Merchants Bank Mortgage Rates, Fees & Info
Winona, MN
LEI: 549300OZIFHR7THILC90
Tax ID: 41-0632402
5 stars
-
out of 5 stars, based on 65 reviews
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Mortgage Data
Bank Data
Overview
Merchants Bank is a
smaller
bank
specializing in
Refi, Home Purchase, and Cash Out Refi loans.
Merchants 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.)
They have a low ratio of USDA loans.
Their top markets include Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others. Merchants Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Merchants Bank is typically
an average fee
lendor.
Originations
4,287
Origination Dollar Volume (All Markets)
$906,345,000
Employee count
427
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Merchants Bank - 2021
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Relative Rate
Merchants Bank's average 30 year fixed rate mortgage of loans were
3.05%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.1%.
Relative Fees
Merchants Bank's average total fees for a 30 year fixed rate
mortgage are $3,630.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)
|
861
|
$213,515,000 |
$247,985 |
$3,901 |
2.99% |
|
Outside of Metro Areas
|
616 |
$127,680,000 |
$207,273 |
$3,415 |
2.88% |
|
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA)
|
466
|
$93,650,000 |
$200,966 |
$2,051 |
3.02% |
|
Winona, MN (FHA|USDA|VA)
|
617
|
$90,195,000 |
$146,183 |
$3,344 |
2.92% |
|
ROCHESTER, MN (FHA|USDA|VA)
|
434
|
$74,870,000 |
$172,512 |
$3,722 |
2.86% |
|
Fergus Falls, MN (FHA|USDA|VA)
|
246
|
$53,310,000 |
$216,707 |
$3,703 |
2.77% |
|
Red Wing, MN (FHA|USDA|VA)
|
258
|
$46,870,000 |
$181,667 |
$3,788 |
2.96% |
|
Brainerd, MN (FHA|USDA|VA)
|
162
|
$37,640,000 |
$232,346 |
$3,424 |
2.89% |
|
EAU CLAIRE, WI (FHA|USDA|VA)
|
91
|
$29,285,000 |
$321,813 |
$1,812 |
3.12% |
|
Faribault-Northfield, MN (FHA|USDA|VA)
|
99
|
$20,185,000 |
$203,889 |
$3,720 |
2.95% |
|
Austin, MN (FHA|USDA|VA)
|
11
|
$16,235,000 |
$1,475,909 |
$4,150 |
3.02% |
|
FARGO, ND-MN (FHA|USDA|VA)
|
31
|
$12,915,000 |
$416,613 |
$5,621 |
2.98% |
|
ST. CLOUD, MN (FHA|USDA|VA)
|
54
|
$12,720,000 |
$235,556 |
$3,678 |
2.77% |
|
MANKATO, MN (FHA|USDA|VA)
|
44
|
$7,800,000 |
$177,273 |
$3,884 |
2.93% |
|
GRAND FORKS, ND-MN (FHA|USDA|VA)
|
29
|
$7,015,000 |
$241,897 |
$4,010 |
2.79% |
|
Alexandria, MN (FHA|USDA|VA)
|
29
|
$6,455,000 |
$222,586 |
$3,905 |
2.85% |
|
Marshall, MN (FHA|USDA|VA)
|
23
|
$5,405,000 |
$235,000 |
$3,120 |
2.85% |
|
Mason City, IA (FHA|USDA|VA)
|
29
|
$5,275,000 |
$181,897 |
$3,067 |
2.64% |
|
DULUTH, MN-WI (FHA|USDA|VA)
|
23
|
$4,005,000 |
$174,130 |
$3,782 |
3.20% |
|
Menomonie, WI (FHA|USDA|VA)
|
4
|
$3,870,000 |
$967,500 |
$0 |
3.04% |
|
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)
|
11
|
$3,035,000 |
$275,909 |
$4,883 |
2.88% |
|
