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: Dallas, Oklahoma City, Austin, Houston, and Woodward among others. We have data for 10 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
111Origination Dollar Volume (All Markets)
$48,215,000Employee count
80Top 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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $22,810,000 | $11,405,000 | $0 | 0.00% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 94 | $19,970,000 | $212,447 | $0 | 0.00% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $1,805,000 | $1,805,000 | $0 | 0.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $1,425,000 | $475,000 | $0 | 0.00% |
| Woodward, OK (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $0 | 0.00% |
| TULSA, OK (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| Shawnee, OK (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $340,000 | $170,000 | $0 | 0.00% |
| Muskogee, OK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| ENID, OK (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 111 | $48,215,000 | $434,369 | $0 | 0.00% |
For 2020, Bank 7's most frequently originated type of loan was Conventional, with 111 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 86 | $36,290,000 | $421,977 | $0 | 0.00% |
| Refi | 22 | $10,790,000 | $490,455 | $0 | 0.00% |
| Home Improvement | 3 | $1,135,000 | $378,333 | $0 | 0.00% |
For 2020, Bank 7's most frequently cited loan purpose was Home Purchase, with 86 originations. The 2nd most popular reason was Refi, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 111 | $48,215,000 | $434,369 | $0 | 0.00% |
For 2020, Bank 7's most frequently cited loan duration was Other, with 111 originations.
Loan Sizing
2020 saw Bank 7 place emphasis on $100,000 or less loans with 51 originations, totaling $4,055,000 in origination value.
Applicant Income
Bank 7 lent most frequently to those with incomes in the $100k-150k range, with 3 originations. The second most popular income band? $150k-250k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 111 | $48,215,000 | $434,369 | $0 | 0.00% |
Bank 7 lent most frequently to those with DTI ratios of Exempt%, with 111 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.85%
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 origination91.89%
Bank 7 has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 111 | $48,215,000 | $434,369 |
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 | $76,986 |
| Bank 7 | 210 North Santa Fe Street Copeland, KS 67837 | Full Service B&M | $0 |
| Bank 7 | 1039 Nw 63rd Street Oklahoma City, OK 73116 | Full Service B&M | $484,429 |
| Bank 7 | 120 North First Street Medford, OK 73759 | Full Service B&M | $59,904 |
| Bank 7 | 3300 Oklahoma Avenue Woodward, OK 73801 | Full Service B&M | $111,956 |
| Bank 7 | 1515 East 71st Street, Suite 100 Tulsa, OK 74105 | Full Service B&M | $50,598 |
| 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 | $73,736 |
| Bank 7 | 68807 Broadway St Camargo, OK 73835 | Full Service B&M | $31,508 |
| Bank 7 | 8837 Lebanon Road, Suite 100 Frisco, TX 75034 | Full Service B&M | $5,445 |
For 2020, Bank 7 had 10 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $53,381 |
| Net interest income | $47,227 |
| Total noninterest income | $1,688 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $442 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,246 |
| Pre-tax net operating income | $25,884 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $19,266 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $19,266 |
| Minority interest net income | $0 |
| Net income | $19,266 |
| Sale, conversion, retirement of capital stock, net | $-8,310 |
| Net operating income | $19,266 |
Bank 7's gross interest income from loans was $53,381,000.
Bank 7's net interest income from loans was $47,227,000.
Bank 7's fee based income from loans was $442,000.
Bank 7's net income from loans was $19,266,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,154 |
| Provision for credit losses | $5,350 |
| Total noninterest expense | $17,681 |
| Salaries and employee benefits | $10,130 |
| Premises and equipment expense | $2,627 |
| Additional noninterest expense | $4,924 |
| Applicable income taxes | $6,618 |
| Net charge-offs | $3,557 |
| Cash dividends | $3,767 |
Bank 7's interest expense for loans was $6,154,000.
Bank 7's payroll and benefits expense were $10,130,000.
