Cortrust Bank Mortgage Rates, Fees & Info

Mitchell, SD

LEI: 2138004QPZ7FMGPTU106

Tax ID: 46-0159100

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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 Refi loans. Cortrust Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Minneapolis, Aberdeen, Yankton, and Mitchell among others. We have data for 11 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 an 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    127

    Origination Dollar Volume (All Markets)

    $22,475,000

    Employee count

    330

    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) 27 $9,905,000 $366,852 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 46 $7,740,000 $168,261 $0 0.00%
    Outside of Metro Areas 19 $1,545,000 $81,316 $0 0.00%
    Aberdeen, SD (FHA|USDA|VA) 11 $1,125,000 $102,273 $0 0.00%
    Yankton, SD (FHA|USDA|VA) 9 $1,025,000 $113,889 $0 0.00%
    Mitchell, SD (FHA|USDA|VA) 6 $480,000 $80,000 $0 0.00%
    Vermillion, SD (FHA|USDA|VA) 3 $225,000 $75,000 $0 0.00%
    Hutchinson, MN (FHA|USDA|VA) 3 $205,000 $68,333 $0 0.00%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    Pierre, SD (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
    Willmar, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    Cortrust Bank's top markets include Sioux Falls, Minneapolis, Aberdeen, Yankton, and Mitchell among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Minnesota (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 127 $22,475,000 $176,969 $0 0.00%

    For 2020, Cortrust Bank's most frequently originated type of loan was Conventional, with 127 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 62 $17,460,000 $281,613 $0 0.00%
    Home Improvement 36 $1,010,000 $28,056 $0 0.00%
    Home Purchase 27 $3,945,000 $146,111 $0 0.00%
    Other 2 $60,000 $30,000 $0 0.00%

    For 2020, Cortrust Bank's most frequently cited loan purpose was Refi, with 62 originations. The 2nd most popular reason was Home Improvement, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 127 $22,475,000 $176,969 $0 0.00%

    For 2020, Cortrust Bank's most frequently cited loan duration was Other, with 127 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 78 $3,330,000 $42,692 $0 0.00%
    $100k-200k 22 $3,110,000 $141,364 $0 0.00%
    $200k-400k 10 $2,750,000 $275,000 $0 0.00%
    $400k-600k 8 $4,200,000 $525,000 $0 0.00%
    $600k-1MM 5 $3,865,000 $773,000 $0 0.00%
    $1MM+ 4 $5,220,000 $1,305,000 $0 0.00%

    2020 saw Cortrust Bank place emphasis on $100,000 or less loans with 78 originations, totaling $3,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 27 $1,765,000 $65,370 $0 0.00%
    $75k-100k 18 $1,050,000 $58,333 $0 0.00%
    $50k or less 17 $915,000 $53,824 $0 0.00%
    $100k-150k 16 $1,590,000 $99,375 $0 0.00%
    $150k-250k 8 $1,470,000 $183,750 $0 0.00%
    $250k+ 1 $125,000 $125,000 $0 0.00%

    Cortrust Bank lent most frequently to those with incomes in the $50k-75k range, with 27 originations. The second most popular income band? $75k-100k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 127 $22,475,000 $176,969 $0 0.00%

    Cortrust Bank lent most frequently to those with DTI ratios of Exempt%, with 127 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 34 $12,150,000 $357,353 $0 0.00%
    White 88 $8,290,000 $94,205 $0 0.00%
    Asian 3 $2,005,000 $668,333 $0 0.00%
    Black 2 $30,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.68%

    Cortrust Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.55%

    Cortrust Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 127 $22,475,000 $176,969

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 20 $11,890,000 $594,500
    Single Family (1-4 Units):Manufactured 2 $40,000 $20,000
    Single Family (1-4 Units):Site-Built 105 $10,545,000 $100,429

