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 Home Purchase loans. Cortrust Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Minneapolis, Aberdeen, Hutchinson, and Yankton among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cortrust Bank has an above average approval rate when compared to the average across all lenders. They have an above 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

    135

    Origination Dollar Volume (All Markets)

    $70,575,000

    Employee count

    333

    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) 18 $56,090,000 $3,116,111 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 48 $8,120,000 $169,167 $0 0.00%
    Aberdeen, SD (FHA|USDA|VA) 22 $1,740,000 $79,091 $0 0.00%
    Hutchinson, MN (FHA|USDA|VA) 11 $1,605,000 $145,909 $0 0.00%
    Outside of Metro Areas 15 $1,165,000 $77,667 $0 0.00%
    Yankton, SD (FHA|USDA|VA) 9 $895,000 $99,444 $0 0.00%
    Mitchell, SD (FHA|USDA|VA) 5 $415,000 $83,000 $0 0.00%
    Vermillion, SD (FHA|USDA|VA) 2 $180,000 $90,000 $0 0.00%
    Brookings, SD (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
    Watertown, SD (FHA|USDA|VA) 2 $30,000 $15,000 $0 0.00%
    Cortrust Bank's top markets include Sioux Falls, Minneapolis, Aberdeen, Hutchinson, and Yankton among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 135 $70,575,000 $522,778 $0 0.00%

    For 2021, Cortrust Bank's most frequently originated type of loan was Conventional, with 135 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 50 $10,200,000 $204,000 $0 0.00%
    Home Purchase 43 $58,455,000 $1,359,419 $0 0.00%
    Home Improvement 40 $1,530,000 $38,250 $0 0.00%
    Other 2 $390,000 $195,000 $0 0.00%

    For 2021, Cortrust Bank's most frequently cited loan purpose was Refi, with 50 originations. The 2nd most popular reason was Home Purchase, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 135 $70,575,000 $522,778 $0 0.00%

    For 2021, Cortrust Bank's most frequently cited loan duration was Other, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 75 $3,285,000 $43,800 $0 0.00%
    $100k-200k 28 $4,150,000 $148,214 $0 0.00%
    $200k-400k 23 $6,315,000 $274,565 $0 0.00%
    $400k-600k 5 $2,655,000 $531,000 $0 0.00%
    $1MM+ 2 $52,750,000 $26,375,000 $0 0.00%
    $600k-1MM 2 $1,420,000 $710,000 $0 0.00%

    2021 saw Cortrust Bank place emphasis on $100,000 or less loans with 75 originations, totaling $3,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 27 $2,385,000 $88,333 $0 0.00%
    $50k-75k 24 $1,690,000 $70,417 $0 0.00%
    $75k-100k 21 $2,195,000 $104,524 $0 0.00%
    $100k-150k 12 $1,270,000 $105,833 $0 0.00%
    $150k-250k 6 $1,720,000 $286,667 $0 0.00%
    $250k+ 3 $705,000 $235,000 $0 0.00%

    Cortrust Bank lent most frequently to those with incomes in the $50k or less range, with 27 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 135 $70,575,000 $522,778 $0 0.00%

    Cortrust Bank lent most frequently to those with DTI ratios of Exempt%, with 135 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 39 $60,275,000 $1,545,513 $0 0.00%
    White 83 $9,345,000 $112,590 $0 0.00%
    Not provided 4 $560,000 $140,000 $0 0.00%
    Black 6 $280,000 $46,667 $0 0.00%
    American Indian 3 $115,000 $38,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.08%

    Cortrust Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.07%

    Cortrust Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 135 $70,575,000 $522,778

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    135 $70,575,000 $522,778

