Cornerstone Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 5493003LIT6MPMIF5W07

Tax ID: 45-0117720

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cornerstone Bank is a smaller bank specializing in Refi and Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets include Fargo, Bismarck, Sioux Falls, Minot, and Dickinson among others. Cornerstone Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

181

Origination Dollar Volume (All Markets)

$104,955,000

Employee count

171

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FARGO, ND-MN (FHA|USDA|VA) 66 $58,690,000 $889,242 $479 4.30%
BISMARCK, ND (FHA|USDA|VA) 26 $19,260,000 $740,769 $2,051 4.04%
SIOUX FALLS, SD (FHA|USDA|VA) 17 $14,755,000 $867,941 $807 4.67%
Outside of Metro Areas 49 $7,725,000 $157,653 $909 4.45%
Minot, ND (FHA|USDA|VA) 6 $1,060,000 $176,667 $708 4.28%
Dickinson, ND (FHA|USDA|VA) 7 $1,005,000 $143,571 $1,707 4.46%
Yankton, SD (FHA|USDA|VA) 1 $505,000 $505,000 $7,407 3.91%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $405,000 $405,000 $0 3.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $385,000 $385,000 $6,940 3.90%
Spearfish, SD (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.50%
Fergus Falls, MN (FHA|USDA|VA) 1 $235,000 $235,000 $331 3.60%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $215,000 $215,000 $0 4.19%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.15%
RAPID CITY, SD (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.25%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.29%
Williston, ND (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.50%

Cornerstone Bank's top markets include Fargo, Bismarck, Sioux Falls, Minot, and Dickinson among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 181 $104,955,000 $579,862 $1,182 4.34%

For the 2021 period, Cornerstone Bank's most frequently originated loan type of loans were Conventional, with 181 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 116 $68,340,000 $589,138 $608 4.31%
Home Purchase 47 $34,665,000 $737,553 $3,680 4.24%
Home Improvement 11 $1,435,000 $130,455 $627 4.32%
Other 7 $515,000 $73,571 $358 5.39%

For the 2021, Cornerstone Bank's most frequently cited loan purpose of loans were Refi, with 116 originations. The 2nd most popular reason of loans were Home Purchase, with 47 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
5 Year 88 $61,740,000 $701,591 $508 4.27%
Other 72 $27,280,000 $378,889 $1,317 4.30%
10 Year 8 $13,120,000 $1,640,000 $360 5.05%
1 Year 7 $995,000 $142,143 $0 4.55%
3 Year 6 $1,820,000 $303,333 $466 4.54%

For the 2021, Cornerstone Bank's most frequently cited loan length of loans were 5 Year, with 88 originations. The 2nd most popular length of loans were Other, with 72 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 61 $8,105,000 $132,869
$3k-4k 5 $1,815,000 $363,000
$1k-2k 3 $495,000 $165,000
$2k-3k 2 $520,000 $260,000
$5k+ 1 $505,000 $505,000

$0 of loans were Cornerstone Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 61 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 117 $30,565,000 $261,239
3-4% 46 $72,940,000 $1,585,652
5-6% 11 $935,000 $85,000
6-7% 5 $235,000 $47,000
7-8% 2 $280,000 $140,000

During 2021, Cornerstone Bank's average interest rate of loans were 0.00%, while their most frequently originated rate bucket of loans were 4-5%, with 117 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 56 $8,130,000 $145,179 $765 4.28%
$100,000 or less 55 $3,455,000 $62,818 $546 4.75%
$200k-400k 39 $11,025,000 $282,692 $2,260 4.20%
$1MM+ 13 $71,995,000 $5,538,077 $0 3.71%
$400k-600k 13 $6,145,000 $472,692 $3,621 3.96%
$600k-1MM 5 $4,205,000 $841,000 $0 4.09%

2021 saw Cornerstone Bank place emphasis on $100k-200k loans with 56 originations, totaling $8,130,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 20 $2,490,000 $124,500 $965 4.44%
$150k-250k 20 $4,340,000 $217,000 $1,768 4.59%
$250k+ 16 $3,300,000 $206,250 $1,987 4.43%
$75k-100k 14 $1,040,000 $74,286 $409 5.00%
$50k-75k 12 $1,900,000 $158,333 $1,215 4.10%
$50k or less 12 $790,000 $65,833 $415 4.57%

Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $150k-250k, with 20 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 24 $3,850,000 $160,417 $1,379 4.47%
<20% 21 $2,535,000 $120,714 $849 4.54%
>60% 12 $1,720,000 $143,333 $534 4.43%
30-36% 7 $975,000 $139,286 $1,016 4.49%
50-60% 6 $800,000 $133,333 $1,144 4.37%
36% 5 $1,005,000 $201,000 $2,264 4.58%
45% 4 $340,000 $85,000 $490 4.79%
39% 4 $550,000 $137,500 $1,743 4.98%
40% 3 $765,000 $255,000 $3,660 4.82%
38% 2 $180,000 $90,000 $591 4.54%
44% 1 $35,000 $35,000 $0 3.91%
43% 1 $205,000 $205,000 $287 5.50%
46% 1 $345,000 $345,000 $1,132 4.13%
42% 1 $305,000 $305,000 $1,250 4.12%

Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? <20%, with 21 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 75 $88,505,000 $1,180,067 $0 4.10%
White 103 $15,985,000 $155,194 $1,158 4.51%
American Indian 2 $430,000 $215,000 $2,310 4.37%
Asian 1 $35,000 $35,000 $599 3.98%

Approval Rates

Total approvals of all applications
98.00%

Cornerstone 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
93.71%

Cornerstone Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
112.0 2 $170,000 $85,000
191.0 1 $95,000 $95,000
215.08 1 $35,000 $35,000
750.0 1 $75,000 $75,000
NA 176 $104,580,000 $594,205

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
181 $104,955,000 $579,862

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 28 $4,720,000 $168,571 $701 4.33%
40-60% 31 $7,625,000 $245,968 $641 4.12%
60-80% 83 $87,235,000 $1,051,024 $2,420 4.25%
80-100% 22 $4,210,000 $191,364 $1,598 4.26%
Under 20% 17 $1,165,000 $68,529 $468 5.25%

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 Bank 2280 45th Street South Fargo, ND 58104 Full Service B&M $126,586
Cornerstone Bank 106 8th Avenue Se Watford City, ND 58854 Full Service B&M $197,878
Cornerstone Bank 11 S Main Street Parshall, ND 58770 Full Service B&M $108,345
Cornerstone Bank 2112 North 12th Street Bismarck, ND 58501 Full Service B&M $112,369
Cornerstone Bank 221 Main Street North Makoti, ND 58756 Full Service B&M $0
Cornerstone Bank 2627 South University Drive Fargo, ND 58103 Full Service B&M $20,877
Cornerstone Bank 3095 15th Street West Dickinson, ND 58601 Full Service B&M $67,345
Cornerstone Bank 323 Main Street New Town, ND 58763 Limited, Drive-thru $0
Cornerstone Bank 323 Main Street New Town, ND 58763 Full Service B&M $361,463
Cornerstone Bank 402 Main Street Plaza, ND 58771 Full Service B&M $0
Cornerstone Bank 600 South 2nd Street Bismarck, ND 58504 Full Service B&M $17,278
Cornerstone Bank 6045 South Louise Avenue Sioux Falls, SD 57108 Full Service B&M $33,224

For 2021, Cornerstone Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $38,129
Net interest income $35,112
Total noninterest income $-31
Gross Fiduciary activities income $0
Service charges on deposit accounts $700
Trading account gains and fees $0
Additional Noninterest Income $-731
Pre-tax net operating income $10,728
Securities gains (or losses, -) $9
Income before extraordinary items $10,684
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,684
Minority interest net income $0
Net income $10,684
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,675

Cornerstone Bank's gross interest income from loans was $38,129,000.
Cornerstone Bank's net interest income from loans was $35,112,000.
Cornerstone Bank's fee based income from loans was $700,000.
Cornerstone Bank's net income from loans was $10,684,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,017
Provision for credit losses $2,145
Total noninterest expense $22,208
Salaries and employee benefits $16,156
Premises and equipment expense $2,259
Additional noninterest expense $3,793
Applicable income taxes $53
Net charge-offs $2,247
Cash dividends $5,746

