Western State Bank Mortgage Rates, Fees & Info

Devils Lake, ND

LEI: 254900P681DTTH4I3144

Tax ID: 45-0106740

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Mortgage Data

Bank Data

Review & Overview

Western State Bank is a smaller bank specializing in Refi and Home Purchase 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 by origination volume include: Fargo, Phoenix, Bismarck, Fergus Falls, and Minneapolis among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Western State Bank has an above 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% 3/28/24
30 Year Conventional Refi 6.91% 3/28/24
30 Year Cash-out Refi 7.08% 3/28/24
30 Year FHA Purchase 6.71% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
30 Year VA Purchase 6.31% 3/28/24
15 Year Conventional Purchase 6.31% 3/28/24
15 Year Conventional Refi 6.19% 3/28/24
15 Year Cash-out Refi 6.19% 3/28/24
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






Your Estimates

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


Originations

850

Origination Dollar Volume (All Markets)

$249,220,000

Employee count

227 Show all (11) 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) 413 $120,205,000 $291,053 $2,897 3.09%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 257 $73,315,000 $285,272 $2,123 3.22%
Outside of Metro Areas 93 $20,095,000 $216,075 $2,805 3.11%
BISMARCK, ND (FHA|USDA|VA) 2 $13,340,000 $6,670,000 $0 3.40%
Fergus Falls, MN (FHA|USDA|VA) 19 $5,305,000 $279,211 $3,043 3.03%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 13 $3,435,000 $264,231 $2,566 2.86%
GRAND FORKS, ND-MN (FHA|USDA|VA) 12 $2,650,000 $220,833 $2,273 2.77%
Wahpeton, ND-MN (FHA|USDA|VA) 9 $2,175,000 $241,667 $3,002 2.82%
Sandpoint, ID (FHA|USDA|VA) 1 $1,035,000 $1,035,000 $0 4.25%
Show Low, AZ (FHA|USDA|VA) 4 $950,000 $237,500 $2,154 2.83%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $750,000 $375,000 $4,130 3.13%
FLAGSTAFF, AZ (FHA|USDA|VA) 2 $640,000 $320,000 $2,702 2.69%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $600,000 $300,000 $2,481 2.63%
Jamestown, ND (FHA|USDA|VA) 4 $560,000 $140,000 $2,439 3.09%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $520,000 $260,000 $3,127 2.88%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $515,000 $515,000 $6,916 3.00%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $365,000 $365,000 $2,121 2.88%
BOISE CITY, ID (FHA|USDA|VA) 1 $345,000 $345,000 $2,795 2.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $335,000 $335,000 $3,272 2.50%
Bemidji, MN (FHA|USDA|VA) 1 $325,000 $325,000 $3,574 3.13%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $325,000 $325,000 $2,239 3.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $290,000 $145,000 $1,729 3.50%
TUCSON, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $0 3.81%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $1,599 3.00%
Grand Rapids, MN (FHA|USDA|VA) 1 $165,000 $165,000 $3,695 2.75%
TOPEKA, KS (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $0 2.88%
UTICA-ROME, NY (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.25%
Marshall, MN (FHA|USDA|VA) 1 $85,000 $85,000 $1,326 2.13%
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)
  • Idaho (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 771 $233,295,000 $302,588 $2,374 3.12%
    FHA 51 $8,925,000 $175,000 $5,959 3.25%
    VA 26 $6,830,000 $262,692 $3,591 2.61%
    USDA 2 $170,000 $85,000 $3,252 3.40%

    For 2020, Western State Bank's most frequently originated type of loan was Conventional, with 771 originations. Their 2nd most popular type was FHA, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 376 $124,400,000 $330,851 $2,102 3.04%
    Home Purchase 294 $83,110,000 $282,687 $3,586 3.19%
    Cash Out Refi 172 $41,440,000 $240,930 $2,424 3.06%
    Other 5 $225,000 $45,000 $166 5.40%
    Home Improvement 3 $45,000 $15,000 $208 4.58%

