Bank 7 Mortgage Rates, Fees & Info
Oklahoma City, OKLEI: 5493003OO8EG0RKSFX83
Tax ID: 73-0241651
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Mortgage Data
Bank Data
Review & Overview
Bank 7 is a smaller bank specializing in Home Purchase and Refi loans. Bank 7 has a high proportion of conventional loans. Their top markets by origination volume include: Oklahoma City, Woodward, Denver, Las Vegas, and Dallas among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank 7 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.
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Originations
121Origination Dollar Volume (All Markets)
$27,875,000Employee count
72Top 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 |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 99 | $19,875,000 | $200,758 | $0 | 0.00% |
| Woodward, OK (FHA|USDA|VA) | 12 | $5,050,000 | $420,833 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $300,000 | $75,000 | $0 | 0.00% |
| ODESSA, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| ENID, OK (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 121 | $27,875,000 | $230,372 | $0 | 0.00% |
For 2018, Bank 7's most frequently originated type of loan was Conventional, with 121 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 83 | $15,255,000 | $183,795 | $0 | 0.00% |
| Refi | 35 | $12,475,000 | $356,429 | $0 | 0.00% |
| Home Improvement | 3 | $145,000 | $48,333 | $0 | 0.00% |
For 2018, Bank 7's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 35 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 121 | $27,875,000 | $230,372 | $0 | 0.00% |
For 2018, Bank 7's most frequently cited loan duration was Other, with 121 originations.
Loan Sizing
2018 saw Bank 7 place emphasis on $100,000 or less loans with 68 originations, totaling $3,880,000 in origination value.
Applicant Income
Bank 7 lent most frequently to those with incomes in the $250k+ range, with 5 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 121 | $27,875,000 | $230,372 | $0 | 0.00% |
Bank 7 lent most frequently to those with DTI ratios of Exempt%, with 121 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.52%
Bank 7 has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.21%
Bank 7 has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 121 | $27,875,000 | $230,372 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Bank 7 | 100 South Broadway Camargo, OK 73835 | Full Service B&M | $32,810 |
| Bank 7 | 1003 Oklahoma Avenue Woodward, OK 73801 | Full Service B&M | $0 |
| Bank 7 | 1039 Nw 63rd Street Oklahoma City, OK 73116 | Full Service B&M | $345,047 |
| Bank 7 | 120 North First Street Medford, OK 73759 | Full Service B&M | $52,677 |
| Bank 7 | 209 North Aztec Street Montezuma, KS 67867 | Full Service B&M | $75,077 |
| Bank 7 | 210 North Santa Fe Street Copeland, KS 67837 | Full Service B&M | $0 |
| Bank 7 | 3300 Oklahoma Avenue Woodward, OK 73801 | Full Service B&M | $82,025 |
| Bank 7 | 5080 Spectrum Drive, Ste. 123w Addison, TX 75001 | Limited, Administrative | $0 |
| Bank 7 | 6460 North Macarthur Blvd Irving, TX 75039 | Full Service B&M | $54,412 |
For 2018, Bank 7 had 9 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $47,122 |
| Net interest income | $40,128 |
| Total noninterest income | $1,148 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $347 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $801 |
| Pre-tax net operating income | $26,287 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $25,452 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $25,452 |
| Minority interest net income | $0 |
| Net income | $25,452 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $25,452 |
Bank 7's gross interest income from loans was $47,122,000.
Bank 7's net interest income from loans was $40,128,000.
Bank 7's fee based income from loans was $347,000.
Bank 7's net income from loans was $25,452,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,994 |
| Provision for credit losses | $200 |
| Total noninterest expense | $14,789 |
| Salaries and employee benefits | $7,958 |
| Premises and equipment expense | $2,385 |
| Additional noninterest expense | $4,446 |
| Applicable income taxes | $835 |
| Net charge-offs | $23 |
| Cash dividends | $11,930 |
Bank 7's interest expense for loans was $6,994,000.
Bank 7's payroll and benefits expense were $7,958,000.
Bank 7's property, plant and equipment expenses $2,385,000.
