Alliance Bank Mortgage Rates, Fees & Info

Lake City, MN

LEI: 549300SKSQ3IYUXJCH36

Tax ID: 41-0362490

5 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Alliance Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Alliance Bank has a high proportion of conventional loans. Their top markets include Minneapolis, New Ulm, Mankato, Red Wing, and Rochester among others. Alliance 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. Alliance Bank is typically an average fee lendor.


Originations

294

Origination Dollar Volume (All Markets)

$88,150,000

Employee count

115

Awards

Alliance Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Alliance Bank's average 30 year fixed rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

Alliance Bank's average total fees for a 30 year fixed rate mortgage are $3,922.

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) 103 $50,375,000 $489,078 $3,662 3.08%
New Ulm, MN (FHA|USDA|VA) 57 $8,725,000 $153,070 $3,223 2.93%
Outside of Metro Areas 31 $6,945,000 $224,032 $3,345 2.97%
MANKATO, MN (FHA|USDA|VA) 32 $5,740,000 $179,375 $3,589 2.79%
Red Wing, MN (FHA|USDA|VA) 22 $4,900,000 $222,727 $4,191 2.93%
ROCHESTER, MN (FHA|USDA|VA) 25 $4,165,000 $166,600 $3,716 2.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $2,490,000 $622,500 $4,501 3.03%
Brainerd, MN (FHA|USDA|VA) 2 $1,360,000 $680,000 $5,909 2.87%
Kapaa, HI (FHA|USDA|VA) 1 $595,000 $595,000 $11,098 2.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $410,000 $205,000 $4,615 2.38%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $3,750 2.50%
Hutchinson, MN (FHA|USDA|VA) 2 $360,000 $180,000 $3,124 3.69%
Bozeman, MT (FHA|USDA|VA) 1 $355,000 $355,000 $2,490 2.50%
Fairmont, MN (FHA|USDA|VA) 2 $290,000 $145,000 $2,604 2.38%
EAU CLAIRE, WI (FHA|USDA|VA) 2 $270,000 $135,000 $3,111 2.44%
Owatonna, MN (FHA|USDA|VA) 1 $195,000 $195,000 $4,806 3.00%
ST. CLOUD, MN (FHA|USDA|VA) 2 $190,000 $95,000 $2,615 3.13%
Winona, MN (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $95,000 $95,000 $4,615 2.25%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $75,000 $75,000 $365 4.25%
Marshall, MN (FHA|USDA|VA) 1 $75,000 $75,000 $2,765 3.00%

Alliance Bank's top markets include Minneapolis, New Ulm, Mankato, Red Wing, and Rochester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 294 $88,150,000 $299,830 $3,583 2.94%

For the 2021 period, Alliance Bank's most frequently originated loan type of loans were Conventional, with 294 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 109 $29,525,000 $270,872 $3,270 2.69%
Home Purchase 89 $36,615,000 $411,404 $3,991 3.24%
Cash Out Refi 86 $19,730,000 $229,419 $3,706 2.87%
Other 9 $2,255,000 $250,556 $2,668 3.58%
Home Improvement 1 $25,000 $25,000 $0 4.25%

For the 2021, Alliance Bank's most frequently cited loan purpose of loans were Refi, with 109 originations. The 2nd most popular reason of loans were Home Purchase, with 89 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 124 $29,150,000 $235,081 $3,922 3.06%
15 Year 92 $17,000,000 $184,783 $3,321 2.31%
5 Year 38 $25,190,000 $662,895 $0 3.66%
20 Year 21 $5,305,000 $252,619 $3,846 2.83%
Other 13 $9,415,000 $724,231 $1,890 3.94%
1 Year 3 $325,000 $108,333 $1,120 4.33%
3 Year 3 $1,765,000 $588,333 $0 3.79%

For the 2021, Alliance Bank's most frequently cited loan length of loans were 30 Year, with 124 originations. The 2nd most popular length of loans were 15 Year, with 92 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 104 $15,210,000 $146,250
$2k-3k 80 $18,220,000 $227,750
$<1k 32 $7,960,000 $248,750
$3k-4k 30 $10,720,000 $357,333
$5k+ 4 $1,970,000 $492,500

$3,922 of loans were Alliance Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 104 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 94 $23,990,000 $255,213
<2.5% 92 $17,390,000 $189,022
3-4% 91 $43,745,000 $480,714
4-5% 16 $2,660,000 $166,250

