Blackhawk Bank Mortgage Rates, Fees & Info

Beloit, WI

LEI: OTQ7L99FG3H1GQVQBT56

Tax ID: 39-0159130

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

Review & Overview

Blackhawk Bank is a smaller bank specializing in Home Purchase and Refi loans. Blackhawk 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 by origination volume include: Rockford, Janesville, Chicago, Freeport, and Rochelle among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

Blackhawk 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. Blackhawk 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	7.18%	12/2/24
30 Year Conventional Refi	6.96%	12/2/24
30 Year Cash-out Refi	7.21%	12/2/24
30 Year FHA Purchase	7.60%	12/2/24
30 Year FHA Refi	6.27%	12/2/24
30 Year VA Purchase	6.79%	12/2/24
30 Year VA Refi	6.27%	12/2/24
15 Year Conventional Purchase	6.72%	12/2/24
15 Year Conventional Refi	6.40%	12/2/24
15 Year Cash-out Refi	6.40%	12/2/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Blackhawk Bank Mortgage Calculator

Purchase Price:

Loan Amount:

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% Deposit:

Interest Rate:

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Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Blackhawk Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

1,115

Origination Dollar Volume (All Markets)

$144,085,000

Employee count

232

Awards

Blackhawk Bank 30 Year Conventional Loans bronze

Blackhawk Bank 30 Year Conventional Loans silver

Show all (3) 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
ROCKFORD, IL (FHA\|USDA\|VA)	881	$107,695,000	$122,242	$2,651	4.57%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	103	$11,525,000	$111,893	$2,079	4.91%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	60	$11,100,000	$185,000	$2,962	4.39%
Freeport, IL (FHA\|USDA\|VA)	11	$2,305,000	$209,545	$2,273	4.25%
Rochelle, IL (FHA\|USDA\|VA)	14	$2,040,000	$145,714	$2,108	4.62%
Outside of Metro Areas	7	$1,665,000	$237,857	$2,102	4.38%
Whitewater, WI (FHA\|USDA\|VA)	8	$1,460,000	$182,500	$2,073	4.19%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	4	$1,160,000	$290,000	$3,377	4.23%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	4	$720,000	$180,000	$3,064	3.79%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	4	$660,000	$165,000	$3,044	4.23%
RACINE, WI (FHA\|USDA\|VA)	1	$645,000	$645,000	$2,292	4.03%
MADISON, WI (FHA\|USDA\|VA)	2	$610,000	$305,000	$2,809	4.16%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	3	$585,000	$195,000	$1,976	3.80%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	3	$555,000	$185,000	$3,363	4.23%
PENSACOLA-FERRY PASS-BRENT, FL (FHA\|USDA\|VA)	1	$315,000	$315,000	$5,916	5.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$255,000	$255,000	$2,070	3.70%
Baraboo, WI (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,682	3.63%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$2,742	3.80%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	1	$125,000	$125,000	$3,352	4.00%
Dayton, TN (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,871	4.25%
Sterling, IL (FHA\|USDA\|VA)	1	$75,000	$75,000	$1,801	5.28%
Beaver Dam, WI (FHA\|USDA\|VA)	1	$65,000	$65,000	$2,380	4.03%
Dixon, IL (FHA\|USDA\|VA)	1	$65,000	$65,000	$2,506	3.95%
Clinton, IA (FHA\|USDA\|VA)	1	$55,000	$55,000	$1,237	3.15%

Blackhawk Bank's top markets include Rockford, Janesville, Chicago, Freeport, and Rochelle among others.

