Midwest Bank Mortgage Rates, Fees & Info

Pierce, NE

LEI: 254900XRXNP494I3AE51

Tax ID: 47-0131280

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Mortgage Data

  • Originations
  • 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 (Closing Costs)

    • Bank Data

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

    • Review & Overview

    Midwest Bank is a smaller bank specializing in Home Purchase and Refi loans. Midwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lincoln, Las Vegas, Omaha, and Beatrice among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Midwest 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.

    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.

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    Originations

    120

    Origination Dollar Volume (All Markets)

    $14,730,000

    Employee count

    136

    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
    Outside of Metro Areas 84 $8,490,000 $101,071 $0 0.00%
    LINCOLN, NE (FHA|USDA|VA) 32 $4,880,000 $152,500 $0 0.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $755,000 $755,000 $0 0.00%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
    Beatrice, NE (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Midwest Bank's top markets include Lincoln, Las Vegas, Omaha, and Beatrice among others.

    Their top states include:
  • (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 120 $14,730,000 $122,750 $0 0.00%

    For 2018, Midwest Bank's most frequently originated type of loan was Conventional, with 120 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 73 $9,325,000 $127,740 $0 0.00%
    Refi 38 $4,880,000 $128,421 $0 0.00%
    Home Improvement 8 $400,000 $50,000 $0 0.00%
    Other 1 $125,000 $125,000 $0 0.00%

    For 2018, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 73 originations. The 2nd most popular reason was Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 120 $14,730,000 $122,750 $0 0.00%

    For 2018, Midwest Bank's most frequently cited loan duration was Other, with 120 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 65 $3,125,000 $48,077 $0 0.00%
    $100k-200k 31 $4,345,000 $140,161 $0 0.00%
    $200k-400k 22 $6,100,000 $277,273 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%
    $600k-1MM 1 $755,000 $755,000 $0 0.00%

    2018 saw Midwest Bank place emphasis on $100,000 or less loans with 65 originations, totaling $3,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 25 $1,625,000 $65,000 $0 0.00%
    $75k-100k 16 $2,100,000 $131,250 $0 0.00%
    $150k-250k 13 $2,835,000 $218,077 $0 0.00%
    $50k-75k 13 $1,235,000 $95,000 $0 0.00%
    $100k-150k 10 $1,860,000 $186,000 $0 0.00%
    $250k+ 7 $1,635,000 $233,571 $0 0.00%

    Midwest Bank lent most frequently to those with incomes in the $50k or less range, with 25 originations. The second most popular income band? $75k-100k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 120 $14,730,000 $122,750 $0 0.00%

    Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 80 $10,480,000 $131,000 $0 0.00%
    Not applicable 35 $3,315,000 $94,714 $0 0.00%
    Asian 4 $920,000 $230,000 $0 0.00%
    American Indian 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.61%

    Midwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.67%

    Midwest Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 120 $14,730,000 $122,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $215,000 $215,000
    Multifamily:Site-Built 27 $3,635,000 $134,630
    Single Family (1-4 Units):Manufactured 1 $15,000 $15,000
    Single Family (1-4 Units):Site-Built 91 $10,865,000 $119,396

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Trouble during payment process 2 66.7%
    Midwest Loan Services, Inc. FHA mortgage Trouble during payment process 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Midwest Bank National Association 105 West Elm Street York, NE 68467 Full Service B&M $97,665
    Midwest Bank National Association 114 W Main Street Pierce, NE 68767 Full Service B&M $88,839
    Midwest Bank National Association 149 N Main St Pilger, NE 68768 Full Service B&M $35,272
    Midwest Bank National Association 2501 Benjamin Avenue Norfolk, NE 68702 Full Service B&M $89,034
    Midwest Bank National Association 2655 Jamie Lane Lincoln, NE 68512 Full Service B&M $80,083
    Midwest Bank National Association 302 E. Park Ave. Plainview, NE 68769 Full Service B&M $46,370
    Midwest Bank National Association 506 S. 13th Street Norfolk, NE 68702 Full Service B&M $4,038
    Midwest Bank National Association 606 Main Street Creighton, NE 68729 Full Service B&M $74,903
    Midwest Bank National Association 701 4th St Deshler, NE 68340 Full Service B&M $46,193
    Midwest Bank National Association 920 Avenue E Wisner, NE 68791 Full Service B&M $23,255

    For 2018, Midwest Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $32,861
    Net interest income $25,901
    Total noninterest income $4,016
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $869
    Trading account gains and fees $0
    Additional Noninterest Income $3,147
    Pre-tax net operating income $12,996
    Securities gains (or losses, -) $55
    Income before extraordinary items $10,434
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,434
    Minority interest net income $0
    Net income $10,434
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,390

