The Park Bank Mortgage Rates, Fees & Info

Madison, WI

LEI: YQI2CPR3Z44KAR0HG822

Tax ID: 39-1076859

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Park Bank is a smaller bank specializing in Refi and Home Purchase loans. The Park Bank has a high proportion of conventional loans. Their top markets include Madison, Milwaukee, Janesville, Baraboo, and Steamboat Springs among others. The Park Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Park Bank is typically a low fee lendor.


Originations

877

Origination Dollar Volume (All Markets)

$429,895,000

Employee count

164 Show all (8) awards

Relative Rate

The Park Bank's average 30 year fixed rate mortgage of loans were 2.95%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.2%.

Relative Fees

The Park Bank's average total fees for a 30 year fixed rate mortgage are $2,042.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MADISON, WI (FHA|USDA|VA) 754 $394,410,000 $523,090 $1,861 2.82%
Outside of Metro Areas 24 $7,120,000 $296,667 $1,719 2.83%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 19 $6,495,000 $341,842 $1,730 2.91%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 29 $4,805,000 $165,690 $1,770 2.98%
Baraboo, WI (FHA|USDA|VA) 14 $4,670,000 $333,571 $2,118 2.83%
Steamboat Springs, CO (FHA|USDA|VA) 2 $3,410,000 $1,705,000 $3,870 2.81%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 11 $2,695,000 $245,000 $1,868 2.84%
Whitewater, WI (FHA|USDA|VA) 5 $1,585,000 $317,000 $1,839 2.85%
Beaver Dam, WI (FHA|USDA|VA) 4 $960,000 $240,000 $1,819 3.28%
DUBUQUE, IA (FHA|USDA|VA) 1 $645,000 $645,000 $2,281 3.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $560,000 $280,000 $2,868 3.66%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $545,000 $545,000 $3,201 2.88%
Manitowoc, WI (FHA|USDA|VA) 3 $535,000 $178,333 $4,189 2.92%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $375,000 $375,000 $1,940 2.25%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $265,000 $265,000 $2,778 3.38%
APPLETON, WI (FHA|USDA|VA) 1 $195,000 $195,000 $1,862 2.75%
Shawano, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,121 2.50%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,236 2.75%
Marinette, WI-MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,562 3.00%
RACINE, WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,523 2.63%
Stevens Point, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.38%

The Park Bank's top markets include Madison, Milwaukee, Janesville, Baraboo, and Steamboat Springs among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 877 $429,895,000 $490,188 $1,874 2.84%

For the 2021 period, The Park Bank's most frequently originated loan type of loans were Conventional, with 877 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 403 $132,015,000 $327,581 $1,542 2.66%
Home Purchase 306 $246,690,000 $806,176 $2,450 3.11%
Cash Out Refi 159 $48,595,000 $305,629 $1,791 2.76%
Other 8 $2,560,000 $320,000 $2,023 2.53%
Home Improvement 1 $35,000 $35,000 $0 3.80%

For the 2021, The Park Bank's most frequently cited loan purpose of loans were Refi, with 403 originations. The 2nd most popular reason of loans were Home Purchase, with 306 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 503 $177,835,000 $353,549 $2,042 2.95%
15 Year 194 $47,610,000 $245,412 $1,607 2.25%
20 Year 56 $13,660,000 $243,929 $1,548 2.66%
5 Year 41 $39,205,000 $956,220 $0 3.82%
Other 37 $135,785,000 $3,669,865 $0 3.56%
10 Year 31 $13,165,000 $424,677 $1,437 2.18%
1 Year 14 $2,290,000 $163,571 $0 4.24%
3 Year 1 $345,000 $345,000 $0 6.25%

For the 2021, The Park Bank's most frequently cited loan length of loans were 30 Year, with 503 originations. The 2nd most popular length of loans were 15 Year, with 194 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 685 $214,735,000 $313,482
$1k-2k 53 $18,815,000 $355,000
$2k-3k 5 $1,575,000 $315,000
$3k-4k 4 $1,680,000 $420,000
$5k+ 1 $345,000 $345,000

$2,042 of loans were The Park Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 685 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 438 $249,510,000 $569,658
<2.5% 235 $56,995,000 $242,532
3-4% 180 $118,980,000 $661,000
4-5% 23 $4,065,000 $176,739
6-7% 1 $345,000 $345,000

