West Michigan Community Bank Mortgage Rates, Fees & Info

Hudsonville, MI

LEI: 549300FN26DK7DGUPD51

Tax ID: 38-2113597

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

West Michigan Community Bank is a smaller bank specializing in Home Purchase and Refi loans. West Michigan Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Muskegon, Holland, Lansing, and Traverse City among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

West Michigan Community Bank 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.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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Originations

258

Origination Dollar Volume (All Markets)

$71,030,000

Employee count

Top 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
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	210	$50,650,000	$241,190	$0	0.00%
MUSKEGON, MI (FHA\|USDA\|VA)	6	$9,660,000	$1,610,000	$0	0.00%
Holland, MI (FHA\|USDA\|VA)	21	$5,865,000	$279,286	$0	0.00%
Outside of Metro Areas	12	$3,080,000	$256,667	$0	0.00%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	2	$560,000	$280,000	$0	0.00%
Traverse City, MI (FHA\|USDA\|VA)	2	$320,000	$160,000	$0	0.00%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	1	$315,000	$315,000	$0	0.00%
Cadillac, MI (FHA\|USDA\|VA)	2	$250,000	$125,000	$0	0.00%
NILES, MI (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	0.00%
Ludington, MI (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	0.00%

West Michigan Community Bank's top markets include Grand Rapids, Muskegon, Holland, Lansing, and Traverse City among others.

Their top states include:

Michigan (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against West Michigan Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

KENT COUNTY CREDIT UNION
Similarity Rank: 344

West Michigan Credit Union
Similarity Rank: 364

Macatawa Bank
Similarity Rank: 396

Community West Credit Union
Similarity Rank: 513

PREFERRED CREDIT UNION
Similarity Rank: 660

MICHIGAN ONE COMMUNITY Credit Union
Similarity Rank: 714

AAC Credit Union
Similarity Rank: 720

Isabella Bank
Similarity Rank: 792

Adventure Credit Union
Similarity Rank: 793

PFCU
Similarity Rank: 910

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	258	$71,030,000	$275,310	$0	0.00%

For 2019, West Michigan Community Bank's most frequently originated type of loan was Conventional, with 258 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	145	$46,215,000	$318,724	$0	0.00%
Refi	67	$15,165,000	$226,343	$0	0.00%
Cash Out Refi	37	$8,905,000	$240,676	$0	0.00%
Other	6	$560,000	$93,333	$0	0.00%
Home Improvement	3	$185,000	$61,667	$0	0.00%

For 2019, West Michigan Community Bank's most frequently cited loan purpose was Home Purchase, with 145 originations. The 2nd most popular reason was Refi, with 67 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	258	$71,030,000	$275,310	$0	0.00%

For 2019, West Michigan Community Bank's most frequently cited loan duration was Other, with 258 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	109	$16,585,000	$152,156	$0	0.00%
$200k-400k	83	$22,945,000	$276,446	$0	0.00%
$100,000 or less	27	$1,915,000	$70,926	$0	0.00%
$400k-600k	27	$12,635,000	$467,963	$0	0.00%
$600k-1MM	9	$6,785,000	$753,889	$0	0.00%
$1MM+	3	$10,165,000	$3,388,333	$0	0.00%

2019 saw West Michigan Community Bank place emphasis on $100k-200k loans with 109 originations, totaling $16,585,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	56	$10,110,000	$180,536	$0	0.00%
$100k-150k	45	$11,985,000	$266,333	$0	0.00%
$50k or less	37	$4,295,000	$116,081	$0	0.00%
$150k-250k	27	$9,615,000	$356,111	$0	0.00%
$250k+	26	$10,780,000	$414,615	$0	0.00%
$75k-100k	26	$5,760,000	$221,538	$0	0.00%

West Michigan Community Bank lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $100k-150k, with 45 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	258	$71,030,000	$275,310	$0	0.00%

West Michigan Community Bank lent most frequently to those with DTI ratios of Exempt%, with 258 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	220	$53,270,000	$242,136	$0	0.00%
Not applicable	30	$16,420,000	$547,333	$0	0.00%
Asian	4	$770,000	$192,500	$0	0.00%
Not provided	4	$570,000	$142,500	$0	0.00%

Approval Rates

Total approvals of all applications
96.66%

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
92.25%

West Michigan Community Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	258	$71,030,000	$275,310

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	18	$13,710,000	$761,667
Single Family (1-4 Units):Manufactured	2	$380,000	$190,000
Single Family (1-4 Units):Site-Built	238	$56,940,000	$239,244

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	$42,534
West Michigan Community Bank	177 Ottawa Avenue Nw Grand Rapids, MI 49503	Full Service Retail	$39,428
West Michigan Community Bank	3467 Kelly Street Hudsonville, MI 49426	Full Service B&M	$183,823
West Michigan Community Bank	437 Baldwin Street Jenison, MI 49428	Full Service B&M	$42,838
West Michigan Community Bank	5367 School Avenue Hudsonville, MI 49426	Limited, Administrative	$0
West Michigan Community Bank	725 Baldwin St Jenison, MI 49428	Full Service Retail	$1,494
West Michigan Community Bank	82 Douglas Avenue Holland, MI 49424	Full Service B&M	$18,476
West Michigan Community Bank	99 East 8th Street Holland, MI 49423	Full Service B&M	$129,277

