Riverwood Bank Mortgage Rates, Fees & Info
Baxter, MNLEI: 549300ZVEC9BMHFLTM94
Tax ID: 41-0145082
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Bank Data
Review & Overview
Riverwood Bank is a smaller bank specializing in Refi, Home Purchase, 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 by origination volume include: Brainerd, Minneapolis, Bemidji, St. Cloud, and Alexandria among others. We have data for 11 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
381Origination Dollar Volume (All Markets)
$81,675,000Employee count
98Top 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) | 102 | $23,650,000 | $231,863 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 100 | $23,450,000 | $234,500 | $0 | 0.00% |
| Outside of Metro Areas | 103 | $19,035,000 | $184,806 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 59 | $11,775,000 | $199,576 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 5 | $1,295,000 | $259,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 0.00% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $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 | 374 | $80,780,000 | $215,989 | $0 | 0.00% |
| USDA | 7 | $895,000 | $127,857 | $0 | 0.00% |
For 2020, Riverwood Bank's most frequently originated type of loan was Conventional, with 374 originations. Their 2nd most popular type was USDA, with 7 originations.
Loan Reason
For 2020, Riverwood Bank's most frequently cited loan purpose was Refi, with 146 originations. The 2nd most popular reason was Home Purchase, with 138 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 381 | $81,675,000 | $214,370 | $0 | 0.00% |
For 2020, Riverwood Bank's most frequently cited loan duration was Other, with 381 originations.
Loan Sizing
2020 saw Riverwood Bank place emphasis on $100k-200k loans with 153 originations, totaling $23,805,000 in origination value.
Applicant Income
Riverwood Bank lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $75k-100k, with 75 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 381 | $81,675,000 | $214,370 | $0 | 0.00% |
Riverwood Bank lent most frequently to those with DTI ratios of Exempt%, with 381 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.09%
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 origination86.09%
Riverwood Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 381 | $81,675,000 | $214,370 |
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 | $22,094 |
| Riverwood Bank | 1260 Paul Bunyan Drive Nw Bemidji, MN 56601 | Full Service B&M | $22,764 |
| Riverwood Bank | 1329 Pacific Avenue Benson, MN 56215 | Full Service B&M | $20,866 |
| 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 | $43,505 |
| Riverwood Bank | 14540 Dellwood Drive Baxter, MN 56425 | Full Service B&M | $67,556 |
| Riverwood Bank | 214 5th Street Nw Bemidji, MN 56601 | Full Service B&M | $77,933 |
| Riverwood Bank | 22 First Street Northeast Bagley, MN 56621 | Full Service B&M | $37,031 |
| Riverwood Bank | 240 Jefferson Boulevard Big Lake, MN 55309 | Full Service B&M | $32,656 |
| Riverwood Bank | 36139 County Rd 66 Crosslake, MN 56442 | Full Service B&M | $32,441 |
| Riverwood Bank | 532 Atlantic Avenue Morris, MN 56267 | Full Service B&M | $73,133 |
For 2020, Riverwood Bank had 11 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $19,243 |
| Net interest income | $15,918 |
| Total noninterest income | $5,307 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $324 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $4,983 |
| Pre-tax net operating income | $6,022 |
| Securities gains (or losses, -) | $148 |
| Income before extraordinary items | $4,468 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,468 |
| Minority interest net income | $0 |
| Net income | $4,468 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,351 |
Riverwood Bank's gross interest income from loans was $19,243,000.
Riverwood Bank's net interest income from loans was $15,918,000.
Riverwood Bank's fee based income from loans was $324,000.
Riverwood Bank's net income from loans was $4,468,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,325 |
| Provision for credit losses | $1,800 |
| Total noninterest expense | $13,403 |
| Salaries and employee benefits | $7,731 |
| Premises and equipment expense | $1,395 |
| Additional noninterest expense | $4,277 |
| Applicable income taxes | $1,702 |
| Net charge-offs | $543 |
| Cash dividends | $1,625 |
Riverwood Bank's interest expense for loans was $3,325,000.
Riverwood Bank's payroll and benefits expense were $7,731,000.
Riverwood Bank's property, plant and equipment expenses $1,395,000.
