Settlers Bank Mortgage Rates, Fees & Info
Windsor, WILEI: 549300UGOOUZ7MQRIN06
Tax ID: 26-0636784
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Review & Overview
Settlers Bank is a smaller bank specializing in Refi and Home Purchase 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, Appleton, Milwaukee, Baraboo, and Minneapolis among others. We have data for 18 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
271Origination Dollar Volume (All Markets)
$99,505,000Employee count
39Top 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) | 192 | $75,980,000 | $395,729 | $0 | 0.00% |
| Outside of Metro Areas | 20 | $7,470,000 | $373,500 | $0 | 0.00% |
| APPLETON, WI (FHA|USDA|VA) | 13 | $4,835,000 | $371,923 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 12 | $3,180,000 | $265,000 | $0 | 0.00% |
| Baraboo, WI (FHA|USDA|VA) | 12 | $2,400,000 | $200,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $0 | 0.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $0 | 0.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $0 | 0.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $0 | 0.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Stevens Point, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $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 | 263 | $96,545,000 | $367,091 | $0 | 0.00% |
| VA | 7 | $2,755,000 | $393,571 | $0 | 0.00% |
| USDA | 1 | $205,000 | $205,000 | $0 | 0.00% |
For 2019, Settlers Bank's most frequently originated type of loan was Conventional, with 263 originations. Their 2nd most popular type was VA, with 7 originations.
Loan Reason
For 2019, Settlers Bank's most frequently cited loan purpose was Refi, with 135 originations. The 2nd most popular reason was Home Purchase, with 107 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 271 | $99,505,000 | $367,177 | $0 | 0.00% |
For 2019, Settlers Bank's most frequently cited loan duration was Other, with 271 originations.
Loan Sizing
2019 saw Settlers Bank place emphasis on $200k-400k loans with 116 originations, totaling $33,860,000 in origination value.
Applicant Income
Settlers Bank lent most frequently to those with incomes in the $150k-250k range, with 58 originations. The second most popular income band? $250k+, with 53 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 271 | $99,505,000 | $367,177 | $0 | 0.00% |
Settlers Bank lent most frequently to those with DTI ratios of Exempt%, with 271 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.49%
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 origination88.56%
Settlers Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 271 | $99,505,000 | $367,177 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Settlers Bank | 4021 Meridian Drive De Forest, WI 53532 | Full Service B&M | $202,020 |
| Settlers Bank | 4321 W. College Avenue Appleton, WI 54914 | Full Service B&M | $4,065 |
| Settlers Bank | 8010 Excelsior Drive Madison, WI 53717 | Full Service B&M | $21,566 |
For 2019, Settlers Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $14,351 |
| Net interest income | $9,892 |
| Total noninterest income | $1,748 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $299 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,449 |
| Pre-tax net operating income | $643 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $461 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $461 |
| Minority interest net income | $0 |
| Net income | $461 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $461 |
Settlers Bank's gross interest income from loans was $14,351,000.
Settlers Bank's net interest income from loans was $9,892,000.
Settlers Bank's fee based income from loans was $299,000.
Settlers Bank's net income from loans was $461,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,459 |
| Provision for credit losses | $2,026 |
| Total noninterest expense | $8,971 |
| Salaries and employee benefits | $5,884 |
| Premises and equipment expense | $822 |
| Additional noninterest expense | $2,265 |
| Applicable income taxes | $182 |
| Net charge-offs | $166 |
| Cash dividends | $0 |
Settlers Bank's interest expense for loans was $4,459,000.
Settlers Bank's payroll and benefits expense were $5,884,000.
Settlers Bank's property, plant and equipment expenses $822,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| 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 | 5.0% |
| 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 | $243,788 |
| Deposits held in domestic offices | $243,788 |
| Deposits by Individuals, partnerships, and corporations | $175,476 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $13,544 |
| Deposits by Commercial banks and other depository institutions in U.S. | $54,769 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $55,770 |
| Demand deposits | $48,851 |
| Nontransaction accounts | $188,019 |
| Money market deposit accounts (MMDAs) | $52,982 |
| Other savings deposits (excluding MMDAs) | $1,227 |
| Total time deposits | $133,810 |
| Total time and savings deposits | $194,938 |
| Noninterest-bearing deposits | $40,734 |
| Interest-bearing deposits | $203,054 |
| Retail deposits | $220,620 |
| IRAs and Keogh plan accounts | $3,065 |
| Brokered deposits | $7,274 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $310,153 |
| Cash & Balances due from depository institutions | $16,791 |
| Interest-bearing balances | $3,150 |
| Total securities | $9,000 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $277,027 |
| Loan and leases loss allowance | $4,530 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $912 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $1,106 |
| All other assets | $5,317 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $310,152 |
| Total Liabilities | $279,447 |
| Total deposits | $243,788 |
| Interest-bearing deposits | $203,054 |
| Deposits held in domestic offices | $243,788 |
| % insured (estimated) | $84 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $33,334 |
| Subordinated debt | $0 |
| All other liabilities | $2,325 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $277,027 |
| Loan and leases loss allowance | $4,530 |
| Total loans and leases (domestic) | $281,557 |
| All real estate loans | $203,012 |
| Real estate loans in domestic offices | $203,012 |
| Construction and development loans | $16,208 |
| Residential 1-4 family construction | $10,792 |
| Other construction, all land development and other land | $5,416 |
| Loans secured by nonfarm nonresidential properties | $109,701 |
| Nonfarm nonresidential secured by owner-occupied properties | $48,614 |
| Commercial real estate & other non-farm, non-residential | $61,087 |
| Multifamily residential real estate | $13,846 |
| 1-4 family residential loans | $58,026 |
| Farmland loans | $5,231 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $72,245 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4,256 |
| Credit card loans | $35 |
| Related Plans | $819 |
| Consumer Auto Loans | $24 |
| Other loans to individuals | $3,378 |
| All other loans & leases | $2,045 |
| 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 $277,027,000 of loans outstanding in 2019. $203,012,000 of loans were in real estate loans. $16,208,000 of loans were in development loans. $13,846,000 of loans were in multifamily mortgage loans. $58,026,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $35,000 of loans were in credit card loans. $24,000 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 | 101 | $31,673 | $313,594 |
| Nonfarm, nonresidential loans - <$100k | 14 | $754 | $53,857 |
| Nonfarm, nonresidential loans - $100-250k | 28 | $3,902 | $139,357 |
| Nonfarm, nonresidential loans - $250k-1MM | 59 | $27,017 | $457,915 |
| Commercial & Industrial, US addressed loans - <$1MM | 240 | $32,258 | $134,408 |
| Commercial & Industrial, US addressed loans - <$100k | 103 | $2,794 | $27,126 |
| Commercial & Industrial, US addressed loans - $100-250k | 66 | $7,828 | $118,606 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 71 | $21,636 | $304,732 |
| Farmland loans - <$1MM | 5 | $1,265 | $253,000 |
| Farmland loans - $250k-1MM | 5 | $1,265 | $253,000 |