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. Their top markets by origination volume include: Rockford, Janesville, Chicago, Rochelle, and Milwaukee among others. We have data for 36 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.

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.

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:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

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

1,486

Origination Dollar Volume (All Markets)

$226,130,000

Employee count

252

Awards

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
ROCKFORD, IL (FHA\|USDA\|VA)	1,145	$163,485,000	$142,782	$3,017	3.36%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	164	$23,180,000	$141,341	$2,481	3.47%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	71	$16,715,000	$235,423	$3,248	3.55%
Rochelle, IL (FHA\|USDA\|VA)	31	$5,165,000	$166,613	$3,380	3.37%
Outside of Metro Areas	14	$3,810,000	$272,143	$3,258	3.30%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	7	$1,705,000	$243,571	$2,161	3.02%
Freeport, IL (FHA\|USDA\|VA)	11	$1,415,000	$128,636	$2,878	3.10%
Whitewater, WI (FHA\|USDA\|VA)	4	$1,220,000	$305,000	$4,914	3.92%
URBAN HONOLULU, HI (FHA\|USDA\|VA)	1	$805,000	$805,000	$5,526	2.38%
MADISON, WI (FHA\|USDA\|VA)	3	$745,000	$248,333	$2,485	3.66%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	3	$735,000	$245,000	$3,162	3.48%
EVANSVILLE, IN-KY (FHA\|USDA\|VA)	2	$690,000	$345,000	$2,947	2.61%
Key West, FL (FHA\|USDA\|VA)	1	$675,000	$675,000	$0	4.53%
RACINE, WI (FHA\|USDA\|VA)	1	$545,000	$545,000	$2,215	2.85%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	2	$470,000	$235,000	$3,943	3.75%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	1	$425,000	$425,000	$3,037	3.28%
KNOXVILLE, TN (FHA\|USDA\|VA)	1	$415,000	$415,000	$3,952	3.28%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA\|USDA\|VA)	2	$380,000	$190,000	$5,112	2.93%
PANAMA CITY, FL (FHA\|USDA\|VA)	1	$345,000	$345,000	$4,322	2.55%
SHEBOYGAN, WI (FHA\|USDA\|VA)	1	$325,000	$325,000	$2,434	3.00%
Alexandria, MN (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	6.00%
Dixon, IL (FHA\|USDA\|VA)	2	$280,000	$140,000	$2,822	3.50%
Sterling, IL (FHA\|USDA\|VA)	2	$260,000	$130,000	$2,815	3.44%
COLUMBUS, IN (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,942	2.38%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	1	$245,000	$245,000	$4,188	3.38%
TUCSON, AZ (FHA\|USDA\|VA)	1	$215,000	$215,000	$4,222	3.18%
CLARKSVILLE, TN-KY (FHA\|USDA\|VA)	1	$195,000	$195,000	$3,324	3.58%
PEORIA, IL (FHA\|USDA\|VA)	3	$185,000	$61,667	$2,227	3.00%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,109	3.63%
OCALA, FL (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,229	2.53%
SPRINGFIELD, IL (FHA\|USDA\|VA)	1	$125,000	$125,000	$5,539	2.63%
Manitowoc, WI (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,256	2.58%
DUBUQUE, IA (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,692	2.88%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,263	2.58%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	4.25%
CHATTANOOGA, TN-GA (FHA\|USDA\|VA)	1	$85,000	$85,000	$2,329	3.30%

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

Their top states include:

Illinois (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Arizona (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.

First Savings Bank of Hegewisch
Similarity Rank: 45

The Greenwood's State Bank
Similarity Rank: 125

State Bank of Cross Plains
Similarity Rank: 150

Liberty Bank for Savings
Similarity Rank: 153

Rock Valley Credit Union
Similarity Rank: 196

HERITAGE CREDIT UNION
Similarity Rank: 306

The Bank of New Glarus
Similarity Rank: 551

PremierBank
Similarity Rank: 663

Oregon Community Bank
Similarity Rank: 693

AMERITRUST MORTGAGE CORPORATION
Similarity Rank: 861

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,348	$205,380,000	$152,359	$2,688	3.40%
FHA	106	$14,610,000	$137,830	$6,039	3.29%
VA	32	$6,140,000	$191,875	$4,929	2.70%

