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. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Duluth, Mankato, Faribault, and Brainerd among others. We have data for 11 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%	11/21/24
30 Year Conventional Refi	6.29%	11/21/24
30 Year Cash-out Refi	6.32%	11/21/24
30 Year USDA Purchase	6.71%	11/21/24
15 Year Conventional Purchase	6.23%	11/21/24
15 Year Conventional Refi	5.03%	11/21/24
15 Year Cash-out Refi	5.03%	11/21/24
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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

204

Origination Dollar Volume (All Markets)

$42,110,000

Employee count

Awards

Cornerstone State Bank 30 Year Conventional Loans silver

Cornerstone State Bank 30 Year Conventional Loans gold

Show all (2) 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)	110	$23,310,000	$211,909	$3,402	3.07%
Outside of Metro Areas	31	$6,115,000	$197,258	$3,561	3.00%
DULUTH, MN-WI (FHA\|USDA\|VA)	36	$5,930,000	$164,722	$3,030	2.91%
MANKATO, MN (FHA\|USDA\|VA)	13	$2,745,000	$211,154	$2,365	3.38%
Faribault-Northfield, MN (FHA\|USDA\|VA)	6	$1,660,000	$276,667	$4,451	3.00%
Brainerd, MN (FHA\|USDA\|VA)	3	$795,000	$265,000	$3,209	3.51%
Owatonna, MN (FHA\|USDA\|VA)	1	$665,000	$665,000	$633	3.50%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$315,000	$315,000	$0	3.00%
Bogalusa, LA (FHA\|USDA\|VA)	1	$235,000	$235,000	$5,211	2.38%
Willmar, MN (FHA\|USDA\|VA)	1	$225,000	$225,000	$3,584	3.65%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$115,000	$115,000	$3,411	4.00%

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

Their top states include:

Minnesota (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Louisiana (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.

NORTHWOODS
Similarity Rank: 303

Western National Bank
Similarity Rank: 368

SUPERIOR CHOICE
Similarity Rank: 464

Farmers & Merchants Savings Bank
Similarity Rank: 720

Anoka Hennepin Credit Union
Similarity Rank: 826

National Bank of Commerce
Similarity Rank: 935

MY Credit Union
Similarity Rank: 1200

Liberty Bank Minnesota
Similarity Rank: 1488

Bank Midwest
Similarity Rank: 1740

Bankers' Bank
Similarity Rank: 1775

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	203	$41,945,000	$206,626	$3,310	3.06%
USDA	1	$165,000	$165,000	$5,980	3.50%

For 2021, Cornerstone State Bank's most frequently originated type of loan was Conventional, with 203 originations. Their 2nd most popular type was USDA, with 1 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	69	$14,815,000	$214,710	$3,229	3.02%
Cash Out Refi	69	$14,075,000	$203,986	$3,449	2.77%
Home Purchase	57	$12,435,000	$218,158	$3,579	3.28%
Other	9	$785,000	$87,222	$1,545	4.17%

For 2021, Cornerstone State Bank's most frequently cited loan purpose was Refi, with 69 originations. The 2nd most popular reason was Cash Out Refi, with 69 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	107	$23,855,000	$222,944	$3,699	3.17%
15 Year	55	$9,165,000	$166,636	$3,064	2.58%
20 Year	27	$6,105,000	$226,111	$3,095	3.11%
10 Year	5	$535,000	$107,000	$1,608	3.44%
Other	5	$1,935,000	$387,000	$4,183	3.77%
5 Year	4	$450,000	$112,500	$295	4.66%
1 Year	1	$65,000	$65,000	$112	4.50%

For 2021, Cornerstone State Bank's most frequently cited loan duration was 30 Year, with 107 originations. The 2nd most popular length was 15 Year, with 55 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	76	$11,450,000	$150,658
$2k-3k	45	$9,435,000	$209,667
$<1k	42	$6,550,000	$155,952
$3k-4k	14	$4,900,000	$350,000
$4k-5k	4	$1,540,000	$385,000
$5k+	4	$2,130,000	$532,500

Cornerstone State Bank's average total fees were $3,699, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 76 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	73	$15,285,000	$209,384
2.5-3%	68	$14,970,000	$220,147
<2.5%	48	$9,510,000	$198,125
4-5%	14	$2,320,000	$165,714
6-7%	1	$25,000	$25,000

