Community Resource Bank Mortgage Rates, Fees & Info

Northfield, MN

LEI: 5493006PPEKKNUB9O715

Tax ID: 41-0448460

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Community Resource Bank is a smaller bank specializing in Home Purchase and Refi loans. Community Resource Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Red Wing, Owatonna, and Duluth among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community Resource 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.

    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.

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    Originations

    184

    Origination Dollar Volume (All Markets)

    $45,110,000

    Employee count

    64

    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) 134 $33,580,000 $250,597 $0 0.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 37 $8,755,000 $236,622 $0 0.00%
    Red Wing, MN (FHA|USDA|VA) 8 $1,590,000 $198,750 $0 0.00%
    Owatonna, MN (FHA|USDA|VA) 1 $635,000 $635,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $300,000 $150,000 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
    Community Resource Bank's top markets include Minneapolis, Faribault, Red Wing, Owatonna, and Duluth among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 184 $45,110,000 $245,163 $0 0.00%

    For 2019, Community Resource Bank's most frequently originated type of loan was Conventional, with 184 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 130 $31,230,000 $240,231 $0 0.00%
    Refi 36 $10,240,000 $284,444 $0 0.00%
    Cash Out Refi 15 $3,305,000 $220,333 $0 0.00%
    Home Improvement 3 $335,000 $111,667 $0 0.00%

    For 2019, Community Resource Bank's most frequently cited loan purpose was Home Purchase, with 130 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 184 $45,110,000 $245,163 $0 0.00%

    For 2019, Community Resource Bank's most frequently cited loan duration was Other, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 78 $21,470,000 $275,256 $0 0.00%
    $100k-200k 67 $10,045,000 $149,925 $0 0.00%
    $100,000 or less 20 $1,530,000 $76,500 $0 0.00%
    $400k-600k 12 $5,860,000 $488,333 $0 0.00%
    $600k-1MM 6 $4,430,000 $738,333 $0 0.00%
    $1MM+ 1 $1,775,000 $1,775,000 $0 0.00%

    2019 saw Community Resource Bank place emphasis on $200k-400k loans with 78 originations, totaling $21,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 26 $7,530,000 $289,615 $0 0.00%
    $75k-100k 20 $4,610,000 $230,500 $0 0.00%
    $150k-250k 15 $3,935,000 $262,333 $0 0.00%
    $250k+ 13 $3,735,000 $287,308 $0 0.00%
    $50k-75k 11 $1,645,000 $149,545 $0 0.00%
    $50k or less 9 $1,155,000 $128,333 $0 0.00%

    Community Resource Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 184 $45,110,000 $245,163 $0 0.00%

    Community Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 184 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 88 $22,000,000 $250,000 $0 0.00%
    Not applicable 85 $21,355,000 $251,235 $0 0.00%
    Black 3 $685,000 $228,333 $0 0.00%
    Asian 4 $610,000 $152,500 $0 0.00%
    Asian Indian 1 $135,000 $135,000 $0 0.00%
    Chinese 1 $125,000 $125,000 $0 0.00%
    Other Asian 1 $105,000 $105,000 $0 0.00%
    Not provided 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.46%

    Community Resource Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.30%

    Community Resource Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 184 $45,110,000 $245,163

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $4,770,000 $795,000
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 177 $40,305,000 $227,712

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Closing on a mortgage 1 20.0%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 3 60.0%
    COMMUNITY BANK SYSTEM, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Community Resource Bank 1501 West County Road C Roseville, MN 55113 Full Service B&M $66,514
    Community Resource Bank 1605 Heritage Drive Northfield, MN 55057 Full Service B&M $157,542
    Community Resource Bank 31825 65th Avenue Cannon Falls, MN 55009 Full Service B&M $34,327
    Community Resource Bank 618 Division Street Northfield, MN 55057 Limited, Drive-thru $0

    For 2019, Community Resource Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,835
    Net interest income $12,161
    Total noninterest income $2,179
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $361
    Trading account gains and fees $0
    Additional Noninterest Income $1,818
    Pre-tax net operating income $5,808
    Securities gains (or losses, -) $52
    Income before extraordinary items $4,268
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,268
    Minority interest net income $0
    Net income $4,268
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,226

    Community Resource Bank's gross interest income from loans was $14,835,000.
    Community Resource Bank's net interest income from loans was $12,161,000.
    Community Resource Bank's fee based income from loans was $361,000.
    Community Resource Bank's net income from loans was $4,268,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,674
    Provision for credit losses $87
    Total noninterest expense $8,445
    Salaries and employee benefits $5,319
    Premises and equipment expense $1,126
    Additional noninterest expense $2,000
    Applicable income taxes $1,592
    Net charge-offs $-257
    Cash dividends $0

    Community Resource Bank's interest expense for loans was $2,674,000.
    Community Resource Bank's payroll and benefits expense were $5,319,000.
    Community Resource Bank's property, plant and equipment expenses $1,126,000.

