Gate City Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300TQVOMKNKFOH392

Tax ID: 45-0138060

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

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Mortgage Data

Bank Data

Review & Overview

Gate City Bank is a small bank specializing in Home Purchase and Refi loans. Gate City 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 by origination volume include: Fargo, Bismarck, Grand Forks, Minot, and Williston among others. We have data for 73 markets. (Some data included below & more in-depth data is available with an active subscription.)

Gate City 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. Gate City Bank 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.25% 3/27/24
30 Year Conventional Purchase 6.31% 3/27/24
30 Year Conventional Refi 6.23% 3/27/24
30 Year Cash-out Refi 6.22% 3/27/24
30 Year FHA Purchase 7.14% 3/27/24
30 Year FHA Refi 6.87% 3/27/24
30 Year VA Purchase 5.92% 3/27/24
30 Year VA Refi 6.14% 3/27/24
30 Year USDA Purchase 6.70% 3/27/24
15 Year Conventional Purchase 5.73% 3/27/24
15 Year Conventional Refi 5.76% 3/27/24
15 Year Cash-out Refi 5.76% 3/27/24
15 Year VA Purchase 5.33% 3/27/24
15 Year VA Refi 5.70% 3/27/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Gate City Bank Mortgage Calculator






Your Estimates

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This is not an official calculator from Gate City Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

6,479

Origination Dollar Volume (All Markets)

$1,350,645,000

Employee count

640 Show all (14) awards

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) 2,188 $445,000,000 $203,382 $4,293 3.23%
BISMARCK, ND (FHA|USDA|VA) 1,440 $328,980,000 $228,458 $4,767 3.16%
Outside of Metro Areas 559 $107,255,000 $191,869 $4,446 3.21%
GRAND FORKS, ND-MN (FHA|USDA|VA) 574 $105,800,000 $184,321 $4,072 3.27%
Minot, ND (FHA|USDA|VA) 508 $104,250,000 $205,217 $4,370 3.19%
Williston, ND (FHA|USDA|VA) 230 $57,870,000 $251,609 $5,099 3.30%
Fergus Falls, MN (FHA|USDA|VA) 249 $53,755,000 $215,884 $4,307 3.12%
Dickinson, ND (FHA|USDA|VA) 128 $25,070,000 $195,859 $4,050 3.46%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 89 $23,025,000 $258,708 $4,628 3.18%
Alexandria, MN (FHA|USDA|VA) 106 $19,740,000 $186,226 $4,310 3.18%
Jamestown, ND (FHA|USDA|VA) 115 $18,665,000 $162,304 $3,481 3.34%
Wahpeton, ND-MN (FHA|USDA|VA) 106 $15,960,000 $150,566 $3,448 3.30%
ST. CLOUD, MN (FHA|USDA|VA) 54 $10,240,000 $189,630 $3,501 3.19%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 32 $7,560,000 $236,250 $5,005 2.92%
Brainerd, MN (FHA|USDA|VA) 12 $3,360,000 $280,000 $5,429 2.84%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $31,253 2.50%
Bemidji, MN (FHA|USDA|VA) 10 $1,680,000 $168,000 $3,604 3.21%
DULUTH, MN-WI (FHA|USDA|VA) 4 $1,130,000 $282,500 $4,616 2.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 3 $975,000 $325,000 $6,366 2.92%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $930,000 $465,000 $5,241 2.56%
GREELEY, CO (FHA|USDA|VA) 2 $910,000 $455,000 $7,225 2.88%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $835,000 $835,000 $3,127 3.00%
Spearfish, SD (FHA|USDA|VA) 2 $800,000 $400,000 $6,442 2.94%
ROCHESTER, MN (FHA|USDA|VA) 3 $765,000 $255,000 $5,047 2.79%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $685,000 $685,000 $0 3.25%
RAPID CITY, SD (FHA|USDA|VA) 3 $645,000 $215,000 $4,601 3.00%
Bozeman, MT (FHA|USDA|VA) 2 $570,000 $285,000 $5,681 3.25%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $560,000 $280,000 $5,237 3.13%
Sevierville, TN (FHA|USDA|VA) 1 $555,000 $555,000 $0 3.50%
Willmar, MN (FHA|USDA|VA) 4 $470,000 $117,500 $2,798 3.44%
GRAND JUNCTION, CO (FHA|USDA|VA) 2 $460,000 $230,000 $5,158 2.94%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $445,000 $445,000 $6,811 2.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $445,000 $445,000 $9,735 2.88%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $410,000 $205,000 $4,677 2.88%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $405,000 $405,000 $6,202 3.75%
Hutchinson, MN (FHA|USDA|VA) 2 $400,000 $200,000 $4,750 3.19%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $395,000 $395,000 $8,611 3.13%
MANKATO, MN (FHA|USDA|VA) 1 $375,000 $375,000 $5,942 2.75%
Brookings, SD (FHA|USDA|VA) 2 $360,000 $180,000 $4,289 3.00%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $345,000 $345,000 $6,149 2.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $345,000 $345,000 $6,280 3.13%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $345,000 $345,000 $6,658 2.75%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $335,000 $335,000 $6,406 2.63%
Manitowoc, WI (FHA|USDA|VA) 1 $305,000 $305,000 $5,462 3.00%
SANTA FE, NM (FHA|USDA|VA) 1 $305,000 $305,000 $6,765 3.13%
COLUMBUS, OH (FHA|USDA|VA) 1 $285,000 $285,000 $1,657 2.75%
BOISE CITY, ID (FHA|USDA|VA) 1 $265,000 $265,000 $6,123 3.38%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $265,000 $265,000 $4,587 2.88%
Helena, MT (FHA|USDA|VA) 1 $265,000 $265,000 $6,818 2.88%
MADISON, WI (FHA|USDA|VA) 1 $255,000 $255,000 $3,932 3.00%
Aberdeen, SD (FHA|USDA|VA) 1 $255,000 $255,000 $6,177 2.50%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,879 2.63%
Watertown, SD (FHA|USDA|VA) 1 $235,000 $235,000 $4,955 2.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,206 2.88%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $215,000 $215,000 $2,837 3.38%
BILLINGS, MT (FHA|USDA|VA) 1 $205,000 $205,000 $5,333 2.75%
Grand Rapids, MN (FHA|USDA|VA) 1 $185,000 $185,000 $4,915 3.13%
SALEM, OR (FHA|USDA|VA) 1 $175,000 $175,000 $5,409 2.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $170,000 $85,000 $3,381 3.63%
PANAMA CITY, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,984 3.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,444 3.38%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.13%
New Ulm, MN (FHA|USDA|VA) 1 $135,000 $135,000 $5,911 3.00%
Carlsbad-Artesia, NM (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.95%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $125,000 $125,000 $2,700 2.50%
PEORIA, IL (FHA|USDA|VA) 1 $115,000 $115,000 $3,147 3.50%
APPLETON, WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,922 2.25%
Washington, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,647 3.25%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $105,000 $105,000 $3,226 3.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $75,000 $75,000 $2,606 2.25%
WICHITA, KS (FHA|USDA|VA) 1 $55,000 $55,000 $2,847 2.88%
Gate City Bank's top markets include Fargo, Bismarck, Grand Forks, Minot, and Williston among others.

Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Gate City Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    WESTERN COOPERATIVE CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,484 $1,209,170,000 $220,491 $4,181 3.15%
    HELOC 514 $34,470,000 $67,062 n/a 3.98%
    FHA 232 $44,820,000 $193,190 $7,107 3.34%
    VA 212 $56,250,000 $265,330 $6,991 2.81%
    USDA 37 $5,935,000 $160,405 $5,554 3.21%

    For 2020, Gate City Bank's most frequently originated type of loan was Conventional, with 5,484 originations. Their 2nd most popular type was HELOC, with 514 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,376 $566,070,000 $238,245 $5,049 3.12%
    Refi 2,233 $486,625,000 $217,924 $4,172 3.08%
    Cash Out Refi 1,088 $249,530,000 $229,347 $4,800 2.95%
    Home Improvement 423 $21,105,000 $49,894 $411 4.26%
    Other 359 $27,315,000 $76,086 $1,328 4.17%

    For 2020, Gate City Bank's most frequently cited loan purpose was Home Purchase, with 2,376 originations. The 2nd most popular reason was Refi, with 2,233 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,559 $891,835,000 $250,586 $5,060 3.07%
    15 Year 1,263 $216,565,000 $171,469 $3,483 3.13%
    10 Year 839 $73,055,000 $87,074 $1,684 3.84%
    20 Year 488 $102,660,000 $210,369 $4,319 3.12%
    5 Year 267 $41,835,000 $156,685 $170 3.60%
    30+ year 35 $18,365,000 $524,714 $8,478 3.10%
    Other 22 $5,400,000 $245,455 $4,143 3.38%
    1 Year 5 $915,000 $183,000 $0 3.92%
    3 Year 1 $15,000 $15,000 $121 3.95%