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cortrust Bank National Association 2 Main Street Letcher, SD 57359 Full Service B&M $8,590
    Cortrust Bank National Association 100 East Havens Street Mitchell, SD 57301 Full Service B&M $99,819
    Cortrust Bank National Association 101 Ash Avenue North Mayer, MN 55360 Full Service B&M $16,537
    Cortrust Bank National Association 101 West Main Street Vermillion, SD 57069 Full Service B&M $52,898
    Cortrust Bank National Association 10107 University Avenue, N.E. Blaine, MN 55434 Full Service B&M $41,405
    Cortrust Bank National Association 2 Main Street Leola, SD 57456 Full Service B&M $25,165
    Cortrust Bank National Association 106 East 4th Street Monticello, MN 55362 Full Service B&M $45,962
    Cortrust Bank National Association 110 Cedar Street Yankton, SD 57078 Full Service B&M $46,789
    Cortrust Bank National Association 111 South Main Street Mount Vernon, SD 57363 Full Service B&M $13,209
    Cortrust Bank National Association 114 S. Main Arlington, SD 57212 Full Service B&M $4,748
    Cortrust Bank National Association 11431 Jefferson Court North Champlin, MN 55316 Full Service B&M $12,004
    Cortrust Bank National Association 1220 East 57th Street Sioux Falls, SD 57108 Full Service B&M $11,005
    Cortrust Bank National Association 123 W Main Street Pierpont, SD 57468 Full Service B&M $11,078
    Cortrust Bank National Association 1300 Babcock Boulevard East Delano, MN 55328 Full Service B&M $100,455
    Cortrust Bank National Association 154 N Lidice Ave Tabor, SD 57063 Full Service B&M $27,576
    Cortrust Bank National Association 174 East Fourth Street Freeman, SD 57029 Full Service B&M $45,791
    Cortrust Bank National Association 1801 South Marion Road Sioux Falls, SD 57106 Full Service B&M $42,406
    Cortrust Bank National Association 1900 South Sycamore Sioux Falls, SD 57103 Full Service B&M $19,720
    Cortrust Bank National Association 2 Main Street Bowdle, SD 57428 Full Service B&M $25,670
    Cortrust Bank National Association 2016 6th Avenue, S.E. Aberdeen, SD 57401 Full Service B&M $28,733
    Cortrust Bank National Association 2101 South Minnesota Street Sioux Falls, SD 57105 Full Service B&M $51,178
    Cortrust Bank National Association 2404 Broadway Yankton, SD 57078 Full Service B&M $41,811
    Cortrust Bank National Association 2850 Cutters Grove Ave, Suite 100 Anoka, MN 55303 Full Service B&M $13,157
    Cortrust Bank National Association 300 North Cherapa Place Sioux Falls, SD 57103 Full Service B&M $38,269
    Cortrust Bank National Association 308 Main Street South Hutchinson, MN 55350 Full Service B&M $27,668
    Cortrust Bank National Association 36 West 7th Avenue Webster, SD 57274 Full Service B&M $26,960
    Cortrust Bank National Association 400 Meckling Street Gayville, SD 57031 Full Service B&M $15,617
    Cortrust Bank National Association 4018 West 65th Street Edina, MN 55435 Full Service B&M $12,492
    Cortrust Bank National Association 4625 County Highway 101 Minnetonka, MN 55345 Full Service B&M $29,254
    Cortrust Bank National Association 5211 Shoreline Drive Mound, MN 55364 Full Service B&M $10,870
    Cortrust Bank National Association 555 Hwy 55 East Buffalo, MN 55313 Full Service B&M $36,570
    Cortrust Bank National Association 606 East Eleventh Street Glencoe, MN 55336 Full Service B&M $65,329
    Cortrust Bank National Association 719 North Main Mitchell, SD 57301 Full Service B&M $30,002
    Cortrust Bank National Association 737 Hall Street Stewart, MN 55385 Full Service B&M $10,080
    Cortrust Bank National Association 9600 Colorado Lane Brooklyn Park, MN 55445 Full Service B&M $16,141
    Cortrust Bank National Association 9740 Tamarack Rd Woodbury, MN 55125 Full Service B&M $37,884
    Cortrust Bank National Association Highway 34 Artesian, SD 57314 Full Service B&M $21,489

    For 2020, Cortrust Bank had 37 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $52,463
    Net interest income $45,969
    Total noninterest income $24,547
    Gross Fiduciary activities income $561
    Service charges on deposit accounts $1,536
    Trading account gains and fees $0
    Additional Noninterest Income $22,450
    Pre-tax net operating income $9,294
    Securities gains (or losses, -) $2,562
    Income before extraordinary items $9,070
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,070
    Minority interest net income $0
    Net income $9,070
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,046

    Cortrust Bank's gross interest income from loans was $52,463,000.
    Cortrust Bank's net interest income from loans was $45,969,000.
    Cortrust Bank's fee based income from loans was $1,536,000.
    Cortrust Bank's net income from loans was $9,070,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,494
    Provision for credit losses $9,218
    Total noninterest expense $52,004
    Salaries and employee benefits $30,724
    Premises and equipment expense $8,256
    Additional noninterest expense $13,024
    Applicable income taxes $2,786
    Net charge-offs $3,037
    Cash dividends $2,782

    Cortrust Bank's interest expense for loans was $6,494,000.
    Cortrust Bank's payroll and benefits expense were $30,724,000.
    Cortrust Bank's property, plant and equipment expenses $8,256,000.

