Vermillion State Bank Mortgage Rates, Fees & Info

Vermillion, MN

LEI: 2549009GERLEDM651T51

Tax ID: 41-0592730

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Vermillion State Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Vermillion State Bank has a high proportion of conventional loans. Their top markets include Minneapolis and Red Wing among others. Vermillion State Bank has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors.


Originations

370

Origination Dollar Volume (All Markets)

$98,140,000

Employee count

34

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 310 $79,570,000 $256,677 $0 0.00%
Outside of Metro Areas 59 $18,545,000 $314,322 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%

Vermillion State Bank's top markets include Minneapolis and Red Wing among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 370 $98,140,000 $265,243 $0 0.00%

For the 2021 period, Vermillion State Bank's most frequently originated loan type of loans were Conventional, with 370 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 150 $39,440,000 $262,933 $0 0.00%
Home Purchase 92 $28,440,000 $309,130 $0 0.00%
Cash Out Refi 83 $25,005,000 $301,265 $0 0.00%
Other 26 $3,430,000 $131,923 $0 0.00%
Home Improvement 19 $1,825,000 $96,053 $0 0.00%

For the 2021, Vermillion State Bank's most frequently cited loan purpose of loans were Refi, with 150 originations. The 2nd most popular reason of loans were Home Purchase, with 92 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 370 $98,140,000 $265,243 $0 0.00%

For the 2021, Vermillion State Bank's most frequently cited loan length of loans were Other, with 370 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 170 $49,490,000 $291,118 $0 0.00%
$100k-200k 88 $14,080,000 $160,000 $0 0.00%
$100,000 or less 54 $2,770,000 $51,296 $0 0.00%
$400k-600k 52 $26,090,000 $501,731 $0 0.00%
$600k-1MM 5 $3,945,000 $789,000 $0 0.00%
$1MM+ 1 $1,765,000 $1,765,000 $0 0.00%

2021 saw Vermillion State Bank place emphasis on $200k-400k loans with 170 originations, totaling $49,490,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 98 $27,410,000 $279,694 $0 0.00%
$150k-250k 58 $17,870,000 $308,103 $0 0.00%
$75k-100k 56 $12,790,000 $228,393 $0 0.00%
$50k-75k 53 $11,205,000 $211,415 $0 0.00%
$250k+ 38 $16,370,000 $430,789 $0 0.00%
$50k or less 35 $5,015,000 $143,286 $0 0.00%

Vermillion State Bank lent most frequently to those with incomes in the $100k-150k range, with 98 originations. The second most popular income band? $150k-250k, with 58 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 370 $98,140,000 $265,243 $0 0.00%

Vermillion State Bank lent most frequently to those with DTI ratios of Exempt%, with 370 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 332 $88,580,000 $266,807 $0 0.00%
Not applicable 30 $7,180,000 $239,333 $0 0.00%
Asian 3 $1,365,000 $455,000 $0 0.00%
American Indian 2 $470,000 $235,000 $0 0.00%
Black 2 $400,000 $200,000 $0 0.00%
Not provided 1 $145,000 $145,000 $0 0.00%

Approval Rates

Total approvals of all applications
97.77%

Vermillion State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
96.13%

Vermillion State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
Exempt 370 $98,140,000 $265,243

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
370 $98,140,000 $265,243

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Vermillion State Bank 107 E Main St. Vermillion, MN 55085 Full Service B&M $415,488
Vermillion State Bank 14681 240th Street E Hastings, MN 55033 Full Service B&M $8,706
Vermillion State Bank 15040 Canada Avenue West Rosemount, MN 55068 Full Service B&M $49,157
Vermillion State Bank 255 West 33rd Street Hastings, MN 55033 Full Service B&M $30,338
Vermillion State Bank 2975 80th Street East Inver Grove Heights, MN 55075 Full Service B&M $58,264
Vermillion State Bank 975 Lyn Way Hastings, MN 55033 Full Service B&M $107,757

For 2021, Vermillion State Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $21,687
Net interest income $19,530
Total noninterest income $2,679
Gross Fiduciary activities income $0
Service charges on deposit accounts $183
Trading account gains and fees $0
Additional Noninterest Income $2,496
Pre-tax net operating income $14,526
Securities gains (or losses, -) $11
Income before extraordinary items $14,537
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,537
Minority interest net income $0
Net income $14,537
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,526