BISMARCK, ND (FHA|USDA|VA)
|
14
|
$3,030,000 |
$216,429 |
$3,648 |
2.72% |
|
Hutchinson, MN (FHA|USDA|VA)
|
15
|
$2,395,000 |
$159,667 |
$3,487 |
2.84% |
|
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
6
|
$2,230,000 |
$371,667 |
$8,099 |
3.13% |
|
Owatonna, MN (FHA|USDA|VA)
|
10
|
$1,840,000 |
$184,000 |
$3,576 |
2.85% |
|
Albert Lea, MN (FHA|USDA|VA)
|
9
|
$1,645,000 |
$182,778 |
$3,577 |
2.80% |
|
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA)
|
4
|
$1,560,000 |
$390,000 |
$2,529 |
3.09% |
|
Bemidji, MN (FHA|USDA|VA)
|
9
|
$1,505,000 |
$167,222 |
$3,142 |
2.94% |
|
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)
|
3
|
$1,145,000 |
$381,667 |
$7,544 |
3.01% |
|
Grand Rapids, MN (FHA|USDA|VA)
|
4
|
$1,080,000 |
$270,000 |
$3,189 |
2.93% |
|
WAUSAU-WESTON, WI (FHA|USDA|VA)
|
5
|
$925,000 |
$185,000 |
$1,778 |
2.93% |
|
APPLETON, WI (FHA|USDA|VA)
|
5
|
$855,000 |
$171,000 |
$1,713 |
2.90% |
|
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA)
|
3
|
$765,000 |
$255,000 |
$3,740 |
2.98% |
|
KANSAS CITY, MO-KS (FHA|USDA|VA)
|
2
|
$760,000 |
$380,000 |
$6,159 |
3.34% |
|
Fairmont, MN (FHA|USDA|VA)
|
5
|
$695,000 |
$139,000 |
$3,951 |
2.88% |
|
Wahpeton, ND-MN (FHA|USDA|VA)
|
3
|
$615,000 |
$205,000 |
$4,242 |
3.23% |
|
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA)
|
2
|
$610,000 |
$305,000 |
$2,213 |
3.03% |
|
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA)
|
3
|
$605,000 |
$201,667 |
$1,302 |
2.48% |
|
Baraboo, WI (FHA|USDA|VA)
|
3
|
$575,000 |
$191,667 |
$2,491 |
3.01% |
|
Willmar, MN (FHA|USDA|VA)
|
2
|
$570,000 |
$285,000 |
$3,603 |
2.65% |
|
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA)
|
1
|
$535,000 |
$535,000 |
$6,375 |
2.65% |
|
Minot, ND (FHA|USDA|VA)
|
2
|
$510,000 |
$255,000 |
$5,862 |
2.53% |
|
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA)
|
2
|
$510,000 |
$255,000 |
$5,824 |
2.78% |
|
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)
|
1
|
$505,000 |
$505,000 |
$0 |
2.90% |
|
New Ulm, MN (FHA|USDA|VA)
|
1
|
$495,000 |
$495,000 |
$1,486 |
2.28% |
|
Outside of Metro Areas
|
1 |
$485,000 |
$485,000 |
$0 |
3.50% |
|
COLORADO SPRINGS, CO (FHA|USDA|VA)
|
1
|
$475,000 |
$475,000 |
$2,134 |
2.78% |
|
PUNTA GORDA, FL (FHA|USDA|VA)
|
1
|
$415,000 |
$415,000 |
$4,466 |
2.78% |
|
TALLAHASSEE, FL (FHA|USDA|VA)
|
1
|
$375,000 |
$375,000 |
$4,525 |
3.28% |
|
Sheridan, WY (FHA|USDA|VA)
|
1
|
$375,000 |
$375,000 |
$0 |
3.25% |
|
Show Low, AZ (FHA|USDA|VA)
|
1
|
$365,000 |
$365,000 |
$5,584 |
2.28% |
|
PUEBLO, CO (FHA|USDA|VA)
|
1
|
$355,000 |
$355,000 |
$6,727 |
3.03% |
|
BILLINGS, MT (FHA|USDA|VA)
|
1
|
$335,000 |
$335,000 |
$6,871 |
3.03% |
|
IOWA CITY, IA (FHA|USDA|VA)
|
2
|
$330,000 |
$165,000 |
$2,302 |
2.71% |
|
Marquette, MI (FHA|USDA|VA)
|
1
|
$305,000 |
$305,000 |
$2,891 |
3.15% |
|
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA)
