Charter West Bank Mortgage Rates, Fees & Info

West Point, NE

LEI: 549300GG5XNEIGHQTG04

Tax ID: 47-0679592

5 stars - out of 5 stars, based on 56 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Charter West Bank is a smaller bank specializing in Home Purchase and Refi loans. Charter West Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Omaha, Lincoln, Columbus, Grand Island, and Hastings among others. Charter West Bank 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. Charter West Bank is typically an average fee lendor.


Originations

3,082

Origination Dollar Volume (All Markets)

$649,930,000

Employee count

141 Show all (16) awards

Relative Rate

Charter West Bank's average 30 year fixed rate mortgage of loans were 2.97%.

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

This yields a difference of -0.18%.

Relative Fees

Charter West Bank's average total fees for a 30 year fixed rate mortgage are $3,462.

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
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1,640 $379,080,000 $231,146 $3,352 3.01%
LINCOLN, NE (FHA|USDA|VA) 437 $94,045,000 $215,206 $2,734 2.83%
Outside of Metro Areas 352 $51,990,000 $147,699 $3,223 2.99%
Columbus, NE (FHA|USDA|VA) 139 $27,025,000 $194,424 $3,640 2.86%
GRAND ISLAND, NE (FHA|USDA|VA) 152 $26,810,000 $176,382 $3,994 2.95%
Hastings, NE (FHA|USDA|VA) 126 $19,790,000 $157,063 $3,221 2.87%
Norfolk, NE (FHA|USDA|VA) 38 $6,780,000 $178,421 $3,764 3.01%
Kearney, NE (FHA|USDA|VA) 28 $5,580,000 $199,286 $2,492 2.94%
Lexington, NE (FHA|USDA|VA) 36 $5,430,000 $150,833 $2,971 3.00%
Fremont, NE (FHA|USDA|VA) 27 $4,305,000 $159,444 $3,427 3.20%
KANSAS CITY, MO-KS (FHA|USDA|VA) 12 $3,720,000 $310,000 $2,975 2.91%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 7 $3,645,000 $520,714 $3,897 3.29%
Beatrice, NE (FHA|USDA|VA) 20 $3,210,000 $160,500 $3,238 2.81%
North Platte, NE (FHA|USDA|VA) 10 $2,000,000 $200,000 $5,017 2.93%
FORT COLLINS, CO (FHA|USDA|VA) 4 $1,490,000 $372,500 $2,700 3.25%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $1,405,000 $468,333 $2,529 2.67%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 9 $1,235,000 $137,222 $2,394 3.24%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $1,110,000 $555,000 $12,262 2.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $720,000 $360,000 $5,385 3.25%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $705,000 $235,000 $2,293 3.08%
RICHMOND, VA (FHA|USDA|VA) 3 $695,000 $231,667 $2,286 3.21%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $545,000 $545,000 $2,494 2.88%
Elizabeth City, NC (FHA|USDA|VA) 1 $545,000 $545,000 $5,467 2.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $545,000 $545,000 $4,075 3.25%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $510,000 $255,000 $2,439 3.25%
TUCSON, AZ (FHA|USDA|VA) 2 $500,000 $250,000 $2,245 2.63%
MANKATO, MN (FHA|USDA|VA) 3 $485,000 $161,667 $3,394 3.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $425,000 $425,000 $3,287 2.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $415,000 $415,000 $2,905 2.88%
Show Low, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $3,507 3.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $395,000 $395,000 $2,622 2.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $365,000 $365,000 $2,396 2.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $355,000 $355,000 $2,907 3.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $355,000 $355,000 $4,194 3.25%
FORT WAYNE, IN (FHA|USDA|VA) 1 $345,000 $345,000 $1,657 2.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $335,000 $335,000 $2,060 2.25%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $305,000 $305,000 $2,838 3.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $295,000 $295,000 $9,112 2.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $255,000 $255,000 $5,541 4.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $235,000 $235,000 $1,880 3.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,451 2.25%
Yankton, SD (FHA|USDA|VA) 1 $205,000 $205,000 $2,343 3.13%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $185,000 $185,000 $1,769 2.63%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $175,000 $175,000 $2,304 3.25%
Fergus Falls, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,704 3.13%
Maryville, MO (FHA|USDA|VA) 1 $165,000 $165,000 $1,907 3.13%
AMES, IA (FHA|USDA|VA) 1 $165,000 $165,000 $2,535 4.25%
Scottsbluff, NE (FHA|USDA|VA) 1 $145,000 $145,000 $2,571 2.25%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $115,000 $115,000 $1,996 2.88%