For 2021, Blackhawk Bank's most frequently originated type of loan was Conventional, with 1,348 originations. Their 2nd most popular type was FHA, with 106 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	899	$143,545,000	$159,672	$3,652	3.34%
Refi	376	$57,390,000	$152,633	$1,899	3.20%
Cash Out Refi	186	$23,110,000	$124,247	$2,071	3.68%
Home Improvement	25	$2,085,000	$83,400	$1,373	4.98%

For 2021, Blackhawk Bank's most frequently cited loan purpose was Home Purchase, with 899 originations. The 2nd most popular reason was Refi, with 376 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	1,039	$166,925,000	$160,659	$3,370	3.38%
15 Year	283	$38,705,000	$136,767	$2,281	2.83%
20 Year	66	$9,880,000	$149,697	$1,848	3.12%
10 Year	56	$4,670,000	$83,393	$1,293	4.56%
5 Year	31	$3,825,000	$123,387	$600	5.49%
Other	7	$1,745,000	$249,286	$0	5.84%
3 Year	3	$95,000	$31,667	$299	7.40%
1 Year	1	$285,000	$285,000	$0	6.00%

For 2021, Blackhawk Bank's most frequently cited loan duration was 30 Year, with 1,039 originations. The 2nd most popular length was 15 Year, with 283 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	911	$136,715,000	$150,071
$1k-2k	408	$62,700,000	$153,676
$2k-3k	116	$16,000,000	$137,931
$3k-4k	4	$690,000	$172,500
$4k-5k	3	$825,000	$275,000
$5k+	2	$1,030,000	$515,000

Blackhawk Bank's average total fees were $3,370, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 911 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	926	$147,120,000	$158,877
2.5-3%	383	$58,935,000	$153,877
4-5%	65	$9,345,000	$143,769
<2.5%	59	$8,895,000	$150,763
5-6%	28	$1,330,000	$47,500
6-7%	12	$270,000	$22,500
7-8%	6	$120,000	$20,000
Over 8%	6	$90,000	$15,000
%	1	$25,000	$25,000

During 2021, Blackhawk Bank's average interest rate for loans was 3.38%, while their most frequently originated rate bucket for loans was 3-4%, with 926 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	718	$102,420,000	$142,646	$3,169	3.24%
$100,000 or less	459	$30,745,000	$66,983	$2,548	3.66%
$200k-400k	267	$69,705,000	$261,067	$3,101	3.25%
$400k-600k	35	$16,395,000	$468,429	$3,487	3.18%
$600k-1MM	4	$2,930,000	$732,500	$5,889	3.77%
$1MM+	3	$3,935,000	$1,311,667	$5,459	3.68%

2021 saw Blackhawk Bank place emphasis on $100k-200k loans with 718 originations, totaling $102,420,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	429	$41,845,000	$97,541	$3,239	3.41%
$50k-75k	359	$46,515,000	$129,568	$3,110	3.31%
$100k-150k	267	$50,895,000	$190,618	$2,763	3.37%
$75k-100k	256	$38,770,000	$151,445	$2,733	3.42%
$150k-250k	116	$27,680,000	$238,621	$2,690	3.21%
$250k+	39	$13,995,000	$358,846	$3,127	3.24%

Blackhawk Bank lent most frequently to those with incomes in the $50k or less range, with 429 originations. The second most popular income band? $50k-75k, with 359 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	365	$51,385,000	$140,781	$2,680	3.30%
30-36%	294	$44,960,000	$152,925	$3,055	3.35%
<20%	121	$16,015,000	$132,355	$2,497	3.31%
36%	65	$9,955,000	$153,154	$2,980	3.47%
37%	65	$11,235,000	$172,846	$3,332	3.29%
42%	58	$8,290,000	$142,931	$3,006	3.33%
44%	57	$8,595,000	$150,789	$3,454	3.41%
38%	56	$8,330,000	$148,750	$3,527	3.27%
43%	55	$8,555,000	$155,545	$3,189	3.33%
41%	54	$7,860,000	$145,556	$2,967	3.24%
39%	50	$8,710,000	$174,200	$3,281	3.53%
40%	44	$6,980,000	$158,636	$3,465	3.37%
49%	40	$7,270,000	$181,750	$3,108	3.29%
46%	33	$5,255,000	$159,242	$3,022	3.24%
47%	30	$4,310,000	$143,667	$3,167	3.45%
48%	30	$4,700,000	$156,667	$2,985	3.47%
45%	26	$4,790,000	$184,231	$3,001	3.30%
50-60%	9	$1,485,000	$165,000	$4,868	3.43%
>60%	1	$15,000	$15,000	$749	5.22%

