Applications / Mortgage Analytics / Lenders / Indiana / The North Salem State Bank
North Salem, IN · State non-member bank · FDIC · $776 million assets · 200 loans in 2025
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200
loans originated, 2025
213
applications, 2025
4
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
The North Salem State Bank is growing quickly for a small Indiana lender: it made 200 loans in 2025, up 24% on 2024 and from 119 five years before.
Similar banks, meaning state non-member banks making between half and twice as many loans, grew by 10% in 2025, as did the whole market. The bank's growth was higher than about three in four of them. It has more than doubled its lending since 2018, when it made 83 loans.
It now lends in 4 states and 7 metros. In 2025 it entered Daphne-Fairhope-Foley and non-metro Kentucky, and it has lent in Cape Coral-Fort Myers since 2017. In Bloomington, where it has lent since 1993, its share of the market's lending rose to 0.2% from 0.0%. These are footholds, not positions of strength.
Manufactured homes made up 8.0% of its loans, against 2.8% at similar banks, a higher share than at about seven in ten of them. Home improvement made up 9.0% of its lending and purchases 58.5%. Every loan was conventional, and its typical loan, $185,000, was close to the $175,000 at its peers.
Loans in poorer neighborhoods (low- and moderate-income, or LMI, tracts) rose to 13.5% of its lending from 9.3% a year earlier, though that is still lower than the 17.7% at similar banks, which may reflect the mix of neighborhoods in the 23 counties where it lends. Its share of loans to LMI borrowers, 28.8%, was close to its peers'.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. The North Salem State Bank took 213 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 58.5% · Refinance 29.0% · Home improvement 9.0% · Other 3.5%
Conventional 100.0% · of 200 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Indiana | 196 | 98.0% |
| Florida | 2 | 1.0% |
| Alabama | 1 | 0.5% |
| Kentucky | 1 | 0.5% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Indianapolis-Carmel-Greenwood | 115 |
| Bloomington | 6 |
| Terre Haute | 4 |
| Cape Coral-Fort Myers | 2 |
| Lafayette-West Lafayette | 2 |
| Muncie | 2 |
| Daphne-Fairhope-Foley | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493005ANYGQWRPVGU61 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 947749 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 38063 | 1990–2017 |
Established 14 July 1923. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: The North Salem State Bank's data.
The North Salem State Bank's data
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The North Salem State Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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