Sherburne State Bank Mortgage Rates, Fees & Info
Becker, MNLEI: 549300GWO8DN75PL7X16
Tax ID: 41-0522410
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Mortgage Data
Bank Data
Review & Overview
Sherburne State Bank is a smaller bank specializing in Home Purchase loans. Sherburne State Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Minneapolis, St. Cloud, Brainerd, and Grand Rapids among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Sherburne State 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.
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Originations
95Origination Dollar Volume (All Markets)
$19,075,000Employee count
27Top 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) | 69 | $14,515,000 | $210,362 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 17 | $3,235,000 | $190,294 | $0 | 0.00% |
| Outside of Metro Areas | 6 | $620,000 | $103,333 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 0.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 91 | $18,995,000 | $208,736 | $0 | 0.00% |
| FHA | 4 | $80,000 | $20,000 | $0 | 0.00% |
For 2018, Sherburne State Bank's most frequently originated type of loan was Conventional, with 91 originations. Their 2nd most popular type was FHA, with 4 originations.
Loan Reason
For 2018, Sherburne State Bank's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Refi, with 16 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 95 | $19,075,000 | $200,789 | $0 | 0.00% |
For 2018, Sherburne State Bank's most frequently cited loan duration was Other, with 95 originations.
Loan Sizing
2018 saw Sherburne State Bank place emphasis on $200k-400k loans with 36 originations, totaling $9,940,000 in origination value.
Applicant Income
Sherburne State Bank lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $150k-250k, with 18 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 95 | $19,075,000 | $200,789 | $0 | 0.00% |
Sherburne State Bank lent most frequently to those with DTI ratios of Exempt%, with 95 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.45%
Sherburne 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 origination89.47%
Sherburne State Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 95 | $19,075,000 | $200,789 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 9 | $145,000 | $16,111 |
| Single Family (1-4 Units):Site-Built | 86 | $18,930,000 | $220,116 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Sherburne State Bank | 1200 Highway 25 South Monticello, MN 55362 | Full Service B&M | $7,371 |
| Sherburne State Bank | 12500 Sherburne Avenue Becker, MN 55308 | Full Service B&M | $73,420 |
| Sherburne State Bank | 136 N Rum River Dr. Princeton, MN 55371 | Full Service B&M | $21,648 |
For 2018, Sherburne State Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $5,026 |
| Net interest income | $4,602 |
| Total noninterest income | $1,344 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $148 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,196 |
| Pre-tax net operating income | $2,121 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,336 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,336 |
| Minority interest net income | $0 |
| Net income | $1,336 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,336 |
Sherburne State Bank's gross interest income from loans was $5,026,000.
Sherburne State Bank's net interest income from loans was $4,602,000.
Sherburne State Bank's fee based income from loans was $148,000.
Sherburne State Bank's net income from loans was $1,336,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $424 |
| Provision for credit losses | $244 |
| Total noninterest expense | $3,581 |
| Salaries and employee benefits | $1,869 |
| Premises and equipment expense | $457 |
| Additional noninterest expense | $1,255 |
| Applicable income taxes | $785 |
| Net charge-offs | $74 |
| Cash dividends | $1,109 |
Sherburne State Bank's interest expense for loans was $424,000.
Sherburne State Bank's payroll and benefits expense were $1,869,000.
Sherburne State Bank's property, plant and equipment expenses $457,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| 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 | 4.0% |
| 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 | $111,369 |
| Deposits held in domestic offices | $111,369 |
| Deposits by Individuals, partnerships, and corporations | $101,037 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $10,087 |
| Deposits by Commercial banks and other depository institutions in U.S. | $245 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $49,308 |
| Demand deposits | $41,497 |
| Nontransaction accounts | $62,061 |
| Money market deposit accounts (MMDAs) | $20,798 |
| Other savings deposits (excluding MMDAs) | $19,101 |
| Total time deposits | $22,161 |
| Total time and savings deposits | $69,872 |
| Noninterest-bearing deposits | $41,201 |
| Interest-bearing deposits | $70,168 |
| Retail deposits | $105,799 |
| IRAs and Keogh plan accounts | $3,445 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $121,043 |
| Cash & Balances due from depository institutions | $13,294 |
| Interest-bearing balances | $10,973 |
| Total securities | $16,334 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $85,534 |
| Loan and leases loss allowance | $1,485 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $3,975 |
| Other real estate owned | $922 |
| Goodwill and other intangibles | $0 |
| All other assets | $984 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $121,043 |
| Total Liabilities | $111,761 |
| Total deposits | $111,369 |
| Interest-bearing deposits | $70,168 |
| Deposits held in domestic offices | $111,369 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $392 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $85,534 |
| Loan and leases loss allowance | $1,485 |
| Total loans and leases (domestic) | $87,019 |
| All real estate loans | $73,605 |
| Real estate loans in domestic offices | $73,605 |
| Construction and development loans | $8,954 |
| Residential 1-4 family construction | $3,061 |
| Other construction, all land development and other land | $5,893 |
| Loans secured by nonfarm nonresidential properties | $39,596 |
| Nonfarm nonresidential secured by owner-occupied properties | $29,773 |
| Commercial real estate & other non-farm, non-residential | $9,823 |
| Multifamily residential real estate | $1,234 |
| 1-4 family residential loans | $22,520 |
| Farmland loans | $1,301 |
| Loans held in foreign offices | $0 |
| Farm loans | $70 |
| Commercial and industrial loans | $11,120 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,890 |
| Credit card loans | $0 |
| Related Plans | $42 |
| Consumer Auto Loans | $919 |
| Other loans to individuals | $929 |
| All other loans & leases | $335 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $335 |
| 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 | $1,013 |
| Non 1-4 family restructured loans & leases | $1,013 |
| Total loans and leases (foreign) | $0 |
Sherburne State Bank had $85,534,000 of loans outstanding in 2018. $73,605,000 of loans were in real estate loans. $8,954,000 of loans were in development loans. $1,234,000 of loans were in multifamily mortgage loans. $22,520,000 of loans were in 1-4 family mortgage loans. $70,000 of loans were in farm loans. $0 of loans were in credit card loans. $919,000 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 | 122 | $27,512 | $225,508 |
| Nonfarm, nonresidential loans - <$100k | 23 | $944 | $41,043 |
| Nonfarm, nonresidential loans - $100-250k | 43 | $6,065 | $141,047 |
| Nonfarm, nonresidential loans - $250k-1MM | 56 | $20,503 | $366,125 |
| Commercial & Industrial, US addressed loans - <$1MM | 128 | $9,443 | $73,773 |
| Commercial & Industrial, US addressed loans - <$100k | 91 | $2,925 | $32,143 |
| Commercial & Industrial, US addressed loans - $100-250k | 26 | $4,125 | $158,654 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 11 | $2,393 | $217,545 |
| Farmland loans - <$1MM | 9 | $1,301 | $144,556 |
| Farmland loans - <$100k | 1 | $43 | $43,000 |
| Farmland loans - $100-250k | 5 | $647 | $129,400 |
| Farmland loans - $250k-1MM | 3 | $611 | $203,667 |
| Agriculture operations loans - <$1MM | 3 | $70 | $23,333 |
| Agriculture operations loans - <$100k | 3 | $70 | $23,333 |