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, Refi, and Cash Out Refi loans. West Michigan Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Sturgis, Muskegon, and Big Rapids among others. We have data for 12 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

365

Origination Dollar Volume (All Markets)

$117,535,000

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)	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.

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.

Community West Credit Union
Similarity Rank: 306

KENT COUNTY CREDIT UNION
Similarity Rank: 316

PREFERRED CREDIT UNION
Similarity Rank: 532

MEMBERS FIRST Credit Union
Similarity Rank: 561

West Michigan Credit Union
Similarity Rank: 572

Isabella Bank
Similarity Rank: 630

Macatawa Bank
Similarity Rank: 984

PFCU
Similarity Rank: 1323

Grand River Bank
Similarity Rank: 1513

AAC Credit Union
Similarity Rank: 1530

Product Mix

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

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

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, West Michigan Community Bank's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was 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 2021, West Michigan Community Bank's most frequently cited loan duration was 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 Hawaiian	1	$165,000	$165,000	$0	0.00%

Approval Rates

Total approvals of all applications
97.92%

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
90.68%

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