Charter Bank Mortgage Rates, Fees & Info

Eau Claire, WI

LEI: 549300Y9VUF5EK6HHR23

Tax ID: 39-1343265

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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, Wausau, Menomonie, and Milwaukee among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Charter Bank has an 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.

    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

    134

    Origination Dollar Volume (All Markets)

    $55,310,000

    Employee count

    94

    Awards

    Charter Bank 30 Year Conventional Loans bronze Charter Bank 30 Year Conventional Loans bronze
    Show all (2) awards

    Top 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) 89 $38,365,000 $431,067 $1,815 3.99%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 20 $7,000,000 $350,000 $3,502 4.07%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 4 $3,220,000 $805,000 $0 4.13%
    Outside of Metro Areas 10 $2,260,000 $226,000 $2,808 3.84%
    Menomonie, WI (FHA|USDA|VA) 6 $1,600,000 $266,667 $0 4.17%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $1,525,000 $1,525,000 $777 3.38%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $575,000 $575,000 $519 3.63%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $4,570 3.75%
    TUCSON, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $4,301 3.25%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.25%
    Charter Bank's top markets include Eau Claire, Minneapolis, Wausau, Menomonie, and Milwaukee among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)

    • 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.

    Citizens State Bank
    Similarity Rank: 168
    Prevail Bank
    Similarity Rank: 378
    CO-OP Credit Union
    Similarity Rank: 378
    Peoples Bank Midwest
    Similarity Rank: 808
    Liberty Bank Minnesota
    Similarity Rank: 882
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946
    ST. CLOUD FINANCIAL
    Similarity Rank: 1976

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 134 $55,310,000 $412,761 $2,335 3.99%

    For 2020, Charter Bank's most frequently originated type of loan was Conventional, with 134 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 79 $28,185,000 $356,772 $2,755 3.97%
    Refi 52 $25,890,000 $497,885 $1,710 3.96%
    Other 2 $1,080,000 $540,000 $4,572 4.50%
    Home Improvement 1 $155,000 $155,000 $0 5.95%

    For 2020, Charter Bank's most frequently cited loan purpose was Home Purchase, with 79 originations. The 2nd most popular reason was Refi, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 53 $30,955,000 $584,057 $0 4.00%
    30 Year 51 $18,125,000 $355,392 $2,477 3.73%
    3 Year 15 $2,645,000 $176,333 $0 4.47%
    10 Year 6 $1,240,000 $206,667 $0 4.65%
    15 Year 4 $390,000 $97,500 $620 4.06%
    Other 4 $1,800,000 $450,000 $0 4.35%
    20 Year 1 $155,000 $155,000 $1,965 4.75%

    For 2020, Charter Bank's most frequently cited loan duration was 5 Year, with 53 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 42 $12,020,000 $286,190
    $1k-2k 11 $4,685,000 $425,909
    $2k-3k 3 $1,965,000 $655,000

    Charter Bank's average total fees were $2,477, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 42 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 66 $32,810,000 $497,121
    4-5% 54 $14,000,000 $259,259
    5-6% 7 $885,000 $126,429
    2.5-3% 6 $7,260,000 $1,210,000

    During 2020, Charter Bank's average interest rate for loans was 3.73%, while their most frequently originated rate bucket for loans was 3-4%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 38 $5,180,000 $136,316 $1,987 4.11%
    $100,000 or less 36 $2,600,000 $72,222 $1,035 4.30%
    $200k-400k 25 $7,135,000 $285,400 $2,946 4.03%
    $1MM+ 14 $27,360,000 $1,954,286 $4,546 3.44%
    $400k-600k 13 $6,625,000 $509,615 $2,914 3.49%
    $600k-1MM 8 $6,410,000 $801,250 $2,820 3.68%

    2020 saw Charter Bank place emphasis on $100k-200k loans with 38 originations, totaling $5,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 25 $14,535,000 $581,400 $2,700 3.64%
    $50k or less 15 $1,435,000 $95,667 $1,551 3.98%
    $50k-75k 10 $1,670,000 $167,000 $2,480 3.75%
    $100k-150k 8 $1,120,000 $140,000 $2,349 4.16%
    $150k-250k 7 $1,945,000 $277,857 $2,491 4.13%
    $75k-100k 5 $845,000 $169,000 $3,620 4.03%

    Charter Bank lent most frequently to those with incomes in the $250k+ range, with 25 originations. The second most popular income band? $50k or less, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $4,370,000 $364,167 $1,425 3.96%
    30-36% 10 $3,100,000 $310,000 $2,701 3.63%
    <20% 7 $3,945,000 $563,571 $2,770 3.63%
    39% 5 $1,075,000 $215,000 $3,000 3.55%
    41% 5 $1,715,000 $343,000 $2,688 3.75%
    >60% 4 $740,000 $185,000 $1,901 4.00%
    50-60% 4 $1,950,000 $487,500 $4,301 3.59%
    45% 3 $505,000 $168,333 $2,572 3.58%
    36% 3 $1,315,000 $438,333 $4,229 3.67%
    49% 3 $415,000 $138,333 $1,357 4.42%
    38% 2 $360,000 $180,000 $1,971 3.63%
    46% 2 $330,000 $165,000 $905 3.98%
    44% 1 $445,000 $445,000 $2,441 3.63%
    37% 1 $105,000 $105,000 $1,695 4.50%
    40% 1 $545,000 $545,000 $2,374 3.25%

    Charter Bank lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 61 $32,255,000 $528,770 $0 4.13%
    White 62 $20,270,000 $326,935 $2,242 3.87%
    Not provided 7 $2,425,000 $346,429 $2,987 3.73%
    Asian 2 $230,000 $115,000 $0 4.13%
    Other Asian 2 $130,000 $65,000 $0 4.38%

