The annual salary statistics of loan officers in Mankato-North Mankato, Minnesota is shown in Table 1. The wage data of loan officers in Mankato-North Mankato is based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile Bracket | Average Annual Salary |
|---|---|
| 10th Percentile Wage | $48,530 |
| 25th Percentile Wage | $61,430 |
| 50th Percentile Wage | $74,600 |
| 75th Percentile Wage | $107,500 |
| 90th Percentile Wage | $142,000 |
Table 1 shows the average annual salary for loan officers in Mankato-North Mankato, Minnesota in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $142,000. The median (50th percentile) annual salary is $74,600. The average annual salary for the bottom 10 percent earners is $48,530.
The table and chart below show the trend of the median salary of loan officers from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $74,600 | 15.32% | -4.17% |
| 2021 | $63,170 | 6.14% | - |
| 2020 | $59,290 | -3.69% | - |
| 2019 | $61,480 | 4.33% | - |
| 2018 | $58,820 | -19.67% | - |
| 2017 | $70,390 | 10.27% | - |
| 2016 | $63,160 | -25.47% | - |
| 2015 | $79,250 | 9.06% | - |
| 2014 | $72,070 | -9.23% | - |
| 2013 | $78,720 | 1.28% | - |
| 2012 | $77,710 | - | - |
From Table 3 we note that the median annual salary of $74,600 in Mankato-North Mankato is in the middle of salary range for loan officers in state of Minnesota. In comparison, the annual salary of loan officers in Mankato-North Mankato is 6.6 percent (6.6%) lower than that in the highest paying St Cloud and 15.1 percent (15.1%) higher than that in the lowest paying Northeast Minnesota nonmetropolitan area.
| Cities/Areas | Median Annual Salary |
|---|---|
| St Cloud | |
| Southeast Minnesota nonmetropolitan area | |
| Rochester | |
| Mankato-North Mankato | |
| Northwest Minnesota nonmetropolitan area | |
| Southwest Minnesota nonmetropolitan area | |
| Northeast Minnesota nonmetropolitan area |