Settlers Bank Mortgage Rates, Fees & Info
Windsor, WILEI: 549300UGOOUZ7MQRIN06
Tax ID: 26-0636784
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Bank Data
Review & 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 by origination volume include: Madison, Appleton, Oshkosh, Baraboo, and Milwaukee among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)Settlers Bank 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. Settlers Bank 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 6.41% | 3/19/23 |
30 Year Conventional Refi | 6.27% | 3/19/23 |
30 Year Cash-out Refi | 6.36% | 3/19/23 |
30 Year VA Purchase | 6.20% | 3/19/23 |
30 Year VA Refi | 6.24% | 3/19/23 |
30 Year USDA Purchase | 6.27% | 3/19/23 |
15 Year Conventional Purchase | 5.66% | 3/19/23 |
15 Year Conventional Refi | 5.63% | 3/19/23 |
15 Year Cash-out Refi | 5.63% | 3/19/23 |
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. |
Originations
299Origination Dollar Volume (All Markets)
$99,905,000Employee count
42 Show all (3) awardsRelative Rate
Settlers Bank's average 30 year fixed mortgage rate was
3.05%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.1%.
Relative Fees (Closing Costs)
Settlers Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,480.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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 |
---|---|---|---|---|---|
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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Settlers Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 60
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 291 | $96,775,000 | $332,560 | $2,155 | 3.02% |
VA | 8 | $3,130,000 | $391,250 | $4,192 | 2.75% |
For 2021, Settlers Bank's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was VA, with 8 originations.
Loan Reason
For 2021, Settlers Bank's most frequently cited loan purpose was Refi, with 136 originations. The 2nd most popular reason was Home Purchase, with 116 originations.
Loan Duration/Length
For 2021, Settlers Bank's most frequently cited loan duration was 30 Year, with 202 originations. The 2nd most popular length was 15 Year, with 49 originations.
Origination Fees/Closing Costs
Settlers Bank's average total fees were $2,480, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 146 originations.
Loan Sizing
2021 saw Settlers Bank place emphasis on $200k-400k loans with 137 originations, totaling $39,925,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications98.51%
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 origination88.29%
Settlers Bank has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 299 | $99,905,000 | $334,130 |
LTV Distribution
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 |