Western Bank Mortgage Rates, Fees & Info
Lubbock, TXLEI: 5493000EAQ6YVQD0ZB49
Tax ID: 74-0962510
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Mortgage Data
Bank Data
Review & Overview
Western Bank is a smaller bank specializing in Home Purchase loans. Western Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lubbock, Amarillo, Dallas, Abilene, and Breckenridge among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Western 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
82Origination Dollar Volume (All Markets)
$23,550,000Employee count
82Top 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 |
|---|---|---|---|---|---|
| LUBBOCK, TX (FHA|USDA|VA) | 36 | $8,680,000 | $241,111 | $4,642 | 4.90% |
| AMARILLO, TX (FHA|USDA|VA) | 8 | $4,620,000 | $577,500 | $0 | 4.39% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $2,990,000 | $1,495,000 | $0 | 4.50% |
| ABILENE, TX (FHA|USDA|VA) | 19 | $2,225,000 | $117,105 | $0 | 5.01% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $1,365,000 | $1,365,000 | $0 | 4.25% |
| Big Spring, TX (FHA|USDA|VA) | 5 | $775,000 | $155,000 | $0 | 5.74% |
| Granbury, TX (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 4.25% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $0 | 5.00% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 4.25% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 4.25% |
| Lamesa, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 5.00% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.00% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 6.00% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.25% |
| Brownwood, TX (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| Sweetwater, TX (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.75% |
| Levelland, TX (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 79 | $23,225,000 | $293,987 | $4,642 | 4.87% |
| HELOC | 3 | $325,000 | $108,333 | n/a | 5.25% |
For 2021, Western Bank's most frequently originated type of loan was Conventional, with 79 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
For 2021, Western Bank's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Loan Duration/Length
For 2021, Western Bank's most frequently cited loan duration was 5 Year, with 56 originations. The 2nd most popular length was 1 Year, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 2 | $990,000 | $495,000 |
Western Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 54 | $15,810,000 | $292,778 |
| 5-6% | 21 | $3,055,000 | $145,476 |
| 3-4% | 7 | $4,685,000 | $669,286 |
During 2021, Western Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 54 originations.
Loan Sizing
2021 saw Western Bank place emphasis on $100k-200k loans with 26 originations, totaling $3,720,000 in origination value.
Applicant Income
Western Bank lent most frequently to those with incomes in the $250k+ range, with 13 originations. The second most popular income band? $150k-250k, with 10 originations.
Applicant Debt to Income Ratio
Western Bank lent most frequently to those with DTI ratios of >60%, with 13 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 46 | $14,610,000 | $317,609 | $0 | 4.91% |
| White | 36 | $8,940,000 | $248,333 | $4,642 | 4.85% |
Approval Rates
Total approvals of all applications96.08%
Western Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.46%
Western Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 82 | $23,550,000 | $287,195 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WESTERN ALLIANCE BANCORPORATION | Conventional home mortgage | Trouble during payment process | 2 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Western Bank | 100 S Main Street Loraine, TX 79532 | Full Service B&M | $14,286 |
| Western Bank | 1110 Clements Brownwood, TX 76801 | Full Service B&M | $31,890 |
| Western Bank | 1617 Broadway Lubbock, TX 79401 | Full Service B&M | $46,559 |
| Western Bank | 2550 Buffalo Gap Rd Abilene, TX 79605 | Full Service B&M | $50,778 |
| Western Bank | 3 Main Avenue Gruver, TX 79040 | Full Service B&M | $59,738 |
| Western Bank | 5701 82nd Street Lubbock, TX 79424 | Full Service B&M | $25,443 |
| Western Bank | 607 S. Scurry Big Spring, TX 79720 | Full Service B&M | $117,965 |
For 2021, Western Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $16,735 |
| Net interest income | $15,460 |
| Total noninterest income | $1,329 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $519 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $810 |
| Pre-tax net operating income | $5,036 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $5,036 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,036 |
| Minority interest net income | $0 |
| Net income | $5,036 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,036 |
Western Bank's gross interest income from loans was $16,735,000.
Western Bank's net interest income from loans was $15,460,000.
Western Bank's fee based income from loans was $519,000.
