Sunrise Banks Mortgage Rates, Fees & Info

St. Paul, MN

LEI: 549300HWDY3N8UVJO697

Tax ID: 41-0852727

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Sunrise Banks is a smaller bank specializing in Home Purchase and Refi loans. Sunrise Banks has a high proportion of conventional loans. Their top markets include Minneapolis, Grand Rapids, Duluth, Faribault, and St. Cloud among others. Sunrise Banks has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

440

Origination Dollar Volume (All Markets)

$94,550,000

Employee count

280

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 435 $93,565,000 $215,092 $0 0.00%
Grand Rapids, MN (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Outside of Metro Areas 1 $205,000 $205,000 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%

Sunrise Banks's top markets include Minneapolis, Grand Rapids, Duluth, Faribault, and St. Cloud among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 440 $94,550,000 $214,886 $0 0.00%

For the 2021 period, Sunrise Banks's most frequently originated loan type of loans were Conventional, with 440 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 237 $49,255,000 $207,827 $0 0.00%
Refi 154 $33,070,000 $214,740 $0 0.00%
Cash Out Refi 45 $11,055,000 $245,667 $0 0.00%
Home Improvement 3 $965,000 $321,667 $0 0.00%
Other 1 $205,000 $205,000 $0 0.00%

For the 2021, Sunrise Banks's most frequently cited loan purpose of loans were Home Purchase, with 237 originations. The 2nd most popular reason of loans were Refi, with 154 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 440 $94,550,000 $214,886 $0 0.00%

For the 2021, Sunrise Banks's most frequently cited loan length of loans were Other, with 440 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 183 $49,845,000 $272,377 $0 0.00%
$100k-200k 180 $25,910,000 $143,944 $0 0.00%
$100,000 or less 51 $3,935,000 $77,157 $0 0.00%
$400k-600k 20 $9,400,000 $470,000 $0 0.00%
$600k-1MM 4 $2,900,000 $725,000 $0 0.00%
$1MM+ 2 $2,560,000 $1,280,000 $0 0.00%

2021 saw Sunrise Banks place emphasis on $200k-400k loans with 183 originations, totaling $49,845,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 82 $17,680,000 $215,610 $0 0.00%
$75k-100k 51 $12,875,000 $252,451 $0 0.00%
$100k-150k 48 $12,980,000 $270,417 $0 0.00%
$50k or less 37 $5,845,000 $157,973 $0 0.00%
$150k-250k 25 $7,305,000 $292,200 $0 0.00%
$250k+ 6 $2,090,000 $348,333 $0 0.00%

Sunrise Banks lent most frequently to those with incomes in the $50k-75k range, with 82 originations. The second most popular income band? $75k-100k, with 51 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 440 $94,550,000 $214,886 $0 0.00%

Sunrise Banks lent most frequently to those with DTI ratios of Exempt%, with 440 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 191 $45,195,000 $236,623 $0 0.00%
Not applicable 189 $35,515,000 $187,910 $0 0.00%
Not provided 33 $7,225,000 $218,939 $0 0.00%
Asian 18 $4,190,000 $232,778 $0 0.00%
Black 6 $1,710,000 $285,000 $0 0.00%
Asian Indian 1 $285,000 $285,000 $0 0.00%
American Indian 1 $235,000 $235,000 $0 0.00%
Other Pacific Islander 1 $195,000 $195,000 $0 0.00%

Approval Rates

Total approvals of all applications
89.31%

Sunrise Banks has an average approval rate.

Pick Rate

Approvals leading to origination
85.17%

Sunrise Banks has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 440 $94,550,000 $214,886

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
440 $94,550,000 $214,886

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Synergy One Lending, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Synergy One Lending, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Sunrise Banks, National Association 200 University Avenue West Saint Paul, MN 55103 Full Service B&M $822,307
Sunrise Banks, National Association 2100 Blaisdell Avenue North Minneapolis, MN 55404 Full Service B&M $88,444
Sunrise Banks, National Association 2300 Como Avenue Saint Paul, MN 55108 Full Service B&M $286,448
Sunrise Banks, National Association 5105 South Crossing Place Sioux Falls, SD 57108 Limited, Administrative $0
Sunrise Banks, National Association 525 Washington Avenue North Minneapolis, MN 55401 Full Service B&M $134,852

