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 and Refi loans. Cortrust Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Mason City, Sioux Falls, Hutchinson, and Aberdeen among others. We have data for 20 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

    242

    Origination Dollar Volume (All Markets)

    $50,780,000

    Employee count

    319

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 125 $22,305,000 $178,440 $0 0.00%
    Mason City, IA (FHA|USDA|VA) 2 $11,160,000 $5,580,000 $0 0.00%
    SIOUX FALLS, SD (FHA|USDA|VA) 18 $4,890,000 $271,667 $0 0.00%
    Hutchinson, MN (FHA|USDA|VA) 26 $2,880,000 $110,769 $0 0.00%
    Outside of Metro Areas 29 $2,775,000 $95,690 $0 0.00%
    Aberdeen, SD (FHA|USDA|VA) 8 $2,250,000 $281,250 $0 0.00%
    Yankton, SD (FHA|USDA|VA) 11 $1,095,000 $99,545 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 4 $950,000 $237,500 $0 0.00%
    Mitchell, SD (FHA|USDA|VA) 6 $650,000 $108,333 $0 0.00%
    Marshall, MN (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $300,000 $150,000 $0 0.00%
    Fergus Falls, MN (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Alexandria, MN (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
    Vermillion, SD (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
    TUCSON, AZ (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    RAPID CITY, SD (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    Willmar, MN (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
    Cortrust Bank's top markets include Minneapolis, Mason City, Sioux Falls, Hutchinson, and Aberdeen among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $50,375,000 $209,025 $0 0.00%
    VA 1 $405,000 $405,000 $0 0.00%

    For 2019, Cortrust Bank's most frequently originated type of loan was Conventional, with 241 originations. Their 2nd most popular type was VA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 101 $32,415,000 $320,941 $0 0.00%
    Refi 74 $12,860,000 $173,784 $0 0.00%
    Home Improvement 33 $1,145,000 $34,697 $0 0.00%
    Cash Out Refi 24 $3,900,000 $162,500 $0 0.00%
    Other 9 $445,000 $49,444 $0 0.00%
    NA 1 $15,000 $15,000 $0 0.00%

    For 2019, Cortrust Bank's most frequently cited loan purpose was Home Purchase, with 101 originations. The 2nd most popular reason was Refi, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 242 $50,780,000 $209,835 $0 0.00%

    For 2019, Cortrust Bank's most frequently cited loan duration was Other, with 242 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 105 $4,795,000 $45,667 $0 0.00%
    $100k-200k 75 $11,585,000 $154,467 $0 0.00%
    $200k-400k 45 $12,315,000 $273,667 $0 0.00%
    $400k-600k 10 $4,230,000 $423,000 $0 0.00%
    $1MM+ 4 $15,480,000 $3,870,000 $0 0.00%
    $600k-1MM 3 $2,375,000 $791,667 $0 0.00%

    2019 saw Cortrust Bank place emphasis on $100,000 or less loans with 105 originations, totaling $4,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 43 $3,575,000 $83,140 $0 0.00%
    $50k-75k 40 $5,270,000 $131,750 $0 0.00%
    $100k-150k 37 $6,495,000 $175,541 $0 0.00%
    $150k-250k 29 $5,705,000 $196,724 $0 0.00%
    $75k-100k 29 $4,775,000 $164,655 $0 0.00%
    $250k+ 5 $1,025,000 $205,000 $0 0.00%

    Cortrust Bank lent most frequently to those with incomes in the $50k or less range, with 43 originations. The second most popular income band? $50k-75k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 242 $50,780,000 $209,835 $0 0.00%

    Cortrust Bank lent most frequently to those with DTI ratios of Exempt%, with 242 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 178 $26,810,000 $150,618 $0 0.00%
    Not applicable 57 $23,375,000 $410,088 $0 0.00%
    Not provided 6 $590,000 $98,333 $0 0.00%
    Asian 1 $5,000 $5,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.81%

    Cortrust Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.47%

    Cortrust Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 242 $50,780,000 $209,835

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 4 $1,010,000 $252,500
    Multifamily:Site-Built 8 $17,130,000 $2,141,250
    Single Family (1-4 Units):Manufactured 8 $280,000 $35,000
    Single Family (1-4 Units):Site-Built 222 $32,360,000 $145,766

