Border Bank Mortgage Rates, Fees & Info

Greenbush, MN

LEI: 549300O21ZSMIFYKF479

Tax ID: 41-0288050

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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

    Border Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Border Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Grand Forks, Duluth, Fergus Falls, and Grand Rapids among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Border Bank has an above average approval rate when compared to the average across all lenders. They have an above 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

    347

    Origination Dollar Volume (All Markets)

    $32,555,000

    Employee count

    134

    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
    Outside of Metro Areas 322 $29,340,000 $91,118 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 8 $690,000 $86,250 $0 0.00%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 5 $685,000 $137,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $460,000 $115,000 $0 0.00%
    Fergus Falls, MN (FHA|USDA|VA) 2 $420,000 $210,000 $0 0.00%
    Grand Rapids, MN (FHA|USDA|VA) 2 $350,000 $175,000 $0 0.00%
    Hutchinson, MN (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    Menomonie, WI (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    FARGO, ND-MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    Border Bank's top markets include Minneapolis, Grand Forks, Duluth, Fergus Falls, and Grand Rapids among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 347 $32,555,000 $93,818 $0 0.00%

    For 2018, Border Bank's most frequently originated type of loan was Conventional, with 347 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 176 $17,500,000 $99,432 $0 0.00%
    Cash Out Refi 90 $7,980,000 $88,667 $0 0.00%
    Refi 40 $5,060,000 $126,500 $0 0.00%
    Home Improvement 25 $1,175,000 $47,000 $0 0.00%
    Other 16 $840,000 $52,500 $0 0.00%

    For 2018, Border Bank's most frequently cited loan purpose was Home Purchase, with 176 originations. The 2nd most popular reason was Cash Out Refi, with 90 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 347 $32,555,000 $93,818 $0 0.00%

    For 2018, Border Bank's most frequently cited loan duration was Other, with 347 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 212 $10,560,000 $49,811 $0 0.00%
    $100k-200k 111 $15,415,000 $138,874 $0 0.00%
    $200k-400k 23 $5,875,000 $255,435 $0 0.00%
    $600k-1MM 1 $705,000 $705,000 $0 0.00%

    2018 saw Border Bank place emphasis on $100,000 or less loans with 212 originations, totaling $10,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 107 $7,665,000 $71,636 $0 0.00%
    $50k-75k 106 $8,940,000 $84,340 $0 0.00%
    $75k-100k 57 $6,545,000 $114,825 $0 0.00%
    $100k-150k 36 $4,750,000 $131,944 $0 0.00%
    $150k-250k 10 $1,300,000 $130,000 $0 0.00%
    $250k+ 3 $285,000 $95,000 $0 0.00%

    Border Bank lent most frequently to those with incomes in the $50k or less range, with 107 originations. The second most popular income band? $50k-75k, with 106 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 347 $32,555,000 $93,818 $0 0.00%

    Border Bank lent most frequently to those with DTI ratios of Exempt%, with 347 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 320 $30,020,000 $93,813 $0 0.00%
    Not applicable 15 $1,555,000 $103,667 $0 0.00%
    Not provided 11 $975,000 $88,636 $0 0.00%
    Black 1 $5,000 $5,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.32%

    Border Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.81%

    Border Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 347 $32,555,000 $93,818

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $480,000 $240,000
    Multifamily:Site-Built 7 $1,515,000 $216,429
    Single Family (1-4 Units):Manufactured 64 $3,670,000 $57,344
    Single Family (1-4 Units):Site-Built 274 $26,890,000 $98,139

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Border State Bank 1083 Third Street Northwest Roseau, MN 56751 Full Service B&M $52,681
    Border State Bank 114 Central Avenue South Lancaster, MN 56735 Full Service B&M $1,684
    Border State Bank 133 Main Street North Greenbush, MN 56726 Full Service B&M $111,246
    Border State Bank 1414 Highway 71 International Falls, MN 56649 Full Service B&M $35,858
    Border State Bank 150 Hill Avenue Middle River, MN 56737 Full Service B&M $29,420
    Border State Bank 1528 Highway 59 South Thief River Falls, MN 56701 Full Service B&M $81,193
    Border State Bank 202 North Main Street Badger, MN 56714 Full Service B&M $20,555
    Border State Bank 605 Main Street West Baudette, MN 56623 Full Service B&M $47,287
    Border State Bank 9950 Foley Boulevard Nw Coon Rapids, MN 55433 Full Service B&M $61,039

    For 2018, Border Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $24,137
    Net interest income $19,936
    Total noninterest income $3,121
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $758
    Trading account gains and fees $0
    Additional Noninterest Income $2,363
    Pre-tax net operating income $5,692
    Securities gains (or losses, -) $2
    Income before extraordinary items $5,684
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,684
    Minority interest net income $0
    Net income $5,684
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,682

    Border Bank's gross interest income from loans was $24,137,000.
    Border Bank's net interest income from loans was $19,936,000.
    Border Bank's fee based income from loans was $758,000.
    Border Bank's net income from loans was $5,684,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,201
    Provision for credit losses $418
    Total noninterest expense $16,947
    Salaries and employee benefits $11,053
    Premises and equipment expense $2,489
    Additional noninterest expense $3,405
    Applicable income taxes $10
    Net charge-offs $574
    Cash dividends $5,547

    Border Bank's interest expense for loans was $4,201,000.
    Border Bank's payroll and benefits expense were $11,053,000.
    Border Bank's property, plant and equipment expenses $2,489,000.

