Bank Of The Pacific Mortgage Rates, Fees & Info

Aberdeen, WA

LEI: 549300MP3KK77THHQT36

Tax ID: 91-1069728

5 stars - out of 5 stars, based on 37 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Of The Pacific is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Bank Of The Pacific has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Bellingham, Mount Vernon, Aberdeen, Seattle, and Olympia among others. Bank Of The Pacific 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 The Pacific is typically an average fee lendor.


Originations

1,341

Origination Dollar Volume (All Markets)

$435,365,000

Employee count

229 Show all (24) awards

Relative Rate

Bank Of The Pacific's average 30 year fixed rate mortgage of loans were 2.79%.

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

This yields a difference of -0.36%.

Relative Fees

Bank Of The Pacific's average total fees for a 30 year fixed rate mortgage are $3,850.

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
BELLINGHAM, WA (FHA|USDA|VA) 596 $210,410,000 $353,037 $3,363 2.79%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 159 $51,595,000 $324,497 $3,395 2.64%
Aberdeen, WA (FHA|USDA|VA) 120 $27,250,000 $227,083 $3,768 2.90%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 70 $23,410,000 $334,429 $3,708 2.68%
Outside of Metro Areas 101 $23,345,000 $231,139 $3,711 2.82%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 66 $22,350,000 $338,636 $4,020 2.87%
Oak Harbor, WA (FHA|USDA|VA) 62 $22,350,000 $360,484 $6,365 2.54%
Astoria, OR (FHA|USDA|VA) 57 $17,915,000 $314,298 $4,259 2.91%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 51 $15,775,000 $309,314 $3,596 2.95%
SALEM, OR (FHA|USDA|VA) 7 $2,395,000 $342,143 $2,878 3.43%
LONGVIEW, WA (FHA|USDA|VA) 8 $2,140,000 $267,500 $3,840 2.75%
Shelton, WA (FHA|USDA|VA) 5 $1,925,000 $385,000 $4,455 2.68%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 5 $1,625,000 $325,000 $4,688 2.98%
ALBANY-LEBANON, OR (FHA|USDA|VA) 2 $1,610,000 $805,000 $0 3.60%
BEND, OR (FHA|USDA|VA) 2 $1,370,000 $685,000 $4,519 2.75%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 5 $1,365,000 $273,000 $2,680 2.78%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,170,000 $292,500 $5,429 3.06%
Centralia, WA (FHA|USDA|VA) 4 $910,000 $227,500 $3,415 3.13%
WALLA WALLA, WA (FHA|USDA|VA) 2 $900,000 $450,000 $5,297 3.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $870,000 $435,000 $3,297 2.84%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $825,000 $825,000 $7,207 3.13%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $815,000 $271,667 $3,079 2.83%
Port Angeles, WA (FHA|USDA|VA) 1 $685,000 $685,000 $5,553 3.00%
WENATCHEE, WA (FHA|USDA|VA) 2 $660,000 $330,000 $3,051 3.06%
BOISE CITY, ID (FHA|USDA|VA) 1 $445,000 $445,000 $4,176 3.25%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $425,000 $425,000 $3,046 2.88%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 2 $400,000 $200,000 $3,350 2.56%
Ellensburg, WA (FHA|USDA|VA) 1 $235,000 $235,000 $2,452 3.38%
Coos Bay, OR (FHA|USDA|VA) 1 $195,000 $195,000 $3,335 2.25%

Bank Of The Pacific's top markets include Bellingham, Mount Vernon, Aberdeen, Seattle, and Olympia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,183 $379,705,000 $320,968 $3,277 2.84%
VA 115 $42,915,000 $373,174 $5,933 2.36%
FHA 33 $9,635,000 $291,970 $8,068 2.68%
USDA 10 $3,110,000 $311,000 $6,247 2.28%

For the 2021 period, Bank Of The Pacific's most frequently originated loan type of loans were Conventional, with 1,183 originations. Their 2nd most popular type is VA, with 115 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 573 $168,355,000 $293,813 $2,801 2.65%
Home Purchase 428 $160,930,000 $376,005 $5,187 2.87%
Cash Out Refi 312 $100,690,000 $322,724 $3,327 2.83%
Home Improvement 16 $2,710,000 $169,375 $1,486 4.51%
Other 12 $2,680,000 $223,333 $3,216 3.09%