    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 $88,466
    CorTrust Bank National Association 100 North Lidice Street Tabor, SD 57063 Full Service B&M $25,168
    CorTrust Bank National Association 101 West Main Street Vermillion, SD 57069 Full Service B&M $54,689
    CorTrust Bank National Association 10107 University Avenue, N.E. Blaine, MN 55434 Full Service B&M $31,949
    CorTrust Bank National Association 110 Cedar Street Yankton, SD 57078 Full Service B&M $42,701
    CorTrust Bank National Association 111 South Main Street Mount Vernon, SD 57363 Full Service B&M $12,514
    CorTrust Bank National Association 114 S. Main Arlington, SD 57212 Full Service B&M $3,185
    CorTrust Bank National Association 1220 East 57th Street Sioux Falls, SD 57108 Full Service B&M $9,045
    CorTrust Bank National Association 123 W Main Street Pierpont, SD 57468 Full Service B&M $9,500
    CorTrust Bank National Association 1300 Babcock Boulevard East Delano, MN 55328 Full Service B&M $84,746
    CorTrust Bank National Association 174 East Fourth Street Freeman, SD 57029 Full Service B&M $41,781
    CorTrust Bank National Association 1801 South Marion Road Sioux Falls, SD 57106 Full Service B&M $32,461
    CorTrust Bank National Association 1900 South Sycamore Sioux Falls, SD 57103 Full Service B&M $16,517
    CorTrust Bank National Association 2 Main Street Bowdle, SD 57428 Full Service B&M $18,728
    CorTrust Bank National Association 2 Main Street Leola, SD 57456 Full Service B&M $24,620
    CorTrust Bank National Association 2 Main Street Letcher, SD 57359 Full Service B&M $7,828
    CorTrust Bank National Association 2016 6th Avenue, S.E. Aberdeen, SD 57401 Full Service B&M $20,123
    CorTrust Bank National Association 2101 South Minnesota Street Sioux Falls, SD 57105 Full Service B&M $38,537
    CorTrust Bank National Association 2404 Broadway Yankton, SD 57078 Full Service B&M $35,086
    CorTrust Bank National Association 300 North Cherapa Place Sioux Falls, SD 57103 Full Service B&M $43,121
    CorTrust Bank National Association 36 West 7th Avenue Webster, SD 57274 Full Service B&M $25,638
    CorTrust Bank National Association 400 Meckling Street Gayville, SD 57031 Full Service B&M $14,656
    CorTrust Bank National Association 719 North Main Mitchell, SD 57301 Full Service B&M $28,038
    CorTrust Bank National Association 9600 Colorado Lane Brooklyn Park, MN 55445 Full Service B&M $8,010
    CorTrust Bank National Association 9740 Tamarack Rd Woodbury, MN 55125 Full Service B&M $32,679
    CorTrust Bank National Association Highway 34 Artesian, SD 57314 Full Service B&M $22,323

    For 2019, Cortrust Bank had 26 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $49,136
    Net interest income $41,769
    Total noninterest income $14,765
    Gross Fiduciary activities income $489
    Service charges on deposit accounts $1,854
    Trading account gains and fees $0
    Additional Noninterest Income $12,422
    Pre-tax net operating income $8,002
    Securities gains (or losses, -) $90
    Income before extraordinary items $6,132
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,132
    Minority interest net income $0
    Net income $6,132
    Sale, conversion, retirement of capital stock, net $18,144
    Net operating income $6,060

    Cortrust Bank's gross interest income from loans was $49,136,000.
    Cortrust Bank's net interest income from loans was $41,769,000.
    Cortrust Bank's fee based income from loans was $1,854,000.
    Cortrust Bank's net income from loans was $6,132,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,367
    Provision for credit losses $7,348
    Total noninterest expense $41,184
    Salaries and employee benefits $23,666
    Premises and equipment expense $6,398
    Additional noninterest expense $11,120
    Applicable income taxes $1,960
    Net charge-offs $6,610
    Cash dividends $3,470