    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 $133,770
    Cortrust Bank National Association 101 Ash Avenue North Mayer, MN 55360 Full Service B&M $17,832
    Cortrust Bank National Association 101 West Main Street Vermillion, SD 57069 Full Service B&M $75,665
    Cortrust Bank National Association 10107 University Avenue, N.E. Blaine, MN 55434 Full Service B&M $43,066
    Cortrust Bank National Association 106 East 4th Street Monticello, MN 55362 Full Service B&M $48,937
    Cortrust Bank National Association 110 Cedar Street Yankton, SD 57078 Full Service B&M $55,318
    Cortrust Bank National Association 111 South Main Street Mount Vernon, SD 57363 Full Service B&M $16,159
    Cortrust Bank National Association 114 S. Main Arlington, SD 57212 Full Service B&M $4,871
    Cortrust Bank National Association 11431 Jefferson Court North Champlin, MN 55316 Full Service B&M $12,527
    Cortrust Bank National Association 1220 East 57th Street Sioux Falls, SD 57108 Full Service B&M $13,739
    Cortrust Bank National Association 123 W Main Street Pierpont, SD 57468 Full Service B&M $12,488
    Cortrust Bank National Association 1300 Babcock Boulevard East Delano, MN 55328 Full Service B&M $116,605
    Cortrust Bank National Association 154 N Lidice Ave Tabor, SD 57063 Full Service B&M $28,685
    Cortrust Bank National Association 174 East Fourth Street Freeman, SD 57029 Full Service B&M $50,557
    Cortrust Bank National Association 1801 South Marion Road Sioux Falls, SD 57106 Full Service B&M $52,066
    Cortrust Bank National Association 1900 South Sycamore Sioux Falls, SD 57103 Full Service B&M $22,002
    Cortrust Bank National Association 2 Main Street Bowdle, SD 57428 Full Service B&M $24,656
    Cortrust Bank National Association 2 Main Street Leola, SD 57456 Full Service B&M $28,213
    Cortrust Bank National Association 2 Main Street Letcher, SD 57359 Full Service B&M $9,155
    Cortrust Bank National Association 2016 6th Avenue, S.E. Aberdeen, SD 57401 Full Service B&M $33,642
    Cortrust Bank National Association 2101 South Minnesota Street Sioux Falls, SD 57105 Full Service B&M $53,121
    Cortrust Bank National Association 2404 Broadway Yankton, SD 57078 Full Service B&M $48,936
    Cortrust Bank National Association 2850 Cutters Grove Ave, Suite 100 Anoka, MN 55303 Full Service B&M $14,312
    Cortrust Bank National Association 300 North Cherapa Place Sioux Falls, SD 57103 Full Service B&M $58,425
    Cortrust Bank National Association 308 Main Street South Hutchinson, MN 55350 Full Service B&M $29,519
    Cortrust Bank National Association 36 West 7th Avenue Webster, SD 57274 Full Service B&M $32,370
    Cortrust Bank National Association 400 Meckling Street Gayville, SD 57031 Full Service B&M $19,872
    Cortrust Bank National Association 4018 West 65th Street Edina, MN 55435 Full Service B&M $16,980
    Cortrust Bank National Association 4625 County Highway 101 Minnetonka, MN 55345 Full Service B&M $30,372
    Cortrust Bank National Association 5211 Shoreline Drive Mound, MN 55364 Full Service B&M $12,539
    Cortrust Bank National Association 555 Hwy 55 East Buffalo, MN 55313 Full Service B&M $42,169
    Cortrust Bank National Association 606 East Eleventh Street Glencoe, MN 55336 Full Service B&M $71,025
    Cortrust Bank National Association 719 North Main Mitchell, SD 57301 Full Service B&M $32,854
    Cortrust Bank National Association 737 Hall Street Stewart, MN 55385 Full Service B&M $11,390
    Cortrust Bank National Association 9600 Colorado Lane Brooklyn Park, MN 55445 Full Service B&M $16,558
    Cortrust Bank National Association 9740 Tamarack Rd Woodbury, MN 55125 Full Service B&M $37,924
    Cortrust Bank National Association Highway 34 Artesian, SD 57314 Full Service B&M $29,439

    For 2021, Cortrust Bank had 37 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $57,630
    Net interest income $53,511
    Total noninterest income $25,833
    Gross Fiduciary activities income $685
    Service charges on deposit accounts $1,424
    Trading account gains and fees $0
    Additional Noninterest Income $23,724
    Pre-tax net operating income $21,140
    Securities gains (or losses, -) $-502
    Income before extraordinary items $15,955
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,955
    Minority interest net income $0
    Net income $15,955
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $16,351

    Cortrust Bank's gross interest income from loans was $57,630,000.
    Cortrust Bank's net interest income from loans was $53,511,000.
    Cortrust Bank's fee based income from loans was $1,424,000.
    Cortrust Bank's net income from loans was $15,955,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,119
    Provision for credit losses $4,527
    Total noninterest expense $53,677
    Salaries and employee benefits $31,802
    Premises and equipment expense $8,057
    Additional noninterest expense $13,818
    Applicable income taxes $4,683
    Net charge-offs $2,144
    Cash dividends $3,710

    Cortrust Bank's interest expense for loans was $4,119,000.
    Cortrust Bank's payroll and benefits expense were $31,802,000.
    Cortrust Bank's property, plant and equipment expenses $8,057,000.

