Pioneer Bank Mortgage Rates, Fees & Info
Mapleton, MNLEI: 54930002ZF7XTZGVKY26
Tax ID: 41-0393345
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Mortgage Data
Bank Data
Review & Overview
Pioneer Bank is a smaller bank specializing in Refi and Home Purchase loans. Pioneer Bank has a high proportion of conventional loans. Their top markets by origination volume include: Mankato, Minneapolis, Orlando, Toledo, and Albert Lea among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Pioneer Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
93Origination Dollar Volume (All Markets)
$10,875,000Employee count
116Top 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 |
|---|---|---|---|---|---|
| MANKATO, MN (FHA|USDA|VA) | 38 | $6,490,000 | $170,789 | $0 | 0.00% |
| Outside of Metro Areas | 40 | $2,570,000 | $64,250 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 0.00% |
| Owatonna, MN (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 0.00% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 93 | $10,875,000 | $116,935 | $0 | 0.00% |
For 2019, Pioneer Bank's most frequently originated type of loan was Conventional, with 93 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 44 | $4,940,000 | $112,273 | $0 | 0.00% |
| Home Purchase | 42 | $5,240,000 | $124,762 | $0 | 0.00% |
| Home Improvement | 7 | $695,000 | $99,286 | $0 | 0.00% |
For 2019, Pioneer Bank's most frequently cited loan purpose was Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 42 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 93 | $10,875,000 | $116,935 | $0 | 0.00% |
For 2019, Pioneer Bank's most frequently cited loan duration was Other, with 93 originations.
Loan Sizing
2019 saw Pioneer Bank place emphasis on $100,000 or less loans with 56 originations, totaling $3,010,000 in origination value.
Applicant Income
Pioneer Bank lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $50k-75k, with 14 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 93 | $10,875,000 | $116,935 | $0 | 0.00% |
Pioneer Bank lent most frequently to those with DTI ratios of Exempt%, with 93 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.37%
Pioneer Bank has an average approval rate.
Pick Rate
Approvals leading to origination77.42%
Pioneer Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 93 | $10,875,000 | $116,935 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 6 | $1,750,000 | $291,667 |
| Single Family (1-4 Units):Site-Built | 87 | $9,125,000 | $104,885 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Pioneer Bank | 123 Armstrong Boulevard South St. James, MN 56081 | Full Service B&M | $179,374 |
| Pioneer Bank | 1735 Commerce Drive North Mankato, MN 56003 | Full Service B&M | $63,970 |
| Pioneer Bank | 301 Main Street Mapleton, MN 56065 | Full Service B&M | $64,317 |
| Pioneer Bank | 301 West Lewis Street Lewisville, MN 56060 | Full Service B&M | $11,113 |
| Pioneer Bank | 320 Stadium Road, Suite 100 Mankato, MN 56001 | Full Service B&M | $51,436 |
| Pioneer Bank | 34 Main Street Madelia, MN 56062 | Full Service B&M | $44,054 |
For 2019, Pioneer Bank had 6 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $28,898 |
| Net interest income | $22,064 |
| Total noninterest income | $1,997 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $743 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,254 |
| Pre-tax net operating income | $5,921 |
| Securities gains (or losses, -) | $-12 |
| Income before extraordinary items | $5,905 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,905 |
| Minority interest net income | $0 |
| Net income | $5,905 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,917 |
Pioneer Bank's gross interest income from loans was $28,898,000.
Pioneer Bank's net interest income from loans was $22,064,000.
Pioneer Bank's fee based income from loans was $743,000.
Pioneer Bank's net income from loans was $5,905,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,834 |
| Provision for credit losses | $2,050 |
| Total noninterest expense | $16,090 |
| Salaries and employee benefits | $8,432 |
| Premises and equipment expense | $954 |
| Additional noninterest expense | $6,704 |
| Applicable income taxes | $4 |
| Net charge-offs | $3,084 |
| Cash dividends | $3,532 |
Pioneer Bank's interest expense for loans was $6,834,000.
Pioneer Bank's payroll and benefits expense were $8,432,000.
