Timberland Bank Mortgage Rates, Fees & Info

Hoquiam, WA

LEI: 254900MKY47WU65N1J56

Tax ID: 91-0260220

3.7 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Timberland Bank is a smaller bank specializing in Home Purchase loans. Timberland Bank has a high proportion of conventional loans. Their top markets include Seattle, Olympia, Bremerton, Aberdeen, and Centralia among others. Timberland Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Timberland Bank is typically a high fee lendor.


Originations

646

Origination Dollar Volume (All Markets)

$272,450,000

Employee count

290

Relative Rate

Timberland Bank's average 30 year fixed rate mortgage of loans were 3.16%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.01%.

Relative Fees

Timberland Bank's average total fees for a 30 year fixed rate mortgage are $6,020.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 214 $99,260,000 $463,832 $8,400 4.10%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 81 $55,225,000 $681,790 $7,378 3.75%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 86 $36,700,000 $426,744 $7,511 4.16%
Aberdeen, WA (FHA|USDA|VA) 119 $28,455,000 $239,118 $5,124 3.37%
Centralia, WA (FHA|USDA|VA) 48 $15,850,000 $330,208 $6,923 3.89%
Shelton, WA (FHA|USDA|VA) 37 $12,405,000 $335,270 $7,129 4.06%
Outside of Metro Areas 14 $4,080,000 $291,429 $6,397 4.16%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 6 $3,830,000 $638,333 $12,355 3.38%
LONGVIEW, WA (FHA|USDA|VA) 11 $3,735,000 $339,545 $7,878 3.86%
Port Angeles, WA (FHA|USDA|VA) 7 $2,115,000 $302,143 $6,498 4.57%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $2,080,000 $346,667 $10,386 3.88%
BELLINGHAM, WA (FHA|USDA|VA) 2 $1,840,000 $920,000 $0 3.63%
Ellensburg, WA (FHA|USDA|VA) 4 $1,840,000 $460,000 $8,027 3.44%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $1,470,000 $735,000 $9,961 3.88%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $1,255,000 $1,255,000 $8,621 3.63%
WENATCHEE, WA (FHA|USDA|VA) 2 $690,000 $345,000 $5,958 4.50%
BEND, OR (FHA|USDA|VA) 1 $325,000 $325,000 $10,788 5.88%
Hood River, OR (FHA|USDA|VA) 1 $315,000 $315,000 $5,580 3.63%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $315,000 $315,000 $4,612 3.25%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $255,000 $255,000 $4,531 2.88%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.25%
CORVALLIS, OR (FHA|USDA|VA) 1 $165,000 $165,000 $3,284 3.13%

Timberland Bank's top markets include Seattle, Olympia, Bremerton, Aberdeen, and Centralia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 646 $272,450,000 $421,749 $7,291 3.90%

For the 2021 period, Timberland Bank's most frequently originated loan type of loans were Conventional, with 646 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 308 $171,240,000 $555,974 $9,603 4.71%
Refi 159 $52,575,000 $330,660 $4,824 3.12%
Cash Out Refi 159 $43,595,000 $274,182 $5,882 2.99%
Other 11 $2,145,000 $195,000 $5,119 4.55%
Home Improvement 9 $2,895,000 $321,667 $6,455 5.03%

For the 2021, Timberland Bank's most frequently cited loan purpose of loans were Home Purchase, with 308 originations. The 2nd most popular reason of loans were Refi, with 159 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 328 $111,050,000 $338,567 $6,020 3.16%
30+ year 158 $67,480,000 $427,089 $10,909 5.81%
15 Year 61 $14,325,000 $234,836 $4,141 2.87%
10 Year 57 $61,785,000 $1,083,947 $2,893 3.93%
20 Year 28 $6,200,000 $221,429 $5,079 3.45%
Other 10 $8,940,000 $894,000 $16,166 4.67%
5 Year 2 $850,000 $425,000 $0 5.88%
1 Year 1 $1,455,000 $1,455,000 $18,080 4.50%
3 Year 1 $365,000 $365,000 $0 4.50%