    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 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 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 $513,964
    Deposits held in domestic offices $513,964
    Deposits by Individuals, partnerships, and corporations $495,131
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,598
    Deposits by Commercial banks and other depository institutions in U.S. $234
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $171,258
    Demand deposits $117,257
    Nontransaction accounts $342,705
    Money market deposit accounts (MMDAs) $20,433
    Other savings deposits (excluding MMDAs) $120,879
    Total time deposits $201,393
    Total time and savings deposits $396,706
    Noninterest-bearing deposits $117,169
    Interest-bearing deposits $396,795
    Retail deposits $417,228
    IRAs and Keogh plan accounts $21,813
    Brokered deposits $67,748
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $593,663
    Cash & Balances due from depository institutions $25,271
    Interest-bearing balances $13,193
    Total securities $94,098
    Federal funds sold & reverse repurchase $0
    Net loans and leases $441,814
    Loan and leases loss allowance $4,885
    Trading account assets $0
    Bank premises and fixed assets $8,316
    Other real estate owned $1,782
    Goodwill and other intangibles $3,973
    All other assets $18,409

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $593,663
    Total Liabilities $536,965
    Total deposits $513,964
    Interest-bearing deposits $396,795
    Deposits held in domestic offices $513,964
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $5,002
    Trading liabilities $0
    Other borrowed funds $12,500
    Subordinated debt $0
    All other liabilities $5,499

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $441,814
    Loan and leases loss allowance $4,885
    Total loans and leases (domestic) $446,699
    All real estate loans $266,613
    Real estate loans in domestic offices $266,613
    Construction and development loans $9,585
    Residential 1-4 family construction $5,770
    Other construction, all land development and other land $3,815
    Loans secured by nonfarm nonresidential properties $127,877
    Nonfarm nonresidential secured by owner-occupied properties $78,026
    Commercial real estate & other non-farm, non-residential $49,851
    Multifamily residential real estate $5,826
    1-4 family residential loans $70,044
    Farmland loans $53,281
    Loans held in foreign offices $0
    Farm loans $59,665
    Commercial and industrial loans $63,556
    To non-U.S. addressees $0
    Loans to individuals $41,234
    Credit card loans $0
    Related Plans $517
    Consumer Auto Loans $16,207
    Other loans to individuals $24,510
    All other loans & leases $15,630
    Loans to foreign governments and official institutions $0
    Other loans $132
    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 $2,828
    Non 1-4 family restructured loans & leases $2,632
    Total loans and leases (foreign) $0

    Border Bank had $441,814,000 of loans outstanding in 2018. $266,613,000 of loans were in real estate loans. $9,585,000 of loans were in development loans. $5,826,000 of loans were in multifamily mortgage loans. $70,044,000 of loans were in 1-4 family mortgage loans. $59,665,000 of loans were in farm loans. $0 of loans were in credit card loans. $16,207,000 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 413 $61,264 $148,339
    Nonfarm, nonresidential loans - <$100k 177 $6,599 $37,282
    Nonfarm, nonresidential loans - $100-250k 131 $15,666 $119,588
    Nonfarm, nonresidential loans - $250k-1MM 105 $38,999 $371,419
    Commercial & Industrial, US addressed loans - <$1MM 526 $35,284 $67,080
    Commercial & Industrial, US addressed loans - <$100k 354 $8,002 $22,605
    Commercial & Industrial, US addressed loans - $100-250k 108 $10,424 $96,519
    Commercial & Industrial, US addressed loans - $250k-1MM 64 $16,858 $263,406
    Farmland loans - <$1MM 339 $32,236 $95,091
    Farmland loans - <$100k 182 $7,842 $43,088
    Farmland loans - $100-250k 120 $14,548 $121,233
    Farmland loans - $250k-1MM 37 $9,846 $266,108
    Agriculture operations loans - <$1MM 401 $25,281 $63,045
    Agriculture operations loans - <$100k 275 $5,908 $21,484
    Agriculture operations loans - $100-250k 80 $8,218 $102,725
    Agriculture operations loans - $250k-1MM 46 $11,155 $242,500