During 2021, Alliance Bank's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 94 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 110 $16,200,000 $147,273 $3,236 2.81%
$200k-400k 105 $28,765,000 $273,952 $3,966 2.91%
$100,000 or less 37 $2,675,000 $72,297 $2,353 3.13%
$400k-600k 26 $12,470,000 $479,615 $5,159 2.94%
$1MM+ 12 $24,640,000 $2,053,333 $0 3.71%
$600k-1MM 4 $3,400,000 $850,000 $6,712 3.53%

2021 saw Alliance Bank place emphasis on $100k-200k loans with 110 originations, totaling $16,200,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 54 $8,260,000 $152,963 $3,353 2.77%
$100k-150k 53 $12,515,000 $236,132 $3,751 2.90%
$150k-250k 44 $10,570,000 $240,227 $3,902 2.75%
$75k-100k 42 $8,110,000 $193,095 $3,271 2.89%
$250k+ 34 $12,980,000 $381,765 $4,628 2.93%
$50k or less 31 $3,415,000 $110,161 $2,882 2.98%

Alliance Bank lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $100k-150k, with 53 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 88 $17,670,000 $200,795 $3,451 2.86%
30-36% 53 $11,585,000 $218,585 $3,852 2.92%
<20% 47 $11,175,000 $237,766 $3,666 2.63%
40% 8 $1,070,000 $133,750 $3,092 3.31%
37% 8 $1,760,000 $220,000 $3,991 2.95%
38% 7 $1,935,000 $276,429 $3,542 3.02%
36% 7 $1,825,000 $260,714 $4,021 2.43%
43% 7 $1,425,000 $203,571 $2,902 2.75%
45% 7 $1,695,000 $242,143 $3,775 2.71%
39% 6 $1,880,000 $313,333 $3,400 3.02%
42% 5 $715,000 $143,000 $3,238 3.15%
41% 4 $680,000 $170,000 $3,426 2.66%
>60% 4 $870,000 $217,500 $0 3.00%
46% 4 $1,010,000 $252,500 $3,433 3.29%
48% 3 $795,000 $265,000 $3,143 2.71%
44% 2 $500,000 $250,000 $4,858 2.75%
47% 1 $75,000 $75,000 $365 4.25%
50-60% 1 $235,000 $235,000 $0 4.00%

Alliance Bank lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 53 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 223 $48,215,000 $216,211 $3,587 2.82%
Not applicable 32 $31,250,000 $976,563 $0 3.68%
Not provided 34 $7,650,000 $225,000 $3,582 3.06%
Asian 3 $655,000 $218,333 $3,402 3.17%
American Indian 2 $380,000 $190,000 $3,351 3.25%

Approval Rates

Total approvals of all applications
92.87%

Alliance Bank has an average approval rate.

Pick Rate

Approvals leading to origination
78.41%

Alliance Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 294 $88,150,000 $299,830

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
294 $88,150,000 $299,830

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 37 $5,435,000 $146,892 $3,012 2.74%
40-60% 68 $21,270,000 $312,794 $3,470 2.85%
60-80% 128 $38,270,000 $298,984 $3,670 2.92%
80-100% 56 $22,670,000 $404,821 $4,153 3.16%
Over 100% 2 $320,000 $160,000 $1,110 3.88%
Under 20% 3 $185,000 $61,667 $1,132 3.63%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Alliance Data Card Services Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Alliance Data Card Services Other type of mortgage Trouble during payment process 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Alliance Bank 55 E Fifth St, Suite 115 Saint Paul, MN 55101 Full Service B&M $356,523
Alliance Bank 105 East Lyon Avenue Lake City, MN 55041 Full Service B&M $90,964
Alliance Bank 112 Broadway Street Hanska, MN 56041 Full Service B&M $19,704
Alliance Bank 20 West Main Street Madelia, MN 56062 Full Service B&M $22,117
Alliance Bank 322 North Minnesota Street New Ulm, MN 56073 Full Service B&M $150,475
Alliance Bank 840 Technology Drive Red Wing, MN 55066 Full Service B&M $30,212

For 2021, Alliance Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $27,394
Net interest income $24,933
Total noninterest income $5,455
Gross Fiduciary activities income $0
Service charges on deposit accounts $590
Trading account gains and fees $0
Additional Noninterest Income $4,865
Pre-tax net operating income $12,702
Securities gains (or losses, -) $0
Income before extraordinary items $8,955
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,955
Minority interest net income $0
Net income $8,955
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,955

Alliance Bank's gross interest income from loans was $27,394,000.
Alliance Bank's net interest income from loans was $24,933,000.
Alliance Bank's fee based income from loans was $590,000.
Alliance Bank's net income from loans was $8,955,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,461
Provision for credit losses $-297
Total noninterest expense $17,983
Salaries and employee benefits $11,640
Premises and equipment expense $2,130
Additional noninterest expense $4,213
Applicable income taxes $3,747
Net charge-offs $-101
Cash dividends $4,000

Alliance Bank's interest expense for loans was $2,461,000.
Alliance Bank's payroll and benefits expense were $11,640,000.
Alliance Bank's property, plant and equipment expenses $2,130,000.