    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 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.1%
    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 $1,259,455
    Deposits held in domestic offices $1,259,455
    Deposits by Individuals, partnerships, and corporations $1,152,129
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $106,147
    Deposits by Commercial banks and other depository institutions in U.S. $1,179
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $138,583
    Demand deposits $106,648
    Nontransaction accounts $1,120,872
    Money market deposit accounts (MMDAs) $0
    Other savings deposits (excluding MMDAs) $826,616
    Total time deposits $294,256
    Total time and savings deposits $1,152,807
    Noninterest-bearing deposits $343,824
    Interest-bearing deposits $915,631
    Retail deposits $1,219,808
    IRAs and Keogh plan accounts $38,898
    Brokered deposits $2,751
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,421,973
    Cash & Balances due from depository institutions $31,036
    Interest-bearing balances $1,397
    Total securities $373,755
    Federal funds sold & reverse repurchase $39,000
    Net loans and leases $892,524
    Loan and leases loss allowance $17,632
    Trading account assets $0
    Bank premises and fixed assets $39,086
    Other real estate owned $788
    Goodwill and other intangibles $15,551
    All other assets $30,233

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,421,973
    Total Liabilities $1,286,716
    Total deposits $1,259,455
    Interest-bearing deposits $915,631
    Deposits held in domestic offices $1,259,455
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $18,393
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $8,868

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $892,524
    Loan and leases loss allowance $17,632
    Total loans and leases (domestic) $910,156
    All real estate loans $617,894
    Real estate loans in domestic offices $617,894
    Construction and development loans $46,252
    Residential 1-4 family construction $12,510
    Other construction, all land development and other land $33,742
    Loans secured by nonfarm nonresidential properties $296,688
    Nonfarm nonresidential secured by owner-occupied properties $89,732
    Commercial real estate & other non-farm, non-residential $206,956
    Multifamily residential real estate $42,278
    1-4 family residential loans $148,129
    Farmland loans $84,547
    Loans held in foreign offices $0
    Farm loans $43,432
    Commercial and industrial loans $205,715
    To non-U.S. addressees $0
    Loans to individuals $41,796
    Credit card loans $16,465
    Related Plans $296
    Consumer Auto Loans $12,397
    Other loans to individuals $12,638
    All other loans & leases $1,319
    Loans to foreign governments and official institutions $0
    Other loans $261
    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 $1,700
    Non 1-4 family restructured loans & leases $1,700
    Total loans and leases (foreign) $0

    CorTrust Bank had $892,524,000 of loans outstanding in 2020. $617,894,000 of loans were in real estate loans. $46,252,000 of loans were in development loans. $42,278,000 of loans were in multifamily mortgage loans. $148,129,000 of loans were in 1-4 family mortgage loans. $43,432,000 of loans were in farm loans. $16,465,000 of loans were in credit card loans. $12,397,000 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 395 $91,541 $231,749
    Nonfarm, nonresidential loans - <$100k 96 $5,802 $60,438
    Nonfarm, nonresidential loans - $100-250k 130 $17,203 $132,331
    Nonfarm, nonresidential loans - $250k-1MM 169 $68,536 $405,538
    Commercial & Industrial, US addressed loans - <$1MM 1,788 $116,640 $65,235
    Commercial & Industrial, US addressed loans - <$100k 1,333 $31,244 $23,439
    Commercial & Industrial, US addressed loans - $100-250k 265 $28,334 $106,921
    Commercial & Industrial, US addressed loans - $250k-1MM 190 $57,062 $300,326
    Farmland loans - <$1MM 335 $40,780 $121,731
    Farmland loans - <$100k 139 $5,466 $39,324
    Farmland loans - $100-250k 138 $18,272 $132,406
    Farmland loans - $250k-1MM 58 $17,042 $293,828
    Agriculture operations loans - <$1MM 803 $36,226 $45,113
    Agriculture operations loans - <$100k 651 $13,662 $20,986
    Agriculture operations loans - $100-250k 106 $11,620 $109,623
    Agriculture operations loans - $250k-1MM 46 $10,944 $237,913