Cortrust Bank Mortgage Rates, Fees & Info

Mitchell, SD

LEI: 2138004QPZ7FMGPTU106

Tax ID: 46-0159100

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Cortrust Bank is a smaller bank specializing in Home Purchase loans. Cortrust Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Minneapolis, Mitchell, Yankton, and Aberdeen among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cortrust Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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.

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    Originations

    73

    Origination Dollar Volume (All Markets)

    $11,235,000

    Employee count

    251

    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
    SIOUX FALLS, SD (FHA|USDA|VA) 30 $4,970,000 $165,667 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $2,170,000 $542,500 $0 0.00%
    Outside of Metro Areas 17 $1,955,000 $115,000 $0 0.00%
    Mitchell, SD (FHA|USDA|VA) 7 $785,000 $112,143 $0 0.00%
    Yankton, SD (FHA|USDA|VA) 6 $570,000 $95,000 $0 0.00%
    Aberdeen, SD (FHA|USDA|VA) 5 $385,000 $77,000 $0 0.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Pierre, SD (FHA|USDA|VA) 2 $180,000 $90,000 $0 0.00%
    Vermillion, SD (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    Cortrust Bank's top markets include Sioux Falls, Minneapolis, Mitchell, Yankton, and Aberdeen among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $11,235,000 $153,904 $0 0.00%

    For 2018, Cortrust Bank's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 32 $8,680,000 $271,250 $0 0.00%
    Refi 25 $1,975,000 $79,000 $0 0.00%
    Home Improvement 13 $395,000 $30,385 $0 0.00%
    Other 3 $185,000 $61,667 $0 0.00%

    For 2018, Cortrust Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 73 $11,235,000 $153,904 $0 0.00%

    For 2018, Cortrust Bank's most frequently cited loan duration was Other, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 46 $1,970,000 $42,826 $0 0.00%
    $100k-200k 11 $1,595,000 $145,000 $0 0.00%
    $200k-400k 11 $2,945,000 $267,727 $0 0.00%
    $1MM+ 2 $2,560,000 $1,280,000 $0 0.00%
    $600k-1MM 2 $1,730,000 $865,000 $0 0.00%
    $400k-600k 1 $435,000 $435,000 $0 0.00%

    2018 saw Cortrust Bank place emphasis on $100,000 or less loans with 46 originations, totaling $1,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 10 $320,000 $32,000 $0 0.00%
    $75k-100k 10 $460,000 $46,000 $0 0.00%
    $100k-150k 9 $1,625,000 $180,556 $0 0.00%
    $50k-75k 9 $205,000 $22,778 $0 0.00%
    $150k-250k 4 $160,000 $40,000 $0 0.00%
    $250k+ 2 $80,000 $40,000 $0 0.00%

    Cortrust Bank lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $75k-100k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 73 $11,235,000 $153,904 $0 0.00%

    Cortrust Bank lent most frequently to those with DTI ratios of Exempt%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 27 $7,905,000 $292,778 $0 0.00%
    White 46 $3,330,000 $72,391 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.54%

    Cortrust Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.67%

    Cortrust Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 73 $11,235,000 $153,904

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $5,555,000 $617,222
    Single Family (1-4 Units):Site-Built 64 $5,680,000 $88,750

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    CorTrust Bank National Association 100 East Havens Street Mitchell, SD 57301 Full Service B&M $91,541
    CorTrust Bank National Association 100 North Lidice Street Tabor, SD 57063 Full Service B&M $26,591
    CorTrust Bank National Association 101 West Main Street Vermillion, SD 57069 Full Service B&M $48,458
    CorTrust Bank National Association 10107 University Avenue, N.E. Blaine, MN 55434 Full Service B&M $31,391
    CorTrust Bank National Association 110 Cedar Street Yankton, SD 57078 Full Service B&M $39,937
    CorTrust Bank National Association 111 South Main Street Mount Vernon, SD 57363 Full Service B&M $12,077
    CorTrust Bank National Association 114 S. Main Arlington, SD 57212 Full Service B&M $3,260
    CorTrust Bank National Association 1220 East 57th Street Sioux Falls, SD 57108 Full Service B&M $6,780
    CorTrust Bank National Association 123 W Main Street Pierpont, SD 57468 Full Service B&M $9,246
    CorTrust Bank National Association 174 East Fourth Street Freeman, SD 57029 Full Service B&M $42,805
    CorTrust Bank National Association 1801 South Marion Road Sioux Falls, SD 57106 Full Service B&M $29,002
    CorTrust Bank National Association 1900 South Sycamore Sioux Falls, SD 57103 Full Service B&M $17,447
    CorTrust Bank National Association 2 Main Street Bowdle, SD 57428 Full Service B&M $17,382
    CorTrust Bank National Association 2 Main Street Leola, SD 57456 Full Service B&M $23,948
    CorTrust Bank National Association 2 Main Street Letcher, SD 57359 Full Service B&M $8,764
    CorTrust Bank National Association 2016 6th Avenue, S.E. Aberdeen, SD 57401 Full Service B&M $17,342
    CorTrust Bank National Association 2101 South Minnesota Street Sioux Falls, SD 57105 Full Service B&M $38,246
    CorTrust Bank National Association 2404 Broadway Yankton, SD 57078 Full Service B&M $35,776
    CorTrust Bank National Association 300 North Cherapa Place Sioux Falls, SD 57103 Full Service B&M $51,827
    CorTrust Bank National Association 36 West 7th Avenue Webster, SD 57274 Full Service B&M $25,992
    CorTrust Bank National Association 400 Meckling Street Gayville, SD 57031 Full Service B&M $13,787
    CorTrust Bank National Association 719 North Main Mitchell, SD 57301 Full Service B&M $26,000
    CorTrust Bank National Association 9600 Colorado Lane Brooklyn Park, MN 55445 Full Service B&M $10,145
    CorTrust Bank National Association 9740 Tamarack Rd Woodbury, MN 55125 Full Service B&M $31,241
    CorTrust Bank National Association Highway 34 Artesian, SD 57314 Full Service B&M $22,837

