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


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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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