Lincoln Savings Bank Mortgage Rates, Fees & Info

Reinbeck, IA

LEI: 549300XY02VS45I5ZZ90

Tax ID: 42-0380690

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Lincoln Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Lincoln Savings Bank 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 include Des Moines, Waterloo, Ames, Sioux City, and Manhattan among others. Lincoln Savings 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. Lincoln Savings Bank is typically a low fee lendor.


Originations

1,796

Origination Dollar Volume (All Markets)

$510,930,000

Employee count

377 Show all (17) awards

Relative Rate

Lincoln Savings Bank's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Lincoln Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,062.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1,187 $339,765,000 $286,238 $2,985 2.89%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 249 $47,075,000 $189,056 $2,441 3.05%
Outside of Metro Areas 178 $26,710,000 $150,056 $2,732 3.08%
AMES, IA (FHA|USDA|VA) 42 $19,070,000 $454,048 $2,789 2.83%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 4 $17,860,000 $4,465,000 $0 4.50%
MANHATTAN, KS (FHA|USDA|VA) 1 $11,195,000 $11,195,000 $0 3.50%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 8 $9,480,000 $1,185,000 $3,683 3.64%
DULUTH, MN-WI (FHA|USDA|VA) 2 $8,410,000 $4,205,000 $0 2.38%
Pella, IA (FHA|USDA|VA) 18 $3,840,000 $213,333 $3,549 2.90%
KANSAS CITY, MO-KS (FHA|USDA|VA) 11 $2,775,000 $252,273 $2,594 2.57%
Spirit Lake, IA (FHA|USDA|VA) 5 $2,285,000 $457,000 $3,671 3.05%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $2,235,000 $447,000 $5,338 2.91%
Mason City, IA (FHA|USDA|VA) 7 $1,905,000 $272,143 $3,556 3.42%
Marshalltown, IA (FHA|USDA|VA) 11 $1,885,000 $171,364 $3,726 2.86%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 6 $1,770,000 $295,000 $2,703 2.73%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 8 $1,510,000 $188,750 $2,317 2.89%
CEDAR RAPIDS, IA (FHA|USDA|VA) 9 $1,475,000 $163,889 $2,552 3.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,395,000 $465,000 $4,434 2.58%
IOWA CITY, IA (FHA|USDA|VA) 4 $950,000 $237,500 $2,297 2.66%
Fort Dodge, IA (FHA|USDA|VA) 7 $935,000 $133,571 $2,404 3.45%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $725,000 $241,667 $4,015 2.33%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $555,000 $555,000 $11,325 2.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,685 2.88%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $515,000 $515,000 $2,883 2.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $510,000 $255,000 $3,162 2.56%
Oskaloosa, IA (FHA|USDA|VA) 2 $480,000 $240,000 $2,853 3.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $435,000 $435,000 $2,842 2.88%
Clinton, IA (FHA|USDA|VA) 1 $395,000 $395,000 $2,167 2.88%
GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $365,000 $365,000 $2,877 2.25%
Carroll, IA (FHA|USDA|VA) 2 $360,000 $180,000 $2,372 3.00%
Warrensburg, MO (FHA|USDA|VA) 1 $355,000 $355,000 $3,723 3.13%
FORT COLLINS, CO (FHA|USDA|VA) 1 $345,000 $345,000 $2,161 2.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $325,000 $325,000 $13,589 2.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,163 3.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $315,000 $315,000 $1,729 2.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,042 2.88%
Muscatine, IA (FHA|USDA|VA) 1 $235,000 $235,000 $8,062 2.25%
Brookings, SD (FHA|USDA|VA) 1 $215,000 $215,000 $0 3.50%
ROCHESTER, MN (FHA|USDA|VA) 1 $175,000 $175,000 $1,788 2.38%
RAPID CITY, SD (FHA|USDA|VA) 1 $175,000 $175,000 $2,785 2.63%
Fort Leonard Wood, MO (FHA|USDA|VA) 1 $165,000 $165,000 $5,791 3.13%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,306 2.50%
DUBUQUE, IA (FHA|USDA|VA) 1 $155,000 $155,000 $2,286 3.25%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $105,000 $105,000 $2,360 2.38%
Kirksville, MO (FHA|USDA|VA) 1 $105,000 $105,000 $2,767 2.50%
Ottumwa, IA (FHA|USDA|VA) 1 $65,000 $65,000 $2,437 3.50%

