Charter Bank Mortgage Rates, Fees & Info
Eau Claire, WILEI: 549300Y9VUF5EK6HHR23
Tax ID: 39-1343265
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Mortgage Data
Bank Data
Review & Overview
Charter Bank is a smaller bank specializing in Home Purchase loans. Charter Bank has a high proportion of conventional loans. Their top markets by origination volume include: Eau Claire, Minneapolis, Menomonie, Oshkosh, and Brainerd among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Charter 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. Charter 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.
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Originations
45Origination Dollar Volume (All Markets)
$16,985,000Employee count
87Top 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 |
|---|---|---|---|---|---|
| EAU CLAIRE, WI (FHA|USDA|VA) | 23 | $10,665,000 | $463,696 | $2,431 | 5.16% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 9 | $2,705,000 | $300,556 | $4,282 | 5.10% |
| Menomonie, WI (FHA|USDA|VA) | 6 | $1,930,000 | $321,667 | $2,053 | 5.16% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $0 | 5.25% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $4,684 | 5.15% |
| Outside of Metro Areas | 3 | $325,000 | $108,333 | $2,466 | 5.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,918 | 5.12% |
Similar Lenders
We use machine learning to identify the top lenders compared against Charter 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 | 45 | $16,985,000 | $377,444 | $2,911 | 5.14% |
For 2018, Charter Bank's most frequently originated type of loan was Conventional, with 45 originations.
Loan Reason
For 2018, Charter Bank's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
For 2018, Charter Bank's most frequently cited loan duration was 30 Year, with 19 originations. The 2nd most popular length was 5 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 11 | $2,795,000 | $254,091 |
| $<1k | 9 | $1,045,000 | $116,111 |
| $2k-3k | 1 | $515,000 | $515,000 |
| $3k-4k | 1 | $625,000 | $625,000 |
Charter Bank's average total fees were $2,921, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 23 | $11,285,000 | $490,652 |
| 5-6% | 20 | $5,260,000 | $263,000 |
| 3-4% | 1 | $305,000 | $305,000 |
| 6-7% | 1 | $135,000 | $135,000 |
During 2018, Charter Bank's average interest rate for loans was 4.99%, while their most frequently originated rate bucket for loans was 4-5%, with 23 originations.
Loan Sizing
2018 saw Charter Bank place emphasis on $100k-200k loans with 14 originations, totaling $2,070,000 in origination value.
Applicant Income
Charter Bank lent most frequently to those with incomes in the $75k-100k range, with 7 originations. The second most popular income band? $100k-150k, with 5 originations.
Applicant Debt to Income Ratio
Charter Bank lent most frequently to those with DTI ratios of >60%, with 6 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.33%
Charter Bank has an average approval rate.
Pick Rate
Approvals leading to origination77.78%
Charter Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 45 | $16,985,000 | $377,444 |
Occupancy Type Mix
LTV Distribution
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 | $529,731 |
| Charter Bank | 455 Pond Promenade Chanhassen, MN 55317 | Full Service B&M | $74,573 |
| Charter Bank | 706 Walnut Street Chaska, MN 55318 | Full Service B&M | $105,788 |
For 2018, Charter Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $38,497 |
| Net interest income | $30,437 |
| Total noninterest income | $2,520 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $631 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,889 |
| Pre-tax net operating income | $17,556 |
| Securities gains (or losses, -) | $202 |
| Income before extraordinary items | $17,746 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $17,746 |
| Minority interest net income | $0 |
| Net income | $17,746 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $17,544 |
Charter Bank's gross interest income from loans was $38,497,000.
Charter Bank's net interest income from loans was $30,437,000.
Charter Bank's fee based income from loans was $631,000.
Charter Bank's net income from loans was $17,746,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $8,060 |
| Provision for credit losses | $0 |
| Total noninterest expense | $15,401 |
| Salaries and employee benefits | $8,743 |
| Premises and equipment expense | $1,234 |
| Additional noninterest expense | $5,424 |
| Applicable income taxes | $12 |
| Net charge-offs | $66 |
| Cash dividends | $9,000 |
Charter Bank's interest expense for loans was $8,060,000.
Charter Bank's payroll and benefits expense were $8,743,000.
