Western State Bank Mortgage Rates, Fees & Info
Devils Lake, ND
LEI: 254900P681DTTH4I3144
Tax ID: 45-0106740
5 stars
-
out of 5 stars, based on 27 reviews
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Mortgage Data
Bank Data
Overview
Western State Bank is a
smaller
bank
specializing in
Home Purchase and Refi loans.
Western State Bank has a high proportion of conventional loans.
They have a a low proportion of FHA loans. (This may mean they shy away from
first time homebuyers.)
They have a low ratio of USDA loans.
Their top markets include Fargo, Phoenix, Prescott Valley, Tucson, and Fergus Falls among others. Western State Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Western State Bank is typically
a low fee
lendor.
Originations
741
Origination Dollar Volume (All Markets)
$235,535,000
Employee count
259
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Western State Bank - 2021
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Relative Rate
Western State Bank's average 30 year fixed rate mortgage of loans were
2.98%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.17%.
Relative Fees
Western State Bank's average total fees for a 30 year fixed rate
mortgage are $3,125.
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 |
FARGO, ND-MN (FHA|USDA|VA)
|
357
|
$105,965,000 |
$296,821 |
$3,159 |
2.99% |
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)
|
217
|
$84,035,000 |
$387,258 |
$2,438 |
3.13% |
Outside of Metro Areas
|
104 |
$20,480,000 |
$196,923 |
$2,839 |
3.09% |
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA)
|
5
|
$6,255,000 |
$1,251,000 |
$2,309 |
3.05% |
TUCSON, AZ (FHA|USDA|VA)
|
5
|
$4,095,000 |
$819,000 |
$4,616 |
3.07% |
Fergus Falls, MN (FHA|USDA|VA)
|
9
|
$2,525,000 |
$280,556 |
$2,706 |
3.13% |
Wahpeton, ND-MN (FHA|USDA|VA)
|
6
|
$1,520,000 |
$253,333 |
$2,511 |
2.83% |
Jamestown, ND (FHA|USDA|VA)
|
2
|
$1,420,000 |
$710,000 |
$0 |
3.75% |
GRAND FORKS, ND-MN (FHA|USDA|VA)
|
8
|
$1,340,000 |
$167,500 |
$4,003 |
3.27% |
FLAGSTAFF, AZ (FHA|USDA|VA)
|
2
|
$890,000 |
$445,000 |
$2,456 |
3.31% |
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA)
|
3
|
$845,000 |
$281,667 |
$1,951 |
2.85% |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)
|
4
|
$750,000 |
$187,500 |
$2,322 |
2.72% |
Show Low, AZ (FHA|USDA|VA)
|
3
|
$545,000 |
$181,667 |
$1,317 |
3.54% |
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)
|
1
|
$545,000 |
$545,000 |
$3,311 |
2.75% |
CHARLOTTESVILLE, VA (FHA|USDA|VA)
|
1
|
$545,000 |
$545,000 |
$4,009 |
2.50% |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA)
|
1
|
$515,000 |
$515,000 |
$2,772 |
2.50% |
RACINE, WI (FHA|USDA|VA)
|
2
|
$500,000 |
$250,000 |
$1,991 |
3.06% |
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)
|
1
|
$335,000 |
$335,000 |
$5,742 |
2.38% |
IDAHO FALLS, ID (FHA|USDA|VA)
|
1
|
$335,000 |
$335,000 |
$6,835 |
2.88% |
SIOUX FALLS, SD (FHA|USDA|VA)
|
1
|
$325,000 |
$325,000 |
$1,662 |
3.13% |
Brainerd, MN (FHA|USDA|VA)
|
1
|
$325,000 |
$325,000 |
$2,253 |
2.88% |
BILLINGS, MT (FHA|USDA|VA)
|
1
|
$305,000 |
$305,000 |
$3,703 |
2.99% |
SALT LAKE CITY, UT (FHA|USDA|VA)
|
1
|
$295,000 |
$295,000 |
$3,003 |
3.13% |
OKLAHOMA CITY, OK (FHA|USDA|VA)
|
1
|
$295,000 |
$295,000 |
$4,009 |
2.88% |
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA)
|
1
|
$195,000 |
$195,000 |
$3,431 |
2.63% |
Helena, MT (FHA|USDA|VA)
|
1
|
$165,000 |
$165,000 |
$1,893 |
2.63% |
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)
|
1
|
$135,000 |
$135,000 |
$1,801 |
3.13% |
ALEXANDRIA, LA (FHA|USDA|VA)
|
1
|
$55,000 |
$55,000 |
$0 |
3.63% |
Western State Bank's top markets include Fargo, Phoenix, Prescott Valley, Tucson, and Fergus Falls among others.
