Sherburne State Bank Mortgage Rates, Fees & Info

Becker, MN

LEI: 549300GWO8DN75PL7X16

Tax ID: 41-0522410

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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

    Sherburne State Bank is a smaller bank specializing in Home Purchase and Refi loans. Sherburne State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Brainerd, Bemidji, and Duluth among others. We have data for 8 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.

    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

    126

    Origination Dollar Volume (All Markets)

    $28,500,000

    Employee count

    26

    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) 103 $24,295,000 $235,874 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 12 $2,100,000 $175,000 $0 0.00%
    Outside of Metro Areas 6 $810,000 $135,000 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
    Bemidji, MN (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    Alexandria, MN (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
    Grand Rapids, MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Sherburne State Bank's top markets include Minneapolis, St. Cloud, Brainerd, Bemidji, 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 126 $28,500,000 $226,190 $0 0.00%

    For 2019, Sherburne State Bank's most frequently originated type of loan was Conventional, with 126 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 62 $13,760,000 $221,935 $0 0.00%
    Refi 29 $8,795,000 $303,276 $0 0.00%
    Cash Out Refi 28 $5,510,000 $196,786 $0 0.00%
    Home Improvement 7 $435,000 $62,143 $0 0.00%

    For 2019, Sherburne State Bank's most frequently cited loan purpose was Home Purchase, with 62 originations. The 2nd most popular reason was Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 126 $28,500,000 $226,190 $0 0.00%

    For 2019, Sherburne State Bank's most frequently cited loan duration was Other, with 126 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 51 $14,015,000 $274,804 $0 0.00%
    $100k-200k 39 $6,135,000 $157,308 $0 0.00%
    $100,000 or less 24 $1,340,000 $55,833 $0 0.00%
    $400k-600k 10 $4,640,000 $464,000 $0 0.00%
    $1MM+ 2 $2,370,000 $1,185,000 $0 0.00%

    2019 saw Sherburne State Bank place emphasis on $200k-400k loans with 51 originations, totaling $14,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 32 $7,590,000 $237,188 $0 0.00%
    $50k-75k 26 $4,770,000 $183,462 $0 0.00%
    $75k-100k 22 $4,460,000 $202,727 $0 0.00%
    $150k-250k 20 $7,030,000 $351,500 $0 0.00%
    $50k or less 16 $1,980,000 $123,750 $0 0.00%
    $250k+ 6 $1,700,000 $283,333 $0 0.00%

    Sherburne State Bank lent most frequently to those with incomes in the $100k-150k range, with 32 originations. The second most popular income band? $50k-75k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 126 $28,500,000 $226,190 $0 0.00%

    Sherburne State Bank lent most frequently to those with DTI ratios of Exempt%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 120 $27,590,000 $229,917 $0 0.00%
    Not applicable 3 $515,000 $171,667 $0 0.00%
    Not provided 2 $220,000 $110,000 $0 0.00%
    American Indian 1 $175,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.57%

    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 origination
    82.54%

    Sherburne State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 126 $28,500,000 $226,190

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $170,000 $85,000
    Single Family (1-4 Units):Site-Built 124 $28,330,000 $228,468

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SIRVA WORLDWIDE INC. Conventional home mortgage Closing on a mortgage 1 100.0%

    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 $11,810
    Sherburne State Bank 12500 Sherburne Avenue Becker, MN 55308 Full Service B&M $72,697
    Sherburne State Bank 136 N Rum River Dr. Princeton, MN 55371 Full Service B&M $23,386

    For 2019, Sherburne State Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,913
    Net interest income $5,260
    Total noninterest income $1,524
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $155
    Trading account gains and fees $0
    Additional Noninterest Income $1,369
    Pre-tax net operating income $2,850
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,047
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,047
    Minority interest net income $0
    Net income $2,047
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,047

    Sherburne State Bank's gross interest income from loans was $5,913,000.
    Sherburne State Bank's net interest income from loans was $5,260,000.
    Sherburne State Bank's fee based income from loans was $155,000.
    Sherburne State Bank's net income from loans was $2,047,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $653
    Provision for credit losses $195
    Total noninterest expense $3,739
    Salaries and employee benefits $2,003
    Premises and equipment expense $426
    Additional noninterest expense $1,310
    Applicable income taxes $803
    Net charge-offs $48
    Cash dividends $600

    Sherburne State Bank's interest expense for loans was $653,000.
    Sherburne State Bank's payroll and benefits expense were $2,003,000.
    Sherburne State Bank's property, plant and equipment expenses $426,000.