For the 2021, Bank Of The Pacific's most frequently cited loan purpose of loans were Refi, with 573 originations. The 2nd most popular reason of loans were Home Purchase, with 428 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,114 $374,800,000 $336,445 $3,850 2.79%
15 Year 136 $33,760,000 $248,235 $2,956 2.46%
20 Year 44 $11,410,000 $259,318 $2,806 2.99%
10 Year 23 $7,375,000 $320,652 $1,729 3.81%
Other 21 $7,195,000 $342,619 $3,472 2.96%
1 Year 3 $825,000 $275,000 $0 4.25%

For the 2021, Bank Of The Pacific's most frequently cited loan length of loans were 30 Year, with 1,114 originations. The 2nd most popular length of loans were 15 Year, with 136 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 922 $298,180,000 $323,406
$<1k 170 $56,130,000 $330,176
$2k-3k 36 $13,140,000 $365,000
$3k-4k 23 $9,075,000 $394,565
$5k+ 18 $12,310,000 $683,889

$3,850 of loans were Bank Of The Pacific's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 922 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 669 $220,215,000 $329,170
<2.5% 419 $127,145,000 $303,449
3-4% 224 $82,330,000 $367,545
4-5% 21 $5,175,000 $246,429
5-6% 6 $450,000 $75,000
7-8% 2 $50,000 $25,000

During 2021, Bank Of The Pacific's average interest rate of loans were 2.79%, while their most frequently originated rate bucket of loans were 2.5-3%, with 669 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 691 $203,435,000 $294,407 $3,336 2.77%
$400k-600k 333 $157,365,000 $472,568 $4,476 2.80%
$100k-200k 232 $36,500,000 $157,328 $2,857 2.75%
$100,000 or less 41 $2,675,000 $65,244 $2,088 3.03%
$600k-1MM 39 $28,895,000 $740,897 $7,742 3.02%
$1MM+ 5 $6,495,000 $1,299,000 $12,990 3.05%

2021 saw Bank Of The Pacific place emphasis on $200k-400k loans with 691 originations, totaling $203,435,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 361 $122,435,000 $339,155 $3,658 2.81%
$50k-75k 257 $68,755,000 $267,529 $3,828 2.75%
$75k-100k 226 $72,050,000 $318,805 $3,868 2.77%
$150k-250k 195 $73,355,000 $376,179 $3,749 2.87%
$250k+ 118 $50,970,000 $431,949 $4,669 2.93%
$50k or less 97 $17,005,000 $175,309 $2,994 2.70%

Bank Of The Pacific lent most frequently to those with incomes in the $100k-150k range, with 361 originations. The second most popular income band? $50k-75k, with 257 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 325 $99,235,000 $305,338 $3,410 2.72%
30-36% 274 $87,350,000 $318,796 $3,591 2.86%
<20% 165 $48,645,000 $294,818 $3,423 2.77%
41% 50 $16,980,000 $339,600 $4,534 2.80%
38% 47 $13,595,000 $289,255 $3,806 2.86%
37% 47 $17,235,000 $366,702 $3,707 2.66%
44% 47 $17,595,000 $374,362 $3,768 2.87%
40% 47 $16,535,000 $351,809 $3,708 2.91%
39% 46 $15,620,000 $339,565 $4,398 2.86%
36% 40 $12,650,000 $316,250 $3,883 2.95%
42% 35 $12,265,000 $350,429 $3,424 2.96%
45% 32 $11,000,000 $343,750 $3,803 2.67%
43% 28 $9,210,000 $328,929 $3,530 2.97%
46% 24 $8,760,000 $365,000 $4,401 2.84%
48% 22 $6,260,000 $284,545 $4,561 2.52%
47% 22 $7,070,000 $321,364 $4,556 2.84%
49% 20 $8,110,000 $405,500 $6,137 2.69%
50-60% 12 $5,010,000 $417,500 $7,161 2.75%
>60% 1 $335,000 $335,000 $2,902 2.50%

