Midwest Bank Mortgage Rates, Fees & Info

Monmouth, IL

LEI: 254900YK0G0T2WULHK84

Tax ID: 37-0435187

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

Jump to:

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. They have a low ratio of USDA loans. Their top markets by origination volume include: Peoria, Galesburg, Davenport, Burlington, and Punta Gorda among others. We have data for 10 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 an above 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.

    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.


    Originations

    143

    Origination Dollar Volume (All Markets)

    $12,905,000

    Employee count

    128

    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 53 $3,725,000 $70,283 $0 0.00%
    PEORIA, IL (FHA|USDA|VA) 13 $2,575,000 $198,077 $0 0.00%
    Galesburg, IL (FHA|USDA|VA) 32 $2,470,000 $77,188 $0 0.00%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 20 $1,930,000 $96,500 $0 0.00%
    Burlington, IA-IL (FHA|USDA|VA) 19 $1,185,000 $62,368 $0 0.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    Ottawa, IL (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
    ALBANY, GA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Midwest Bank's top markets include Peoria, Galesburg, Davenport, Burlington, and Punta Gorda among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $12,775,000 $90,603 $0 0.00%
    USDA 2 $130,000 $65,000 $0 0.00%

    For 2018, Midwest Bank's most frequently originated type of loan was Conventional, with 141 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 66 $6,710,000 $101,667 $0 0.00%
    Refi 64 $5,350,000 $83,594 $0 0.00%
    Cash Out Refi 7 $585,000 $83,571 $0 0.00%
    Home Improvement 6 $260,000 $43,333 $0 0.00%

    For 2018, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 143 $12,905,000 $90,245 $0 0.00%

    For 2018, Midwest Bank's most frequently cited loan duration was Other, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 96 $4,990,000 $51,979 $0 0.00%
    $100k-200k 36 $4,600,000 $127,778 $0 0.00%
    $200k-400k 10 $2,860,000 $286,000 $0 0.00%
    $400k-600k 1 $455,000 $455,000 $0 0.00%

    2018 saw Midwest Bank place emphasis on $100,000 or less loans with 96 originations, totaling $4,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 37 $2,185,000 $59,054 $0 0.00%
    $50k-75k 36 $2,990,000 $83,056 $0 0.00%
    $75k-100k 25 $2,135,000 $85,400 $0 0.00%
    $100k-150k 22 $2,450,000 $111,364 $0 0.00%
    $150k-250k 10 $1,020,000 $102,000 $0 0.00%
    $250k+ 3 $1,155,000 $385,000 $0 0.00%

    Midwest Bank lent most frequently to those with incomes in the $50k or less range, with 37 originations. The second most popular income band? $50k-75k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 143 $12,905,000 $90,245 $0 0.00%

    Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 131 $11,955,000 $91,260 $0 0.00%
    Not applicable 7 $765,000 $109,286 $0 0.00%
    Black 2 $110,000 $55,000 $0 0.00%
    Not provided 2 $50,000 $25,000 $0 0.00%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.75%

    Midwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.91%

    Midwest Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 143 $12,905,000 $90,245

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $685,000 $228,333
    Single Family (1-4 Units):Manufactured 3 $105,000 $35,000
    Single Family (1-4 Units):Site-Built 137 $12,115,000 $88,431

    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 Sixth And Schuyler Streets Oquawka, IL 61469 Full Service B&M $33,908
    Midwest Bank 106 South Kirk Street Kirkwood, IL 61447 Limited, Drive-thru $0
    Midwest Bank 1120 North 6th Street Monmouth, IL 61462 Limited, Drive-thru $4,964
    Midwest Bank 1150 North 6th Street, Suite A Monmouth, IL 61462 Full Service B&M $1,039
    Midwest Bank 200 East Broadway Monmouth, IL 61462 Full Service B&M $210,190
    Midwest Bank 200 Se 13th Avenue Ct Aledo, IL 61231 Full Service B&M $31,178
    Midwest Bank 2558 North Seminary St Galesburg, IL 61401 Full Service B&M $48,690
    Midwest Bank 612 West Main Street Galesburg, IL 61401 Full Service B&M $21,812

    For 2018, Midwest Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $18,643
    Net interest income $15,449
    Total noninterest income $4,767
    Gross Fiduciary activities income $371
    Service charges on deposit accounts $1,191
    Trading account gains and fees $0
    Additional Noninterest Income $3,205
    Pre-tax net operating income $5,387
    Securities gains (or losses, -) $17
    Income before extraordinary items $4,307
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,307
    Minority interest net income $0
    Net income $4,307
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,293

