Minnwest Bank Mortgage Rates, Fees & Info

Redwood Falls, MN

LEI: 549300WYC8C6REMY4E38

Tax ID: 41-1571815

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Minnwest Bank is a smaller bank specializing in Home Purchase loans. Minnwest Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Minneapolis, Sioux Falls, Rochester, Faribault, and Nashville among others. Minnwest 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.


Originations

154

Origination Dollar Volume (All Markets)

$137,590,000

Employee count

397

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 38 $79,310,000 $2,087,105 $0 0.00%
SIOUX FALLS, SD (FHA|USDA|VA) 3 $15,365,000 $5,121,667 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 16 $13,470,000 $841,875 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 5 $9,325,000 $1,865,000 $0 0.00%
Outside of Metro Areas 39 $4,785,000 $122,692 $0 0.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $3,105,000 $3,105,000 $0 0.00%
Winona, MN (FHA|USDA|VA) 10 $2,070,000 $207,000 $0 0.00%
Marshall, MN (FHA|USDA|VA) 9 $2,045,000 $227,222 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 9 $1,715,000 $190,556 $0 0.00%
EAU CLAIRE, WI (FHA|USDA|VA) 7 $1,575,000 $225,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 3 $1,005,000 $335,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 2 $890,000 $445,000 $0 0.00%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 3 $855,000 $285,000 $0 0.00%
Spearfish, SD (FHA|USDA|VA) 1 $605,000 $605,000 $0 0.00%
MANKATO, MN (FHA|USDA|VA) 3 $485,000 $161,667 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
Alexandria, MN (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
Albert Lea, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Brookings, SD (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Willmar, MN (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%

Minnwest Bank's top markets include Minneapolis, Sioux Falls, Rochester, Faribault, and Nashville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 150 $137,110,000 $914,067 $0 0.00%
USDA 4 $480,000 $120,000 $0 0.00%

For the 2021 period, Minnwest Bank's most frequently originated loan type of loans were Conventional, with 150 originations. Their 2nd most popular type is USDA, with 4 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 88 $106,890,000 $1,214,659 $0 0.00%
Refi 37 $25,615,000 $692,297 $0 0.00%
Cash Out Refi 15 $4,315,000 $287,667 $0 0.00%
Home Improvement 10 $530,000 $53,000 $0 0.00%
Other 4 $240,000 $60,000 $0 0.00%

For the 2021, Minnwest Bank's most frequently cited loan purpose of loans were Home Purchase, with 88 originations. The 2nd most popular reason of loans were Refi, with 37 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 154 $137,590,000 $893,442 $0 0.00%

For the 2021, Minnwest Bank's most frequently cited loan length of loans were Other, with 154 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 50 $3,040,000 $60,800 $0 0.00%
$100k-200k 38 $5,720,000 $150,526 $0 0.00%
$200k-400k 34 $9,460,000 $278,235 $0 0.00%
$1MM+ 14 $109,130,000 $7,795,000 $0 0.00%
$400k-600k 12 $5,680,000 $473,333 $0 0.00%
$600k-1MM 6 $4,560,000 $760,000 $0 0.00%

2021 saw Minnwest Bank place emphasis on $100,000 or less loans with 50 originations, totaling $3,040,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 20 $4,170,000 $208,500 $0 0.00%
$50k or less 19 $2,075,000 $109,211 $0 0.00%
$50k-75k 16 $1,810,000 $113,125 $0 0.00%
$150k-250k 15 $4,695,000 $313,000 $0 0.00%
$250k+ 12 $4,260,000 $355,000 $0 0.00%
$75k-100k 8 $1,600,000 $200,000 $0 0.00%

Minnwest Bank lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $50k or less, with 19 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 154 $137,590,000 $893,442 $0 0.00%

Minnwest Bank lent most frequently to those with DTI ratios of Exempt%, with 154 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 55 $115,995,000 $2,109,000 $0 0.00%
White 94 $21,050,000 $223,936 $0 0.00%
Black 3 $215,000 $71,667 $0 0.00%
Not provided 1 $205,000 $205,000 $0 0.00%
American Indian 1 $125,000 $125,000 $0 0.00%

Approval Rates

Total approvals of all applications
92.52%

Minnwest Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.97%

Minnwest Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 154 $137,590,000 $893,442

