Western State Bank Mortgage Rates, Fees & Info

Devils Lake, ND

LEI: 254900P681DTTH4I3144

Tax ID: 45-0106740

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fargo, Phoenix, Fergus Falls, Grand Forks, and Bemidji among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

Western State Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Western State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.75%	4/21/24
30 Year Conventional Refi	6.91%	4/21/24
30 Year Cash-out Refi	7.08%	4/21/24
30 Year FHA Purchase	6.71%	4/21/24
30 Year FHA Refi	6.27%	4/21/24
30 Year VA Purchase	6.31%	4/21/24
15 Year Conventional Purchase	6.31%	4/21/24
15 Year Conventional Refi	6.19%	4/21/24
15 Year Cash-out Refi	6.19%	4/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Western State Bank Mortgage Calculator

Purchase Price:

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% Deposit:

Interest Rate:

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Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Western State Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

481

Origination Dollar Volume (All Markets)

$139,595,000

Employee count

202

Awards

Western State Bank 30 Year Conventional Loans bronze

Western State Bank 30 Year Conventional Loans gold

Show all (3) awards

Top 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
FARGO, ND-MN (FHA\|USDA\|VA)	267	$92,605,000	$346,835	$3,811	4.80%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	66	$23,640,000	$358,182	$2,828	5.20%
Outside of Metro Areas	74	$10,790,000	$145,811	$3,357	4.81%
Fergus Falls, MN (FHA\|USDA\|VA)	25	$3,755,000	$150,200	$3,911	4.98%
GRAND FORKS, ND-MN (FHA\|USDA\|VA)	17	$2,495,000	$146,765	$3,232	4.77%
Bemidji, MN (FHA\|USDA\|VA)	6	$1,090,000	$181,667	$4,678	5.02%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	4	$850,000	$212,500	$3,525	4.67%
Wahpeton, ND-MN (FHA\|USDA\|VA)	5	$615,000	$123,000	$2,323	5.12%
ROCHESTER, MN (FHA\|USDA\|VA)	2	$510,000	$255,000	$3,291	4.50%
Jamestown, ND (FHA\|USDA\|VA)	3	$505,000	$168,333	$6,653	4.56%
BISMARCK, ND (FHA\|USDA\|VA)	1	$425,000	$425,000	$5,035	4.38%
ANCHORAGE, AK (FHA\|USDA\|VA)	1	$365,000	$365,000	$5,930	3.75%
Moscow, ID (FHA\|USDA\|VA)	1	$365,000	$365,000	$1,665	4.88%
Brainerd, MN (FHA\|USDA\|VA)	1	$325,000	$325,000	$2,479	4.63%
Minot, ND (FHA\|USDA\|VA)	1	$225,000	$225,000	$2,183	4.63%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$3,026	4.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$175,000	$175,000	$4,808	4.13%
TUCSON, AZ (FHA\|USDA\|VA)	1	$165,000	$165,000	$6,056	5.13%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,894	3.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$135,000	$135,000	$2,374	4.88%
Spearfish, SD (FHA\|USDA\|VA)	1	$105,000	$105,000	$1,264	4.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$95,000	$95,000	$3,189	4.63%

Western State Bank's top markets include Fargo, Phoenix, Fergus Falls, Grand Forks, and Bemidji among others.

Their top states include:

North Dakota (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Idaho (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Western State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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CENTRAL MINNESOTA Credit Union
Similarity Rank: 180

FIRST COMMUNITY CREDIT UNION
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T & C REAL ESTATE SERVICES LLC
Similarity Rank: 312

AFFINITY PLUS
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Deere Employees Credit Union
Similarity Rank: 326

Tradition Mortgage, LLC
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VALLEY MORTGAGE, INC.
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Starion Bank
Similarity Rank: 616

TOWN AND COUNTRY Credit Union
Similarity Rank: 627

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	372	$121,760,000	$327,312	$3,073	4.91%
FHA	70	$11,510,000	$164,429	$5,443	4.67%
VA	21	$4,135,000	$196,905	$4,927	4.69%
USDA	18	$2,190,000	$121,667	$4,059	4.66%

