%
1 Year 3 $2,805,000 $935,000 $0 4.60%
Other 3 $665,000 $221,667 $748 4.24%
3 Year 1 $145,000 $145,000 $0 4.40%

For the 2021, Settlers Bank's most frequently cited loan length of loans were 30 Year, with 202 originations. The 2nd most popular length of loans were 15 Year, with 49 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 243 $72,805,000 $299,609
$1k-2k 23 $7,825,000 $340,217
$3k-4k 7 $2,525,000 $360,714
$2k-3k 6 $2,070,000 $345,000
$5k+ 4 $2,180,000 $545,000

$2,480 of loans were Settlers Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 243 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 146 $47,870,000 $327,877
3-4% 70 $29,970,000 $428,143
<2.5% 60 $16,510,000 $275,167
4-5% 21 $4,865,000 $231,667
5-6% 2 $690,000 $345,000

During 2021, Settlers Bank's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 146 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 137 $39,925,000 $291,423 $2,250 2.91%
$400k-600k 74 $36,130,000 $488,243 $2,440 2.92%
$100k-200k 58 $8,840,000 $152,414 $1,909 2.92%
$100,000 or less 21 $1,255,000 $59,762 $1,094 3.88%
$600k-1MM 6 $4,110,000 $685,000 $4,833 3.84%
$1MM+ 3 $9,645,000 $3,215,000 $0 3.71%

2021 saw Settlers Bank place emphasis on $200k-400k loans with 137 originations, totaling $39,925,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 79 $27,935,000 $353,608 $2,064 2.93%
$100k-150k 68 $20,860,000 $306,765 $2,142 2.99%
$250k+ 53 $21,705,000 $409,528 $2,369 3.01%
$50k-75k 38 $8,100,000 $213,158 $1,904 2.84%
$75k-100k 32 $8,030,000 $250,938 $2,958 3.01%
$50k or less 14 $2,060,000 $147,143 $1,943 2.77%

Settlers Bank lent most frequently to those with incomes in the $150k-250k range, with 79 originations. The second most popular income band? $100k-150k, with 68 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 75 $22,545,000 $300,600 $2,236 2.87%
30-36% 56 $17,750,000 $316,964 $2,494 3.09%
<20% 48 $15,810,000 $329,375 $1,971 2.76%
41% 13 $3,275,000 $251,923 $2,654 3.21%
40% 10 $3,610,000 $361,000 $2,043 3.25%
36% 9 $3,255,000 $361,667 $1,864 2.78%
42% 8 $2,130,000 $266,250 $1,709 3.13%
37% 8 $1,790,000 $223,750 $2,491 2.64%
44% 8 $2,650,000 $331,250 $2,700 2.92%
49% 8 $2,590,000 $323,750 $1,997 2.77%
48% 7 $2,745,000 $392,143 $2,187 3.28%
38% 7 $1,945,000 $277,857 $1,286 2.77%
45% 6 $1,120,000 $186,667 $2,320 2.71%
46% 6 $1,730,000 $288,333 $2,269 2.77%
39% 6 $1,970,000 $328,333 $1,739 2.94%
43% 4 $1,020,000 $255,000 $2,209 3.19%
47% 2 $990,000 $495,000 $3,359 3.06%
50-60% 2 $480,000 $240,000 $1,637 4.87%
>60% 1 $1,285,000 $1,285,000 $0 4.25%

Settlers Bank lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 56 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 239 $75,485,000 $315,837 $2,128 2.92%
Not applicable 14 $10,980,000 $784,286 $0 4.22%
Not provided 32 $9,890,000 $309,063 $2,510 2.96%
Black 7 $1,855,000 $265,000 $3,551 3.96%
Asian 6 $1,330,000 $221,667 $2,048 3.04%
American Indian 1 $365,000 $365,000 $4,237 2.75%

Approval Rates

Total approvals of all applications
98.28%

Settlers 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
87.22%

Settlers Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 299 $99,905,000 $334,130

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
299 $99,905,000 $334,130

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 21 $5,235,000 $249,286 $1,586 2.96%
40-60% 48 $15,770,000 $328,542 $1,992 2.77%
60-80% 141 $45,355,000 $321,667 $2,199 2.98%
80-100% 75 $27,505,000 $366,733 $2,844 3.08%
Over 100% 1 $5,155,000 $5,155,000 $0 3.65%
Under 20% 13 $885,000 $68,077 $719 3.94%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Settlers Bank 4021 Meridian Drive De Forest, WI 53532 Full Service B&M $216,981
Settlers Bank 8010 Excelsior Drive Madison, WI 53717 Full Service B&M $21,427
Settlers Bank 4321 W. College Avenue Appleton, WI 54914 Full Service B&M $14,875