    Approval Rates

    Total approvals of all applications
    87.74%

    Charter Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.19%

    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
    NA 134 $55,310,000 $412,761

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 18 $28,280,000 $1,571,111
    Single Family (1-4 Units):Manufactured 3 $375,000 $125,000
    Single Family (1-4 Units):Site-Built 113 $26,655,000 $235,885

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $2,300,000 $287,500 $2,488 4.14%
    40-60% 14 $7,440,000 $531,429 $1,311 4.13%
    60-80% 67 $30,225,000 $451,119 $2,739 3.96%
    80-100% 42 $15,160,000 $360,952 $2,518 3.93%
    Under 20% 3 $185,000 $61,667 $277 4.50%

    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 $556,512
    Charter Bank 455 Pond Promenade Chanhassen, MN 55317 Full Service B&M $94,755
    Charter Bank 706 Walnut Street Chaska, MN 55318 Full Service B&M $87,873

    For 2020, Charter Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $38,517
    Net interest income $31,215
    Total noninterest income $3,518
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $676
    Trading account gains and fees $0
    Additional Noninterest Income $2,842
    Pre-tax net operating income $16,317
    Securities gains (or losses, -) $244
    Income before extraordinary items $16,549
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,549
    Minority interest net income $0
    Net income $16,549
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $16,305

    Charter Bank's gross interest income from loans was $38,517,000.
    Charter Bank's net interest income from loans was $31,215,000.
    Charter Bank's fee based income from loans was $676,000.
    Charter Bank's net income from loans was $16,549,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,302
    Provision for credit losses $1,800
    Total noninterest expense $16,616
    Salaries and employee benefits $9,303
    Premises and equipment expense $1,392
    Additional noninterest expense $5,921
    Applicable income taxes $12
    Net charge-offs $406
    Cash dividends $9,900

    Charter Bank's interest expense for loans was $7,302,000.
    Charter Bank's payroll and benefits expense were $9,303,000.
    Charter Bank's property, plant and equipment expenses $1,392,000.

    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 $820,790
    Deposits held in domestic offices $820,790
    Deposits by Individuals, partnerships, and corporations $787,564
    Deposits by U.S. Government $5
    Deposits by States and political subdivisions in the U.S. $32,858
    Deposits by Commercial banks and other depository institutions in U.S. $363
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $289,937
    Demand deposits $206,701
    Nontransaction accounts $530,853
    Money market deposit accounts (MMDAs) $304,493
    Other savings deposits (excluding MMDAs) $74,438
    Total time deposits $151,922
    Total time and savings deposits $614,089
    Noninterest-bearing deposits $196,652
    Interest-bearing deposits $624,138
    Retail deposits $773,890
    IRAs and Keogh plan accounts $10,860
    Brokered deposits $10,639
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,120,018
    Cash & Balances due from depository institutions $186,234
    Interest-bearing balances $167,480
    Total securities $179,581
    Federal funds sold & reverse repurchase $7,481
    Net loans and leases $696,989
    Loan and leases loss allowance $10,053
    Trading account assets $0
    Bank premises and fixed assets $8,311
    Other real estate owned $0
    Goodwill and other intangibles $1,922
    All other assets $39,500

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,120,018
    Total Liabilities $989,453
    Total deposits $820,790
    Interest-bearing deposits $624,138
    Deposits held in domestic offices $820,790
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $164,500
    Subordinated debt $0
    All other liabilities $4,163

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $696,989
    Loan and leases loss allowance $10,053
    Total loans and leases (domestic) $707,042
    All real estate loans $556,491
    Real estate loans in domestic offices $556,491
    Construction and development loans $73,749
    Residential 1-4 family construction $10,637
    Other construction, all land development and other land $63,112
    Loans secured by nonfarm nonresidential properties $286,070
    Nonfarm nonresidential secured by owner-occupied properties $152,799
    Commercial real estate & other non-farm, non-residential $133,271
    Multifamily residential real estate $54,175
    1-4 family residential loans $139,711
    Farmland loans $2,786
    Loans held in foreign offices $0
    Farm loans $668
    Commercial and industrial loans $129,358
    To non-U.S. addressees $0
    Loans to individuals $3,189
    Credit card loans $106
    Related Plans $776
    Consumer Auto Loans $1,146
    Other loans to individuals $1,161
    All other loans & leases $19,296
    Loans to foreign governments and official institutions $0
    Other loans $75
    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 $1,415
    Non 1-4 family restructured loans & leases $726
    Total loans and leases (foreign) $0

    Charter Bank had $696,989,000 of loans outstanding in 2020. $556,491,000 of loans were in real estate loans. $73,749,000 of loans were in development loans. $54,175,000 of loans were in multifamily mortgage loans. $139,711,000 of loans were in 1-4 family mortgage loans. $668,000 of loans were in farm loans. $106,000 of loans were in credit card loans. $1,146,000 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 256 $70,655 $275,996
    Nonfarm, nonresidential loans - <$100k 32 $1,386 $43,313
    Nonfarm, nonresidential loans - $100-250k 77 $8,472 $110,026
    Nonfarm, nonresidential loans - $250k-1MM 147 $60,797 $413,585
    Commercial & Industrial, US addressed loans - <$1MM 457 $40,910 $89,519
    Commercial & Industrial, US addressed loans - <$100k 266 $6,651 $25,004
    Commercial & Industrial, US addressed loans - $100-250k 98 $9,851 $100,520
    Commercial & Industrial, US addressed loans - $250k-1MM 93 $24,408 $262,452
    Farmland loans - <$1MM 2 $339 $169,500
    Farmland loans - $100-250k 1 $39 $39,000
    Farmland loans - $250k-1MM 1 $300 $300,000