Drake Bank Mortgage Rates, Fees & Info

Saint Paul, MN

LEI: 5493007GTTV61V305H74

Tax ID: 32-0011226

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Drake Bank is a smaller bank specializing in Home Purchase loans. Drake Bank has a high proportion of conventional loans. Their top two markets are Minneapolis and Tampa .

    Drake Bank has an above average approval rate when compared to the average across all 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

    40

    Origination Dollar Volume (All Markets)

    $6,330,000

    Employee count

    25

    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) 37 $5,935,000 $160,405 $0 0.00%
    Outside of Metro Areas 2 $210,000 $105,000 $0 0.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    Drake Bank's top markets include Minneapolis and Tampa among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 40 $6,330,000 $158,250 $0 0.00%

    For 2019, Drake Bank's most frequently originated type of loan was Conventional, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 31 $5,295,000 $170,806 $0 0.00%
    Refi 9 $1,035,000 $115,000 $0 0.00%

    For 2019, Drake Bank's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 40 $6,330,000 $158,250 $0 0.00%

    For 2019, Drake Bank's most frequently cited loan duration was Other, with 40 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 20 $2,930,000 $146,500 $0 0.00%
    $200k-400k 11 $2,775,000 $252,273 $0 0.00%
    $100,000 or less 9 $625,000 $69,444 $0 0.00%

    2019 saw Drake Bank place emphasis on $100k-200k loans with 20 originations, totaling $2,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 3 $375,000 $125,000 $0 0.00%
    $100k-150k 2 $200,000 $100,000 $0 0.00%
    $75k-100k 2 $250,000 $125,000 $0 0.00%

    Drake Bank lent most frequently to those with incomes in the $50k-75k range, with 3 originations. The second most popular income band? $100k-150k, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 33 $5,505,000 $166,818 $0 0.00%
    White 7 $825,000 $117,857 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.11%

    Drake Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 40 $6,330,000 $158,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 40 $6,330,000 $158,250

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Drake Bank 60 Plato Boulevard, Suite 100 Saint Paul, MN 55107 Full Service B&M $95,537

    For 2019, Drake Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,233
    Net interest income $4,309
    Total noninterest income $596
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $124
    Trading account gains and fees $0
    Additional Noninterest Income $472
    Pre-tax net operating income $640
    Securities gains (or losses, -) $0
    Income before extraordinary items $640
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $640
    Minority interest net income $0
    Net income $640
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $640

    Drake Bank's gross interest income from loans was $6,233,000.
    Drake Bank's net interest income from loans was $4,309,000.
    Drake Bank's fee based income from loans was $124,000.
    Drake Bank's net income from loans was $640,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,924
    Provision for credit losses $327
    Total noninterest expense $3,938
    Salaries and employee benefits $2,558
    Premises and equipment expense $360
    Additional noninterest expense $1,020
    Applicable income taxes $0
    Net charge-offs $178
    Cash dividends $250

    Drake Bank's interest expense for loans was $1,924,000.
    Drake Bank's payroll and benefits expense were $2,558,000.
    Drake Bank's property, plant and equipment expenses $360,000.

    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 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 $87,238
    Deposits held in domestic offices $87,238
    Deposits by Individuals, partnerships, and corporations $82,275
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $4,963
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $26,444
    Demand deposits $22,817
    Nontransaction accounts $60,794
    Money market deposit accounts (MMDAs) $41,153
    Other savings deposits (excluding MMDAs) $1,980
    Total time deposits $17,661
    Total time and savings deposits $64,421
    Noninterest-bearing deposits $22,034
    Interest-bearing deposits $65,204
    Retail deposits $82,553
    IRAs and Keogh plan accounts $1,658
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $116,633
    Cash & Balances due from depository institutions $15,022
    Interest-bearing balances $13,846
    Total securities $3,506
    Federal funds sold & reverse repurchase $616
    Net loans and leases $94,100
    Loan and leases loss allowance $1,052
    Trading account assets $0
    Bank premises and fixed assets $351
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $3,038

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $116,633
    Total Liabilities $105,134
    Total deposits $87,238
    Interest-bearing deposits $65,204
    Deposits held in domestic offices $87,238
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $467
    Trading liabilities $0
    Other borrowed funds $17,000
    Subordinated debt $0
    All other liabilities $429

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $94,100
    Loan and leases loss allowance $1,052
    Total loans and leases (domestic) $95,152
    All real estate loans $65,826
    Real estate loans in domestic offices $65,826
    Construction and development loans $6,321
    Residential 1-4 family construction $3,152
    Other construction, all land development and other land $3,169
    Loans secured by nonfarm nonresidential properties $30,210
    Nonfarm nonresidential secured by owner-occupied properties $18,961
    Commercial real estate & other non-farm, non-residential $11,249
    Multifamily residential real estate $1,115
    1-4 family residential loans $28,106
    Farmland loans $74
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $28,025
    To non-U.S. addressees $0
    Loans to individuals $1,279
    Credit card loans $0
    Related Plans $93
    Consumer Auto Loans $158
    Other loans to individuals $1,028
    All other loans & leases $22
    Loans to foreign governments and official institutions $0
    Other loans $22
    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 $261
    Non 1-4 family restructured loans & leases $261
    Total loans and leases (foreign) $0

    Drake Bank had $94,100,000 of loans outstanding in 2019. $65,826,000 of loans were in real estate loans. $6,321,000 of loans were in development loans. $1,115,000 of loans were in multifamily mortgage loans. $28,106,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $158,000 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 51 $15,646 $306,784
    Nonfarm, nonresidential loans - <$100k 7 $350 $50,000
    Nonfarm, nonresidential loans - $100-250k 17 $2,419 $142,294
    Nonfarm, nonresidential loans - $250k-1MM 27 $12,877 $476,926
    Commercial & Industrial, US addressed loans - <$1MM 198 $22,276 $112,505
    Commercial & Industrial, US addressed loans - <$100k 113 $3,633 $32,150
    Commercial & Industrial, US addressed loans - $100-250k 45 $4,685 $104,111
    Commercial & Industrial, US addressed loans - $250k-1MM 40 $13,958 $348,950
    Farmland loans - <$1MM 1 $74 $74,000
    Farmland loans - $100-250k 1 $74 $74,000