Bank Iowa Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300NDNZ6EWP8BJI88

Tax ID: 42-0181970

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Iowa is a smaller bank specializing in Home Purchase and Refi loans. Bank Iowa has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Des Moines, Las Vegas, Oskaloosa, Pella, and Omaha among others. Bank Iowa 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 Iowa is typically a low fee lendor.


Originations

1,145

Origination Dollar Volume (All Markets)

$252,055,000

Employee count

257 Show all (15) awards

Relative Rate

Bank Iowa's average 30 year fixed rate mortgage of loans were 2.95%.

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

This yields a difference of -0.2%.

Relative Fees

Bank Iowa's average total fees for a 30 year fixed rate mortgage are $2,256.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 435 $134,825,000 $309,943 $1,993 2.81%
Outside of Metro Areas 431 $55,335,000 $128,387 $2,033 3.09%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 53 $17,055,000 $321,792 $3,157 2.78%
Oskaloosa, IA (FHA|USDA|VA) 63 $8,795,000 $139,603 $1,836 3.23%
Pella, IA (FHA|USDA|VA) 39 $7,995,000 $205,000 $2,156 2.91%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 21 $3,875,000 $184,524 $1,855 2.98%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 15 $2,425,000 $161,667 $1,524 2.96%
AMES, IA (FHA|USDA|VA) 10 $1,990,000 $199,000 $2,303 3.05%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $1,675,000 $558,333 $3,231 3.00%
Carroll, IA (FHA|USDA|VA) 9 $1,385,000 $153,889 $1,956 3.22%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 3.85%
Fort Dodge, IA (FHA|USDA|VA) 11 $1,175,000 $106,818 $1,763 3.47%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $810,000 $405,000 $2,857 2.56%
Marshalltown, IA (FHA|USDA|VA) 4 $730,000 $182,500 $2,335 2.91%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $675,000 $675,000 $4,381 3.25%
IOWA CITY, IA (FHA|USDA|VA) 3 $665,000 $221,667 $2,091 3.33%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $555,000 $185,000 $1,881 2.79%
COLUMBUS, OH (FHA|USDA|VA) 1 $545,000 $545,000 $4,082 1.99%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $545,000 $545,000 $3,339 3.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $535,000 $535,000 $2,761 2.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $530,000 $265,000 $2,742 2.93%
KNOXVILLE, TN (FHA|USDA|VA) 1 $525,000 $525,000 $3,842 1.88%
Spearfish, SD (FHA|USDA|VA) 1 $525,000 $525,000 $2,913 2.88%
Albert Lea, MN (FHA|USDA|VA) 1 $495,000 $495,000 $2,447 2.63%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,268 2.62%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $485,000 $485,000 $4,434 2.88%
Glenwood Springs, CO (FHA|USDA|VA) 1 $475,000 $475,000 $2,322 3.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $430,000 $215,000 $1,857 3.19%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $395,000 $395,000 $3,617 2.75%
TUCSON, AZ (FHA|USDA|VA) 1 $355,000 $355,000 $3,970 2.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,635 2.99%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $305,000 $305,000 $1,876 1.99%
Spirit Lake, IA (FHA|USDA|VA) 1 $305,000 $305,000 $2,035 3.13%
Pahrump, NV (FHA|USDA|VA) 1 $285,000 $285,000 $2,753 2.50%
Kearney, NE (FHA|USDA|VA) 1 $275,000 $275,000 $3,025 2.63%
Mason City, IA (FHA|USDA|VA) 2 $270,000 $135,000 $1,860 2.81%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,377 3.38%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $245,000 $245,000 $1,450 2.13%
ST. GEORGE, UT (FHA|USDA|VA) 1 $235,000 $235,000 $1,994 2.13%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $1,880 2.50%
Stevens Point, WI (FHA|USDA|VA) 1 $205,000 $205,000 $1,878 3.13%
Ottumwa, IA (FHA|USDA|VA) 2 $190,000 $95,000 $2,017 2.94%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,331 2.50%
YUBA CITY, CA (FHA|USDA|VA) 1 $175,000 $175,000 $3,479 2.88%
RENO, NV (FHA|USDA|VA) 1 $165,000 $165,000 $1,656 2.50%
DULUTH, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,814 3.12%
ROCHESTER, MN (FHA|USDA|VA) 1 $155,000 $155,000 $1,688 2.50%
MADISON, WI (FHA|USDA|VA) 1 $125,000 $125,000 $0 2.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,494 2.99%
Duncan, OK (FHA|USDA|VA) 1 $115,000 $115,000 $2,091 2.63%
Hastings, NE (FHA|USDA|VA) 1 $115,000 $115,000 $1,580 2.75%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $105,000 $105,000 $1,991 1.99%
Marshall, MN (FHA|USDA|VA) 1 $25,000 $25,000 $2,190 3.63%

