American Bank Of The North Mortgage Rates, Fees & Info
Nashwauk, MNLEI: 549300P5P3TETH14UB50
Tax ID: 41-0122040
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Mortgage Data
Bank Data
Review & Overview
American Bank Of The North is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. American Bank Of The North has a high proportion of conventional loans. They have a low ratio of USDA 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: Duluth, Minneapolis, Grand Rapids, St. Cloud, and Phoenix among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)American Bank Of The North has an 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.
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Originations
645Origination Dollar Volume (All Markets)
$132,365,000Employee count
131Top 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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 297 | $54,365,000 | $183,047 | $0 | 0.00% |
| Outside of Metro Areas | 113 | $19,945,000 | $176,504 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 56 | $15,860,000 | $283,214 | $0 | 0.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 82 | $15,500,000 | $189,024 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 34 | $7,700,000 | $226,471 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $4,440,000 | $1,110,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 20 | $3,910,000 | $195,500 | $0 | 0.00% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 2 | $1,910,000 | $955,000 | $0 | 0.00% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 5 | $1,205,000 | $241,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 5 | $1,145,000 | $229,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $0 | 0.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| Albert Lea, MN (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $0 | 0.00% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against American Bank of the North based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2020, American Bank Of The North's most frequently originated type of loan was Conventional, with 561 originations. Their 2nd most popular type was USDA, with 45 originations.
Loan Reason
For 2020, American Bank Of The North's most frequently cited loan purpose was Home Purchase, with 276 originations. The 2nd most popular reason was Refi, with 218 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 645 | $132,365,000 | $205,217 | $0 | 0.00% |
For 2020, American Bank Of The North's most frequently cited loan duration was Other, with 645 originations.
Loan Sizing
2020 saw American Bank Of The North place emphasis on $100k-200k loans with 301 originations, totaling $44,385,000 in origination value.
Applicant Income
American Bank Of The North lent most frequently to those with incomes in the $50k-75k range, with 159 originations. The second most popular income band? $100k-150k, with 144 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 645 | $132,365,000 | $205,217 | $0 | 0.00% |
American Bank Of The North lent most frequently to those with DTI ratios of Exempt%, with 645 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.24%
American Bank Of The North has an average approval rate.
Pick Rate
Approvals leading to origination83.41%
American Bank Of The North has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 645 | $132,365,000 | $205,217 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERICAN BANCSHARES MORTGAGE, LLC | FHA mortgage | Closing on a mortgage | 1 | 50.0% |
| AMERICAN BANCSHARES MORTGAGE, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| American Bank of The North | 2310 3rd Street Nw Grand Rapids, MN 55744 | Limited, Administrative | $0 |
| American Bank of The North | 117 Central Avenue Nashwauk, MN 55769 | Full Service B&M | $48,587 |
| American Bank of The North | 1215 Pokegama Avenue South Grand Rapids, MN 55744 | Full Service B&M | $95,273 |
| American Bank of The North | 128 Highway 53 Se Cook, MN 55723 | Full Service B&M | $35,230 |
| American Bank of The North | 1309 Oak Ave, Suite 208 Waconia, MN 55387 | Limited, Administrative | $0 |
| American Bank of The North | 2015 Third Avenue East Hibbing, MN 55746 | Full Service B&M | $115,876 |
| American Bank of The North | 221 North Main Street Biwabik, MN 55708 | Limited, Drive-thru | $15,567 |
| American Bank of The North | 231 West Lake Street Chisholm, MN 55719 | Full Service B&M | $23,226 |
| American Bank of The North | 428 N. W. Fourth Avenue Grand Rapids, MN 55744 | Full Service B&M | $54,025 |
| American Bank of The North | 4539 Highway 53 Orr, MN 55771 | Limited, Drive-thru | $33,736 |
| American Bank of The North | 522 E Howard Street Hibbing, MN 55746 | Limited, Administrative | $0 |
| American Bank of The North | 8401 Unity Drive Mountain Iron, MN 55768 | Full Service B&M | $118,985 |
| American Bank of The North | Platt Ave E Nashwauk, MN 55769 | Limited, Administrative | $0 |
| American Bank of The North | U.S. Highway 169 Calumet, MN 55716 | Limited, Administrative | $0 |
For 2020, American Bank Of The North had 14 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $7,742 |
| Net interest income | $7,415 |
| Total noninterest income | $1,491 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $259 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,232 |
| Pre-tax net operating income | $3,369 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $2,480 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,480 |
| Minority interest net income | $0 |
| Net income | $2,480 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,480 |
American Bank Of The North's gross interest income from loans was $7,742,000.