Charter West Bank's top markets include Omaha, Lincoln, Columbus, Grand Island, and Hastings among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,228 $476,800,000 $214,004 $2,472 3.04%
FHA 469 $89,145,000 $190,075 $5,882 2.90%
VA 225 $60,115,000 $267,178 $4,928 2.54%
USDA 160 $23,870,000 $149,188 $4,126 2.75%

For the 2021 period, Charter West Bank's most frequently originated loan type of loans were Conventional, with 2,228 originations. Their 2nd most popular type is FHA, with 469 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,900 $403,640,000 $212,442 $3,747 3.01%
Refi 746 $160,150,000 $214,678 $2,373 2.80%
Cash Out Refi 429 $84,995,000 $198,124 $2,835 3.05%
Home Improvement 7 $1,145,000 $163,571 $0 4.29%

For the 2021, Charter West Bank's most frequently cited loan purpose of loans were Home Purchase, with 1,900 originations. The 2nd most popular reason of loans were Refi, with 746 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,547 $546,875,000 $214,713 $3,462 2.97%
15 Year 320 $55,650,000 $173,906 $2,247 2.57%
20 Year 155 $32,235,000 $207,968 $2,220 3.55%
Other 38 $7,340,000 $193,158 $2,222 3.59%
10 Year 15 $3,055,000 $203,667 $2,033 2.42%
1 Year 6 $770,000 $128,333 $1,163 4.38%
30+ year 1 $4,005,000 $4,005,000 $0 4.00%

For the 2021, Charter West Bank's most frequently cited loan length of loans were 30 Year, with 2,547 originations. The 2nd most popular length of loans were 15 Year, with 320 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,217 $477,645,000 $215,447
$1k-2k 670 $124,300,000 $185,522
$2k-3k 52 $14,010,000 $269,423
$3k-4k 34 $8,370,000 $246,176
$5k+ 7 $2,825,000 $403,571

$3,462 of loans were Charter West Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,217 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,452 $311,360,000 $214,435
3-4% 932 $186,310,000 $199,903
<2.5% 554 $128,550,000 $232,040
4-5% 143 $23,455,000 $164,021
5-6% 1 $255,000 $255,000

During 2021, Charter West Bank's average interest rate of loans were 2.97%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,452 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,371 $208,435,000 $152,031 $3,071 2.99%
$200k-400k 1,255 $334,445,000 $266,490 $3,598 2.90%
$100,000 or less 291 $22,885,000 $78,643 $2,519 3.22%
$400k-600k 155 $73,075,000 $471,452 $3,876 2.82%
$600k-1MM 7 $4,725,000 $675,000 $3,663 3.48%
$1MM+ 3 $6,365,000 $2,121,667 $0 4.00%

2021 saw Charter West Bank place emphasis on $100k-200k loans with 1,371 originations, totaling $208,435,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 822 $149,740,000 $182,165 $3,472 2.94%
$50k or less 719 $106,095,000 $147,559 $3,348 2.91%
$100k-150k 567 $144,145,000 $254,224 $3,081 2.95%
$75k-100k 545 $119,645,000 $219,532 $3,286 2.96%
$150k-250k 273 $84,675,000 $310,165 $3,003 2.91%
$250k+ 65 $22,475,000 $345,769 $3,138 2.99%