Their top states include:

Illinois (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Blackhawk Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Rock Valley Credit Union
Similarity Rank: 14

State Bank of Cross Plains
Similarity Rank: 78

Liberty Bank for Savings
Similarity Rank: 85

First Community Credit Union
Similarity Rank: 140

Merchants Bank
Similarity Rank: 150

The Greenwood's State Bank
Similarity Rank: 154

EDUCATORS CREDIT UNION
Similarity Rank: 396

Stillman Bank
Similarity Rank: 480

UNITED
Similarity Rank: 498

Southern Lkaes Credit Union
Similarity Rank: 513

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,003	$130,335,000	$129,945	$2,310	4.59%
FHA	93	$10,485,000	$112,742	$5,103	4.46%
VA	18	$3,170,000	$176,111	$5,401	3.86%
USDA	1	$95,000	$95,000	$3,405	4.75%

For 2019, Blackhawk Bank's most frequently originated type of loan was Conventional, with 1,003 originations. Their 2nd most popular type was FHA, with 93 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	742	$97,720,000	$131,698	$3,076	4.48%
Refi	209	$29,165,000	$139,545	$1,682	4.44%
Cash Out Refi	117	$15,035,000	$128,504	$1,907	4.40%
Other	25	$1,355,000	$54,200	$656	6.20%
Home Improvement	22	$810,000	$36,818	$284	7.95%

For 2019, Blackhawk Bank's most frequently cited loan purpose was Home Purchase, with 742 originations. The 2nd most popular reason was Refi, with 209 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	810	$109,110,000	$134,704	$2,907	4.50%
15 Year	163	$20,895,000	$128,190	$2,028	3.95%
10 Year	61	$3,405,000	$55,820	$851	6.09%
20 Year	33	$4,575,000	$138,636	$2,065	4.07%
5 Year	32	$4,610,000	$144,063	$251	6.15%
Other	9	$675,000	$75,000	$305	6.54%
3 Year	6	$560,000	$93,333	$339	6.75%
1 Year	1	$255,000	$255,000	$0	4.00%

For 2019, Blackhawk Bank's most frequently cited loan duration was 30 Year, with 810 originations. The 2nd most popular length was 15 Year, with 163 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	793	$106,055,000	$133,739
$1k-2k	262	$28,140,000	$107,405
$2k-3k	18	$2,640,000	$146,667
$3k-4k	2	$560,000	$280,000
$5k+	2	$650,000	$325,000

Blackhawk Bank's average total fees were $2,907, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 793 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	499	$69,845,000	$139,970
3-4%	352	$53,050,000	$150,710
5-6%	194	$17,730,000	$91,392
6-7%	35	$2,085,000	$59,571
7-8%	19	$725,000	$38,158
Over 8%	15	$295,000	$19,667
2.5-3%	1	$355,000	$355,000

During 2019, Blackhawk Bank's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 4-5%, with 499 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	488	$31,880,000	$65,328	$2,377	4.96%
$100k-200k	467	$64,325,000	$137,741	$2,757	4.29%
$200k-400k	135	$34,755,000	$257,444	$2,827	4.14%
$400k-600k	19	$8,755,000	$460,789	$2,686	4.38%
$600k-1MM	5	$3,285,000	$657,000	$4,096	4.74%
$1MM+	1	$1,085,000	$1,085,000	$0	4.00%

2019 saw Blackhawk Bank place emphasis on $100,000 or less loans with 488 originations, totaling $31,880,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	339	$28,115,000	$82,935	$2,833	4.65%
$50k-75k	286	$33,120,000	$115,804	$2,730	4.51%
$100k-150k	191	$29,665,000	$155,314	$2,301	4.56%
$75k-100k	166	$21,370,000	$128,735	$2,415	4.46%
$150k-250k	72	$17,880,000	$248,333	$2,403	4.41%
$250k+	27	$7,555,000	$279,815	$2,672	4.47%

