West Central Bank Mortgage Rates, Fees & Info

Ashland, IL

LEI: 25490076YOMAEM6W0N66

Tax ID: 37-0532580

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    West Central Bank is a smaller bank specializing in Refi and Home Purchase loans. West Central Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Springfield, Jacksonville, St. Louis, Macomb, and Taylorville among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    West Central 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.

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    Originations

    291

    Origination Dollar Volume (All Markets)

    $33,925,000

    Employee count

    45

    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
    SPRINGFIELD, IL (FHA|USDA|VA) 117 $16,445,000 $140,556 $0 0.00%
    Outside of Metro Areas 139 $12,125,000 $87,230 $0 0.00%
    Jacksonville, IL (FHA|USDA|VA) 14 $1,960,000 $140,000 $0 0.00%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 6 $1,110,000 $185,000 $0 0.00%
    Macomb, IL (FHA|USDA|VA) 5 $485,000 $97,000 $0 0.00%
    Taylorville, IL (FHA|USDA|VA) 3 $455,000 $151,667 $0 0.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    PEORIA, IL (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    SPRINGFIELD, MO (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    Quincy, IL-MO (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    West Central Bank's top markets include Springfield, Jacksonville, St. Louis, Macomb, and Taylorville among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 285 $33,415,000 $117,246 $0 0.00%
    USDA 6 $510,000 $85,000 $0 0.00%

    For 2020, West Central Bank's most frequently originated type of loan was Conventional, with 285 originations. Their 2nd most popular type was USDA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 141 $18,225,000 $129,255 $0 0.00%
    Home Purchase 106 $10,250,000 $96,698 $0 0.00%
    Cash Out Refi 39 $5,305,000 $136,026 $0 0.00%
    Other 4 $100,000 $25,000 $0 0.00%
    Home Improvement 1 $45,000 $45,000 $0 0.00%

    For 2020, West Central Bank's most frequently cited loan purpose was Refi, with 141 originations. The 2nd most popular reason was Home Purchase, with 106 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 291 $33,925,000 $116,581 $0 0.00%

    For 2020, West Central Bank's most frequently cited loan duration was Other, with 291 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 148 $8,660,000 $58,514 $0 0.00%
    $100k-200k 104 $14,430,000 $138,750 $0 0.00%
    $200k-400k 36 $9,470,000 $263,056 $0 0.00%
    $400k-600k 3 $1,365,000 $455,000 $0 0.00%

    2020 saw West Central Bank place emphasis on $100,000 or less loans with 148 originations, totaling $8,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 75 $4,335,000 $57,800 $0 0.00%
    $75k-100k 55 $6,565,000 $119,364 $0 0.00%
    $50k-75k 54 $5,230,000 $96,852 $0 0.00%
    $100k-150k 53 $8,605,000 $162,358 $0 0.00%
    $150k-250k 22 $4,690,000 $213,182 $0 0.00%
    $250k+ 7 $2,085,000 $297,857 $0 0.00%

    West Central Bank lent most frequently to those with incomes in the $50k or less range, with 75 originations. The second most popular income band? $75k-100k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 291 $33,925,000 $116,581 $0 0.00%

    West Central Bank lent most frequently to those with DTI ratios of Exempt%, with 291 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 272 $32,460,000 $119,338 $0 0.00%
    Not applicable 14 $1,160,000 $82,857 $0 0.00%
    Asian 2 $170,000 $85,000 $0 0.00%
    Black 2 $90,000 $45,000 $0 0.00%
    American Indian 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.83%

    West Central 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
    95.19%

    West Central Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 291 $33,925,000 $116,581

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $235,000 $235,000
    Single Family (1-4 Units):Manufactured 5 $235,000 $47,000
    Single Family (1-4 Units):Site-Built 285 $33,455,000 $117,386

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    West Coast Servicing, Inc. Conventional home mortgage Struggling to pay mortgage 1 50.0%
    West Coast Servicing, Inc. Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    West Central Bank 1 Plaza Drive Beardstown, IL 62618 Limited, Drive-thru $0
    West Central Bank 122 South State Street Beardstown, IL 62618 Full Service B&M $55,417
    West Central Bank 3600 Wabash Avenue Springfield, IL 62711 Full Service B&M $31,769
    West Central Bank 400 E Buchanan St Ashland, IL 62612 Full Service B&M $66,197
    West Central Bank Sylvan And Fremont Streets Ashland, IL 62612 Limited, Drive-thru $0
    West Central Bank U.S. Routes 24 And 67 Rushville, IL 62681 Full Service B&M $12,644

