Riverwood Bank Mortgage Rates, Fees & Info

Baxter, MN

LEI: 549300ZVEC9BMHFLTM94

Tax ID: 41-0145082

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Riverwood Bank is a smaller bank specializing in Home Purchase and Refi 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: Brainerd, Minneapolis, Bemidji, Duluth, and St. Cloud among others. We have data for 8 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.

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

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    Originations

    211

    Origination Dollar Volume (All Markets)

    $41,475,000

    Employee count

    95

    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
    Brainerd, MN (FHA|USDA|VA) 33 $11,525,000 $349,242 $0 0.00%
    Outside of Metro Areas 65 $10,295,000 $158,385 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 44 $9,470,000 $215,227 $0 0.00%
    Bemidji, MN (FHA|USDA|VA) 61 $8,435,000 $138,279 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $780,000 $195,000 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $460,000 $230,000 $0 0.00%
    Fergus Falls, MN (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
    Albert Lea, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Riverwood Bank's top markets include Brainerd, Minneapolis, Bemidji, Duluth, and St. Cloud 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.

    TRUSTONE FINANCIAL FEDERAL CREDIT UNION
    Similarity Rank: 408
    Tradition Mortgage, LLC
    Similarity Rank: 481
    Mortgages Unlimited Inc.
    Similarity Rank: 754
    Frandsen Bank & Trust
    Similarity Rank: 792
    AFFINITY PLUS
    Similarity Rank: 805
    Merchants Bank
    Similarity Rank: 1125
    Alerus Financial
    Similarity Rank: 1128
    BlackRidgeBANK
    Similarity Rank: 1400
    WINGS FINANCIAL
    Similarity Rank: 1504
    Bremer Bank
    Similarity Rank: 2244

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 203 $40,695,000 $200,468 $0 0.00%
    USDA 8 $780,000 $97,500 $0 0.00%

    For 2019, Riverwood Bank's most frequently originated type of loan was Conventional, with 203 originations. Their 2nd most popular type was USDA, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 119 $25,585,000 $215,000 $0 0.00%
    Refi 40 $8,380,000 $209,500 $0 0.00%
    Cash Out Refi 40 $6,780,000 $169,500 $0 0.00%
    Other 8 $530,000 $66,250 $0 0.00%
    Home Improvement 4 $200,000 $50,000 $0 0.00%

    For 2019, Riverwood Bank's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 211 $41,475,000 $196,564 $0 0.00%

    For 2019, Riverwood Bank's most frequently cited loan duration was Other, with 211 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 84 $12,740,000 $151,667 $0 0.00%
    $200k-400k 60 $15,970,000 $266,167 $0 0.00%
    $100,000 or less 54 $3,210,000 $59,444 $0 0.00%
    $400k-600k 9 $4,045,000 $449,444 $0 0.00%
    $1MM+ 2 $3,850,000 $1,925,000 $0 0.00%
    $600k-1MM 2 $1,660,000 $830,000 $0 0.00%

    2019 saw Riverwood Bank place emphasis on $100k-200k loans with 84 originations, totaling $12,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $5,660,000 $141,500 $0 0.00%
    $75k-100k 37 $8,095,000 $218,784 $0 0.00%
    $50k or less 36 $3,530,000 $98,056 $0 0.00%
    $100k-150k 26 $5,260,000 $202,308 $0 0.00%
    $150k-250k 25 $4,435,000 $177,400 $0 0.00%
    $250k+ 11 $4,935,000 $448,636 $0 0.00%

    Riverwood Bank lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $75k-100k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 211 $41,475,000 $196,564 $0 0.00%

    Riverwood Bank lent most frequently to those with DTI ratios of Exempt%, with 211 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 156 $27,800,000 $178,205 $0 0.00%
    Not applicable 24 $7,310,000 $304,583 $0 0.00%
    Not provided 30 $6,290,000 $209,667 $0 0.00%
    Asian 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.44%

    Riverwood Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.20%

    Riverwood Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 211 $41,475,000 $196,564

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $895,000 $895,000
    Single Family (1-4 Units):Manufactured 11 $965,000 $87,727
    Single Family (1-4 Units):Site-Built 199 $39,615,000 $199,070

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    RiverWood Bank 109 Main Street West Baudette, MN 56623 Full Service B&M $20,131
    RiverWood Bank 1260 Paul Bunyan Drive Nw Bemidji, MN 56601 Full Service B&M $19,226
    RiverWood Bank 1329 Pacific Avenue Benson, MN 56215 Full Service B&M $20,329
    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 $30,433
    RiverWood Bank 14540 Dellwood Drive Baxter, MN 56425 Full Service B&M $85,516
    RiverWood Bank 214 5th Street Nw Bemidji, MN 56601 Full Service B&M $66,594
    RiverWood Bank 22 First Street Northeast Bagley, MN 56621 Full Service B&M $32,943
    RiverWood Bank 240 Jefferson Boulevard Big Lake, MN 55309 Full Service B&M $24,440
    RiverWood Bank 36139 County Rd 66 Crosslake, MN 56442 Full Service B&M $18,009
    RiverWood Bank 532 Atlantic Avenue Morris, MN 56267 Full Service B&M $61,915