Bank Iowa's top markets include Des Moines, Las Vegas, Oskaloosa, Pella, and Omaha among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,105 $247,465,000 $223,950 $2,024 2.97%
USDA 40 $4,590,000 $114,750 $3,633 2.62%

For the 2021 period, Bank Iowa's most frequently originated loan type of loans were Conventional, with 1,105 originations. Their 2nd most popular type is USDA, with 40 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 502 $103,890,000 $206,952 $2,365 3.13%
Refi 427 $110,635,000 $259,098 $1,835 2.78%
Cash Out Refi 201 $36,125,000 $179,726 $2,027 2.80%
Other 8 $760,000 $95,000 $1,032 4.34%
Home Improvement 7 $645,000 $92,143 $2,091 4.58%

For the 2021, Bank Iowa's most frequently cited loan purpose of loans were Home Purchase, with 502 originations. The 2nd most popular reason of loans were Refi, with 427 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 610 $127,960,000 $209,770 $2,256 2.95%
15 Year 255 $37,765,000 $148,098 $1,877 2.47%
20 Year 101 $15,455,000 $153,020 $1,887 3.08%
Other 72 $48,650,000 $675,694 $1,412 3.66%
10 Year 50 $5,720,000 $114,400 $1,735 2.74%
5 Year 45 $15,375,000 $341,667 $0 4.26%
1 Year 10 $1,000,000 $100,000 $0 4.35%
3 Year 2 $130,000 $65,000 $0 3.95%

For the 2021, Bank Iowa's most frequently cited loan length of loans were 30 Year, with 610 originations. The 2nd most popular length of loans were 15 Year, with 255 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 879 $167,595,000 $190,666
$1k-2k 56 $9,100,000 $162,500
$2k-3k 11 $2,285,000 $207,727
$3k-4k 3 $565,000 $188,333
$5k+ 2 $670,000 $335,000

$2,256 of loans were Bank Iowa's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 879 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 413 $86,445,000 $209,310
<2.5% 343 $59,815,000 $174,388
3-4% 316 $99,340,000 $314,367
4-5% 65 $6,015,000 $92,538
5-6% 7 $425,000 $60,714
6-7% 1 $15,000 $15,000

During 2021, Bank Iowa's average interest rate of loans were 2.95%, while their most frequently originated rate bucket of loans were 2.5-3%, with 413 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 442 $63,810,000 $144,367 $2,015 2.94%
$200k-400k 308 $82,930,000 $269,253 $2,140 2.79%
$100,000 or less 303 $20,285,000 $66,947 $1,943 3.14%
$400k-600k 66 $31,710,000 $480,455 $2,848 2.80%
$1MM+ 17 $46,935,000 $2,760,882 $0 3.46%
$600k-1MM 9 $6,385,000 $709,444 $2,789 3.40%

2021 saw Bank Iowa place emphasis on $100k-200k loans with 442 originations, totaling $63,810,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 232 $51,410,000 $221,595 $2,104 2.87%
$50k-75k 224 $33,400,000 $149,107 $1,977 2.84%
$50k or less 224 $22,840,000 $101,964 $2,151 2.97%
$75k-100k 186 $32,620,000 $175,376 $2,041 2.95%
$150k-250k 115 $29,665,000 $257,957 $2,284 2.80%
$250k+ 49 $16,125,000 $329,082 $2,202 2.76%

Bank Iowa lent most frequently to those with incomes in the $100k-150k range, with 232 originations. The second most popular income band? $50k-75k, with 224 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 310 $55,850,000 $180,161 $2,046 2.82%
<20% 201 $33,655,000 $167,438 $1,945 2.83%
30-36% 197 $38,395,000 $194,898 $2,199 2.81%
39% 31 $6,225,000 $200,806 $2,133 2.83%
40% 28 $5,760,000 $205,714 $2,119 2.78%
37% 27 $5,375,000 $199,074 $2,518 2.87%
38% 24 $3,870,000 $161,250 $2,129 2.81%
43% 24 $4,400,000 $183,333 $2,037 2.86%
41% 22 $4,000,000 $181,818 $1,937 2.91%
36% 22 $4,320,000 $196,364 $2,207 2.66%
42% 21 $4,835,000 $230,238 $2,803 2.87%
44% 20 $3,260,000 $163,000 $2,168 2.88%
49% 20 $4,320,000 $216,000 $2,293 3.02%
45% 19 $3,545,000 $186,579 $2,169 2.87%
46% 18 $3,180,000 $176,667 $2,155 2.88%
48% 16 $3,370,000 $210,625 $1,979 2.74%
47% 10 $1,850,000 $185,000 $1,840 2.55%
>60% 6 $970,000 $161,667 $1,348 4.05%
50-60% 4 $560,000 $140,000 $1,572 3.36%

