American Federal Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300OHXNUMVE33Q475

Tax ID: 41-0229822

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

American Federal Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. American Federal Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Fargo, Grand Forks, Fergus Falls, Minneapolis, and Bismarck among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

American Federal 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.

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Originations

565

Origination Dollar Volume (All Markets)

$155,015,000

Employee count

123

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
FARGO, ND-MN (FHA\|USDA\|VA)	168	$62,150,000	$369,940	$0	0.00%
GRAND FORKS, ND-MN (FHA\|USDA\|VA)	141	$32,235,000	$228,617	$0	0.00%
Fergus Falls, MN (FHA\|USDA\|VA)	93	$21,035,000	$226,183	$0	0.00%
Outside of Metro Areas	82	$14,860,000	$181,220	$0	0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	34	$8,620,000	$253,529	$0	0.00%
BISMARCK, ND (FHA\|USDA\|VA)	1	$2,705,000	$2,705,000	$0	0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	7	$2,525,000	$360,714	$0	0.00%
Wahpeton, ND-MN (FHA\|USDA\|VA)	11	$2,295,000	$208,636	$0	0.00%
Brainerd, MN (FHA\|USDA\|VA)	3	$2,135,000	$711,667	$0	0.00%
Alexandria, MN (FHA\|USDA\|VA)	3	$1,515,000	$505,000	$0	0.00%
Bemidji, MN (FHA\|USDA\|VA)	5	$1,185,000	$237,000	$0	0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$515,000	$515,000	$0	0.00%
SAVANNAH, GA (FHA\|USDA\|VA)	2	$500,000	$250,000	$0	0.00%
Williston, ND (FHA\|USDA\|VA)	2	$480,000	$240,000	$0	0.00%
Pierre, SD (FHA\|USDA\|VA)	1	$335,000	$335,000	$0	0.00%
ST. CLOUD, MN (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	0.00%
RAPID CITY, SD (FHA\|USDA\|VA)	1	$275,000	$275,000	$0	0.00%
SIOUX FALLS, SD (FHA\|USDA\|VA)	2	$270,000	$135,000	$0	0.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA\|USDA\|VA)	1	$245,000	$245,000	$0	0.00%
Jamestown, ND (FHA\|USDA\|VA)	1	$245,000	$245,000	$0	0.00%
Minot, ND (FHA\|USDA\|VA)	1	$235,000	$235,000	$0	0.00%
DULUTH, MN-WI (FHA\|USDA\|VA)	2	$140,000	$70,000	$0	0.00%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	0.00%
Fairmont, MN (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	0.00%

American Federal Bank's top markets include Fargo, Grand Forks, Fergus Falls, Minneapolis, and Bismarck among others.

Their top states include:

North Dakota (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

South Dakota (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	545	$153,675,000	$281,972	$0	0.00%
FHA	16	$380,000	$23,750	$0	0.00%
VA	4	$960,000	$240,000	$0	0.00%

For 2020, American Federal Bank's most frequently originated type of loan was Conventional, with 545 originations. Their 2nd most popular type was FHA, with 16 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	210	$67,730,000	$322,524	$0	0.00%
Home Purchase	165	$35,295,000	$213,909	$0	0.00%
Cash Out Refi	126	$36,530,000	$289,921	$0	0.00%
Home Improvement	64	$15,460,000	$241,563	$0	0.00%

For 2020, American Federal Bank's most frequently cited loan purpose was Refi, with 210 originations. The 2nd most popular reason was Home Purchase, with 165 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	565	$155,015,000	$274,363	$0	0.00%

For 2020, American Federal Bank's most frequently cited loan duration was Other, with 565 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	215	$59,575,000	$277,093	$0	0.00%
$100k-200k	198	$30,050,000	$151,768	$0	0.00%
$100,000 or less	82	$4,670,000	$56,951	$0	0.00%
$400k-600k	49	$22,965,000	$468,673	$0	0.00%
$1MM+	14	$32,710,000	$2,336,429	$0	0.00%
$600k-1MM	7	$5,045,000	$720,714	$0	0.00%

