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, 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 by origination volume include: Brainerd, Minneapolis, Bemidji, Duluth, and Alexandria among others. We have data for 15 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 an above 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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.90% 3/28/24
30 Year Conventional Refi 6.77% 3/28/24
30 Year Cash-out Refi 7.13% 3/28/24
15 Year Conventional Purchase 6.30% 3/28/24
15 Year Conventional Refi 6.22% 3/28/24
15 Year Cash-out Refi 6.22% 3/28/24
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

504

Origination Dollar Volume (All Markets)

$113,160,000

Employee count

97

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) 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.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Michigan (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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    Frandsen Bank & Trust
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    AFFINITY PLUS
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    Product Mix

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

    For 2021, Riverwood Bank's most frequently originated type of loan was Conventional, with 500 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Riverwood Bank's most frequently cited loan purpose was Home Purchase, with 229 originations. The 2nd most popular reason was 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 2021, Riverwood Bank's most frequently cited loan duration was 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
    98.37%

    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
    92.26%

    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 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
    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

    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