Bank Iowa lent most frequently to those with DTI ratios of 20-30%, with 310 originations. The next most common DTI ratio? <20%, with 201 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 993 $176,325,000 $177,568 $2,085 2.90%
Not applicable 81 $59,215,000 $731,049 $0 3.83%
Not provided 44 $10,280,000 $233,636 $2,168 2.74%
Black 10 $2,300,000 $230,000 $2,128 2.91%
Asian 8 $2,190,000 $273,750 $2,533 2.64%
American Indian 5 $985,000 $197,000 $2,146 2.90%
Asian Indian 2 $550,000 $275,000 $1,894 2.56%
Native Hawaiian 2 $210,000 $105,000 $1,776 3.85%

Approval Rates

Total approvals of all applications
93.98%

Bank Iowa has an average approval rate.

Pick Rate

Approvals leading to origination
86.71%

Bank Iowa has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,145 $252,055,000 $220,135

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,145 $252,055,000 $220,135

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 77 $13,135,000 $170,584 $1,896 2.89%
40-60% 189 $28,185,000 $149,127 $1,852 2.80%
60-80% 469 $104,905,000 $223,678 $1,967 2.96%
80-100% 372 $71,510,000 $192,231 $2,371 2.96%
Over 100% 5 $765,000 $153,000 $3,026 3.04%
Under 20% 33 $33,555,000 $1,016,818 $1,525 3.78%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank Iowa 1710 Third Avenue East Oskaloosa, IA 52577 Full Service B&M $100,136
Bank Iowa 100 North Walnut Street Colfax, IA 50054 Full Service B&M $65,099
Bank Iowa 101 N. 15th Street Clarinda, IA 51632 Full Service B&M $128,704
Bank Iowa 102 1st Avenue, Southwest Waucoma, IA 52171 Full Service B&M $34,769
Bank Iowa 106 Southeast C Avenue Gilmore City, IA 50541 Full Service B&M $8,780
Bank Iowa 1108 Broadway Denison, IA 51442 Full Service B&M $93,482
Bank Iowa 121 Second Street Schleswig, IA 51461 Full Service B&M $39,575
Bank Iowa 1225 Jordan Creek Parkway, Suite 200 West Des Moines, IA 50266 Full Service B&M $135,995
Bank Iowa 1300 West Nishna Road Shenandoah, IA 51601 Limited, Drive-thru $0
Bank Iowa 1302 5th Avenue North Humboldt, IA 50548 Limited, Drive-thru $0
Bank Iowa 165 North Woodward Avenue Fredericksburg, IA 50630 Full Service B&M $17,668
Bank Iowa 17 Main Street Charter Oak, IA 51439 Full Service B&M $11,996
Bank Iowa 701 West Sheridan Avenue Shenandoah, IA 51601 Full Service B&M $100,279
Bank Iowa 1805 North Broadway Red Oak, IA 51566 Full Service B&M $68,302
Bank Iowa 210 East Main Street Fremont, IA 52561 Full Service B&M $27,588
Bank Iowa 215 West 2nd Street North Newton, IA 50208 Full Service B&M $75,674
Bank Iowa 300 South Third Avenue Villisca, IA 50864 Full Service B&M $34,962
Bank Iowa 308 E Grove St Lawler, IA 52154 Full Service B&M $83,945
Bank Iowa 341 Fourth Street Manilla, IA 51454 Full Service B&M $31,937
Bank Iowa 420 8th Street Southeast Altoona, IA 50009 Full Service B&M $94,545
Bank Iowa 506 Sumner Avenue Humboldt, IA 50548 Full Service B&M $193,477
Bank Iowa 528 Iowa Street Essex, IA 51638 Full Service B&M $32,912
Bank Iowa 5525 Merle Hay Rd, Suite 195 Johnston, IA 50131 Full Service B&M $41,996
Bank Iowa 606 West Milwaukee New Hampton, IA 50659 Full Service B&M $54,514
Bank Iowa 640 Washington Street Pella, IA 50219 Full Service B&M $20,124

For 2021, Bank Iowa had 25 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $62,356
Net interest income $58,820
Total noninterest income $10,712
Gross Fiduciary activities income $1
Service charges on deposit accounts $2,052
Trading account gains and fees $0
Additional Noninterest Income $8,659
Pre-tax net operating income $25,769
Securities gains (or losses, -) $57
Income before extraordinary items $24,557
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $24,557
Minority interest net income $0
Net income $24,557
Sale, conversion, retirement of capital stock, net $0
Net operating income $24,502

