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 Home Purchase and Refi loans. Settlers Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Madison, Baraboo, Manitowoc, Beaver Dam, and Appleton among others. We have data for 13 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.
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 | 6.09% | 4/21/24 |
| 30 Year Conventional Refi | 5.87% | 4/21/24 |
| 30 Year Cash-out Refi | 6.31% | 4/21/24 |
| 30 Year VA Purchase | 6.50% | 4/21/24 |
| 30 Year VA Refi | 5.72% | 4/21/24 |
| 15 Year Conventional Purchase | 5.83% | 4/21/24 |
| 15 Year Conventional Refi | 5.72% | 4/21/24 |
| 15 Year Cash-out Refi | 5.72% | 4/21/24 |
| 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. | ||
Settlers Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
170Origination Dollar Volume (All Markets)
$46,790,000Employee count
43Top 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) | 133 | $35,945,000 | $270,263 | $0 | 0.00% |
| Outside of Metro Areas | 10 | $4,570,000 | $457,000 | $0 | 0.00% |
| Baraboo, WI (FHA|USDA|VA) | 4 | $1,080,000 | $270,000 | $0 | 0.00% |
| Manitowoc, WI (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $0 | 0.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $975,000 | $975,000 | $0 | 0.00% |
| APPLETON, WI (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $0 | 0.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $0 | 0.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 0.00% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 0.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 165 | $45,125,000 | $273,485 | $0 | 0.00% |
| VA | 4 | $1,430,000 | $357,500 | $0 | 0.00% |
| USDA | 1 | $235,000 | $235,000 | $0 | 0.00% |
For 2018, Settlers Bank's most frequently originated type of loan was Conventional, with 165 originations. Their 2nd most popular type was VA, with 4 originations.
Loan Reason
For 2018, Settlers Bank's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Refi, with 60 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 170 | $46,790,000 | $275,235 | $0 | 0.00% |
For 2018, Settlers Bank's most frequently cited loan duration was Other, with 170 originations.
Loan Sizing
2018 saw Settlers Bank place emphasis on $200k-400k loans with 70 originations, totaling $20,130,000 in origination value.
Applicant Income
Settlers Bank lent most frequently to those with incomes in the $150k-250k range, with 40 originations. The second most popular income band? $100k-150k, with 39 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 170 | $46,790,000 | $275,235 | $0 | 0.00% |
Settlers Bank lent most frequently to those with DTI ratios of Exempt%, with 170 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.60%
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 origination81.18%
Settlers Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 170 | $46,790,000 | $275,235 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $975,000 | $975,000 |
| Single Family (1-4 Units):Site-Built | 169 | $45,815,000 | $271,095 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Settlers Bank | 4021 Meridian Drive De Forest, WI 53532 | Full Service B&M | $207,086 |
| Settlers Bank | 8010 Excelsior Drive Madison, WI 53717 | Full Service B&M | $14,989 |
For 2018, Settlers Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $12,009 |
| Net interest income | $8,884 |
| Total noninterest income | $1,386 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $205 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,181 |
| Pre-tax net operating income | $2,304 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,724 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,724 |
| Minority interest net income | $0 |
| Net income | $1,724 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,724 |
Settlers Bank's gross interest income from loans was $12,009,000.
Settlers Bank's net interest income from loans was $8,884,000.
Settlers Bank's fee based income from loans was $205,000.
Settlers Bank's net income from loans was $1,724,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,125 |
| Provision for credit losses | $254 |
| Total noninterest expense | $7,712 |
| Salaries and employee benefits | $5,055 |
| Premises and equipment expense | $754 |
| Additional noninterest expense | $1,903 |
| Applicable income taxes | $580 |
| Net charge-offs | $-309 |
| Cash dividends | $0 |
Settlers Bank's interest expense for loans was $3,125,000.
Settlers Bank's payroll and benefits expense were $5,055,000.
Settlers Bank's property, plant and equipment expenses $754,000.
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 | $227,979 |
| Deposits held in domestic offices | $227,979 |
| Deposits by Individuals, partnerships, and corporations | $164,003 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $17,843 |
| Deposits by Commercial banks and other depository institutions in U.S. | $46,133 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $64,774 |
| Demand deposits | $59,733 |
| Nontransaction accounts | $163,205 |
| Money market deposit accounts (MMDAs) | $35,914 |
| Other savings deposits (excluding MMDAs) | $914 |
| Total time deposits | $126,377 |
| Total time and savings deposits | $168,246 |
| Noninterest-bearing deposits | $34,586 |
| Interest-bearing deposits | $193,393 |
| Retail deposits | $203,515 |
| IRAs and Keogh plan accounts | $5,162 |
| Brokered deposits | $8,570 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $281,839 |
| Cash & Balances due from depository institutions | $31,605 |
| Interest-bearing balances | $22,541 |
| Total securities | $7,133 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $238,998 |
| Loan and leases loss allowance | $2,670 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,030 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $1,083 |
| All other assets | $1,990 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $281,839 |
| Total Liabilities | $255,271 |
| Total deposits | $227,979 |
| Interest-bearing deposits | $193,393 |
| Deposits held in domestic offices | $227,979 |
| % insured (estimated) | $83 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $24,803 |
| Subordinated debt | $0 |
| All other liabilities | $2,489 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $238,998 |
| Loan and leases loss allowance | $2,670 |
| Total loans and leases (domestic) | $241,668 |
| All real estate loans | $175,041 |
| Real estate loans in domestic offices | $175,041 |
| Construction and development loans | $18,466 |
| Residential 1-4 family construction | $12,569 |
| Other construction, all land development and other land | $5,897 |
| Loans secured by nonfarm nonresidential properties | $94,141 |
| Nonfarm nonresidential secured by owner-occupied properties | $44,943 |
| Commercial real estate & other non-farm, non-residential | $49,198 |
| Multifamily residential real estate | $12,065 |
| 1-4 family residential loans | $44,477 |
| Farmland loans | $5,892 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $60,898 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $2,184 |
| Credit card loans | $50 |
| Related Plans | $1,105 |
| Consumer Auto Loans | $42 |
| Other loans to individuals | $987 |
| All other loans & leases | $3,545 |
| 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 $238,998,000 of loans outstanding in 2018. $175,041,000 of loans were in real estate loans. $18,466,000 of loans were in development loans. $12,065,000 of loans were in multifamily mortgage loans. $44,477,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $50,000 of loans were in credit card loans. $42,000 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 | 88 | $28,609 | $325,102 |
| Nonfarm, nonresidential loans - <$100k | 11 | $467 | $42,455 |
| Nonfarm, nonresidential loans - $100-250k | 23 | $2,928 | $127,304 |
| Nonfarm, nonresidential loans - $250k-1MM | 54 | $25,214 | $466,926 |
| Commercial & Industrial, US addressed loans - <$1MM | 219 | $30,337 | $138,525 |
| Commercial & Industrial, US addressed loans - <$100k | 94 | $2,943 | $31,309 |
| Commercial & Industrial, US addressed loans - $100-250k | 61 | $7,089 | $116,213 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 64 | $20,305 | $317,266 |
| Farmland loans - <$1MM | 5 | $1,241 | $248,200 |
| Farmland loans - <$100k | 1 | $48 | $48,000 |
| Farmland loans - $100-250k | 1 | $139 | $139,000 |
| Farmland loans - $250k-1MM | 3 | $1,054 | $351,333 |