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, Rochester, Minneapolis, Duluth, and Fairmont among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Pioneer Bank has an above 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
118Origination Dollar Volume (All Markets)
$33,110,000Employee 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) | 45 | $23,405,000 | $520,111 | $0 | 0.00% |
| Outside of Metro Areas | 51 | $5,305,000 | $104,020 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 6 | $2,160,000 | $360,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 6 | $370,000 | $61,667 | $0 | 0.00% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Worthington, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| New Ulm, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 118 | $33,110,000 | $280,593 | $0 | 0.00% |
For 2020, Pioneer Bank's most frequently originated type of loan was Conventional, with 118 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 65 | $14,065,000 | $216,385 | $0 | 0.00% |
| Home Purchase | 47 | $18,905,000 | $402,234 | $0 | 0.00% |
| Home Improvement | 6 | $140,000 | $23,333 | $0 | 0.00% |
For 2020, Pioneer Bank's most frequently cited loan purpose was Refi, with 65 originations. The 2nd most popular reason was Home Purchase, with 47 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 118 | $33,110,000 | $280,593 | $0 | 0.00% |
For 2020, Pioneer Bank's most frequently cited loan duration was Other, with 118 originations.
Loan Sizing
2020 saw Pioneer Bank place emphasis on $100,000 or less loans with 59 originations, totaling $2,985,000 in origination value.
Applicant Income
Pioneer Bank lent most frequently to those with incomes in the $50k or less range, with 18 originations. The second most popular income band? $100k-150k, with 15 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 118 | $33,110,000 | $280,593 | $0 | 0.00% |
Pioneer Bank lent most frequently to those with DTI ratios of Exempt%, with 118 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.36%
Pioneer Bank has an average approval rate.
Pick Rate
Approvals leading to origination72.88%
Pioneer Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 118 | $33,110,000 | $280,593 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 19 | $21,765,000 | $1,145,526 |
| Single Family (1-4 Units):Site-Built | 99 | $11,345,000 | $114,596 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Pioneer Bank | 301 Main Street Mapleton, MN 56065 | Full Service B&M | $70,556 |
| Pioneer Bank | 301 West Lewis Street Lewisville, MN 56060 | Full Service B&M | $11,392 |
| Pioneer Bank | 123 Armstrong Boulevard South St. James, MN 56081 | Full Service B&M | $181,597 |
| Pioneer Bank | 1735 Commerce Drive North Mankato, MN 56003 | Full Service B&M | $76,866 |
| Pioneer Bank | 220 South Third Street Saint Peter, MN 56082 | Full Service B&M | $155,535 |
| Pioneer Bank | 320 Stadium Road, Suite 100 Mankato, MN 56001 | Full Service B&M | $52,917 |
| Pioneer Bank | 34 Main Street Madelia, MN 56062 | Full Service B&M | $49,019 |
For 2020, Pioneer Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $27,255 |
| Net interest income | $23,276 |
| Total noninterest income | $2,301 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $588 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,713 |
| Pre-tax net operating income | $5,341 |
| Securities gains (or losses, -) | $288 |
| Income before extraordinary items | $5,612 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,612 |
| Minority interest net income | $0 |
| Net income | $5,612 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,324 |
Pioneer Bank's gross interest income from loans was $27,255,000.
Pioneer Bank's net interest income from loans was $23,276,000.
Pioneer Bank's fee based income from loans was $588,000.
Pioneer Bank's net income from loans was $5,612,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,979 |
| Provision for credit losses | $3,150 |
| Total noninterest expense | $17,086 |
| Salaries and employee benefits | $9,167 |
| Premises and equipment expense | $1,330 |
| Additional noninterest expense | $6,589 |
| Applicable income taxes | $17 |
| Net charge-offs | $1,178 |
| Cash dividends | $3,532 |
Pioneer Bank's interest expense for loans was $3,979,000.
Pioneer Bank's payroll and benefits expense were $9,167,000.
