Riverwood Bank Mortgage Rates, Fees & Info

Baxter, MN

LEI: 549300ZVEC9BMHFLTM94

Tax ID: 41-0145082

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Riverwood Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Riverwood Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Brainerd, Minneapolis, Bemidji, Duluth, and Alexandria among others. Riverwood 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

504

Origination Dollar Volume (All Markets)

$113,160,000

Employee count

97

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Brainerd, MN (FHA|USDA|VA) 154 $43,100,000 $279,870 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 90 $22,400,000 $248,889 $0 0.00%
Outside of Metro Areas 129 $19,225,000 $149,031 $0 0.00%
Bemidji, MN (FHA|USDA|VA) 94 $19,150,000 $203,723 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 11 $2,445,000 $222,273 $0 0.00%
Alexandria, MN (FHA|USDA|VA) 6 $1,380,000 $230,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 4 $1,140,000 $285,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $625,000 $625,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
Fergus Falls, MN (FHA|USDA|VA) 3 $485,000 $161,667 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
FARGO, ND-MN (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%
GRAND FORKS, ND-MN (FHA|USDA|VA) 5 $365,000 $73,000 $0 0.00%
Marquette, MI (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%

Riverwood Bank's top markets include Brainerd, Minneapolis, Bemidji, Duluth, and Alexandria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 500 $112,550,000 $225,100 $0 0.00%
USDA 4 $610,000 $152,500 $0 0.00%

For the 2021 period, Riverwood Bank's most frequently originated loan type of loans were Conventional, with 500 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 229 $54,515,000 $238,057 $0 0.00%
Refi 141 $32,985,000 $233,936 $0 0.00%
Cash Out Refi 98 $23,360,000 $238,367 $0 0.00%
Other 23 $1,335,000 $58,043 $0 0.00%
Home Improvement 13 $965,000 $74,231 $0 0.00%

For the 2021, Riverwood Bank's most frequently cited loan purpose of loans were Home Purchase, with 229 originations. The 2nd most popular reason of loans were Refi, with 141 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 504 $113,160,000 $224,524 $0 0.00%

For the 2021, Riverwood Bank's most frequently cited loan length of loans were Other, with 504 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 170 $25,270,000 $148,647 $0 0.00%
$200k-400k 167 $45,365,000 $271,647 $0 0.00%
$100,000 or less 115 $7,015,000 $61,000 $0 0.00%
$400k-600k 39 $18,525,000 $475,000 $0 0.00%
$1MM+ 7 $12,255,000 $1,750,714 $0 0.00%
$600k-1MM 6 $4,730,000 $788,333 $0 0.00%

2021 saw Riverwood Bank place emphasis on $100k-200k loans with 170 originations, totaling $25,270,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 98 $22,710,000 $231,735 $0 0.00%
$50k-75k 85 $13,895,000 $163,471 $0 0.00%
$75k-100k 81 $12,605,000 $155,617 $0 0.00%
$50k or less 80 $8,890,000 $111,125 $0 0.00%
$150k-250k 67 $17,525,000 $261,567 $0 0.00%
$250k+ 49 $18,265,000 $372,755 $0 0.00%

Riverwood Bank lent most frequently to those with incomes in the $100k-150k range, with 98 originations. The second most popular income band? $50k-75k, with 85 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 504 $113,160,000 $224,524 $0 0.00%

Riverwood Bank lent most frequently to those with DTI ratios of Exempt%, with 504 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 372 $75,520,000 $203,011 $0 0.00%
Not provided 90 $19,130,000 $212,556 $0 0.00%
Not applicable 33 $17,185,000 $520,758 $0 0.00%
American Indian 5 $715,000 $143,000 $0 0.00%
Black 2 $450,000 $225,000 $0 0.00%
Asian 2 $160,000 $80,000 $0 0.00%

Approval Rates

Total approvals of all applications
96.83%

Riverwood 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
87.75%

Riverwood Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 504 $113,160,000 $224,524

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
504 $113,160,000 $224,524

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Riverwood Bank 109 Main Street West Baudette, MN 56623 Full Service B&M $24,084
Riverwood Bank 214 5th Street Nw Bemidji, MN 56601 Full Service B&M $83,894
Riverwood Bank 22 First Street Northeast Bagley, MN 56621 Full Service B&M $40,947
Riverwood Bank 240 Jefferson Boulevard Big Lake, MN 55309 Full Service B&M $40,228
Riverwood Bank 36139 County Rd 66 Crosslake, MN 56442 Full Service B&M $27,903
Riverwood Bank 532 Atlantic Avenue Morris, MN 56267 Full Service B&M $81,177
Riverwood Bank 1260 Paul Bunyan Drive Nw Bemidji, MN 56601 Full Service B&M $26,430
Riverwood Bank 1329 Pacific Avenue Benson, MN 56215 Full Service B&M $22,425
Riverwood Bank 14091 Baxter Drive Ste. 201a, Po Box 2947 Baxter, MN 56425 Limited, Administrative $0
Riverwood Bank 1421 E 7th St Monticello, MN 55362 Full Service B&M $48,862
Riverwood Bank 14540 Dellwood Drive Baxter, MN 56425 Full Service B&M $70,905

