Deerwood Bank Mortgage Rates, Fees & Info

Waite Park, MN

LEI: 549300ZBB5XXXOWVNS92

Tax ID: 41-0216169

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Deerwood Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Deerwood Bank has a high proportion of conventional loans. Their top markets include Brainerd, Minneapolis, St. Cloud, Grand Rapids, and Bemidji among others. Deerwood Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Deerwood Bank is typically an average fee lendor.


Originations

959

Origination Dollar Volume (All Markets)

$225,685,000

Employee count

176 Show all (6) awards

Relative Rate

Deerwood Bank's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Deerwood Bank's average total fees for a 30 year fixed rate mortgage are $3,938.

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
Brainerd, MN (FHA|USDA|VA) 282 $64,560,000 $228,936 $3,752 2.96%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 213 $52,125,000 $244,718 $2,653 3.20%
ST. CLOUD, MN (FHA|USDA|VA) 118 $34,780,000 $294,746 $4,052 2.89%
Outside of Metro Areas 110 $21,100,000 $191,818 $3,493 3.11%
Grand Rapids, MN (FHA|USDA|VA) 82 $19,760,000 $240,976 $3,593 3.21%
Bemidji, MN (FHA|USDA|VA) 107 $19,065,000 $178,178 $3,284 2.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $2,040,000 $510,000 $6,923 2.47%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,630,000 $407,500 $6,442 3.22%
DULUTH, MN-WI (FHA|USDA|VA) 10 $1,450,000 $145,000 $3,225 2.71%
Alexandria, MN (FHA|USDA|VA) 3 $995,000 $331,667 $5,470 3.79%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $925,000 $925,000 $6,385 3.00%
Willmar, MN (FHA|USDA|VA) 2 $800,000 $400,000 $4,569 3.94%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $645,000 $645,000 $6,787 3.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $630,000 $315,000 $5,250 2.56%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $500,000 $250,000 $3,962 2.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $495,000 $495,000 $6,637 2.88%
Fergus Falls, MN (FHA|USDA|VA) 1 $475,000 $475,000 $4,012 3.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $405,000 $405,000 $7,365 2.38%
FARGO, ND-MN (FHA|USDA|VA) 1 $395,000 $395,000 $7,407 2.88%
GREEN BAY, WI (FHA|USDA|VA) 1 $355,000 $355,000 $3,002 2.38%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $325,000 $325,000 $5,684 2.38%
Danville, KY (FHA|USDA|VA) 1 $275,000 $275,000 $3,022 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $275,000 $275,000 $4,269 2.25%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,952 3.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,446 2.38%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.63%
BISMARCK, ND (FHA|USDA|VA) 1 $215,000 $215,000 $4,800 2.88%
MANKATO, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,977 2.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $165,000 $165,000 $1,905 2.13%
GRAND FORKS, ND-MN (FHA|USDA|VA) 2 $150,000 $75,000 $2,550 2.63%
FRESNO, CA (FHA|USDA|VA) 1 $145,000 $145,000 $2,717 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,587 4.75%

Deerwood Bank's top markets include Brainerd, Minneapolis, St. Cloud, Grand Rapids, and Bemidji among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 959 $225,685,000 $235,334 $3,493 3.05%

For the 2021 period, Deerwood Bank's most frequently originated loan type of loans were Conventional, with 959 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 333 $93,155,000 $279,745 $4,763 3.33%
Refi 304 $67,820,000 $223,092 $2,993 2.69%
Cash Out Refi 239 $57,575,000 $240,900 $3,407 2.73%
Home Improvement 66 $4,870,000 $73,788 $817 3.93%
Other 17 $2,265,000 $133,235 $1,299 4.93%

For the 2021, Deerwood Bank's most frequently cited loan purpose of loans were Home Purchase, with 333 originations. The 2nd most popular reason of loans were Refi, with 304 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 448 $122,660,000 $273,795 $3,938 2.90%
15 Year 217 $47,735,000 $219,977 $3,262 2.29%
20 Year 112 $19,130,000 $170,804 $2,358 3.02%
Other 53 $7,185,000 $135,566 $2,107 5.15%
10 Year 48 $6,660,000 $138,750 $1,839 3.84%
30+ year 33 $10,805,000 $327,424 $7,163 3.91%
5 Year 31 $5,795,000 $186,935 $97 4.19%
1 Year 17 $5,715,000 $336,176 $4,125 4.13%

For the 2021, Deerwood Bank's most frequently cited loan length of loans were 30 Year, with 448 originations. The 2nd most popular length of loans were 15 Year, with 217 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 314 $51,310,000 $163,408
$<1k 222 $38,230,000 $172,207
$2k-3k 203 $53,305,000 $262,586
$3k-4k 122 $48,200,000 $395,082
$5k+ 28 $19,390,000 $692,500