For the 2021, Timberland Bank's most frequently cited loan length of loans were 30 Year, with 328 originations. The 2nd most popular length of loans were 30+ year, with 158 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 229 $112,995,000 $493,428
$1k-2k 95 $19,465,000 $204,895
$2k-3k 90 $26,800,000 $297,778
$3k-4k 90 $27,680,000 $307,556
$<1k 46 $8,480,000 $184,348

$6,020 of loans were Timberland Bank's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 229 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 224 $97,910,000 $437,098
2.5-3% 164 $49,320,000 $300,732
5-6% 156 $62,310,000 $399,423
4-5% 55 $53,055,000 $964,636
<2.5% 41 $9,015,000 $219,878
6-7% 3 $345,000 $115,000
Over 8% 2 $130,000 $65,000

During 2021, Timberland Bank's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were 3-4%, with 224 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 292 $86,120,000 $294,932 $6,448 3.79%
$400k-600k 130 $62,560,000 $481,231 $9,228 4.26%
$100k-200k 121 $18,695,000 $154,504 $3,892 3.41%
$600k-1MM 57 $42,115,000 $738,860 $13,851 4.42%
$100,000 or less 25 $1,845,000 $73,800 $2,536 4.17%
$1MM+ 21 $61,115,000 $2,910,238 $19,778 4.13%

2021 saw Timberland Bank place emphasis on $200k-400k loans with 292 originations, totaling $86,120,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 163 $58,285,000 $357,577 $7,581 4.13%
$150k-250k 121 $53,665,000 $443,512 $9,078 4.05%
$50k-75k 99 $21,595,000 $218,131 $5,280 3.62%
$75k-100k 88 $26,190,000 $297,614 $6,453 4.00%
$250k+ 54 $34,490,000 $638,704 $12,615 3.88%
$50k or less 46 $6,900,000 $150,000 $3,749 3.54%

Timberland Bank lent most frequently to those with incomes in the $100k-150k range, with 163 originations. The second most popular income band? $150k-250k, with 121 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 147 $46,835,000 $318,605 $6,158 3.45%
30-36% 119 $39,765,000 $334,160 $6,808 3.69%
<20% 54 $17,900,000 $331,481 $7,014 3.39%
44% 33 $12,195,000 $369,545 $9,364 4.63%
41% 30 $11,140,000 $371,333 $9,081 4.43%
43% 30 $11,670,000 $389,000 $9,184 4.75%
42% 26 $10,810,000 $415,769 $9,142 4.48%
38% 25 $10,665,000 $426,600 $7,737 4.22%
40% 24 $8,910,000 $371,250 $7,669 4.32%
39% 23 $9,455,000 $411,087 $8,081 4.30%
37% 16 $6,310,000 $394,375 $7,702 3.80%
36% 16 $5,400,000 $337,500 $6,113 3.41%
45% 12 $4,840,000 $403,333 $7,804 3.31%
46% 10 $2,780,000 $278,000 $6,163 4.45%
47% 10 $3,300,000 $330,000 $6,960 4.49%
48% 8 $2,340,000 $292,500 $6,319 3.41%
50-60% 3 $595,000 $198,333 $10,307 5.83%
49% 1 $215,000 $215,000 $8,284 3.13%
>60% 1 $315,000 $315,000 $5,466 2.63%

Timberland Bank lent most frequently to those with DTI ratios of 20-30%, with 147 originations. The next most common DTI ratio? 30-36%, with 119 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 507 $177,495,000 $350,089 $7,256 3.86%
Not applicable 47 $56,105,000 $1,193,723 $0 4.14%
Not provided 61 $29,705,000 $486,967 $8,016 4.15%
Asian 11 $3,455,000 $314,091 $7,421 3.88%
Black 10 $3,160,000 $316,000 $7,393 3.86%
Filipino 3 $745,000 $248,333 $6,050 2.75%
American Indian 4 $730,000 $182,500 $3,462 2.59%
Native Hawaiian 1 $605,000 $605,000 $7,296 3.25%
Japanese 1 $255,000 $255,000 $7,276 5.88%
Other Pacific Islander 1 $195,000 $195,000 $6,957 5.88%

Approval Rates

Total approvals of all applications
88.40%

Timberland Bank has an average approval rate.

