American Bank Of The North Mortgage Rates, Fees & Info
Nashwauk, MNLEI: 549300P5P3TETH14UB50
Tax ID: 41-0122040
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Bank Data
Review & Overview
American Bank Of The North is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase 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, St. Cloud, Grand Rapids, and Tucson among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)American Bank Of The North 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. American Bank Of The North is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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Originations
298Origination Dollar Volume (All Markets)
$70,680,000Employee count
168Awards
American Bank of the North - 2021
American Bank of the North is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 129 | $25,175,000 | $195,155 | $4,015 | 2.69% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 40 | $16,850,000 | $421,250 | $5,843 | 2.76% |
| Outside of Metro Areas | 49 | $9,435,000 | $192,551 | $4,520 | 2.75% |
| ST. CLOUD, MN (FHA|USDA|VA) | 33 | $7,265,000 | $220,152 | $2,828 | 2.94% |
| Grand Rapids, MN (FHA|USDA|VA) | 23 | $4,005,000 | $174,130 | $4,089 | 2.58% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $2,485,000 | $2,485,000 | $38,394 | 2.95% |
| Brainerd, MN (FHA|USDA|VA) | 4 | $1,130,000 | $282,500 | $3,584 | 3.13% |
| Willmar, MN (FHA|USDA|VA) | 6 | $1,070,000 | $178,333 | $3,860 | 2.56% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $965,000 | $965,000 | $18,756 | 2.99% |
| Kapaa, HI (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $9,242 | 2.75% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $5,720 | 2.94% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $6,197 | 3.00% |
| Austin, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,344 | 2.63% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,859 | 2.88% |
| Houghton, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,087 | 2.75% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,913 | 2.88% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,237 | 2.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,996 | 3.13% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,479 | 2.63% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,223 | 3.50% |
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 2021, American Bank Of The North's most frequently originated type of loan was Conventional, with 275 originations. Their 2nd most popular type was USDA, with 15 originations.
Loan Reason
For 2021, American Bank Of The North's most frequently cited loan purpose was Refi, with 128 originations. The 2nd most popular reason was Cash Out Refi, with 97 originations.
Loan Duration/Length
For 2021, American Bank Of The North's most frequently cited loan duration was 30 Year, with 185 originations. The 2nd most popular length was 15 Year, with 86 originations.
Origination Fees/Closing Costs
American Bank Of The North's average total fees were $4,749, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 94 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 147 | $41,205,000 | $280,306 |
| <2.5% | 100 | $16,980,000 | $169,800 |
| 3-4% | 49 | $11,975,000 | $244,388 |
| 4-5% | 2 | $520,000 | $260,000 |
During 2021, American Bank Of The North's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 147 originations.
Loan Sizing
2021 saw American Bank Of The North place emphasis on $100k-200k loans with 140 originations, totaling $20,780,000 in origination value.
Applicant Income
American Bank Of The North lent most frequently to those with incomes in the $75k-100k range, with 68 originations. The second most popular income band? $50k-75k, with 64 originations.
Applicant Debt to Income Ratio
American Bank Of The North lent most frequently to those with DTI ratios of 20-30%, with 93 originations. The next most common DTI ratio? 30-36%, with 61 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.56%
American Bank Of The North has an average approval rate.
Pick Rate
Approvals leading to origination84.56%
American Bank Of The North has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 298 | $70,680,000 | $237,181 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERICAN BANCSHARES MORTGAGE, LLC | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Park State Bank | 117 Central Avenue Nashwauk, MN 55769 | Full Service B&M | $56,064 |
| Park State Bank | 120 Mt Royal Shopping Circle Duluth, MN 55803 | Full Service B&M | $13,127 |
| Park State Bank | 1215 Pokegama Avenue South Grand Rapids, MN 55744 | Full Service B&M | $105,770 |
| Park State Bank | 128 Highway 53 Se Cook, MN 55723 | Full Service B&M | $40,907 |
| Park State Bank | 1600 Miller Trunk Highway Duluth, MN 55811 | Full Service B&M | $23,606 |
| Park State Bank | 2015 Third Avenue East Hibbing, MN 55746 | Full Service B&M | $132,465 |
| Park State Bank | 221 North Main Street Biwabik, MN 55708 | Limited, Drive-thru | $15,085 |
| Park State Bank | 231 West Lake Street Chisholm, MN 55719 | Full Service B&M | $25,889 |
| Park State Bank | 2630 W Superior St Duluth, MN 55806 | Full Service B&M | $67,594 |
| Park State Bank | 3033 Excelsior Boulevard, Suite 345 Minneapolis, MN 55416 | Full Service B&M | $59,195 |
| Park State Bank | 331 North Central Avenue Duluth, MN 55807 | Full Service B&M | $51,710 |
| Park State Bank | 428 N. W. Fourth Avenue Grand Rapids, MN 55744 | Full Service B&M | $52,450 |
| Park State Bank | 4539 Highway 53 Orr, MN 55771 | Limited, Drive-thru | $51,165 |
| Park State Bank | 613 First Avenue Two Harbors, MN 55616 | Full Service B&M | $118,642 |
| Park State Bank | 802 11th St Two Harbors, MN 55616 | Limited, Drive-thru | $0 |
| Park State Bank | 8401 Unity Drive Mountain Iron, MN 55768 | Full Service B&M | $121,918 |
| Park State Bank | 88 Outer Dr Silver Bay, MN 55614 | Full Service B&M | $30,587 |
| Park State Bank | Platt Ave E Nashwauk, MN 55769 | Limited, Administrative | $0 |
| Park State Bank | U.S. Highway 169 Calumet, MN 55716 | Limited, Administrative | $0 |
For 2021, American Bank Of The North had 19 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $39,266 |
| Net interest income | $37,344 |
| Total noninterest income | $9,772 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $3,708 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,064 |
| Pre-tax net operating income | $17,125 |
| Securities gains (or losses, -) | $473 |
| Income before extraordinary items | $12,958 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $12,958 |
| Minority interest net income | $0 |
| Net income | $12,958 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $12,584 |
American Bank Of The North's gross interest income from loans was $39,266,000.