For 2021, Settlers Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $15,055
Net interest income $13,679
Total noninterest income $2,454
Gross Fiduciary activities income $0
Service charges on deposit accounts $171
Trading account gains and fees $0
Additional Noninterest Income $2,283
Pre-tax net operating income $5,133
Securities gains (or losses, -) $0
Income before extraordinary items $3,778
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,778
Minority interest net income $0
Net income $3,778
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,778

Settlers Bank's gross interest income from loans was $15,055,000.
Settlers Bank's net interest income from loans was $13,679,000.
Settlers Bank's fee based income from loans was $171,000.
Settlers Bank's net income from loans was $3,778,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,376
Provision for credit losses $2,192
Total noninterest expense $8,808
Salaries and employee benefits $5,835
Premises and equipment expense $871
Additional noninterest expense $2,102
Applicable income taxes $1,355
Net charge-offs $571
Cash dividends $150

Settlers Bank's interest expense for loans was $1,376,000.
Settlers Bank's payroll and benefits expense were $5,835,000.
Settlers Bank's property, plant and equipment expenses $871,000.

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 $270,835
Deposits held in domestic offices $270,835
Deposits by Individuals, partnerships, and corporations $245,035
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $15,658
Deposits by Commercial banks and other depository institutions in U.S. $10,142
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $169,260
Demand deposits $96,428
Nontransaction accounts $101,575
Money market deposit accounts (MMDAs) $65,310
Other savings deposits (excluding MMDAs) $3,449
Total time deposits $32,816
Total time and savings deposits $174,407
Noninterest-bearing deposits $92,287
Interest-bearing deposits $178,548
Retail deposits $263,341
IRAs and Keogh plan accounts $3,572
Brokered deposits $2,372
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $346,135
Cash & Balances due from depository institutions $27,391
Interest-bearing balances $14,519
Total securities $5,309
Federal funds sold & reverse repurchase $213
Net loans and leases $304,978
Loan and leases loss allowance $8,201
Trading account assets $0
Bank premises and fixed assets $616
Other real estate owned $0
Goodwill and other intangibles $922
All other assets $6,706

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $346,135
Total Liabilities $307,854
Total deposits $270,835
Interest-bearing deposits $178,548
Deposits held in domestic offices $270,835
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $35,299
Subordinated debt $0
All other liabilities $1,720

Issued Loan Types

Type Value (in 000's)
Net loans and leases $304,978
Loan and leases loss allowance $8,201
Total loans and leases (domestic) $313,179
All real estate loans $223,756
Real estate loans in domestic offices $223,756
Construction and development loans $25,233
Residential 1-4 family construction $21,520
Other construction, all land development and other land $3,713
Loans secured by nonfarm nonresidential properties $120,007
Nonfarm nonresidential secured by owner-occupied properties $45,915
Commercial real estate & other non-farm, non-residential $74,092
Multifamily residential real estate $17,488
1-4 family residential loans $59,049
Farmland loans $1,979
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $81,787
To non-U.S. addressees $0
Loans to individuals $6,254
Credit card loans $37
Related Plans $2,208
Consumer Auto Loans $8
Other loans to individuals $4,001
All other loans & leases $1,528
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Settlers Bank had $304,978,000 of loans outstanding in 2021. $223,756,000 of loans were in real estate loans. $25,233,000 of loans were in development loans. $17,488,000 of loans were in multifamily mortgage loans. $59,049,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $37,000 of loans were in credit card loans. $8,000 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 128 $42,831 $334,617
Nonfarm, nonresidential loans - <$100k 18 $823 $45,722
Nonfarm, nonresidential loans - $100-250k 31 $3,633 $117,194
Nonfarm, nonresidential loans - $250k-1MM 79 $38,375 $485,759
Commercial & Industrial, US addressed loans - <$1MM 203 $26,147 $128,803
Commercial & Industrial, US addressed loans - <$100k 89 $1,859 $20,888
Commercial & Industrial, US addressed loans - $100-250k 54 $6,602 $122,259
Commercial & Industrial, US addressed loans - $250k-1MM 60 $17,686 $294,767
Farmland loans - <$1MM 2 $229 $114,500
Farmland loans - $100-250k 2 $229 $114,500