During 2021, The Park Bank's average interest rate of loans were 2.95%, while their most frequently originated rate bucket of loans were 2.5-3%, with 438 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 408 $113,980,000 $279,363 $1,933 2.87%
$100k-200k 230 $34,970,000 $152,043 $1,513 2.75%
$400k-600k 133 $64,695,000 $486,429 $2,019 2.89%
$600k-1MM 43 $32,645,000 $759,186 $2,667 3.01%
$100,000 or less 40 $3,190,000 $79,750 $1,448 2.46%
$1MM+ 23 $180,415,000 $7,844,130 $2,943 3.09%

2021 saw The Park Bank place emphasis on $200k-400k loans with 408 originations, totaling $113,980,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 184 $52,080,000 $283,043 $1,763 2.76%
$150k-250k 172 $60,150,000 $349,709 $1,885 2.73%
$250k+ 128 $67,910,000 $530,547 $2,169 2.80%
$50k-75k 113 $20,695,000 $183,142 $1,789 2.68%
$75k-100k 113 $28,835,000 $255,177 $1,930 2.75%
$50k or less 57 $9,565,000 $167,807 $1,683 2.72%

The Park Bank lent most frequently to those with incomes in the $100k-150k range, with 184 originations. The second most popular income band? $150k-250k, with 172 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 250 $76,700,000 $306,800 $1,793 2.69%
30-36% 151 $44,525,000 $294,868 $1,968 2.80%
<20% 133 $37,655,000 $283,120 $1,653 2.54%
37% 23 $6,835,000 $297,174 $2,062 2.70%
39% 22 $8,050,000 $365,909 $1,910 2.69%
38% 21 $6,975,000 $332,143 $1,921 2.76%
44% 18 $5,330,000 $296,111 $1,960 2.83%
42% 17 $4,965,000 $292,059 $1,830 2.78%
40% 17 $4,745,000 $279,118 $2,094 2.89%
48% 17 $4,335,000 $255,000 $1,838 2.85%
46% 15 $5,275,000 $351,667 $2,277 2.64%
36% 14 $7,270,000 $519,286 $2,201 2.88%
43% 14 $4,860,000 $347,143 $2,081 2.66%
41% 14 $4,260,000 $304,286 $1,862 2.85%
47% 13 $5,685,000 $437,308 $2,143 2.98%
49% 12 $3,340,000 $278,333 $1,789 2.82%
>60% 11 $4,345,000 $395,000 $2,040 2.85%
45% 11 $2,865,000 $260,455 $1,982 2.84%
50-60% 10 $6,030,000 $603,000 $2,519 2.94%

The Park Bank lent most frequently to those with DTI ratios of 20-30%, with 250 originations. The next most common DTI ratio? 30-36%, with 151 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 675 $211,775,000 $313,741 $1,851 2.73%
Not applicable 77 $182,305,000 $2,367,597 $0 3.84%
Not provided 65 $17,225,000 $265,000 $1,928 2.79%
Asian 28 $7,870,000 $281,071 $1,978 2.76%
Black 22 $7,520,000 $341,818 $2,313 3.05%
Asian Indian 5 $1,775,000 $355,000 $1,964 2.58%
Chinese 1 $395,000 $395,000 $1,688 2.88%
American Indian 1 $305,000 $305,000 $3,093 3.13%
Korean 1 $275,000 $275,000 $2,006 2.25%
Filipino 1 $235,000 $235,000 $1,338 2.75%
Other Asian 1 $215,000 $215,000 $1,780 2.75%

Approval Rates

Total approvals of all applications
95.10%

The Park Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
88.37%

The Park Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 877 $429,895,000 $490,188

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
877 $429,895,000 $490,188

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 72 $13,300,000 $184,722 $1,586 2.54%
40-60% 213 $53,705,000 $252,136 $1,616 2.58%
60-80% 407 $237,265,000 $582,961 $1,854 2.96%
80-100% 174 $124,470,000 $715,345 $2,390 3.02%
Under 20% 11 $1,155,000 $105,000 $1,503 2.22%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Park Bank 104 South Main Street Verona, WI 53593 Full Service B&M $100,481
The Park Bank 2401 South Park Street Madison, WI 53713 Full Service B&M $99,006
The Park Bank 2693 Research Drive Fitchburg, WI 53711 Full Service B&M $47,611
The Park Bank 2802 Fish Hatchery Road Fitchburg, WI 53713 Full Service B&M $0
The Park Bank 33 East Main Street Madison, WI 53703 Full Service B&M $209,858
The Park Bank 4050 University Avenue Madison, WI 53705 Full Service B&M $44,059
The Park Bank 8001 Excelsior Drive Ste 100 Madison, WI 53717 Full Service B&M $123,132
The Park Bank 110 North Grand Ave, Suite 108 Sun Prairie, WI 53590 Full Service B&M $108,068
The Park Bank 1815 Greenway Cross Madison, WI 53713 Full Service B&M $223,131
The Park Bank 2275 Deming Way Middleton, WI 53562 Full Service B&M $102,256

