Vermillion State Bank Mortgage Rates, Fees & Info

Vermillion, MN

LEI: 2549009GERLEDM651T51

Tax ID: 41-0592730

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

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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, Home Purchase, and Cash Out Refi loans. Vermillion State Bank has a high proportion of conventional loans. Their top two markets are Minneapolis and Red Wing .

    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

    370

    Origination Dollar Volume (All Markets)

    $98,140,000

    Employee count

    34

    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) 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.

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

    • Product Mix

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

    For 2021, Vermillion State Bank's most frequently originated type of loan was Conventional, with 370 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Vermillion State Bank's most frequently cited loan purpose was Refi, with 150 originations. The 2nd most popular reason was 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 2021, Vermillion State Bank's most frequently cited loan duration was 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
    97.43%

    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
    97.57%

    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