    For 2019, Riverwood Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,136
    Net interest income $14,891
    Total noninterest income $3,362
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $331
    Trading account gains and fees $0
    Additional Noninterest Income $3,031
    Pre-tax net operating income $5,541
    Securities gains (or losses, -) $36
    Income before extraordinary items $4,030
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,030
    Minority interest net income $0
    Net income $4,030
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,001

    Riverwood Bank's gross interest income from loans was $19,136,000.
    Riverwood Bank's net interest income from loans was $14,891,000.
    Riverwood Bank's fee based income from loans was $331,000.
    Riverwood Bank's net income from loans was $4,030,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,245
    Provision for credit losses $425
    Total noninterest expense $12,287
    Salaries and employee benefits $7,103
    Premises and equipment expense $1,391
    Additional noninterest expense $3,793
    Applicable income taxes $1,547
    Net charge-offs $55
    Cash dividends $1,375

    Riverwood Bank's interest expense for loans was $4,245,000.
    Riverwood Bank's payroll and benefits expense were $7,103,000.
    Riverwood Bank's property, plant and equipment expenses $1,391,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $383,849
    Deposits held in domestic offices $383,849
    Deposits by Individuals, partnerships, and corporations $352,304
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $24,448
    Deposits by Commercial banks and other depository institutions in U.S. $7,098
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $114,587
    Demand deposits $65,722
    Nontransaction accounts $269,263
    Money market deposit accounts (MMDAs) $109,542
    Other savings deposits (excluding MMDAs) $30,139
    Total time deposits $129,581
    Total time and savings deposits $318,128
    Noninterest-bearing deposits $62,749
    Interest-bearing deposits $321,100
    Retail deposits $352,191
    IRAs and Keogh plan accounts $17,000
    Brokered deposits $11,402
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $445,320
    Cash & Balances due from depository institutions $16,666
    Interest-bearing balances $4,347
    Total securities $64,389
    Federal funds sold & reverse repurchase $0
    Net loans and leases $329,513
    Loan and leases loss allowance $4,340
    Trading account assets $0
    Bank premises and fixed assets $14,073
    Other real estate owned $5,099
    Goodwill and other intangibles $2,251
    All other assets $13,329

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $445,320
    Total Liabilities $405,563
    Total deposits $383,849
    Interest-bearing deposits $321,100
    Deposits held in domestic offices $383,849
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $6,800
    Trading liabilities $0
    Other borrowed funds $12,853
    Subordinated debt $0
    All other liabilities $2,061

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $329,513
    Loan and leases loss allowance $4,340
    Total loans and leases (domestic) $333,853
    All real estate loans $230,723
    Real estate loans in domestic offices $230,723
    Construction and development loans $14,501
    Residential 1-4 family construction $6,714
    Other construction, all land development and other land $7,787
    Loans secured by nonfarm nonresidential properties $98,057
    Nonfarm nonresidential secured by owner-occupied properties $42,406
    Commercial real estate & other non-farm, non-residential $55,651
    Multifamily residential real estate $21,978
    1-4 family residential loans $74,540
    Farmland loans $21,647
    Loans held in foreign offices $0
    Farm loans $13,324
    Commercial and industrial loans $48,782
    To non-U.S. addressees $0
    Loans to individuals $26,735
    Credit card loans $0
    Related Plans $16,330
    Consumer Auto Loans $1,027
    Other loans to individuals $9,378
    All other loans & leases $14,289
    Loans to foreign governments and official institutions $0
    Other loans $13,012
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,500
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $37
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    RiverWood Bank had $329,513,000 of loans outstanding in 2019. $230,723,000 of loans were in real estate loans. $14,501,000 of loans were in development loans. $21,978,000 of loans were in multifamily mortgage loans. $74,540,000 of loans were in 1-4 family mortgage loans. $13,324,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,027,000 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 197 $51,342 $260,619
    Nonfarm, nonresidential loans - <$100k 37 $1,662 $44,919
    Nonfarm, nonresidential loans - $100-250k 83 $12,360 $148,916
    Nonfarm, nonresidential loans - $250k-1MM 77 $37,320 $484,675
    Commercial & Industrial, US addressed loans - <$1MM 260 $18,790 $72,269
    Commercial & Industrial, US addressed loans - <$100k 185 $4,183 $22,611
    Commercial & Industrial, US addressed loans - $100-250k 46 $4,063 $88,326
    Commercial & Industrial, US addressed loans - $250k-1MM 29 $10,544 $363,586
    Farmland loans - <$1MM 64 $8,200 $128,125
    Farmland loans - <$100k 27 $1,105 $40,926
    Farmland loans - $100-250k 22 $2,418 $109,909
    Farmland loans - $250k-1MM 15 $4,677 $311,800
    Agriculture operations loans - <$1MM 82 $5,939 $72,427
    Agriculture operations loans - <$100k 43 $908 $21,116
    Agriculture operations loans - $100-250k 27 $2,761 $102,259
    Agriculture operations loans - $250k-1MM 12 $2,270 $189,167