Midwest Heritage Bank Fsb Mortgage Rates, Fees & Info
CHARITON, IALEI: 254900FI363837PZX856
Tax ID: 42-0431125
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Review & Overview
Midwest Heritage Bank Fsb is a smaller bank specializing in Home Purchase and Refi loans. Midwest Heritage Bank Fsb has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Omaha, Ames, Kansas City, and Davenport among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)Midwest Heritage Bank Fsb 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.
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Originations
411Origination Dollar Volume (All Markets)
$74,245,000Employee count
109Top 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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 185 | $33,335,000 | $180,189 | $0 | 0.00% |
| Outside of Metro Areas | 69 | $6,685,000 | $96,884 | $0 | 0.00% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 20 | $3,830,000 | $191,500 | $0 | 0.00% |
| AMES, IA (FHA|USDA|VA) | 23 | $3,335,000 | $145,000 | $0 | 0.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 14 | $3,300,000 | $235,714 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 13 | $3,225,000 | $248,077 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 8 | $2,580,000 | $322,500 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $1,940,000 | $485,000 | $0 | 0.00% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $1,435,000 | $1,435,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $1,410,000 | $352,500 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 7 | $1,405,000 | $200,714 | $0 | 0.00% |
| IOWA CITY, IA (FHA|USDA|VA) | 6 | $1,130,000 | $188,333 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 5 | $765,000 | $153,000 | $0 | 0.00% |
| DUBUQUE, IA (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $0 | 0.00% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $0 | 0.00% |
| Yankton, SD (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| Brookings, SD (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 0.00% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 4 | $370,000 | $92,500 | $0 | 0.00% |
| Owatonna, MN (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| Mason City, IA (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $0 | 0.00% |
| Quincy, IL-MO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 0.00% |
| Marshalltown, IA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 0.00% |
| Worthington, MN (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 0.00% |
| Maryville, MO (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| Kearney, NE (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Pella, IA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 0.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| PEORIA, IL (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 0.00% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Muscatine, IA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Spencer, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Fremont, NE (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Storm Lake, IA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| TOPEKA, KS (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| LINCOLN, NE (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
| Fort Dodge, IA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 411 | $74,245,000 | $180,645 | $0 | 0.00% |
For 2019, Midwest Heritage Bank Fsb's most frequently originated type of loan was Conventional, with 411 originations.
Loan Reason
For 2019, Midwest Heritage Bank Fsb's most frequently cited loan purpose was Home Purchase, with 214 originations. The 2nd most popular reason was Refi, with 95 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 411 | $74,245,000 | $180,645 | $0 | 0.00% |
For 2019, Midwest Heritage Bank Fsb's most frequently cited loan duration was Other, with 411 originations.
Loan Sizing
2019 saw Midwest Heritage Bank Fsb place emphasis on $100,000 or less loans with 143 originations, totaling $7,205,000 in origination value.
Applicant Income
Midwest Heritage Bank Fsb lent most frequently to those with incomes in the $100k-150k range, with 83 originations. The second most popular income band? $75k-100k, with 73 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 411 | $74,245,000 | $180,645 | $0 | 0.00% |
Midwest Heritage Bank Fsb lent most frequently to those with DTI ratios of Exempt%, with 411 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.81%
Midwest Heritage Bank Fsb has an average approval rate.
Pick Rate
Approvals leading to origination76.16%
Midwest Heritage Bank Fsb has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 411 | $74,245,000 | $180,645 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MIDWEST EQUITY MORTGAGE, LLC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Midwest Heritage Bank, FSB | 1025 Braden Avenue Chariton, IA 50049 | Full Service B&M | $62,644 |
| Midwest Heritage Bank, FSB | 1725 74th Street West Des Moines, IA 50266 | Full Service B&M | $14,853 |
| Midwest Heritage Bank, FSB | 3580 Ep True Parkway, Suite 100 West Des Moines, IA 50265 | Full Service B&M | $104,565 |
| Midwest Heritage Bank, FSB | 4605 Fleur Drive Des Moines, IA 50321 | Full Service B&M | $4,185 |
| Midwest Heritage Bank, FSB | 640 Lincoln Way Ames, IA 50010 | Full Service B&M | $12,000 |
| Midwest Heritage Bank, FSB | 7101 University Windsor Heights, IA 50311 | Full Service B&M | $10,793 |
| Midwest Heritage Bank, FSB | 8601 Douglas Avenue Urbandale, IA 50322 | Full Service B&M | $11,362 |
For 2019, Midwest Heritage Bank Fsb had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $11,544 |
| Net interest income | $9,926 |
| Total noninterest income | $14,537 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,201 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $13,336 |
| Pre-tax net operating income | $7,189 |
| Securities gains (or losses, -) | $-13 |
| Income before extraordinary items | $5,492 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,492 |
| Minority interest net income | $0 |
| Net income | $5,492 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,502 |
Midwest Heritage Bank Fsb's gross interest income from loans was $11,544,000.
Midwest Heritage Bank Fsb's net interest income from loans was $9,926,000.
