Cornerstone State Bank Mortgage Rates, Fees & Info

Montgomery, MN

LEI: 5493001DKNDZW3UIWI38

Tax ID: 41-1230620

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Cornerstone State Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Cornerstone State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, Mankato, North Port, and Faribault among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cornerstone State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Cornerstone State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.34%	4/28/24
30 Year Conventional Refi	6.29%	4/28/24
30 Year Cash-out Refi	6.32%	4/28/24
30 Year USDA Purchase	6.71%	4/28/24
15 Year Conventional Purchase	6.23%	4/28/24
15 Year Conventional Refi	5.03%	4/28/24
15 Year Cash-out Refi	5.03%	4/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Cornerstone State Bank Mortgage Calculator

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This is not an official calculator from Cornerstone State Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

222

Origination Dollar Volume (All Markets)

$45,340,000

Employee count

Awards

Cornerstone State Bank 30 Year Conventional Loans bronze

Cornerstone State Bank 30 Year Conventional Loans silver

Show all (3) awards

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	108	$23,630,000	$218,796	$3,298	3.23%
Outside of Metro Areas	40	$7,030,000	$175,750	$3,178	2.91%
DULUTH, MN-WI (FHA\|USDA\|VA)	33	$4,655,000	$141,061	$2,809	3.31%
MANKATO, MN (FHA\|USDA\|VA)	16	$4,530,000	$283,125	$2,855	3.53%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	5	$1,415,000	$283,000	$5,645	3.23%
Faribault-Northfield, MN (FHA\|USDA\|VA)	7	$1,325,000	$189,286	$3,553	2.69%
Grand Rapids, MN (FHA\|USDA\|VA)	1	$385,000	$385,000	$3,696	2.25%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$385,000	$385,000	$4,244	2.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	2	$370,000	$185,000	$1,359	3.25%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	1	$365,000	$365,000	$2,228	3.13%
Brainerd, MN (FHA\|USDA\|VA)	2	$280,000	$140,000	$3,124	3.75%
LAKE HAVASU CITY-KINGMAN, AZ (FHA\|USDA\|VA)	1	$255,000	$255,000	$4,253	2.63%
Owatonna, MN (FHA\|USDA\|VA)	1	$215,000	$215,000	$4,674	2.88%
Kerrville, TX (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,166	3.90%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,330	4.25%
Hutchinson, MN (FHA\|USDA\|VA)	1	$115,000	$115,000	$3,310	3.25%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$105,000	$105,000	$2,759	3.25%

Cornerstone State Bank's top markets include Minneapolis, Duluth, Mankato, North Port, and Faribault among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Cornerstone State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Western National Bank
Similarity Rank: 120

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SUPERIOR CHOICE
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The Miners National Bank of Eveleth
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Peoples Bank Midwest
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Liberty Bank Minnesota
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First Dakota National Bank
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Anoka Hennepin Credit Union
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VALLEY MORTGAGE, INC.
Similarity Rank: 1876

TOPLINE FEDERAL CREDIT UNION
Similarity Rank: 1946

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	222	$45,340,000	$204,234	$3,223	3.19%

For 2020, Cornerstone State Bank's most frequently originated type of loan was Conventional, with 222 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	80	$18,190,000	$227,375	$3,222	2.97%
Cash Out Refi	71	$13,625,000	$191,901	$3,417	2.79%
Home Purchase	61	$13,085,000	$214,508	$3,488	3.74%
Other	7	$315,000	$45,000	$550	4.64%
Home Improvement	3	$125,000	$41,667	$1,050	4.04%

For 2020, Cornerstone State Bank's most frequently cited loan purpose was Refi, with 80 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	105	$23,115,000	$220,143	$3,648	3.09%
15 Year	67	$12,565,000	$187,537	$2,951	2.78%
20 Year	30	$7,160,000	$238,667	$3,193	3.92%
Other	11	$1,715,000	$155,909	$2,486	3.87%
1 Year	4	$360,000	$90,000	$319	4.56%
10 Year	3	$265,000	$88,333	$1,313	3.88%
30+ year	1	$125,000	$125,000	$2,427	4.00%
5 Year	1	$35,000	$35,000	$305	4.25%

For 2020, Cornerstone State Bank's most frequently cited loan duration was 30 Year, with 105 originations. The 2nd most popular length was 15 Year, with 67 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	83	$13,615,000	$164,036
$<1k	50	$6,720,000	$134,400
$2k-3k	44	$11,670,000	$265,227
$3k-4k	20	$5,980,000	$299,000
$4k-5k	3	$1,145,000	$381,667
$5k+	1	$455,000	$455,000

