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 loans. Community Resource Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Red Wing, St. Cloud, and Rochester among others. We have data for 9 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 a below 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

    221

    Origination Dollar Volume (All Markets)

    $69,655,000

    Employee count

    59

    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) 143 $48,785,000 $341,154 $0 0.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 50 $13,250,000 $265,000 $0 0.00%
    Red Wing, MN (FHA|USDA|VA) 13 $2,975,000 $228,846 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $2,035,000 $2,035,000 $0 0.00%
    Outside of Metro Areas 3 $1,065,000 $355,000 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 6 $930,000 $155,000 $0 0.00%
    Owatonna, MN (FHA|USDA|VA) 3 $435,000 $145,000 $0 0.00%
    MADISON, WI (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
    Community Resource Bank's top markets include Minneapolis, Faribault, Red Wing, St. Cloud, and Rochester among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 221 $69,655,000 $315,181 $0 0.00%

    For 2021, Community Resource Bank's most frequently originated type of loan was Conventional, with 221 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 137 $48,835,000 $356,460 $0 0.00%
    Refi 47 $11,995,000 $255,213 $0 0.00%
    Cash Out Refi 35 $8,575,000 $245,000 $0 0.00%
    Home Improvement 2 $250,000 $125,000 $0 0.00%

    For 2021, Community Resource Bank's most frequently cited loan purpose was Home Purchase, with 137 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 221 $69,655,000 $315,181 $0 0.00%

    For 2021, Community Resource Bank's most frequently cited loan duration was Other, with 221 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 109 $31,745,000 $291,239 $0 0.00%
    $100k-200k 76 $11,730,000 $154,342 $0 0.00%
    $400k-600k 24 $11,660,000 $485,833 $0 0.00%
    $1MM+ 6 $12,120,000 $2,020,000 $0 0.00%
    $100,000 or less 3 $215,000 $71,667 $0 0.00%
    $600k-1MM 3 $2,185,000 $728,333 $0 0.00%

    2021 saw Community Resource Bank place emphasis on $200k-400k loans with 109 originations, totaling $31,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 34 $9,730,000 $286,176 $0 0.00%
    $150k-250k 28 $7,380,000 $263,571 $0 0.00%
    $75k-100k 23 $5,855,000 $254,565 $0 0.00%
    $50k-75k 21 $4,095,000 $195,000 $0 0.00%
    $250k+ 16 $5,470,000 $341,875 $0 0.00%
    $50k or less 8 $1,280,000 $160,000 $0 0.00%

    Community Resource Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 221 $69,655,000 $315,181 $0 0.00%

    Community Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 221 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 85 $33,995,000 $399,941 $0 0.00%
    White 127 $33,645,000 $264,921 $0 0.00%
    Not provided 6 $1,400,000 $233,333 $0 0.00%
    Asian 3 $615,000 $205,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.33%

    Community Resource 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
    89.14%

    Community Resource Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 221 $69,655,000 $315,181

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    221 $69,655,000 $315,181

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    COMMUNITY BANK SYSTEM, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Community Resource Bank 1230 4th Street South Cannon Falls, MN 55009 Full Service B&M $37,970
    Community Resource Bank 1501 West County Road C Roseville, MN 55113 Full Service B&M $84,389
    Community Resource Bank 1605 Heritage Drive Northfield, MN 55057 Full Service B&M $198,485
    Community Resource Bank 618 Division Street Northfield, MN 55057 Limited, Drive-thru $0

    For 2021, Community Resource Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,392
    Net interest income $13,858
    Total noninterest income $2,930
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $274
    Trading account gains and fees $0
    Additional Noninterest Income $2,656
    Pre-tax net operating income $7,163
    Securities gains (or losses, -) $80
    Income before extraordinary items $5,246
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,246
    Minority interest net income $0
    Net income $5,246
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,182

    Community Resource Bank's gross interest income from loans was $15,392,000.
    Community Resource Bank's net interest income from loans was $13,858,000.
    Community Resource Bank's fee based income from loans was $274,000.
    Community Resource Bank's net income from loans was $5,246,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,534
    Provision for credit losses $251
    Total noninterest expense $9,374
    Salaries and employee benefits $5,796
    Premises and equipment expense $894
    Additional noninterest expense $2,684
    Applicable income taxes $1,997
    Net charge-offs $290
    Cash dividends $8,200

    Community Resource Bank's interest expense for loans was $1,534,000.
    Community Resource Bank's payroll and benefits expense were $5,796,000.
    Community Resource Bank's property, plant and equipment expenses $894,000.