$3,938 of loans were Deerwood Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 314 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 333 $88,575,000 $265,991
<2.5% 320 $67,220,000 $210,063
3-4% 184 $50,590,000 $274,946
4-5% 78 $14,840,000 $190,256
5-6% 36 $4,020,000 $111,667
6-7% 8 $440,000 $55,000

During 2021, Deerwood Bank's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 333 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 342 $94,060,000 $275,029 $4,031 2.91%
$100k-200k 333 $49,845,000 $149,685 $2,953 2.85%
$100,000 or less 159 $9,675,000 $60,849 $1,420 3.72%
$400k-600k 96 $46,530,000 $484,688 $5,453 3.05%
$600k-1MM 22 $17,610,000 $800,455 $6,899 3.29%
$1MM+ 7 $7,965,000 $1,137,857 $10,604 3.07%

2021 saw Deerwood Bank place emphasis on $200k-400k loans with 342 originations, totaling $94,060,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 206 $51,070,000 $247,913 $3,766 3.02%
$50k-75k 203 $33,295,000 $164,015 $2,980 2.99%
$75k-100k 152 $28,270,000 $185,987 $3,134 2.94%
$50k or less 136 $16,730,000 $123,015 $2,848 3.15%
$150k-250k 126 $38,800,000 $307,937 $3,901 3.07%
$250k+ 101 $49,335,000 $488,465 $5,233 2.90%

Deerwood Bank lent most frequently to those with incomes in the $100k-150k range, with 206 originations. The second most popular income band? $50k-75k, with 203 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 282 $63,630,000 $225,638 $3,302 2.93%
30-36% 204 $46,860,000 $229,706 $3,563 2.97%
<20% 95 $27,945,000 $294,158 $3,737 2.67%
39% 40 $8,160,000 $204,000 $3,119 3.54%
38% 37 $9,185,000 $248,243 $3,798 3.25%
36% 34 $8,900,000 $261,765 $3,383 3.28%
37% 33 $8,085,000 $245,000 $4,063 3.04%
40% 30 $6,780,000 $226,000 $3,510 2.95%
44% 29 $6,145,000 $211,897 $3,055 2.99%
41% 27 $5,625,000 $208,333 $3,914 3.19%
43% 27 $6,765,000 $250,556 $3,196 3.19%
42% 24 $5,020,000 $209,167 $3,383 2.88%
47% 21 $4,975,000 $236,905 $3,442 3.31%
49% 13 $3,595,000 $276,538 $4,022 2.86%
48% 12 $3,240,000 $270,000 $4,636 3.21%
45% 11 $1,755,000 $159,545 $3,206 2.99%
46% 5 $1,005,000 $201,000 $3,707 3.65%

Deerwood Bank lent most frequently to those with DTI ratios of 20-30%, with 282 originations. The next most common DTI ratio? 30-36%, with 204 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 819 $188,355,000 $229,982 $3,504 2.99%
Not provided 107 $29,245,000 $273,318 $3,423 3.19%
Not applicable 22 $5,560,000 $252,727 $0 4.39%
Asian 4 $730,000 $182,500 $2,317 2.31%
American Indian 4 $730,000 $182,500 $3,433 3.56%
Black 2 $710,000 $355,000 $4,705 2.56%
Asian Indian 1 $355,000 $355,000 $4,749 2.25%

Approval Rates

Total approvals of all applications
95.54%

Deerwood 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
91.49%

Deerwood Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 959 $225,685,000 $235,334

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
959 $225,685,000 $235,334

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 87 $11,245,000 $129,253 $2,495 2.93%
40-60% 215 $46,295,000 $215,326 $3,195 2.72%
60-80% 372 $102,990,000 $276,855 $3,808 3.02%
80-100% 226 $62,310,000 $275,708 $4,462 3.07%
Under 20% 59 $2,845,000 $48,220 $465 4.48%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Deerwood Bank 1060 Dakota Dr Mendota Heights, MN 55120 Full Service B&M $132,070
Deerwood Bank 611 Washington St Ne Brainerd, MN 56401 Full Service B&M $19,740
Deerwood Bank 7055 Cahill Avenue Inver Grove Heights, MN 55076 Full Service B&M $16,821
Deerwood Bank 9451 Madison Street Garrison, MN 56450 Full Service B&M $22,671
Deerwood Bank 12080 Main Street Northome, MN 56661 Full Service B&M $19,071
Deerwood Bank 131 6th Avenue South, Suite 100 Waite Park, MN 56387 Full Service B&M $171,449
Deerwood Bank 1350 Paul Bunyan Drive Nw Bemidji, MN 56601 Full Service B&M $53,454
Deerwood Bank 14986 Lynwood Dr Baxter, MN 56425 Full Service B&M $126,570
Deerwood Bank 16 Summit Avenue West Blackduck, MN 56630 Full Service B&M $40,083
Deerwood Bank 21236 Archibald Rd Deerwood, MN 56444 Full Service B&M $137,688
Deerwood Bank 2310 Seventh Street West Saint Paul, MN 55116 Full Service B&M $54,249
Deerwood Bank 2351 Connecticut Ave. S, Suite 100 Sartell, MN 56377 Full Service B&M $67,572
Deerwood Bank 2950 Us Highway 169 Grand Rapids, MN 55744 Full Service B&M $46,417

