Riverwood Bank Mortgage Rates, Fees & Info

Baxter, MN

LEI: 549300ZVEC9BMHFLTM94

Tax ID: 41-0145082

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Mortgage Data

Bank Data

Review & Overview

Riverwood Bank is a smaller bank specializing in Home Purchase loans. Riverwood Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Brainerd, Bemidji, St. Cloud, and Duluth among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Riverwood 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.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.90% 10/29/24
30 Year Conventional Refi 6.77% 10/29/24
30 Year Cash-out Refi 7.13% 10/29/24
15 Year Conventional Purchase 6.30% 10/29/24
15 Year Conventional Refi 6.22% 10/29/24
15 Year Cash-out Refi 6.22% 10/29/24
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.

Riverwood Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Riverwood 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

153

Origination Dollar Volume (All Markets)

$40,085,000

Employee count

90

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 31 $11,935,000 $385,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 31 $11,105,000 $358,226 $0 0.00%
Bemidji, MN (FHA|USDA|VA) 42 $8,450,000 $201,190 $0 0.00%
Outside of Metro Areas 44 $8,100,000 $184,091 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
GRAND FORKS, ND-MN (FHA|USDA|VA) 3 $65,000 $21,667 $0 0.00%
Riverwood Bank's top markets include Minneapolis, Brainerd, Bemidji, St. Cloud, and Duluth among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 143 $38,855,000 $271,713 $0 0.00%
    USDA 10 $1,230,000 $123,000 $0 0.00%

    For 2018, Riverwood Bank's most frequently originated type of loan was Conventional, with 143 originations. Their 2nd most popular type was USDA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 104 $31,790,000 $305,673 $0 0.00%
    Refi 24 $4,230,000 $176,250 $0 0.00%
    Cash Out Refi 16 $2,310,000 $144,375 $0 0.00%
    Other 6 $1,630,000 $271,667 $0 0.00%
    Home Improvement 3 $125,000 $41,667 $0 0.00%

    For 2018, Riverwood Bank's most frequently cited loan purpose was Home Purchase, with 104 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 153 $40,085,000 $261,993 $0 0.00%

    For 2018, Riverwood Bank's most frequently cited loan duration was Other, with 153 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 56 $8,360,000 $149,286 $0 0.00%
    $100,000 or less 39 $2,455,000 $62,949 $0 0.00%
    $200k-400k 39 $10,455,000 $268,077 $0 0.00%
    $400k-600k 9 $4,405,000 $489,444 $0 0.00%
    $1MM+ 5 $10,375,000 $2,075,000 $0 0.00%
    $600k-1MM 5 $4,035,000 $807,000 $0 0.00%

    2018 saw Riverwood Bank place emphasis on $100k-200k loans with 56 originations, totaling $8,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 34 $5,680,000 $167,059 $0 0.00%
    $50k or less 21 $1,945,000 $92,619 $0 0.00%
    $75k-100k 21 $2,835,000 $135,000 $0 0.00%
    $100k-150k 20 $3,720,000 $186,000 $0 0.00%
    $150k-250k 16 $4,340,000 $271,250 $0 0.00%
    $250k+ 14 $5,880,000 $420,000 $0 0.00%

    Riverwood Bank lent most frequently to those with incomes in the $50k-75k range, with 34 originations. The second most popular income band? $50k or less, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 153 $40,085,000 $261,993 $0 0.00%

    Riverwood Bank lent most frequently to those with DTI ratios of Exempt%, with 153 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 120 $22,530,000 $187,750 $0 0.00%
    Not applicable 25 $15,405,000 $616,200 $0 0.00%
    Not provided 6 $1,460,000 $243,333 $0 0.00%
    Black 1 $545,000 $545,000 $0 0.00%
    American Indian 1 $145,000 $145,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.92%

    Riverwood Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.78%

    Riverwood Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 153 $40,085,000 $261,993

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $11,125,000 $1,236,111
    Single Family (1-4 Units):Manufactured 6 $540,000 $90,000
    Single Family (1-4 Units):Site-Built 138 $28,420,000 $205,942

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    RiverWood Bank 109 Main Street West Baudette, MN 56623 Full Service B&M $19,075
    RiverWood Bank 1260 Paul Bunyan Drive Nw Bemidji, MN 56601 Full Service B&M $16,308
    RiverWood Bank 1329 Pacific Avenue Benson, MN 56215 Full Service B&M $16,257
    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 $26,451
    RiverWood Bank 14540 Dellwood Drive Baxter, MN 56425 Full Service B&M $66,742
    RiverWood Bank 214 5th Street Nw Bemidji, MN 56601 Full Service B&M $64,147
    RiverWood Bank 22 First Street Northeast Bagley, MN 56621 Full Service B&M $29,572
    RiverWood Bank 240 Jefferson Boulevard Big Lake, MN 55309 Full Service B&M $20,683
    RiverWood Bank 36139 County Rd 66 Crosslake, MN 56442 Full Service B&M $16,510
    RiverWood Bank 532 Atlantic Avenue Morris, MN 56267 Full Service B&M $58,587

