Vermillion State Bank Mortgage Rates, Fees & Info

Vermillion, MN

LEI: 2549009GERLEDM651T51

Tax ID: 41-0592730

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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

    Vermillion State Bank is a smaller bank specializing in Refi and Home Purchase loans. Vermillion State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, Faribault, and Red Wing among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Vermillion State 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.

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    Originations

    467

    Origination Dollar Volume (All Markets)

    $120,385,000

    Employee count

    37

    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) 399 $101,535,000 $254,474 $0 0.00%
    Outside of Metro Areas 62 $16,990,000 $274,032 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $720,000 $360,000 $0 0.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 2 $620,000 $310,000 $0 0.00%
    Red Wing, MN (FHA|USDA|VA) 2 $520,000 $260,000 $0 0.00%
    Vermillion State Bank's top markets include Minneapolis, Duluth, Faribault, and Red Wing among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 467 $120,385,000 $257,784 $0 0.00%

    For 2020, Vermillion State Bank's most frequently originated type of loan was Conventional, with 467 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 248 $64,950,000 $261,895 $0 0.00%
    Home Purchase 103 $29,065,000 $282,184 $0 0.00%
    Cash Out Refi 70 $20,280,000 $289,714 $0 0.00%
    Home Improvement 25 $3,665,000 $146,600 $0 0.00%
    Other 21 $2,425,000 $115,476 $0 0.00%

    For 2020, Vermillion State Bank's most frequently cited loan purpose was Refi, with 248 originations. The 2nd most popular reason was Home Purchase, with 103 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 467 $120,385,000 $257,784 $0 0.00%

    For 2020, Vermillion State Bank's most frequently cited loan duration was Other, with 467 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 251 $71,245,000 $283,845 $0 0.00%
    $100k-200k 113 $17,365,000 $153,673 $0 0.00%
    $400k-600k 55 $26,145,000 $475,364 $0 0.00%
    $100,000 or less 44 $2,540,000 $57,727 $0 0.00%
    $600k-1MM 3 $2,085,000 $695,000 $0 0.00%
    $1MM+ 1 $1,005,000 $1,005,000 $0 0.00%

    2020 saw Vermillion State Bank place emphasis on $200k-400k loans with 251 originations, totaling $71,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 139 $40,005,000 $287,806 $0 0.00%
    $75k-100k 79 $17,825,000 $225,633 $0 0.00%
    $50k-75k 73 $14,935,000 $204,589 $0 0.00%
    $150k-250k 65 $19,965,000 $307,154 $0 0.00%
    $50k or less 37 $6,945,000 $187,703 $0 0.00%
    $250k+ 28 $10,290,000 $367,500 $0 0.00%

    Vermillion State Bank lent most frequently to those with incomes in the $100k-150k range, with 139 originations. The second most popular income band? $75k-100k, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 467 $120,385,000 $257,784 $0 0.00%

    Vermillion State Bank lent most frequently to those with DTI ratios of Exempt%, with 467 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 431 $111,955,000 $259,756 $0 0.00%
    Not applicable 30 $6,420,000 $214,000 $0 0.00%
    Asian 2 $650,000 $325,000 $0 0.00%
    Chinese 1 $515,000 $515,000 $0 0.00%
    Not provided 1 $475,000 $475,000 $0 0.00%
    Black 1 $245,000 $245,000 $0 0.00%
    Korean 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.59%

    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
    95.50%

    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 467 $120,385,000 $257,784

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $265,000 $265,000
    Single Family (1-4 Units):Manufactured 2 $160,000 $80,000
    Single Family (1-4 Units):Site-Built 464 $119,960,000 $258,534

    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 $358,107
    Vermillion State Bank 14681 240th Street E Hastings, MN 55033 Full Service B&M $7,504
    Vermillion State Bank 15040 Canada Avenue West Rosemount, MN 55068 Full Service B&M $42,368
    Vermillion State Bank 255 West 33rd Street Hastings, MN 55033 Full Service B&M $26,148
    Vermillion State Bank 2975 80th Street East Inver Grove Heights, MN 55075 Full Service B&M $50,218
    Vermillion State Bank 975 Lyn Way Hastings, MN 55033 Full Service B&M $92,875

    For 2020, Vermillion State Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,432
    Net interest income $19,154
    Total noninterest income $3,673
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $206
    Trading account gains and fees $0
    Additional Noninterest Income $3,467
    Pre-tax net operating income $14,180
    Securities gains (or losses, -) $11
    Income before extraordinary items $14,191
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,191
    Minority interest net income $0
    Net income $14,191
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,180