For 2021, Deerwood Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $33,010
Net interest income $32,136
Total noninterest income $7,627
Gross Fiduciary activities income $0
Service charges on deposit accounts $544
Trading account gains and fees $0
Additional Noninterest Income $7,083
Pre-tax net operating income $13,174
Securities gains (or losses, -) $0
Income before extraordinary items $10,408
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,408
Minority interest net income $0
Net income $10,408
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,408

Deerwood Bank's gross interest income from loans was $33,010,000.
Deerwood Bank's net interest income from loans was $32,136,000.
Deerwood Bank's fee based income from loans was $544,000.
Deerwood Bank's net income from loans was $10,408,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $874
Provision for credit losses $750
Total noninterest expense $25,839
Salaries and employee benefits $15,877
Premises and equipment expense $3,409
Additional noninterest expense $6,553
Applicable income taxes $2,766
Net charge-offs $150
Cash dividends $600

Deerwood Bank's interest expense for loans was $874,000.
Deerwood Bank's payroll and benefits expense were $15,877,000.
Deerwood Bank's property, plant and equipment expenses $3,409,000.

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 $966,190
Deposits held in domestic offices $966,190
Deposits by Individuals, partnerships, and corporations $923,482
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $42,708
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $533,300
Demand deposits $330,586
Nontransaction accounts $432,890
Money market deposit accounts (MMDAs) $45,193
Other savings deposits (excluding MMDAs) $320,942
Total time deposits $66,754
Total time and savings deposits $635,604
Noninterest-bearing deposits $330,971
Interest-bearing deposits $635,220
Retail deposits $957,287
IRAs and Keogh plan accounts $17,694
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,062,979
Cash & Balances due from depository institutions $148,021
Interest-bearing balances $132,435
Total securities $235,539
Federal funds sold & reverse repurchase $0
Net loans and leases $639,981
Loan and leases loss allowance $5,884
Trading account assets $0
Bank premises and fixed assets $12,692
Other real estate owned $65
Goodwill and other intangibles $16,555
All other assets $10,126

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,062,979
Total Liabilities $967,487
Total deposits $966,190
Interest-bearing deposits $635,220
Deposits held in domestic offices $966,190
% insured (estimated) $71
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $1,297

Issued Loan Types

Type Value (in 000's)
Net loans and leases $639,981
Loan and leases loss allowance $5,884
Total loans and leases (domestic) $645,865
All real estate loans $428,606
Real estate loans in domestic offices $428,606
Construction and development loans $38,194
Residential 1-4 family construction $15,294
Other construction, all land development and other land $22,900
Loans secured by nonfarm nonresidential properties $192,161
Nonfarm nonresidential secured by owner-occupied properties $122,255
Commercial real estate & other non-farm, non-residential $69,906
Multifamily residential real estate $22,068
1-4 family residential loans $172,911
Farmland loans $3,272
Loans held in foreign offices $0
Farm loans $1,405
Commercial and industrial loans $162,245
To non-U.S. addressees $0
Loans to individuals $31,314
Credit card loans $0
Related Plans $1,659
Consumer Auto Loans $1,547
Other loans to individuals $28,108
All other loans & leases $22,665
Loans to foreign governments and official institutions $0
Other loans $308
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $6,270
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $7,116
Non 1-4 family restructured loans & leases $7,000
Total loans and leases (foreign) $0

Deerwood Bank had $639,981,000 of loans outstanding in 2021. $428,606,000 of loans were in real estate loans. $38,194,000 of loans were in development loans. $22,068,000 of loans were in multifamily mortgage loans. $172,911,000 of loans were in 1-4 family mortgage loans. $1,405,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,547,000 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 358 $79,723 $222,690
Nonfarm, nonresidential loans - <$100k 60 $2,644 $44,067
Nonfarm, nonresidential loans - $100-250k 137 $16,902 $123,372
Nonfarm, nonresidential loans - $250k-1MM 161 $60,177 $373,770
Commercial & Industrial, US addressed loans - <$1MM 755 $56,511 $74,849
Commercial & Industrial, US addressed loans - <$100k 500 $11,466 $22,932
Commercial & Industrial, US addressed loans - $100-250k 123 $11,277 $91,683
Commercial & Industrial, US addressed loans - $250k-1MM 132 $33,768 $255,818
Farmland loans - <$1MM 24 $2,526 $105,250
Farmland loans - <$100k 11 $503 $45,727
Farmland loans - $100-250k 11 $1,412 $128,364
Farmland loans - $250k-1MM 2 $611 $305,500
Agriculture operations loans - <$1MM 60 $1,405 $23,417
Agriculture operations loans - <$100k 57 $1,243 $21,807
Agriculture operations loans - $100-250k 3 $162 $54,000