Bank Iowa's gross interest income from loans was $62,356,000.
Bank Iowa's net interest income from loans was $58,820,000.
Bank Iowa's fee based income from loans was $2,052,000.
Bank Iowa's net income from loans was $24,557,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,536
Provision for credit losses $2,850
Total noninterest expense $40,913
Salaries and employee benefits $27,417
Premises and equipment expense $3,669
Additional noninterest expense $9,827
Applicable income taxes $1,269
Net charge-offs $1,009
Cash dividends $9,500

Bank Iowa's interest expense for loans was $3,536,000.
Bank Iowa's payroll and benefits expense were $27,417,000.
Bank Iowa's property, plant and equipment expenses $3,669,000.

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 1.0%
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 $1,541,369
Deposits held in domestic offices $1,541,369
Deposits by Individuals, partnerships, and corporations $1,264,928
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $272,100
Deposits by Commercial banks and other depository institutions in U.S. $4,341
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $717,911
Demand deposits $487,659
Nontransaction accounts $823,458
Money market deposit accounts (MMDAs) $368,883
Other savings deposits (excluding MMDAs) $147,976
Total time deposits $306,599
Total time and savings deposits $1,053,710
Noninterest-bearing deposits $412,780
Interest-bearing deposits $1,128,589
Retail deposits $1,431,577
IRAs and Keogh plan accounts $41,448
Brokered deposits $49,138
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,758,051
Cash & Balances due from depository institutions $58,207
Interest-bearing balances $42,929
Total securities $486,337
Federal funds sold & reverse repurchase $2,508
Net loans and leases $1,144,464
Loan and leases loss allowance $19,436
Trading account assets $0
Bank premises and fixed assets $24,474
Other real estate owned $0
Goodwill and other intangibles $1,300
All other assets $40,761

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,758,051
Total Liabilities $1,590,644
Total deposits $1,541,369
Interest-bearing deposits $1,128,589
Deposits held in domestic offices $1,541,369
% insured (estimated) $69
Federal funds purchased and repurchase agreements $10,660
Trading liabilities $0
Other borrowed funds $30,000
Subordinated debt $0
All other liabilities $8,615

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,144,464
Loan and leases loss allowance $19,436
Total loans and leases (domestic) $1,163,900
All real estate loans $839,623
Real estate loans in domestic offices $839,623
Construction and development loans $88,948
Residential 1-4 family construction $9,802
Other construction, all land development and other land $79,146
Loans secured by nonfarm nonresidential properties $236,135
Nonfarm nonresidential secured by owner-occupied properties $101,125
Commercial real estate & other non-farm, non-residential $135,010
Multifamily residential real estate $69,183
1-4 family residential loans $147,954
Farmland loans $297,403
Loans held in foreign offices $0
Farm loans $165,923
Commercial and industrial loans $119,895
To non-U.S. addressees $0
Loans to individuals $13,146
Credit card loans $894
Related Plans $157
Consumer Auto Loans $6,014
Other loans to individuals $6,081
All other loans & leases $25,313
Loans to foreign governments and official institutions $0
Other loans $358
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $36
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $125
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Bank Iowa had $1,144,464,000 of loans outstanding in 2021. $839,623,000 of loans were in real estate loans. $88,948,000 of loans were in development loans. $69,183,000 of loans were in multifamily mortgage loans. $147,954,000 of loans were in 1-4 family mortgage loans. $165,923,000 of loans were in farm loans. $894,000 of loans were in credit card loans. $6,014,000 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 350 $63,851 $182,431
Nonfarm, nonresidential loans - <$100k 130 $5,654 $43,492
Nonfarm, nonresidential loans - $100-250k 115 $14,297 $124,322
Nonfarm, nonresidential loans - $250k-1MM 105 $43,900 $418,095
Commercial & Industrial, US addressed loans - <$1MM 1,083 $61,672 $56,946
Commercial & Industrial, US addressed loans - <$100k 812 $20,524 $25,276
Commercial & Industrial, US addressed loans - $100-250k 174 $17,273 $99,270
Commercial & Industrial, US addressed loans - $250k-1MM 97 $23,875 $246,134
Farmland loans - <$1MM 820 $116,603 $142,199
Farmland loans - <$100k 259 $9,909 $38,259
Farmland loans - $100-250k 341 $43,090 $126,364
Farmland loans - $250k-1MM 220 $63,604 $289,109
Agriculture operations loans - <$1MM 1,776 $99,533 $56,043
Agriculture operations loans - <$100k 1,260 $30,612 $24,295
Agriculture operations loans - $100-250k 324 $32,925 $101,620
Agriculture operations loans - $250k-1MM 192 $35,996 $187,479