Pick Rate

Approvals leading to origination
75.08%

Timberland Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
1274.0 1 $55,000 $55,000
1284.0 1 $75,000 $75,000
NA 644 $272,320,000 $422,857

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
646 $272,450,000 $421,749

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 104 $21,400,000 $205,769 $4,392 3.57%
40-60% 200 $64,470,000 $322,350 $6,009 3.72%
60-80% 264 $152,480,000 $577,576 $9,285 4.10%
80-100% 65 $31,335,000 $482,077 $9,506 4.15%
Under 20% 13 $2,765,000 $212,692 $2,195 3.85%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Timberland Bank 101 Second Street Toledo, WA 98591 Full Service B&M $59,655
Timberland Bank 2418 Meridian Ave. E. Puyallup, WA 98371 Full Service B&M $72,139
Timberland Bank 2419 224th Street Se P.O. Box 4940 Spanaway, WA 98387 Full Service B&M $64,588
Timberland Bank 2850 Harrison Avenue Nw 10 Olympia, WA 98502 Full Service B&M $96,756
Timberland Bank 300 North Boone St. P.O. Box 233 Aberdeen, WA 98520 Full Service B&M $47,477
Timberland Bank 301 Trosper Road Sw Tumwater, WA 98512 Full Service B&M $56,507
Timberland Bank 3105 Judson Street Gig Harbor, WA 98335 Full Service B&M $54,809
Timberland Bank 313 Waldrip Street Elma, WA 98541 Full Service B&M $70,978
Timberland Bank 361 Damon Rd. P.O. Box 1029 Ocean Shores, WA 98569 Full Service B&M $45,379
Timberland Bank 423 Washington Street Southeast Olympia, WA 98501 Full Service B&M $79,462
Timberland Bank 4530 Lacey Boulevard Se Lacey, WA 98503 Full Service B&M $149,486
Timberland Bank 624 Simpson Avenue Hoquiam, WA 98550 Full Service B&M $87,265
Timberland Bank 714 West Main Street Chehalis, WA 98532 Full Service B&M $58,195
Timberland Bank 7805 So. Hosmer Tacoma, WA 98406 Full Service B&M $133,024
Timberland Bank 101 Yelm Avenue W. (P.O. Box 2349) Yelm, WA 98597 Full Service B&M $49,607
Timberland Bank 117 N Broadway Aberdeen, WA 98520 Full Service B&M $68,773
Timberland Bank 1201 Marvin Road N.E. Lacey, WA 98509 Full Service B&M $39,780
Timberland Bank 12814 Meridian E. (P.O. Box 73638) Puyallup, WA 98373 Full Service B&M $57,117
Timberland Bank 1751 Circle Ln Se Lacey, WA 98503 Full Service B&M $19,983
Timberland Bank 201 S Main Street South P.O. Box 289 Montesano, WA 98563 Full Service B&M $53,074
Timberland Bank 202 Auburn Way South P.O. Box 1635 Auburn, WA 98002 Full Service B&M $43,809
Timberland Bank 20464 Viking Avenue Poulsbo, WA 98370 Full Service B&M $32,217
Timberland Bank 209 Northeast First Street Winlock, WA 98596 Full Service B&M $30,678
Timberland Bank 2401 Nw Bucklin Hill Road Silverdale, WA 98383 Full Service B&M $52,121

For 2021, Timberland Bank had 24 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $54,320
Net interest income $51,503
Total noninterest income $16,254
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,768
Trading account gains and fees $0
Additional Noninterest Income $12,486
Pre-tax net operating income $32,539
Securities gains (or losses, -) $-5
Income before extraordinary items $25,957
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $25,957
Minority interest net income $0
Net income $25,957
Sale, conversion, retirement of capital stock, net $164
Net operating income $25,961

