Bank Of Washington Mortgage Rates, Fees & Info

Washington, MO

LEI: 54930044G6TGPFFTFM49

Tax ID: 43-0170340

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Of Washington is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Bank Of Washington has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include St. Louis, Sevierville, Naples, Rolla, and Kansas City among others. Bank Of Washington has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bank Of Washington is typically a low fee lendor.


Originations

433

Origination Dollar Volume (All Markets)

$97,965,000

Employee count

114

Awards

Bank of Washington 30 Year Conventional Loans silver Bank of Washington 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Bank Of Washington's average 30 year fixed rate mortgage of loans were 3.14%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.01%.

Relative Fees

Bank Of Washington's average total fees for a 30 year fixed rate mortgage are $2,432.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
ST. LOUIS, MO-IL (FHA|USDA|VA) 412 $93,840,000 $227,767 $2,094 2.98%
Outside of Metro Areas 13 $2,735,000 $210,385 $2,005 3.26%
Sevierville, TN (FHA|USDA|VA) 1 $405,000 $405,000 $2,552 2.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $325,000 $325,000 $0 3.50%
Rolla, MO (FHA|USDA|VA) 2 $240,000 $120,000 $1,293 2.94%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $115,000 $115,000 $1,740 2.63%
JEFFERSON CITY, MO (FHA|USDA|VA) 1 $115,000 $115,000 $1,889 3.13%
Farmington, MO (FHA|USDA|VA) 1 $115,000 $115,000 $1,462 3.13%
COLUMBIA, MO (FHA|USDA|VA) 1 $75,000 $75,000 $1,534 3.13%

Bank Of Washington's top markets include St. Louis, Sevierville, Naples, Rolla, and Kansas City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 407 $93,315,000 $229,275 $1,911 3.01%
USDA 26 $4,650,000 $178,846 $4,610 2.76%

For the 2021 period, Bank Of Washington's most frequently originated loan type of loans were Conventional, with 407 originations. Their 2nd most popular type is USDA, with 26 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 155 $35,855,000 $231,323 $3,163 3.24%
Cash Out Refi 140 $29,740,000 $212,429 $1,578 2.93%
Refi 123 $29,385,000 $238,902 $1,514 2.78%
Other 15 $2,985,000 $199,000 $1,780 2.76%

For the 2021, Bank Of Washington's most frequently cited loan purpose of loans were Home Purchase, with 155 originations. The 2nd most popular reason of loans were Cash Out Refi, with 140 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 241 $55,595,000 $230,685 $2,432 3.14%
15 Year 110 $23,930,000 $217,545 $1,673 2.51%
20 Year 34 $8,810,000 $259,118 $1,587 3.34%
10 Year 20 $3,230,000 $161,500 $1,390 2.35%
Other 18 $4,170,000 $231,667 $1,575 3.19%
5 Year 4 $1,740,000 $435,000 $0 4.25%
1 Year 3 $245,000 $81,667 $0 4.92%
3 Year 3 $245,000 $81,667 $0 4.42%

For the 2021, Bank Of Washington's most frequently cited loan length of loans were 30 Year, with 241 originations. The 2nd most popular length of loans were 15 Year, with 110 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 382 $81,070,000 $212,225
$1k-2k 10 $2,550,000 $255,000
$2k-3k 4 $1,570,000 $392,500
$3k-4k 2 $690,000 $345,000
$5k+ 1 $975,000 $975,000

$2,432 of loans were Bank Of Washington's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 382 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 170 $36,950,000 $217,353
3-4% 133 $31,975,000 $240,414
<2.5% 101 $20,755,000 $205,495
4-5% 28 $8,240,000 $294,286
5-6% 1 $45,000 $45,000

During 2021, Bank Of Washington's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 2.5-3%, with 170 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 181 $26,815,000 $148,149 $1,959 2.94%
$200k-400k 158 $41,960,000 $265,570 $2,194 2.96%
$100,000 or less 52 $3,920,000 $75,385 $1,644 3.19%
$400k-600k 37 $17,525,000 $473,649 $2,369 2.95%
$600k-1MM 3 $2,815,000 $938,333 $9,208 4.17%
$1MM+ 2 $4,930,000 $2,465,000 $0 4.19%