Product Mix
Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Conventional |
675 |
$221,795,000 |
$328,585 |
$2,597 |
3.08% |
FHA |
47 |
$9,025,000 |
$192,021 |
$5,976 |
2.87% |
VA |
18 |
$4,570,000 |
$253,889 |
$4,797 |
2.62% |
USDA |
1 |
$145,000 |
$145,000 |
$4,146 |
2.75% |
For the 2021 period, Western State Bank's most frequently
originated loan type
of loans were Conventional, with 675 originations.
Their 2nd most popular type is FHA,
with 47 originations.
Loan Reason
Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Home Purchase |
353 |
$102,395,000 |
$290,071 |
$3,598 |
3.13% |
Refi |
237 |
$96,625,000 |
$407,700 |
$2,207 |
2.93% |
Cash Out Refi |
146 |
$36,300,000 |
$248,630 |
$2,469 |
3.01% |
Other |
3 |
$105,000 |
$35,000 |
$449 |
4.92% |
Home Improvement |
2 |
$110,000 |
$55,000 |
$475 |
4.00% |
For the 2021, Western State Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 353
originations.
The 2nd most popular reason of loans were Refi,
with 237 originations.
Loan Duration/Length
Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
30 Year |
522 |
$134,930,000 |
$258,487 |
$3,125 |
2.98% |
15 Year |
90 |
$20,020,000 |
$222,444 |
$2,251 |
2.42% |
10 Year |
40 |
$33,000,000 |
$825,000 |
$1,109 |
3.77% |
5 Year |
35 |
$30,095,000 |
$859,857 |
$469 |
4.27% |
20 Year |
33 |
$7,245,000 |
$219,545 |
$2,538 |
2.85% |
1 Year |
10 |
$3,210,000 |
$321,000 |
$8,105 |
4.53% |
Other |
10 |
$7,010,000 |
$701,000 |
$2,154 |
4.11% |
3 Year |
1 |
$25,000 |
$25,000 |
$227 |
4.75% |
For the 2021, Western State Bank's most frequently cited loan
length
of loans were 30 Year, with 522 originations.
The 2nd most popular length of loans were 15 Year,
with 90 originations.
Origination Fees
Origination Fee |
Originations |
Total Value |
Average Loan |
$<1k |
550 |
$133,670,000 |
$243,036 |
$1k-2k |
44 |
$10,530,000 |
$239,318 |
$3k-4k |
22 |
$6,620,000 |
$300,909 |
$2k-3k |
18 |
$5,200,000 |
$288,889 |
$5k+ |
8 |
$3,790,000 |
$473,750 |
$3,125 of loans were Western State Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 550 originations.
Interest Rates
Loan Rate |
Originations |
Total Value |
Average Loan |
2.5-3% |
300 |
$79,830,000 |
$266,100 |
3-4% |
245 |
$93,915,000 |
$383,327 |
<2.5% |
136 |
$30,580,000 |
$224,853 |
4-5% |
56 |
$30,590,000 |
$546,250 |
5-6% |
4 |
$620,000 |
$155,000 |
During 2021, Western State Bank's average interest
rate of loans were 2.98%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 300 originations.
Loan Sizing
Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$200k-400k |
331 |
$90,905,000 |
$274,637 |
$3,226 |
2.98% |
$100k-200k |
237 |
$36,825,000 |
$155,380 |
$2,593 |
3.01% |
$400k-600k |
89 |
$43,435,000 |
$488,034 |
$3,324 |
3.02% |
$100,000 or less |
59 |
$3,185,000 |
$53,983 |
$1,255 |
3.23% |
$1MM+ |
17 |
$55,365,000 |
$3,256,765 |
$15,517 |
4.23% |
$600k-1MM |
8 |
$5,820,000 |
$727,500 |
$0 |
4.08% |
2021 saw Western State Bank place emphasis on
$200k-400k loans
with 331 originations, totaling
$90,905,000 in origination value.