Midwest Heritage Bank Fsb's fee based income from loans was $1,201,000.
Midwest Heritage Bank Fsb's net income from loans was $5,492,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,618 |
| Provision for credit losses | $516 |
| Total noninterest expense | $16,758 |
| Salaries and employee benefits | $10,058 |
| Premises and equipment expense | $2,329 |
| Additional noninterest expense | $4,371 |
| Applicable income taxes | $1,684 |
| Net charge-offs | $389 |
| Cash dividends | $2,000 |
Midwest Heritage Bank Fsb's interest expense for loans was $1,618,000.
Midwest Heritage Bank Fsb's payroll and benefits expense were $10,058,000.
Midwest Heritage Bank Fsb's property, plant and equipment expenses $2,329,000.
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 | $211,440 |
| Deposits held in domestic offices | $211,440 |
| Deposits by Individuals, partnerships, and corporations | $200,120 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $11,320 |
| 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 | $94,309 |
| Demand deposits | $93,649 |
| Nontransaction accounts | $117,131 |
| Money market deposit accounts (MMDAs) | $35,082 |
| Other savings deposits (excluding MMDAs) | $59,634 |
| Total time deposits | $22,416 |
| Total time and savings deposits | $117,791 |
| Noninterest-bearing deposits | $51,202 |
| Interest-bearing deposits | $160,238 |
| Retail deposits | $202,238 |
| IRAs and Keogh plan accounts | $2,149 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $285,828 |
| Cash & Balances due from depository institutions | $22,451 |
| Interest-bearing balances | $19,141 |
| Total securities | $28,082 |
| Federal funds sold & reverse repurchase | $32 |
| Net loans and leases | $213,732 |
| Loan and leases loss allowance | $2,198 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,396 |
| Other real estate owned | $65 |
| Goodwill and other intangibles | $2,692 |
| All other assets | $14,378 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $285,828 |
| Total Liabilities | $246,822 |
| Total deposits | $211,440 |
| Interest-bearing deposits | $160,238 |
| Deposits held in domestic offices | $211,440 |
| % insured (estimated) | $72 |
| Federal funds purchased and repurchase agreements | $11,750 |
| Trading liabilities | $0 |
| Other borrowed funds | $20,000 |
| Subordinated debt | $0 |
| All other liabilities | $3,632 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $213,732 |
| Loan and leases loss allowance | $2,198 |
| Total loans and leases (domestic) | $215,930 |
| All real estate loans | $143,319 |
| Real estate loans in domestic offices | $143,319 |
| Construction and development loans | $2,248 |
| Residential 1-4 family construction | $1,422 |
| Other construction, all land development and other land | $826 |
| Loans secured by nonfarm nonresidential properties | $27,769 |
| Nonfarm nonresidential secured by owner-occupied properties | $10,613 |
| Commercial real estate & other non-farm, non-residential | $17,156 |
| Multifamily residential real estate | $6,703 |
| 1-4 family residential loans | $72,381 |
| Farmland loans | $34,218 |
| Loans held in foreign offices | $0 |
| Farm loans | $9,669 |
| Commercial and industrial loans | $15,876 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $45,365 |
| Credit card loans | $0 |
| Related Plans | $189 |
| Consumer Auto Loans | $11,444 |
| Other loans to individuals | $33,732 |
| All other loans & leases | $1,701 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $61 |
| 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 | $7 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Midwest Heritage Bank FSB had $213,732,000 of loans outstanding in 2019. $143,319,000 of loans were in real estate loans. $2,248,000 of loans were in development loans. $6,703,000 of loans were in multifamily mortgage loans. $72,381,000 of loans were in 1-4 family mortgage loans. $9,669,000 of loans were in farm loans. $0 of loans were in credit card loans. $11,444,000 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 | 52 | $11,581 | $222,712 |
| Nonfarm, nonresidential loans - <$100k | 15 | $872 | $58,133 |
| Nonfarm, nonresidential loans - $100-250k | 17 | $2,890 | $170,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 20 | $7,819 | $390,950 |
| Commercial & Industrial, US addressed loans - <$1MM | 99 | $6,580 | $66,465 |
| Commercial & Industrial, US addressed loans - <$100k | 72 | $1,490 | $20,694 |
| Commercial & Industrial, US addressed loans - $100-250k | 16 | $1,337 | $83,563 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 11 | $3,753 | $341,182 |
| Farmland loans - <$1MM | 116 | $17,682 | $152,431 |
| Farmland loans - <$100k | 31 | $1,489 | $48,032 |
| Farmland loans - $100-250k | 58 | $7,984 | $137,655 |
| Farmland loans - $250k-1MM | 27 | $8,209 | $304,037 |
| Agriculture operations loans - <$1MM | 126 | $6,699 | $53,167 |
| Agriculture operations loans - <$100k | 99 | $2,309 | $23,323 |
| Agriculture operations loans - $100-250k | 18 | $1,939 | $107,722 |
| Agriculture operations loans - $250k-1MM | 9 | $2,451 | $272,333 |