For 2019, West Michigan Community Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$26,721
Net interest income	$21,164
Total noninterest income	$3,373
Gross Fiduciary activities income	$708
Service charges on deposit accounts	$394
Trading account gains and fees	$0
Additional Noninterest Income	$2,271
Pre-tax net operating income	$8,567
Securities gains (or losses, -)	$0
Income before extraordinary items	$6,838
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$6,838
Minority interest net income	$0
Net income	$6,838
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$6,838

West Michigan Community Bank's gross interest income from loans was $26,721,000.
West Michigan Community Bank's net interest income from loans was $21,164,000.
West Michigan Community Bank's fee based income from loans was $394,000.
West Michigan Community Bank's net income from loans was $6,838,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$5,557
Provision for credit losses	$1,059
Total noninterest expense	$14,911
Salaries and employee benefits	$8,731
Premises and equipment expense	$1,286
Additional noninterest expense	$4,894
Applicable income taxes	$1,729
Net charge-offs	$-36
Cash dividends	$0

West Michigan Community Bank's interest expense for loans was $5,557,000.
West Michigan Community Bank's payroll and benefits expense were $8,731,000.
West Michigan Community Bank's property, plant and equipment expenses $1,286,000.

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	$508,532
Deposits held in domestic offices	$508,532
Deposits by Individuals, partnerships, and corporations	$477,957
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$29,780
Deposits by Commercial banks and other depository institutions in U.S.	$795
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$42,197
Demand deposits	$29,459
Nontransaction accounts	$466,335
Money market deposit accounts (MMDAs)	$187,229
Other savings deposits (excluding MMDAs)	$171,476
Total time deposits	$107,631
Total time and savings deposits	$479,073
Noninterest-bearing deposits	$105,788
Interest-bearing deposits	$402,744
Retail deposits	$439,930
IRAs and Keogh plan accounts	$4,659
Brokered deposits	$14,847
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$595,821
Cash & Balances due from depository institutions	$8,465
Interest-bearing balances	$855
Total securities	$46,935
Federal funds sold & reverse repurchase	$0
Net loans and leases	$512,198
Loan and leases loss allowance	$7,329
Trading account assets	$379
Bank premises and fixed assets	$12,160
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$15,684

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$595,821
Total Liabilities	$535,296
Total deposits	$508,532
Interest-bearing deposits	$402,744
Deposits held in domestic offices	$508,532
% insured (estimated)	$60
Federal funds purchased and repurchase agreements	$8,000
Trading liabilities	$379
Other borrowed funds	$15,000
Subordinated debt	$0
All other liabilities	$3,385

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$512,198
Loan and leases loss allowance	$7,329
Total loans and leases (domestic)	$519,527
All real estate loans	$354,194
Real estate loans in domestic offices	$354,194
Construction and development loans	$62,364
Residential 1-4 family construction	$19,731
Other construction, all land development and other land	$42,633
Loans secured by nonfarm nonresidential properties	$199,320
Nonfarm nonresidential secured by owner-occupied properties	$113,483
Commercial real estate & other non-farm, non-residential	$85,837
Multifamily residential real estate	$7,449
1-4 family residential loans	$75,511
Farmland loans	$9,550
Loans held in foreign offices	$0
Farm loans	$14,939
Commercial and industrial loans	$146,067
To non-U.S. addressees	$0
Loans to individuals	$4,289
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$840
Other loans to individuals	$3,449
All other loans & leases	$38
Loans to foreign governments and official institutions	$0
Other loans	$38
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$2,282
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$1,469
Non 1-4 family restructured loans & leases	$1,374
Total loans and leases (foreign)	$0

West Michigan Community Bank had $512,198,000 of loans outstanding in 2019. $354,194,000 of loans were in real estate loans. $62,364,000 of loans were in development loans. $7,449,000 of loans were in multifamily mortgage loans. $75,511,000 of loans were in 1-4 family mortgage loans. $14,939,000 of loans were in farm loans. $0 of loans were in credit card loans. $840,000 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	273	$80,530	$294,982
Nonfarm, nonresidential loans - <$100k	23	$1,160	$50,435
Nonfarm, nonresidential loans - $100-250k	84	$10,834	$128,976
Nonfarm, nonresidential loans - $250k-1MM	166	$68,536	$412,867
Commercial & Industrial, US addressed loans - <$1MM	357	$44,833	$125,583
Commercial & Industrial, US addressed loans - <$100k	128	$2,928	$22,875
Commercial & Industrial, US addressed loans - $100-250k	98	$8,947	$91,296
Commercial & Industrial, US addressed loans - $250k-1MM	131	$32,958	$251,588
Farmland loans - <$1MM	7	$748	$106,857
Farmland loans - <$100k	1	$7	$7,000
Farmland loans - $100-250k	3	$204	$68,000
Farmland loans - $250k-1MM	3	$537	$179,000
Agriculture operations loans - <$1MM	4	$770	$192,500
Agriculture operations loans - <$100k	2	$30	$15,000
Agriculture operations loans - $250k-1MM	2	$740	$370,000