    Cortrust Bank's interest expense for loans was $7,367,000.
    Cortrust Bank's payroll and benefits expense were $23,666,000.
    Cortrust Bank's property, plant and equipment expenses $6,398,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    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 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,090,204
    Deposits held in domestic offices $1,090,204
    Deposits by Individuals, partnerships, and corporations $1,001,198
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $88,663
    Deposits by Commercial banks and other depository institutions in U.S. $343
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $121,826
    Demand deposits $56,476
    Nontransaction accounts $968,378
    Money market deposit accounts (MMDAs) $0
    Other savings deposits (excluding MMDAs) $647,123
    Total time deposits $321,256
    Total time and savings deposits $1,033,728
    Noninterest-bearing deposits $258,347
    Interest-bearing deposits $831,857
    Retail deposits $1,037,858
    IRAs and Keogh plan accounts $41,018
    Brokered deposits $2,751
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,233,944
    Cash & Balances due from depository institutions $26,249
    Interest-bearing balances $4,360
    Total securities $266,191
    Federal funds sold & reverse repurchase $69,000
    Net loans and leases $789,247
    Loan and leases loss allowance $11,451
    Trading account assets $0
    Bank premises and fixed assets $38,135
    Other real estate owned $950
    Goodwill and other intangibles $15,687
    All other assets $28,485

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,233,944
    Total Liabilities $1,109,302
    Total deposits $1,090,204
    Interest-bearing deposits $831,857
    Deposits held in domestic offices $1,090,204
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $8,054
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $11,044

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $789,247
    Loan and leases loss allowance $11,451
    Total loans and leases (domestic) $800,698
    All real estate loans $582,952
    Real estate loans in domestic offices $582,952
    Construction and development loans $86,811
    Residential 1-4 family construction $12,488
    Other construction, all land development and other land $74,323
    Loans secured by nonfarm nonresidential properties $258,456
    Nonfarm nonresidential secured by owner-occupied properties $93,378
    Commercial real estate & other non-farm, non-residential $165,078
    Multifamily residential real estate $23,373
    1-4 family residential loans $122,816
    Farmland loans $91,496
    Loans held in foreign offices $0
    Farm loans $43,566
    Commercial and industrial loans $133,383
    To non-U.S. addressees $0
    Loans to individuals $40,035
    Credit card loans $17,137
    Related Plans $440
    Consumer Auto Loans $13,521
    Other loans to individuals $8,937
    All other loans & leases $762
    Loans to foreign governments and official institutions $0
    Other loans $465
    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 $986
    Non 1-4 family restructured loans & leases $986
    Total loans and leases (foreign) $0

    CorTrust Bank had $789,247,000 of loans outstanding in 2019. $582,952,000 of loans were in real estate loans. $86,811,000 of loans were in development loans. $23,373,000 of loans were in multifamily mortgage loans. $122,816,000 of loans were in 1-4 family mortgage loans. $43,566,000 of loans were in farm loans. $17,137,000 of loans were in credit card loans. $13,521,000 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 420 $86,601 $206,193
    Nonfarm, nonresidential loans - <$100k 117 $7,331 $62,658
    Nonfarm, nonresidential loans - $100-250k 141 $18,953 $134,418
    Nonfarm, nonresidential loans - $250k-1MM 162 $60,317 $372,327
    Commercial & Industrial, US addressed loans - <$1MM 1,075 $81,547 $75,858
    Commercial & Industrial, US addressed loans - <$100k 741 $17,019 $22,968
    Commercial & Industrial, US addressed loans - $100-250k 168 $17,030 $101,369
    Commercial & Industrial, US addressed loans - $250k-1MM 166 $47,498 $286,133
    Farmland loans - <$1MM 343 $43,009 $125,391
    Farmland loans - <$100k 148 $6,033 $40,764
    Farmland loans - $100-250k 134 $19,022 $141,955
    Farmland loans - $250k-1MM 61 $17,954 $294,328
    Agriculture operations loans - <$1MM 880 $36,433 $41,401
    Agriculture operations loans - <$100k 728 $15,863 $21,790
    Agriculture operations loans - $100-250k 107 $11,441 $106,925
    Agriculture operations loans - $250k-1MM 45 $9,129 $202,867