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 Home Purchase and Refi 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, North Port, and Cape Coral among others. We have data for 12 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

    204

    Origination Dollar Volume (All Markets)

    $23,590,000

    Employee count

    44

    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) 72 $11,590,000 $160,972 $0 0.00%
    Outside of Metro Areas 98 $7,390,000 $75,408 $0 0.00%
    Jacksonville, IL (FHA|USDA|VA) 16 $1,550,000 $96,875 $0 0.00%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 5 $855,000 $171,000 $0 0.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $575,000 $575,000 $0 0.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
    PEORIA, IL (FHA|USDA|VA) 3 $335,000 $111,667 $0 0.00%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
    Ottawa, IL (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    Lincoln, IL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    Macomb, IL (FHA|USDA|VA) 3 $125,000 $41,667 $0 0.00%
    Taylorville, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
    West Central Bank's top markets include Springfield, Jacksonville, St. Louis, North Port, and Cape Coral among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 199 $23,195,000 $116,558 $0 0.00%
    USDA 5 $395,000 $79,000 $0 0.00%

    For 2021, West Central Bank's most frequently originated type of loan was Conventional, with 199 originations. Their 2nd most popular type was USDA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 117 $13,415,000 $114,658 $0 0.00%
    Refi 68 $7,770,000 $114,265 $0 0.00%
    Cash Out Refi 17 $2,365,000 $139,118 $0 0.00%
    Home Improvement 2 $40,000 $20,000 $0 0.00%

    For 2021, West Central Bank's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Refi, with 68 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 204 $23,590,000 $115,637 $0 0.00%

    For 2021, West Central Bank's most frequently cited loan duration was Other, with 204 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 130 $7,580,000 $58,308 $0 0.00%
    $100k-200k 46 $6,510,000 $141,522 $0 0.00%
    $200k-400k 22 $6,090,000 $276,818 $0 0.00%
    $400k-600k 5 $2,695,000 $539,000 $0 0.00%
    $600k-1MM 1 $715,000 $715,000 $0 0.00%

    2021 saw West Central Bank place emphasis on $100,000 or less loans with 130 originations, totaling $7,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 67 $4,085,000 $60,970 $0 0.00%
    $50k-75k 43 $4,945,000 $115,000 $0 0.00%
    $75k-100k 30 $4,180,000 $139,333 $0 0.00%
    $100k-150k 22 $3,690,000 $167,727 $0 0.00%
    $150k-250k 17 $2,395,000 $140,882 $0 0.00%
    $250k+ 5 $1,515,000 $303,000 $0 0.00%

    West Central Bank lent most frequently to those with incomes in the $50k or less range, with 67 originations. The second most popular income band? $50k-75k, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 204 $23,590,000 $115,637 $0 0.00%

    West Central Bank lent most frequently to those with DTI ratios of Exempt%, with 204 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 178 $19,570,000 $109,944 $0 0.00%
    Not applicable 18 $2,550,000 $141,667 $0 0.00%
    Black 5 $1,295,000 $259,000 $0 0.00%
    Other Asian 1 $115,000 $115,000 $0 0.00%
    Asian 2 $60,000 $30,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.14%

    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
    96.57%

    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 204 $23,590,000 $115,637

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    204 $23,590,000 $115,637

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    West Coast Servicing, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    West Coast Servicing, Inc. Conventional home mortgage Struggling to pay mortgage 2 40.0%
    West Coast Servicing, Inc. Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 40.0%

    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 $62,133
    West Central Bank 3600 Wabash Avenue Springfield, IL 62711 Full Service B&M $35,254
    West Central Bank 400 E Buchanan St Ashland, IL 62612 Full Service B&M $80,126
    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 $14,684

    For 2021, West Central Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,758
    Net interest income $6,863
    Total noninterest income $2,907
    Gross Fiduciary activities income $104
    Service charges on deposit accounts $380
    Trading account gains and fees $0
    Additional Noninterest Income $2,423
    Pre-tax net operating income $855
    Securities gains (or losses, -) $0
    Income before extraordinary items $855
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $855
    Minority interest net income $0
    Net income $855
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $855