    For 2020, Gate City Bank's most frequently cited loan duration was 30 Year, with 3,559 originations. The 2nd most popular length was 15 Year, with 1,263 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 1,800 $336,650,000 $187,028
    $3k-4k 1,342 $361,490,000 $269,367
    $<1k 1,100 $147,880,000 $134,436
    $1k-2k 638 $72,580,000 $113,762
    $4k-5k 497 $178,255,000 $358,662
    $5k+ 278 $152,210,000 $547,518

    Gate City Bank's average total fees were $5,060, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 1,800 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 2,783 $678,965,000 $243,969
    3-4% 2,482 $463,360,000 $186,688
    <2.5% 715 $164,975,000 $230,734
    4-5% 289 $29,825,000 $103,201
    5-6% 166 $10,100,000 $60,843
    6-7% 44 $3,420,000 $77,727

    During 2020, Gate City Bank's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,783 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 2,619 $710,475,000 $271,277 $5,318 2.95%
    $100k-200k 2,118 $326,780,000 $154,287 $3,737 3.12%
    $100,000 or less 1,306 $71,260,000 $54,564 $1,313 3.95%
    $400k-600k 343 $161,465,000 $470,743 $7,505 2.95%
    $600k-1MM 74 $55,830,000 $754,459 $9,964 3.16%
    $1MM+ 19 $24,835,000 $1,307,105 $17,153 3.20%

    2020 saw Gate City Bank place emphasis on $200k-400k loans with 2,619 originations, totaling $710,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,812 $394,720,000 $217,837 $4,628 3.21%
    $50k-75k 1,302 $217,390,000 $166,966 $4,094 3.17%
    $75k-100k 1,249 $244,925,000 $196,097 $4,435 3.15%
    $150k-250k 899 $231,805,000 $257,848 $4,984 3.30%
    $50k or less 595 $72,035,000 $121,067 $3,307 3.20%
    $250k+ 249 $100,335,000 $402,952 $6,698 3.23%

    Gate City Bank lent most frequently to those with incomes in the $100k-150k range, with 1,812 originations. The second most popular income band? $50k-75k, with 1,302 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,821 $375,175,000 $206,027 $4,269 3.13%
    30-36% 1,289 $275,745,000 $213,922 $4,563 3.18%
    <20% 613 $116,355,000 $189,812 $3,832 3.11%
    36% 242 $48,650,000 $201,033 $4,354 3.24%
    42% 238 $50,880,000 $213,782 $4,252 3.44%
    38% 220 $46,300,000 $210,455 $4,270 3.35%
    39% 219 $44,155,000 $201,621 $4,228 3.20%
    40% 215 $43,695,000 $203,233 $4,418 3.30%
    37% 212 $43,630,000 $205,802 $4,330 3.29%
    41% 205 $40,305,000 $196,610 $4,211 3.39%
    43% 163 $35,125,000 $215,491 $4,815 3.14%
    44% 149 $32,005,000 $214,799 $5,171 3.15%
    45% 120 $29,890,000 $249,083 $5,321 3.06%
    46% 104 $23,450,000 $225,481 $5,333 3.14%
    47% 102 $22,290,000 $218,529 $5,224 3.08%
    49% 94 $18,310,000 $194,787 $5,430 3.17%
    48% 82 $18,980,000 $231,463 $5,605 3.11%
    50-60% 26 $6,410,000 $246,538 $5,549 3.45%
    >60% 9 $2,125,000 $236,111 $4,072 3.23%

    Gate City Bank lent most frequently to those with DTI ratios of 20-30%, with 1,821 originations. The next most common DTI ratio? 30-36%, with 1,289 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 5,576 $1,161,470,000 $208,298 $4,446 3.19%
    Not provided 577 $115,795,000 $200,685 $4,087 3.23%
    Not applicable 215 $51,845,000 $241,140 $0 3.68%
    American Indian 51 $10,315,000 $202,255 $4,638 3.32%
    Black 31 $5,805,000 $187,258 $4,699 3.20%
    Asian 21 $4,665,000 $222,143 $4,598 2.95%
    Other Pacific Islander 4 $310,000 $77,500 $1,978 3.88%
    Native Hawaiian or Islander 2 $220,000 $110,000 $5,638 3.45%
    Asian Indian 1 $145,000 $145,000 $0 3.75%
    Filipino 1 $75,000 $75,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    96.35%

    Gate City 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
    84.07%

    Gate City Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 6,479 $1,350,645,000 $208,465

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 52 $31,130,000 $598,654
    Single Family (1-4 Units):Manufactured 22 $2,490,000 $113,182
    Single Family (1-4 Units):Site-Built 6,405 $1,317,025,000 $205,625

