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, Grand Rapids, Duluth, and Brainerd among others. We have data for 8 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    400

    Origination Dollar Volume (All Markets)

    $46,750,000

    Employee count

    142

    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 367 $41,485,000 $113,038 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 10 $1,800,000 $180,000 $0 0.00%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 10 $1,540,000 $154,000 $0 0.00%
    Grand Rapids, MN (FHA|USDA|VA) 2 $620,000 $310,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 5 $545,000 $109,000 $0 0.00%
    Brainerd, MN (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
    Bemidji, MN (FHA|USDA|VA) 3 $255,000 $85,000 $0 0.00%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    Border Bank's top markets include Minneapolis, Grand Forks, Grand Rapids, Duluth, and Brainerd among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 400 $46,750,000 $116,875 $0 0.00%

    For 2019, Border Bank's most frequently originated type of loan was Conventional, with 400 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 175 $25,295,000 $144,543 $0 0.00%
    Cash Out Refi 110 $10,630,000 $96,636 $0 0.00%
    Refi 65 $8,555,000 $131,615 $0 0.00%
    Home Improvement 32 $1,260,000 $39,375 $0 0.00%
    Other 18 $1,010,000 $56,111 $0 0.00%

    For 2019, Border Bank's most frequently cited loan purpose was Home Purchase, with 175 originations. The 2nd most popular reason was Cash Out Refi, with 110 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 400 $46,750,000 $116,875 $0 0.00%

    For 2019, Border Bank's most frequently cited loan duration was Other, with 400 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 221 $10,535,000 $47,670 $0 0.00%
    $100k-200k 130 $18,240,000 $140,308 $0 0.00%
    $200k-400k 44 $11,690,000 $265,682 $0 0.00%
    $400k-600k 3 $1,415,000 $471,667 $0 0.00%
    $1MM+ 2 $4,870,000 $2,435,000 $0 0.00%

    2019 saw Border Bank place emphasis on $100,000 or less loans with 221 originations, totaling $10,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 130 $8,380,000 $64,462 $0 0.00%
    $50k-75k 101 $9,885,000 $97,871 $0 0.00%
    $75k-100k 74 $8,240,000 $111,351 $0 0.00%
    $100k-150k 43 $7,085,000 $164,767 $0 0.00%
    $150k-250k 26 $4,920,000 $189,231 $0 0.00%
    $250k+ 5 $985,000 $197,000 $0 0.00%

    Border Bank lent most frequently to those with incomes in the $50k or less range, with 130 originations. The second most popular income band? $50k-75k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 400 $46,750,000 $116,875 $0 0.00%

    Border Bank lent most frequently to those with DTI ratios of Exempt%, with 400 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 369 $38,055,000 $103,130 $0 0.00%
    Not applicable 12 $6,200,000 $516,667 $0 0.00%
    Not provided 14 $1,980,000 $141,429 $0 0.00%
    Asian 2 $220,000 $110,000 $0 0.00%
    Black 1 $145,000 $145,000 $0 0.00%
    Other Pacific Islander 1 $105,000 $105,000 $0 0.00%
    American Indian 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.74%

    Border Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.50%

    Border Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 400 $46,750,000 $116,875

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $35,000 $35,000
    Multifamily:Site-Built 4 $5,690,000 $1,422,500
    Single Family (1-4 Units):Manufactured 92 $4,770,000 $51,848
    Single Family (1-4 Units):Site-Built 303 $36,255,000 $119,653

    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 $51,996
    Border State Bank 123 Main Street South Clearbrook, MN 56634 Full Service B&M $40,455
    Border State Bank 133 Main Street North Greenbush, MN 56726 Full Service B&M $150,024
    Border State Bank 1414 Highway 71 International Falls, MN 56649 Full Service B&M $38,154
    Border State Bank 150 Hill Avenue Middle River, MN 56737 Full Service B&M $23,522
    Border State Bank 1528 Highway 59 South Thief River Falls, MN 56701 Full Service B&M $82,076
    Border State Bank 202 North Main Street Badger, MN 56714 Full Service B&M $20,086
    Border State Bank 605 Main Street West Baudette, MN 56623 Full Service B&M $43,034
    Border State Bank 9950 Foley Boulevard Nw Coon Rapids, MN 55433 Full Service B&M $64,396

    For 2019, Border Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,488
    Net interest income $20,827
    Total noninterest income $3,092
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $808
    Trading account gains and fees $0
    Additional Noninterest Income $2,284
    Pre-tax net operating income $5,837
    Securities gains (or losses, -) $52
    Income before extraordinary items $5,879
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,879
    Minority interest net income $0
    Net income $5,879
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,827