|
1
|
$305,000 |
$305,000 |
$0 |
3.40% |
|
JACKSONVILLE, FL (FHA|USDA|VA)
|
1
|
$295,000 |
$295,000 |
$5,338 |
2.90% |
|
Spearfish, SD (FHA|USDA|VA)
|
1
|
$285,000 |
$285,000 |
$4,625 |
2.40% |
|
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)
|
1
|
$275,000 |
$275,000 |
$0 |
3.65% |
|
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA)
|
1
|
$275,000 |
$275,000 |
$2,537 |
3.15% |
|
RAPID CITY, SD (FHA|USDA|VA)
|
2
|
$270,000 |
$135,000 |
$3,135 |
2.78% |
|
Pella, IA (FHA|USDA|VA)
|
1
|
$265,000 |
$265,000 |
$4,083 |
2.90% |
|
Mitchell, SD (FHA|USDA|VA)
|
1
|
$255,000 |
$255,000 |
$4,674 |
2.78% |
|
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA)
|
1
|
$255,000 |
$255,000 |
$4,672 |
3.03% |
|
TOLEDO, OH (FHA|USDA|VA)
|
1
|
$235,000 |
$235,000 |
$2,434 |
3.15% |
|
Georgetown, SC (FHA|USDA|VA)
|
1
|
$225,000 |
$225,000 |
$3,919 |
3.03% |
|
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)
|
1
|
$215,000 |
$215,000 |
$4,292 |
2.78% |
|
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA)
|
1
|
$195,000 |
$195,000 |
$3,597 |
2.28% |
|
CEDAR RAPIDS, IA (FHA|USDA|VA)
|
1
|
$185,000 |
$185,000 |
$3,246 |
3.53% |
|
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)
|
1
|
$175,000 |
$175,000 |
$4,684 |
3.03% |
|
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA)
|
1
|
$175,000 |
$175,000 |
$3,854 |
2.90% |
|
GREEN BAY, WI (FHA|USDA|VA)
|
1
|
$155,000 |
$155,000 |
$2,335 |
3.78% |
|
Fairfield, IA (FHA|USDA|VA)
|
1
|
$135,000 |
$135,000 |
$1,909 |
2.53% |
|
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$1,565 |
2.90% |
|
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$2,953 |
4.00% |
|
Burlington, IA-IL (FHA|USDA|VA)
|
1
|
$95,000 |
$95,000 |
$1,404 |
3.90% |
|
Shawano, WI (FHA|USDA|VA)
|
1
|
$85,000 |
$85,000 |
$0 |
4.50% |
|
Dickinson, ND (FHA|USDA|VA)
|
1
|
$55,000 |
$55,000 |
$2,731 |
3.28% |
Merchants Bank's top markets include Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
4,212 |
$890,520,000 |
$211,425 |
$3,408 |
2.93% |
| VA |
39 |
$8,965,000 |
$229,872 |
$5,603 |
2.48% |
| FHA |
24 |
$4,890,000 |
$203,750 |
$7,011 |
2.76% |
| USDA |
12 |
$1,970,000 |
$164,167 |
$5,214 |
2.61% |
For the 2021 period, Merchants Bank's most frequently
originated loan type
of loans were Conventional, with 4,212 originations.
Their 2nd most popular type is VA,
with 39 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
1,404 |
$280,100,000 |
$199,501 |
$2,981 |
2.82% |
| Home Purchase |
1,385 |
$380,195,000 |
$274,509 |
$3,761 |
3.02% |
| Cash Out Refi |
994 |
$211,530,000 |
$212,807 |
$3,736 |
2.85% |
| Other |
316 |
$23,740,000 |
$75,127 |
$2,078 |
3.08% |
| Home Improvement |
188 |
$10,780,000 |
$57,340 |
$1,392 |
3.14% |
For the 2021, Merchants Bank's most frequently cited loan
purpose
of loans were Refi, with 1,404
originations.
