Charter Bank Mortgage Rates, Fees & Info
Eau Claire, WILEI: 549300Y9VUF5EK6HHR23
Tax ID: 39-1343265
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Bank Data
Review & Overview
Charter Bank is a smaller bank specializing in Home Purchase and Refi loans. Charter Bank has a high proportion of conventional loans. Their top markets by origination volume include: Eau Claire, Minneapolis, Phoenix, Brainerd, and Naples among others. We have data for 12 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.
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
122Origination Dollar Volume (All Markets)
$31,770,000Employee count
85Top 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) | 82 | $19,800,000 | $241,463 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 18 | $3,520,000 | $195,556 | $0 | 0.00% |
| Outside of Metro Areas | 10 | $2,360,000 | $236,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $2,190,000 | $1,095,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $1,285,000 | $1,285,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $0 | 0.00% |
| Menomonie, WI (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $0 | 0.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
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.
Similarity Rank: 48
Similarity Rank: 204
Similarity Rank: 406
Similarity Rank: 978
Similarity Rank: 1088
Similarity Rank: 1110
Similarity Rank: 1221
Similarity Rank: 1344
Similarity Rank: 1368
Similarity Rank: 1424
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 122 | $31,770,000 | $260,410 | $0 | 0.00% |
For 2019, Charter Bank's most frequently originated type of loan was Conventional, with 122 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 83 | $22,665,000 | $273,072 | $0 | 0.00% |
| Refi | 33 | $8,405,000 | $254,697 | $0 | 0.00% |
| Home Improvement | 6 | $700,000 | $116,667 | $0 | 0.00% |
For 2019, Charter Bank's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 33 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 122 | $31,770,000 | $260,410 | $0 | 0.00% |
For 2019, Charter Bank's most frequently cited loan duration was Other, with 122 originations.
Loan Sizing
2019 saw Charter Bank place emphasis on $100k-200k loans with 49 originations, totaling $6,895,000 in origination value.
Applicant Income
Charter Bank lent most frequently to those with incomes in the $250k+ range, with 14 originations. The second most popular income band? $50k-75k, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 122 | $31,770,000 | $260,410 | $0 | 0.00% |
Charter Bank lent most frequently to those with DTI ratios of Exempt%, with 122 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.40%
Charter Bank has an average approval rate.
Pick Rate
Approvals leading to origination68.85%
Charter Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 122 | $31,770,000 | $260,410 |
Occupancy Type Mix
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 | $539,109 |
| Charter Bank | 455 Pond Promenade Chanhassen, MN 55317 | Full Service B&M | $74,921 |
| Charter Bank | 706 Walnut Street Chaska, MN 55318 | Full Service B&M | $94,447 |
For 2019, Charter Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $40,677 |
| Net interest income | $30,582 |
| Total noninterest income | $2,743 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $676 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,067 |
| Pre-tax net operating income | $17,559 |
| Securities gains (or losses, -) | $223 |
| Income before extraordinary items | $17,770 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $17,770 |
| Minority interest net income | $0 |
| Net income | $17,770 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $17,547 |
Charter Bank's gross interest income from loans was $40,677,000.
Charter Bank's net interest income from loans was $30,582,000.
Charter Bank's fee based income from loans was $676,000.
Charter Bank's net income from loans was $17,770,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $10,095 |
| Provision for credit losses | $0 |
| Total noninterest expense | $15,766 |
| Salaries and employee benefits | $8,728 |
| Premises and equipment expense | $1,289 |
| Additional noninterest expense | $5,749 |
| Applicable income taxes | $12 |
| Net charge-offs | $-244 |
| Cash dividends | $12,000 |
Charter Bank's interest expense for loans was $10,095,000.
Charter Bank's payroll and benefits expense were $8,728,000.
Charter Bank's property, plant and equipment expenses $1,289,000.