    Vermillion State Bank's gross interest income from loans was $22,432,000.
    Vermillion State Bank's net interest income from loans was $19,154,000.
    Vermillion State Bank's fee based income from loans was $206,000.
    Vermillion State Bank's net income from loans was $14,191,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,278
    Provision for credit losses $0
    Total noninterest expense $8,647
    Salaries and employee benefits $6,152
    Premises and equipment expense $523
    Additional noninterest expense $1,972
    Applicable income taxes $0
    Net charge-offs $-76
    Cash dividends $21,790

    Vermillion State Bank's interest expense for loans was $3,278,000.
    Vermillion State Bank's payroll and benefits expense were $6,152,000.
    Vermillion State Bank's property, plant and equipment expenses $523,000.

    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 $616,563
    Deposits held in domestic offices $616,563
    Deposits by Individuals, partnerships, and corporations $610,511
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $6,051
    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 $44,671
    Demand deposits $28,288
    Nontransaction accounts $571,891
    Money market deposit accounts (MMDAs) $195,528
    Other savings deposits (excluding MMDAs) $273,164
    Total time deposits $103,201
    Total time and savings deposits $588,274
    Noninterest-bearing deposits $125,260
    Interest-bearing deposits $491,303
    Retail deposits $595,829
    IRAs and Keogh plan accounts $17,634
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $708,185
    Cash & Balances due from depository institutions $65,554
    Interest-bearing balances $47,496
    Total securities $293,204
    Federal funds sold & reverse repurchase $0
    Net loans and leases $334,729
    Loan and leases loss allowance $4,211
    Trading account assets $0
    Bank premises and fixed assets $2,684
    Other real estate owned $394
    Goodwill and other intangibles $1,573
    All other assets $10,047

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $708,185
    Total Liabilities $617,514
    Total deposits $616,563
    Interest-bearing deposits $491,303
    Deposits held in domestic offices $616,563
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $951

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $334,729
    Loan and leases loss allowance $4,211
    Total loans and leases (domestic) $338,940
    All real estate loans $207,988
    Real estate loans in domestic offices $207,988
    Construction and development loans $3,433
    Residential 1-4 family construction $0
    Other construction, all land development and other land $3,433
    Loans secured by nonfarm nonresidential properties $84,467
    Nonfarm nonresidential secured by owner-occupied properties $67,765
    Commercial real estate & other non-farm, non-residential $16,702
    Multifamily residential real estate $196
    1-4 family residential loans $84,115
    Farmland loans $35,777
    Loans held in foreign offices $0
    Farm loans $17,955
    Commercial and industrial loans $103,561
    To non-U.S. addressees $0
    Loans to individuals $9,714
    Credit card loans $0
    Related Plans $292
    Consumer Auto Loans $2,331
    Other loans to individuals $7,091
    All other loans & leases $892
    Loans to foreign governments and official institutions $0
    Other loans $167
    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 $730
    Non 1-4 family restructured loans & leases $686
    Total loans and leases (foreign) $0

    Vermillion State Bank had $334,729,000 of loans outstanding in 2020. $207,988,000 of loans were in real estate loans. $3,433,000 of loans were in development loans. $196,000 of loans were in multifamily mortgage loans. $84,115,000 of loans were in 1-4 family mortgage loans. $17,955,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,331,000 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 162 $41,088 $253,630
    Nonfarm, nonresidential loans - <$100k 18 $875 $48,611
    Nonfarm, nonresidential loans - $100-250k 53 $7,061 $133,226
    Nonfarm, nonresidential loans - $250k-1MM 91 $33,152 $364,308
    Commercial & Industrial, US addressed loans - <$1MM 799 $67,179 $84,079
    Commercial & Industrial, US addressed loans - <$100k 548 $15,450 $28,193
    Commercial & Industrial, US addressed loans - $100-250k 145 $17,343 $119,607
    Commercial & Industrial, US addressed loans - $250k-1MM 106 $34,386 $324,396
    Farmland loans - <$1MM 56 $10,149 $181,232
    Farmland loans - <$100k 13 $613 $47,154
    Farmland loans - $100-250k 20 $3,165 $158,250
    Farmland loans - $250k-1MM 23 $6,371 $277,000
    Agriculture operations loans - <$1MM 83 $7,822 $94,241
    Agriculture operations loans - <$100k 45 $1,390 $30,889
    Agriculture operations loans - $100-250k 25 $2,930 $117,200
    Agriculture operations loans - $250k-1MM 13 $3,502 $269,385