    West Central Bank's gross interest income from loans was $7,758,000.
    West Central Bank's net interest income from loans was $6,863,000.
    West Central Bank's fee based income from loans was $380,000.
    West Central Bank's net income from loans was $855,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $895
    Provision for credit losses $1,594
    Total noninterest expense $7,321
    Salaries and employee benefits $3,759
    Premises and equipment expense $965
    Additional noninterest expense $2,597
    Applicable income taxes $0
    Net charge-offs $1,892
    Cash dividends $522

    West Central Bank's interest expense for loans was $895,000.
    West Central Bank's payroll and benefits expense were $3,759,000.
    West Central Bank's property, plant and equipment expenses $965,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    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 2.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $195,819
    Deposits held in domestic offices $195,819
    Deposits by Individuals, partnerships, and corporations $171,308
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $24,510
    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 $80,483
    Demand deposits $50,691
    Nontransaction accounts $115,335
    Money market deposit accounts (MMDAs) $18,872
    Other savings deposits (excluding MMDAs) $33,567
    Total time deposits $62,896
    Total time and savings deposits $145,127
    Noninterest-bearing deposits $51,647
    Interest-bearing deposits $144,172
    Retail deposits $175,097
    IRAs and Keogh plan accounts $9,936
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $225,552
    Cash & Balances due from depository institutions $8,651
    Interest-bearing balances $4,191
    Total securities $56,682
    Federal funds sold & reverse repurchase $12,272
    Net loans and leases $139,666
    Loan and leases loss allowance $1,032
    Trading account assets $0
    Bank premises and fixed assets $4,453
    Other real estate owned $678
    Goodwill and other intangibles $1,163
    All other assets $1,987

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $225,552
    Total Liabilities $204,062
    Total deposits $195,819
    Interest-bearing deposits $144,172
    Deposits held in domestic offices $195,819
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,500
    Subordinated debt $0
    All other liabilities $743

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $139,666
    Loan and leases loss allowance $1,032
    Total loans and leases (domestic) $140,698
    All real estate loans $87,763
    Real estate loans in domestic offices $87,763
    Construction and development loans $5,427
    Residential 1-4 family construction $1,450
    Other construction, all land development and other land $3,977
    Loans secured by nonfarm nonresidential properties $21,246
    Nonfarm nonresidential secured by owner-occupied properties $10,165
    Commercial real estate & other non-farm, non-residential $11,081
    Multifamily residential real estate $4,418
    1-4 family residential loans $49,832
    Farmland loans $6,840
    Loans held in foreign offices $0
    Farm loans $10,904
    Commercial and industrial loans $27,200
    To non-U.S. addressees $0
    Loans to individuals $14,296
    Credit card loans $0
    Related Plans $42
    Consumer Auto Loans $9,339
    Other loans to individuals $4,915
    All other loans & leases $535
    Loans to foreign governments and official institutions $0
    Other loans $77
    Loans to depository institutions and acceptances of other banks $0
    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 $139,666,000 of loans outstanding in 2021. $87,763,000 of loans were in real estate loans. $5,427,000 of loans were in development loans. $4,418,000 of loans were in multifamily mortgage loans. $49,832,000 of loans were in 1-4 family mortgage loans. $10,904,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,339,000 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 56 $9,830 $175,536
    Nonfarm, nonresidential loans - <$100k 25 $858 $34,320
    Nonfarm, nonresidential loans - $100-250k 12 $1,556 $129,667
    Nonfarm, nonresidential loans - $250k-1MM 19 $7,416 $390,316
    Commercial & Industrial, US addressed loans - <$1MM 259 $19,485 $75,232
    Commercial & Industrial, US addressed loans - <$100k 191 $5,874 $30,754
    Commercial & Industrial, US addressed loans - $100-250k 47 $5,282 $112,383
    Commercial & Industrial, US addressed loans - $250k-1MM 21 $8,329 $396,619
    Farmland loans - <$1MM 24 $2,610 $108,750
    Farmland loans - <$100k 10 $341 $34,100
    Farmland loans - $100-250k 5 $367 $73,400
    Farmland loans - $250k-1MM 9 $1,902 $211,333
    Agriculture operations loans - <$1MM 116 $6,004 $51,759
    Agriculture operations loans - <$100k 90 $2,391 $26,567
    Agriculture operations loans - $100-250k 16 $1,304 $81,500
    Agriculture operations loans - $250k-1MM 10 $2,309 $230,900