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 487 $47,725,000 $97,998 $1,824 3.78%
    40-60% 777 $137,275,000 $176,673 $3,756 2.96%
    60-80% 2,150 $536,270,000 $249,428 $4,753 3.02%
    80-100% 2,345 $582,265,000 $248,301 $5,180 3.05%
    Over 100% 33 $10,785,000 $326,818 $13,475 2.97%
    Under 20% 646 $26,030,000 $40,294 $290 4.34%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Gate City Bank 2501 Broadway Fargo, ND 58102 Full Service B&M $47,904
    Gate City Bank 2710 State Street Bismarck, ND 58503 Full Service B&M $119,000
    Gate City Bank 428 West Lincoln Ave Fergus Falls, MN 56537 Full Service B&M $21,416
    Gate City Bank 1001 4th St Se Saint Cloud, MN 56304 Full Service Retail $310
    Gate City Bank 101 11th St. S Moorhead, MN 56560 Full Service Retail $535
    Gate City Bank 101 East Main St Mohall, ND 58761 Full Service B&M $8,559
    Gate City Bank 1017 S. Broadway Minot, ND 58701 Full Service B&M $125,449
    Gate City Bank 11 1st St Se Mayville, ND 58257 Full Service B&M $13,201
    Gate City Bank 110 1 St S Sauk Rapids, MN 56379 Full Service Retail $667
    Gate City Bank 111 South Main St Hettinger, ND 58639 Full Service B&M $11,657
    Gate City Bank 1119 9th Street East West Fargo, ND 58078 Full Service B&M $61,722
    Gate City Bank 1501 S. University Drive Fargo, ND 58103 Full Service B&M $23,785
    Gate City Bank 1532 32nd Avenue South Fargo, ND 58103 Full Service Retail $5,728
    Gate City Bank 1630 Broadway St Alexandria, MN 56308 Full Service B&M $20,703
    Gate City Bank 1725 Golf Drive Bismarck, ND 58503 Full Service B&M $56,411
    Gate City Bank 201 Briggs Ave. S. Park River, ND 58270 Full Service B&M $23,430
    Gate City Bank 204 Sims St. Dickinson, ND 58602 Full Service B&M $189,251
    Gate City Bank 2050 Sheyenne Street West Fargo, ND 58078 Full Service Retail $274
    Gate City Bank 2850 24th Ave. S. Grand Forks, ND 58206 Full Service B&M $99,586
    Gate City Bank 2929 20th Street South Moorhead, MN 56560 Full Service B&M $30,705
    Gate City Bank 304 East Rosser Avenue Bismarck, ND 58502 Full Service B&M $203,466
    Gate City Bank 305 8th Street South Moorhead, MN 56560 Full Service B&M $64,407
    Gate City Bank 309 2nd Ave Sw Jamestown, ND 58401 Full Service B&M $84,554
    Gate City Bank 3100 25 St S Fargo, ND 58103 Full Service B&M $83,100
    Gate City Bank 3204 Yorktown Drive Bismarck, ND 58503 Full Service B&M $10,683
    Gate City Bank 3205 South Washington Grand Forks, ND 58201 Full Service B&M $89,575
    Gate City Bank 3800 51st Ave S Fargo, ND 58104 Full Service B&M $12,756
    Gate City Bank 3909 13th Ave. S. Fargo, ND 58103 Full Service B&M $136,803
    Gate City Bank 405 East Main Street Mandan, ND 58554 Full Service B&M $45,298
    Gate City Bank 4101 13th Ave S Fargo, ND 58103 Full Service Retail $5,010
    Gate City Bank 4151 45th Street S Fargo, ND 58104 Full Service Retail $21,802
    Gate City Bank 422 Main Street Williston, ND 58801 Full Service B&M $140,610
    Gate City Bank 500 2nd Ave N Fargo, ND 58102 Full Service Cyber Office $53,504
    Gate City Bank 500 Second Avenue North Fargo, ND 58102 Full Service B&M $141,421
    Gate City Bank 501 Demers Avenue Grand Forks, ND 58201 Full Service B&M $45,895
    Gate City Bank 601 Fourth Street Devils Lake, ND 58301 Full Service B&M $40,485
    Gate City Bank 720 Main Street Carrington, ND 58421 Full Service B&M $35,475
    Gate City Bank 802 Dakota Ave Wahpeton, ND 58074 Full Service B&M $45,165
    Gate City Bank 837 31st Ave E West Fargo, ND 58078 Full Service B&M $32,580
    Gate City Bank 924 31st Ave Sw, Dakota Square Minot, ND 58702 Full Service B&M $75,681
    Gate City Bank 950 40th Ave S Moorhead, MN 56560 Full Service Retail $4,374

