Charter Bank Mortgage Rates, Fees & Info

Eau Claire, WI

LEI: 549300Y9VUF5EK6HHR23

Tax ID: 39-1343265

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Charter Bank is a smaller bank specializing in Refi and Home Purchase loans. Charter Bank has a high proportion of conventional loans. Their top markets include Eau Claire, Minneapolis, La Crosse, Menomonie, and Platteville among others. Charter 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.


Originations

444

Origination Dollar Volume (All Markets)

$156,960,000

Employee count

105

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
EAU CLAIRE, WI (FHA|USDA|VA) 261 $80,435,000 $308,180 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 78 $33,650,000 $431,410 $0 0.00%
Outside of Metro Areas 66 $17,340,000 $262,727 $0 0.00%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $12,405,000 $12,405,000 $0 0.00%
Menomonie, WI (FHA|USDA|VA) 26 $5,790,000 $222,692 $0 0.00%
Platteville, WI (FHA|USDA|VA) 2 $2,690,000 $1,345,000 $0 0.00%
WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $1,960,000 $980,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 2 $1,000,000 $500,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $775,000 $775,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
APPLETON, WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
MADISON, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%

Charter Bank's top markets include Eau Claire, Minneapolis, La Crosse, Menomonie, and Platteville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 444 $156,960,000 $353,514 $0 0.00%

For the 2021 period, Charter Bank's most frequently originated loan type of loans were Conventional, with 444 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 206 $63,560,000 $308,544 $0 0.00%
Home Purchase 166 $76,430,000 $460,422 $0 0.00%
Cash Out Refi 64 $16,050,000 $250,781 $0 0.00%
Home Improvement 4 $250,000 $62,500 $0 0.00%
Other 4 $670,000 $167,500 $0 0.00%

For the 2021, Charter Bank's most frequently cited loan purpose of loans were Refi, with 206 originations. The 2nd most popular reason of loans were Home Purchase, with 166 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 444 $156,960,000 $353,514 $0 0.00%

For the 2021, Charter Bank's most frequently cited loan length of loans were Other, with 444 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 160 $24,090,000 $150,563 $0 0.00%
$200k-400k 141 $38,345,000 $271,950 $0 0.00%
$100,000 or less 68 $4,720,000 $69,412 $0 0.00%
$400k-600k 41 $19,495,000 $475,488 $0 0.00%
$1MM+ 19 $59,065,000 $3,108,684 $0 0.00%
$600k-1MM 15 $11,245,000 $749,667 $0 0.00%

2021 saw Charter Bank place emphasis on $100k-200k loans with 160 originations, totaling $24,090,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 71 $15,795,000 $222,465 $0 0.00%
$150k-250k 60 $17,600,000 $293,333 $0 0.00%
$50k-75k 59 $9,745,000 $165,169 $0 0.00%
$250k+ 50 $21,590,000 $431,800 $0 0.00%
$50k or less 50 $5,800,000 $116,000 $0 0.00%
$75k-100k 33 $6,385,000 $193,485 $0 0.00%

Charter Bank lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $150k-250k, with 60 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 444 $156,960,000 $353,514 $0 0.00%

Charter Bank lent most frequently to those with DTI ratios of Exempt%, with 444 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 113 $76,355,000 $675,708 $0 0.00%
White 290 $71,210,000 $245,552 $0 0.00%
Not provided 35 $8,215,000 $234,714 $0 0.00%
Asian 5 $825,000 $165,000 $0 0.00%
Black 1 $355,000 $355,000 $0 0.00%

Approval Rates

Total approvals of all applications
92.36%

Charter Bank has an average approval rate.

Pick Rate

Approvals leading to origination
80.27%

Charter Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 444 $156,960,000 $353,514

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
444 $156,960,000 $353,514

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Charter Bank 1010 West Clairemont Avenue Eau Claire, WI 54701 Full Service B&M $583,239
Charter Bank 455 Pond Promenade Chanhassen, MN 55317 Full Service B&M $108,009
Charter Bank 621 2nd St Chetek, WI 54728 Full Service B&M $37,331
Charter Bank 706 Walnut Street Chaska, MN 55318 Full Service B&M $107,244

For 2021, Charter Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,419
Net interest income $32,274
Total noninterest income $3,999
Gross Fiduciary activities income $0
Service charges on deposit accounts $724
Trading account gains and fees $0
Additional Noninterest Income $3,275
Pre-tax net operating income $18,068
Securities gains (or losses, -) $-192
Income before extraordinary items $17,864
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $17,864
Minority interest net income $0
Net income $17,864
Sale, conversion, retirement of capital stock, net $0
Net operating income $18,056

