Applications / Mortgage Analytics / Lenders / Minnesota / First Bank Elk River
Elk River, MN · State non-member bank · FDIC · $364 million assets · 24 loans in 2025
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24
loans originated, 2025
30
applications, 2025
2
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
First Bank Elk River, a $364 million Minnesota bank, is a small mortgage lender whose 24 loans in 2025 were fewer than in any year it reported since 2018.
It made 92 loans in 2019, 35 in 2023, 30 in 2024 and 24 in 2025. It filed no report for 2020, 2021 or 2022, so those years are gaps in the record, not years without lending. Its loans fell 20% in 2025, while similar lenders, state non-member banks making between half and twice as many loans, fell 7%.
It has reported its mortgage lending since 1990, when the public data begin. It merged with Security State Bank of Maple Lake in 2008. In 2019 it was renamed from The First National Bank of Elk River, left the Federal Reserve System and changed its charter.
Home purchases were 58.3% of its loans, refinances 25.0% and home improvement 12.5%. All were conventional. Its main market is Minneapolis-St. Paul-Bloomington, where it ranked 216 of 688 lenders; it first lent in Milwaukee-Waukesha in 2025.
Its typical loan, $295,000, was larger than at most of its 233 peers, and its loans totaled $11.8 million. But with 24 loans, that figure and its shares of lending to lower-income borrowers and neighborhoods rest on too few loans to read much into.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. First Bank Elk River took 30 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 58.3% · Refinance 25.0% · Home improvement 12.5% · Other 4.2%
Conventional 100.0% · of 24 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Minnesota | 23 | 95.8% |
| Wisconsin | 1 | 4.2% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 23 |
| Milwaukee-Waukesha | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300Q6UYO4VXM0VF43 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 970055 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 18757 | 1990–2017 |
Established 1 January 1907. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: First Bank Elk River's data.
First Bank Elk River's data
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First Bank Elk River and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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