Charter West Bank lent most frequently to those with incomes in the $50k-75k range, with 822 originations. The second most popular income band? $50k or less, with 719 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 674 $140,950,000 $209,125 $2,797 2.89%
30-36% 541 $112,425,000 $207,810 $3,053 2.91%
<20% 212 $45,260,000 $213,491 $2,574 2.77%
44% 147 $29,885,000 $203,299 $3,570 3.00%
41% 137 $28,215,000 $205,949 $3,372 2.96%
40% 128 $25,940,000 $202,656 $3,442 2.95%
43% 120 $23,800,000 $198,333 $3,520 3.01%
42% 118 $25,270,000 $214,153 $3,923 2.98%
38% 113 $22,065,000 $195,265 $3,397 2.97%
39% 106 $23,100,000 $217,925 $3,430 2.93%
50-60% 105 $23,965,000 $228,238 $5,640 2.85%
37% 105 $22,995,000 $219,000 $3,318 3.02%
36% 104 $22,050,000 $212,019 $3,191 2.97%
45% 83 $18,535,000 $223,313 $3,234 2.95%
46% 74 $16,730,000 $226,081 $4,281 2.91%
47% 73 $15,165,000 $207,740 $3,471 2.98%
48% 68 $14,880,000 $218,824 $3,807 2.88%
49% 66 $14,490,000 $219,545 $3,772 3.04%
>60% 5 $1,195,000 $239,000 $4,223 3.00%

Charter West Bank lent most frequently to those with DTI ratios of 20-30%, with 674 originations. The next most common DTI ratio? 30-36%, with 541 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,518 $524,530,000 $208,312 $3,205 2.93%
Not provided 365 $77,015,000 $211,000 $3,645 2.94%
Not applicable 72 $18,250,000 $253,472 $0 4.25%
Black 66 $15,930,000 $241,364 $4,235 3.09%
Asian 35 $8,565,000 $244,714 $2,958 3.03%
American Indian 16 $3,590,000 $224,375 $4,602 2.84%
Other Asian 5 $1,155,000 $231,000 $2,404 3.43%
Native Hawaiian 3 $445,000 $148,333 $2,679 3.46%
Asian Indian 1 $255,000 $255,000 $2,446 2.50%
Other Pacific Islander 1 $195,000 $195,000 $3,816 2.88%

Approval Rates

Total approvals of all applications
94.18%

Charter West Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.16%

Charter West Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,082 $649,930,000 $210,879

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,082 $649,930,000 $210,879

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 76 $12,040,000 $158,421 $2,269 2.88%
40-60% 274 $51,750,000 $188,869 $2,223 2.86%
60-80% 1,014 $223,470,000 $220,385 $2,511 3.05%
80-100% 1,677 $352,305,000 $210,081 $3,785 2.95%
Over 100% 35 $10,005,000 $285,857 $10,727 2.53%
Under 20% 6 $360,000 $60,000 $1,736 3.31%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Charter West Bank 141 E Grove St West Point, NE 68788 Limited, Administrative $0
Charter West Bank 20041 Manderson St Elkhorn, NE 68022 Full Service B&M $36,125
Charter West Bank 201 South Main Street West Point, NE 68788 Full Service B&M $146,865
Charter West Bank 308 Main Street Walthill, NE 68067 Full Service B&M $132,161
Charter West Bank 610 4th Street Pender, NE 68047 Full Service B&M $24,760
Charter West Bank 7404 Olson Dr Papillion, NE 68046 Full Service B&M $9,532

For 2021, Charter West Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $12,789
Net interest income $11,279
Total noninterest income $23,914
Gross Fiduciary activities income $0
Service charges on deposit accounts $363
Trading account gains and fees $0
Additional Noninterest Income $23,551
Pre-tax net operating income $9,094
Securities gains (or losses, -) $0
Income before extraordinary items $8,936
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,936
Minority interest net income $0
Net income $8,936
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,936

Charter West Bank's gross interest income from loans was $12,789,000.
Charter West Bank's net interest income from loans was $11,279,000.
Charter West Bank's fee based income from loans was $363,000.
Charter West Bank's net income from loans was $8,936,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,510
Provision for credit losses $287
Total noninterest expense $25,812
Salaries and employee benefits $19,672
Premises and equipment expense $2,477
Additional noninterest expense $3,663
Applicable income taxes $158
Net charge-offs $20
Cash dividends $5,200

Charter West Bank's interest expense for loans was $1,510,000.
Charter West Bank's payroll and benefits expense were $19,672,000.
Charter West Bank's property, plant and equipment expenses $2,477,000.