    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 1.0%
    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 $304,156
    Deposits held in domestic offices $304,156
    Deposits by Individuals, partnerships, and corporations $291,265
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $11,993
    Deposits by Commercial banks and other depository institutions in U.S. $898
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $126,279
    Demand deposits $70,861
    Nontransaction accounts $177,877
    Money market deposit accounts (MMDAs) $82,797
    Other savings deposits (excluding MMDAs) $23,697
    Total time deposits $71,383
    Total time and savings deposits $233,295
    Noninterest-bearing deposits $70,293
    Interest-bearing deposits $233,863
    Retail deposits $290,919
    IRAs and Keogh plan accounts $9,631
    Brokered deposits $9,304
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $351,008
    Cash & Balances due from depository institutions $6,738
    Interest-bearing balances $4,771
    Total securities $47,442
    Federal funds sold & reverse repurchase $2
    Net loans and leases $276,710
    Loan and leases loss allowance $4,026
    Trading account assets $0
    Bank premises and fixed assets $8,343
    Other real estate owned $0
    Goodwill and other intangibles $4,521
    All other assets $7,252

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $351,008
    Total Liabilities $311,961
    Total deposits $304,156
    Interest-bearing deposits $233,863
    Deposits held in domestic offices $304,156
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $5,880
    Subordinated debt $0
    All other liabilities $1,925

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $276,710
    Loan and leases loss allowance $4,026
    Total loans and leases (domestic) $280,736
    All real estate loans $232,097
    Real estate loans in domestic offices $232,097
    Construction and development loans $10,826
    Residential 1-4 family construction $4,112
    Other construction, all land development and other land $6,714
    Loans secured by nonfarm nonresidential properties $109,867
    Nonfarm nonresidential secured by owner-occupied properties $55,829
    Commercial real estate & other non-farm, non-residential $54,038
    Multifamily residential real estate $14,429
    1-4 family residential loans $75,966
    Farmland loans $21,009
    Loans held in foreign offices $0
    Farm loans $9,985
    Commercial and industrial loans $35,611
    To non-U.S. addressees $0
    Loans to individuals $3,164
    Credit card loans $265
    Related Plans $442
    Consumer Auto Loans $350
    Other loans to individuals $2,107
    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 $943
    Non 1-4 family restructured loans & leases $943
    Total loans and leases (foreign) $0

    Community Resource Bank had $276,710,000 of loans outstanding in 2021. $232,097,000 of loans were in real estate loans. $10,826,000 of loans were in development loans. $14,429,000 of loans were in multifamily mortgage loans. $75,966,000 of loans were in 1-4 family mortgage loans. $9,985,000 of loans were in farm loans. $265,000 of loans were in credit card loans. $350,000 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 179 $58,772 $328,335
    Nonfarm, nonresidential loans - <$100k 16 $578 $36,125
    Nonfarm, nonresidential loans - $100-250k 55 $8,634 $156,982
    Nonfarm, nonresidential loans - $250k-1MM 108 $49,560 $458,889
    Commercial & Industrial, US addressed loans - <$1MM 331 $28,168 $85,100
    Commercial & Industrial, US addressed loans - <$100k 212 $5,481 $25,854
    Commercial & Industrial, US addressed loans - $100-250k 66 $6,363 $96,409
    Commercial & Industrial, US addressed loans - $250k-1MM 53 $16,324 $308,000
    Farmland loans - <$1MM 44 $7,442 $169,136
    Farmland loans - <$100k 11 $470 $42,727
    Farmland loans - $100-250k 11 $1,716 $156,000
    Farmland loans - $250k-1MM 22 $5,256 $238,909
    Agriculture operations loans - <$1MM 59 $4,715 $79,915
    Agriculture operations loans - <$100k 43 $1,589 $36,953
    Agriculture operations loans - $100-250k 11 $1,827 $166,091
    Agriculture operations loans - $250k-1MM 5 $1,299 $259,800