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 | 1.0% |
| 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 | $676,251 |
| Deposits held in domestic offices | $676,251 |
| Deposits by Individuals, partnerships, and corporations | $570,529 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $58,905 |
| Deposits by Commercial banks and other depository institutions in U.S. | $46,818 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $293,964 |
| Demand deposits | $276,772 |
| Nontransaction accounts | $382,288 |
| Money market deposit accounts (MMDAs) | $117,590 |
| Other savings deposits (excluding MMDAs) | $69,548 |
| Total time deposits | $195,150 |
| Total time and savings deposits | $399,480 |
| Noninterest-bearing deposits | $180,946 |
| Interest-bearing deposits | $495,305 |
| Retail deposits | $620,288 |
| IRAs and Keogh plan accounts | $2,843 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $769,508 |
| Cash & Balances due from depository institutions | $159,893 |
| Interest-bearing balances | $143,366 |
| Total securities | $0 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $592,590 |
| Loan and leases loss allowance | $7,832 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $7,755 |
| Other real estate owned | $111 |
| Goodwill and other intangibles | $984 |
| All other assets | $8,175 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $769,509 |
| Total Liabilities | $682,132 |
| Total deposits | $676,251 |
| Interest-bearing deposits | $495,305 |
| Deposits held in domestic offices | $676,251 |
| % insured (estimated) | $70 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $5,881 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $592,590 |
| Loan and leases loss allowance | $7,832 |
| Total loans and leases (domestic) | $600,422 |
| All real estate loans | $327,251 |
| Real estate loans in domestic offices | $327,251 |
| Construction and development loans | $87,267 |
| Residential 1-4 family construction | $35,215 |
| Other construction, all land development and other land | $52,052 |
| Loans secured by nonfarm nonresidential properties | $155,740 |
| Nonfarm nonresidential secured by owner-occupied properties | $39,968 |
| Commercial real estate & other non-farm, non-residential | $115,772 |
| Multifamily residential real estate | $4,207 |
| 1-4 family residential loans | $45,162 |
| Farmland loans | $34,875 |
| Loans held in foreign offices | $0 |
| Farm loans | $27,969 |
| Commercial and industrial loans | $244,770 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $2,339 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $764 |
| Other loans to individuals | $1,575 |
| All other loans & leases | $85 |
| 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 | $501 |
| Non 1-4 family restructured loans & leases | $501 |
| Total loans and leases (foreign) | $0 |
Bank 7 had $592,590,000 of loans outstanding in 2018. $327,251,000 of loans were in real estate loans. $87,267,000 of loans were in development loans. $4,207,000 of loans were in multifamily mortgage loans. $45,162,000 of loans were in 1-4 family mortgage loans. $27,969,000 of loans were in farm loans. $0 of loans were in credit card loans. $764,000 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 | 66 | $21,669 | $328,318 |
| Nonfarm, nonresidential loans - <$100k | 9 | $504 | $56,000 |
| Nonfarm, nonresidential loans - $100-250k | 24 | $4,962 | $206,750 |
| Nonfarm, nonresidential loans - $250k-1MM | 33 | $16,203 | $491,000 |
| Commercial & Industrial, US addressed loans - <$1MM | 277 | $53,479 | $193,065 |
| Commercial & Industrial, US addressed loans - <$100k | 159 | $5,783 | $36,371 |
| Commercial & Industrial, US addressed loans - $100-250k | 52 | $9,401 | $180,788 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 66 | $38,295 | $580,227 |
| Farmland loans - <$1MM | 80 | $13,009 | $162,613 |
| Farmland loans - <$100k | 34 | $1,932 | $56,824 |
| Farmland loans - $100-250k | 26 | $4,612 | $177,385 |
| Farmland loans - $250k-1MM | 20 | $6,465 | $323,250 |
| Agriculture operations loans - <$1MM | 301 | $27,244 | $90,512 |
| Agriculture operations loans - <$100k | 230 | $9,304 | $40,452 |
| Agriculture operations loans - $100-250k | 42 | $6,865 | $163,452 |
| Agriculture operations loans - $250k-1MM | 29 | $11,075 | $381,897 |