West Michigan Community Bank Mortgage Rates, Fees & Info

Hudsonville, MI

LEI: 549300FN26DK7DGUPD51

Tax ID: 38-2113597

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

West Michigan Community Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. West Michigan Community Bank has a high proportion of conventional loans. Their top markets include Grand Rapids, Holland, Sturgis, Muskegon, and Big Rapids among others. West Michigan Community Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

365

Origination Dollar Volume (All Markets)

$117,535,000

Employee count

89

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 283 $92,165,000 $325,671 $0 0.00%
Holland, MI (FHA|USDA|VA) 50 $16,350,000 $327,000 $0 0.00%
Outside of Metro Areas 11 $3,685,000 $335,000 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 1 $1,905,000 $1,905,000 $0 0.00%
MUSKEGON, MI (FHA|USDA|VA) 7 $1,275,000 $182,143 $0 0.00%
Big Rapids, MI (FHA|USDA|VA) 3 $615,000 $205,000 $0 0.00%
Cadillac, MI (FHA|USDA|VA) 3 $545,000 $181,667 $0 0.00%
FLINT, MI (FHA|USDA|VA) 2 $460,000 $230,000 $0 0.00%
Ludington, MI (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
NILES, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%

West Michigan Community Bank's top markets include Grand Rapids, Holland, Sturgis, Muskegon, and Big Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 365 $117,535,000 $322,014 $0 0.00%

For the 2021 period, West Michigan Community Bank's most frequently originated loan type of loans were Conventional, with 365 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 154 $48,950,000 $317,857 $0 0.00%
Refi 117 $38,435,000 $328,504 $0 0.00%
Cash Out Refi 82 $26,910,000 $328,171 $0 0.00%
Other 9 $2,545,000 $282,778 $0 0.00%
Home Improvement 3 $695,000 $231,667 $0 0.00%

For the 2021, West Michigan Community Bank's most frequently cited loan purpose of loans were Home Purchase, with 154 originations. The 2nd most popular reason of loans were Refi, with 117 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 365 $117,535,000 $322,014 $0 0.00%

For the 2021, West Michigan Community Bank's most frequently cited loan length of loans were Other, with 365 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 161 $44,855,000 $278,602 $0 0.00%
$100k-200k 116 $17,640,000 $152,069 $0 0.00%
$400k-600k 39 $19,535,000 $500,897 $0 0.00%
$100,000 or less 24 $1,820,000 $75,833 $0 0.00%
$600k-1MM 17 $12,905,000 $759,118 $0 0.00%
$1MM+ 8 $20,780,000 $2,597,500 $0 0.00%

2021 saw West Michigan Community Bank place emphasis on $200k-400k loans with 161 originations, totaling $44,855,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 69 $18,025,000 $261,232 $0 0.00%
$75k-100k 65 $15,085,000 $232,077 $0 0.00%
$50k-75k 62 $11,970,000 $193,065 $0 0.00%
$150k-250k 45 $17,875,000 $397,222 $0 0.00%
$50k or less 39 $5,795,000 $148,590 $0 0.00%
$250k+ 30 $14,270,000 $475,667 $0 0.00%

West Michigan Community Bank lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $75k-100k, with 65 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 365 $117,535,000 $322,014 $0 0.00%

West Michigan Community Bank lent most frequently to those with DTI ratios of Exempt%, with 365 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 317 $86,115,000 $271,656 $0 0.00%
Not applicable 32 $24,100,000 $753,125 $0 0.00%
Asian Indian 1 $4,005,000 $4,005,000 $0 0.00%
Not provided 8 $1,460,000 $182,500 $0 0.00%
Asian 3 $915,000 $305,000 $0 0.00%
Black 3 $775,000 $258,333 $0 0.00%
Native Hawiian 1 $165,000 $165,000 $0 0.00%

Approval Rates

Total approvals of all applications
96.29%

West Michigan Community Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
91.36%

West Michigan Community Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 365 $117,535,000 $322,014

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
365 $117,535,000 $322,014

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
West One Capital Group Inc. Conventional home mortgage Trouble during payment process 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
West Michigan Community Bank 107 North State Street Zeeland, MI 49464 Full Service B&M $69,696
West Michigan Community Bank 177 Ottawa Avenue Nw Grand Rapids, MI 49503 Full Service Retail $71,357
West Michigan Community Bank 3467 Kelly Street Hudsonville, MI 49426 Full Service B&M $268,835
West Michigan Community Bank 437 Baldwin Street Jenison, MI 49428 Full Service B&M $55,145
West Michigan Community Bank 4797 Cascade Road South East Grand Rapids, MI 49546 Full Service B&M $5,061
West Michigan Community Bank 5367 School Avenue Hudsonville, MI 49426 Limited, Administrative $0
West Michigan Community Bank 82 Douglas Avenue Holland, MI 49424 Full Service B&M $32,874
West Michigan Community Bank 99 East 8th Street Holland, MI 49423 Full Service B&M $167,997