    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 1.0%
    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 $119,700
    Deposits held in domestic offices $119,700
    Deposits by Individuals, partnerships, and corporations $108,883
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $10,568
    Deposits by Commercial banks and other depository institutions in U.S. $249
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $50,884
    Demand deposits $44,176
    Nontransaction accounts $68,817
    Money market deposit accounts (MMDAs) $20,145
    Other savings deposits (excluding MMDAs) $20,573
    Total time deposits $28,100
    Total time and savings deposits $75,525
    Noninterest-bearing deposits $41,744
    Interest-bearing deposits $77,956
    Retail deposits $112,200
    IRAs and Keogh plan accounts $3,748
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $131,371
    Cash & Balances due from depository institutions $17,086
    Interest-bearing balances $13,551
    Total securities $16,279
    Federal funds sold & reverse repurchase $0
    Net loans and leases $91,669
    Loan and leases loss allowance $1,632
    Trading account assets $0
    Bank premises and fixed assets $3,887
    Other real estate owned $899
    Goodwill and other intangibles $0
    All other assets $1,551

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $131,371
    Total Liabilities $120,267
    Total deposits $119,700
    Interest-bearing deposits $77,956
    Deposits held in domestic offices $119,700
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $567

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $91,669
    Loan and leases loss allowance $1,632
    Total loans and leases (domestic) $93,301
    All real estate loans $77,767
    Real estate loans in domestic offices $77,767
    Construction and development loans $8,478
    Residential 1-4 family construction $3,408
    Other construction, all land development and other land $5,070
    Loans secured by nonfarm nonresidential properties $42,075
    Nonfarm nonresidential secured by owner-occupied properties $33,613
    Commercial real estate & other non-farm, non-residential $8,462
    Multifamily residential real estate $1,184
    1-4 family residential loans $23,897
    Farmland loans $2,133
    Loans held in foreign offices $0
    Farm loans $35
    Commercial and industrial loans $13,255
    To non-U.S. addressees $0
    Loans to individuals $2,244
    Credit card loans $0
    Related Plans $52
    Consumer Auto Loans $870
    Other loans to individuals $1,322
    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 $637
    Non 1-4 family restructured loans & leases $637
    Total loans and leases (foreign) $0

    Sherburne State Bank had $91,669,000 of loans outstanding in 2019. $77,767,000 of loans were in real estate loans. $8,478,000 of loans were in development loans. $1,184,000 of loans were in multifamily mortgage loans. $23,897,000 of loans were in 1-4 family mortgage loans. $35,000 of loans were in farm loans. $0 of loans were in credit card loans. $870,000 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 119 $29,788 $250,319
    Nonfarm, nonresidential loans - <$100k 22 $925 $42,045
    Nonfarm, nonresidential loans - $100-250k 37 $5,392 $145,730
    Nonfarm, nonresidential loans - $250k-1MM 60 $23,471 $391,183
    Commercial & Industrial, US addressed loans - <$1MM 156 $11,229 $71,981
    Commercial & Industrial, US addressed loans - <$100k 112 $3,603 $32,170
    Commercial & Industrial, US addressed loans - $100-250k 29 $3,357 $115,759
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $4,269 $284,600
    Farmland loans - <$1MM 13 $2,133 $164,077
    Farmland loans - <$100k 2 $111 $55,500
    Farmland loans - $100-250k 8 $1,102 $137,750
    Farmland loans - $250k-1MM 3 $920 $306,667
    Agriculture operations loans - <$1MM 2 $35 $17,500
    Agriculture operations loans - <$100k 2 $35 $17,500