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, Dallas, Houston, Crestview, and Tulsa among others. We have data for 8 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
104Origination Dollar Volume (All Markets)
$39,610,000Employee count
122Top 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) | 84 | $27,190,000 | $323,690 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $8,975,000 | $1,795,000 | $0 | 0.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $0 | 0.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $0 | 0.00% |
| TULSA, OK (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $0 | 0.00% |
| Woodward, OK (FHA|USDA|VA) | 5 | $465,000 | $93,000 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $315,000 | $105,000 | $0 | 0.00% |
| Malvern, AR (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 104 | $39,610,000 | $380,865 | $0 | 0.00% |
For 2021, Bank 7's most frequently originated type of loan was Conventional, with 104 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 89 | $30,215,000 | $339,494 | $0 | 0.00% |
| Refi | 13 | $9,135,000 | $702,692 | $0 | 0.00% |
| Home Improvement | 2 | $260,000 | $130,000 | $0 | 0.00% |
For 2021, Bank 7's most frequently cited loan purpose was Home Purchase, with 89 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 104 | $39,610,000 | $380,865 | $0 | 0.00% |
For 2021, Bank 7's most frequently cited loan duration was Other, with 104 originations.
Loan Sizing
2021 saw Bank 7 place emphasis on $100k-200k loans with 50 originations, totaling $7,630,000 in origination value.
Applicant Income
Bank 7 lent most frequently to those with incomes in the $150k-250k range, with 3 originations. The second most popular income band? $50k-75k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 104 | $39,610,000 | $380,865 | $0 | 0.00% |
Bank 7 lent most frequently to those with DTI ratios of Exempt%, with 104 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.91%
Bank 7 has an average approval rate.
Pick Rate
Approvals leading to origination87.50%
Bank 7 has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 104 | $39,610,000 | $380,865 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| 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 | $115,718 |
| Bank 7 | 1039 Nw 63rd Street Oklahoma City, OK 73116 | Full Service B&M | $524,081 |
| Bank 7 | 120 North First Street Medford, OK 73759 | Full Service B&M | $65,437 |
| Bank 7 | 1515 East 71st Street, Suite 100 Tulsa, OK 74105 | Full Service B&M | $98,205 |
| Bank 7 | 209 North Aztec Street Montezuma, KS 67867 | Full Service B&M | $88,993 |
| Bank 7 | 6460 North Macarthur Blvd Irving, TX 75039 | Full Service B&M | $83,851 |
| Bank 7 | 68807 Broadway St Camargo, OK 73835 | Full Service B&M | $23,522 |
| Bank 7 | 8837 Lebanon Road, Suite 100 Frisco, TX 75034 | Full Service B&M | $9,093 |
For 2021, Bank 7 had 9 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $56,631 |
| Net interest income | $53,578 |
| Total noninterest income | $1,976 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $550 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,426 |
| Pre-tax net operating income | $30,915 |
| Securities gains (or losses, -) | $-1 |
| Income before extraordinary items | $23,159 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $23,159 |
| Minority interest net income | $0 |
| Net income | $23,159 |
| Sale, conversion, retirement of capital stock, net | $863 |
| Net operating income | $23,159 |
Bank 7's gross interest income from loans was $56,631,000.
Bank 7's net interest income from loans was $53,578,000.
Bank 7's fee based income from loans was $550,000.
Bank 7's net income from loans was $23,159,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,053 |
| Provision for credit losses | $4,175 |
| Total noninterest expense | $20,464 |
| Salaries and employee benefits | $11,983 |
| Premises and equipment expense | $2,583 |
| Additional noninterest expense | $5,898 |
| Applicable income taxes | $7,755 |
| Net charge-offs | $3,498 |
| Cash dividends | $4,077 |
Bank 7's interest expense for loans was $3,053,000.
Bank 7's payroll and benefits expense were $11,983,000.