    For 2020, Gate City Bank had 41 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $85,971
    Net interest income $78,073
    Total noninterest income $71,293
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $21,101
    Trading account gains and fees $0
    Additional Noninterest Income $50,192
    Pre-tax net operating income $31,423
    Securities gains (or losses, -) $761
    Income before extraordinary items $24,100
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $24,100
    Minority interest net income $0
    Net income $24,100
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $23,498

    Gate City Bank's gross interest income from loans was $85,971,000.
    Gate City Bank's net interest income from loans was $78,073,000.
    Gate City Bank's fee based income from loans was $21,101,000.
    Gate City Bank's net income from loans was $24,100,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,898
    Provision for credit losses $5,134
    Total noninterest expense $112,809
    Salaries and employee benefits $53,267
    Premises and equipment expense $12,907
    Additional noninterest expense $46,635
    Applicable income taxes $8,084
    Net charge-offs $2,186
    Cash dividends $0

    Gate City Bank's interest expense for loans was $7,898,000.
    Gate City Bank's payroll and benefits expense were $53,267,000.
    Gate City Bank's property, plant and equipment expenses $12,907,000.

    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 1.0%
    Nonfarm, nonresidential loans 1.0%
    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 $2,399,710
    Deposits held in domestic offices $2,399,710
    Deposits by Individuals, partnerships, and corporations $2,389,296
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,917
    Deposits by Commercial banks and other depository institutions in U.S. $497
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $269,505
    Demand deposits $78,001
    Nontransaction accounts $2,130,205
    Money market deposit accounts (MMDAs) $697,188
    Other savings deposits (excluding MMDAs) $1,150,078
    Total time deposits $282,939
    Total time and savings deposits $2,321,709
    Noninterest-bearing deposits $348,011
    Interest-bearing deposits $2,051,699
    Retail deposits $2,365,057
    IRAs and Keogh plan accounts $84,383
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,774,625
    Cash & Balances due from depository institutions $356,707
    Interest-bearing balances $328,292
    Total securities $140,812
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,161,576
    Loan and leases loss allowance $15,995
    Trading account assets $0
    Bank premises and fixed assets $72,731
    Other real estate owned $237
    Goodwill and other intangibles $16,866
    All other assets $25,696

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,774,625
    Total Liabilities $2,481,992
    Total deposits $2,399,710
    Interest-bearing deposits $2,051,699
    Deposits held in domestic offices $2,399,710
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $48,000
    Subordinated debt $0
    All other liabilities $34,282

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,161,576
    Loan and leases loss allowance $15,995
    Total loans and leases (domestic) $2,177,571
    All real estate loans $1,362,746
    Real estate loans in domestic offices $1,362,746
    Construction and development loans $23,957
    Residential 1-4 family construction $14,106
    Other construction, all land development and other land $9,851
    Loans secured by nonfarm nonresidential properties $101,540
    Nonfarm nonresidential secured by owner-occupied properties $61,858
    Commercial real estate & other non-farm, non-residential $39,682
    Multifamily residential real estate $48,035
    1-4 family residential loans $1,189,214
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $171
    Commercial and industrial loans $91,947
    To non-U.S. addressees $0
    Loans to individuals $721,536
    Credit card loans $0
    Related Plans $12,857
    Consumer Auto Loans $358,510
    Other loans to individuals $350,169
    All other loans & leases $1,170
    Loans to foreign governments and official institutions $0
    Other loans $1,170
    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 $10,576
    Non 1-4 family restructured loans & leases $7,834
    Total loans and leases (foreign) $0

    Gate City Bank had $2,161,576,000 of loans outstanding in 2020. $1,362,746,000 of loans were in real estate loans. $23,957,000 of loans were in development loans. $48,035,000 of loans were in multifamily mortgage loans. $1,189,214,000 of loans were in 1-4 family mortgage loans. $171,000 of loans were in farm loans. $0 of loans were in credit card loans. $358,510,000 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 194 $52,023 $268,160
    Nonfarm, nonresidential loans - <$100k 31 $1,676 $54,065
    Nonfarm, nonresidential loans - $100-250k 64 $9,014 $140,844
    Nonfarm, nonresidential loans - $250k-1MM 99 $41,333 $417,505
    Commercial & Industrial, US addressed loans - <$1MM 1,517 $58,610 $38,635
    Commercial & Industrial, US addressed loans - <$100k 1,317 $25,288 $19,201
    Commercial & Industrial, US addressed loans - $100-250k 137 $13,762 $100,453
    Commercial & Industrial, US addressed loans - $250k-1MM 63 $19,560 $310,476
    Agriculture operations loans - <$1MM 8 $171 $21,375
    Agriculture operations loans - <$100k 8 $171 $21,375