Cornerstone State Bank's average total fees were $3,648, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 83 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	79	$16,955,000	$214,620
3-4%	59	$13,555,000	$229,746
<2.5%	44	$8,380,000	$190,455
4-5%	32	$5,860,000	$183,125
5-6%	7	$555,000	$79,286
6-7%	1	$35,000	$35,000

During 2020, Cornerstone State Bank's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 79 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	99	$14,045,000	$141,869	$2,848	3.11%
$200k-400k	82	$22,910,000	$279,390	$4,207	2.97%
$100,000 or less	31	$1,745,000	$56,290	$1,349	3.98%
$400k-600k	7	$3,495,000	$499,286	$4,350	3.14%
$600k-1MM	2	$1,660,000	$830,000	$6,637	3.55%
$1MM+	1	$1,485,000	$1,485,000	$0	4.50%

2020 saw Cornerstone State Bank place emphasis on $100k-200k loans with 99 originations, totaling $14,045,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	67	$13,355,000	$199,328	$3,195	3.32%
$150k-250k	37	$9,565,000	$258,514	$3,569	2.80%
$50k-75k	35	$5,285,000	$151,000	$3,256	3.21%
$75k-100k	27	$5,875,000	$217,593	$3,586	2.98%
$50k or less	22	$2,410,000	$109,545	$2,579	3.22%
$250k+	10	$3,460,000	$346,000	$4,505	3.30%

Cornerstone State Bank lent most frequently to those with incomes in the $100k-150k range, with 67 originations. The second most popular income band? $150k-250k, with 37 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	70	$13,320,000	$190,286	$3,126	2.96%
<20%	54	$10,260,000	$190,000	$3,179	3.05%
30-36%	42	$7,750,000	$184,524	$3,071	3.26%
>60%	5	$1,365,000	$273,000	$2,628	4.37%
36%	5	$1,185,000	$237,000	$3,878	2.75%
38%	5	$785,000	$157,000	$3,273	2.73%
43%	5	$1,135,000	$227,000	$4,197	3.33%
42%	4	$1,040,000	$260,000	$4,648	3.34%
41%	4	$1,140,000	$285,000	$3,259	3.34%
50-60%	3	$355,000	$118,333	$2,167	4.22%
47%	2	$370,000	$185,000	$3,196	2.69%
48%	2	$600,000	$300,000	$5,071	3.19%
40%	2	$580,000	$290,000	$4,786	3.19%
45%	2	$470,000	$235,000	$4,468	2.50%
46%	2	$270,000	$135,000	$3,221	2.94%
49%	1	$385,000	$385,000	$0	3.90%
37%	1	$475,000	$475,000	$3,486	3.25%
39%	1	$265,000	$265,000	$2,019	3.63%

Cornerstone State Bank lent most frequently to those with DTI ratios of 20-30%, with 70 originations. The next most common DTI ratio? <20%, with 54 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	203	$40,625,000	$200,123	$3,230	3.11%
Not applicable	14	$3,820,000	$272,857	$2,317	4.42%
Not provided	3	$605,000	$201,667	$3,715	3.04%
American Indian	1	$185,000	$185,000	$3,728	2.50%
Asian	1	$105,000	$105,000	$2,676	3.90%

Approval Rates

Total approvals of all applications
95.69%

Cornerstone State 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
90.09%

Cornerstone State Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	222	$45,340,000	$204,234

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$2,020,000	$1,010,000
Single Family (1-4 Units):Manufactured	5	$635,000	$127,000
Single Family (1-4 Units):Site-Built	215	$42,685,000	$198,535

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	20	$2,520,000	$126,000	$2,304	3.15%
40-60%	51	$12,915,000	$253,235	$3,498	2.95%
60-80%	112	$24,910,000	$222,411	$3,556	3.02%
80-100%	22	$4,190,000	$190,455	$3,496	3.58%
Over 100%	1	$105,000	$105,000	$0	4.50%
Under 20%	16	$700,000	$43,750	$757	4.58%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
CORNERSTONE MORTGAGE, INC.	Conventional home mortgage	Incorrect information on your report	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Cornerstone State Bank	401 Fourth St Nw Montgomery, MN 56069	Full Service B&M	$29,418
Cornerstone State Bank	1516 Cloquet Avenue Cloquet, MN 55720	Full Service B&M	$15,060
Cornerstone State Bank	406 Poplar Street Belle Plaine, MN 56011	Full Service B&M	$31,894
Cornerstone State Bank	415 North Main St Le Sueur, MN 56058	Full Service B&M	$45,800
Cornerstone State Bank	451 Third Street Green Isle, MN 55338	Full Service B&M	$24,320
Cornerstone State Bank	500 Main Street Madison Lake, MN 56063	Full Service B&M	$19,659
Cornerstone State Bank	600 Parkway Avenue Eagle Lake, MN 56024	Full Service B&M	$6,789

