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, Dallas, Austin, and Colorado Springs among others. We have data for 14 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 a below average pick rate when compared to similar lenders.
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Originations
119Origination Dollar Volume (All Markets)
$36,925,000Employee count
78Top 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) | 89 | $17,415,000 | $195,674 | $0 | 0.00% |
| Woodward, OK (FHA|USDA|VA) | 6 | $6,740,000 | $1,123,333 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $3,725,000 | $1,241,667 | $0 | 0.00% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $2,320,000 | $1,160,000 | $0 | 0.00% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $1,255,000 | $1,255,000 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $1,145,000 | $1,145,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $0 | 0.00% |
| TULSA, OK (FHA|USDA|VA) | 5 | $905,000 | $181,000 | $0 | 0.00% |
| Weatherford, OK (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $0 | 0.00% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $400,000 | $100,000 | $0 | 0.00% |
| SANTA FE, NM (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| ENID, OK (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 0.00% |
| Carlsbad-Artesia, NM (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 119 | $36,925,000 | $310,294 | $0 | 0.00% |
For 2019, Bank 7's most frequently originated type of loan was Conventional, with 119 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 92 | $21,790,000 | $236,848 | $0 | 0.00% |
| Refi | 23 | $14,845,000 | $645,435 | $0 | 0.00% |
| Home Improvement | 4 | $290,000 | $72,500 | $0 | 0.00% |
For 2019, Bank 7's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Refi, with 23 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 119 | $36,925,000 | $310,294 | $0 | 0.00% |
For 2019, Bank 7's most frequently cited loan duration was Other, with 119 originations.
Loan Sizing
2019 saw Bank 7 place emphasis on $100,000 or less loans with 66 originations, totaling $4,260,000 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? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 119 | $36,925,000 | $310,294 | $0 | 0.00% |
Bank 7 lent most frequently to those with DTI ratios of Exempt%, with 119 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.40%
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 origination88.24%
Bank 7 has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 119 | $36,925,000 | $310,294 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Bank 7 | 209 North Aztec Street Montezuma, KS 67867 | Full Service B&M | $74,354 |
| 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 | $103,194 |
| Bank 7 | 5080 Spectrum Drive, Ste. 123w Addison, TX 75001 | Limited, Administrative | $0 |
| Bank 7 | 1039 Nw 63rd Street Oklahoma City, OK 73116 | Full Service B&M | $361,872 |
| Bank 7 | 120 North First Street Medford, OK 73759 | Full Service B&M | $55,609 |
| Bank 7 | 6460 North Macarthur Blvd Irving, TX 75039 | Full Service B&M | $69,321 |
| Bank 7 | 68807 Broadway St Camargo, OK 73835 | Full Service B&M | $32,108 |
| Bank 7 | 8837 Lebanon Road, Suite 100 Frisco, TX 75034 | Full Service B&M | $0 |
For 2019, Bank 7 had 9 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $51,832 |
| Net interest income | $42,316 |
| Total noninterest income | $1,355 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $392 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $963 |
| Pre-tax net operating income | $14,895 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $8,051 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $8,051 |
| Minority interest net income | $0 |
| Net income | $8,051 |
| Sale, conversion, retirement of capital stock, net | $-1,966 |
| Net operating income | $8,051 |
Bank 7's gross interest income from loans was $51,832,000.
Bank 7's net interest income from loans was $42,316,000.
Bank 7's fee based income from loans was $392,000.
Bank 7's net income from loans was $8,051,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $9,516 |
| Provision for credit losses | $0 |
| Total noninterest expense | $28,776 |
| Salaries and employee benefits | $21,420 |
| Premises and equipment expense | $2,454 |
| Additional noninterest expense | $4,902 |
| Applicable income taxes | $6,844 |
| Net charge-offs | $-14 |
| Cash dividends | $6,035 |
Bank 7's interest expense for loans was $9,516,000.
Bank 7's payroll and benefits expense were $21,420,000.
Bank 7's property, plant and equipment expenses $2,454,000.