Cornerstone Bank's interest expense for loans was $3,017,000.
Cornerstone Bank's payroll and benefits expense were $16,156,000.
Cornerstone Bank's property, plant and equipment expenses $2,259,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 2.0%
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 $1,208,053
Deposits held in domestic offices $1,208,053
Deposits by Individuals, partnerships, and corporations $977,781
Deposits by U.S. Government $1
Deposits by States and political subdivisions in the U.S. $229,280
Deposits by Commercial banks and other depository institutions in U.S. $991
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $95,870
Demand deposits $95,870
Nontransaction accounts $1,112,183
Money market deposit accounts (MMDAs) $138,107
Other savings deposits (excluding MMDAs) $795,676
Total time deposits $178,400
Total time and savings deposits $1,112,183
Noninterest-bearing deposits $341,296
Interest-bearing deposits $866,757
Retail deposits $1,126,733
IRAs and Keogh plan accounts $7,764
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,310,231
Cash & Balances due from depository institutions $256,876
Interest-bearing balances $234,688
Total securities $224,455
Federal funds sold & reverse repurchase $10,207
Net loans and leases $746,768
Loan and leases loss allowance $13,160
Trading account assets $0
Bank premises and fixed assets $38,727
Other real estate owned $789
Goodwill and other intangibles $696
All other assets $31,713

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,310,231
Total Liabilities $1,216,857
Total deposits $1,208,053
Interest-bearing deposits $866,757
Deposits held in domestic offices $1,208,053
% insured (estimated) $57
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $8,804

Issued Loan Types

Type Value (in 000's)
Net loans and leases $746,768
Loan and leases loss allowance $13,160
Total loans and leases (domestic) $759,928
All real estate loans $563,368
Real estate loans in domestic offices $563,368
Construction and development loans $68,059
Residential 1-4 family construction $14,043
Other construction, all land development and other land $54,016
Loans secured by nonfarm nonresidential properties $256,718
Nonfarm nonresidential secured by owner-occupied properties $124,920
Commercial real estate & other non-farm, non-residential $131,798
Multifamily residential real estate $81,997
1-4 family residential loans $101,383
Farmland loans $55,211
Loans held in foreign offices $0
Farm loans $39,424
Commercial and industrial loans $127,685
To non-U.S. addressees $0
Loans to individuals $23,178
Credit card loans $0
Related Plans $1,231
Consumer Auto Loans $5,311
Other loans to individuals $16,636
All other loans & leases $6,273
Loans to foreign governments and official institutions $0
Other loans $54
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 $14,604
Non 1-4 family restructured loans & leases $12,573
Total loans and leases (foreign) $0

Cornerstone Bank had $746,768,000 of loans outstanding in 2021. $563,368,000 of loans were in real estate loans. $68,059,000 of loans were in development loans. $81,997,000 of loans were in multifamily mortgage loans. $101,383,000 of loans were in 1-4 family mortgage loans. $39,424,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,311,000 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 241 $70,291 $291,664
Nonfarm, nonresidential loans - <$100k 26 $1,459 $56,115
Nonfarm, nonresidential loans - $100-250k 75 $10,592 $141,227
Nonfarm, nonresidential loans - $250k-1MM 140 $58,240 $416,000
Commercial & Industrial, US addressed loans - <$1MM 479 $57,970 $121,023
Commercial & Industrial, US addressed loans - <$100k 264 $7,909 $29,958
Commercial & Industrial, US addressed loans - $100-250k 106 $11,833 $111,632
Commercial & Industrial, US addressed loans - $250k-1MM 109 $38,228 $350,716
Farmland loans - <$1MM 103 $17,581 $170,689
Farmland loans - <$100k 20 $1,065 $53,250
Farmland loans - $100-250k 52 $7,447 $143,212
Farmland loans - $250k-1MM 31 $9,069 $292,548
Agriculture operations loans - <$1MM 233 $19,506 $83,717
Agriculture operations loans - <$100k 139 $4,533 $32,612
Agriculture operations loans - $100-250k 58 $6,477 $111,672
Agriculture operations loans - $250k-1MM 36 $8,496 $236,000