Blackhawk Bank lent most frequently to those with DTI ratios of 20-30%, with 365 originations. The next most common DTI ratio? 30-36%, with 294 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	1,314	$197,630,000	$150,403	$2,926	3.36%
Not provided	79	$11,415,000	$144,494	$3,058	3.42%
Black	51	$7,845,000	$153,824	$4,285	3.39%
Not applicable	16	$5,250,000	$328,125	$0	4.64%
Asian	23	$3,645,000	$158,478	$3,101	3.23%
American Indian	2	$220,000	$110,000	$3,093	2.96%
Other Asian	1	$125,000	$125,000	$3,847	4.33%

Approval Rates

Total approvals of all applications
92.29%

Blackhawk Bank has an average approval rate.

Pick Rate

Approvals leading to origination
73.62%

Blackhawk Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,486	$226,130,000	$152,174

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	1,486	$226,130,000	$152,174

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	48	$3,520,000	$73,333	$1,981	3.72%
40-60%	160	$17,110,000	$106,938	$2,051	3.13%
60-80%	518	$81,210,000	$156,776	$2,506	3.28%
80-100%	721	$122,305,000	$169,632	$3,662	3.31%
Over 100%	2	$950,000	$475,000	$11,235	3.91%
Under 20%	37	$1,035,000	$27,973	$770	6.44%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
Blue Sky Capital Realty, Inc.	Conventional home mortgage	Struggling to pay mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Blackhawk Bank	2141 North State Street Belvidere, IL 61008	Full Service B&M	$160,237
Blackhawk Bank	2200 Cranston Beloit, WI 53511	Full Service B&M	$54,475
Blackhawk Bank	2205 Point Boulevard, Suite 205 Elgin, IL 60123	Full Service B&M	$13,235
Blackhawk Bank	2475 N. Perryville Road Rockford, IL 61107	Full Service B&M	$297,741
Blackhawk Bank	2525 Milton Avenue Janesville, WI 53545	Full Service B&M	$20,809
Blackhawk Bank	3101 11th Street Rockford, IL 61109	Full Service B&M	$36,561
Blackhawk Bank	3814 West Elm Street Mchenry, IL 60050	Full Service B&M	$94,254
Blackhawk Bank	400 Broad Street Beloit, WI 53511	Full Service B&M	$269,787
Blackhawk Bank	5506 Clayton Circle Roscoe, IL 61073	Full Service B&M	$94,016
Blackhawk Bank	660 East State Road Island Lake, IL 60042	Full Service B&M	$30,944
Blackhawk Bank	9609 Forest Hills Road Machesney Park, IL 61115	Full Service B&M	$76,604
Blackhawk Bank	9705 Prairie Ridge Road Richmond, IL 60071	Full Service B&M	$41,915

For 2021, Blackhawk Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$41,802
Net interest income	$40,204
Total noninterest income	$19,214
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$2,970
Trading account gains and fees	$0
Additional Noninterest Income	$16,244
Pre-tax net operating income	$18,904
Securities gains (or losses, -)	$-28
Income before extraordinary items	$13,986
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$13,986
Minority interest net income	$0
Net income	$13,986
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$14,008

Blackhawk Bank's gross interest income from loans was $41,802,000.
Blackhawk Bank's net interest income from loans was $40,204,000.
Blackhawk Bank's fee based income from loans was $2,970,000.
Blackhawk Bank's net income from loans was $13,986,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,598
Provision for credit losses	$500
Total noninterest expense	$40,014
Salaries and employee benefits	$23,216
Premises and equipment expense	$4,656
Additional noninterest expense	$12,142
Applicable income taxes	$4,890
Net charge-offs	$139
Cash dividends	$8,250

Blackhawk Bank's interest expense for loans was $1,598,000.
Blackhawk Bank's payroll and benefits expense were $23,216,000.
Blackhawk Bank's property, plant and equipment expenses $4,656,000.