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 | $757,777 |
| Deposits held in domestic offices | $757,777 |
| Deposits by Individuals, partnerships, and corporations | $627,549 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $71,216 |
| Deposits by Commercial banks and other depository institutions in U.S. | $59,011 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $349,810 |
| Demand deposits | $346,514 |
| Nontransaction accounts | $407,966 |
| Money market deposit accounts (MMDAs) | $132,678 |
| Other savings deposits (excluding MMDAs) | $72,750 |
| Total time deposits | $202,538 |
| Total time and savings deposits | $411,262 |
| Noninterest-bearing deposits | $221,371 |
| Interest-bearing deposits | $536,406 |
| Retail deposits | $677,983 |
| IRAs and Keogh plan accounts | $2,359 |
| Brokered deposits | $24,090 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $865,377 |
| Cash & Balances due from depository institutions | $147,274 |
| Interest-bearing balances | $137,379 |
| Total securities | $0 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $700,490 |
| Loan and leases loss allowance | $7,846 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,620 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $778 |
| All other assets | $7,215 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $865,376 |
| Total Liabilities | $766,297 |
| Total deposits | $757,777 |
| Interest-bearing deposits | $536,406 |
| Deposits held in domestic offices | $757,777 |
| % insured (estimated) | $71 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $8,520 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $700,490 |
| Loan and leases loss allowance | $7,846 |
| Total loans and leases (domestic) | $708,336 |
| All real estate loans | $414,122 |
| Real estate loans in domestic offices | $414,122 |
| Construction and development loans | $70,627 |
| Residential 1-4 family construction | $32,418 |
| Other construction, all land development and other land | $38,209 |
| Loans secured by nonfarm nonresidential properties | $269,564 |
| Nonfarm nonresidential secured by owner-occupied properties | $71,565 |
| Commercial real estate & other non-farm, non-residential | $197,999 |
| Multifamily residential real estate | $3,634 |
| 1-4 family residential loans | $45,357 |
| Farmland loans | $24,940 |
| Loans held in foreign offices | $0 |
| Farm loans | $33,004 |
| Commercial and industrial loans | $260,830 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,662 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $536 |
| Other loans to individuals | $1,126 |
| All other loans & leases | $81 |
| 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 | $2,721 |
| Non 1-4 family restructured loans & leases | $2,721 |
| Total loans and leases (foreign) | $0 |
Bank 7 had $700,490,000 of loans outstanding in 2019. $414,122,000 of loans were in real estate loans. $70,627,000 of loans were in development loans. $3,634,000 of loans were in multifamily mortgage loans. $45,357,000 of loans were in 1-4 family mortgage loans. $33,004,000 of loans were in farm loans. $0 of loans were in credit card loans. $536,000 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 | 71 | $21,295 | $299,930 |
| Nonfarm, nonresidential loans - <$100k | 8 | $460 | $57,500 |
| Nonfarm, nonresidential loans - $100-250k | 22 | $3,212 | $146,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 41 | $17,623 | $429,829 |
| Commercial & Industrial, US addressed loans - <$1MM | 275 | $71,524 | $260,087 |
| Commercial & Industrial, US addressed loans - <$100k | 107 | $2,630 | $24,579 |
| Commercial & Industrial, US addressed loans - $100-250k | 73 | $12,036 | $164,877 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 95 | $56,858 | $598,505 |
| Farmland loans - <$1MM | 61 | $6,470 | $106,066 |
| Farmland loans - <$100k | 31 | $1,280 | $41,290 |
| Farmland loans - $100-250k | 17 | $2,246 | $132,118 |
| Farmland loans - $250k-1MM | 13 | $2,944 | $226,462 |
| Agriculture operations loans - <$1MM | 241 | $18,112 | $75,154 |
| Agriculture operations loans - <$100k | 167 | $4,909 | $29,395 |
| Agriculture operations loans - $100-250k | 45 | $5,009 | $111,311 |
| Agriculture operations loans - $250k-1MM | 29 | $8,194 | $282,552 |