Bank Of The Pacific lent most frequently to those with DTI ratios of 20-30%, with 325 originations. The next most common DTI ratio? 30-36%, with 274 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 999 $322,625,000 $322,948 $3,666 2.79%
Not provided 246 $76,140,000 $309,512 $3,662 2.75%
Asian 62 $21,950,000 $354,032 $3,982 2.79%
Not applicable 10 $5,860,000 $586,000 $0 3.90%
Black 8 $3,100,000 $387,500 $4,912 2.75%
American Indian 8 $3,030,000 $378,750 $4,669 3.20%
Native Hawaiian 5 $1,665,000 $333,000 $4,158 2.75%
Other Asian 2 $520,000 $260,000 $3,133 2.38%
Samoan 1 $475,000 $475,000 $3,825 3.13%

Approval Rates

Total approvals of all applications
94.13%

Bank Of The Pacific has an average approval rate.

Pick Rate

Approvals leading to origination
74.68%

Bank Of The Pacific has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,341 $435,365,000 $324,657

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,341 $435,365,000 $324,657

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 155 $32,725,000 $211,129 $2,705 2.72%
40-60% 384 $114,390,000 $297,891 $3,006 2.71%
60-80% 488 $171,060,000 $350,533 $3,453 2.90%
80-100% 233 $94,155,000 $404,099 $5,026 2.82%
Over 100% 24 $9,790,000 $407,917 $13,124 2.41%
Under 20% 24 $1,760,000 $73,333 $1,590 3.01%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%
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 Applying for a mortgage or refinancing an existing mortgage 5 16.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank of The Pacific 761 Ave G Seaside, OR 97138 Full Service B&M $52,658
Bank of The Pacific 1214 Aalis Drive, Bldg. C Taholah, WA 98587 Full Service B&M $35,850
Bank of The Pacific 140 3rd Street Cathlamet, WA 98612 Full Service B&M $59,010
Bank of The Pacific 145 Chance A La Mer Street Ocean Shores, WA 98569 Full Service B&M $49,219
Bank of The Pacific 150 South Main Montesano, WA 98563 Full Service B&M $40,214
Bank of The Pacific 1800 Front Street Lynden, WA 98264 Full Service B&M $60,540
Bank of The Pacific 1802 Bay Avenue Ocean Park, WA 98640 Full Service B&M $59,109
Bank of The Pacific 203 Se Park Plaza Drive, Suite 120 Vancouver, WA 98684 Full Service B&M $43,926
Bank of The Pacific 300 East Market Street Aberdeen, WA 98520 Full Service B&M $252,230
Bank of The Pacific 405 8th Street Hoquiam, WA 98550 Full Service B&M $33,017
Bank of The Pacific 4124 Hannegan Road Bellingham, WA 98226 Full Service B&M $95,088
Bank of The Pacific 560 Commercial Street Raymond, WA 98577 Full Service B&M $57,892
Bank of The Pacific 651 Se Marlin Avenue Warrenton, OR 97146 Full Service B&M $0
Bank of The Pacific 651 Se Marlin Avenue Warrenton, OR 97146 Full Service B&M $60,192
Bank of The Pacific 100 Grand Avenue Bellingham, WA 98227 Full Service B&M $77,613
Bank of The Pacific 801 Commercial Avenue Anacortes, WA 98221 Full Service B&M $58,191
Bank of The Pacific Pacific Ave. South & 10th St. South Long Beach, WA 98631 Full Service B&M $109,703

For 2021, Bank Of The Pacific had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $38,169
Net interest income $37,147
Total noninterest income $15,712
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,446
Trading account gains and fees $0
Additional Noninterest Income $14,266
Pre-tax net operating income $16,246
Securities gains (or losses, -) $0
Income before extraordinary items $13,225
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $13,225
Minority interest net income $0
Net income $13,225
Sale, conversion, retirement of capital stock, net $0
Net operating income $13,225

Bank Of The Pacific's gross interest income from loans was $38,169,000.
Bank Of The Pacific's net interest income from loans was $37,147,000.
Bank Of The Pacific's fee based income from loans was $1,446,000.
Bank Of The Pacific's net income from loans was $13,225,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,022
Provision for credit losses $-3,650
Total noninterest expense $40,263
Salaries and employee benefits $26,936
Premises and equipment expense $3,222
Additional noninterest expense $10,105
Applicable income taxes $3,021
Net charge-offs $120
Cash dividends $6,310

Bank Of The Pacific's interest expense for loans was $1,022,000.
Bank Of The Pacific's payroll and benefits expense were $26,936,000.
Bank Of The Pacific's property, plant and equipment expenses $3,222,000.