Pioneer Bank's property, plant and equipment expenses $954,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 2.0% |
| Real Estate loans | 2.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 2.0% |
| HELOC loans | 0.0% |
| All other family | 2.0% |
| Commercial & industrial loans | 1.0% |
| 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 | $581,589 |
| Deposits held in domestic offices | $581,589 |
| Deposits by Individuals, partnerships, and corporations | $506,764 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $72,127 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,698 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $181,039 |
| Demand deposits | $89,552 |
| Nontransaction accounts | $400,550 |
| Money market deposit accounts (MMDAs) | $62,104 |
| Other savings deposits (excluding MMDAs) | $180,143 |
| Total time deposits | $158,302 |
| Total time and savings deposits | $492,037 |
| Noninterest-bearing deposits | $89,552 |
| Interest-bearing deposits | $492,037 |
| Retail deposits | $548,358 |
| IRAs and Keogh plan accounts | $15,702 |
| Brokered deposits | $2,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $658,193 |
| Cash & Balances due from depository institutions | $71,782 |
| Interest-bearing balances | $52,434 |
| Total securities | $83,993 |
| Federal funds sold & reverse repurchase | $33,122 |
| Net loans and leases | $431,932 |
| Loan and leases loss allowance | $3,292 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,330 |
| Other real estate owned | $628 |
| Goodwill and other intangibles | $11,518 |
| All other assets | $19,888 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $658,193 |
| Total Liabilities | $586,653 |
| Total deposits | $581,589 |
| Interest-bearing deposits | $492,037 |
| Deposits held in domestic offices | $581,589 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $982 |
| Subordinated debt | $0 |
| All other liabilities | $4,082 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $431,932 |
| Loan and leases loss allowance | $3,292 |
| Total loans and leases (domestic) | $435,224 |
| All real estate loans | $249,098 |
| Real estate loans in domestic offices | $249,098 |
| Construction and development loans | $39,695 |
| Residential 1-4 family construction | $16,130 |
| Other construction, all land development and other land | $23,565 |
| Loans secured by nonfarm nonresidential properties | $31,265 |
| Nonfarm nonresidential secured by owner-occupied properties | $21,969 |
| Commercial real estate & other non-farm, non-residential | $9,296 |
| Multifamily residential real estate | $17,035 |
| 1-4 family residential loans | $77,324 |
| Farmland loans | $83,779 |
| Loans held in foreign offices | $0 |
| Farm loans | $105,831 |
| Commercial and industrial loans | $69,446 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $10,149 |
| Credit card loans | $0 |
| Related Plans | $539 |
| Consumer Auto Loans | $3,389 |
| Other loans to individuals | $6,221 |
| All other loans & leases | $700 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $288 |
| 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 | $1,957 |
| Non 1-4 family restructured loans & leases | $1,750 |
| Total loans and leases (foreign) | $0 |
Pioneer Bank had $431,932,000 of loans outstanding in 2019. $249,098,000 of loans were in real estate loans. $39,695,000 of loans were in development loans. $17,035,000 of loans were in multifamily mortgage loans. $77,324,000 of loans were in 1-4 family mortgage loans. $105,831,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,389,000 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 | 138 | $21,861 | $158,413 |
| Nonfarm, nonresidential loans - <$100k | 54 | $2,438 | $45,148 |
| Nonfarm, nonresidential loans - $100-250k | 48 | $7,093 | $147,771 |
| Nonfarm, nonresidential loans - $250k-1MM | 36 | $12,330 | $342,500 |
| Commercial & Industrial, US addressed loans - <$1MM | 351 | $34,827 | $99,222 |
| Commercial & Industrial, US addressed loans - <$100k | 201 | $5,606 | $27,891 |
| Commercial & Industrial, US addressed loans - $100-250k | 83 | $8,589 | $103,482 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 67 | $20,632 | $307,940 |
| Farmland loans - <$1MM | 149 | $20,864 | $140,027 |
| Farmland loans - <$100k | 38 | $1,619 | $42,605 |
| Farmland loans - $100-250k | 66 | $7,598 | $115,121 |
| Farmland loans - $250k-1MM | 45 | $11,647 | $258,822 |
| Agriculture operations loans - <$1MM | 237 | $21,008 | $88,641 |
| Agriculture operations loans - <$100k | 112 | $2,111 | $18,848 |
| Agriculture operations loans - $100-250k | 62 | $5,601 | $90,339 |
| Agriculture operations loans - $250k-1MM | 63 | $13,296 | $211,048 |