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 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, Bismarck, Fergus Falls, and Minneapolis among others. We have data for 20 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

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:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

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

436

Origination Dollar Volume (All Markets)

$142,860,000

Employee count

217

Awards

Western State Bank 30 Year Conventional Loans gold

Western State Bank 30 Year Conventional Loans bronze

Show all (4) 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)	241	$60,625,000	$251,556	$2,974	4.20%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	74	$32,470,000	$438,784	$2,488	4.59%
BISMARCK, ND (FHA\|USDA\|VA)	5	$29,445,000	$5,889,000	$3,656	4.48%
Outside of Metro Areas	64	$8,750,000	$136,719	$2,680	4.32%
Fergus Falls, MN (FHA\|USDA\|VA)	23	$4,765,000	$207,174	$4,166	4.07%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	4	$1,160,000	$290,000	$5,454	4.41%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	3	$875,000	$291,667	$3,801	5.00%
GRAND FORKS, ND-MN (FHA\|USDA\|VA)	3	$815,000	$271,667	$2,491	3.89%
Wahpeton, ND-MN (FHA\|USDA\|VA)	3	$615,000	$205,000	$3,591	4.03%
Brainerd, MN (FHA\|USDA\|VA)	2	$600,000	$300,000	$2,457	4.31%
Show Low, AZ (FHA\|USDA\|VA)	2	$450,000	$225,000	$2,689	3.93%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	1	$425,000	$425,000	$4,197	3.38%
Payson, AZ (FHA\|USDA\|VA)	2	$340,000	$170,000	$2,630	4.50%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	1	$335,000	$335,000	$2,369	3.50%
Jamestown, ND (FHA\|USDA\|VA)	2	$290,000	$145,000	$2,920	3.94%
ANCHORAGE, AK (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,487	4.63%
ST. CLOUD, MN (FHA\|USDA\|VA)	1	$205,000	$205,000	$6,011	3.75%
Bozeman, MT (FHA\|USDA\|VA)	1	$155,000	$155,000	$1,730	3.88%
GRAND ISLAND, NE (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,403	4.88%
Bemidji, MN (FHA\|USDA\|VA)	2	$140,000	$70,000	$1,237	4.50%

Western State Bank's top markets include Fargo, Phoenix, Bismarck, Fergus Falls, and Minneapolis among others.

Their top states include:

North Dakota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

California (FHA|USDA|VA)

Alaska (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.

CAPITAL CREDIT UNION
Similarity Rank: 230

FIRST COMMUNITY CREDIT UNION
Similarity Rank: 408

T & C REAL ESTATE SERVICES LLC
Similarity Rank: 440

Tradition Mortgage, LLC
Similarity Rank: 444

VALLEY MORTGAGE, INC.
Similarity Rank: 550

Deere Employees Credit Union
Similarity Rank: 594

TOWN AND COUNTRY Credit Union
Similarity Rank: 627

CENTRAL MINNESOTA Credit Union
Similarity Rank: 672

Deer Valley Credit Union
Similarity Rank: 820

Choice Financial Group
Similarity Rank: 832

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	352	$128,930,000	$366,278	$2,378	4.40%
FHA	55	$8,245,000	$149,909	$4,886	3.76%
VA	20	$4,530,000	$226,500	$5,269	3.85%
USDA	9	$1,155,000	$128,333	$4,261	3.88%

For 2019, Western State Bank's most frequently originated type of loan was Conventional, with 352 originations. Their 2nd most popular type was FHA, with 55 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	265	$99,175,000	$374,245	$3,225	4.21%
Refi	93	$27,125,000	$291,667	$2,492	4.23%
Cash Out Refi	51	$13,465,000	$264,020	$3,410	4.21%
Other	16	$560,000	$35,000	$428	5.20%
Home Improvement	11	$2,535,000	$230,455	$663	5.48%

For 2019, Western State Bank's most frequently cited loan purpose was Home Purchase, with 265 originations. The 2nd most popular reason was Refi, with 93 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	301	$66,855,000	$222,110	$3,332	4.18%
5 Year	41	$26,825,000	$654,268	$473	5.03%
10 Year	28	$34,860,000	$1,245,000	$175	3.79%
Other	22	$2,440,000	$110,909	$821	5.50%
15 Year	20	$4,020,000	$201,000	$2,220	3.42%
20 Year	18	$4,370,000	$242,778	$2,979	4.10%
1 Year	3	$3,445,000	$1,148,333	$0	5.39%
3 Year	3	$45,000	$15,000	$216	5.91%

For 2019, Western State Bank's most frequently cited loan duration was 30 Year, with 301 originations. The 2nd most popular length was 5 Year, with 41 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	290	$56,880,000	$196,138
$1k-2k	34	$6,500,000	$191,176
$2k-3k	22	$5,370,000	$244,091
$3k-4k	14	$3,390,000	$242,143
$4k-5k	6	$2,200,000	$366,667
$5k+	2	$1,520,000	$760,000