    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 $1,399,082
    Deposits held in domestic offices $1,399,082
    Deposits by Individuals, partnerships, and corporations $1,260,385
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $137,803
    Deposits by Commercial banks and other depository institutions in U.S. $894
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $723,180
    Demand deposits $466,567
    Nontransaction accounts $675,902
    Money market deposit accounts (MMDAs) $0
    Other savings deposits (excluding MMDAs) $400,456
    Total time deposits $275,445
    Total time and savings deposits $932,515
    Noninterest-bearing deposits $390,970
    Interest-bearing deposits $1,008,112
    Retail deposits $1,358,860
    IRAs and Keogh plan accounts $36,333
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,566,307
    Cash & Balances due from depository institutions $21,721
    Interest-bearing balances $593
    Total securities $553,267
    Federal funds sold & reverse repurchase $19,200
    Net loans and leases $883,704
    Loan and leases loss allowance $20,014
    Trading account assets $0
    Bank premises and fixed assets $38,219
    Other real estate owned $788
    Goodwill and other intangibles $15,854
    All other assets $33,554

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,566,307
    Total Liabilities $1,427,693
    Total deposits $1,399,082
    Interest-bearing deposits $1,008,112
    Deposits held in domestic offices $1,399,082
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $21,933
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,678

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $883,704
    Loan and leases loss allowance $20,014
    Total loans and leases (domestic) $903,718
    All real estate loans $664,346
    Real estate loans in domestic offices $664,346
    Construction and development loans $63,045
    Residential 1-4 family construction $17,018
    Other construction, all land development and other land $46,027
    Loans secured by nonfarm nonresidential properties $303,617
    Nonfarm nonresidential secured by owner-occupied properties $113,554
    Commercial real estate & other non-farm, non-residential $190,063
    Multifamily residential real estate $28,629
    1-4 family residential loans $196,313
    Farmland loans $72,742
    Loans held in foreign offices $0
    Farm loans $39,883
    Commercial and industrial loans $153,135
    To non-U.S. addressees $0
    Loans to individuals $45,101
    Credit card loans $20,991
    Related Plans $258
    Consumer Auto Loans $11,732
    Other loans to individuals $12,120
    All other loans & leases $1,253
    Loans to foreign governments and official institutions $0
    Other loans $350
    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 $7,012
    Non 1-4 family restructured loans & leases $7,012
    Total loans and leases (foreign) $0

    CorTrust Bank had $883,704,000 of loans outstanding in 2021. $664,346,000 of loans were in real estate loans. $63,045,000 of loans were in development loans. $28,629,000 of loans were in multifamily mortgage loans. $196,313,000 of loans were in 1-4 family mortgage loans. $39,883,000 of loans were in farm loans. $20,991,000 of loans were in credit card loans. $11,732,000 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 382 $94,372 $247,047
    Nonfarm, nonresidential loans - <$100k 85 $5,198 $61,153
    Nonfarm, nonresidential loans - $100-250k 109 $13,831 $126,890
    Nonfarm, nonresidential loans - $250k-1MM 188 $75,343 $400,761
    Commercial & Industrial, US addressed loans - <$1MM 821 $64,677 $78,778
    Commercial & Industrial, US addressed loans - <$100k 530 $12,984 $24,498
    Commercial & Industrial, US addressed loans - $100-250k 147 $11,659 $79,313
    Commercial & Industrial, US addressed loans - $250k-1MM 144 $40,034 $278,014
    Farmland loans - <$1MM 319 $40,499 $126,956
    Farmland loans - <$100k 127 $5,040 $39,685
    Farmland loans - $100-250k 134 $18,436 $137,582
    Farmland loans - $250k-1MM 58 $17,023 $293,500
    Agriculture operations loans - <$1MM 682 $27,488 $40,305
    Agriculture operations loans - <$100k 557 $11,699 $21,004
    Agriculture operations loans - $100-250k 90 $8,414 $93,489
    Agriculture operations loans - $250k-1MM 35 $7,375 $210,714