The 2nd most popular reason of loans were Home Purchase,
with 1,385 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
2,825 |
$560,425,000 |
$198,381 |
$3,630 |
3.05% |
| 15 Year |
921 |
$176,265,000 |
$191,384 |
$3,200 |
2.41% |
| 20 Year |
269 |
$61,415,000 |
$228,309 |
$3,471 |
3.07% |
| 10 Year |
168 |
$44,190,000 |
$263,036 |
$2,698 |
2.91% |
| Other |
50 |
$33,290,000 |
$665,800 |
$2,668 |
3.82% |
| 5 Year |
38 |
$25,970,000 |
$683,421 |
$245 |
3.70% |
| 1 Year |
15 |
$4,755,000 |
$317,000 |
$0 |
3.98% |
| 3 Year |
1 |
$35,000 |
$35,000 |
$0 |
3.75% |
For the 2021, Merchants Bank's most frequently cited loan
length
of loans were 30 Year, with 2,825 originations.
The 2nd most popular length of loans were 15 Year,
with 921 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
1,001 |
$233,705,000 |
$233,472 |
| $1k-2k |
917 |
$131,355,000 |
$143,244 |
| $2k-3k |
796 |
$169,550,000 |
$213,003 |
| $3k-4k |
469 |
$149,255,000 |
$318,241 |
| $5k+ |
87 |
$39,315,000 |
$451,897 |
$3,630 of loans were Merchants Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 1,001 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
2,049 |
$402,655,000 |
$196,513 |
| 3-4% |
1,421 |
$342,555,000 |
$241,066 |
| <2.5% |
721 |
$140,945,000 |
$195,485 |
| 4-5% |
94 |
$19,660,000 |
$209,149 |
| 5-6% |
1 |
$225,000 |
$225,000 |
During 2021, Merchants Bank's average interest
rate of loans were 3.05%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 2,049 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-200k |
1,540 |
$227,540,000 |
$147,753 |
$3,004 |
2.87% |
| $200k-400k |
1,378 |
$375,030,000 |
$272,155 |
$3,931 |
2.87% |
| $100,000 or less |
992 |
$56,690,000 |
$57,147 |
$2,325 |
3.07% |
| $400k-600k |
343 |
$164,835,000 |
$480,569 |
$4,818 |
2.93% |
| $1MM+ |
22 |
$72,880,000 |
$3,312,727 |
$0 |
3.51% |
| $600k-1MM |
12 |
$9,370,000 |
$780,833 |
$5,573 |
3.49% |
2021 saw Merchants Bank place emphasis on
$100k-200k loans
with 1,540 originations, totaling
$227,540,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
936 |
$210,190,000 |
$224,562 |
$3,807 |
2.86% |
| $50k-75k |
931 |
$148,085,000 |
$159,060 |
$3,194 |
2.89% |
| $75k-100k |
765 |
$144,015,000 |
$188,255 |
$3,449 |
2.91% |
| $50k or less |
671 |
$80,755,000 |
$120,350 |
$2,944 |
2.90% |
| $150k-250k |
538 |
$135,620,000 |
$252,082 |
$3,956 |
2.93% |
| $250k+ |
203 |
$67,645,000 |
$333,227 |
$4,703 |
2.90% |
Merchants Bank lent most frequently to those with incomes in the
$100k-150k range, with
936 originations.