    For 2020, Western State Bank's most frequently cited loan purpose was Refi, with 376 originations. The 2nd most popular reason was Home Purchase, with 294 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 593 $142,235,000 $239,857 $2,895 3.08%
    15 Year 138 $26,120,000 $189,275 $2,155 2.65%
    20 Year 39 $8,805,000 $225,769 $2,263 3.07%
    5 Year 30 $17,610,000 $587,000 $310 4.45%
    10 Year 25 $38,995,000 $1,559,800 $1,453 3.60%
    Other 16 $13,540,000 $846,250 $998 4.28%
    1 Year 9 $1,915,000 $212,778 $890 4.67%

    For 2020, Western State Bank's most frequently cited loan duration was 30 Year, with 593 originations. The 2nd most popular length was 15 Year, with 138 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 640 $144,230,000 $225,359
    $1k-2k 63 $14,405,000 $228,651
    $2k-3k 22 $6,020,000 $273,636
    $3k-4k 14 $3,870,000 $276,429
    $4k-5k 5 $1,265,000 $253,000
    $5k+ 3 $2,095,000 $698,333

    Western State Bank's average total fees were $2,895, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 640 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 339 $121,235,000 $357,625
    2.5-3% 323 $76,085,000 $235,557
    <2.5% 129 $27,135,000 $210,349
    4-5% 47 $22,685,000 $482,660
    5-6% 10 $1,950,000 $195,000
    6-7% 2 $130,000 $65,000

    During 2020, Western State Bank's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 339 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 383 $103,445,000 $270,091 $2,863 3.03%
    $100k-200k 306 $46,890,000 $153,235 $2,467 3.07%
    $100,000 or less 75 $5,015,000 $66,867 $1,787 3.39%
    $400k-600k 65 $31,035,000 $477,462 $3,210 3.17%
    $1MM+ 15 $57,935,000 $3,862,333 $0 4.01%
    $600k-1MM 6 $4,900,000 $816,667 $0 4.53%

    2020 saw Western State Bank place emphasis on $200k-400k loans with 383 originations, totaling $103,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 183 $46,385,000 $253,470 $2,521 3.01%
    $50k-75k 176 $31,430,000 $178,580 $2,741 3.14%
    $75k-100k 150 $32,830,000 $218,867 $2,983 3.06%
    $150k-250k 119 $33,015,000 $277,437 $2,565 3.12%
    $50k or less 101 $14,815,000 $146,683 $2,496 3.00%
    $250k+ 46 $16,500,000 $358,696 $2,908 3.09%

    Western State Bank lent most frequently to those with incomes in the $100k-150k range, with 183 originations. The second most popular income band? $50k-75k, with 176 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 200 $46,180,000 $230,900 $2,494 2.95%
    30-36% 164 $35,940,000 $219,146 $2,639 3.03%
    <20% 120 $25,260,000 $210,500 $2,222 2.96%
    41% 33 $7,175,000 $217,424 $2,529 3.16%
    44% 33 $7,845,000 $237,727 $3,107 3.21%
    39% 31 $7,445,000 $240,161 $2,698 3.11%
    43% 28 $7,330,000 $261,786 $3,337 3.19%
    38% 27 $6,995,000 $259,074 $2,720 3.10%
    42% 26 $5,680,000 $218,462 $2,669 3.13%
    40% 24 $4,580,000 $190,833 $2,876 2.88%
    36% 22 $5,240,000 $238,182 $2,685 2.95%
    37% 21 $4,865,000 $231,667 $2,726 3.28%
    49% 20 $4,620,000 $231,000 $3,923 3.28%
    45% 14 $3,620,000 $258,571 $3,293 3.12%
    47% 13 $3,015,000 $231,923 $3,273 2.95%
    48% 11 $2,505,000 $227,727 $3,030 2.91%
    46% 9 $1,485,000 $165,000 $2,990 3.53%
    50-60% 4 $670,000 $167,500 $2,980 5.15%
    >60% 2 $660,000 $330,000 $0 5.00%