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
154 $137,590,000 $893,442

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Minnwest Bank 100 South Broadway Spring Valley, MN 55975 Limited, Drive-thru $0
Minnwest Bank 14820 Highway 7 Minnetonka, MN 55345 Full Service B&M $175,925
Minnwest Bank 14820 Hwy 7 Minnetonka, MN 55345 Full Service B&M $54,736
Minnwest Bank 21 Se 2nd Street Ortonville, MN 56278 Full Service B&M $104,717
Minnwest Bank 224 Main Street Florence, SD 57235 Full Service B&M $12,481
Minnwest Bank 224 West 2nd Street Morton, MN 56270 Limited, Drive-thru $2,775
Minnwest Bank 225 East Main Street Lewiston, MN 55952 Full Service B&M $43,513
Minnwest Bank 250 Third Street Tracy, MN 56175 Full Service B&M $82,688
Minnwest Bank 2565 King Avenue Slayton, MN 56172 Full Service B&M $109,817
Minnwest Bank 276 Center Street East Hammond, MN 55991 Full Service B&M $14,238
Minnwest Bank 300 South Washington Street Redwood Falls, MN 56283 Full Service B&M $230,547
Minnwest Bank 301 Baseline Road Marshall, MN 56258 Full Service B&M $213,038
Minnwest Bank 3130 2nd Street S. Saint Cloud, MN 56302 Full Service B&M $97,531
Minnwest Bank 33 4th Street S.W., Suite 100 Rochester, MN 55902 Full Service B&M $53,547
Minnwest Bank 331 16th Ave Nw Rochester, MN 55901 Full Service B&M $0
Minnwest Bank 401 Maple St Summit, SD 57266 Full Service B&M $38,457
Minnwest Bank 5001 South Louise Avenue Sioux Falls, SD 57108 Full Service B&M $82,150
Minnwest Bank 5324 East Arrowhead Parkway, Suite 101 Sioux Falls, SD 57110 Full Service B&M $16,165
Minnwest Bank 579 Pine Street Dawson, MN 56232 Full Service B&M $44,581
Minnwest Bank 607 Cornell Avenue Big Stone City, SD 57216 Full Service B&M $14,451
Minnwest Bank 709 Main Street Wilmot, SD 57279 Full Service B&M $30,251
Minnwest Bank 800 S. Kniss Luverne, MN 56156 Full Service B&M $53,990
Minnwest Bank Broadway And Minnesota Avenue Lake Wilson, MN 56151 Full Service B&M $19,362
Minnwest Bank Oak And Main Streets Danube, MN 56230 Full Service B&M $28,480
Minnwest Bank 101 South Gold Street Wykoff, MN 55990 Full Service B&M $15,343
Minnwest Bank 1069 First Avenue Gibbon, MN 55335 Full Service B&M $66,913
Minnwest Bank 107 N 1st St Montevideo, MN 56265 Full Service Cyber Office $13,282
Minnwest Bank 107 North First Street Montevideo, MN 56265 Full Service B&M $85,999
Minnwest Bank 112 West Main Street Spring Valley, MN 55975 Full Service B&M $24,830
Minnwest Bank 113 N. Main Street Belview, MN 56214 Full Service B&M $24,818
Minnwest Bank 1150 Yankee Doodle Road Eagan, MN 55120 Full Service B&M $94,158
Minnwest Bank 116 East Main Luverne, MN 56156 Full Service B&M $97,450
Minnwest Bank 1275 East Bridge Street Redwood Falls, MN 56283 Full Service B&M $34,661
Minnwest Bank 1404 East State Highway 7 Montevideo, MN 56265 Full Service B&M $40,187

For 2021, Minnwest Bank had 34 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $87,008
Net interest income $81,389
Total noninterest income $11,096
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,627
Trading account gains and fees $0
Additional Noninterest Income $9,469
Pre-tax net operating income $34,189
Securities gains (or losses, -) $2
Income before extraordinary items $25,101
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $25,101
Minority interest net income $0
Net income $25,101
Sale, conversion, retirement of capital stock, net $0
Net operating income $25,099

Minnwest Bank's gross interest income from loans was $87,008,000.
Minnwest Bank's net interest income from loans was $81,389,000.
Minnwest Bank's fee based income from loans was $1,627,000.
Minnwest Bank's net income from loans was $25,101,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,619
Provision for credit losses $1,934
Total noninterest expense $56,362
Salaries and employee benefits $33,746
Premises and equipment expense $4,605
Additional noninterest expense $18,011
Applicable income taxes $9,090
Net charge-offs $500
Cash dividends $7,500