Pioneer Bank's property, plant and equipment expenses $1,330,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 2.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 1.0% |
| 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 | $640,722 |
| Deposits held in domestic offices | $640,722 |
| Deposits by Individuals, partnerships, and corporations | $543,086 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $81,870 |
| Deposits by Commercial banks and other depository institutions in U.S. | $15,766 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $241,829 |
| Demand deposits | $108,904 |
| Nontransaction accounts | $398,893 |
| Money market deposit accounts (MMDAs) | $139,536 |
| Other savings deposits (excluding MMDAs) | $117,615 |
| Total time deposits | $141,742 |
| Total time and savings deposits | $531,818 |
| Noninterest-bearing deposits | $108,904 |
| Interest-bearing deposits | $531,818 |
| Retail deposits | $606,222 |
| IRAs and Keogh plan accounts | $14,946 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $723,208 |
| Cash & Balances due from depository institutions | $112,191 |
| Interest-bearing balances | $97,789 |
| Total securities | $102,849 |
| Federal funds sold & reverse repurchase | $14,984 |
| Net loans and leases | $443,679 |
| Loan and leases loss allowance | $5,265 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $13,414 |
| Other real estate owned | $3,091 |
| Goodwill and other intangibles | $10,963 |
| All other assets | $22,037 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $723,207 |
| Total Liabilities | $647,966 |
| Total deposits | $640,722 |
| Interest-bearing deposits | $531,818 |
| Deposits held in domestic offices | $640,722 |
| % insured (estimated) | $78 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $607 |
| Subordinated debt | $0 |
| All other liabilities | $6,637 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $443,679 |
| Loan and leases loss allowance | $5,265 |
| Total loans and leases (domestic) | $448,944 |
| All real estate loans | $228,196 |
| Real estate loans in domestic offices | $228,196 |
| Construction and development loans | $9,405 |
| Residential 1-4 family construction | $4,722 |
| Other construction, all land development and other land | $4,683 |
| Loans secured by nonfarm nonresidential properties | $43,814 |
| Nonfarm nonresidential secured by owner-occupied properties | $33,070 |
| Commercial real estate & other non-farm, non-residential | $10,744 |
| Multifamily residential real estate | $32,953 |
| 1-4 family residential loans | $68,838 |
| Farmland loans | $73,186 |
| Loans held in foreign offices | $0 |
| Farm loans | $88,338 |
| Commercial and industrial loans | $123,373 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,703 |
| Credit card loans | $0 |
| Related Plans | $286 |
| Consumer Auto Loans | $3,017 |
| Other loans to individuals | $5,400 |
| All other loans & leases | $334 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $89 |
| 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 | $9,229 |
| Non 1-4 family restructured loans & leases | $9,053 |
| Total loans and leases (foreign) | $0 |
Pioneer Bank had $443,679,000 of loans outstanding in 2020. $228,196,000 of loans were in real estate loans. $9,405,000 of loans were in development loans. $32,953,000 of loans were in multifamily mortgage loans. $68,838,000 of loans were in 1-4 family mortgage loans. $88,338,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,017,000 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 | 142 | $21,756 | $153,211 |
| Nonfarm, nonresidential loans - <$100k | 54 | $2,438 | $45,148 |
| Nonfarm, nonresidential loans - $100-250k | 51 | $7,138 | $139,961 |
| Nonfarm, nonresidential loans - $250k-1MM | 37 | $12,180 | $329,189 |
| Commercial & Industrial, US addressed loans - <$1MM | 640 | $52,638 | $82,247 |
| Commercial & Industrial, US addressed loans - <$100k | 449 | $10,367 | $23,089 |
| Commercial & Industrial, US addressed loans - $100-250k | 103 | $12,263 | $119,058 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 88 | $30,008 | $341,000 |
| Farmland loans - <$1MM | 145 | $19,120 | $131,862 |
| Farmland loans - <$100k | 43 | $1,975 | $45,930 |
| Farmland loans - $100-250k | 64 | $7,237 | $113,078 |
| Farmland loans - $250k-1MM | 38 | $9,908 | $260,737 |
| Agriculture operations loans - <$1MM | 268 | $19,355 | $72,220 |
| Agriculture operations loans - <$100k | 158 | $3,142 | $19,886 |
| Agriculture operations loans - $100-250k | 53 | $4,467 | $84,283 |
| Agriculture operations loans - $250k-1MM | 57 | $11,746 | $206,070 |