Applicant Income
Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$50k-75k |
169 |
$32,435,000 |
$191,923 |
$2,927 |
3.04% |
$100k-150k |
144 |
$39,350,000 |
$273,264 |
$2,712 |
3.02% |
$75k-100k |
125 |
$31,335,000 |
$250,680 |
$3,479 |
3.05% |
$150k-250k |
92 |
$28,730,000 |
$312,283 |
$3,112 |
2.88% |
$50k or less |
89 |
$13,105,000 |
$147,247 |
$2,590 |
2.80% |
$250k+ |
51 |
$19,125,000 |
$375,000 |
$2,618 |
3.15% |
Western State Bank lent most frequently to those with incomes in the
$50k-75k range, with
169 originations.
The second most popular income band? $100k-150k,
with 144 originations.
Applicant Debt to Income Ratio
DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
20-30% |
181 |
$44,045,000 |
$243,343 |
$2,579 |
2.90% |
30-36% |
133 |
$32,575,000 |
$244,925 |
$2,749 |
2.91% |
<20% |
73 |
$15,395,000 |
$210,890 |
$2,116 |
2.84% |
39% |
34 |
$8,120,000 |
$238,824 |
$2,771 |
3.02% |
44% |
31 |
$7,615,000 |
$245,645 |
$3,650 |
3.14% |
36% |
30 |
$8,250,000 |
$275,000 |
$2,752 |
2.93% |
43% |
27 |
$7,495,000 |
$277,593 |
$2,973 |
3.20% |
42% |
26 |
$7,070,000 |
$271,923 |
$4,597 |
3.04% |
38% |
26 |
$5,040,000 |
$193,846 |
$2,324 |
3.07% |
41% |
24 |
$6,700,000 |
$279,167 |
$2,806 |
2.92% |
37% |
23 |
$5,405,000 |
$235,000 |
$2,752 |
2.94% |
40% |
22 |
$5,920,000 |
$269,091 |
$3,410 |
2.91% |
47% |
13 |
$2,465,000 |
$189,615 |
$4,288 |
2.93% |
49% |
12 |
$3,120,000 |
$260,000 |
$5,554 |
3.02% |
45% |
10 |
$2,110,000 |
$211,000 |
$2,786 |
2.85% |
46% |
9 |
$2,355,000 |
$261,667 |
$3,302 |
3.35% |
>60% |
8 |
$2,910,000 |
$363,750 |
$15,517 |
4.56% |
48% |
7 |
$1,875,000 |
$267,857 |
$5,028 |
3.01% |
50-60% |
5 |
$1,835,000 |
$367,000 |
$4,940 |
4.50% |
Western State Bank lent most frequently to those with DTI ratios
of 20-30%, with
181 originations.
The next most common DTI ratio? 30-36%,
with 133 originations.
Ethnicity Mix
Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
White |
625 |
$152,555,000 |
$244,088 |
$2,862 |
2.97% |
Not applicable |
44 |
$64,490,000 |
$1,465,682 |
$0 |
4.23% |
Not provided |
46 |
$12,470,000 |
$271,087 |
$3,020 |
2.98% |
Asian |
13 |
$3,205,000 |
$246,538 |
$2,918 |
3.29% |
Black |
6 |
$1,340,000 |
$223,333 |
$4,786 |
3.15% |
American Indian |
5 |
$1,015,000 |
$203,000 |
$5,149 |
2.80% |
Asian Indian |
1 |
$295,000 |
$295,000 |
$3,003 |
3.13% |
Other Asian |
1 |
$165,000 |
$165,000 |
$2,308 |
3.13% |
Approval Rates
Total approvals of all applications
90.76%
Western State Bank has an average approval rate.
Pick Rate
Approvals leading to origination
80.62%
Western State Bank has a below average pick rate.