Western Bank's net income from loans was $5,036,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,275 |
| Provision for credit losses | $370 |
| Total noninterest expense | $11,383 |
| Salaries and employee benefits | $7,095 |
| Premises and equipment expense | $1,612 |
| Additional noninterest expense | $2,676 |
| Applicable income taxes | $0 |
| Net charge-offs | $-31 |
| Cash dividends | $3,825 |
Western Bank's interest expense for loans was $1,275,000.
Western Bank's payroll and benefits expense were $7,095,000.
Western Bank's property, plant and equipment expenses $1,612,000.
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 | $377,075 |
| Deposits held in domestic offices | $377,075 |
| Deposits by Individuals, partnerships, and corporations | $336,044 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $41,031 |
| 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 | $187,375 |
| Demand deposits | $123,522 |
| Nontransaction accounts | $189,700 |
| Money market deposit accounts (MMDAs) | $48,121 |
| Other savings deposits (excluding MMDAs) | $48,118 |
| Total time deposits | $93,461 |
| Total time and savings deposits | $253,553 |
| Noninterest-bearing deposits | $123,522 |
| Interest-bearing deposits | $253,554 |
| Retail deposits | $338,885 |
| IRAs and Keogh plan accounts | $5,553 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $414,424 |
| Cash & Balances due from depository institutions | $41,629 |
| Interest-bearing balances | $37,121 |
| Total securities | $42,925 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $300,300 |
| Loan and leases loss allowance | $3,763 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $19,174 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $184 |
| All other assets | $10,212 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $414,424 |
| Total Liabilities | $377,665 |
| Total deposits | $377,075 |
| Interest-bearing deposits | $253,554 |
| Deposits held in domestic offices | $377,075 |
| % insured (estimated) | $68 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $590 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $300,300 |
| Loan and leases loss allowance | $3,763 |
| Total loans and leases (domestic) | $304,063 |
| All real estate loans | $217,619 |
| Real estate loans in domestic offices | $217,619 |
| Construction and development loans | $31,565 |
| Residential 1-4 family construction | $6,745 |
| Other construction, all land development and other land | $24,820 |
| Loans secured by nonfarm nonresidential properties | $89,331 |
| Nonfarm nonresidential secured by owner-occupied properties | $25,096 |
| Commercial real estate & other non-farm, non-residential | $64,235 |
| Multifamily residential real estate | $9,686 |
| 1-4 family residential loans | $58,524 |
| Farmland loans | $28,513 |
| Loans held in foreign offices | $0 |
| Farm loans | $23,323 |
| Commercial and industrial loans | $52,598 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,500 |
| Credit card loans | $0 |
| Related Plans | $18 |
| Consumer Auto Loans | $657 |
| Other loans to individuals | $825 |
| All other loans & leases | $9,024 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $658 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $259 |
| 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 |
Western Bank had $300,300,000 of loans outstanding in 2021. $217,619,000 of loans were in real estate loans. $31,565,000 of loans were in development loans. $9,686,000 of loans were in multifamily mortgage loans. $58,524,000 of loans were in 1-4 family mortgage loans. $23,323,000 of loans were in farm loans. $0 of loans were in credit card loans. $657,000 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 | 131 | $30,653 | $233,992 |
| Nonfarm, nonresidential loans - <$100k | 24 | $1,067 | $44,458 |
| Nonfarm, nonresidential loans - $100-250k | 48 | $6,336 | $132,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 59 | $23,250 | $394,068 |
| Commercial & Industrial, US addressed loans - <$1MM | 351 | $27,920 | $79,544 |
| Commercial & Industrial, US addressed loans - <$100k | 244 | $5,900 | $24,180 |
| Commercial & Industrial, US addressed loans - $100-250k | 47 | $3,863 | $82,191 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 60 | $18,157 | $302,617 |
| Farmland loans - <$1MM | 29 | $5,166 | $178,138 |
| Farmland loans - <$100k | 6 | $220 | $36,667 |
| Farmland loans - $100-250k | 12 | $1,635 | $136,250 |
| Farmland loans - $250k-1MM | 11 | $3,311 | $301,000 |
| Agriculture operations loans - <$1MM | 94 | $6,815 | $72,500 |
| Agriculture operations loans - <$100k | 57 | $1,930 | $33,860 |
| Agriculture operations loans - $100-250k | 25 | $2,286 | $91,440 |
| Agriculture operations loans - $250k-1MM | 12 | $2,599 | $216,583 |