Perennial Bank Mortgage Rates, Fees & Info

Darwin, MN

LEI: 254900PTHF2B5Z1PGA51

Tax ID: 41-0250620

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Perennial Bank is a smaller bank specializing in Home Purchase and Refi loans. Perennial Bank has a high proportion of conventional loans. Their top (well, only) market is St. Cloud.

    Perennial Bank has an above average approval rate when compared to the average across all 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

    29

    Origination Dollar Volume (All Markets)

    $3,165,000

    Employee count

    24

    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
    Outside of Metro Areas 22 $2,480,000 $112,727 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 7 $685,000 $97,857 $0 0.00%
    Perennial Bank's top markets include and St. Cloud among others.

    Their top states include:
  • (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $3,165,000 $109,138 $0 0.00%

    For 2019, Perennial Bank's most frequently originated type of loan was Conventional, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $2,085,000 $109,737 $0 0.00%
    Refi 8 $1,040,000 $130,000 $0 0.00%
    Home Improvement 2 $40,000 $20,000 $0 0.00%

    For 2019, Perennial Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 29 $3,165,000 $109,138 $0 0.00%

    For 2019, Perennial Bank's most frequently cited loan duration was Other, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $810,000 $50,625 $0 0.00%
    $100k-200k 10 $1,410,000 $141,000 $0 0.00%
    $200k-400k 2 $510,000 $255,000 $0 0.00%
    $400k-600k 1 $435,000 $435,000 $0 0.00%

    2019 saw Perennial Bank place emphasis on $100,000 or less loans with 16 originations, totaling $810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 8 $420,000 $52,500 $0 0.00%
    $50k or less 6 $550,000 $91,667 $0 0.00%
    $100k-150k 4 $500,000 $125,000 $0 0.00%
    $75k-100k 3 $485,000 $161,667 $0 0.00%
    $150k-250k 2 $690,000 $345,000 $0 0.00%

    Perennial Bank lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 29 $3,165,000 $109,138 $0 0.00%

    Perennial Bank lent most frequently to those with DTI ratios of Exempt%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 23 $2,645,000 $115,000 $0 0.00%
    Not applicable 6 $520,000 $86,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    Perennial 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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 29 $3,165,000 $109,138

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 29 $3,165,000 $109,138

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 8.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Closing on a mortgage 2 8.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Struggling to pay mortgage 2 8.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Trouble during payment process 3 13.0%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 3 13.0%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Struggling to pay mortgage 2 8.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Trouble during payment process 2 8.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 4.3%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Other type of mortgage Closing on a mortgage 1 4.3%
    PRIMELENDING, A PLAINSCAPITAL COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 8.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY VA mortgage Trouble during payment process 3 13.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Perennial Bank 102 E. 2nd St. Winthrop, MN 55396 Full Service B&M $23,113
    Perennial Bank 125 East James Street Paynesville, MN 56362 Full Service B&M $29,028
    Perennial Bank 318 N 1st Street Darwin, MN 55324 Full Service B&M $33,374
    Perennial Bank 780 W. Parker Ave, P.O. Box 160 Dassel, MN 55325 Full Service B&M $9,900

    For 2019, Perennial Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,401
    Net interest income $3,067
    Total noninterest income $435
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $290
    Trading account gains and fees $0
    Additional Noninterest Income $145
    Pre-tax net operating income $1,198
    Securities gains (or losses, -) $-17
    Income before extraordinary items $1,181
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,181
    Minority interest net income $0
    Net income $1,181
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,198

    Perennial Bank's gross interest income from loans was $3,401,000.
    Perennial Bank's net interest income from loans was $3,067,000.
    Perennial Bank's fee based income from loans was $290,000.
    Perennial Bank's net income from loans was $1,181,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $334
    Provision for credit losses $0
    Total noninterest expense $2,304
    Salaries and employee benefits $1,417
    Premises and equipment expense $314
    Additional noninterest expense $573
    Applicable income taxes $0
    Net charge-offs $20
    Cash dividends $689

    Perennial Bank's interest expense for loans was $334,000.
    Perennial Bank's payroll and benefits expense were $1,417,000.
    Perennial Bank's property, plant and equipment expenses $314,000.

    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 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $96,609
    Deposits held in domestic offices $96,609
    Deposits by Individuals, partnerships, and corporations $86,385
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $10,223
    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 $42,821
    Demand deposits $29,431
    Nontransaction accounts $53,787
    Money market deposit accounts (MMDAs) $28,693
    Other savings deposits (excluding MMDAs) $15,827
    Total time deposits $9,267
    Total time and savings deposits $67,177
    Noninterest-bearing deposits $29,432
    Interest-bearing deposits $67,177
    Retail deposits $96,609
    IRAs and Keogh plan accounts $2,791
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $107,601
    Cash & Balances due from depository institutions $23,679
    Interest-bearing balances $19,722
    Total securities $41,246
    Federal funds sold & reverse repurchase $5,977
    Net loans and leases $32,908
    Loan and leases loss allowance $547
    Trading account assets $0
    Bank premises and fixed assets $1,806
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $1,985

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $107,600
    Total Liabilities $97,114
    Total deposits $96,609
    Interest-bearing deposits $67,177
    Deposits held in domestic offices $96,609
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $505

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $32,908
    Loan and leases loss allowance $547
    Total loans and leases (domestic) $33,455
    All real estate loans $21,465
    Real estate loans in domestic offices $21,465
    Construction and development loans $1,432
    Residential 1-4 family construction $494
    Other construction, all land development and other land $938
    Loans secured by nonfarm nonresidential properties $2,391
    Nonfarm nonresidential secured by owner-occupied properties $2,301
    Commercial real estate & other non-farm, non-residential $90
    Multifamily residential real estate $586
    1-4 family residential loans $13,459
    Farmland loans $3,597
    Loans held in foreign offices $0
    Farm loans $3,091
    Commercial and industrial loans $3,582
    To non-U.S. addressees $0
    Loans to individuals $4,888
    Credit card loans $0
    Related Plans $22
    Consumer Auto Loans $2,289
    Other loans to individuals $2,577
    All other loans & leases $429
    Loans to foreign governments and official institutions $0
    Other loans $72
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Perennial Bank had $32,908,000 of loans outstanding in 2019. $21,465,000 of loans were in real estate loans. $1,432,000 of loans were in development loans. $586,000 of loans were in multifamily mortgage loans. $13,459,000 of loans were in 1-4 family mortgage loans. $3,091,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,289,000 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 37 $2,391 $64,622
    Nonfarm, nonresidential loans - <$100k 27 $1,026 $38,000
    Nonfarm, nonresidential loans - $100-250k 9 $924 $102,667
    Nonfarm, nonresidential loans - $250k-1MM 1 $441 $441,000
    Commercial & Industrial, US addressed loans - <$1MM 117 $3,582 $30,615
    Commercial & Industrial, US addressed loans - <$100k 97 $1,498 $15,443
    Commercial & Industrial, US addressed loans - $100-250k 15 $1,200 $80,000
    Commercial & Industrial, US addressed loans - $250k-1MM 5 $884 $176,800
    Farmland loans - <$1MM 29 $2,833 $97,690
    Farmland loans - <$100k 15 $584 $38,933
    Farmland loans - $100-250k 8 $726 $90,750
    Farmland loans - $250k-1MM 6 $1,523 $253,833
    Agriculture operations loans - <$1MM 46 $3,091 $67,196
    Agriculture operations loans - <$100k 30 $809 $26,967
    Agriculture operations loans - $100-250k 12 $1,479 $123,250
    Agriculture operations loans - $250k-1MM 4 $803 $200,750