2021 saw Bank Of Washington place emphasis on $100k-200k loans with 181 originations, totaling $26,815,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 91 $19,885,000 $218,516 $1,811 2.91%
$75k-100k 83 $15,585,000 $187,771 $1,965 2.99%
$50k-75k 76 $12,250,000 $161,184 $2,224 2.96%
$150k-250k 63 $18,755,000 $297,698 $2,020 2.84%
$50k or less 55 $7,205,000 $131,000 $2,187 3.02%
$250k+ 31 $12,075,000 $389,516 $2,884 3.02%

Bank Of Washington lent most frequently to those with incomes in the $100k-150k range, with 91 originations. The second most popular income band? $75k-100k, with 83 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 157 $33,245,000 $211,752 $2,239 2.94%
30-36% 78 $16,350,000 $209,615 $2,076 2.96%
<20% 71 $15,475,000 $217,958 $1,834 2.84%
40% 15 $3,405,000 $227,000 $1,682 2.79%
41% 13 $3,495,000 $268,846 $2,069 2.94%
36% 13 $2,735,000 $210,385 $2,279 2.88%
37% 12 $2,700,000 $225,000 $2,570 3.07%
39% 11 $2,235,000 $203,182 $1,744 2.92%
38% 8 $1,730,000 $216,250 $2,155 3.25%
42% 8 $1,270,000 $158,750 $1,884 2.98%
44% 7 $1,465,000 $209,286 $2,371 2.75%
43% 6 $1,440,000 $240,000 $1,750 3.04%
48% 6 $1,340,000 $223,333 $1,723 2.83%
47% 4 $940,000 $235,000 $2,063 3.13%
49% 3 $685,000 $228,333 $2,607 3.04%
45% 2 $200,000 $100,000 $1,490 3.88%
46% 2 $490,000 $245,000 $2,329 2.44%

Bank Of Washington lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 78 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 400 $85,670,000 $214,175 $2,075 2.93%
Not applicable 17 $8,765,000 $515,588 $0 4.48%
Not provided 13 $2,985,000 $229,615 $2,189 2.94%
Black 2 $310,000 $155,000 $3,886 3.05%
Asian 1 $235,000 $235,000 $1,766 2.63%

Approval Rates

Total approvals of all applications
94.84%

Bank Of Washington has an average approval rate.

Pick Rate

Approvals leading to origination
80.44%

Bank Of Washington has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 433 $97,965,000 $226,247

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
433 $97,965,000 $226,247

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 40 $5,350,000 $133,750 $1,576 2.53%
40-60% 74 $14,840,000 $200,541 $1,653 2.76%
60-80% 193 $46,585,000 $241,373 $1,773 3.01%
80-100% 116 $26,620,000 $229,483 $3,103 3.26%
Over 100% 3 $3,875,000 $1,291,667 $6,025 3.63%
Under 20% 7 $695,000 $99,286 $1,826 2.82%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank of Washington 2687 Highway 100 Gray Summit, MO 63039 Full Service B&M $20,914
Bank of Washington 200 West Main Street Washington, MO 63090 Full Service B&M $429,797
Bank of Washington 2073-A Washington Crossing Washington, MO 63090 Full Service B&M $29,754
Bank of Washington 2629 East Fifth Street Washington, MO 63090 Full Service B&M $39,226
Bank of Washington 3333 Hwy 100 Villa Ridge, MO 63089 Full Service B&M $44,287
Bank of Washington Fourteenth And Jefferson Streets Washington, MO 63090 Full Service B&M $149,052

For 2021, Bank Of Washington had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $35,541
Net interest income $32,065
Total noninterest income $5,833
Gross Fiduciary activities income $20
Service charges on deposit accounts $1,700
Trading account gains and fees $0
Additional Noninterest Income $4,113
Pre-tax net operating income $14,779
Securities gains (or losses, -) $0
Income before extraordinary items $14,779
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,779
Minority interest net income $0
Net income $14,779
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,779

Bank Of Washington's gross interest income from loans was $35,541,000.
Bank Of Washington's net interest income from loans was $32,065,000.
Bank Of Washington's fee based income from loans was $1,700,000.
Bank Of Washington's net income from loans was $14,779,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,476
Provision for credit losses $1,200
Total noninterest expense $21,919
Salaries and employee benefits $10,997
Premises and equipment expense $2,067
Additional noninterest expense $8,855
Applicable income taxes $0
Net charge-offs $-289
Cash dividends $7,737