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 $683,784
Deposits held in domestic offices $683,784
Deposits by Individuals, partnerships, and corporations $653,876
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $29,604
Deposits by Commercial banks and other depository institutions in U.S. $304
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $322,135
Demand deposits $258,919
Nontransaction accounts $361,649
Money market deposit accounts (MMDAs) $197,567
Other savings deposits (excluding MMDAs) $41,807
Total time deposits $122,275
Total time and savings deposits $424,865
Noninterest-bearing deposits $258,948
Interest-bearing deposits $424,836
Retail deposits $636,615
IRAs and Keogh plan accounts $9,018
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $781,244
Cash & Balances due from depository institutions $149,311
Interest-bearing balances $141,544
Total securities $114,348
Federal funds sold & reverse repurchase $0
Net loans and leases $498,872
Loan and leases loss allowance $10,044
Trading account assets $0
Bank premises and fixed assets $6,833
Other real estate owned $0
Goodwill and other intangibles $3,636
All other assets $8,244

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $781,244
Total Liabilities $703,006
Total deposits $683,784
Interest-bearing deposits $424,836
Deposits held in domestic offices $683,784
% insured (estimated) $65
Federal funds purchased and repurchase agreements $6,299
Trading liabilities $0
Other borrowed funds $8,000
Subordinated debt $0
All other liabilities $4,923

Issued Loan Types

Type Value (in 000's)
Net loans and leases $498,872
Loan and leases loss allowance $10,044
Total loans and leases (domestic) $508,916
All real estate loans $360,028
Real estate loans in domestic offices $360,028
Construction and development loans $34,937
Residential 1-4 family construction $4,944
Other construction, all land development and other land $29,993
Loans secured by nonfarm nonresidential properties $178,966
Nonfarm nonresidential secured by owner-occupied properties $56,482
Commercial real estate & other non-farm, non-residential $122,484
Multifamily residential real estate $46,457
1-4 family residential loans $41,373
Farmland loans $58,295
Loans held in foreign offices $0
Farm loans $36,362
Commercial and industrial loans $104,261
To non-U.S. addressees $0
Loans to individuals $5,438
Credit card loans $0
Related Plans $802
Consumer Auto Loans $1,280
Other loans to individuals $3,356
All other loans & leases $2,941
Loans to foreign governments and official institutions $0
Other loans $2,272
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 $396
Non 1-4 family restructured loans & leases $396
Total loans and leases (foreign) $0

Alliance Bank had $498,872,000 of loans outstanding in 2021. $360,028,000 of loans were in real estate loans. $34,937,000 of loans were in development loans. $46,457,000 of loans were in multifamily mortgage loans. $41,373,000 of loans were in 1-4 family mortgage loans. $36,362,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,280,000 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 201 $42,279 $210,343
Nonfarm, nonresidential loans - <$100k 53 $5,297 $99,943
Nonfarm, nonresidential loans - $100-250k 75 $8,739 $116,520
Nonfarm, nonresidential loans - $250k-1MM 73 $28,243 $386,890
Commercial & Industrial, US addressed loans - <$1MM 569 $39,228 $68,942
Commercial & Industrial, US addressed loans - <$100k 325 $8,770 $26,985
Commercial & Industrial, US addressed loans - $100-250k 110 $8,185 $74,409
Commercial & Industrial, US addressed loans - $250k-1MM 134 $22,273 $166,216
Farmland loans - <$1MM 177 $27,302 $154,249
Farmland loans - <$100k 53 $2,438 $46,000
Farmland loans - $100-250k 72 $9,961 $138,347
Farmland loans - $250k-1MM 52 $14,903 $286,596
Agriculture operations loans - <$1MM 316 $20,413 $64,598
Agriculture operations loans - <$100k 219 $5,473 $24,991
Agriculture operations loans - $100-250k 62 $6,916 $111,548
Agriculture operations loans - $250k-1MM 35 $8,024 $229,257