American Bank Of The North's net interest income from loans was $7,415,000.
American Bank Of The North's fee based income from loans was $259,000.
American Bank Of The North's net income from loans was $2,480,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $327 |
| Provision for credit losses | $186 |
| Total noninterest expense | $5,351 |
| Salaries and employee benefits | $3,224 |
| Premises and equipment expense | $404 |
| Additional noninterest expense | $1,723 |
| Applicable income taxes | $889 |
| Net charge-offs | $-171 |
| Cash dividends | $0 |
American Bank Of The North's interest expense for loans was $327,000.
American Bank Of The North's payroll and benefits expense were $3,224,000.
American Bank Of The North's property, plant and equipment expenses $404,000.
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 | 1.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 0.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.7% |
| 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 | $572,185 |
| Deposits held in domestic offices | $572,185 |
| Deposits by Individuals, partnerships, and corporations | $498,480 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $73,081 |
| Deposits by Commercial banks and other depository institutions in U.S. | $624 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $290,785 |
| Demand deposits | $57,252 |
| Nontransaction accounts | $281,400 |
| Money market deposit accounts (MMDAs) | $771 |
| Other savings deposits (excluding MMDAs) | $229,163 |
| Total time deposits | $51,466 |
| Total time and savings deposits | $514,933 |
| Noninterest-bearing deposits | $57,225 |
| Interest-bearing deposits | $514,960 |
| Retail deposits | $566,994 |
| IRAs and Keogh plan accounts | $12,483 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $636,041 |
| Cash & Balances due from depository institutions | $119,676 |
| Interest-bearing balances | $116,985 |
| Total securities | $60,560 |
| Federal funds sold & reverse repurchase | $25,000 |
| Net loans and leases | $407,694 |
| Loan and leases loss allowance | $357 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,451 |
| Other real estate owned | $85 |
| Goodwill and other intangibles | $10,281 |
| All other assets | $7,294 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $636,041 |
| Total Liabilities | $581,439 |
| Total deposits | $572,185 |
| Interest-bearing deposits | $514,960 |
| Deposits held in domestic offices | $572,185 |
| % insured (estimated) | $69 |
| Federal funds purchased and repurchase agreements | $7,882 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $1,372 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $407,694 |
| Loan and leases loss allowance | $357 |
| Total loans and leases (domestic) | $408,051 |
| All real estate loans | $261,537 |
| Real estate loans in domestic offices | $261,537 |
| Construction and development loans | $19,115 |
| Residential 1-4 family construction | $2,659 |
| Other construction, all land development and other land | $16,456 |
| Loans secured by nonfarm nonresidential properties | $157,235 |
| Nonfarm nonresidential secured by owner-occupied properties | $66,560 |
| Commercial real estate & other non-farm, non-residential | $90,675 |
| Multifamily residential real estate | $9,939 |
| 1-4 family residential loans | $74,357 |
| Farmland loans | $891 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $96,310 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,313 |
| Credit card loans | $2,461 |
| Related Plans | $1,825 |
| Consumer Auto Loans | $836 |
| Other loans to individuals | $3,191 |
| All other loans & leases | $41,891 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,476 |
| 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 |
American Bank of the North had $407,694,000 of loans outstanding in 2020. $261,537,000 of loans were in real estate loans. $19,115,000 of loans were in development loans. $9,939,000 of loans were in multifamily mortgage loans. $74,357,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,461,000 of loans were in credit card loans. $836,000 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 | 236 | $39,723 | $168,318 |
| Nonfarm, nonresidential loans - <$100k | 83 | $2,991 | $36,036 |
| Nonfarm, nonresidential loans - $100-250k | 69 | $7,776 | $112,696 |
| Nonfarm, nonresidential loans - $250k-1MM | 84 | $28,956 | $344,714 |
| Commercial & Industrial, US addressed loans - <$1MM | 891 | $49,591 | $55,658 |
| Commercial & Industrial, US addressed loans - <$100k | 701 | $18,823 | $26,852 |
| Commercial & Industrial, US addressed loans - $100-250k | 111 | $11,598 | $104,486 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 79 | $19,170 | $242,658 |
| Farmland loans - <$1MM | 4 | $891 | $222,750 |
| Farmland loans - <$100k | 1 | $66 | $66,000 |
| Farmland loans - $250k-1MM | 3 | $825 | $275,000 |