Vermillion State Bank's gross interest income from loans was $21,687,000.
Vermillion State Bank's net interest income from loans was $19,530,000.
Vermillion State Bank's fee based income from loans was $183,000.
Vermillion State Bank's net income from loans was $14,537,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,157
Provision for credit losses $0
Total noninterest expense $7,683
Salaries and employee benefits $5,622
Premises and equipment expense $498
Additional noninterest expense $1,563
Applicable income taxes $0
Net charge-offs $-91
Cash dividends $4,904

Vermillion State Bank's interest expense for loans was $2,157,000.
Vermillion State Bank's payroll and benefits expense were $5,622,000.
Vermillion State Bank's property, plant and equipment expenses $498,000.

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 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 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $738,062
Deposits held in domestic offices $738,062
Deposits by Individuals, partnerships, and corporations $729,031
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $9,032
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $54,528
Demand deposits $34,319
Nontransaction accounts $683,535
Money market deposit accounts (MMDAs) $223,782
Other savings deposits (excluding MMDAs) $350,272
Total time deposits $109,480
Total time and savings deposits $703,744
Noninterest-bearing deposits $296,862
Interest-bearing deposits $441,200
Retail deposits $712,461
IRAs and Keogh plan accounts $18,289
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $834,395
Cash & Balances due from depository institutions $200,941
Interest-bearing balances $181,622
Total securities $311,161
Federal funds sold & reverse repurchase $0
Net loans and leases $307,883
Loan and leases loss allowance $4,302
Trading account assets $0
Bank premises and fixed assets $2,302
Other real estate owned $735
Goodwill and other intangibles $1,288
All other assets $10,085

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $834,395
Total Liabilities $738,822
Total deposits $738,062
Interest-bearing deposits $441,200
Deposits held in domestic offices $738,062
% insured (estimated) $69
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $760

Issued Loan Types

Type Value (in 000's)
Net loans and leases $307,883
Loan and leases loss allowance $4,302
Total loans and leases (domestic) $312,185
All real estate loans $214,981
Real estate loans in domestic offices $214,981
Construction and development loans $4,611
Residential 1-4 family construction $0
Other construction, all land development and other land $4,611
Loans secured by nonfarm nonresidential properties $87,410
Nonfarm nonresidential secured by owner-occupied properties $73,851
Commercial real estate & other non-farm, non-residential $13,559
Multifamily residential real estate $144
1-4 family residential loans $85,691
Farmland loans $37,125
Loans held in foreign offices $0
Farm loans $18,210
Commercial and industrial loans $70,839
To non-U.S. addressees $0
Loans to individuals $7,890
Credit card loans $0
Related Plans $188
Consumer Auto Loans $2,421
Other loans to individuals $5,281
All other loans & leases $700
Loans to foreign governments and official institutions $0
Other loans $309
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 $726
Non 1-4 family restructured loans & leases $682
Total loans and leases (foreign) $0

Vermillion State Bank had $307,883,000 of loans outstanding in 2021. $214,981,000 of loans were in real estate loans. $4,611,000 of loans were in development loans. $144,000 of loans were in multifamily mortgage loans. $85,691,000 of loans were in 1-4 family mortgage loans. $18,210,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,421,000 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 147 $39,086 $265,891
Nonfarm, nonresidential loans - <$100k 15 $673 $44,867
Nonfarm, nonresidential loans - $100-250k 44 $6,013 $136,659
Nonfarm, nonresidential loans - $250k-1MM 88 $32,400 $368,182
Commercial & Industrial, US addressed loans - <$1MM 573 $48,910 $85,358
Commercial & Industrial, US addressed loans - <$100k 382 $10,118 $26,487
Commercial & Industrial, US addressed loans - $100-250k 102 $11,637 $114,088
Commercial & Industrial, US addressed loans - $250k-1MM 89 $27,155 $305,112
Farmland loans - <$1MM 63 $16,256 $258,032
Farmland loans - <$100k 16 $693 $43,313
Farmland loans - $100-250k 20 $2,843 $142,150
Farmland loans - $250k-1MM 27 $12,720 $471,111
Agriculture operations loans - <$1MM 81 $8,027 $99,099
Agriculture operations loans - <$100k 41 $1,201 $29,293
Agriculture operations loans - $100-250k 26 $3,082 $118,538
Agriculture operations loans - $250k-1MM 14 $3,744 $267,429