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	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	0.0%
All other family	1.0%
Commercial & industrial loans	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	$1,197,636
Deposits held in domestic offices	$1,197,636
Deposits by Individuals, partnerships, and corporations	$1,051,553
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$136,303
Deposits by Commercial banks and other depository institutions in U.S.	$9,780
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$701,549
Demand deposits	$380,946
Nontransaction accounts	$496,087
Money market deposit accounts (MMDAs)	$243,413
Other savings deposits (excluding MMDAs)	$174,253
Total time deposits	$78,421
Total time and savings deposits	$816,690
Noninterest-bearing deposits	$380,946
Interest-bearing deposits	$816,690
Retail deposits	$1,182,886
IRAs and Keogh plan accounts	$21,750
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,328,105
Cash & Balances due from depository institutions	$58,297
Interest-bearing balances	$47,903
Total securities	$506,894
Federal funds sold & reverse repurchase	$997
Net loans and leases	$698,877
Loan and leases loss allowance	$11,125
Trading account assets	$0
Bank premises and fixed assets	$20,778
Other real estate owned	$24
Goodwill and other intangibles	$15,461
All other assets	$26,777

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,328,105
Total Liabilities	$1,208,753
Total deposits	$1,197,636
Interest-bearing deposits	$816,690
Deposits held in domestic offices	$1,197,636
% insured (estimated)	$75
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,000
Subordinated debt	$0
All other liabilities	$6,117

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$698,877
Loan and leases loss allowance	$11,125
Total loans and leases (domestic)	$710,002
All real estate loans	$399,395
Real estate loans in domestic offices	$399,395
Construction and development loans	$22,897
Residential 1-4 family construction	$4,940
Other construction, all land development and other land	$17,957
Loans secured by nonfarm nonresidential properties	$238,619
Nonfarm nonresidential secured by owner-occupied properties	$143,702
Commercial real estate & other non-farm, non-residential	$94,917
Multifamily residential real estate	$20,868
1-4 family residential loans	$112,661
Farmland loans	$4,350
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$269,318
To non-U.S. addressees	$0
Loans to individuals	$32,324
Credit card loans	$0
Related Plans	$621
Consumer Auto Loans	$26,880
Other loans to individuals	$4,823
All other loans & leases	$9,316
Loans to foreign governments and official institutions	$0
Other loans	$0
Loans to depository institutions and acceptances of other banks	$4,750
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$1,843
Non 1-4 family restructured loans & leases	$121
Total loans and leases (foreign)	$0

Blackhawk Bank had $698,877,000 of loans outstanding in 2021. $399,395,000 of loans were in real estate loans. $22,897,000 of loans were in development loans. $20,868,000 of loans were in multifamily mortgage loans. $112,661,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $26,880,000 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	363	$82,894	$228,358
Nonfarm, nonresidential loans - <$100k	68	$3,235	$47,574
Nonfarm, nonresidential loans - $100-250k	127	$15,091	$118,827
Nonfarm, nonresidential loans - $250k-1MM	168	$64,568	$384,333
Commercial & Industrial, US addressed loans - <$1MM	832	$82,044	$98,611
Commercial & Industrial, US addressed loans - <$100k	412	$10,441	$25,342
Commercial & Industrial, US addressed loans - $100-250k	215	$16,666	$77,516
Commercial & Industrial, US addressed loans - $250k-1MM	205	$54,937	$267,985
Farmland loans - <$1MM	12	$1,247	$103,917
Farmland loans - <$100k	2	$24	$12,000
Farmland loans - $100-250k	9	$950	$105,556
Farmland loans - $250k-1MM	1	$273	$273,000