For 2021, Sunrise Banks had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $58,560
Net interest income $57,315
Total noninterest income $50,422
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,390
Trading account gains and fees $0
Additional Noninterest Income $47,032
Pre-tax net operating income $18,613
Securities gains (or losses, -) $97
Income before extraordinary items $18,565
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $18,565
Minority interest net income $0
Net income $18,565
Sale, conversion, retirement of capital stock, net $0
Net operating income $18,468

Sunrise Banks's gross interest income from loans was $58,560,000.
Sunrise Banks's net interest income from loans was $57,315,000.
Sunrise Banks's fee based income from loans was $3,390,000.
Sunrise Banks's net income from loans was $18,565,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,245
Provision for credit losses $3,102
Total noninterest expense $86,022
Salaries and employee benefits $31,483
Premises and equipment expense $2,753
Additional noninterest expense $51,786
Applicable income taxes $145
Net charge-offs $797
Cash dividends $18,395

Sunrise Banks's interest expense for loans was $1,245,000.
Sunrise Banks's payroll and benefits expense were $31,483,000.
Sunrise Banks's property, plant and equipment expenses $2,753,000.

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 2.0%
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 $1,533,773
Deposits held in domestic offices $1,533,773
Deposits by Individuals, partnerships, and corporations $1,471,424
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $62,349
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $214,591
Demand deposits $168,527
Nontransaction accounts $1,319,182
Money market deposit accounts (MMDAs) $53,031
Other savings deposits (excluding MMDAs) $1,058,234
Total time deposits $207,917
Total time and savings deposits $1,365,246
Noninterest-bearing deposits $991,670
Interest-bearing deposits $542,103
Retail deposits $1,522,319
IRAs and Keogh plan accounts $4,905
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,742,993
Cash & Balances due from depository institutions $328,213
Interest-bearing balances $295,706
Total securities $244,391
Federal funds sold & reverse repurchase $946
Net loans and leases $1,091,512
Loan and leases loss allowance $14,619
Trading account assets $0
Bank premises and fixed assets $24,258
Other real estate owned $0
Goodwill and other intangibles $66
All other assets $53,607

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,742,993
Total Liabilities $1,624,430
Total deposits $1,533,773
Interest-bearing deposits $542,103
Deposits held in domestic offices $1,533,773
% insured (estimated) $84
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $81,871
Subordinated debt $1,225
All other liabilities $7,561

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,091,512
Loan and leases loss allowance $14,619
Total loans and leases (domestic) $1,106,131
All real estate loans $805,953
Real estate loans in domestic offices $805,953
Construction and development loans $83,486
Residential 1-4 family construction $104
Other construction, all land development and other land $83,382
Loans secured by nonfarm nonresidential properties $437,334
Nonfarm nonresidential secured by owner-occupied properties $191,420
Commercial real estate & other non-farm, non-residential $245,914
Multifamily residential real estate $115,175
1-4 family residential loans $169,958
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $160,418
To non-U.S. addressees $0
Loans to individuals $107,021
Credit card loans $0
Related Plans $138
Consumer Auto Loans $2,863
Other loans to individuals $104,020
All other loans & leases $32,739
Loans to foreign governments and official institutions $0
Other loans $6,197
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

Sunrise Banks had $1,091,512,000 of loans outstanding in 2021. $805,953,000 of loans were in real estate loans. $83,486,000 of loans were in development loans. $115,175,000 of loans were in multifamily mortgage loans. $169,958,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,863,000 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 327 $109,580 $335,107
Nonfarm, nonresidential loans - <$100k 16 $988 $61,750
Nonfarm, nonresidential loans - $100-250k 82 $12,802 $156,122
Nonfarm, nonresidential loans - $250k-1MM 229 $95,790 $418,297
Commercial & Industrial, US addressed loans - <$1MM 1,177 $109,910 $93,381
Commercial & Industrial, US addressed loans - <$100k 818 $17,470 $21,357
Commercial & Industrial, US addressed loans - $100-250k 193 $25,542 $132,342
Commercial & Industrial, US addressed loans - $250k-1MM 166 $66,898 $403,000