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
  • 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, Cash Out Refi, and Refi loans. Sherburne State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Brainerd, Duluth, and Pensacola 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

    241

    Origination Dollar Volume (All Markets)

    $57,475,000

    Employee count

    39

    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) 189 $44,985,000 $238,016 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 29 $6,175,000 $212,931 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 8 $3,470,000 $433,750 $0 0.00%
    Outside of Metro Areas 10 $1,820,000 $182,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $320,000 $160,000 $0 0.00%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
    Fergus Falls, MN (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    Alexandria, MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Sherburne State Bank's top markets include Minneapolis, St. Cloud, Brainerd, Duluth, and Pensacola among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $57,475,000 $238,485 $0 0.00%

    For 2021, Sherburne State Bank's most frequently originated type of loan was Conventional, with 241 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 88 $26,580,000 $302,045 $0 0.00%
    Cash Out Refi 67 $16,055,000 $239,627 $0 0.00%
    Refi 66 $13,930,000 $211,061 $0 0.00%
    Home Improvement 16 $630,000 $39,375 $0 0.00%
    Other 4 $280,000 $70,000 $0 0.00%

    For 2021, Sherburne State Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Cash Out Refi, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 241 $57,475,000 $238,485 $0 0.00%

    For 2021, Sherburne State Bank's most frequently cited loan duration was Other, with 241 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 105 $29,605,000 $281,952 $0 0.00%
    $100k-200k 80 $12,370,000 $154,625 $0 0.00%
    $100,000 or less 29 $1,635,000 $56,379 $0 0.00%
    $400k-600k 22 $10,380,000 $471,818 $0 0.00%
    $600k-1MM 5 $3,485,000 $697,000 $0 0.00%

    2021 saw Sherburne State Bank place emphasis on $200k-400k loans with 105 originations, totaling $29,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $13,300,000 $237,500 $0 0.00%
    $75k-100k 54 $11,620,000 $215,185 $0 0.00%
    $50k-75k 45 $9,965,000 $221,444 $0 0.00%
    $150k-250k 40 $11,100,000 $277,500 $0 0.00%
    $50k or less 18 $2,600,000 $144,444 $0 0.00%
    $250k+ 17 $5,775,000 $339,706 $0 0.00%

    Sherburne State Bank lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $75k-100k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 241 $57,475,000 $238,485 $0 0.00%

    Sherburne State Bank lent most frequently to those with DTI ratios of Exempt%, with 241 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 225 $54,455,000 $242,022 $0 0.00%
    Not provided 10 $1,600,000 $160,000 $0 0.00%
    Not applicable 3 $1,185,000 $395,000 $0 0.00%
    Black 1 $155,000 $155,000 $0 0.00%
    Asian 2 $80,000 $40,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.07%

    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
    88.80%

    Sherburne State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 241 $57,475,000 $238,485

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    241 $57,475,000 $238,485

    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 $36,819
    Sherburne State Bank 12500 Sherburne Avenue Becker, MN 55308 Full Service B&M $117,967
    Sherburne State Bank 136 N Rum River Dr. Princeton, MN 55371 Full Service B&M $36,235

    For 2021, Sherburne State Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,853
    Net interest income $6,342
    Total noninterest income $4,030
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $121
    Trading account gains and fees $0
    Additional Noninterest Income $3,909
    Pre-tax net operating income $5,223
    Securities gains (or losses, -) $0
    Income before extraordinary items $4,149
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,149
    Minority interest net income $0
    Net income $4,149
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,149

    Sherburne State Bank's gross interest income from loans was $6,853,000.
    Sherburne State Bank's net interest income from loans was $6,342,000.
    Sherburne State Bank's fee based income from loans was $121,000.
    Sherburne State Bank's net income from loans was $4,149,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $511
    Provision for credit losses $160
    Total noninterest expense $4,989
    Salaries and employee benefits $3,013
    Premises and equipment expense $520
    Additional noninterest expense $1,456
    Applicable income taxes $1,074
    Net charge-offs $-59
    Cash dividends $0

    Sherburne State Bank's interest expense for loans was $511,000.
    Sherburne State Bank's payroll and benefits expense were $3,013,000.
    Sherburne State Bank's property, plant and equipment expenses $520,000.

    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 $208,951
    Deposits held in domestic offices $208,951
    Deposits by Individuals, partnerships, and corporations $194,895
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,807
    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 $96,998
    Demand deposits $83,577
    Nontransaction accounts $111,953
    Money market deposit accounts (MMDAs) $45,606
    Other savings deposits (excluding MMDAs) $37,828
    Total time deposits $28,519
    Total time and savings deposits $125,374
    Noninterest-bearing deposits $83,669
    Interest-bearing deposits $125,282
    Retail deposits $199,875
    IRAs and Keogh plan accounts $4,175
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $227,468
    Cash & Balances due from depository institutions $38,065
    Interest-bearing balances $28,430
    Total securities $65,561
    Federal funds sold & reverse repurchase $0
    Net loans and leases $116,187
    Loan and leases loss allowance $2,020
    Trading account assets $0
    Bank premises and fixed assets $4,297
    Other real estate owned $0
    Goodwill and other intangibles $1,434
    All other assets $1,924

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $227,468
    Total Liabilities $209,582
    Total deposits $208,951
    Interest-bearing deposits $125,282
    Deposits held in domestic offices $208,951
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $631

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $116,187
    Loan and leases loss allowance $2,020
    Total loans and leases (domestic) $118,207
    All real estate loans $90,109
    Real estate loans in domestic offices $90,109
    Construction and development loans $5,581
    Residential 1-4 family construction $436
    Other construction, all land development and other land $5,145
    Loans secured by nonfarm nonresidential properties $55,185
    Nonfarm nonresidential secured by owner-occupied properties $39,223
    Commercial real estate & other non-farm, non-residential $15,962
    Multifamily residential real estate $867
    1-4 family residential loans $26,859
    Farmland loans $1,617
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $24,748
    To non-U.S. addressees $0
    Loans to individuals $3,335
    Credit card loans $0
    Related Plans $50
    Consumer Auto Loans $1,886
    Other loans to individuals $1,399
    All other loans & leases $15
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Sherburne State Bank had $116,187,000 of loans outstanding in 2021. $90,109,000 of loans were in real estate loans. $5,581,000 of loans were in development loans. $867,000 of loans were in multifamily mortgage loans. $26,859,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,886,000 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 135 $55,185 $408,778
    Nonfarm, nonresidential loans - <$100k 23 $798 $34,696
    Nonfarm, nonresidential loans - $100-250k 38 $5,682 $149,526
    Nonfarm, nonresidential loans - $250k-1MM 74 $48,705 $658,176
    Commercial & Industrial, US addressed loans - <$1MM 248 $24,748 $99,790
    Commercial & Industrial, US addressed loans - <$100k 168 $5,011 $29,827
    Commercial & Industrial, US addressed loans - $100-250k 49 $5,678 $115,878
    Commercial & Industrial, US addressed loans - $250k-1MM 31 $14,059 $453,516
    Farmland loans - <$1MM 10 $1,617 $161,700
    Farmland loans - <$100k 3 $196 $65,333
    Farmland loans - $100-250k 5 $734 $146,800
    Farmland loans - $250k-1MM 2 $687 $343,500