Lincoln Savings Bank's top markets include Des Moines, Waterloo, Ames, Sioux City, and Manhattan among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,506 $450,620,000 $299,216 $2,331 2.98%
FHA 161 $29,885,000 $185,621 $6,054 2.79%
VA 84 $23,150,000 $275,595 $5,582 2.61%
USDA 45 $7,275,000 $161,667 $4,190 2.73%

For the 2021 period, Lincoln Savings Bank's most frequently originated loan type of loans were Conventional, with 1,506 originations. Their 2nd most popular type is FHA, with 161 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,095 $296,705,000 $270,963 $3,306 2.90%
Refi 490 $150,390,000 $306,918 $2,210 2.90%
Cash Out Refi 195 $41,525,000 $212,949 $2,490 3.07%
Home Improvement 14 $22,210,000 $1,586,429 $1,216 4.47%
Other 2 $100,000 $50,000 $659 5.56%

For the 2021, Lincoln Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 1,095 originations. The 2nd most popular reason of loans were Refi, with 490 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,447 $322,825,000 $223,100 $3,062 2.90%
15 Year 186 $35,930,000 $193,172 $2,116 2.44%
5 Year 52 $55,080,000 $1,059,231 $0 4.02%
10 Year 52 $50,870,000 $978,269 $1,066 3.99%
20 Year 25 $3,845,000 $153,800 $1,972 3.21%
Other 24 $39,810,000 $1,658,750 $1,869 3.70%
1 Year 10 $2,570,000 $257,000 $0 4.32%

For the 2021, Lincoln Savings Bank's most frequently cited loan length of loans were 30 Year, with 1,447 originations. The 2nd most popular length of loans were 15 Year, with 186 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,203 $267,095,000 $222,024
$1k-2k 328 $60,000,000 $182,927
$2k-3k 73 $17,675,000 $242,123
$3k-4k 24 $7,610,000 $317,083
$5k+ 13 $7,155,000 $550,385

$3,062 of loans were Lincoln Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,203 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 934 $221,130,000 $236,756
3-4% 401 $154,005,000 $384,052
<2.5% 387 $90,905,000 $234,897
4-5% 65 $44,535,000 $685,154
5-6% 9 $355,000 $39,444

During 2021, Lincoln Savings Bank's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 934 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 732 $199,730,000 $272,855 $3,110 2.85%
$100k-200k 719 $108,225,000 $150,522 $2,776 2.93%
$100,000 or less 199 $14,345,000 $72,085 $2,122 3.20%
$400k-600k 109 $52,115,000 $478,119 $3,277 2.83%
$1MM+ 25 $127,495,000 $5,099,800 $0 3.66%
$600k-1MM 12 $9,020,000 $751,667 $9,581 3.55%

2021 saw Lincoln Savings Bank place emphasis on $200k-400k loans with 732 originations, totaling $199,730,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 480 $89,800,000 $187,083 $3,157 2.89%
$100k-150k 362 $94,470,000 $260,967 $2,651 2.86%
$50k or less 360 $47,430,000 $131,750 $2,930 2.89%
$75k-100k 275 $62,895,000 $228,709 $2,852 2.87%
$150k-250k 156 $49,250,000 $315,705 $2,816 2.91%
$250k+ 53 $21,905,000 $413,302 $3,097 2.75%

Lincoln Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 480 originations. The second most popular income band? $100k-150k, with 362 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 373 $79,245,000 $212,453 $2,558 2.80%
30-36% 332 $72,350,000 $217,922 $2,812 2.84%
<20% 124 $25,120,000 $202,581 $2,303 2.80%
39% 76 $16,320,000 $214,737 $2,974 2.86%
43% 75 $14,865,000 $198,200 $3,568 2.92%
36% 73 $16,775,000 $229,795 $2,533 2.85%
44% 73 $18,145,000 $248,562 $3,112 2.88%
41% 70 $14,740,000 $210,571 $2,827 2.84%
37% 65 $13,825,000 $212,692 $2,828 3.02%
42% 63 $13,495,000 $214,206 $3,268 2.96%
46% 60 $14,010,000 $233,500 $3,598 2.96%
40% 52 $11,230,000 $215,962 $3,024 2.91%
47% 49 $11,445,000 $233,571 $4,005 2.89%
38% 47 $8,355,000 $177,766 $2,768 2.98%
48% 42 $8,910,000 $212,143 $3,438 2.93%
49% 37 $8,315,000 $224,730 $3,763 2.88%
45% 33 $8,275,000 $250,758 $2,960 2.92%
50-60% 24 $5,960,000 $248,333 $5,012 2.92%
>60% 3 $1,575,000 $525,000 $5,129 4.06%