    For 2020, West Central Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,988
    Net interest income $6,840
    Total noninterest income $2,999
    Gross Fiduciary activities income $70
    Service charges on deposit accounts $460
    Trading account gains and fees $0
    Additional Noninterest Income $2,469
    Pre-tax net operating income $2,193
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,193
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,193
    Minority interest net income $0
    Net income $2,193
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,193

    West Central Bank's gross interest income from loans was $7,988,000.
    West Central Bank's net interest income from loans was $6,840,000.
    West Central Bank's fee based income from loans was $460,000.
    West Central Bank's net income from loans was $2,193,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,148
    Provision for credit losses $528
    Total noninterest expense $7,118
    Salaries and employee benefits $3,623
    Premises and equipment expense $1,011
    Additional noninterest expense $2,484
    Applicable income taxes $0
    Net charge-offs $140
    Cash dividends $778

    West Central Bank's interest expense for loans was $1,148,000.
    West Central Bank's payroll and benefits expense were $3,623,000.
    West Central Bank's property, plant and equipment expenses $1,011,000.

    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 1.0%
    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 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $175,158
    Deposits held in domestic offices $175,158
    Deposits by Individuals, partnerships, and corporations $154,492
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $20,667
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $67,503
    Demand deposits $42,167
    Nontransaction accounts $107,656
    Money market deposit accounts (MMDAs) $15,439
    Other savings deposits (excluding MMDAs) $29,035
    Total time deposits $63,180
    Total time and savings deposits $132,992
    Noninterest-bearing deposits $43,393
    Interest-bearing deposits $131,765
    Retail deposits $157,090
    IRAs and Keogh plan accounts $10,010
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $205,813
    Cash & Balances due from depository institutions $13,903
    Interest-bearing balances $5,338
    Total securities $31,472
    Federal funds sold & reverse repurchase $8,985
    Net loans and leases $142,453
    Loan and leases loss allowance $1,330
    Trading account assets $0
    Bank premises and fixed assets $4,619
    Other real estate owned $697
    Goodwill and other intangibles $1,422
    All other assets $2,262

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $205,814
    Total Liabilities $183,783
    Total deposits $175,158
    Interest-bearing deposits $131,765
    Deposits held in domestic offices $175,158
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,750
    Subordinated debt $0
    All other liabilities $875

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $142,453
    Loan and leases loss allowance $1,330
    Total loans and leases (domestic) $143,783
    All real estate loans $90,210
    Real estate loans in domestic offices $90,210
    Construction and development loans $6,714
    Residential 1-4 family construction $1,838
    Other construction, all land development and other land $4,876
    Loans secured by nonfarm nonresidential properties $24,804
    Nonfarm nonresidential secured by owner-occupied properties $10,662
    Commercial real estate & other non-farm, non-residential $14,142
    Multifamily residential real estate $3,489
    1-4 family residential loans $46,261
    Farmland loans $8,942
    Loans held in foreign offices $0
    Farm loans $10,560
    Commercial and industrial loans $28,324
    To non-U.S. addressees $0
    Loans to individuals $13,513
    Credit card loans $0
    Related Plans $50
    Consumer Auto Loans $7,400
    Other loans to individuals $6,063
    All other loans & leases $1,176
    Loans to foreign governments and official institutions $0
    Other loans $114
    Loans to depository institutions and acceptances of other banks $440
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    West Central Bank had $142,453,000 of loans outstanding in 2020. $90,210,000 of loans were in real estate loans. $6,714,000 of loans were in development loans. $3,489,000 of loans were in multifamily mortgage loans. $46,261,000 of loans were in 1-4 family mortgage loans. $10,560,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,400,000 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 60 $10,696 $178,267
    Nonfarm, nonresidential loans - <$100k 28 $993 $35,464
    Nonfarm, nonresidential loans - $100-250k 12 $1,589 $132,417
    Nonfarm, nonresidential loans - $250k-1MM 20 $8,114 $405,700
    Commercial & Industrial, US addressed loans - <$1MM 324 $21,290 $65,710
    Commercial & Industrial, US addressed loans - <$100k 260 $6,692 $25,738
    Commercial & Industrial, US addressed loans - $100-250k 40 $4,877 $121,925
    Commercial & Industrial, US addressed loans - $250k-1MM 24 $9,721 $405,042
    Farmland loans - <$1MM 33 $3,677 $111,424
    Farmland loans - <$100k 15 $565 $37,667
    Farmland loans - $100-250k 9 $881 $97,889
    Farmland loans - $250k-1MM 9 $2,231 $247,889
    Agriculture operations loans - <$1MM 130 $6,859 $52,762
    Agriculture operations loans - <$100k 96 $2,043 $21,281
    Agriculture operations loans - $100-250k 25 $2,401 $96,040
    Agriculture operations loans - $250k-1MM 9 $2,415 $268,333