During 2021, Cornerstone State Bank's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 73 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	87	$13,015,000	$149,598	$3,144	2.97%
$200k-400k	61	$16,735,000	$274,344	$4,103	2.98%
$100,000 or less	37	$2,435,000	$65,811	$1,725	3.35%
$400k-600k	15	$7,205,000	$480,333	$5,668	3.05%
$600k-1MM	4	$2,720,000	$680,000	$5,087	3.46%

2021 saw Cornerstone State Bank place emphasis on $100k-200k loans with 87 originations, totaling $13,015,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	44	$9,680,000	$220,000	$3,645	3.01%
$50k-75k	38	$5,890,000	$155,000	$3,295	2.88%
$75k-100k	34	$6,520,000	$191,765	$3,309	2.96%
$50k or less	32	$3,350,000	$104,688	$2,406	3.17%
$150k-250k	21	$4,995,000	$237,857	$3,514	3.16%
$250k+	17	$6,025,000	$354,412	$4,808	2.84%

Cornerstone State Bank lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $50k-75k, with 38 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	66	$11,860,000	$179,697	$3,272	2.81%
30-36%	42	$8,260,000	$196,667	$3,171	3.05%
<20%	29	$7,215,000	$248,793	$3,685	2.89%
38%	8	$1,320,000	$165,000	$3,254	3.02%
>60%	7	$1,365,000	$195,000	$2,717	3.32%
36%	6	$1,470,000	$245,000	$4,284	3.08%
40%	4	$660,000	$165,000	$3,252	2.98%
45%	4	$810,000	$202,500	$2,764	3.57%
41%	4	$890,000	$222,500	$4,031	3.13%
42%	4	$990,000	$247,500	$3,671	2.88%
43%	4	$760,000	$190,000	$3,776	3.34%
44%	3	$625,000	$208,333	$4,331	3.38%
39%	3	$395,000	$131,667	$2,335	3.42%
37%	3	$425,000	$141,667	$3,240	3.30%
50-60%	2	$70,000	$35,000	$1,283	3.95%
47%	1	$235,000	$235,000	$2,037	2.88%
49%	1	$335,000	$335,000	$5,756	3.25%
46%	1	$135,000	$135,000	$2,789	3.90%

Cornerstone State Bank lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? 30-36%, with 42 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	187	$36,565,000	$195,535	$3,309	3.00%
Not applicable	12	$4,360,000	$363,333	$5,076	3.98%
Not provided	2	$650,000	$325,000	$3,111	2.81%
Black	1	$305,000	$305,000	$4,733	2.50%
American Indian	2	$230,000	$115,000	$3,217	3.65%

Approval Rates

Total approvals of all applications
96.43%

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
94.12%

Cornerstone State Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	204	$42,110,000	$206,422

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	204	$42,110,000	$206,422

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	19	$2,745,000	$144,474	$2,608	2.98%
40-60%	40	$6,770,000	$169,250	$3,375	2.69%
60-80%	95	$23,325,000	$245,526	$3,671	3.08%
80-100%	36	$8,050,000	$223,611	$3,716	3.17%
Under 20%	14	$1,220,000	$87,143	$981	3.79%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
CORNERSTONE MORTGAGE, INC.	Conventional home mortgage	Struggling to pay mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Cornerstone State Bank	1516 Cloquet Avenue Cloquet, MN 55720	Full Service B&M	$16,275
Cornerstone State Bank	401 Fourth St Nw Montgomery, MN 56069	Full Service B&M	$32,339
Cornerstone State Bank	406 Poplar Street Belle Plaine, MN 56011	Full Service B&M	$43,006
Cornerstone State Bank	415 North Main St Le Sueur, MN 56058	Full Service B&M	$46,936
Cornerstone State Bank	451 Third Street Green Isle, MN 55338	Full Service B&M	$30,405
Cornerstone State Bank	500 Main Street Madison Lake, MN 56063	Full Service B&M	$21,667
Cornerstone State Bank	600 Parkway Avenue Eagle Lake, MN 56024	Full Service B&M	$8,325

For 2021, Cornerstone State Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$6,430
Net interest income	$5,801
Total noninterest income	$2,146
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$203
Trading account gains and fees	$0
Additional Noninterest Income	$1,943
Pre-tax net operating income	$2,564
Securities gains (or losses, -)	$0
Income before extraordinary items	$2,563
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,563
Minority interest net income	$0
Net income	$2,563
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,563