Lincoln Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 373 originations. The next most common DTI ratio? 30-36%, with 332 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,545 $334,505,000 $216,508 $2,868 2.88%
Not applicable 97 $141,805,000 $1,461,907 $0 4.00%
Not provided 78 $18,620,000 $238,718 $2,999 2.77%
Black 44 $9,110,000 $207,045 $4,396 2.92%
Asian 25 $5,115,000 $204,600 $2,750 3.07%
American Indian 6 $1,670,000 $278,333 $4,436 2.79%
Korean 1 $105,000 $105,000 $2,063 3.13%

Approval Rates

Total approvals of all applications
96.48%

Lincoln Savings 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
76.88%

Lincoln Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,796 $510,930,000 $284,482

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,796 $510,930,000 $284,482

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 48 $11,590,000 $241,458 $1,987 2.86%
40-60% 174 $45,470,000 $261,322 $2,373 2.79%
60-80% 564 $209,880,000 $372,128 $2,227 2.98%
80-100% 956 $228,190,000 $238,692 $3,302 2.90%
Over 100% 20 $6,000,000 $300,000 $9,701 2.64%
Under 20% 34 $9,800,000 $288,235 $914 4.38%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Lincoln Savings Bank 1025 Main St Grinnell, IA 50112 Full Service B&M $56,782
Lincoln Savings Bank 13523 University Avenue Clive, IA 50325 Full Service B&M $208,668
Lincoln Savings Bank 1375 Sw State Street Ankeny, IA 50023 Full Service B&M $61,042
Lincoln Savings Bank 141 Eldora Road Hudson, IA 50643 Full Service B&M $45,372
Lincoln Savings Bank 1922 Ingersoll Avenue Des Moines, IA 50309 Full Service B&M $16,789
Lincoln Savings Bank 214 West Fourth Street Tama, IA 52339 Full Service B&M $69,864
Lincoln Savings Bank 225 West Viking Road Cedar Falls, IA 50613 Full Service B&M $17,121
Lincoln Savings Bank 237 Main Street Garwin, IA 50632 Full Service B&M $17,179
Lincoln Savings Bank 242 Tower Park Drive Waterloo, IA 50701 Full Service B&M $59,863
Lincoln Savings Bank 302 Main Street Cedar Falls, IA 50613 Full Service B&M $96,293
Lincoln Savings Bank 312 Nile Kinnick Drive South Adel, IA 50003 Full Service B&M $98,359
Lincoln Savings Bank 313-315 Main Street Lincoln, IA 50652 Full Service B&M $13,670
Lincoln Savings Bank 400-404 Main Street Allison, IA 50602 Full Service B&M $63,034
Lincoln Savings Bank 508 Main Street Reinbeck, IA 50669 Full Service B&M $284,681
Lincoln Savings Bank 932 Parrott Aplington, IA 50604 Full Service B&M $38,824
Lincoln Savings Bank 111 East Traer Greene, IA 50636 Full Service B&M $59,665
Lincoln Savings Bank 121 Cedar Street Nashua, IA 50658 Full Service B&M $27,080

For 2021, Lincoln Savings Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $58,718
Net interest income $54,658
Total noninterest income $29,903
Gross Fiduciary activities income $1,166
Service charges on deposit accounts $930
Trading account gains and fees $0
Additional Noninterest Income $27,807
Pre-tax net operating income $21,813
Securities gains (or losses, -) $216
Income before extraordinary items $16,989
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $16,989
Minority interest net income $0
Net income $16,989
Sale, conversion, retirement of capital stock, net $0
Net operating income $16,818

Lincoln Savings Bank's gross interest income from loans was $58,718,000.
Lincoln Savings Bank's net interest income from loans was $54,658,000.
Lincoln Savings Bank's fee based income from loans was $930,000.
Lincoln Savings Bank's net income from loans was $16,989,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,060
Provision for credit losses $660
Total noninterest expense $62,088
Salaries and employee benefits $40,217
Premises and equipment expense $6,322
Additional noninterest expense $15,549
Applicable income taxes $5,040
Net charge-offs $2,254
Cash dividends $3,072