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 | $445,116 |
| Deposits held in domestic offices | $445,116 |
| Deposits by Individuals, partnerships, and corporations | $411,668 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $28,487 |
| Deposits by Commercial banks and other depository institutions in U.S. | $4,961 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $168,370 |
| Demand deposits | $101,611 |
| Nontransaction accounts | $276,746 |
| Money market deposit accounts (MMDAs) | $127,753 |
| Other savings deposits (excluding MMDAs) | $42,087 |
| Total time deposits | $106,907 |
| Total time and savings deposits | $343,505 |
| Noninterest-bearing deposits | $97,099 |
| Interest-bearing deposits | $348,017 |
| Retail deposits | $424,528 |
| IRAs and Keogh plan accounts | $16,349 |
| Brokered deposits | $2,325 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $506,836 |
| Cash & Balances due from depository institutions | $14,164 |
| Interest-bearing balances | $4,166 |
| Total securities | $124,938 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $333,256 |
| Loan and leases loss allowance | $5,597 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $13,813 |
| Other real estate owned | $4,782 |
| Goodwill and other intangibles | $2,251 |
| All other assets | $13,632 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $506,836 |
| Total Liabilities | $463,325 |
| Total deposits | $445,116 |
| Interest-bearing deposits | $348,017 |
| Deposits held in domestic offices | $445,116 |
| % insured (estimated) | $83 |
| Federal funds purchased and repurchase agreements | $2,700 |
| Trading liabilities | $0 |
| Other borrowed funds | $13,214 |
| Subordinated debt | $0 |
| All other liabilities | $2,295 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $333,256 |
| Loan and leases loss allowance | $5,597 |
| Total loans and leases (domestic) | $338,853 |
| All real estate loans | $221,011 |
| Real estate loans in domestic offices | $221,011 |
| Construction and development loans | $15,129 |
| Residential 1-4 family construction | $4,946 |
| Other construction, all land development and other land | $10,183 |
| Loans secured by nonfarm nonresidential properties | $107,321 |
| Nonfarm nonresidential secured by owner-occupied properties | $47,301 |
| Commercial real estate & other non-farm, non-residential | $60,020 |
| Multifamily residential real estate | $11,771 |
| 1-4 family residential loans | $69,371 |
| Farmland loans | $17,419 |
| Loans held in foreign offices | $0 |
| Farm loans | $13,208 |
| Commercial and industrial loans | $62,061 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $27,282 |
| Credit card loans | $0 |
| Related Plans | $18,247 |
| Consumer Auto Loans | $811 |
| Other loans to individuals | $8,224 |
| All other loans & leases | $15,291 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $13,234 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $12 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $33 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
RiverWood Bank had $333,256,000 of loans outstanding in 2020. $221,011,000 of loans were in real estate loans. $15,129,000 of loans were in development loans. $11,771,000 of loans were in multifamily mortgage loans. $69,371,000 of loans were in 1-4 family mortgage loans. $13,208,000 of loans were in farm loans. $0 of loans were in credit card loans. $811,000 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 | 222 | $57,664 | $259,748 |
| Nonfarm, nonresidential loans - <$100k | 34 | $1,456 | $42,824 |
| Nonfarm, nonresidential loans - $100-250k | 94 | $12,064 | $128,340 |
| Nonfarm, nonresidential loans - $250k-1MM | 94 | $44,144 | $469,617 |
| Commercial & Industrial, US addressed loans - <$1MM | 537 | $34,684 | $64,588 |
| Commercial & Industrial, US addressed loans - <$100k | 377 | $9,524 | $25,263 |
| Commercial & Industrial, US addressed loans - $100-250k | 109 | $10,420 | $95,596 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 51 | $14,740 | $289,020 |
| Farmland loans - <$1MM | 60 | $7,359 | $122,650 |
| Farmland loans - <$100k | 26 | $861 | $33,115 |
| Farmland loans - $100-250k | 20 | $2,097 | $104,850 |
| Farmland loans - $250k-1MM | 14 | $4,401 | $314,357 |
| Agriculture operations loans - <$1MM | 95 | $7,103 | $74,768 |
| Agriculture operations loans - <$100k | 52 | $1,212 | $23,308 |
| Agriculture operations loans - $100-250k | 30 | $2,842 | $94,733 |
| Agriculture operations loans - $250k-1MM | 13 | $3,049 | $234,538 |