Minnwest Bank's interest expense for loans was $5,619,000.
Minnwest Bank's payroll and benefits expense were $33,746,000.
Minnwest Bank's property, plant and equipment expenses $4,605,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
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 3.0%
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 $2,388,816
Deposits held in domestic offices $2,388,816
Deposits by Individuals, partnerships, and corporations $2,279,632
Deposits by U.S. Government $18
Deposits by States and political subdivisions in the U.S. $104,288
Deposits by Commercial banks and other depository institutions in U.S. $4,878
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,058,428
Demand deposits $678,401
Nontransaction accounts $1,330,388
Money market deposit accounts (MMDAs) $556,969
Other savings deposits (excluding MMDAs) $347,062
Total time deposits $426,357
Total time and savings deposits $1,710,415
Noninterest-bearing deposits $678,401
Interest-bearing deposits $1,710,415
Retail deposits $2,233,036
IRAs and Keogh plan accounts $42,850
Brokered deposits $114,981
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,703,865
Cash & Balances due from depository institutions $176,887
Interest-bearing balances $149,662
Total securities $522,402
Federal funds sold & reverse repurchase $0
Net loans and leases $1,878,751
Loan and leases loss allowance $30,158
Trading account assets $0
Bank premises and fixed assets $21,692
Other real estate owned $7,824
Goodwill and other intangibles $42,765
All other assets $53,544

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,703,865
Total Liabilities $2,444,355
Total deposits $2,388,816
Interest-bearing deposits $1,710,415
Deposits held in domestic offices $2,388,816
% insured (estimated) $91
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $43,507
Subordinated debt $0
All other liabilities $12,032

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,878,751
Loan and leases loss allowance $30,158
Total loans and leases (domestic) $1,908,909
All real estate loans $1,367,137
Real estate loans in domestic offices $1,367,137
Construction and development loans $221,442
Residential 1-4 family construction $37,554
Other construction, all land development and other land $183,888
Loans secured by nonfarm nonresidential properties $540,601
Nonfarm nonresidential secured by owner-occupied properties $163,041
Commercial real estate & other non-farm, non-residential $377,560
Multifamily residential real estate $156,046
1-4 family residential loans $142,195
Farmland loans $306,853
Loans held in foreign offices $0
Farm loans $325,998
Commercial and industrial loans $129,311
To non-U.S. addressees $0
Loans to individuals $21,292
Credit card loans $0
Related Plans $811
Consumer Auto Loans $8,647
Other loans to individuals $11,834
All other loans & leases $65,171
Loans to foreign governments and official institutions $0
Other loans $1,236
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $2,172
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $2,691
Non 1-4 family restructured loans & leases $2,249
Total loans and leases (foreign) $0

Minnwest Bank had $1,878,751,000 of loans outstanding in 2021. $1,367,137,000 of loans were in real estate loans. $221,442,000 of loans were in development loans. $156,046,000 of loans were in multifamily mortgage loans. $142,195,000 of loans were in 1-4 family mortgage loans. $325,998,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,647,000 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 599 $107,944 $180,207
Nonfarm, nonresidential loans - <$100k 145 $4,839 $33,372
Nonfarm, nonresidential loans - $100-250k 185 $16,645 $89,973
Nonfarm, nonresidential loans - $250k-1MM 269 $86,460 $321,413
Commercial & Industrial, US addressed loans - <$1MM 6,486 $81,291 $12,533
Commercial & Industrial, US addressed loans - <$100k 5,519 $18,247 $3,306
Commercial & Industrial, US addressed loans - $100-250k 580 $17,701 $30,519
Commercial & Industrial, US addressed loans - $250k-1MM 387 $45,343 $117,165
Farmland loans - <$1MM 1,451 $130,369 $89,848
Farmland loans - <$100k 377 $9,669 $25,647
Farmland loans - $100-250k 608 $44,538 $73,253
Farmland loans - $250k-1MM 466 $76,162 $163,438
Agriculture operations loans - <$1MM 4,962 $166,019 $33,458
Agriculture operations loans - <$100k 3,228 $38,809 $12,023
Agriculture operations loans - $100-250k 1,102 $59,709 $54,182
Agriculture operations loans - $250k-1MM 632 $67,501 $106,805