The Bank Of Elk River Mortgage Rates, Fees & Info

Elk River, MN

LEI: 549300M5DZ6P9KNT7H33

Tax ID: 41-0138420

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Mortgage Data

Bank Data

Review & Overview

The Bank Of Elk River is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. The Bank Of Elk River has a high proportion of conventional loans. Their top (well, only) market is Minneapolis.

The Bank Of Elk River has an above average approval rate when compared to the average across all lenders.

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Originations

18

Origination Dollar Volume (All Markets)

$3,250,000

Employee count

93

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) 15 $2,615,000 $174,333 $0 0.00%
Outside of Metro Areas 3 $635,000 $211,667 $0 0.00%
The Bank Of Elk River's top markets include and Minneapolis among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 18 $3,250,000 $180,556 $0 0.00%

    For 2020, The Bank Of Elk River's most frequently originated type of loan was Conventional, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 5 $1,395,000 $279,000 $0 0.00%
    Refi 5 $835,000 $167,000 $0 0.00%
    Cash Out Refi 4 $790,000 $197,500 $0 0.00%
    Other 3 $205,000 $68,333 $0 0.00%
    Home Improvement 1 $25,000 $25,000 $0 0.00%

    For 2020, The Bank Of Elk River's most frequently cited loan purpose was Home Purchase, with 5 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 18 $3,250,000 $180,556 $0 0.00%

    For 2020, The Bank Of Elk River's most frequently cited loan duration was Other, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 8 $1,170,000 $146,250 $0 0.00%
    $100,000 or less 5 $315,000 $63,000 $0 0.00%
    $200k-400k 4 $1,100,000 $275,000 $0 0.00%
    $600k-1MM 1 $665,000 $665,000 $0 0.00%

    2020 saw The Bank Of Elk River place emphasis on $100k-200k loans with 8 originations, totaling $1,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 4 $370,000 $92,500 $0 0.00%
    $75k-100k 3 $265,000 $88,333 $0 0.00%
    $250k+ 2 $480,000 $240,000 $0 0.00%
    $50k or less 1 $65,000 $65,000 $0 0.00%

    The Bank Of Elk River lent most frequently to those with incomes in the $50k-75k range, with 4 originations. The second most popular income band? $75k-100k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 18 $3,250,000 $180,556 $0 0.00%

    The Bank Of Elk River lent most frequently to those with DTI ratios of Exempt%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 12 $1,680,000 $140,000 $0 0.00%
    Not applicable 5 $1,405,000 $281,000 $0 0.00%
    Not provided 1 $165,000 $165,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.74%

    The Bank Of Elk River has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 18 $3,250,000 $180,556

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $665,000 $665,000
    Single Family (1-4 Units):Manufactured 1 $65,000 $65,000
    Single Family (1-4 Units):Site-Built 16 $2,520,000 $157,500

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 22 14.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 17 11.5%
    TD BANK US HOLDING COMPANY Conventional home mortgage Credit monitoring or identity theft protection services 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Improper use of your report 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Incorrect information on your report 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 4 2.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 51 34.5%
    TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 3 2.0%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 5 3.4%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 7 4.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 4 2.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 17 11.5%
    TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 8 5.4%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Bank of Elk River 15800 88th Street Northeast Otsego, MN 55330 Full Service B&M $76,809
    The Bank of Elk River 18185 Zane Street N.W. Elk River, MN 55330 Full Service Retail $18,304
    The Bank of Elk River 26319 2nd St. E Zimmerman, MN 55398 Full Service B&M $66,864
    The Bank of Elk River 630 Main Street Elk River, MN 55330 Full Service B&M $267,458
    The Bank of Elk River 846 Freeport Avenue Elk River, MN 55330 Full Service B&M $66,288

    For 2020, The Bank Of Elk River had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,420
    Net interest income $18,651
    Total noninterest income $4,144
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,209
    Trading account gains and fees $0
    Additional Noninterest Income $2,935
    Pre-tax net operating income $6,492
    Securities gains (or losses, -) $60
    Income before extraordinary items $6,542
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,542
    Minority interest net income $0
    Net income $6,542
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,482