    Western State Bank lent most frequently to those with DTI ratios of 20-30%, with 200 originations. The next most common DTI ratio? 30-36%, with 164 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 720 $161,470,000 $224,264 $2,530 3.05%
    Not applicable 43 $66,655,000 $1,550,116 $0 4.27%
    Not provided 59 $15,155,000 $256,864 $3,507 3.14%
    Black 10 $2,380,000 $238,000 $5,099 3.04%
    Asian 10 $2,160,000 $216,000 $3,407 2.85%
    American Indian 8 $1,400,000 $175,000 $3,883 3.24%

    Approval Rates

    Total approvals of all applications
    90.83%

    Western State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.53%

    Western State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $15,000 $15,000
    NA 849 $249,205,000 $293,528

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $275,000 $275,000
    Multifamily:Site-Built 17 $55,565,000 $3,268,529
    Single Family (1-4 Units):Manufactured 3 $155,000 $51,667
    Single Family (1-4 Units):Site-Built 829 $193,225,000 $233,082

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $9,405,000 $165,000 $1,843 3.33%
    40-60% 147 $35,735,000 $243,095 $2,102 2.91%
    60-80% 375 $128,135,000 $341,693 $2,387 3.15%
    80-100% 256 $72,980,000 $285,078 $3,512 3.10%
    Over 100% 3 $1,575,000 $525,000 $4,943 3.88%
    Under 20% 12 $1,390,000 $115,833 $165 3.58%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WESTERN ALLIANCE BANCORPORATION Other type of mortgage Trouble during payment process 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 $65,365
    Western State Bank 110 Fourth Street Se Devils Lake, ND 58301 Full Service B&M $339,389
    Western State Bank 1412 East Florence Boulevard Casa Grande, AZ 85122 Full Service B&M $86,950
    Western State Bank 19440 North R. H. Johnson Boulevard Sun City West, AZ 85375 Full Service B&M $60,722
    Western State Bank 4302 13th Avenue South Fargo, ND 58103 Full Service B&M $38,893
    Western State Bank 5901 E Mckellips Rd, Ste 104 Mesa, AZ 85215 Full Service B&M $21,371
    Western State Bank 7001 North Scottsdale Road, Suite 1000 Scottsdale, AZ 85253 Full Service B&M $126,640
    Western State Bank 755 13th Avenue East West Fargo, ND 58078 Full Service B&M $257,767
    Western State Bank 976 West Chandler Boulevard Chandler, AZ 85225 Full Service B&M $271,536

    For 2020, Western State Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $78,933
    Net interest income $66,499
    Total noninterest income $10,335
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $413
    Trading account gains and fees $0
    Additional Noninterest Income $9,922
    Pre-tax net operating income $27,135
    Securities gains (or losses, -) $22
    Income before extraordinary items $20,668
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $20,668
    Minority interest net income $0
    Net income $20,668
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $20,650

    Western State Bank's gross interest income from loans was $78,933,000.
    Western State Bank's net interest income from loans was $66,499,000.
    Western State Bank's fee based income from loans was $413,000.
    Western State Bank's net income from loans was $20,668,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,434
    Provision for credit losses $12,135
    Total noninterest expense $37,564
    Salaries and employee benefits $24,488
    Premises and equipment expense $5,126
    Additional noninterest expense $7,950
    Applicable income taxes $6,489
    Net charge-offs $2,925
    Cash dividends $5,500

    Western State Bank's interest expense for loans was $12,434,000.
    Western State Bank's payroll and benefits expense were $24,488,000.
    Western State Bank's property, plant and equipment expenses $5,126,000.