    Midwest Bank's gross interest income from loans was $32,861,000.
    Midwest Bank's net interest income from loans was $25,901,000.
    Midwest Bank's fee based income from loans was $869,000.
    Midwest Bank's net income from loans was $10,434,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,960
    Provision for credit losses $426
    Total noninterest expense $16,495
    Salaries and employee benefits $11,106
    Premises and equipment expense $1,379
    Additional noninterest expense $4,010
    Applicable income taxes $2,617
    Net charge-offs $91
    Cash dividends $20,500

    Midwest Bank's interest expense for loans was $6,960,000.
    Midwest Bank's payroll and benefits expense were $11,106,000.
    Midwest Bank's property, plant and equipment expenses $1,379,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    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 $670,577
    Deposits held in domestic offices $670,577
    Deposits by Individuals, partnerships, and corporations $551,751
    Deposits by U.S. Government $7,648
    Deposits by States and political subdivisions in the U.S. $100,215
    Deposits by Commercial banks and other depository institutions in U.S. $10,963
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $39,977
    Demand deposits $21,553
    Nontransaction accounts $630,600
    Money market deposit accounts (MMDAs) $130,280
    Other savings deposits (excluding MMDAs) $216,468
    Total time deposits $283,852
    Total time and savings deposits $649,024
    Noninterest-bearing deposits $21,553
    Interest-bearing deposits $649,024
    Retail deposits $602,055
    IRAs and Keogh plan accounts $22,549
    Brokered deposits $14,184
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $760,302
    Cash & Balances due from depository institutions $62,379
    Interest-bearing balances $50,388
    Total securities $115,267
    Federal funds sold & reverse repurchase $0
    Net loans and leases $551,439
    Loan and leases loss allowance $8,953
    Trading account assets $0
    Bank premises and fixed assets $13,115
    Other real estate owned $218
    Goodwill and other intangibles $1,892
    All other assets $15,992

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $760,302
    Total Liabilities $688,558
    Total deposits $670,577
    Interest-bearing deposits $649,024
    Deposits held in domestic offices $670,577
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $767
    Trading liabilities $0
    Other borrowed funds $15,514
    Subordinated debt $0
    All other liabilities $1,700

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $551,439
    Loan and leases loss allowance $8,953
    Total loans and leases (domestic) $560,392
    All real estate loans $303,745
    Real estate loans in domestic offices $303,745
    Construction and development loans $18,026
    Residential 1-4 family construction $4,783
    Other construction, all land development and other land $13,243
    Loans secured by nonfarm nonresidential properties $96,701
    Nonfarm nonresidential secured by owner-occupied properties $32,563
    Commercial real estate & other non-farm, non-residential $64,138
    Multifamily residential real estate $0
    1-4 family residential loans $34,538
    Farmland loans $154,480
    Loans held in foreign offices $0
    Farm loans $183,092
    Commercial and industrial loans $58,984
    To non-U.S. addressees $0
    Loans to individuals $14,141
    Credit card loans $0
    Related Plans $53
    Consumer Auto Loans $8,344
    Other loans to individuals $5,744
    All other loans & leases $431
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Midwest Bank had $551,439,000 of loans outstanding in 2018. $303,745,000 of loans were in real estate loans. $18,026,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $34,538,000 of loans were in 1-4 family mortgage loans. $183,092,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,344,000 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 493 $73,993 $150,087
    Nonfarm, nonresidential loans - <$100k 255 $13,904 $54,525
    Nonfarm, nonresidential loans - $100-250k 165 $25,388 $153,867
    Nonfarm, nonresidential loans - $250k-1MM 73 $34,701 $475,356
    Commercial & Industrial, US addressed loans - <$1MM 676 $53,702 $79,441
    Commercial & Industrial, US addressed loans - <$100k 531 $16,536 $31,141
    Commercial & Industrial, US addressed loans - $100-250k 94 $14,326 $152,404
    Commercial & Industrial, US addressed loans - $250k-1MM 51 $22,840 $447,843
    Farmland loans - <$1MM 357 $78,960 $221,176
    Farmland loans - <$100k 87 $5,653 $64,977
    Farmland loans - $100-250k 141 $24,612 $174,553
    Farmland loans - $250k-1MM 129 $48,695 $377,481
    Agriculture operations loans - <$1MM 1,391 $131,731 $94,702
    Agriculture operations loans - <$100k 1,028 $38,629 $37,577
    Agriculture operations loans - $100-250k 218 $38,365 $175,986
    Agriculture operations loans - $250k-1MM 145 $54,737 $377,497