    For 2018, Riverwood Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,512
    Net interest income $13,611
    Total noninterest income $2,576
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $359
    Trading account gains and fees $0
    Additional Noninterest Income $2,217
    Pre-tax net operating income $4,052
    Securities gains (or losses, -) $-50
    Income before extraordinary items $2,720
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,720
    Minority interest net income $0
    Net income $2,720
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,759

    Riverwood Bank's gross interest income from loans was $16,512,000.
    Riverwood Bank's net interest income from loans was $13,611,000.
    Riverwood Bank's fee based income from loans was $359,000.
    Riverwood Bank's net income from loans was $2,720,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,901
    Provision for credit losses $425
    Total noninterest expense $11,710
    Salaries and employee benefits $6,485
    Premises and equipment expense $1,414
    Additional noninterest expense $3,811
    Applicable income taxes $1,282
    Net charge-offs $148
    Cash dividends $1,500

    Riverwood Bank's interest expense for loans was $2,901,000.
    Riverwood Bank's payroll and benefits expense were $6,485,000.
    Riverwood Bank's property, plant and equipment expenses $1,414,000.

    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 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 $358,878
    Deposits held in domestic offices $358,878
    Deposits by Individuals, partnerships, and corporations $330,734
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $23,276
    Deposits by Commercial banks and other depository institutions in U.S. $4,868
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $109,379
    Demand deposits $60,229
    Nontransaction accounts $249,499
    Money market deposit accounts (MMDAs) $91,936
    Other savings deposits (excluding MMDAs) $28,339
    Total time deposits $129,224
    Total time and savings deposits $298,649
    Noninterest-bearing deposits $58,263
    Interest-bearing deposits $300,615
    Retail deposits $310,760
    IRAs and Keogh plan accounts $16,939
    Brokered deposits $28,654
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $418,278
    Cash & Balances due from depository institutions $14,361
    Interest-bearing balances $4,567
    Total securities $62,357
    Federal funds sold & reverse repurchase $0
    Net loans and leases $307,594
    Loan and leases loss allowance $3,970
    Trading account assets $0
    Bank premises and fixed assets $13,934
    Other real estate owned $4,817
    Goodwill and other intangibles $2,251
    All other assets $12,964

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $418,278
    Total Liabilities $381,848
    Total deposits $358,878
    Interest-bearing deposits $300,615
    Deposits held in domestic offices $358,878
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $1,729
    Trading liabilities $0
    Other borrowed funds $19,892
    Subordinated debt $0
    All other liabilities $1,349

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $307,594
    Loan and leases loss allowance $3,970
    Total loans and leases (domestic) $311,564
    All real estate loans $217,563
    Real estate loans in domestic offices $217,563
    Construction and development loans $19,492
    Residential 1-4 family construction $4,564
    Other construction, all land development and other land $14,928
    Loans secured by nonfarm nonresidential properties $85,857
    Nonfarm nonresidential secured by owner-occupied properties $40,679
    Commercial real estate & other non-farm, non-residential $45,178
    Multifamily residential real estate $14,358
    1-4 family residential loans $74,655
    Farmland loans $23,201
    Loans held in foreign offices $0
    Farm loans $14,522
    Commercial and industrial loans $43,009
    To non-U.S. addressees $0
    Loans to individuals $25,670
    Credit card loans $0
    Related Plans $15,364
    Consumer Auto Loans $868
    Other loans to individuals $9,438
    All other loans & leases $10,801
    Loans to foreign governments and official institutions $0
    Other loans $9,520
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $658
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $39
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    RiverWood Bank had $307,594,000 of loans outstanding in 2018. $217,563,000 of loans were in real estate loans. $19,492,000 of loans were in development loans. $14,358,000 of loans were in multifamily mortgage loans. $74,655,000 of loans were in 1-4 family mortgage loans. $14,522,000 of loans were in farm loans. $0 of loans were in credit card loans. $868,000 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 189 $47,042 $248,899
    Nonfarm, nonresidential loans - <$100k 32 $1,543 $48,219
    Nonfarm, nonresidential loans - $100-250k 79 $10,876 $137,671
    Nonfarm, nonresidential loans - $250k-1MM 78 $34,623 $443,885
    Commercial & Industrial, US addressed loans - <$1MM 279 $18,885 $67,688
    Commercial & Industrial, US addressed loans - <$100k 193 $4,497 $23,301
    Commercial & Industrial, US addressed loans - $100-250k 48 $3,935 $81,979
    Commercial & Industrial, US addressed loans - $250k-1MM 38 $10,453 $275,079
    Farmland loans - <$1MM 54 $6,867 $127,167
    Farmland loans - <$100k 23 $894 $38,870
    Farmland loans - $100-250k 21 $2,211 $105,286
    Farmland loans - $250k-1MM 10 $3,762 $376,200
    Agriculture operations loans - <$1MM 77 $6,543 $84,974
    Agriculture operations loans - <$100k 41 $996 $24,293
    Agriculture operations loans - $100-250k 24 $2,771 $115,458
    Agriculture operations loans - $250k-1MM 12 $2,776 $231,333