For 2021, West Michigan Community Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $27,719
Net interest income $26,107
Total noninterest income $5,604
Gross Fiduciary activities income $1,043
Service charges on deposit accounts $564
Trading account gains and fees $0
Additional Noninterest Income $3,997
Pre-tax net operating income $13,969
Securities gains (or losses, -) $-30
Income before extraordinary items $11,152
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,152
Minority interest net income $0
Net income $11,152
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,176

West Michigan Community Bank's gross interest income from loans was $27,719,000.
West Michigan Community Bank's net interest income from loans was $26,107,000.
West Michigan Community Bank's fee based income from loans was $564,000.
West Michigan Community Bank's net income from loans was $11,152,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,612
Provision for credit losses $0
Total noninterest expense $17,742
Salaries and employee benefits $8,858
Premises and equipment expense $1,536
Additional noninterest expense $7,348
Applicable income taxes $2,787
Net charge-offs $-48
Cash dividends $5,000

West Michigan Community Bank's interest expense for loans was $1,612,000.
West Michigan Community Bank's payroll and benefits expense were $8,858,000.
West Michigan Community Bank's property, plant and equipment expenses $1,536,000.

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 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 $755,332
Deposits held in domestic offices $755,332
Deposits by Individuals, partnerships, and corporations $708,011
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $46,576
Deposits by Commercial banks and other depository institutions in U.S. $745
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $379,888
Demand deposits $242,952
Nontransaction accounts $375,444
Money market deposit accounts (MMDAs) $280,517
Other savings deposits (excluding MMDAs) $32,577
Total time deposits $62,350
Total time and savings deposits $512,380
Noninterest-bearing deposits $242,952
Interest-bearing deposits $512,380
Retail deposits $715,670
IRAs and Keogh plan accounts $3,990
Brokered deposits $20,756
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $865,147
Cash & Balances due from depository institutions $126,113
Interest-bearing balances $113,032
Total securities $63,831
Federal funds sold & reverse repurchase $0
Net loans and leases $635,495
Loan and leases loss allowance $9,366
Trading account assets $49
Bank premises and fixed assets $14,151
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $25,508

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $865,147
Total Liabilities $794,406
Total deposits $755,332
Interest-bearing deposits $512,380
Deposits held in domestic offices $755,332
% insured (estimated) $56
Federal funds purchased and repurchase agreements $0
Trading liabilities $49
Other borrowed funds $35,000
Subordinated debt $0
All other liabilities $4,025

Issued Loan Types

Type Value (in 000's)
Net loans and leases $635,495
Loan and leases loss allowance $9,366
Total loans and leases (domestic) $644,861
All real estate loans $486,729
Real estate loans in domestic offices $486,729
Construction and development loans $54,145
Residential 1-4 family construction $14,378
Other construction, all land development and other land $39,767
Loans secured by nonfarm nonresidential properties $276,560
Nonfarm nonresidential secured by owner-occupied properties $156,192
Commercial real estate & other non-farm, non-residential $120,368
Multifamily residential real estate $45,053
1-4 family residential loans $83,534
Farmland loans $27,437
Loans held in foreign offices $0
Farm loans $16,487
Commercial and industrial loans $138,051
To non-U.S. addressees $0
Loans to individuals $3,510
Credit card loans $0
Related Plans $0
Consumer Auto Loans $984
Other loans to individuals $2,526
All other loans & leases $85
Loans to foreign governments and official institutions $0
Other loans $85
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $520
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,534
Non 1-4 family restructured loans & leases $1,534
Total loans and leases (foreign) $0

West Michigan Community Bank had $635,495,000 of loans outstanding in 2021. $486,729,000 of loans were in real estate loans. $54,145,000 of loans were in development loans. $45,053,000 of loans were in multifamily mortgage loans. $83,534,000 of loans were in 1-4 family mortgage loans. $16,487,000 of loans were in farm loans. $0 of loans were in credit card loans. $984,000 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 302 $82,717 $273,897
Nonfarm, nonresidential loans - <$100k 23 $903 $39,261
Nonfarm, nonresidential loans - $100-250k 94 $12,319 $131,053
Nonfarm, nonresidential loans - $250k-1MM 185 $69,495 $375,649
Commercial & Industrial, US addressed loans - <$1MM 406 $40,694 $100,232
Commercial & Industrial, US addressed loans - <$100k 153 $3,496 $22,850
Commercial & Industrial, US addressed loans - $100-250k 124 $9,845 $79,395
Commercial & Industrial, US addressed loans - $250k-1MM 129 $27,353 $212,039
Farmland loans - <$1MM 20 $5,510 $275,500
Farmland loans - <$100k 1 $38 $38,000
Farmland loans - $100-250k 7 $1,262 $180,286
Farmland loans - $250k-1MM 12 $4,210 $350,833
Agriculture operations loans - <$1MM 17 $2,779 $163,471
Agriculture operations loans - <$100k 6 $264 $44,000
Agriculture operations loans - $100-250k 6 $956 $159,333
Agriculture operations loans - $250k-1MM 5 $1,559 $311,800