Western State Bank's average total fees were $3,332, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 290 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	183	$72,445,000	$395,874
3-4%	179	$50,605,000	$282,709
5-6%	48	$17,830,000	$371,458
6-7%	11	$965,000	$87,727
<2.5%	9	$45,000	$5,000
2.5-3%	4	$740,000	$185,000
7-8%	2	$230,000	$115,000

During 2019, Western State Bank's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 4-5%, with 183 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	168	$24,960,000	$148,571	$3,008	4.30%
$200k-400k	164	$44,950,000	$274,085	$3,536	4.21%
$100,000 or less	66	$2,800,000	$42,424	$988	4.39%
$400k-600k	23	$10,555,000	$458,913	$3,448	4.01%
$1MM+	13	$58,055,000	$4,465,769	$5,697	4.90%
$600k-1MM	2	$1,540,000	$770,000	$0	4.42%

2019 saw Western State Bank place emphasis on $100k-200k loans with 168 originations, totaling $24,960,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	99	$15,985,000	$161,465	$3,014	4.11%
$50k or less	78	$9,630,000	$123,462	$2,466	4.10%
$100k-150k	77	$20,125,000	$261,364	$3,288	4.23%
$75k-100k	63	$12,955,000	$205,635	$3,228	4.34%
$150k-250k	42	$11,600,000	$276,190	$2,412	4.18%
$250k+	23	$7,165,000	$311,522	$3,771	4.49%

Western State Bank lent most frequently to those with incomes in the $50k-75k range, with 99 originations. The second most popular income band? $50k or less, with 78 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	79	$16,675,000	$211,076	$2,509	4.04%
30-36%	74	$16,340,000	$220,811	$2,981	4.17%
<20%	41	$5,935,000	$144,756	$1,819	3.71%
41%	22	$4,260,000	$193,636	$3,526	4.24%
44%	16	$3,910,000	$244,375	$2,983	4.22%
37%	16	$2,630,000	$164,375	$3,718	4.35%
39%	15	$2,355,000	$157,000	$2,928	4.71%
42%	14	$3,050,000	$217,857	$3,361	4.24%
40%	14	$2,770,000	$197,857	$2,136	3.93%
38%	13	$3,325,000	$255,769	$2,917	4.28%
49%	12	$2,270,000	$189,167	$3,439	4.64%
36%	12	$2,410,000	$200,833	$2,575	4.54%
43%	11	$1,825,000	$165,909	$3,218	4.41%
46%	9	$1,385,000	$153,889	$3,800	3.95%
>60%	8	$2,260,000	$282,500	$2,987	6.04%
48%	7	$1,735,000	$247,857	$3,821	3.91%
47%	7	$1,685,000	$240,714	$5,867	4.56%
50-60%	6	$1,250,000	$208,333	$6,650	4.61%
45%	6	$1,340,000	$223,333	$3,628	4.20%

Western State Bank lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 74 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	342	$68,780,000	$201,111	$2,854	4.24%
Not applicable	52	$65,200,000	$1,253,846	$0	4.86%
Not provided	32	$6,880,000	$215,000	$3,424	3.82%
Black	5	$1,245,000	$249,000	$7,051	4.18%
Asian	3	$625,000	$208,333	$3,383	4.12%
American Indian	2	$130,000	$65,000	$2,023	4.14%

Approval Rates

Total approvals of all applications
89.09%

Western State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
78.44%

Western State Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	436	$142,860,000	$327,661

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	20	$54,950,000	$2,747,500
Single Family (1-4 Units):Manufactured	7	$655,000	$93,571
Single Family (1-4 Units):Site-Built	409	$87,255,000	$213,337

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	15	$1,715,000	$114,333	$1,517	4.95%
40-60%	29	$11,775,000	$406,034	$2,555	4.37%
60-80%	159	$83,855,000	$527,390	$2,625	4.33%
80-100%	194	$42,950,000	$221,392	$3,709	4.23%
Over 100%	4	$930,000	$232,500	$5,255	3.44%
Under 20%	35	$1,635,000	$46,714	$173	4.06%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
WESTERN UNION COMPANY, THE	Conventional home mortgage	Trouble during payment process	7	70.0%
WESTERN UNION COMPANY, THE	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	10.0%
WESTERN UNION COMPANY, THE	Other type of mortgage	Trouble during payment process	2	20.0%

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	$53,709
Western State Bank	110 Fourth Street Se Devils Lake, ND 58301	Full Service B&M	$292,803
Western State Bank	1412 East Florence Boulevard Casa Grande, AZ 85122	Full Service B&M	$64,867
Western State Bank	19440 North R. H. Johnson Boulevard Sun City West, AZ 85375	Full Service B&M	$42,903
Western State Bank	4302 13th Avenue South Fargo, ND 58103	Full Service B&M	$37,777
Western State Bank	5901 E. Mckellips Road, Unit 104 Mesa, AZ 85215	Full Service B&M	$7,371
Western State Bank	7001 North Scottsdale Road, Suite 1000 Scottsdale, AZ 85253	Full Service B&M	$79,124
Western State Bank	755 13th Avenue East West Fargo, ND 58078	Full Service B&M	$244,295
Western State Bank	976 West Chandler Boulevard Chandler, AZ 85225	Full Service B&M	$202,234