    Midwest Bank's gross interest income from loans was $18,643,000.
    Midwest Bank's net interest income from loans was $15,449,000.
    Midwest Bank's fee based income from loans was $1,191,000.
    Midwest Bank's net income from loans was $4,307,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,194
    Provision for credit losses $880
    Total noninterest expense $13,949
    Salaries and employee benefits $8,376
    Premises and equipment expense $2,113
    Additional noninterest expense $3,460
    Applicable income taxes $1,097
    Net charge-offs $477
    Cash dividends $4,000

    Midwest Bank's interest expense for loans was $3,194,000.
    Midwest Bank's payroll and benefits expense were $8,376,000.
    Midwest Bank's property, plant and equipment expenses $2,113,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $393,943
    Deposits held in domestic offices $393,943
    Deposits by Individuals, partnerships, and corporations $371,985
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $21,957
    Deposits by Commercial banks and other depository institutions in U.S. $1
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $33,318
    Demand deposits $14,554
    Nontransaction accounts $360,625
    Money market deposit accounts (MMDAs) $47,645
    Other savings deposits (excluding MMDAs) $203,955
    Total time deposits $109,025
    Total time and savings deposits $379,389
    Noninterest-bearing deposits $51,213
    Interest-bearing deposits $342,730
    Retail deposits $361,518
    IRAs and Keogh plan accounts $9,208
    Brokered deposits $22,685
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $513,285
    Cash & Balances due from depository institutions $19,346
    Interest-bearing balances $7,335
    Total securities $142,472
    Federal funds sold & reverse repurchase $0
    Net loans and leases $303,668
    Loan and leases loss allowance $2,998
    Trading account assets $0
    Bank premises and fixed assets $7,105
    Other real estate owned $2,077
    Goodwill and other intangibles $17,030
    All other assets $21,587

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $513,285
    Total Liabilities $453,078
    Total deposits $393,943
    Interest-bearing deposits $342,730
    Deposits held in domestic offices $393,943
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $25,780
    Trading liabilities $0
    Other borrowed funds $29,000
    Subordinated debt $0
    All other liabilities $4,355

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $303,668
    Loan and leases loss allowance $2,998
    Total loans and leases (domestic) $306,666
    All real estate loans $193,091
    Real estate loans in domestic offices $193,091
    Construction and development loans $10,039
    Residential 1-4 family construction $2,705
    Other construction, all land development and other land $7,334
    Loans secured by nonfarm nonresidential properties $52,493
    Nonfarm nonresidential secured by owner-occupied properties $545
    Commercial real estate & other non-farm, non-residential $51,948
    Multifamily residential real estate $12,065
    1-4 family residential loans $52,641
    Farmland loans $65,853
    Loans held in foreign offices $0
    Farm loans $49,730
    Commercial and industrial loans $41,735
    To non-U.S. addressees $0
    Loans to individuals $13,933
    Credit card loans $528
    Related Plans $126
    Consumer Auto Loans $9,457
    Other loans to individuals $3,822
    All other loans & leases $8,177
    Loans to foreign governments and official institutions $0
    Other loans $4,515
    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 $1,159
    Non 1-4 family restructured loans & leases $1,159
    Total loans and leases (foreign) $0

    Midwest Bank had $303,668,000 of loans outstanding in 2018. $193,091,000 of loans were in real estate loans. $10,039,000 of loans were in development loans. $12,065,000 of loans were in multifamily mortgage loans. $52,641,000 of loans were in 1-4 family mortgage loans. $49,730,000 of loans were in farm loans. $528,000 of loans were in credit card loans. $9,457,000 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 146 $25,252 $172,959
    Nonfarm, nonresidential loans - <$100k 64 $2,719 $42,484
    Nonfarm, nonresidential loans - $100-250k 43 $5,637 $131,093
    Nonfarm, nonresidential loans - $250k-1MM 39 $16,896 $433,231
    Commercial & Industrial, US addressed loans - <$1MM 265 $27,634 $104,279
    Commercial & Industrial, US addressed loans - <$100k 167 $4,021 $24,078
    Commercial & Industrial, US addressed loans - $100-250k 45 $5,239 $116,422
    Commercial & Industrial, US addressed loans - $250k-1MM 53 $18,374 $346,679
    Farmland loans - <$1MM 188 $26,530 $141,117
    Farmland loans - <$100k 49 $2,095 $42,755
    Farmland loans - $100-250k 92 $12,049 $130,967
    Farmland loans - $250k-1MM 47 $12,386 $263,532
    Agriculture operations loans - <$1MM 357 $27,976 $78,364
    Agriculture operations loans - <$100k 230 $6,450 $28,043
    Agriculture operations loans - $100-250k 84 $10,742 $127,881
    Agriculture operations loans - $250k-1MM 43 $10,784 $250,791