For 2018, Western State Bank's most frequently originated type of loan was Conventional, with 372 originations. Their 2nd most popular type was FHA, with 70 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	353	$88,245,000	$249,986	$3,818	4.76%
Refi	55	$37,365,000	$679,364	$2,873	5.13%
Cash Out Refi	51	$9,105,000	$178,529	$3,471	4.85%
Home Improvement	11	$4,235,000	$385,000	$4,476	5.57%
Other	11	$645,000	$58,636	$349	6.02%

For 2018, Western State Bank's most frequently cited loan purpose was Home Purchase, with 353 originations. The 2nd most popular reason was Refi, with 55 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	354	$70,490,000	$199,124	$3,909	4.72%
5 Year	34	$21,620,000	$635,882	$480	5.52%
10 Year	24	$21,400,000	$891,667	$272	5.67%
15 Year	20	$3,060,000	$153,000	$3,415	4.25%
Other	20	$1,760,000	$88,000	$749	5.72%
20 Year	12	$3,160,000	$263,333	$3,667	4.76%
3 Year	9	$12,945,000	$1,438,333	$1,454	5.12%
1 Year	8	$5,160,000	$645,000	$4,493	5.94%

For 2018, Western State Bank's most frequently cited loan duration was 30 Year, with 354 originations. The 2nd most popular length was 5 Year, with 34 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	232	$40,880,000	$176,207
$1k-2k	82	$13,930,000	$169,878
$2k-3k	56	$11,760,000	$210,000
$3k-4k	25	$6,105,000	$244,200
$4k-5k	10	$3,640,000	$364,000
$5k+	7	$3,305,000	$472,143

Western State Bank's average total fees were $3,909, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 232 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	280	$83,750,000	$299,107
5-6%	136	$46,400,000	$341,176
3-4%	40	$8,300,000	$207,500
6-7%	11	$685,000	$62,273
7-8%	2	$270,000	$135,000
Over 8%	1	$135,000	$135,000

During 2018, Western State Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 280 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	207	$31,145,000	$150,459	$3,595	4.80%
$200k-400k	156	$40,230,000	$257,885	$4,298	4.73%
$100,000 or less	79	$4,685,000	$59,304	$1,526	5.34%
$400k-600k	22	$9,800,000	$445,455	$4,954	4.58%
$1MM+	12	$50,010,000	$4,167,500	$2,892	5.22%
$600k-1MM	5	$3,725,000	$745,000	$10,757	5.46%

2018 saw Western State Bank place emphasis on $100k-200k loans with 207 originations, totaling $31,145,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	107	$18,265,000	$170,701	$3,403	4.82%
$50k or less	98	$11,880,000	$121,224	$3,152	4.64%
$100k-150k	87	$19,625,000	$225,575	$3,577	4.96%
$75k-100k	83	$16,045,000	$193,313	$4,312	4.75%
$150k-250k	33	$9,935,000	$301,061	$4,666	4.57%
$250k+	16	$3,920,000	$245,000	$2,300	5.49%

Western State Bank lent most frequently to those with incomes in the $50k-75k range, with 107 originations. The second most popular income band? $50k or less, with 98 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	73	$12,605,000	$172,671	$3,460	4.81%
30-36%	57	$10,405,000	$182,544	$3,623	4.75%
44%	27	$5,265,000	$195,000	$3,694	4.72%
43%	24	$4,770,000	$198,750	$4,346	4.66%
41%	23	$4,215,000	$183,261	$3,026	4.81%
38%	23	$3,765,000	$163,696	$3,549	4.68%
39%	23	$4,755,000	$206,739	$4,060	4.71%
42%	22	$4,420,000	$200,909	$3,196	4.68%
40%	20	$3,780,000	$189,000	$3,182	4.91%
37%	19	$3,265,000	$171,842	$3,295	4.77%
36%	18	$2,920,000	$162,222	$4,052	4.77%
<20%	14	$2,730,000	$195,000	$3,115	4.74%
49%	14	$2,970,000	$212,143	$4,336	5.12%
47%	13	$2,265,000	$174,231	$3,390	4.77%
48%	13	$2,445,000	$188,077	$4,044	5.06%
45%	13	$3,555,000	$273,462	$4,267	4.44%
50-60%	12	$2,920,000	$243,333	$4,051	5.07%
46%	11	$2,195,000	$199,545	$2,975	4.76%
>60%	7	$2,165,000	$309,286	$5,246	5.01%