For 2021, The Park Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $43,901
Net interest income $42,183
Total noninterest income $10,229
Gross Fiduciary activities income $0
Service charges on deposit accounts $863
Trading account gains and fees $0
Additional Noninterest Income $9,366
Pre-tax net operating income $21,681
Securities gains (or losses, -) $55
Income before extraordinary items $15,665
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,665
Minority interest net income $0
Net income $15,665
Sale, conversion, retirement of capital stock, net $0
Net operating income $15,621

The Park Bank's gross interest income from loans was $43,901,000.
The Park Bank's net interest income from loans was $42,183,000.
The Park Bank's fee based income from loans was $863,000.
The Park Bank's net income from loans was $15,665,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,718
Provision for credit losses $0
Total noninterest expense $30,731
Salaries and employee benefits $18,130
Premises and equipment expense $3,713
Additional noninterest expense $8,888
Applicable income taxes $6,071
Net charge-offs $64
Cash dividends $0

The Park Bank's interest expense for loans was $1,718,000.
The Park Bank's payroll and benefits expense were $18,130,000.
The Park Bank's property, plant and equipment expenses $3,713,000.

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 0.2%
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 $1,139,158
Deposits held in domestic offices $1,139,158
Deposits by Individuals, partnerships, and corporations $1,135,890
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $3,268
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $648,162
Demand deposits $648,162
Nontransaction accounts $490,996
Money market deposit accounts (MMDAs) $343,604
Other savings deposits (excluding MMDAs) $96,421
Total time deposits $50,971
Total time and savings deposits $490,996
Noninterest-bearing deposits $363,923
Interest-bearing deposits $775,235
Retail deposits $1,127,571
IRAs and Keogh plan accounts $5,749
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,346,742
Cash & Balances due from depository institutions $146,842
Interest-bearing balances $132,397
Total securities $116,516
Federal funds sold & reverse repurchase $102
Net loans and leases $1,041,557
Loan and leases loss allowance $14,373
Trading account assets $0
Bank premises and fixed assets $13,410
Other real estate owned $1,494
Goodwill and other intangibles $4,112
All other assets $22,709

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,346,742
Total Liabilities $1,211,172
Total deposits $1,139,158
Interest-bearing deposits $775,235
Deposits held in domestic offices $1,139,158
% insured (estimated) $63
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $65,432
Subordinated debt $0
All other liabilities $6,582

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,041,557
Loan and leases loss allowance $14,373
Total loans and leases (domestic) $1,055,930
All real estate loans $874,086
Real estate loans in domestic offices $874,086
Construction and development loans $87,157
Residential 1-4 family construction $9,259
Other construction, all land development and other land $77,898
Loans secured by nonfarm nonresidential properties $471,142
Nonfarm nonresidential secured by owner-occupied properties $136,854
Commercial real estate & other non-farm, non-residential $334,288
Multifamily residential real estate $126,943
1-4 family residential loans $188,362
Farmland loans $482
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $167,908
To non-U.S. addressees $0
Loans to individuals $6,254
Credit card loans $4,613
Related Plans $320
Consumer Auto Loans $728
Other loans to individuals $593
All other loans & leases $8,593
Loans to foreign governments and official institutions $0
Other loans $7,289
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $5,059
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,052
Non 1-4 family restructured loans & leases $2,007
Total loans and leases (foreign) $0

The Park Bank had $1,041,557,000 of loans outstanding in 2021. $874,086,000 of loans were in real estate loans. $87,157,000 of loans were in development loans. $126,943,000 of loans were in multifamily mortgage loans. $188,362,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $4,613,000 of loans were in credit card loans. $728,000 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 193 $62,484 $323,751
Nonfarm, nonresidential loans - <$100k 15 $532 $35,467
Nonfarm, nonresidential loans - $100-250k 42 $5,716 $136,095
Nonfarm, nonresidential loans - $250k-1MM 136 $56,236 $413,500
Commercial & Industrial, US addressed loans - <$1MM 809 $60,031 $74,204
Commercial & Industrial, US addressed loans - <$100k 539 $14,234 $26,408
Commercial & Industrial, US addressed loans - $100-250k 133 $12,506 $94,030
Commercial & Industrial, US addressed loans - $250k-1MM 137 $33,291 $243,000
Farmland loans - <$1MM 3 $482 $160,667
Farmland loans - $100-250k 3 $482 $160,667