Points and Fees
Points |
Originations |
Total Value |
Average Loan |
NA |
741 |
$235,535,000 |
$317,861 |
Occupancy Type Mix
Dwelling Type |
Originations |
Total Value |
Average Loan |
|
741 |
$235,535,000 |
$317,861 |
LTV Distribution
Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
20-40% |
53 |
$10,345,000 |
$195,189 |
$1,882 |
3.03% |
40-60% |
132 |
$38,930,000 |
$294,924 |
$2,433 |
2.93% |
60-80% |
295 |
$119,095,000 |
$403,712 |
$2,620 |
3.11% |
80-100% |
241 |
$65,785,000 |
$272,967 |
$3,810 |
3.08% |
Over 100% |
1 |
$255,000 |
$255,000 |
$11,582 |
2.63% |
Under 20% |
19 |
$1,125,000 |
$59,211 |
$313 |
2.81% |
Complaints
Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
WESTERN ALLIANCE BANCORPORATION |
Conventional home mortgage |
Trouble during payment process |
2 |
100.0% |
Bank Details
Branches
Bank Name |
Branch |
Branch Type |
Deposits (000's) |
Western State Bank |
110 Fourth Street Se Devils Lake, ND 58301 |
Full Service B&M
|
$408,773 |
Western State Bank |
10050 West Bell Road Sun City, AZ 85373 |
Full Service Retail
|
$57,845 |
Western State Bank |
1412 East Florence Boulevard Casa Grande, AZ 85122 |
Full Service B&M
|
$84,659 |
Western State Bank |
19440 North R. H. Johnson Boulevard Sun City West, AZ 85375 |
Full Service B&M
|
$58,885 |
Western State Bank |
4201 45th Street South Fargo, ND 58104 |
Full Service B&M
|
$34,307 |
Western State Bank |
5901 E Mckellips Rd, Ste 104 Mesa, AZ 85215 |
Full Service B&M
|
$22,525 |
Western State Bank |
7001 North Scottsdale Road, Suite 1000 Scottsdale, AZ 85253 |
Full Service B&M
|
$158,790 |
Western State Bank |
755 13th Avenue East West Fargo, ND 58078 |
Full Service B&M
|
$252,844 |
Western State Bank |
976 West Chandler Boulevard Chandler, AZ 85225 |
Full Service B&M
|
$295,137 |
For 2021, Western State Bank had 9 branches.
Yearly Performance Overview
Bank Income
Western State Bank's gross interest income from loans was $86,070,000.
Western State Bank's net interest income from loans was $80,279,000.
Western State Bank's fee based income from loans was $402,000.
Western State Bank's net income from loans was $35,003,000.
Bank Expenses
Item |
Value (in 000's) |
Total interest expense |
$5,791 |
Provision for credit losses |
$5,780 |
Total noninterest expense |
$43,122 |
Salaries and employee benefits |
$29,036 |
Premises and equipment expense |
$5,236 |
Additional noninterest expense |
$8,850 |
Applicable income taxes |
$11,129 |
Net charge-offs |
$2,687 |
Cash dividends |
$2,775 |
Western State Bank's interest expense for loans was $5,791,000.
Western State Bank's payroll and benefits expense were $29,036,000.
Western State Bank's property, plant and equipment expenses $5,236,000.