Bank 7's property, plant and equipment expenses $2,583,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| 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 | 1.0% |
| 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 | $1,217,828 |
| Deposits held in domestic offices | $1,217,828 |
| Deposits by Individuals, partnerships, and corporations | $978,489 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $198,647 |
| Deposits by Commercial banks and other depository institutions in U.S. | $40,692 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $735,448 |
| Demand deposits | $731,018 |
| Nontransaction accounts | $482,380 |
| Money market deposit accounts (MMDAs) | $215,003 |
| Other savings deposits (excluding MMDAs) | $89,778 |
| Total time deposits | $177,599 |
| Total time and savings deposits | $486,810 |
| Noninterest-bearing deposits | $367,062 |
| Interest-bearing deposits | $850,766 |
| Retail deposits | $1,101,208 |
| IRAs and Keogh plan accounts | $4,230 |
| Brokered deposits | $71,711 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,348,932 |
| Cash & Balances due from depository institutions | $208,090 |
| Interest-bearing balances | $188,281 |
| Total securities | $84,806 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,018,549 |
| Loan and leases loss allowance | $10,316 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $17,314 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $9,111 |
| All other assets | $11,062 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,348,932 |
| Total Liabilities | $1,222,148 |
| Total deposits | $1,217,828 |
| Interest-bearing deposits | $850,766 |
| Deposits held in domestic offices | $1,217,828 |
| % insured (estimated) | $70 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $4,320 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,018,549 |
| Loan and leases loss allowance | $10,316 |
| Total loans and leases (domestic) | $1,028,865 |
| All real estate loans | $635,328 |
| Real estate loans in domestic offices | $635,328 |
| Construction and development loans | $164,933 |
| Residential 1-4 family construction | $54,871 |
| Other construction, all land development and other land | $110,062 |
| Loans secured by nonfarm nonresidential properties | $335,511 |
| Nonfarm nonresidential secured by owner-occupied properties | $120,062 |
| Commercial real estate & other non-farm, non-residential | $215,449 |
| Multifamily residential real estate | $9,255 |
| 1-4 family residential loans | $78,747 |
| Farmland loans | $46,882 |
| Loans held in foreign offices | $0 |
| Farm loans | $26,224 |
| Commercial and industrial loans | $361,126 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,694 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $4,026 |
| Other loans to individuals | $4,668 |
| All other loans & leases | $70 |
| 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 $1,018,549,000 of loans outstanding in 2021. $635,328,000 of loans were in real estate loans. $164,933,000 of loans were in development loans. $9,255,000 of loans were in multifamily mortgage loans. $78,747,000 of loans were in 1-4 family mortgage loans. $26,224,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,026,000 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 | 128 | $35,894 | $280,422 |
| Nonfarm, nonresidential loans - <$100k | 21 | $781 | $37,190 |
| Nonfarm, nonresidential loans - $100-250k | 38 | $4,977 | $130,974 |
| Nonfarm, nonresidential loans - $250k-1MM | 69 | $30,136 | $436,754 |
| Commercial & Industrial, US addressed loans - <$1MM | 513 | $77,284 | $150,651 |
| Commercial & Industrial, US addressed loans - <$100k | 319 | $7,539 | $23,633 |
| Commercial & Industrial, US addressed loans - $100-250k | 92 | $12,619 | $137,163 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 102 | $57,126 | $560,059 |
| Farmland loans - <$1MM | 83 | $12,283 | $147,988 |
| Farmland loans - <$100k | 20 | $837 | $41,850 |
| Farmland loans - $100-250k | 40 | $4,530 | $113,250 |
| Farmland loans - $250k-1MM | 23 | $6,916 | $300,696 |
| Agriculture operations loans - <$1MM | 258 | $17,512 | $67,876 |
| Agriculture operations loans - <$100k | 183 | $5,135 | $28,060 |
| Agriculture operations loans - $100-250k | 45 | $5,938 | $131,956 |
| Agriculture operations loans - $250k-1MM | 30 | $6,439 | $214,633 |