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

2021 Data | 2020 Data | 2019 Data | 2018 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 Show all (6) awards

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

Item Value (in 000's)
Total interest income $86,070
Net interest income $80,279
Total noninterest income $14,735
Gross Fiduciary activities income $0
Service charges on deposit accounts $402
Trading account gains and fees $0
Additional Noninterest Income $14,333
Pre-tax net operating income $46,112
Securities gains (or losses, -) $20
Income before extraordinary items $35,003
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $35,003
Minority interest net income $0
Net income $35,003
Sale, conversion, retirement of capital stock, net $0
Net operating income $34,987

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.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 1.0%
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 $1,464,036
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