Western State Bank lent most frequently to those with DTI ratios of 20-30%, with 73 originations. The next most common DTI ratio? 30-36%, with 57 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	392	$74,550,000	$190,179	$3,629	4.81%
Not applicable	48	$57,380,000	$1,195,417	$1,454	5.43%
Not provided	34	$6,270,000	$184,412	$3,560	4.65%
Black	2	$530,000	$265,000	$4,345	4.44%
Asian	2	$530,000	$265,000	$2,329	5.38%
American Indian	2	$200,000	$100,000	$3,669	4.13%
Asian Indian	1	$135,000	$135,000	$0	5.75%

Approval Rates

Total approvals of all applications
87.31%

Western State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
80.67%

Western State Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	481	$139,595,000	$290,218

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	17	$46,825,000	$2,754,412
Single Family (1-4 Units):Manufactured	7	$785,000	$112,143
Single Family (1-4 Units):Site-Built	457	$91,985,000	$201,280

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	20	$16,820,000	$841,000	$2,179	5.58%
40-60%	31	$13,185,000	$425,323	$2,635	5.01%
60-80%	145	$47,595,000	$328,241	$3,347	4.91%
80-100%	253	$57,615,000	$227,727	$4,221	4.68%
Over 100%	2	$1,370,000	$685,000	$9,778	5.39%
Under 20%	30	$3,010,000	$100,333	$348	5.78%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
WESTERN OHIO MORTGAGE	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Western State Bank	10050 West Bell Road Sun City, AZ 85373	Full Service Retail	$44,095
Western State Bank	110 Fourth Street Se Devils Lake, ND 58301	Full Service B&M	$290,360
Western State Bank	1412 East Florence Boulevard Casa Grande, AZ 85122	Full Service B&M	$57,179
Western State Bank	19440 North R. H. Johnson Boulevard Sun City West, AZ 85375	Full Service B&M	$27,655
Western State Bank	4302 13th Avenue South Fargo, ND 58103	Full Service B&M	$39,151
Western State Bank	7001 North Scottsdale Road, Suite 1000 Scottsdale, AZ 85253	Full Service B&M	$83,139
Western State Bank	755 13th Avenue East West Fargo, ND 58078	Full Service B&M	$143,853
Western State Bank	976 West Chandler Boulevard Chandler, AZ 85225	Full Service B&M	$177,909

For 2018, Western State Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$63,800
Net interest income	$54,631
Total noninterest income	$6,277
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$582
Trading account gains and fees	$0
Additional Noninterest Income	$5,695
Pre-tax net operating income	$24,834
Securities gains (or losses, -)	$0
Income before extraordinary items	$19,132
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$19,132
Minority interest net income	$0
Net income	$19,132
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$19,132

Western State Bank's gross interest income from loans was $63,800,000.
Western State Bank's net interest income from loans was $54,631,000.
Western State Bank's fee based income from loans was $582,000.
Western State Bank's net income from loans was $19,132,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$9,169
Provision for credit losses	$3,960
Total noninterest expense	$32,114
Salaries and employee benefits	$20,472
Premises and equipment expense	$4,573
Additional noninterest expense	$7,069
Applicable income taxes	$5,702
Net charge-offs	$2,348
Cash dividends	$2,850