    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 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 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 $255,890
    Deposits held in domestic offices $255,890
    Deposits by Individuals, partnerships, and corporations $244,075
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,628
    Deposits by Commercial banks and other depository institutions in U.S. $2,187
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $17,767
    Demand deposits $9,135
    Nontransaction accounts $238,123
    Money market deposit accounts (MMDAs) $52,366
    Other savings deposits (excluding MMDAs) $92,641
    Total time deposits $93,116
    Total time and savings deposits $246,755
    Noninterest-bearing deposits $44,755
    Interest-bearing deposits $211,135
    Retail deposits $230,485
    IRAs and Keogh plan accounts $10,713
    Brokered deposits $10,475
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $311,596
    Cash & Balances due from depository institutions $10,845
    Interest-bearing balances $9,240
    Total securities $36,508
    Federal funds sold & reverse repurchase $3
    Net loans and leases $243,619
    Loan and leases loss allowance $3,472
    Trading account assets $0
    Bank premises and fixed assets $8,835
    Other real estate owned $324
    Goodwill and other intangibles $4,345
    All other assets $7,117

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $311,596
    Total Liabilities $267,991
    Total deposits $255,890
    Interest-bearing deposits $211,135
    Deposits held in domestic offices $255,890
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $2,101

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $243,619
    Loan and leases loss allowance $3,472
    Total loans and leases (domestic) $247,091
    All real estate loans $194,418
    Real estate loans in domestic offices $194,418
    Construction and development loans $9,905
    Residential 1-4 family construction $3,148
    Other construction, all land development and other land $6,757
    Loans secured by nonfarm nonresidential properties $84,217
    Nonfarm nonresidential secured by owner-occupied properties $48,295
    Commercial real estate & other non-farm, non-residential $35,922
    Multifamily residential real estate $8,243
    1-4 family residential loans $69,021
    Farmland loans $23,032
    Loans held in foreign offices $0
    Farm loans $18,134
    Commercial and industrial loans $31,871
    To non-U.S. addressees $0
    Loans to individuals $2,668
    Credit card loans $277
    Related Plans $404
    Consumer Auto Loans $588
    Other loans to individuals $1,399
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $151
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Community Resource Bank had $243,619,000 of loans outstanding in 2019. $194,418,000 of loans were in real estate loans. $9,905,000 of loans were in development loans. $8,243,000 of loans were in multifamily mortgage loans. $69,021,000 of loans were in 1-4 family mortgage loans. $18,134,000 of loans were in farm loans. $277,000 of loans were in credit card loans. $588,000 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 165 $45,267 $274,345
    Nonfarm, nonresidential loans - <$100k 22 $1,215 $55,227
    Nonfarm, nonresidential loans - $100-250k 58 $8,645 $149,052
    Nonfarm, nonresidential loans - $250k-1MM 85 $35,407 $416,553
    Commercial & Industrial, US addressed loans - <$1MM 303 $26,098 $86,132
    Commercial & Industrial, US addressed loans - <$100k 197 $5,994 $30,426
    Commercial & Industrial, US addressed loans - $100-250k 58 $5,948 $102,552
    Commercial & Industrial, US addressed loans - $250k-1MM 48 $14,156 $294,917
    Farmland loans - <$1MM 55 $10,090 $183,455
    Farmland loans - <$100k 12 $675 $56,250
    Farmland loans - $100-250k 20 $2,529 $126,450
    Farmland loans - $250k-1MM 23 $6,886 $299,391
    Agriculture operations loans - <$1MM 62 $8,493 $136,984
    Agriculture operations loans - <$100k 41 $2,789 $68,024
    Agriculture operations loans - $100-250k 14 $3,035 $216,786
    Agriculture operations loans - $250k-1MM 7 $2,669 $381,286