Charter Bank's property, plant and equipment expenses $1,234,000.
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 | $736,052 |
| Deposits held in domestic offices | $736,052 |
| Deposits by Individuals, partnerships, and corporations | $694,553 |
| Deposits by U.S. Government | $1 |
| Deposits by States and political subdivisions in the U.S. | $39,029 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,469 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $173,963 |
| Demand deposits | $123,522 |
| Nontransaction accounts | $562,089 |
| Money market deposit accounts (MMDAs) | $248,444 |
| Other savings deposits (excluding MMDAs) | $66,858 |
| Total time deposits | $246,787 |
| Total time and savings deposits | $612,530 |
| Noninterest-bearing deposits | $110,975 |
| Interest-bearing deposits | $625,077 |
| Retail deposits | $603,328 |
| IRAs and Keogh plan accounts | $6,980 |
| Brokered deposits | $84,922 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $913,735 |
| Cash & Balances due from depository institutions | $16,655 |
| Interest-bearing balances | $5,544 |
| Total securities | $183,026 |
| Federal funds sold & reverse repurchase | $5,816 |
| Net loans and leases | $671,115 |
| Loan and leases loss allowance | $8,415 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $8,427 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $28,696 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $913,735 |
| Total Liabilities | $800,940 |
| Total deposits | $736,052 |
| Interest-bearing deposits | $625,077 |
| Deposits held in domestic offices | $736,052 |
| % insured (estimated) | $75 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $61,200 |
| Subordinated debt | $0 |
| All other liabilities | $3,688 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $671,115 |
| Loan and leases loss allowance | $8,415 |
| Total loans and leases (domestic) | $679,530 |
| All real estate loans | $527,204 |
| Real estate loans in domestic offices | $527,204 |
| Construction and development loans | $43,736 |
| Residential 1-4 family construction | $8,241 |
| Other construction, all land development and other land | $35,495 |
| Loans secured by nonfarm nonresidential properties | $282,297 |
| Nonfarm nonresidential secured by owner-occupied properties | $159,364 |
| Commercial real estate & other non-farm, non-residential | $122,933 |
| Multifamily residential real estate | $48,446 |
| 1-4 family residential loans | $149,680 |
| Farmland loans | $3,045 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,029 |
| Commercial and industrial loans | $127,087 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,273 |
| Credit card loans | $136 |
| Related Plans | $819 |
| Consumer Auto Loans | $1,186 |
| Other loans to individuals | $1,132 |
| All other loans & leases | $21,457 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $544 |
| Loans to depository institutions and acceptances of other banks | $195 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $1,994 |
| Non 1-4 family restructured loans & leases | $552 |
| Total loans and leases (foreign) | $0 |
Charter Bank had $671,115,000 of loans outstanding in 2018. $527,204,000 of loans were in real estate loans. $43,736,000 of loans were in development loans. $48,446,000 of loans were in multifamily mortgage loans. $149,680,000 of loans were in 1-4 family mortgage loans. $1,029,000 of loans were in farm loans. $136,000 of loans were in credit card loans. $1,186,000 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 | 248 | $68,290 | $275,363 |
| Nonfarm, nonresidential loans - <$100k | 32 | $1,456 | $45,500 |
| Nonfarm, nonresidential loans - $100-250k | 82 | $10,315 | $125,793 |
| Nonfarm, nonresidential loans - $250k-1MM | 134 | $56,519 | $421,784 |
| Commercial & Industrial, US addressed loans - <$1MM | 358 | $33,802 | $94,419 |
| Commercial & Industrial, US addressed loans - <$100k | 198 | $4,991 | $25,207 |
| Commercial & Industrial, US addressed loans - $100-250k | 77 | $6,193 | $80,429 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 83 | $22,618 | $272,506 |
| Farmland loans - <$1MM | 3 | $419 | $139,667 |
| Farmland loans - <$100k | 1 | $40 | $40,000 |
| Farmland loans - $100-250k | 1 | $55 | $55,000 |
| Farmland loans - $250k-1MM | 1 | $324 | $324,000 |
| Agriculture operations loans - <$1MM | 1 | $244 | $244,000 |
| Agriculture operations loans - $250k-1MM | 1 | $244 | $244,000 |