Bank 7's property, plant and equipment expenses $2,627,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 1.0% |
| 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 | 3.0% |
| 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 | $905,850 |
| Deposits held in domestic offices | $905,850 |
| Deposits by Individuals, partnerships, and corporations | $780,694 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $58,572 |
| Deposits by Commercial banks and other depository institutions in U.S. | $66,584 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $495,402 |
| Demand deposits | $491,883 |
| Nontransaction accounts | $410,448 |
| Money market deposit accounts (MMDAs) | $144,287 |
| Other savings deposits (excluding MMDAs) | $54,008 |
| Total time deposits | $212,153 |
| Total time and savings deposits | $413,967 |
| Noninterest-bearing deposits | $246,905 |
| Interest-bearing deposits | $658,945 |
| Retail deposits | $727,207 |
| IRAs and Keogh plan accounts | $1,995 |
| Brokered deposits | $102,301 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,015,692 |
| Cash & Balances due from depository institutions | $170,313 |
| Interest-bearing balances | $156,831 |
| Total securities | $0 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $827,299 |
| Loan and leases loss allowance | $9,639 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,179 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $572 |
| All other assets | $8,329 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,015,692 |
| Total Liabilities | $909,424 |
| Total deposits | $905,850 |
| Interest-bearing deposits | $658,945 |
| Deposits held in domestic offices | $905,850 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $3,574 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $827,299 |
| Loan and leases loss allowance | $9,639 |
| Total loans and leases (domestic) | $836,938 |
| All real estate loans | $461,501 |
| Real estate loans in domestic offices | $461,501 |
| Construction and development loans | $107,855 |
| Residential 1-4 family construction | $49,795 |
| Other construction, all land development and other land | $58,060 |
| Loans secured by nonfarm nonresidential properties | $286,950 |
| Nonfarm nonresidential secured by owner-occupied properties | $78,996 |
| Commercial real estate & other non-farm, non-residential | $207,954 |
| Multifamily residential real estate | $3,464 |
| 1-4 family residential loans | $37,708 |
| Farmland loans | $25,524 |
| Loans held in foreign offices | $0 |
| Farm loans | $24,994 |
| Commercial and industrial loans | $351,363 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,479 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $369 |
| Other loans to individuals | $1,110 |
| All other loans & leases | $75 |
| 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 |
Bank 7 had $827,299,000 of loans outstanding in 2020. $461,501,000 of loans were in real estate loans. $107,855,000 of loans were in development loans. $3,464,000 of loans were in multifamily mortgage loans. $37,708,000 of loans were in 1-4 family mortgage loans. $24,994,000 of loans were in farm loans. $0 of loans were in credit card loans. $369,000 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 | 61 | $19,693 | $322,836 |
| Nonfarm, nonresidential loans - <$100k | 7 | $249 | $35,571 |
| Nonfarm, nonresidential loans - $100-250k | 19 | $2,734 | $143,895 |
| Nonfarm, nonresidential loans - $250k-1MM | 35 | $16,710 | $477,429 |
| Commercial & Industrial, US addressed loans - <$1MM | 360 | $61,784 | $171,622 |
| Commercial & Industrial, US addressed loans - <$100k | 187 | $4,615 | $24,679 |
| Commercial & Industrial, US addressed loans - $100-250k | 84 | $11,046 | $131,500 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 89 | $46,123 | $518,236 |
| Farmland loans - <$1MM | 61 | $7,424 | $121,705 |
| Farmland loans - <$100k | 26 | $958 | $36,846 |
| Farmland loans - $100-250k | 22 | $2,984 | $135,636 |
| Farmland loans - $250k-1MM | 13 | $3,482 | $267,846 |
| Agriculture operations loans - <$1MM | 179 | $15,144 | $84,603 |
| Agriculture operations loans - <$100k | 123 | $3,996 | $32,488 |
| Agriculture operations loans - $100-250k | 32 | $4,697 | $146,781 |
| Agriculture operations loans - $250k-1MM | 24 | $6,451 | $268,792 |