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, Fairmont, San Luis Obispo, and Tampa among others. We have data for 8 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
93Origination Dollar Volume (All Markets)
$27,705,000Employee count
115Top 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 | $19,325,000 | $429,444 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 11 | $3,265,000 | $296,818 | $0 | 0.00% |
| Outside of Metro Areas | 28 | $2,890,000 | $103,214 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $0 | 0.00% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 0.00% |
| New Ulm, MN (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 93 | $27,705,000 | $297,903 | $0 | 0.00% |
For 2021, 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 | $14,970,000 | $340,227 | $0 | 0.00% |
| Home Purchase | 37 | $11,885,000 | $321,216 | $0 | 0.00% |
| Home Improvement | 12 | $850,000 | $70,833 | $0 | 0.00% |
For 2021, Pioneer Bank's most frequently cited loan purpose was Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 37 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 93 | $27,705,000 | $297,903 | $0 | 0.00% |
For 2021, Pioneer Bank's most frequently cited loan duration was Other, with 93 originations.
Loan Sizing
2021 saw Pioneer Bank place emphasis on $100,000 or less loans with 41 originations, totaling $2,325,000 in origination value.
Applicant Income
Pioneer Bank lent most frequently to those with incomes in the $50k or less range, with 16 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 93 | $27,705,000 | $297,903 | $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 applications91.85%
Pioneer Bank has an average approval rate.
Pick Rate
Approvals leading to origination67.74%
Pioneer Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 93 | $27,705,000 | $297,903 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PMR Progressive, LLC | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |
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 | $196,862 |
| Pioneer Bank | 1450 Adams Street Mankato, MN 56001 | Full Service B&M | $3,577 |
| Pioneer Bank | 1735 Commerce Drive North Mankato, MN 56003 | Full Service B&M | $85,224 |
| Pioneer Bank | 220 South Third Street Saint Peter, MN 56082 | Full Service B&M | $159,065 |
| Pioneer Bank | 301 Main Street Mapleton, MN 56065 | Full Service B&M | $75,708 |
| Pioneer Bank | 301 West Lewis Street Lewisville, MN 56060 | Full Service B&M | $12,420 |
| Pioneer Bank | 320 Stadium Road, Suite 100 Mankato, MN 56001 | Full Service B&M | $54,664 |
| Pioneer Bank | 34 Main Street Madelia, MN 56062 | Full Service B&M | $47,718 |
For 2021, Pioneer Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $28,786 |
| Net interest income | $26,097 |
| Total noninterest income | $2,602 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $560 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,042 |
| Pre-tax net operating income | $10,345 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $9,718 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $9,718 |
| Minority interest net income | $0 |
| Net income | $9,718 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $9,718 |
Pioneer Bank's gross interest income from loans was $28,786,000.
Pioneer Bank's net interest income from loans was $26,097,000.
Pioneer Bank's fee based income from loans was $560,000.
Pioneer Bank's net income from loans was $9,718,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,689 |
| Provision for credit losses | $550 |
| Total noninterest expense | $17,804 |
| Salaries and employee benefits | $9,779 |
| Premises and equipment expense | $1,622 |
| Additional noninterest expense | $6,403 |
| Applicable income taxes | $627 |
| Net charge-offs | $1,057 |
| Cash dividends | $5,454 |
Pioneer Bank's interest expense for loans was $2,689,000.
Pioneer Bank's payroll and benefits expense were $9,779,000.
Pioneer Bank's property, plant and equipment expenses $1,622,000.