Charter Bank's gross interest income from loans was $37,419,000.
Charter Bank's net interest income from loans was $32,274,000.
Charter Bank's fee based income from loans was $724,000.
Charter Bank's net income from loans was $17,864,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,145
Provision for credit losses $-1,500
Total noninterest expense $19,705
Salaries and employee benefits $10,069
Premises and equipment expense $1,471
Additional noninterest expense $8,165
Applicable income taxes $12
Net charge-offs $13
Cash dividends $9,000

Charter Bank's interest expense for loans was $5,145,000.
Charter Bank's payroll and benefits expense were $10,069,000.
Charter Bank's property, plant and equipment expenses $1,471,000.

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 2.0%
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 $882,900
Deposits held in domestic offices $882,900
Deposits by Individuals, partnerships, and corporations $847,643
Deposits by U.S. Government $8
Deposits by States and political subdivisions in the U.S. $35,000
Deposits by Commercial banks and other depository institutions in U.S. $249
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $323,969
Demand deposits $213,626
Nontransaction accounts $558,931
Money market deposit accounts (MMDAs) $375,443
Other savings deposits (excluding MMDAs) $81,091
Total time deposits $102,397
Total time and savings deposits $669,274
Noninterest-bearing deposits $183,960
Interest-bearing deposits $698,940
Retail deposits $866,343
IRAs and Keogh plan accounts $11,373
Brokered deposits $6,002
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,136,168
Cash & Balances due from depository institutions $73,207
Interest-bearing balances $36,530
Total securities $253,505
Federal funds sold & reverse repurchase $605
Net loans and leases $755,147
Loan and leases loss allowance $8,540
Trading account assets $0
Bank premises and fixed assets $8,067
Other real estate owned $0
Goodwill and other intangibles $1,892
All other assets $43,745

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,136,168
Total Liabilities $997,124
Total deposits $882,900
Interest-bearing deposits $698,940
Deposits held in domestic offices $882,900
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $111,000
Subordinated debt $0
All other liabilities $3,224

Issued Loan Types

Type Value (in 000's)
Net loans and leases $755,147
Loan and leases loss allowance $8,540
Total loans and leases (domestic) $763,687
All real estate loans $648,214
Real estate loans in domestic offices $648,214
Construction and development loans $93,542
Residential 1-4 family construction $9,870
Other construction, all land development and other land $83,672
Loans secured by nonfarm nonresidential properties $297,165
Nonfarm nonresidential secured by owner-occupied properties $151,805
Commercial real estate & other non-farm, non-residential $145,360
Multifamily residential real estate $84,100
1-4 family residential loans $168,644
Farmland loans $4,763
Loans held in foreign offices $0
Farm loans $867
Commercial and industrial loans $89,760
To non-U.S. addressees $0
Loans to individuals $4,160
Credit card loans $238
Related Plans $1,639
Consumer Auto Loans $1,341
Other loans to individuals $942
All other loans & leases $22,063
Loans to foreign governments and official institutions $0
Other loans $71
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 $1,761
Non 1-4 family restructured loans & leases $572
Total loans and leases (foreign) $0

Charter Bank had $755,147,000 of loans outstanding in 2021. $648,214,000 of loans were in real estate loans. $93,542,000 of loans were in development loans. $84,100,000 of loans were in multifamily mortgage loans. $168,644,000 of loans were in 1-4 family mortgage loans. $867,000 of loans were in farm loans. $238,000 of loans were in credit card loans. $1,341,000 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 272 $73,503 $270,232
Nonfarm, nonresidential loans - <$100k 38 $1,765 $46,447
Nonfarm, nonresidential loans - $100-250k 86 $10,360 $120,465
Nonfarm, nonresidential loans - $250k-1MM 148 $61,378 $414,716
Commercial & Industrial, US addressed loans - <$1MM 339 $26,311 $77,614
Commercial & Industrial, US addressed loans - <$100k 192 $3,610 $18,802
Commercial & Industrial, US addressed loans - $100-250k 70 $5,530 $79,000
Commercial & Industrial, US addressed loans - $250k-1MM 77 $17,171 $223,000
Farmland loans - <$1MM 1 $288 $288,000
Farmland loans - $250k-1MM 1 $288 $288,000
Agriculture operations loans - <$1MM 1 $259 $259,000
Agriculture operations loans - $250k-1MM 1 $259 $259,000