Blackhawk Bank lent most frequently to those with incomes in the $50k or less range, with 339 originations. The second most popular income band? $50k-75k, with 286 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	234	$27,050,000	$115,598	$2,418	4.51%
30-36%	220	$27,910,000	$126,864	$2,545	4.59%
<20%	97	$11,545,000	$119,021	$2,172	4.46%
44%	60	$7,840,000	$130,667	$2,956	4.56%
43%	48	$5,860,000	$122,083	$2,773	4.48%
37%	47	$5,975,000	$127,128	$2,447	4.73%
42%	45	$5,735,000	$127,444	$3,044	4.40%
38%	40	$4,990,000	$124,750	$2,528	4.43%
40%	38	$5,090,000	$133,947	$2,968	4.62%
39%	37	$4,885,000	$132,027	$2,806	4.61%
49%	36	$5,960,000	$165,556	$2,874	4.40%
36%	31	$4,605,000	$148,548	$2,955	4.43%
41%	31	$3,605,000	$116,290	$2,782	4.40%
46%	23	$2,725,000	$118,478	$2,940	4.52%
45%	23	$4,015,000	$174,565	$2,519	4.43%
47%	23	$3,205,000	$139,348	$2,371	4.44%
48%	22	$2,590,000	$117,727	$2,585	4.32%
50-60%	12	$2,680,000	$223,333	$4,408	4.34%
>60%	4	$790,000	$197,500	$1,531	4.82%

Blackhawk Bank lent most frequently to those with DTI ratios of 20-30%, with 234 originations. The next most common DTI ratio? 30-36%, with 220 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	1,007	$129,625,000	$128,724	$2,572	4.53%
Not applicable	22	$4,850,000	$220,455	$0	5.59%
Black	39	$4,215,000	$108,077	$3,272	4.68%
Asian	23	$2,595,000	$112,826	$2,982	4.40%
Not provided	20	$2,160,000	$108,000	$2,317	5.38%
Other Asian	2	$440,000	$220,000	$2,356	4.05%
American Indian	2	$200,000	$100,000	$3,711	4.56%

Approval Rates

Total approvals of all applications
91.42%

Blackhawk Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.60%

Blackhawk Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,115	$144,085,000	$129,224

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	5	$2,335,000	$467,000
Single Family (1-4 Units):Site-Built	1,110	$141,750,000	$127,703

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	44	$2,320,000	$52,727	$1,171	5.49%
40-60%	102	$14,150,000	$138,725	$2,018	4.27%
60-80%	376	$50,750,000	$134,973	$2,290	4.44%
80-100%	543	$73,685,000	$135,700	$3,121	4.44%
Over 100%	4	$860,000	$215,000	$7,664	3.75%
Under 20%	37	$1,135,000	$30,676	$307	7.47%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Blackhawk Bank	2141 North State Street Belvidere, IL 61008	Full Service B&M	$120,721
Blackhawk Bank	2200 Cranston Beloit, WI 53511	Full Service B&M	$40,257
Blackhawk Bank	2205 Point Boulevard, Suite 205 Elgin, IL 60123	Full Service B&M	$7
Blackhawk Bank	2475 N. Perryville Road Rockford, IL 61107	Full Service B&M	$193,700
Blackhawk Bank	2525 Milton Avenue Janesville, WI 53545	Full Service B&M	$11,807
Blackhawk Bank	3101 11th Street Rockford, IL 61109	Full Service B&M	$22,948
Blackhawk Bank	400 Broad Street Beloit, WI 53511	Full Service B&M	$230,030
Blackhawk Bank	5506 Clayton Circle Roscoe, IL 61073	Full Service B&M	$69,220
Blackhawk Bank	9609 Forest Hills Road Machesney Park, IL 61115	Full Service B&M	$56,820

For 2019, Blackhawk Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$40,607
Net interest income	$33,916
Total noninterest income	$14,070
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$3,632
Trading account gains and fees	$0
Additional Noninterest Income	$10,438
Pre-tax net operating income	$11,497
Securities gains (or losses, -)	$1,204
Income before extraordinary items	$9,692
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$9,692
Minority interest net income	$0
Net income	$9,692
Sale, conversion, retirement of capital stock, net	$23,509
Net operating income	$8,740

