Riverwood Bank Mortgage Rates, Fees & Info
Baxter, MNLEI: 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.90% | 12/3/24 |
| 30 Year Conventional Refi | 6.77% | 12/3/24 |
| 30 Year Cash-out Refi | 7.13% | 12/3/24 |
| 15 Year Conventional Purchase | 6.30% | 12/3/24 |
| 15 Year Conventional Refi | 6.22% | 12/3/24 |
| 15 Year Cash-out Refi | 6.22% | 12/3/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
211Origination Dollar Volume (All Markets)
$41,475,000Employee count
95Top 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% |
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 | 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
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
2019 saw Riverwood Bank place emphasis on $100k-200k loans with 84 originations, totaling $12,740,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications94.44%
Riverwood Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.20%
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
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 |