Lincoln Savings Bank's interest expense for loans was $4,060,000.
Lincoln Savings Bank's payroll and benefits expense were $40,217,000.
Lincoln Savings Bank's property, plant and equipment expenses $6,322,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 2.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
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 $1,279,153
Deposits held in domestic offices $1,279,153
Deposits by Individuals, partnerships, and corporations $1,078,983
Deposits by U.S. Government $14
Deposits by States and political subdivisions in the U.S. $197,424
Deposits by Commercial banks and other depository institutions in U.S. $2,732
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $716,230
Demand deposits $262,509
Nontransaction accounts $562,923
Money market deposit accounts (MMDAs) $249,646
Other savings deposits (excluding MMDAs) $123,189
Total time deposits $190,090
Total time and savings deposits $1,016,644
Noninterest-bearing deposits $262,523
Interest-bearing deposits $1,016,630
Retail deposits $1,090,655
IRAs and Keogh plan accounts $24,007
Brokered deposits $123,052
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,479,040
Cash & Balances due from depository institutions $25,471
Interest-bearing balances $15,373
Total securities $212,260
Federal funds sold & reverse repurchase $429
Net loans and leases $1,125,267
Loan and leases loss allowance $15,354
Trading account assets $0
Bank premises and fixed assets $45,053
Other real estate owned $3,004
Goodwill and other intangibles $19,219
All other assets $48,337

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,479,040
Total Liabilities $1,307,055
Total deposits $1,279,153
Interest-bearing deposits $1,016,630
Deposits held in domestic offices $1,279,153
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $20,000
Subordinated debt $0
All other liabilities $7,902

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,125,267
Loan and leases loss allowance $15,354
Total loans and leases (domestic) $1,140,621
All real estate loans $910,471
Real estate loans in domestic offices $910,471
Construction and development loans $165,567
Residential 1-4 family construction $43,680
Other construction, all land development and other land $121,887
Loans secured by nonfarm nonresidential properties $342,563
Nonfarm nonresidential secured by owner-occupied properties $119,361
Commercial real estate & other non-farm, non-residential $223,202
Multifamily residential real estate $142,373
1-4 family residential loans $155,019
Farmland loans $104,949
Loans held in foreign offices $0
Farm loans $53,818
Commercial and industrial loans $166,880
To non-U.S. addressees $0
Loans to individuals $8,787
Credit card loans $0
Related Plans $3,633
Consumer Auto Loans $2,332
Other loans to individuals $2,822
All other loans & leases $664
Loans to foreign governments and official institutions $0
Other loans $139
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $9,808
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,529
Non 1-4 family restructured loans & leases $2,430
Total loans and leases (foreign) $0

Lincoln Savings Bank had $1,125,267,000 of loans outstanding in 2021. $910,471,000 of loans were in real estate loans. $165,567,000 of loans were in development loans. $142,373,000 of loans were in multifamily mortgage loans. $155,019,000 of loans were in 1-4 family mortgage loans. $53,818,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,332,000 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 269 $64,836 $241,026
Nonfarm, nonresidential loans - <$100k 67 $2,919 $43,567
Nonfarm, nonresidential loans - $100-250k 87 $11,910 $136,897
Nonfarm, nonresidential loans - $250k-1MM 115 $50,007 $434,843
Commercial & Industrial, US addressed loans - <$1MM 541 $45,283 $83,702
Commercial & Industrial, US addressed loans - <$100k 341 $6,697 $19,639
Commercial & Industrial, US addressed loans - $100-250k 100 $10,008 $100,080
Commercial & Industrial, US addressed loans - $250k-1MM 100 $28,578 $285,780
Farmland loans - <$1MM 283 $44,119 $155,898
Farmland loans - <$100k 75 $3,095 $41,267
Farmland loans - $100-250k 115 $14,950 $130,000
Farmland loans - $250k-1MM 93 $26,074 $280,366
Agriculture operations loans - <$1MM 406 $26,431 $65,101
Agriculture operations loans - <$100k 247 $6,041 $24,457
Agriculture operations loans - $100-250k 98 $8,018 $81,816
Agriculture operations loans - $250k-1MM 61 $12,372 $202,820