2020 saw American Federal Bank place emphasis on $200k-400k loans with 215 originations, totaling $59,575,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	125	$27,175,000	$217,400	$0	0.00%
$150k-250k	97	$24,795,000	$255,619	$0	0.00%
$75k-100k	65	$12,425,000	$191,154	$0	0.00%
$50k-75k	62	$10,040,000	$161,935	$0	0.00%
$250k+	46	$16,530,000	$359,348	$0	0.00%
$50k or less	42	$4,870,000	$115,952	$0	0.00%

American Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 125 originations. The second most popular income band? $150k-250k, with 97 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	565	$155,015,000	$274,363	$0	0.00%

American Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 565 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	463	$100,885,000	$217,894	$0	0.00%
Not applicable	84	$49,740,000	$592,143	$0	0.00%
Not provided	12	$3,290,000	$274,167	$0	0.00%
American Indian	2	$530,000	$265,000	$0	0.00%
Asian	3	$385,000	$128,333	$0	0.00%
Black	1	$185,000	$185,000	$0	0.00%

Approval Rates

Total approvals of all applications
91.77%

American Federal Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.56%

American Federal Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	565	$155,015,000	$274,363

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	39	$42,945,000	$1,101,154
Single Family (1-4 Units):Manufactured	4	$390,000	$97,500
Single Family (1-4 Units):Site-Built	522	$111,680,000	$213,946

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
AMERICA FIRST FEDERAL CREDIT UNION	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	2	66.7%
AMERICA FIRST FEDERAL CREDIT UNION	Conventional home mortgage	Closing on a mortgage	1	33.3%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
American Federal Bank	201 East Main Street South Ada, MN 56510	Full Service B&M	$26,312
American Federal Bank	101 East Johnson Ave Warren, MN 56762	Full Service B&M	$10,071
American Federal Bank	117 South Mill Street Fergus Falls, MN 56537	Full Service B&M	$66,809
American Federal Bank	1301 Thirtieth Avenue South Fargo, ND 58103	Full Service B&M	$42,172
American Federal Bank	140 Gateway Drive Ne East Grand Forks, MN 56721	Full Service B&M	$55,718
American Federal Bank	157 South Second Street Hallock, MN 56728	Full Service B&M	$43,481
American Federal Bank	209 Johnson Avenue North Fosston, MN 56542	Full Service B&M	$41,006
American Federal Bank	215 North Fifth Street Fargo, ND 58102	Full Service B&M	$85,760
American Federal Bank	2551 South Columbia Road Grand Forks, ND 58201	Full Service B&M	$26,874
American Federal Bank	304 N Broadway Crookston, MN 56716	Full Service B&M	$49,119
American Federal Bank	504 1st Avenue North Northwood, ND 58267	Full Service B&M	$9,169
American Federal Bank	601 Center Avenue Moorhead, MN 56560	Full Service B&M	$40,548
American Federal Bank	615 2nd Ave N Wahpeton, ND 58075	Full Service B&M	$26,424

For 2020, American Federal Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$27,789
Net interest income	$23,955
Total noninterest income	$5,587
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$239
Trading account gains and fees	$0
Additional Noninterest Income	$5,348
Pre-tax net operating income	$10,261
Securities gains (or losses, -)	$-4
Income before extraordinary items	$10,253
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$10,253
Minority interest net income	$0
Net income	$10,253
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$10,257

American Federal Bank's gross interest income from loans was $27,789,000.
American Federal Bank's net interest income from loans was $23,955,000.
American Federal Bank's fee based income from loans was $239,000.
American Federal Bank's net income from loans was $10,253,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,834
Provision for credit losses	$1,500
Total noninterest expense	$17,781
Salaries and employee benefits	$12,555
Premises and equipment expense	$2,440
Additional noninterest expense	$2,786
Applicable income taxes	$4
Net charge-offs	$897
Cash dividends	$4,300

American Federal Bank's interest expense for loans was $3,834,000.
American Federal Bank's payroll and benefits expense were $12,555,000.
American Federal Bank's property, plant and equipment expenses $2,440,000.