    The Bank Of Elk River's gross interest income from loans was $20,420,000.
    The Bank Of Elk River's net interest income from loans was $18,651,000.
    The Bank Of Elk River's fee based income from loans was $1,209,000.
    The Bank Of Elk River's net income from loans was $6,542,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,769
    Provision for credit losses $1,925
    Total noninterest expense $14,378
    Salaries and employee benefits $9,066
    Premises and equipment expense $1,333
    Additional noninterest expense $3,979
    Applicable income taxes $10
    Net charge-offs $-18
    Cash dividends $3,463

    The Bank Of Elk River's interest expense for loans was $1,769,000.
    The Bank Of Elk River's payroll and benefits expense were $9,066,000.
    The Bank Of Elk River's property, plant and equipment expenses $1,333,000.

    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 1.0%
    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 $530,694
    Deposits held in domestic offices $530,694
    Deposits by Individuals, partnerships, and corporations $521,886
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $8,809
    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 $77,137
    Demand deposits $42,859
    Nontransaction accounts $453,558
    Money market deposit accounts (MMDAs) $139,734
    Other savings deposits (excluding MMDAs) $229,893
    Total time deposits $83,931
    Total time and savings deposits $487,836
    Noninterest-bearing deposits $159,493
    Interest-bearing deposits $371,201
    Retail deposits $513,738
    IRAs and Keogh plan accounts $27,286
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $583,201
    Cash & Balances due from depository institutions $77,444
    Interest-bearing balances $66,784
    Total securities $152,935
    Federal funds sold & reverse repurchase $0
    Net loans and leases $338,847
    Loan and leases loss allowance $5,127
    Trading account assets $0
    Bank premises and fixed assets $9,155
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $4,820

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $583,201
    Total Liabilities $532,631
    Total deposits $530,694
    Interest-bearing deposits $371,201
    Deposits held in domestic offices $530,694
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,937

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $338,847
    Loan and leases loss allowance $5,127
    Total loans and leases (domestic) $343,974
    All real estate loans $213,504
    Real estate loans in domestic offices $213,504
    Construction and development loans $32,549
    Residential 1-4 family construction $9,796
    Other construction, all land development and other land $22,753
    Loans secured by nonfarm nonresidential properties $109,723
    Nonfarm nonresidential secured by owner-occupied properties $64,712
    Commercial real estate & other non-farm, non-residential $45,011
    Multifamily residential real estate $16,164
    1-4 family residential loans $53,681
    Farmland loans $1,387
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $120,267
    To non-U.S. addressees $0
    Loans to individuals $10,151
    Credit card loans $139
    Related Plans $313
    Consumer Auto Loans $5,984
    Other loans to individuals $3,715
    All other loans & leases $52
    Loans to foreign governments and official institutions $0
    Other loans $52
    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

    The Bank of Elk River had $338,847,000 of loans outstanding in 2020. $213,504,000 of loans were in real estate loans. $32,549,000 of loans were in development loans. $16,164,000 of loans were in multifamily mortgage loans. $53,681,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $139,000 of loans were in credit card loans. $5,984,000 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 161 $42,178 $261,975
    Nonfarm, nonresidential loans - <$100k 19 $735 $38,684
    Nonfarm, nonresidential loans - $100-250k 52 $6,134 $117,962
    Nonfarm, nonresidential loans - $250k-1MM 90 $35,309 $392,322
    Commercial & Industrial, US addressed loans - <$1MM 1,194 $79,559 $66,632
    Commercial & Industrial, US addressed loans - <$100k 925 $28,970 $31,319
    Commercial & Industrial, US addressed loans - $100-250k 185 $20,257 $109,497
    Commercial & Industrial, US addressed loans - $250k-1MM 84 $30,332 $361,095
    Farmland loans - <$1MM 10 $1,387 $138,700
    Farmland loans - <$100k 3 $193 $64,333
    Farmland loans - $100-250k 5 $654 $130,800
    Farmland loans - $250k-1MM 2 $540 $270,000