    Border Bank's gross interest income from loans was $27,488,000.
    Border Bank's net interest income from loans was $20,827,000.
    Border Bank's fee based income from loans was $808,000.
    Border Bank's net income from loans was $5,879,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,661
    Provision for credit losses $612
    Total noninterest expense $17,470
    Salaries and employee benefits $11,625
    Premises and equipment expense $2,562
    Additional noninterest expense $3,283
    Applicable income taxes $10
    Net charge-offs $203
    Cash dividends $4,579

    Border Bank's interest expense for loans was $6,661,000.
    Border Bank's payroll and benefits expense were $11,625,000.
    Border Bank's property, plant and equipment expenses $2,562,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    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 $551,909
    Deposits held in domestic offices $551,909
    Deposits by Individuals, partnerships, and corporations $529,035
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,208
    Deposits by Commercial banks and other depository institutions in U.S. $4,666
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $175,251
    Demand deposits $126,061
    Nontransaction accounts $376,658
    Money market deposit accounts (MMDAs) $18,066
    Other savings deposits (excluding MMDAs) $141,205
    Total time deposits $217,388
    Total time and savings deposits $425,848
    Noninterest-bearing deposits $125,990
    Interest-bearing deposits $425,919
    Retail deposits $451,209
    IRAs and Keogh plan accounts $21,642
    Brokered deposits $73,174
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $632,848
    Cash & Balances due from depository institutions $37,107
    Interest-bearing balances $26,051
    Total securities $90,032
    Federal funds sold & reverse repurchase $0
    Net loans and leases $474,167
    Loan and leases loss allowance $5,293
    Trading account assets $0
    Bank premises and fixed assets $7,832
    Other real estate owned $210
    Goodwill and other intangibles $3,882
    All other assets $19,618

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $632,848
    Total Liabilities $571,973
    Total deposits $551,909
    Interest-bearing deposits $425,919
    Deposits held in domestic offices $551,909
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $4,562
    Trading liabilities $0
    Other borrowed funds $12,500
    Subordinated debt $0
    All other liabilities $3,002

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $474,167
    Loan and leases loss allowance $5,293
    Total loans and leases (domestic) $479,460
    All real estate loans $301,558
    Real estate loans in domestic offices $301,558
    Construction and development loans $7,130
    Residential 1-4 family construction $4,382
    Other construction, all land development and other land $2,748
    Loans secured by nonfarm nonresidential properties $162,353
    Nonfarm nonresidential secured by owner-occupied properties $91,265
    Commercial real estate & other non-farm, non-residential $71,088
    Multifamily residential real estate $1,394
    1-4 family residential loans $70,578
    Farmland loans $60,103
    Loans held in foreign offices $0
    Farm loans $62,419
    Commercial and industrial loans $67,982
    To non-U.S. addressees $0
    Loans to individuals $29,006
    Credit card loans $0
    Related Plans $523
    Consumer Auto Loans $7,149
    Other loans to individuals $21,334
    All other loans & leases $18,495
    Loans to foreign governments and official institutions $0
    Other loans $245
    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 $2,772
    Non 1-4 family restructured loans & leases $2,744
    Total loans and leases (foreign) $0

    Border Bank had $474,167,000 of loans outstanding in 2019. $301,558,000 of loans were in real estate loans. $7,130,000 of loans were in development loans. $1,394,000 of loans were in multifamily mortgage loans. $70,578,000 of loans were in 1-4 family mortgage loans. $62,419,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,149,000 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 414 $63,406 $153,155
    Nonfarm, nonresidential loans - <$100k 183 $7,574 $41,388
    Nonfarm, nonresidential loans - $100-250k 114 $13,849 $121,482
    Nonfarm, nonresidential loans - $250k-1MM 117 $41,983 $358,829
    Commercial & Industrial, US addressed loans - <$1MM 495 $36,424 $73,584
    Commercial & Industrial, US addressed loans - <$100k 317 $7,527 $23,744
    Commercial & Industrial, US addressed loans - $100-250k 110 $10,812 $98,291
    Commercial & Industrial, US addressed loans - $250k-1MM 68 $18,085 $265,956
    Farmland loans - <$1MM 329 $31,450 $95,593
    Farmland loans - <$100k 168 $7,033 $41,863
    Farmland loans - $100-250k 119 $13,610 $114,370
    Farmland loans - $250k-1MM 42 $10,807 $257,310
    Agriculture operations loans - <$1MM 394 $25,071 $63,632
    Agriculture operations loans - <$100k 269 $5,170 $19,219
    Agriculture operations loans - $100-250k 79 $8,115 $102,722
    Agriculture operations loans - $250k-1MM 46 $11,786 $256,217