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 Refi and Home Purchase 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

    36

    Origination Dollar Volume (All Markets)

    $5,850,000

    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 28 $4,450,000 $158,929 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 8 $1,400,000 $175,000 $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 36 $5,850,000 $162,500 $0 0.00%

    For 2020, Perennial Bank's most frequently originated type of loan was Conventional, with 36 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 15 $2,425,000 $161,667 $0 0.00%
    Home Purchase 14 $2,500,000 $178,571 $0 0.00%
    Other 4 $600,000 $150,000 $0 0.00%
    Home Improvement 3 $325,000 $108,333 $0 0.00%

    For 2020, Perennial Bank's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Purchase, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 36 $5,850,000 $162,500 $0 0.00%

    For 2020, Perennial Bank's most frequently cited loan duration was Other, with 36 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 13 $765,000 $58,846 $0 0.00%
    $100k-200k 13 $1,945,000 $149,615 $0 0.00%
    $200k-400k 9 $2,675,000 $297,222 $0 0.00%
    $400k-600k 1 $465,000 $465,000 $0 0.00%

    2020 saw Perennial Bank place emphasis on $100,000 or less loans with 13 originations, totaling $765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $3,040,000 $217,143 $0 0.00%
    $50k-75k 7 $635,000 $90,714 $0 0.00%
    $150k-250k 4 $1,000,000 $250,000 $0 0.00%
    $75k-100k 4 $370,000 $92,500 $0 0.00%
    $250k+ 2 $480,000 $240,000 $0 0.00%
    $50k or less 2 $190,000 $95,000 $0 0.00%

    Perennial Bank lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 36 $5,850,000 $162,500 $0 0.00%

    Perennial Bank lent most frequently to those with DTI ratios of Exempt%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $5,715,000 $173,182 $0 0.00%
    Not applicable 3 $135,000 $45,000 $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 36 $5,850,000 $162,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 36 $5,850,000 $162,500

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Closing on a mortgage 1 6.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Struggling to pay mortgage 1 6.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY Conventional home mortgage Trouble during payment process 3 20.0%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Closing on a mortgage 1 6.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Incorrect information on your report 1 6.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Struggling to pay mortgage 2 13.3%
    PRIMELENDING, A PLAINSCAPITAL COMPANY FHA mortgage Trouble during payment process 1 6.7%
    PRIMELENDING, A PLAINSCAPITAL COMPANY VA mortgage Struggling to pay mortgage 2 13.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Perennial Bank 102 E. 2nd St. Winthrop, MN 55396 Full Service B&M $24,592
    Perennial Bank 125 East James Street Paynesville, MN 56362 Full Service B&M $33,585
    Perennial Bank 318 N 1st Street Darwin, MN 55324 Full Service B&M $36,870
    Perennial Bank 780 W. Parker Ave, P.O. Box 160 Dassel, MN 55325 Full Service B&M $12,998

    For 2020, Perennial Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,217
    Net interest income $2,890
    Total noninterest income $565
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $247
    Trading account gains and fees $0
    Additional Noninterest Income $318
    Pre-tax net operating income $1,121
    Securities gains (or losses, -) $8
    Income before extraordinary items $1,129
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,129
    Minority interest net income $0
    Net income $1,129
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,121

    Perennial Bank's gross interest income from loans was $3,217,000.
    Perennial Bank's net interest income from loans was $2,890,000.
    Perennial Bank's fee based income from loans was $247,000.
    Perennial Bank's net income from loans was $1,129,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $327
    Provision for credit losses $0
    Total noninterest expense $2,334
    Salaries and employee benefits $1,430
    Premises and equipment expense $315
    Additional noninterest expense $589
    Applicable income taxes $0
    Net charge-offs $-3
    Cash dividends $615

    Perennial Bank's interest expense for loans was $327,000.
    Perennial Bank's payroll and benefits expense were $1,430,000.
    Perennial Bank's property, plant and equipment expenses $315,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $120,834
    Deposits held in domestic offices $120,834
    Deposits by Individuals, partnerships, and corporations $107,326
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,508
    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 $52,900
    Demand deposits $36,762
    Nontransaction accounts $67,934
    Money market deposit accounts (MMDAs) $37,614
    Other savings deposits (excluding MMDAs) $20,715
    Total time deposits $9,604
    Total time and savings deposits $84,072
    Noninterest-bearing deposits $36,762
    Interest-bearing deposits $84,072
    Retail deposits $120,581
    IRAs and Keogh plan accounts $3,162
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $133,278
    Cash & Balances due from depository institutions $25,832
    Interest-bearing balances $18,668
    Total securities $46,464
    Federal funds sold & reverse repurchase $18,081
    Net loans and leases $39,193
    Loan and leases loss allowance $549
    Trading account assets $0
    Bank premises and fixed assets $1,708
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,000

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $133,278
    Total Liabilities $121,346
    Total deposits $120,834
    Interest-bearing deposits $84,072
    Deposits held in domestic offices $120,834
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $512

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $39,193
    Loan and leases loss allowance $549
    Total loans and leases (domestic) $39,742
    All real estate loans $23,979
    Real estate loans in domestic offices $23,979
    Construction and development loans $1,125
    Residential 1-4 family construction $992
    Other construction, all land development and other land $133
    Loans secured by nonfarm nonresidential properties $3,005
    Nonfarm nonresidential secured by owner-occupied properties $2,951
    Commercial real estate & other non-farm, non-residential $54
    Multifamily residential real estate $129
    1-4 family residential loans $16,003
    Farmland loans $3,717
    Loans held in foreign offices $0
    Farm loans $3,164
    Commercial and industrial loans $7,049
    To non-U.S. addressees $0
    Loans to individuals $5,205
    Credit card loans $0
    Related Plans $11
    Consumer Auto Loans $2,355
    Other loans to individuals $2,839
    All other loans & leases $345
    Loans to foreign governments and official institutions $0
    Other loans $52
    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 $39,193,000 of loans outstanding in 2020. $23,979,000 of loans were in real estate loans. $1,125,000 of loans were in development loans. $129,000 of loans were in multifamily mortgage loans. $16,003,000 of loans were in 1-4 family mortgage loans. $3,164,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,355,000 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 $3,005 $81,216
    Nonfarm, nonresidential loans - <$100k 26 $921 $35,423
    Nonfarm, nonresidential loans - $100-250k 8 $719 $89,875
    Nonfarm, nonresidential loans - $250k-1MM 3 $1,365 $455,000
    Commercial & Industrial, US addressed loans - <$1MM 155 $6,993 $45,116
    Commercial & Industrial, US addressed loans - <$100k 125 $2,252 $18,016
    Commercial & Industrial, US addressed loans - $100-250k 23 $2,187 $95,087
    Commercial & Industrial, US addressed loans - $250k-1MM 7 $2,554 $364,857
    Farmland loans - <$1MM 28 $3,717 $132,750
    Farmland loans - <$100k 13 $513 $39,462
    Farmland loans - $100-250k 8 $590 $73,750
    Farmland loans - $250k-1MM 7 $2,614 $373,429
    Agriculture operations loans - <$1MM 52 $3,164 $60,846
    Agriculture operations loans - <$100k 39 $936 $24,000
    Agriculture operations loans - $100-250k 7 $699 $99,857
    Agriculture operations loans - $250k-1MM 6 $1,529 $254,833