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	$568,842
Deposits held in domestic offices	$568,842
Deposits by Individuals, partnerships, and corporations	$524,931
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$43,663
Deposits by Commercial banks and other depository institutions in U.S.	$248
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$249,375
Demand deposits	$133,128
Nontransaction accounts	$319,467
Money market deposit accounts (MMDAs)	$124,491
Other savings deposits (excluding MMDAs)	$92,956
Total time deposits	$102,021
Total time and savings deposits	$435,714
Noninterest-bearing deposits	$132,188
Interest-bearing deposits	$436,654
Retail deposits	$535,931
IRAs and Keogh plan accounts	$13,207
Brokered deposits	$21,610
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$669,655
Cash & Balances due from depository institutions	$12,040
Interest-bearing balances	$375
Total securities	$55,019
Federal funds sold & reverse repurchase	$0
Net loans and leases	$575,090
Loan and leases loss allowance	$6,435
Trading account assets	$0
Bank premises and fixed assets	$10,895
Other real estate owned	$0
Goodwill and other intangibles	$3,988
All other assets	$12,623

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$669,655
Total Liabilities	$610,617
Total deposits	$568,842
Interest-bearing deposits	$436,654
Deposits held in domestic offices	$568,842
% insured (estimated)	$76
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$38,950
Subordinated debt	$0
All other liabilities	$2,825

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$575,090
Loan and leases loss allowance	$6,435
Total loans and leases (domestic)	$581,525
All real estate loans	$370,211
Real estate loans in domestic offices	$370,211
Construction and development loans	$6,738
Residential 1-4 family construction	$1,079
Other construction, all land development and other land	$5,659
Loans secured by nonfarm nonresidential properties	$39,845
Nonfarm nonresidential secured by owner-occupied properties	$25,457
Commercial real estate & other non-farm, non-residential	$14,388
Multifamily residential real estate	$89,295
1-4 family residential loans	$108,993
Farmland loans	$125,340
Loans held in foreign offices	$0
Farm loans	$146,760
Commercial and industrial loans	$52,897
To non-U.S. addressees	$0
Loans to individuals	$5,376
Credit card loans	$0
Related Plans	$1,323
Consumer Auto Loans	$1,738
Other loans to individuals	$2,315
All other loans & leases	$6,281
Loans to foreign governments and official institutions	$0
Other loans	$98
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$10
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$561
Non 1-4 family restructured loans & leases	$422
Total loans and leases (foreign)	$0

American Federal Bank had $575,090,000 of loans outstanding in 2020. $370,211,000 of loans were in real estate loans. $6,738,000 of loans were in development loans. $89,295,000 of loans were in multifamily mortgage loans. $108,993,000 of loans were in 1-4 family mortgage loans. $146,760,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,738,000 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	74	$14,139	$191,068
Nonfarm, nonresidential loans - <$100k	16	$678	$42,375
Nonfarm, nonresidential loans - $100-250k	27	$3,449	$127,741
Nonfarm, nonresidential loans - $250k-1MM	31	$10,012	$322,968
Commercial & Industrial, US addressed loans - <$1MM	342	$25,573	$74,775
Commercial & Industrial, US addressed loans - <$100k	258	$7,002	$27,140
Commercial & Industrial, US addressed loans - $100-250k	39	$5,221	$133,872
Commercial & Industrial, US addressed loans - $250k-1MM	45	$13,350	$296,667
Farmland loans - <$1MM	351	$36,552	$104,137
Farmland loans - <$100k	78	$3,292	$42,205
Farmland loans - $100-250k	143	$12,821	$89,657
Farmland loans - $250k-1MM	130	$20,439	$157,223
Agriculture operations loans - <$1MM	344	$25,683	$74,660
Agriculture operations loans - <$100k	167	$4,118	$24,659
Agriculture operations loans - $100-250k	92	$7,748	$84,217
Agriculture operations loans - $250k-1MM	85	$13,817	$162,553