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 1.0%
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 $355,405
Deposits held in domestic offices $355,405
Deposits by Individuals, partnerships, and corporations $232,187
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $107,707
Deposits by Commercial banks and other depository institutions in U.S. $15,511
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $209,707
Demand deposits $66,484
Nontransaction accounts $145,698
Money market deposit accounts (MMDAs) $14,990
Other savings deposits (excluding MMDAs) $36,947
Total time deposits $93,761
Total time and savings deposits $288,921
Noninterest-bearing deposits $68,237
Interest-bearing deposits $287,167
Retail deposits $328,774
IRAs and Keogh plan accounts $8,455
Brokered deposits $14,767
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $405,261
Cash & Balances due from depository institutions $65,112
Interest-bearing balances $56,957
Total securities $37,586
Federal funds sold & reverse repurchase $0
Net loans and leases $278,080
Loan and leases loss allowance $3,321
Trading account assets $0
Bank premises and fixed assets $9,979
Other real estate owned $0
Goodwill and other intangibles $616
All other assets $13,888

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $405,261
Total Liabilities $365,356
Total deposits $355,405
Interest-bearing deposits $287,167
Deposits held in domestic offices $355,405
% insured (estimated) $58
Federal funds purchased and repurchase agreements $1,351
Trading liabilities $0
Other borrowed funds $4,000
Subordinated debt $0
All other liabilities $4,600

Issued Loan Types

Type Value (in 000's)
Net loans and leases $278,080
Loan and leases loss allowance $3,321
Total loans and leases (domestic) $281,401
All real estate loans $167,466
Real estate loans in domestic offices $167,466
Construction and development loans $13,814
Residential 1-4 family construction $6,689
Other construction, all land development and other land $7,125
Loans secured by nonfarm nonresidential properties $48,794
Nonfarm nonresidential secured by owner-occupied properties $34,855
Commercial real estate & other non-farm, non-residential $13,939
Multifamily residential real estate $4,886
1-4 family residential loans $68,918
Farmland loans $31,054
Loans held in foreign offices $0
Farm loans $59,116
Commercial and industrial loans $42,977
To non-U.S. addressees $0
Loans to individuals $7,776
Credit card loans $0
Related Plans $29
Consumer Auto Loans $6,172
Other loans to individuals $1,575
All other loans & leases $4,066
Loans to foreign governments and official institutions $0
Other loans $404
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 $3
Non 1-4 family restructured loans & leases $3
Total loans and leases (foreign) $0

CHARTER WEST BANK had $278,080,000 of loans outstanding in 2021. $167,466,000 of loans were in real estate loans. $13,814,000 of loans were in development loans. $4,886,000 of loans were in multifamily mortgage loans. $68,918,000 of loans were in 1-4 family mortgage loans. $59,116,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,172,000 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 123 $31,517 $256,236
Nonfarm, nonresidential loans - <$100k 24 $942 $39,250
Nonfarm, nonresidential loans - $100-250k 40 $5,453 $136,325
Nonfarm, nonresidential loans - $250k-1MM 59 $25,122 $425,797
Commercial & Industrial, US addressed loans - <$1MM 511 $31,085 $60,832
Commercial & Industrial, US addressed loans - <$100k 395 $9,518 $24,096
Commercial & Industrial, US addressed loans - $100-250k 72 $7,583 $105,319
Commercial & Industrial, US addressed loans - $250k-1MM 44 $13,984 $317,818
Farmland loans - <$1MM 82 $12,768 $155,707
Farmland loans - <$100k 23 $820 $35,652
Farmland loans - $100-250k 30 $3,738 $124,600
Farmland loans - $250k-1MM 29 $8,210 $283,103
Agriculture operations loans - <$1MM 483 $28,760 $59,545
Agriculture operations loans - <$100k 343 $8,150 $23,761
Agriculture operations loans - $100-250k 86 $9,006 $104,721
Agriculture operations loans - $250k-1MM 54 $11,604 $214,889