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 | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| 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 | 1.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $691,712 |
| Deposits held in domestic offices | $691,712 |
| Deposits by Individuals, partnerships, and corporations | $587,225 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $66,749 |
| Deposits by Commercial banks and other depository institutions in U.S. | $37,738 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $286,373 |
| Demand deposits | $133,913 |
| Nontransaction accounts | $405,339 |
| Money market deposit accounts (MMDAs) | $145,353 |
| Other savings deposits (excluding MMDAs) | $132,627 |
| Total time deposits | $127,359 |
| Total time and savings deposits | $557,799 |
| Noninterest-bearing deposits | $133,913 |
| Interest-bearing deposits | $557,799 |
| Retail deposits | $658,909 |
| IRAs and Keogh plan accounts | $12,676 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $773,688 |
| Cash & Balances due from depository institutions | $64,106 |
| Interest-bearing balances | $51,464 |
| Total securities | $158,126 |
| Federal funds sold & reverse repurchase | $22,941 |
| Net loans and leases | $482,871 |
| Loan and leases loss allowance | $4,757 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $13,609 |
| Other real estate owned | $151 |
| Goodwill and other intangibles | $10,329 |
| All other assets | $21,555 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $773,688 |
| Total Liabilities | $696,309 |
| Total deposits | $691,712 |
| Interest-bearing deposits | $557,799 |
| Deposits held in domestic offices | $691,712 |
| % insured (estimated) | $77 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $482 |
| Subordinated debt | $0 |
| All other liabilities | $4,115 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $482,871 |
| Loan and leases loss allowance | $4,757 |
| Total loans and leases (domestic) | $487,628 |
| All real estate loans | $284,258 |
| Real estate loans in domestic offices | $284,258 |
| Construction and development loans | $30,686 |
| Residential 1-4 family construction | $4,929 |
| Other construction, all land development and other land | $25,757 |
| Loans secured by nonfarm nonresidential properties | $61,489 |
| Nonfarm nonresidential secured by owner-occupied properties | $30,931 |
| Commercial real estate & other non-farm, non-residential | $30,558 |
| Multifamily residential real estate | $26,224 |
| 1-4 family residential loans | $67,107 |
| Farmland loans | $98,752 |
| Loans held in foreign offices | $0 |
| Farm loans | $78,311 |
| Commercial and industrial loans | $112,831 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $6,497 |
| Credit card loans | $0 |
| Related Plans | $297 |
| Consumer Auto Loans | $2,758 |
| Other loans to individuals | $3,442 |
| All other loans & leases | $5,731 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,594 |
| 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 | $6,393 |
| Non 1-4 family restructured loans & leases | $6,272 |
| Total loans and leases (foreign) | $0 |
Pioneer Bank had $482,871,000 of loans outstanding in 2021. $284,258,000 of loans were in real estate loans. $30,686,000 of loans were in development loans. $26,224,000 of loans were in multifamily mortgage loans. $67,107,000 of loans were in 1-4 family mortgage loans. $78,311,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,758,000 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 | $24,054 | $169,394 |
| Nonfarm, nonresidential loans - <$100k | 50 | $2,251 | $45,020 |
| Nonfarm, nonresidential loans - $100-250k | 51 | $7,270 | $142,549 |
| Nonfarm, nonresidential loans - $250k-1MM | 41 | $14,533 | $354,463 |
| Commercial & Industrial, US addressed loans - <$1MM | 315 | $35,758 | $113,517 |
| Commercial & Industrial, US addressed loans - <$100k | 177 | $4,128 | $23,322 |
| Commercial & Industrial, US addressed loans - $100-250k | 64 | $7,491 | $117,047 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 74 | $24,139 | $326,203 |
| Farmland loans - <$1MM | 105 | $16,987 | $161,781 |
| Farmland loans - <$100k | 37 | $1,728 | $46,703 |
| Farmland loans - $100-250k | 30 | $5,593 | $186,433 |
| Farmland loans - $250k-1MM | 38 | $9,666 | $254,368 |
| Agriculture operations loans - <$1MM | 196 | $14,607 | $74,526 |
| Agriculture operations loans - <$100k | 100 | $2,465 | $24,650 |
| Agriculture operations loans - $100-250k | 51 | $3,666 | $71,882 |
| Agriculture operations loans - $250k-1MM | 45 | $8,476 | $188,356 |