Timberland Bank's gross interest income from loans was $54,320,000.
Timberland Bank's net interest income from loans was $51,503,000.
Timberland Bank's fee based income from loans was $3,768,000.
Timberland Bank's net income from loans was $25,957,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,817
Provision for credit losses $0
Total noninterest expense $35,218
Salaries and employee benefits $19,308
Premises and equipment expense $3,914
Additional noninterest expense $11,996
Applicable income taxes $6,577
Net charge-offs $-36
Cash dividends $9,175

Timberland Bank's interest expense for loans was $2,817,000.
Timberland Bank's payroll and benefits expense were $19,308,000.
Timberland Bank's property, plant and equipment expenses $3,914,000.

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 1.0%
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 $1,606,819
Deposits held in domestic offices $1,606,819
Deposits by Individuals, partnerships, and corporations $1,497,918
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $108,874
Deposits by Commercial banks and other depository institutions in U.S. $27
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $982,785
Demand deposits $523,706
Nontransaction accounts $624,034
Money market deposit accounts (MMDAs) $222,457
Other savings deposits (excluding MMDAs) $269,423
Total time deposits $132,154
Total time and savings deposits $1,083,113
Noninterest-bearing deposits $523,706
Interest-bearing deposits $1,083,113
Retail deposits $1,584,833
IRAs and Keogh plan accounts $32,136
Brokered deposits $10,619
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,828,416
Cash & Balances due from depository institutions $568,809
Interest-bearing balances $548,270
Total securities $171,598
Federal funds sold & reverse repurchase $11,816
Net loans and leases $997,707
Loan and leases loss allowance $13,468
Trading account assets $0
Bank premises and fixed assets $22,108
Other real estate owned $157
Goodwill and other intangibles $19,840
All other assets $36,381

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,828,416
Total Liabilities $1,621,169
Total deposits $1,606,819
Interest-bearing deposits $1,083,113
Deposits held in domestic offices $1,606,819
% insured (estimated) $92
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,000
Subordinated debt $0
All other liabilities $9,350

Issued Loan Types

Type Value (in 000's)
Net loans and leases $997,707
Loan and leases loss allowance $13,468
Total loans and leases (domestic) $1,011,175
All real estate loans $906,838
Real estate loans in domestic offices $906,838
Construction and development loans $157,931
Residential 1-4 family construction $72,508
Other construction, all land development and other land $85,423
Loans secured by nonfarm nonresidential properties $497,350
Nonfarm nonresidential secured by owner-occupied properties $196,431
Commercial real estate & other non-farm, non-residential $300,919
Multifamily residential real estate $84,180
1-4 family residential loans $167,226
Farmland loans $151
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $106,396
To non-U.S. addressees $0
Loans to individuals $2,463
Credit card loans $0
Related Plans $0
Consumer Auto Loans $175
Other loans to individuals $2,288
All other loans & leases $17
Loans to foreign governments and official institutions $0
Other loans $0
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 $2,361
Non 1-4 family restructured loans & leases $2,361
Total loans and leases (foreign) $0

Timberland Bank had $997,707,000 of loans outstanding in 2021. $906,838,000 of loans were in real estate loans. $157,931,000 of loans were in development loans. $84,180,000 of loans were in multifamily mortgage loans. $167,226,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $175,000 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 434 $137,220 $316,175
Nonfarm, nonresidential loans - <$100k 43 $2,174 $50,558
Nonfarm, nonresidential loans - $100-250k 138 $19,601 $142,036
Nonfarm, nonresidential loans - $250k-1MM 253 $115,445 $456,304
Commercial & Industrial, US addressed loans - <$1MM 776 $79,875 $102,932
Commercial & Industrial, US addressed loans - <$100k 455 $14,231 $31,277
Commercial & Industrial, US addressed loans - $100-250k 194 $23,443 $120,840
Commercial & Industrial, US addressed loans - $250k-1MM 127 $42,201 $332,291
Farmland loans - <$1MM 1 $151 $151,000
Farmland loans - $100-250k 1 $151 $151,000