Blackhawk Bank's gross interest income from loans was $40,607,000.
Blackhawk Bank's net interest income from loans was $33,916,000.
Blackhawk Bank's fee based income from loans was $3,632,000.
Blackhawk Bank's net income from loans was $9,692,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$6,691
Provision for credit losses	$2,010
Total noninterest expense	$34,479
Salaries and employee benefits	$18,904
Premises and equipment expense	$4,114
Additional noninterest expense	$11,461
Applicable income taxes	$3,009
Net charge-offs	$1,407
Cash dividends	$5,750

Blackhawk Bank's interest expense for loans was $6,691,000.
Blackhawk Bank's payroll and benefits expense were $18,904,000.
Blackhawk Bank's property, plant and equipment expenses $4,114,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
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	1.0%
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	$833,190
Deposits held in domestic offices	$833,190
Deposits by Individuals, partnerships, and corporations	$712,302
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$109,525
Deposits by Commercial banks and other depository institutions in U.S.	$11,362
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$181,802
Demand deposits	$24,321
Nontransaction accounts	$651,387
Money market deposit accounts (MMDAs)	$177,725
Other savings deposits (excluding MMDAs)	$358,090
Total time deposits	$115,572
Total time and savings deposits	$808,868
Noninterest-bearing deposits	$24,321
Interest-bearing deposits	$808,869
Retail deposits	$807,228
IRAs and Keogh plan accounts	$24,104
Brokered deposits	$636
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$961,480
Cash & Balances due from depository institutions	$36,461
Interest-bearing balances	$24,158
Total securities	$237,448
Federal funds sold & reverse repurchase	$638
Net loans and leases	$625,900
Loan and leases loss allowance	$7,941
Trading account assets	$0
Bank premises and fixed assets	$21,025
Other real estate owned	$54
Goodwill and other intangibles	$15,560
All other assets	$24,394

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$961,480
Total Liabilities	$850,493
Total deposits	$833,190
Interest-bearing deposits	$808,869
Deposits held in domestic offices	$833,190
% insured (estimated)	$78
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$10,035
Subordinated debt	$0
All other liabilities	$7,268

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$625,900
Loan and leases loss allowance	$7,941
Total loans and leases (domestic)	$633,841
All real estate loans	$383,969
Real estate loans in domestic offices	$383,969
Construction and development loans	$20,347
Residential 1-4 family construction	$4,257
Other construction, all land development and other land	$16,090
Loans secured by nonfarm nonresidential properties	$228,949
Nonfarm nonresidential secured by owner-occupied properties	$132,508
Commercial real estate & other non-farm, non-residential	$96,441
Multifamily residential real estate	$13,073
1-4 family residential loans	$115,530
Farmland loans	$6,070
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$231,659
To non-U.S. addressees	$0
Loans to individuals	$8,755
Credit card loans	$0
Related Plans	$595
Consumer Auto Loans	$6,010
Other loans to individuals	$2,150
All other loans & leases	$9,653
Loans to foreign governments and official institutions	$0
Other loans	$0
Loans to depository institutions and acceptances of other banks	$4,722
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$2,866
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Blackhawk Bank had $625,900,000 of loans outstanding in 2019. $383,969,000 of loans were in real estate loans. $20,347,000 of loans were in development loans. $13,073,000 of loans were in multifamily mortgage loans. $115,530,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $6,010,000 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	357	$79,616	$223,014
Nonfarm, nonresidential loans - <$100k	64	$2,630	$41,094
Nonfarm, nonresidential loans - $100-250k	133	$15,446	$116,135
Nonfarm, nonresidential loans - $250k-1MM	160	$61,540	$384,625
Commercial & Industrial, US addressed loans - <$1MM	631	$63,368	$100,425
Commercial & Industrial, US addressed loans - <$100k	287	$6,714	$23,394
Commercial & Industrial, US addressed loans - $100-250k	165	$12,930	$78,364
Commercial & Industrial, US addressed loans - $250k-1MM	179	$43,724	$244,268
Farmland loans - <$1MM	16	$2,444	$152,750
Farmland loans - <$100k	3	$165	$55,000
Farmland loans - $100-250k	10	$1,311	$131,100
Farmland loans - $250k-1MM	3	$968	$322,667