    For 2018, Cortrust Bank had 25 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,828
    Net interest income $36,270
    Total noninterest income $11,529
    Gross Fiduciary activities income $464
    Service charges on deposit accounts $2,931
    Trading account gains and fees $0
    Additional Noninterest Income $8,134
    Pre-tax net operating income $9,593
    Securities gains (or losses, -) $-203
    Income before extraordinary items $7,363
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,363
    Minority interest net income $0
    Net income $7,363
    Sale, conversion, retirement of capital stock, net $10,163
    Net operating income $7,523

    Cortrust Bank's gross interest income from loans was $40,828,000.
    Cortrust Bank's net interest income from loans was $36,270,000.
    Cortrust Bank's fee based income from loans was $2,931,000.
    Cortrust Bank's net income from loans was $7,363,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,558
    Provision for credit losses $4,818
    Total noninterest expense $33,388
    Salaries and employee benefits $19,092
    Premises and equipment expense $5,117
    Additional noninterest expense $9,179
    Applicable income taxes $2,027
    Net charge-offs $4,200
    Cash dividends $3,095

    Cortrust Bank's interest expense for loans was $4,558,000.
    Cortrust Bank's payroll and benefits expense were $19,092,000.
    Cortrust Bank's property, plant and equipment expenses $5,117,000.

    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 0.0%
    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 $750,898
    Deposits held in domestic offices $750,898
    Deposits by Individuals, partnerships, and corporations $671,741
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $79,095
    Deposits by Commercial banks and other depository institutions in U.S. $62
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $71,851
    Demand deposits $42,706
    Nontransaction accounts $679,047
    Money market deposit accounts (MMDAs) $0
    Other savings deposits (excluding MMDAs) $444,923
    Total time deposits $234,124
    Total time and savings deposits $708,192
    Noninterest-bearing deposits $201,563
    Interest-bearing deposits $549,335
    Retail deposits $712,086
    IRAs and Keogh plan accounts $28,681
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $871,942
    Cash & Balances due from depository institutions $27,029
    Interest-bearing balances $5,113
    Total securities $105,016
    Federal funds sold & reverse repurchase $2,400
    Net loans and leases $689,171
    Loan and leases loss allowance $10,713
    Trading account assets $0
    Bank premises and fixed assets $21,345
    Other real estate owned $439
    Goodwill and other intangibles $7,326
    All other assets $19,216

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $871,942
    Total Liabilities $769,315
    Total deposits $750,898
    Interest-bearing deposits $549,335
    Deposits held in domestic offices $750,898
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $9,009
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $9,408

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $689,171
    Loan and leases loss allowance $10,713
    Total loans and leases (domestic) $699,884
    All real estate loans $506,893
    Real estate loans in domestic offices $506,893
    Construction and development loans $76,589
    Residential 1-4 family construction $10,279
    Other construction, all land development and other land $66,310
    Loans secured by nonfarm nonresidential properties $232,436
    Nonfarm nonresidential secured by owner-occupied properties $84,698
    Commercial real estate & other non-farm, non-residential $147,738
    Multifamily residential real estate $19,967
    1-4 family residential loans $84,418
    Farmland loans $93,483
    Loans held in foreign offices $0
    Farm loans $44,318
    Commercial and industrial loans $112,524
    To non-U.S. addressees $0
    Loans to individuals $35,711
    Credit card loans $17,382
    Related Plans $241
    Consumer Auto Loans $9,286
    Other loans to individuals $8,802
    All other loans & leases $438
    Loans to foreign governments and official institutions $0
    Other loans $319
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $864
    Non 1-4 family restructured loans & leases $864
    Total loans and leases (foreign) $0

    CorTrust Bank had $689,171,000 of loans outstanding in 2018. $506,893,000 of loans were in real estate loans. $76,589,000 of loans were in development loans. $19,967,000 of loans were in multifamily mortgage loans. $84,418,000 of loans were in 1-4 family mortgage loans. $44,318,000 of loans were in farm loans. $17,382,000 of loans were in credit card loans. $9,286,000 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 349 $80,453 $230,524
    Nonfarm, nonresidential loans - <$100k 80 $3,994 $49,925
    Nonfarm, nonresidential loans - $100-250k 115 $15,844 $137,774
    Nonfarm, nonresidential loans - $250k-1MM 154 $60,615 $393,604
    Commercial & Industrial, US addressed loans - <$1MM 896 $73,330 $81,842
    Commercial & Industrial, US addressed loans - <$100k 594 $13,913 $23,423
    Commercial & Industrial, US addressed loans - $100-250k 155 $16,204 $104,542
    Commercial & Industrial, US addressed loans - $250k-1MM 147 $43,213 $293,966
    Farmland loans - <$1MM 331 $42,907 $129,628
    Farmland loans - <$100k 135 $5,637 $41,756
    Farmland loans - $100-250k 132 $18,242 $138,197
    Farmland loans - $250k-1MM 64 $19,028 $297,313
    Agriculture operations loans - <$1MM 855 $36,961 $43,229
    Agriculture operations loans - <$100k 715 $15,280 $21,371
    Agriculture operations loans - $100-250k 95 $10,282 $108,232
    Agriculture operations loans - $250k-1MM 45 $11,399 $253,311