Deposits
Type |
Value (in 000's) |
Total deposits |
$1,464,036 |
Deposits held in domestic offices |
$1,464,036 |
Deposits by Individuals, partnerships, and corporations |
$1,429,456 |
Deposits by U.S. Government |
$34 |
Deposits by States and political subdivisions in the U.S. |
$34,546 |
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 |
$277,502 |
Demand deposits |
$179,113 |
Nontransaction accounts |
$1,186,534 |
Money market deposit accounts (MMDAs) |
$496,647 |
Other savings deposits (excluding MMDAs) |
$425,682 |
Total time deposits |
$264,205 |
Total time and savings deposits |
$1,284,923 |
Noninterest-bearing deposits |
$179,113 |
Interest-bearing deposits |
$1,284,923 |
Retail deposits |
$1,332,567 |
IRAs and Keogh plan accounts |
$23,720 |
Brokered deposits |
$82,974 |
Deposits held in foreign offices |
$0 |
Assets
Asset |
Value (in 000's) |
Total Assets |
$1,703,317 |
Cash & Balances due from depository institutions |
$255,123 |
Interest-bearing balances |
$241,507 |
Total securities |
$41,537 |
Federal funds sold & reverse repurchase |
$0 |
Net loans and leases |
$1,374,157 |
Loan and leases loss allowance |
$30,713 |
Trading account assets |
$0 |
Bank premises and fixed assets |
$17,516 |
Other real estate owned |
$0 |
Goodwill and other intangibles |
$13 |
All other assets |
$14,971 |
Liabilities
Liabilities |
Value (in 000's) |
Total liabilities and capital |
$1,703,317 |
Total Liabilities |
$1,520,268 |
Total deposits |
$1,464,036 |
Interest-bearing deposits |
$1,284,923 |
Deposits held in domestic offices |
$1,464,036 |
% insured (estimated) |
$75 |
Federal funds purchased and repurchase agreements |
$0 |
Trading liabilities |
$0 |
Other borrowed funds |
$34,555 |
Subordinated debt |
$0 |
All other liabilities |
$21,677 |
Issued Loan Types
Type |
Value (in 000's) |
Net loans and leases |
$1,374,157 |
Loan and leases loss allowance |
$30,713 |
Total loans and leases (domestic) |
$1,404,870 |
All real estate loans |
$616,323 |
Real estate loans in domestic offices |
$616,323 |
Construction and development loans |
$100,195 |
Residential 1-4 family construction |
$28,140 |
Other construction, all land development and other land |
$72,055 |
Loans secured by nonfarm nonresidential properties |
$310,987 |
Nonfarm nonresidential secured by owner-occupied properties |
$108,095 |
Commercial real estate & other non-farm, non-residential |
$202,892 |
Multifamily residential real estate |
$83,191 |
1-4 family residential loans |
$108,852 |
Farmland loans |
$13,098 |
Loans held in foreign offices |
$0 |
Farm loans |
$23,575 |
Commercial and industrial loans |
$718,863 |
To non-U.S. addressees |
$0 |
Loans to individuals |
$11,441 |
Credit card loans |
$0 |
Related Plans |
$445 |
Consumer Auto Loans |
$4,679 |
Other loans to individuals |
$6,317 |
All other loans & leases |
$34,668 |
Loans to foreign governments and official institutions |
$0 |
Other loans |
$45 |
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 |
$2,644 |
Non 1-4 family restructured loans & leases |
$2,644 |
Total loans and leases (foreign) |
$0 |
Western State Bank had $1,374,157,000 of loans outstanding in 2021. $616,323,000 of loans were in real estate loans.
$100,195,000 of loans were in development loans. $83,191,000 of loans were in multifamily mortgage loans.
$108,852,000 of loans were in 1-4 family mortgage loans. $23,575,000 of loans were in farm loans. $0
of loans were in credit card loans. $4,679,000 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 |
519 |
$112,816 |
$217,372 |
Nonfarm, nonresidential loans - <$100k |
95 |
$4,503 |
$47,400 |
Nonfarm, nonresidential loans - $100-250k |
177 |
$23,215 |
$131,158 |
Nonfarm, nonresidential loans - $250k-1MM |
247 |
$85,098 |
$344,526 |
Commercial & Industrial, US addressed loans - <$1MM |
13,243 |
$589,392 |
$44,506 |
Commercial & Industrial, US addressed loans - <$100k |
10,948 |
$272,820 |
$24,920 |
Commercial & Industrial, US addressed loans - $100-250k |
1,772 |
$177,890 |
$100,389 |
Commercial & Industrial, US addressed loans - $250k-1MM |
523 |
$138,682 |
$265,166 |
Farmland loans - <$1MM |
35 |
$4,300 |
$122,857 |
Farmland loans - <$100k |
7 |
$262 |
$37,429 |
Farmland loans - $100-250k |
19 |
$2,122 |
$111,684 |
Farmland loans - $250k-1MM |
9 |
$1,916 |
$212,889 |
Agriculture operations loans - <$1MM |
179 |
$14,918 |
$83,341 |
Agriculture operations loans - <$100k |
98 |
$2,645 |
$26,990 |
Agriculture operations loans - $100-250k |
50 |
$3,923 |
$78,460 |
Agriculture operations loans - $250k-1MM |
31 |
$8,350 |
$269,355 |