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 | 1.0% |
| Commercial & industrial loans | 3.0% |
| 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 | $683,539 |
| Deposits held in domestic offices | $683,539 |
| Deposits by Individuals, partnerships, and corporations | $646,816 |
| Deposits by U.S. Government | $1 |
| Deposits by States and political subdivisions in the U.S. | $36,506 |
| Deposits by Commercial banks and other depository institutions in U.S. | $216 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $193,391 |
| Demand deposits | $133,631 |
| Nontransaction accounts | $490,148 |
| Money market deposit accounts (MMDAs) | $237,679 |
| Other savings deposits (excluding MMDAs) | $58,981 |
| Total time deposits | $193,488 |
| Total time and savings deposits | $549,908 |
| Noninterest-bearing deposits | $120,880 |
| Interest-bearing deposits | $562,659 |
| Retail deposits | $612,446 |
| IRAs and Keogh plan accounts | $7,078 |
| Brokered deposits | $25,199 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $937,953 |
| Cash & Balances due from depository institutions | $78,538 |
| Interest-bearing balances | $66,379 |
| Total securities | $159,041 |
| Federal funds sold & reverse repurchase | $182 |
| Net loans and leases | $659,886 |
| Loan and leases loss allowance | $8,659 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $8,282 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $32,024 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $937,953 |
| Total Liabilities | $814,507 |
| Total deposits | $683,539 |
| Interest-bearing deposits | $562,659 |
| Deposits held in domestic offices | $683,539 |
| % insured (estimated) | $72 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $127,200 |
| Subordinated debt | $0 |
| All other liabilities | $3,768 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $659,886 |
| Loan and leases loss allowance | $8,659 |
| Total loans and leases (domestic) | $668,545 |
| All real estate loans | $528,800 |
| Real estate loans in domestic offices | $528,800 |
| Construction and development loans | $54,723 |
| Residential 1-4 family construction | $6,799 |
| Other construction, all land development and other land | $47,924 |
| Loans secured by nonfarm nonresidential properties | $276,805 |
| Nonfarm nonresidential secured by owner-occupied properties | $151,190 |
| Commercial real estate & other non-farm, non-residential | $125,615 |
| Multifamily residential real estate | $46,000 |
| 1-4 family residential loans | $148,372 |
| Farmland loans | $2,900 |
| Loans held in foreign offices | $0 |
| Farm loans | $727 |
| Commercial and industrial loans | $113,660 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $5,668 |
| Credit card loans | $124 |
| Related Plans | $3,345 |
| Consumer Auto Loans | $1,043 |
| Other loans to individuals | $1,156 |
| All other loans & leases | $20,313 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $230 |
| 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 | $1,745 |
| Non 1-4 family restructured loans & leases | $238 |
| Total loans and leases (foreign) | $0 |
Charter Bank had $659,886,000 of loans outstanding in 2019. $528,800,000 of loans were in real estate loans. $54,723,000 of loans were in development loans. $46,000,000 of loans were in multifamily mortgage loans. $148,372,000 of loans were in 1-4 family mortgage loans. $727,000 of loans were in farm loans. $124,000 of loans were in credit card loans. $1,043,000 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 | 250 | $68,107 | $272,428 |
| Nonfarm, nonresidential loans - <$100k | 32 | $1,505 | $47,031 |
| Nonfarm, nonresidential loans - $100-250k | 81 | $9,307 | $114,901 |
| Nonfarm, nonresidential loans - $250k-1MM | 137 | $57,295 | $418,212 |
| Commercial & Industrial, US addressed loans - <$1MM | 334 | $30,327 | $90,799 |
| Commercial & Industrial, US addressed loans - <$100k | 169 | $3,624 | $21,444 |
| Commercial & Industrial, US addressed loans - $100-250k | 84 | $7,392 | $88,000 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 81 | $19,311 | $238,407 |
| Farmland loans - <$1MM | 2 | $366 | $183,000 |
| Farmland loans - $100-250k | 1 | $47 | $47,000 |
| Farmland loans - $250k-1MM | 1 | $319 | $319,000 |