Western State Bank's interest expense for loans was $9,169,000.
Western State Bank's payroll and benefits expense were $20,472,000.
Western State Bank's property, plant and equipment expenses $4,573,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	1.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	2.0%
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	$920,693
Deposits held in domestic offices	$920,693
Deposits by Individuals, partnerships, and corporations	$874,060
Deposits by U.S. Government	$43
Deposits by States and political subdivisions in the U.S.	$46,590
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	$81,910
Demand deposits	$39,568
Nontransaction accounts	$838,783
Money market deposit accounts (MMDAs)	$279,859
Other savings deposits (excluding MMDAs)	$222,579
Total time deposits	$336,345
Total time and savings deposits	$881,125
Noninterest-bearing deposits	$39,568
Interest-bearing deposits	$881,125
Retail deposits	$779,489
IRAs and Keogh plan accounts	$23,613
Brokered deposits	$71,780
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,097,329
Cash & Balances due from depository institutions	$53,495
Interest-bearing balances	$30,222
Total securities	$51,217
Federal funds sold & reverse repurchase	$0
Net loans and leases	$964,572
Loan and leases loss allowance	$16,020
Trading account assets	$0
Bank premises and fixed assets	$17,501
Other real estate owned	$0
Goodwill and other intangibles	$219
All other assets	$10,325

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,097,329
Total Liabilities	$976,080
Total deposits	$920,693
Interest-bearing deposits	$881,125
Deposits held in domestic offices	$920,693
% insured (estimated)	$74
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$35,045
Subordinated debt	$0
All other liabilities	$20,342

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$964,572
Loan and leases loss allowance	$16,020
Total loans and leases (domestic)	$980,592
All real estate loans	$439,012
Real estate loans in domestic offices	$439,012
Construction and development loans	$60,020
Residential 1-4 family construction	$20,225
Other construction, all land development and other land	$39,795
Loans secured by nonfarm nonresidential properties	$205,289
Nonfarm nonresidential secured by owner-occupied properties	$41,640
Commercial real estate & other non-farm, non-residential	$163,649
Multifamily residential real estate	$41,161
1-4 family residential loans	$122,689
Farmland loans	$9,853
Loans held in foreign offices	$0
Farm loans	$23,672
Commercial and industrial loans	$471,076
To non-U.S. addressees	$0
Loans to individuals	$15,438
Credit card loans	$0
Related Plans	$1,313
Consumer Auto Loans	$7,881
Other loans to individuals	$6,244
All other loans & leases	$31,394
Loans to foreign governments and official institutions	$0
Other loans	$235
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	$2,417
Non 1-4 family restructured loans & leases	$2,417
Total loans and leases (foreign)	$0

Western State Bank had $964,572,000 of loans outstanding in 2018. $439,012,000 of loans were in real estate loans. $60,020,000 of loans were in development loans. $41,161,000 of loans were in multifamily mortgage loans. $122,689,000 of loans were in 1-4 family mortgage loans. $23,672,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,881,000 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	781	$111,265	$142,465
Nonfarm, nonresidential loans - <$100k	188	$9,460	$50,319
Nonfarm, nonresidential loans - $100-250k	343	$29,408	$85,738
Nonfarm, nonresidential loans - $250k-1MM	250	$72,397	$289,588
Commercial & Industrial, US addressed loans - <$1MM	7,555	$357,103	$47,267
Commercial & Industrial, US addressed loans - <$100k	6,037	$146,753	$24,309
Commercial & Industrial, US addressed loans - $100-250k	1,186	$120,260	$101,400
Commercial & Industrial, US addressed loans - $250k-1MM	332	$90,090	$271,355
Farmland loans - <$1MM	41	$5,058	$123,366
Farmland loans - <$100k	10	$422	$42,200
Farmland loans - $100-250k	21	$2,451	$116,714
Farmland loans - $250k-1MM	10	$2,185	$218,500
Agriculture operations loans - <$1MM	152	$14,656	$96,421
Agriculture operations loans - <$100k	83	$2,293	$27,627
Agriculture operations loans - $100-250k	44	$4,193	$95,295
Agriculture operations loans - $250k-1MM	25	$8,170	$326,800