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 Refi and Home Purchase loans. Midwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lincoln, Las Vegas, and Omaha among others. We have data for 4 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

    148

    Origination Dollar Volume (All Markets)

    $23,570,000

    Employee count

    145

    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 94 $13,610,000 $144,787 $0 0.00%
    LINCOLN, NE (FHA|USDA|VA) 48 $8,880,000 $185,000 $0 0.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 4 $890,000 $222,500 $0 0.00%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $190,000 $95,000 $0 0.00%
    Midwest Bank's top markets include Lincoln, Las Vegas, and Omaha among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 148 $23,570,000 $159,257 $0 0.00%

    For 2020, Midwest Bank's most frequently originated type of loan was Conventional, with 148 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 76 $13,360,000 $175,789 $0 0.00%
    Home Purchase 62 $8,920,000 $143,871 $0 0.00%
    Home Improvement 6 $170,000 $28,333 $0 0.00%
    Other 4 $1,120,000 $280,000 $0 0.00%

    For 2020, Midwest Bank's most frequently cited loan purpose was Refi, with 76 originations. The 2nd most popular reason was Home Purchase, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 148 $23,570,000 $159,257 $0 0.00%

    For 2020, Midwest Bank's most frequently cited loan duration was Other, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $3,555,000 $62,368 $0 0.00%
    $100k-200k 47 $6,595,000 $140,319 $0 0.00%
    $200k-400k 37 $9,905,000 $267,703 $0 0.00%
    $400k-600k 6 $2,890,000 $481,667 $0 0.00%
    $600k-1MM 1 $625,000 $625,000 $0 0.00%

    2020 saw Midwest Bank place emphasis on $100,000 or less loans with 57 originations, totaling $3,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 27 $2,835,000 $105,000 $0 0.00%
    $50k-75k 19 $2,605,000 $137,105 $0 0.00%
    $75k-100k 16 $2,960,000 $185,000 $0 0.00%
    $100k-150k 15 $2,635,000 $175,667 $0 0.00%
    $150k-250k 5 $995,000 $199,000 $0 0.00%
    $250k+ 5 $1,355,000 $271,000 $0 0.00%

    Midwest Bank lent most frequently to those with incomes in the $50k or less range, with 27 originations. The second most popular income band? $50k-75k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 148 $23,570,000 $159,257 $0 0.00%

    Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 148 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 83 $12,395,000 $149,337 $0 0.00%
    Not applicable 58 $9,740,000 $167,931 $0 0.00%
    Asian 6 $1,400,000 $233,333 $0 0.00%
    American Indian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.12%

    Midwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    46.62%

    Midwest Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 148 $23,570,000 $159,257

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 38 $7,850,000 $206,579
    Single Family (1-4 Units):Site-Built 110 $15,720,000 $142,909

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    Midwest Loan Services, Inc. Conventional home mortgage Incorrect information on your report 1 16.7%
    Midwest Loan Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 16.7%
    Midwest Loan Services, Inc. Conventional home mortgage Trouble during payment process 2 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 $120,259
    Midwest Bank National Association 114 W Main Street Pierce, NE 68767 Full Service B&M $100,003
    Midwest Bank National Association 149 N Main St Pilger, NE 68768 Full Service B&M $33,392
    Midwest Bank National Association 2501 Benjamin Avenue Norfolk, NE 68702 Full Service B&M $139,086
    Midwest Bank National Association 2655 Jamie Lane, Suite 3 Lincoln, NE 68512 Full Service B&M $111,117
    Midwest Bank National Association 302 E. Park Ave. Plainview, NE 68769 Full Service B&M $54,636
    Midwest Bank National Association 506 S. 13th Street Norfolk, NE 68702 Full Service B&M $10,519
    Midwest Bank National Association 606 Main Street Creighton, NE 68729 Full Service B&M $88,263
    Midwest Bank National Association 701 4th St Deshler, NE 68340 Full Service B&M $53,013
    Midwest Bank National Association 920 Avenue E Wisner, NE 68791 Full Service B&M $29,763

    For 2020, Midwest Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $35,044
    Net interest income $27,509
    Total noninterest income $5,332
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $677
    Trading account gains and fees $0
    Additional Noninterest Income $4,655
    Pre-tax net operating income $14,055
    Securities gains (or losses, -) $0
    Income before extraordinary items $11,415
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,415
    Minority interest net income $0
    Net income $11,415
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,415

    Midwest Bank's gross interest income from loans was $35,044,000.
    Midwest Bank's net interest income from loans was $27,509,000.
    Midwest Bank's fee based income from loans was $677,000.
    Midwest Bank's net income from loans was $11,415,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,535
    Provision for credit losses $375
    Total noninterest expense $18,411
    Salaries and employee benefits $13,215
    Premises and equipment expense $1,321
    Additional noninterest expense $3,875
    Applicable income taxes $2,640
    Net charge-offs $-71
    Cash dividends $4,250

    Midwest Bank's interest expense for loans was $7,535,000.
    Midwest Bank's payroll and benefits expense were $13,215,000.
    Midwest Bank's property, plant and equipment expenses $1,321,000.