For 2019, Western State Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$71,334
Net interest income	$56,660
Total noninterest income	$8,331
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$538
Trading account gains and fees	$0
Additional Noninterest Income	$7,793
Pre-tax net operating income	$25,387
Securities gains (or losses, -)	$0
Income before extraordinary items	$19,406
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$19,406
Minority interest net income	$0
Net income	$19,406
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$19,406

Western State Bank's gross interest income from loans was $71,334,000.
Western State Bank's net interest income from loans was $56,660,000.
Western State Bank's fee based income from loans was $538,000.
Western State Bank's net income from loans was $19,406,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$14,674
Provision for credit losses	$5,520
Total noninterest expense	$34,084
Salaries and employee benefits	$21,327
Premises and equipment expense	$5,150
Additional noninterest expense	$7,607
Applicable income taxes	$5,981
Net charge-offs	$3,130
Cash dividends	$5,650

Western State Bank's interest expense for loans was $14,674,000.
Western State Bank's payroll and benefits expense were $21,327,000.
Western State Bank's property, plant and equipment expenses $5,150,000.

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	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	$1,094,537
Deposits held in domestic offices	$1,094,537
Deposits by Individuals, partnerships, and corporations	$1,061,383
Deposits by U.S. Government	$24
Deposits by States and political subdivisions in the U.S.	$33,130
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	$118,454
Demand deposits	$80,264
Nontransaction accounts	$976,083
Money market deposit accounts (MMDAs)	$400,121
Other savings deposits (excluding MMDAs)	$210,360
Total time deposits	$365,601
Total time and savings deposits	$1,014,273
Noninterest-bearing deposits	$80,264
Interest-bearing deposits	$1,014,273
Retail deposits	$947,815
IRAs and Keogh plan accounts	$24,402
Brokered deposits	$69,120
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,286,460
Cash & Balances due from depository institutions	$120,084
Interest-bearing balances	$98,228
Total securities	$56,447
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,080,987
Loan and leases loss allowance	$18,410
Trading account assets	$0
Bank premises and fixed assets	$17,487
Other real estate owned	$0
Goodwill and other intangibles	$128
All other assets	$11,327

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,286,460
Total Liabilities	$1,150,669
Total deposits	$1,094,537
Interest-bearing deposits	$1,014,273
Deposits held in domestic offices	$1,094,537
% insured (estimated)	$82
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$34,870
Subordinated debt	$0
All other liabilities	$21,262

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,080,987
Loan and leases loss allowance	$18,410
Total loans and leases (domestic)	$1,099,397
All real estate loans	$501,008
Real estate loans in domestic offices	$501,008
Construction and development loans	$71,426
Residential 1-4 family construction	$28,433
Other construction, all land development and other land	$42,993
Loans secured by nonfarm nonresidential properties	$244,055
Nonfarm nonresidential secured by owner-occupied properties	$55,670
Commercial real estate & other non-farm, non-residential	$188,385
Multifamily residential real estate	$57,642
1-4 family residential loans	$116,160
Farmland loans	$11,725
Loans held in foreign offices	$0
Farm loans	$28,890
Commercial and industrial loans	$518,044
To non-U.S. addressees	$0
Loans to individuals	$16,022
Credit card loans	$0
Related Plans	$1,176
Consumer Auto Loans	$6,751
Other loans to individuals	$8,095
All other loans & leases	$35,433
Loans to foreign governments and official institutions	$0
Other loans	$70
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	$7,719
Non 1-4 family restructured loans & leases	$7,719
Total loans and leases (foreign)	$0

Western State Bank had $1,080,987,000 of loans outstanding in 2019. $501,008,000 of loans were in real estate loans. $71,426,000 of loans were in development loans. $57,642,000 of loans were in multifamily mortgage loans. $116,160,000 of loans were in 1-4 family mortgage loans. $28,890,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,751,000 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	739	$112,956	$152,850
Nonfarm, nonresidential loans - <$100k	152	$7,787	$51,230
Nonfarm, nonresidential loans - $100-250k	337	$30,116	$89,365
Nonfarm, nonresidential loans - $250k-1MM	250	$75,053	$300,212
Commercial & Industrial, US addressed loans - <$1MM	8,758	$410,322	$46,851
Commercial & Industrial, US addressed loans - <$100k	7,037	$176,815	$25,126
Commercial & Industrial, US addressed loans - $100-250k	1,328	$131,819	$99,261
Commercial & Industrial, US addressed loans - $250k-1MM	393	$101,688	$258,748
Farmland loans - <$1MM	39	$4,265	$109,359
Farmland loans - <$100k	11	$436	$39,636
Farmland loans - $100-250k	21	$2,460	$117,143
Farmland loans - $250k-1MM	7	$1,369	$195,571
Agriculture operations loans - <$1MM	176	$17,860	$101,477
Agriculture operations loans - <$100k	100	$2,831	$28,310
Agriculture operations loans - $100-250k	45	$4,218	$93,733
Agriculture operations loans - $250k-1MM	31	$10,811	$348,742