    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 $1,282,164
    Deposits held in domestic offices $1,282,164
    Deposits by Individuals, partnerships, and corporations $1,249,461
    Deposits by U.S. Government $20
    Deposits by States and political subdivisions in the U.S. $32,683
    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 $178,335
    Demand deposits $127,949
    Nontransaction accounts $1,103,829
    Money market deposit accounts (MMDAs) $494,988
    Other savings deposits (excluding MMDAs) $306,255
    Total time deposits $302,585
    Total time and savings deposits $1,154,215
    Noninterest-bearing deposits $127,949
    Interest-bearing deposits $1,154,215
    Retail deposits $1,154,742
    IRAs and Keogh plan accounts $25,672
    Brokered deposits $63,165
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,526,801
    Cash & Balances due from depository institutions $134,003
    Interest-bearing balances $109,602
    Total securities $34,628
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,324,915
    Loan and leases loss allowance $27,620
    Trading account assets $0
    Bank premises and fixed assets $16,935
    Other real estate owned $0
    Goodwill and other intangibles $60
    All other assets $16,260

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,526,801
    Total Liabilities $1,375,477
    Total deposits $1,282,164
    Interest-bearing deposits $1,154,215
    Deposits held in domestic offices $1,282,164
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $74,711
    Subordinated debt $0
    All other liabilities $18,602

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,324,915
    Loan and leases loss allowance $27,620
    Total loans and leases (domestic) $1,352,535
    All real estate loans $568,901
    Real estate loans in domestic offices $568,901
    Construction and development loans $85,480
    Residential 1-4 family construction $37,139
    Other construction, all land development and other land $48,341
    Loans secured by nonfarm nonresidential properties $281,257
    Nonfarm nonresidential secured by owner-occupied properties $75,222
    Commercial real estate & other non-farm, non-residential $206,035
    Multifamily residential real estate $69,509
    1-4 family residential loans $121,461
    Farmland loans $11,194
    Loans held in foreign offices $0
    Farm loans $23,975
    Commercial and industrial loans $711,856
    To non-U.S. addressees $0
    Loans to individuals $12,245
    Credit card loans $0
    Related Plans $586
    Consumer Auto Loans $5,282
    Other loans to individuals $6,377
    All other loans & leases $35,558
    Loans to foreign governments and official institutions $0
    Other loans $212
    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 $3,567
    Non 1-4 family restructured loans & leases $3,567
    Total loans and leases (foreign) $0

    Western State Bank had $1,324,915,000 of loans outstanding in 2020. $568,901,000 of loans were in real estate loans. $85,480,000 of loans were in development loans. $69,509,000 of loans were in multifamily mortgage loans. $121,461,000 of loans were in 1-4 family mortgage loans. $23,975,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,282,000 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 670 $110,045 $164,246
    Nonfarm, nonresidential loans - <$100k 140 $7,904 $56,457
    Nonfarm, nonresidential loans - $100-250k 295 $25,515 $86,492
    Nonfarm, nonresidential loans - $250k-1MM 235 $76,626 $326,068
    Commercial & Industrial, US addressed loans - <$1MM 12,008 $563,230 $46,905
    Commercial & Industrial, US addressed loans - <$100k 9,834 $252,386 $25,665
    Commercial & Industrial, US addressed loans - $100-250k 1,661 $170,877 $102,876
    Commercial & Industrial, US addressed loans - $250k-1MM 513 $139,967 $272,840
    Farmland loans - <$1MM 40 $4,313 $107,825
    Farmland loans - <$100k 10 $397 $39,700
    Farmland loans - $100-250k 23 $2,656 $115,478
    Farmland loans - $250k-1MM 7 $1,260 $180,000
    Agriculture operations loans - <$1MM 192 $16,593 $86,422
    Agriculture operations loans - <$100k 108 $2,600 $24,074
    Agriculture operations loans - $100-250k 50 $4,118 $82,360
    Agriculture operations loans - $250k-1MM 34 $9,875 $290,441