    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 $747,550
    Deposits held in domestic offices $747,550
    Deposits by Individuals, partnerships, and corporations $631,465
    Deposits by U.S. Government $6,954
    Deposits by States and political subdivisions in the U.S. $91,032
    Deposits by Commercial banks and other depository institutions in U.S. $18,099
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $241,115
    Demand deposits $118,402
    Nontransaction accounts $506,435
    Money market deposit accounts (MMDAs) $158,015
    Other savings deposits (excluding MMDAs) $57,310
    Total time deposits $291,110
    Total time and savings deposits $629,148
    Noninterest-bearing deposits $118,402
    Interest-bearing deposits $629,148
    Retail deposits $663,534
    IRAs and Keogh plan accounts $23,795
    Brokered deposits $34,134
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $880,780
    Cash & Balances due from depository institutions $39,743
    Interest-bearing balances $28,875
    Total securities $212,578
    Federal funds sold & reverse repurchase $0
    Net loans and leases $584,615
    Loan and leases loss allowance $9,527
    Trading account assets $0
    Bank premises and fixed assets $27,920
    Other real estate owned $38
    Goodwill and other intangibles $1,892
    All other assets $13,994

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $880,780
    Total Liabilities $792,383
    Total deposits $747,550
    Interest-bearing deposits $629,148
    Deposits held in domestic offices $747,550
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $2,750
    Trading liabilities $0
    Other borrowed funds $40,439
    Subordinated debt $0
    All other liabilities $1,644

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $584,615
    Loan and leases loss allowance $9,527
    Total loans and leases (domestic) $594,142
    All real estate loans $337,856
    Real estate loans in domestic offices $337,856
    Construction and development loans $13,714
    Residential 1-4 family construction $6,921
    Other construction, all land development and other land $6,793
    Loans secured by nonfarm nonresidential properties $130,416
    Nonfarm nonresidential secured by owner-occupied properties $26,161
    Commercial real estate & other non-farm, non-residential $104,255
    Multifamily residential real estate $0
    1-4 family residential loans $39,826
    Farmland loans $153,900
    Loans held in foreign offices $0
    Farm loans $171,864
    Commercial and industrial loans $69,816
    To non-U.S. addressees $0
    Loans to individuals $14,030
    Credit card loans $0
    Related Plans $42
    Consumer Auto Loans $8,538
    Other loans to individuals $5,450
    All other loans & leases $576
    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 $584,615,000 of loans outstanding in 2020. $337,856,000 of loans were in real estate loans. $13,714,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $39,826,000 of loans were in 1-4 family mortgage loans. $171,864,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,538,000 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 430 $55,805 $129,779
    Nonfarm, nonresidential loans - <$100k 213 $9,799 $46,005
    Nonfarm, nonresidential loans - $100-250k 150 $19,512 $130,080
    Nonfarm, nonresidential loans - $250k-1MM 67 $26,494 $395,433
    Commercial & Industrial, US addressed loans - <$1MM 811 $40,550 $50,000
    Commercial & Industrial, US addressed loans - <$100k 653 $13,709 $20,994
    Commercial & Industrial, US addressed loans - $100-250k 100 $9,837 $98,370
    Commercial & Industrial, US addressed loans - $250k-1MM 58 $17,004 $293,172
    Farmland loans - <$1MM 351 $60,017 $170,989
    Farmland loans - <$100k 75 $3,780 $50,400
    Farmland loans - $100-250k 138 $17,394 $126,043
    Farmland loans - $250k-1MM 138 $38,843 $281,471
    Agriculture operations loans - <$1MM 1,168 $85,935 $73,574
    Agriculture operations loans - <$100k 839 $25,189 $30,023
    Agriculture operations loans - $100-250k 198 $28,108 $141,960
    Agriculture operations loans - $250k-1MM 131 $32,638 $249,145