Bank Of Washington's interest expense for loans was $3,476,000.
Bank Of Washington's payroll and benefits expense were $10,997,000.
Bank Of Washington's property, plant and equipment expenses $2,067,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 2.0%
Real Estate loans 3.0%
Construction & Land Development loans 12.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 2.0%
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 $753,442
Deposits held in domestic offices $753,442
Deposits by Individuals, partnerships, and corporations $723,284
Deposits by U.S. Government $10
Deposits by States and political subdivisions in the U.S. $29,155
Deposits by Commercial banks and other depository institutions in U.S. $993
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $81,210
Demand deposits $57,252
Nontransaction accounts $672,232
Money market deposit accounts (MMDAs) $219,405
Other savings deposits (excluding MMDAs) $356,868
Total time deposits $95,960
Total time and savings deposits $696,190
Noninterest-bearing deposits $185,632
Interest-bearing deposits $567,810
Retail deposits $742,009
IRAs and Keogh plan accounts $24,730
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $878,880
Cash & Balances due from depository institutions $104,320
Interest-bearing balances $94,377
Total securities $32,181
Federal funds sold & reverse repurchase $0
Net loans and leases $697,275
Loan and leases loss allowance $15,009
Trading account assets $0
Bank premises and fixed assets $17,503
Other real estate owned $14,027
Goodwill and other intangibles $1,537
All other assets $12,037

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $878,880
Total Liabilities $773,063
Total deposits $753,442
Interest-bearing deposits $567,810
Deposits held in domestic offices $753,442
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $15,000
Subordinated debt $0
All other liabilities $4,621

Issued Loan Types

Type Value (in 000's)
Net loans and leases $697,275
Loan and leases loss allowance $15,009
Total loans and leases (domestic) $712,284
All real estate loans $489,107
Real estate loans in domestic offices $489,107
Construction and development loans $114,931
Residential 1-4 family construction $5,714
Other construction, all land development and other land $109,217
Loans secured by nonfarm nonresidential properties $297,788
Nonfarm nonresidential secured by owner-occupied properties $116,648
Commercial real estate & other non-farm, non-residential $181,140
Multifamily residential real estate $11,440
1-4 family residential loans $59,414
Farmland loans $5,534
Loans held in foreign offices $0
Farm loans $203
Commercial and industrial loans $218,430
To non-U.S. addressees $0
Loans to individuals $3,750
Credit card loans $0
Related Plans $0
Consumer Auto Loans $849
Other loans to individuals $2,901
All other loans & leases $794
Loans to foreign governments and official institutions $0
Other loans $28
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $9,685
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,840
Non 1-4 family restructured loans & leases $604
Total loans and leases (foreign) $0

Bank of Washington had $697,275,000 of loans outstanding in 2021. $489,107,000 of loans were in real estate loans. $114,931,000 of loans were in development loans. $11,440,000 of loans were in multifamily mortgage loans. $59,414,000 of loans were in 1-4 family mortgage loans. $203,000 of loans were in farm loans. $0 of loans were in credit card loans. $849,000 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 119 $29,017 $243,840
Nonfarm, nonresidential loans - <$100k 16 $641 $40,063
Nonfarm, nonresidential loans - $100-250k 42 $6,219 $148,071
Nonfarm, nonresidential loans - $250k-1MM 61 $22,157 $363,230
Commercial & Industrial, US addressed loans - <$1MM 296 $36,125 $122,044
Commercial & Industrial, US addressed loans - <$100k 155 $3,454 $22,284
Commercial & Industrial, US addressed loans - $100-250k 52 $3,862 $74,269
Commercial & Industrial, US addressed loans - $250k-1MM 89 $28,809 $323,697
Farmland loans - <$1MM 12 $1,376 $114,667
Farmland loans - <$100k 6 $312 $52,000
Farmland loans - $100-250k 3 $255 $85,000
Farmland loans - $250k-1MM 3 $809 $269,667
Agriculture operations loans - <$1MM 7 $203 $29,000
Agriculture operations loans - <$100k 7 $203 $29,000