The second most popular income band? $50k-75k,
with 931 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
1,156 |
$216,450,000 |
$187,240 |
$3,386 |
2.85% |
| 30-36% |
843 |
$161,395,000 |
$191,453 |
$3,473 |
2.89% |
| <20% |
421 |
$76,405,000 |
$181,485 |
$3,368 |
2.83% |
| 38% |
148 |
$27,180,000 |
$183,649 |
$3,526 |
2.90% |
| 43% |
147 |
$32,685,000 |
$222,347 |
$3,564 |
2.98% |
| 39% |
146 |
$29,720,000 |
$203,562 |
$3,352 |
2.96% |
| 37% |
141 |
$27,945,000 |
$198,191 |
$3,478 |
2.90% |
| 40% |
141 |
$25,115,000 |
$178,121 |
$3,250 |
2.94% |
| 41% |
134 |
$23,380,000 |
$174,478 |
$3,795 |
2.90% |
| 36% |
117 |
$23,575,000 |
$201,496 |
$3,399 |
2.92% |
| 44% |
106 |
$21,530,000 |
$203,113 |
$3,759 |
3.02% |
| 45% |
101 |
$23,175,000 |
$229,455 |
$3,875 |
2.89% |
| 42% |
93 |
$20,255,000 |
$217,796 |
$3,693 |
2.89% |
| 48% |
77 |
$17,385,000 |
$225,779 |
$3,461 |
2.79% |
| 47% |
75 |
$14,535,000 |
$193,800 |
$3,545 |
2.87% |
| 46% |
70 |
$16,000,000 |
$228,571 |
$3,439 |
2.82% |
| 49% |
69 |
$18,305,000 |
$265,290 |
$3,848 |
2.82% |
| 50-60% |
49 |
$9,835,000 |
$200,714 |
$4,168 |
3.11% |
| >60% |
25 |
$5,915,000 |
$236,600 |
$3,474 |
3.31% |
Merchants Bank lent most frequently to those with DTI ratios
of 20-30%, with
1,156 originations.
The next most common DTI ratio? 30-36%,
with 843 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
3,783 |
$730,325,000 |
$193,054 |
$3,451 |
2.89% |
| Not applicable |
161 |
$106,485,000 |
$661,398 |
$0 |
3.70% |
| Not provided |
269 |
$54,925,000 |
$204,182 |
$3,796 |
3.07% |
| Asian |
45 |
$9,475,000 |
$210,556 |
$3,034 |
2.86% |
| Black |
12 |
$2,410,000 |
$200,833 |
$3,752 |
2.65% |
| American Indian |
11 |
$1,935,000 |
$175,909 |
$4,339 |
2.66% |
| Other Asian |
4 |
$740,000 |
$185,000 |
$2,555 |
3.03% |
| Korean |
1 |
$35,000 |
$35,000 |
$0 |
2.90% |
| Japanese |
1 |
$15,000 |
$15,000 |
$0 |
2.90% |
Approval Rates
Total approvals of all applications
96.95%
Merchants Bank has an exceptionally high approval rate. They
either target their audience
very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination
89.15%
Merchants Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
4,287 |
$906,345,000 |
$211,417 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
4,287 |
$906,345,000 |
$211,417 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
474 |
$55,170,000 |
$116,392 |
$2,756 |
2.93% |
| 40-60% |
748 |
$145,340,000 |
$194,305 |
$3,173 |
2.71% |
| 60-80% |
1,618 |
$423,960,000 |
$262,027 |
$3,492 |
2.91% |
| 80-100% |
979 |
$255,725,000 |
$261,210 |
$3,929 |
2.99% |
| Over 100% |
7 |
$4,365,000 |
$623,571 |
$5,928 |
3.36% |
| Under 20% |
459 |
$21,465,000 |
$46,765 |
$1,178 |
3.20% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| Merchants and Medical Credit Corporation, Inc. |
Conventional home mortgage |
Struggling to pay mortgage |
1 |
100.0% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Merchants Bank, National Association |
23280 Main Street Hampton, MN 55031 |
Full Service B&M
|
$28,161 |
| Merchants Bank, National Association |
100-106 East Third Street Winona, MN 55987 |
Full Service B&M
|
$540,737 |
| Merchants Bank, National Association |
101 Jessie Street West Rushford, MN 55971 |
Full Service B&M
|
$57,614 |
