The annual salary statistics of loan officers in Northeast Minnesota nonmetropolitan area, Minnesota is shown in Table 1. The wage information of loan officers in Northeast Minnesota nonmetropolitan area 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 | $44,040 |
| 25th Percentile Wage | $49,760 |
| 50th Percentile Wage | $63,330 |
| 75th Percentile Wage | $97,150 |
| 90th Percentile Wage | $131,890 |
Table 1 shows the average annual salary for loan officers in Northeast Minnesota nonmetropolitan area, Minnesota in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $131,890. The median (50th percentile) annual salary is $63,330. The average annual salary for the bottom 10 percent earners is $44,040.
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 | $63,330 | -19.85% | 25.39% |
| 2021 | $75,900 | 6.27% | - |
| 2020 | $71,140 | 16.91% | - |
| 2019 | $59,110 | 2.67% | - |
| 2018 | $57,530 | 15.68% | - |
| 2017 | $48,510 | 6.80% | - |
| 2016 | $45,210 | 2.52% | - |
| 2015 | $44,070 | -13.09% | - |
| 2014 | $49,840 | 4.51% | - |
| 2013 | $47,590 | 0.71% | - |
| 2012 | $47,250 | - | - |
From Table 3 we note that with a median annual salary of $63,330, Northeast Minnesota nonmetropolitan area is the lowest paying city for loan officers in state of Minnesota, following city of St Cloud (median annual salary of $79,880). Compared with the highest paying city St Cloud, the median annual salary of loan officers in Northeast Minnesota nonmetropolitan area is 20.7 percent (20.7%) lower.
| 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 |