Cornerstone State Bank's gross interest income from loans was $6,430,000.
Cornerstone State Bank's net interest income from loans was $5,801,000.
Cornerstone State Bank's fee based income from loans was $203,000.
Cornerstone State Bank's net income from loans was $2,563,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$629
Provision for credit losses	$60
Total noninterest expense	$5,323
Salaries and employee benefits	$3,210
Premises and equipment expense	$587
Additional noninterest expense	$1,526
Applicable income taxes	$1
Net charge-offs	$-7
Cash dividends	$1,830

Cornerstone State Bank's interest expense for loans was $629,000.
Cornerstone State Bank's payroll and benefits expense were $3,210,000.
Cornerstone State Bank's property, plant and equipment expenses $587,000.

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	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	$207,715
Deposits held in domestic offices	$207,715
Deposits by Individuals, partnerships, and corporations	$192,776
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$14,939
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	$89,092
Demand deposits	$25,535
Nontransaction accounts	$118,623
Money market deposit accounts (MMDAs)	$28,830
Other savings deposits (excluding MMDAs)	$52,432
Total time deposits	$37,361
Total time and savings deposits	$182,180
Noninterest-bearing deposits	$25,535
Interest-bearing deposits	$182,180
Retail deposits	$204,236
IRAs and Keogh plan accounts	$6,027
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$231,219
Cash & Balances due from depository institutions	$10,258
Interest-bearing balances	$7,126
Total securities	$95,974
Federal funds sold & reverse repurchase	$5,371
Net loans and leases	$109,383
Loan and leases loss allowance	$1,370
Trading account assets	$0
Bank premises and fixed assets	$5,600
Other real estate owned	$0
Goodwill and other intangibles	$840
All other assets	$3,793

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$231,219
Total Liabilities	$209,067
Total deposits	$207,715
Interest-bearing deposits	$182,180
Deposits held in domestic offices	$207,715
% insured (estimated)	$91
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$582
Subordinated debt	$0
All other liabilities	$770

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$109,383
Loan and leases loss allowance	$1,370
Total loans and leases (domestic)	$110,753
All real estate loans	$86,362
Real estate loans in domestic offices	$86,362
Construction and development loans	$3,177
Residential 1-4 family construction	$1,227
Other construction, all land development and other land	$1,950
Loans secured by nonfarm nonresidential properties	$19,765
Nonfarm nonresidential secured by owner-occupied properties	$11,908
Commercial real estate & other non-farm, non-residential	$7,857
Multifamily residential real estate	$5,734
1-4 family residential loans	$50,951
Farmland loans	$6,735
Loans held in foreign offices	$0
Farm loans	$696
Commercial and industrial loans	$10,488
To non-U.S. addressees	$0
Loans to individuals	$10,001
Credit card loans	$0
Related Plans	$370
Consumer Auto Loans	$5,825
Other loans to individuals	$3,806
All other loans & leases	$3,206
Loans to foreign governments and official institutions	$0
Other loans	$40
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	$2,153
Non 1-4 family restructured loans & leases	$2,153
Total loans and leases (foreign)	$0

Cornerstone State Bank had $109,383,000 of loans outstanding in 2021. $86,362,000 of loans were in real estate loans. $3,177,000 of loans were in development loans. $5,734,000 of loans were in multifamily mortgage loans. $50,951,000 of loans were in 1-4 family mortgage loans. $696,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,825,000 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	56	$14,823	$264,696
Nonfarm, nonresidential loans - <$100k	2	$87	$43,500
Nonfarm, nonresidential loans - $100-250k	40	$4,491	$112,275
Nonfarm, nonresidential loans - $250k-1MM	14	$10,245	$731,786
Commercial & Industrial, US addressed loans - <$1MM	45	$5,518	$122,622
Commercial & Industrial, US addressed loans - <$100k	7	$106	$15,143
Commercial & Industrial, US addressed loans - $100-250k	22	$2,113	$96,045
Commercial & Industrial, US addressed loans - $250k-1MM	16	$3,299	$206,188
Farmland loans - <$1MM	14	$1,899	$135,643
Farmland loans - $100-250k	11	$1,174	$106,727
Farmland loans - $250k-1MM	3	$725	$241,667
Agriculture operations loans - <$1MM	4	$455	$113,750
Agriculture operations loans - $100-250k	2	$160	$80,000
Agriculture operations loans - $250k-1MM	2	$295	$147,500