| Merchants Bank, National Association |
1130 Whitewater Avenue St. Charles, MN 55972 |
Full Service B&M
|
$76,316 |
| Merchants Bank, National Association |
115 West Washington Street Caledonia, MN 55921 |
Full Service B&M
|
$71,223 |
| Merchants Bank, National Association |
118 Parkway Avenue North Lanesboro, MN 55949 |
Full Service B&M
|
$52,013 |
| Merchants Bank, National Association |
126 West Main Street Spring Grove, MN 55974 |
Full Service B&M
|
$43,742 |
| Merchants Bank, National Association |
15055 Chippendale Avenue South Rosemount, MN 55068 |
Full Service B&M
|
$48,490 |
| Merchants Bank, National Association |
1525 Vermillion Street Hastings, MN 55033 |
Full Service B&M
|
$88,773 |
| Merchants Bank, National Association |
1600 Greenview Dr Sw Rochester, MN 55902 |
Full Service B&M
|
$65,658 |
| Merchants Bank, National Association |
1611 Honey Locust Drive Northfield, MN 55057 |
Full Service B&M
|
$82,282 |
| Merchants Bank, National Association |
18550 Joplin Avenue Lakeville, MN 55044 |
Full Service B&M
|
$81,976 |
| Merchants Bank, National Association |
20150 Highview Avenue Lakeville, MN 55044 |
Full Service B&M
|
$45 |
| Merchants Bank, National Association |
2728 Mall Drive Eau Claire, WI 54701 |
Full Service B&M
|
$91,218 |
| Merchants Bank, National Association |
2835 South Service Drive Red Wing, MN 55066 |
Full Service B&M
|
$137,034 |
| Merchants Bank, National Association |
300 West Main Street Cannon Falls, MN 55009 |
Full Service B&M
|
$136,320 |
| Merchants Bank, National Association |
3140 Market Place Onalaska, WI 54650 |
Full Service B&M
|
$193,343 |
| Merchants Bank, National Association |
316 Main Street La Crescent, MN 55947 |
Full Service B&M
|
$117,135 |
| Merchants Bank, National Association |
329 Division Street Northfield, MN 55057 |
Full Service B&M
|
$163,541 |
| Merchants Bank, National Association |
3586 55th Street Nw Rochester, MN 55901 |
Full Service B&M
|
$89,824 |
| Merchants Bank, National Association |
4124 Sixth Street-Goodview Winona, MN 55987 |
Full Service B&M
|
$29,784 |
| Merchants Bank, National Association |
627 Mankato Avenue Winona, MN 55987 |
Full Service B&M
|
$28,847 |
| Merchants Bank, National Association |
7200 East Douglas Point Road South Cottage Grove, MN 55016 |
Full Service B&M
|
$68,949 |
| Merchants Bank, National Association |
7300 147th Street West, Suite 100 Apple Valley, MN 55124 |
Full Service B&M
|
$100,522 |
For 2021, Merchants Bank had 24 branches.
Yearly Performance Overview
Bank Income
Merchants Bank's gross interest income from loans was $90,156,000.
Merchants Bank's net interest income from loans was $83,173,000.
Merchants Bank's fee based income from loans was $2,018,000.
Merchants Bank's net income from loans was $32,166,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$6,983 |
| Provision for credit losses |
$-2,210 |
| Total noninterest expense |
$71,097 |
| Salaries and employee benefits |
$43,239 |
| Premises and equipment expense |
$3,915 |
| Additional noninterest expense |
$23,943 |
| Applicable income taxes |
$11,671 |
| Net charge-offs |
$760 |
| Cash dividends |
$8,152 |
Merchants Bank's interest expense for loans was $6,983,000.
Merchants Bank's payroll and benefits expense were $43,239,000.