For 2020, Cornerstone State Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$6,806
Net interest income	$5,985
Total noninterest income	$1,766
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$210
Trading account gains and fees	$0
Additional Noninterest Income	$1,556
Pre-tax net operating income	$2,277
Securities gains (or losses, -)	$68
Income before extraordinary items	$2,345
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,345
Minority interest net income	$0
Net income	$2,345
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,277

Cornerstone State Bank's gross interest income from loans was $6,806,000.
Cornerstone State Bank's net interest income from loans was $5,985,000.
Cornerstone State Bank's fee based income from loans was $210,000.
Cornerstone State Bank's net income from loans was $2,345,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$821
Provision for credit losses	$240
Total noninterest expense	$5,234
Salaries and employee benefits	$3,180
Premises and equipment expense	$628
Additional noninterest expense	$1,426
Applicable income taxes	$0
Net charge-offs	$285
Cash dividends	$1,284

Cornerstone State Bank's interest expense for loans was $821,000.
Cornerstone State Bank's payroll and benefits expense were $3,180,000.
Cornerstone State Bank's property, plant and equipment expenses $628,000.

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	2.0%
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	$189,435
Deposits held in domestic offices	$189,435
Deposits by Individuals, partnerships, and corporations	$175,798
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$13,637
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	$78,663
Demand deposits	$22,519
Nontransaction accounts	$110,772
Money market deposit accounts (MMDAs)	$28,092
Other savings deposits (excluding MMDAs)	$43,829
Total time deposits	$38,851
Total time and savings deposits	$166,916
Noninterest-bearing deposits	$22,519
Interest-bearing deposits	$166,916
Retail deposits	$186,245
IRAs and Keogh plan accounts	$5,837
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$213,500
Cash & Balances due from depository institutions	$14,112
Interest-bearing balances	$10,921
Total securities	$69,332
Federal funds sold & reverse repurchase	$8,039
Net loans and leases	$110,932
Loan and leases loss allowance	$1,303
Trading account assets	$0
Bank premises and fixed assets	$5,623
Other real estate owned	$583
Goodwill and other intangibles	$789
All other assets	$4,090

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$213,500
Total Liabilities	$190,771
Total deposits	$189,435
Interest-bearing deposits	$166,916
Deposits held in domestic offices	$189,435
% insured (estimated)	$92
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$617
Subordinated debt	$0
All other liabilities	$719

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$110,932
Loan and leases loss allowance	$1,303
Total loans and leases (domestic)	$112,235
All real estate loans	$84,134
Real estate loans in domestic offices	$84,134
Construction and development loans	$3,929
Residential 1-4 family construction	$2,525
Other construction, all land development and other land	$1,404
Loans secured by nonfarm nonresidential properties	$18,795
Nonfarm nonresidential secured by owner-occupied properties	$12,814
Commercial real estate & other non-farm, non-residential	$5,981
Multifamily residential real estate	$5,987
1-4 family residential loans	$47,987
Farmland loans	$7,436
Loans held in foreign offices	$0
Farm loans	$983
Commercial and industrial loans	$14,428
To non-U.S. addressees	$0
Loans to individuals	$9,243
Credit card loans	$0
Related Plans	$352
Consumer Auto Loans	$5,342
Other loans to individuals	$3,549
All other loans & leases	$3,447
Loans to foreign governments and official institutions	$0
Other loans	$133
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	$2,210
Non 1-4 family restructured loans & leases	$2,210
Total loans and leases (foreign)	$0

Cornerstone State Bank had $110,932,000 of loans outstanding in 2020. $84,134,000 of loans were in real estate loans. $3,929,000 of loans were in development loans. $5,987,000 of loans were in multifamily mortgage loans. $47,987,000 of loans were in 1-4 family mortgage loans. $983,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,342,000 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	64	$13,517	$211,203
Nonfarm, nonresidential loans - <$100k	2	$96	$48,000
Nonfarm, nonresidential loans - $100-250k	41	$4,613	$112,512
Nonfarm, nonresidential loans - $250k-1MM	21	$8,808	$419,429
Commercial & Industrial, US addressed loans - <$1MM	52	$7,194	$138,346
Commercial & Industrial, US addressed loans - <$100k	8	$195	$24,375
Commercial & Industrial, US addressed loans - $100-250k	26	$2,788	$107,231
Commercial & Industrial, US addressed loans - $250k-1MM	18	$4,211	$233,944
Farmland loans - <$1MM	16	$2,288	$143,000
Farmland loans - $100-250k	12	$1,216	$101,333
Farmland loans - $250k-1MM	4	$1,072	$268,000
Agriculture operations loans - <$1MM	4	$646	$161,500
Agriculture operations loans - $100-250k	2	$177	$88,500
Agriculture operations loans - $250k-1MM	2	$469	$234,500