For 2021, Riverwood Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $18,658
Net interest income $17,030
Total noninterest income $4,822
Gross Fiduciary activities income $0
Service charges on deposit accounts $464
Trading account gains and fees $0
Additional Noninterest Income $4,358
Pre-tax net operating income $7,693
Securities gains (or losses, -) $45
Income before extraordinary items $5,587
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,587
Minority interest net income $0
Net income $5,587
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,551

Riverwood Bank's gross interest income from loans was $18,658,000.
Riverwood Bank's net interest income from loans was $17,030,000.
Riverwood Bank's fee based income from loans was $464,000.
Riverwood Bank's net income from loans was $5,587,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,628
Provision for credit losses $75
Total noninterest expense $14,084
Salaries and employee benefits $7,991
Premises and equipment expense $1,480
Additional noninterest expense $4,613
Applicable income taxes $2,151
Net charge-offs $-157
Cash dividends $2,000

Riverwood Bank's interest expense for loans was $1,628,000.
Riverwood Bank's payroll and benefits expense were $7,991,000.
Riverwood Bank's property, plant and equipment expenses $1,480,000.

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 $492,666
Deposits held in domestic offices $492,666
Deposits by Individuals, partnerships, and corporations $460,247
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $29,902
Deposits by Commercial banks and other depository institutions in U.S. $2,517
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $215,134
Demand deposits $215,134
Nontransaction accounts $277,532
Money market deposit accounts (MMDAs) $136,182
Other savings deposits (excluding MMDAs) $53,121
Total time deposits $88,229
Total time and savings deposits $277,532
Noninterest-bearing deposits $120,979
Interest-bearing deposits $371,687
Retail deposits $477,661
IRAs and Keogh plan accounts $15,648
Brokered deposits $1,306
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $550,041
Cash & Balances due from depository institutions $51,784
Interest-bearing balances $42,991
Total securities $102,635
Federal funds sold & reverse repurchase $0
Net loans and leases $361,454
Loan and leases loss allowance $5,829
Trading account assets $0
Bank premises and fixed assets $14,332
Other real estate owned $3,042
Goodwill and other intangibles $2,251
All other assets $14,543

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $550,041
Total Liabilities $504,888
Total deposits $492,666
Interest-bearing deposits $371,687
Deposits held in domestic offices $492,666
% insured (estimated) $80
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $10,000
Subordinated debt $0
All other liabilities $2,222

Issued Loan Types

Type Value (in 000's)
Net loans and leases $361,454
Loan and leases loss allowance $5,829
Total loans and leases (domestic) $367,283
All real estate loans $249,476
Real estate loans in domestic offices $249,476
Construction and development loans $27,158
Residential 1-4 family construction $9,394
Other construction, all land development and other land $17,764
Loans secured by nonfarm nonresidential properties $117,745
Nonfarm nonresidential secured by owner-occupied properties $49,451
Commercial real estate & other non-farm, non-residential $68,294
Multifamily residential real estate $13,156
1-4 family residential loans $76,355
Farmland loans $15,062
Loans held in foreign offices $0
Farm loans $11,906
Commercial and industrial loans $58,733
To non-U.S. addressees $0
Loans to individuals $26,486
Credit card loans $0
Related Plans $16,450
Consumer Auto Loans $1,240
Other loans to individuals $8,796
All other loans & leases $20,681
Loans to foreign governments and official institutions $0
Other loans $17,355
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $245
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $148
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

RiverWood Bank had $361,454,000 of loans outstanding in 2021. $249,476,000 of loans were in real estate loans. $27,158,000 of loans were in development loans. $13,156,000 of loans were in multifamily mortgage loans. $76,355,000 of loans were in 1-4 family mortgage loans. $11,906,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,240,000 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 214 $52,963 $247,491
Nonfarm, nonresidential loans - <$100k 47 $2,417 $51,426
Nonfarm, nonresidential loans - $100-250k 77 $10,698 $138,935
Nonfarm, nonresidential loans - $250k-1MM 90 $39,848 $442,756
Commercial & Industrial, US addressed loans - <$1MM 384 $24,781 $64,534
Commercial & Industrial, US addressed loans - <$100k 268 $6,967 $25,996
Commercial & Industrial, US addressed loans - $100-250k 76 $8,167 $107,461
Commercial & Industrial, US addressed loans - $250k-1MM 40 $9,647 $241,175
Farmland loans - <$1MM 54 $6,317 $116,981
Farmland loans - <$100k 23 $789 $34,304
Farmland loans - $100-250k 19 $1,960 $103,158
Farmland loans - $250k-1MM 12 $3,568 $297,333
Agriculture operations loans - <$1MM 104 $7,296 $70,154
Agriculture operations loans - <$100k 67 $1,535 $22,910
Agriculture operations loans - $100-250k 26 $2,630 $101,154
Agriculture operations loans - $250k-1MM 11 $3,131 $284,636