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 $1,179,204
Deposits held in domestic offices $1,179,204
Deposits by Individuals, partnerships, and corporations $1,041,148
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $138,024
Deposits by Commercial banks and other depository institutions in U.S. $31
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $735,207
Demand deposits $492,418
Nontransaction accounts $443,996
Money market deposit accounts (MMDAs) $210,344
Other savings deposits (excluding MMDAs) $174,929
Total time deposits $58,724
Total time and savings deposits $686,785
Noninterest-bearing deposits $492,419
Interest-bearing deposits $686,785
Retail deposits $1,166,363
IRAs and Keogh plan accounts $14,408
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,319,331
Cash & Balances due from depository institutions $338,735
Interest-bearing balances $320,207
Total securities $233,735
Federal funds sold & reverse repurchase $50,881
Net loans and leases $626,140
Loan and leases loss allowance $8,297
Trading account assets $0
Bank premises and fixed assets $14,466
Other real estate owned $0
Goodwill and other intangibles $13,443
All other assets $41,931

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,319,331
Total Liabilities $1,189,146
Total deposits $1,179,204
Interest-bearing deposits $686,785
Deposits held in domestic offices $1,179,204
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $403
Subordinated debt $0
All other liabilities $9,539

Issued Loan Types

Type Value (in 000's)
Net loans and leases $626,140
Loan and leases loss allowance $8,297
Total loans and leases (domestic) $634,437
All real estate loans $466,440
Real estate loans in domestic offices $466,440
Construction and development loans $28,227
Residential 1-4 family construction $13,635
Other construction, all land development and other land $14,592
Loans secured by nonfarm nonresidential properties $302,586
Nonfarm nonresidential secured by owner-occupied properties $154,488
Commercial real estate & other non-farm, non-residential $148,098
Multifamily residential real estate $38,151
1-4 family residential loans $73,383
Farmland loans $24,093
Loans held in foreign offices $0
Farm loans $17,638
Commercial and industrial loans $77,538
To non-U.S. addressees $0
Loans to individuals $54,729
Credit card loans $848
Related Plans $287
Consumer Auto Loans $51,078
Other loans to individuals $2,516
All other loans & leases $18,092
Loans to foreign governments and official institutions $0
Other loans $12,406
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 $887
Restructured Loans & leases $1,633
Non 1-4 family restructured loans & leases $1,633
Total loans and leases (foreign) $0

Bank of the Pacific had $626,140,000 of loans outstanding in 2021. $466,440,000 of loans were in real estate loans. $28,227,000 of loans were in development loans. $38,151,000 of loans were in multifamily mortgage loans. $73,383,000 of loans were in 1-4 family mortgage loans. $17,638,000 of loans were in farm loans. $848,000 of loans were in credit card loans. $51,078,000 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 429 $127,362 $296,881
Nonfarm, nonresidential loans - <$100k 33 $1,672 $50,667
Nonfarm, nonresidential loans - $100-250k 121 $16,894 $139,620
Nonfarm, nonresidential loans - $250k-1MM 275 $108,796 $395,622
Commercial & Industrial, US addressed loans - <$1MM 823 $52,025 $63,214
Commercial & Industrial, US addressed loans - <$100k 539 $12,343 $22,900
Commercial & Industrial, US addressed loans - $100-250k 158 $14,504 $91,797
Commercial & Industrial, US addressed loans - $250k-1MM 126 $25,178 $199,825
Farmland loans - <$1MM 32 $5,914 $184,813
Farmland loans - <$100k 3 $66 $22,000
Farmland loans - $100-250k 11 $1,164 $105,818
Farmland loans - $250k-1MM 18 $4,684 $260,222
Agriculture operations loans - <$1MM 176 $14,430 $81,989
Agriculture operations loans - <$100k 96 $2,396 $24,958
Agriculture operations loans - $100-250k 47 $5,499 $117,000
Agriculture operations loans - $250k-1MM 33 $6,535 $198,030