American Bank Of The North's net interest income from loans was $37,344,000.
American Bank Of The North's fee based income from loans was $3,708,000.
American Bank Of The North's net income from loans was $12,958,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,922 |
| Provision for credit losses | $1,345 |
| Total noninterest expense | $28,646 |
| Salaries and employee benefits | $16,975 |
| Premises and equipment expense | $2,135 |
| Additional noninterest expense | $9,536 |
| Applicable income taxes | $4,640 |
| Net charge-offs | $-314 |
| Cash dividends | $0 |
American Bank Of The North's interest expense for loans was $1,922,000.
American Bank Of The North's payroll and benefits expense were $16,975,000.
American Bank Of The North's property, plant and equipment expenses $2,135,000.
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 | 0.7% |
| 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 | $1,029,778 |
| Deposits held in domestic offices | $1,029,778 |
| Deposits by Individuals, partnerships, and corporations | $866,408 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $161,406 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1,964 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $547,186 |
| Demand deposits | $547,186 |
| Nontransaction accounts | $482,592 |
| Money market deposit accounts (MMDAs) | $0 |
| Other savings deposits (excluding MMDAs) | $362,720 |
| Total time deposits | $119,872 |
| Total time and savings deposits | $482,592 |
| Noninterest-bearing deposits | $207,159 |
| Interest-bearing deposits | $822,619 |
| Retail deposits | $989,065 |
| IRAs and Keogh plan accounts | $17,800 |
| Brokered deposits | $10,375 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,144,580 |
| Cash & Balances due from depository institutions | $232,110 |
| Interest-bearing balances | $224,356 |
| Total securities | $180,281 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $672,995 |
| Loan and leases loss allowance | $4,709 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $8,171 |
| Other real estate owned | $325 |
| Goodwill and other intangibles | $13,866 |
| All other assets | $36,832 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,144,580 |
| Total Liabilities | $1,045,160 |
| Total deposits | $1,029,778 |
| Interest-bearing deposits | $822,619 |
| Deposits held in domestic offices | $1,029,778 |
| % insured (estimated) | $65 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $10,299 |
| Subordinated debt | $0 |
| All other liabilities | $5,083 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $672,995 |
| Loan and leases loss allowance | $4,709 |
| Total loans and leases (domestic) | $677,704 |
| All real estate loans | $483,808 |
| Real estate loans in domestic offices | $483,808 |
| Construction and development loans | $43,694 |
| Residential 1-4 family construction | $11,945 |
| Other construction, all land development and other land | $31,749 |
| Loans secured by nonfarm nonresidential properties | $242,224 |
| Nonfarm nonresidential secured by owner-occupied properties | $109,018 |
| Commercial real estate & other non-farm, non-residential | $133,206 |
| Multifamily residential real estate | $20,705 |
| 1-4 family residential loans | $177,185 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $143,456 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $10,274 |
| Credit card loans | $2,387 |
| Related Plans | $1,733 |
| Consumer Auto Loans | $1,719 |
| Other loans to individuals | $4,435 |
| All other loans & leases | $40,166 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,347 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $155 |
| 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 $672,995,000 of loans outstanding in 2021. $483,808,000 of loans were in real estate loans. $43,694,000 of loans were in development loans. $20,705,000 of loans were in multifamily mortgage loans. $177,185,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,387,000 of loans were in credit card loans. $1,719,000 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 | 253 | $54,715 | $216,265 |
| Nonfarm, nonresidential loans - <$100k | 49 | $1,816 | $37,061 |
| Nonfarm, nonresidential loans - $100-250k | 91 | $10,645 | $116,978 |
| Nonfarm, nonresidential loans - $250k-1MM | 113 | $42,254 | $373,929 |
| Commercial & Industrial, US addressed loans - <$1MM | 655 | $49,212 | $75,133 |
| Commercial & Industrial, US addressed loans - <$100k | 460 | $6,646 | $14,448 |
| Commercial & Industrial, US addressed loans - $100-250k | 97 | $10,208 | $105,237 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 98 | $32,358 | $330,184 |