Merchants Bank's property, plant and equipment expenses $3,915,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$2,520,582 |
| Deposits held in domestic offices |
$2,520,582 |
| Deposits by Individuals, partnerships, and corporations |
$2,470,267 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$50,315 |
| 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 |
$746,721 |
| Demand deposits |
$437,254 |
| Nontransaction accounts |
$1,773,861 |
| Money market deposit accounts (MMDAs) |
$883,641 |
| Other savings deposits (excluding MMDAs) |
$626,003 |
| Total time deposits |
$264,217 |
| Total time and savings deposits |
$2,083,328 |
| Noninterest-bearing deposits |
$623,002 |
| Interest-bearing deposits |
$1,897,580 |
| Retail deposits |
$2,461,329 |
| IRAs and Keogh plan accounts |
$49,039 |
| Brokered deposits |
$0 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$2,820,664 |
| Cash & Balances due from depository institutions |
$849,409 |
| Interest-bearing balances |
$823,864 |
| Total securities |
$204,084 |
| Federal funds sold & reverse repurchase |
$413 |
| Net loans and leases |
$1,603,187 |
| Loan and leases loss allowance |
$28,650 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$40,686 |
| Other real estate owned |
$964 |
| Goodwill and other intangibles |
$53,427 |
| All other assets |
$68,494 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$2,820,664 |
| Total Liabilities |
$2,547,407 |
| Total deposits |
$2,520,582 |
| Interest-bearing deposits |
$1,897,580 |
| Deposits held in domestic offices |
$2,520,582 |
| % insured (estimated) |
$72 |
| Federal funds purchased and repurchase agreements |
$1,700 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$12,188 |
| Subordinated debt |
$0 |
| All other liabilities |
$12,937 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$1,603,187 |
| Loan and leases loss allowance |
$28,650 |
| Total loans and leases (domestic) |
$1,631,837 |
| All real estate loans |
$1,121,336 |
| Real estate loans in domestic offices |
$1,121,336 |
| Construction and development loans |
$115,446 |
| Residential 1-4 family construction |
$37,488 |
| Other construction, all land development and other land |
$77,958 |
| Loans secured by nonfarm nonresidential properties |
$493,241 |
| Nonfarm nonresidential secured by owner-occupied properties |
$216,328 |
| Commercial real estate & other non-farm, non-residential |
$276,913 |
| Multifamily residential real estate |
$98,852 |
| 1-4 family residential loans |
$315,480 |
| Farmland loans |
$98,317 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$40,054 |
| Commercial and industrial loans |
$366,557 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$38,245 |
| Credit card loans |
$16,859 |
| Related Plans |
$1,619 |
| Consumer Auto Loans |
$15,662 |
| Other loans to individuals |
$4,105 |
| All other loans & leases |
$65,646 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$2,240 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$2,355 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$1,769 |
| Non 1-4 family restructured loans & leases |
$1,769 |
| Total loans and leases (foreign) |
$0 |
Merchants Bank had $1,603,187,000 of loans outstanding in 2021. $1,121,336,000 of loans were in real estate loans.
$115,446,000 of loans were in development loans. $98,852,000 of loans were in multifamily mortgage loans.
$315,480,000 of loans were in 1-4 family mortgage loans. $40,054,000 of loans were in farm loans. $16,859,000
of loans were in credit card loans. $15,662,000 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 |
586 |
$149,505 |
$255,128 |
| Nonfarm, nonresidential loans - <$100k |
119 |
$6,203 |
$52,126 |
| Nonfarm, nonresidential loans - $100-250k |
193 |
$26,634 |
$138,000 |
| Nonfarm, nonresidential loans - $250k-1MM |
274 |
$116,668 |
$425,796 |
| Commercial & Industrial, US addressed loans - <$1MM |
1,245 |
$112,852 |
$90,644 |
| Commercial & Industrial, US addressed loans - <$100k |
791 |
$20,466 |
$25,874 |
| Commercial & Industrial, US addressed loans - $100-250k |
253 |
$25,675 |
$101,482 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
201 |
$66,711 |
$331,896 |
| Farmland loans - <$1MM |
299 |
$45,484 |
$152,120 |
| Farmland loans - <$100k |
69 |
$3,183 |
$46,130 |
| Farmland loans - $100-250k |
151 |
$19,229 |
$127,344 |
| Farmland loans - $250k-1MM |
79 |
$23,072 |
$292,051 |
| Agriculture operations loans - <$1MM |
402 |
$22,302 |
$55,478 |
| Agriculture operations loans - <$100k |
291 |
$7,544 |
$25,924 |
| Agriculture operations loans - $100-250k |
88 |
$9,536 |
$108,364 |
| Agriculture operations loans - $250k-1MM |
23 |
$5,222 |
$227,043 |
