The New Washington State Bank Mortgage Rates, Fees & Info

New Washington, IN

LEI: 549300Q16CNQMW0O1O02

Tax ID: 35-0546040

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

Review & Overview

The New Washington State Bank is a smaller bank specializing in Refi and Home Purchase loans. The New Washington State Bank has a high proportion of conventional loans. Their top two markets are Louisville and Scottsburg .

The New Washington State Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

Origination Dollar Volume (All Markets)

$28,165,000

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
LOUISVILLE, KY (FHA\|USDA\|VA)	83	$24,515,000	$295,361	$0	0.00%
Outside of Metro Areas	11	$3,235,000	$294,091	$0	0.00%
Scottsburg, IN (FHA\|USDA\|VA)	1	$415,000	$415,000	$0	0.00%

The New Washington State Bank's top markets include Louisville and Scottsburg among others.

Their top states include:

Indiana (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Kentucky (FHA|USDA|VA)

Similar Lenders

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

COMMONWEALTH
Similarity Rank: 625

First Harrison Bank
Similarity Rank: 980

TRANSCEND
Similarity Rank: 1395

Centra Credit Union
Similarity Rank: 1739

Independence Bank of Kentucky
Similarity Rank: 1768

Abound Federal Credit Union
Similarity Rank: 1888

Central Bank
Similarity Rank: 1932

SOUTH CENTRAL BANK, INC.
Similarity Rank: 1938

THE MORTGAGE WAREHOUSE,LLC
Similarity Rank: 2016

PARK COMMUNITY CREDIT UNION, INC.
Similarity Rank: 2057

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	95	$28,165,000	$296,474	$0	0.00%

For 2020, The New Washington State Bank's most frequently originated type of loan was Conventional, with 95 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	44	$10,180,000	$231,364	$0	0.00%
Home Purchase	42	$17,130,000	$407,857	$0	0.00%
Home Improvement	5	$275,000	$55,000	$0	0.00%
Other	4	$580,000	$145,000	$0	0.00%

For 2020, The New Washington State Bank's most frequently cited loan purpose was Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 42 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	95	$28,165,000	$296,474	$0	0.00%

For 2020, The New Washington State Bank's most frequently cited loan duration was Other, with 95 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	43	$2,555,000	$59,419	$0	0.00%
$100k-200k	22	$3,060,000	$139,091	$0	0.00%
$200k-400k	19	$5,075,000	$267,105	$0	0.00%
$1MM+	5	$13,185,000	$2,637,000	$0	0.00%
$600k-1MM	4	$3,460,000	$865,000	$0	0.00%
$400k-600k	2	$830,000	$415,000	$0	0.00%

2020 saw The New Washington State Bank place emphasis on $100,000 or less loans with 43 originations, totaling $2,555,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	19	$2,215,000	$116,579	$0	0.00%
$50k or less	18	$1,280,000	$71,111	$0	0.00%
$75k-100k	15	$2,355,000	$157,000	$0	0.00%
$100k-150k	7	$1,195,000	$170,714	$0	0.00%
$150k-250k	5	$1,925,000	$385,000	$0	0.00%
$250k+	2	$680,000	$340,000	$0	0.00%

The New Washington State Bank lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $50k or less, with 18 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	95	$28,165,000	$296,474	$0	0.00%

The New Washington State Bank lent most frequently to those with DTI ratios of Exempt%, with 95 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	27	$18,005,000	$666,852	$0	0.00%
White	64	$9,740,000	$152,188	$0	0.00%
Not provided	3	$285,000	$95,000	$0	0.00%
Black	1	$135,000	$135,000	$0	0.00%

Approval Rates

Total approvals of all applications
88.19%

The New Washington State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.11%

The New Washington State Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	95	$28,165,000	$296,474

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	8	$15,160,000	$1,895,000
Single Family (1-4 Units):Manufactured	4	$320,000	$80,000
Single Family (1-4 Units):Site-Built	83	$12,685,000	$152,831

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
Town & Country Mortgage Services, INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
The New Washington State Bank	1083 Market Street Charlestown, IN 47111	Full Service B&M	$81,218
The New Washington State Bank	123 E. Market Street New Albany, IN 47150	Full Service B&M	$2,170
The New Washington State Bank	1467 Youngstown Center Jeffersonville, IN 47130	Full Service B&M	$46,664
The New Washington State Bank	1770 West Mcclain Avenue Scottsburg, IN 47170	Full Service B&M	$30,130
The New Washington State Bank	203 Main Street Henryville, IN 47126	Full Service B&M	$48,559
The New Washington State Bank	400 Patrol Road Jeffersonville, IN 47130	Full Service B&M	$27,905
The New Washington State Bank	402 E Main Street New Washington, IN 47162	Full Service B&M	$43,861
The New Washington State Bank	430 West Water Street Borden, IN 47106	Full Service B&M	$18,823
The New Washington State Bank	8509 Old State Road 60 Sellersburg, IN 47172	Full Service B&M	$54,186

For 2020, The New Washington State Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$15,401
Net interest income	$14,418
Total noninterest income	$3,282
Gross Fiduciary activities income	$6
Service charges on deposit accounts	$587
Trading account gains and fees	$0
Additional Noninterest Income	$2,689
Pre-tax net operating income	$5,739
Securities gains (or losses, -)	$28
Income before extraordinary items	$5,767
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$5,767
Minority interest net income	$0
Net income	$5,767
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$5,739

The New Washington State Bank's gross interest income from loans was $15,401,000.
The New Washington State Bank's net interest income from loans was $14,418,000.
The New Washington State Bank's fee based income from loans was $587,000.
The New Washington State Bank's net income from loans was $5,767,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$983
Provision for credit losses	$210
Total noninterest expense	$11,751
Salaries and employee benefits	$6,544
Premises and equipment expense	$1,545
Additional noninterest expense	$3,662
Applicable income taxes	$0
Net charge-offs	$59
Cash dividends	$3,728

The New Washington State Bank's interest expense for loans was $983,000.
The New Washington State Bank's payroll and benefits expense were $6,544,000.
The New Washington State Bank's property, plant and equipment expenses $1,545,000.

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	$357,841
Deposits held in domestic offices	$357,841
Deposits by Individuals, partnerships, and corporations	$327,485
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$30,356
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$183,868
Demand deposits	$94,173
Nontransaction accounts	$173,973
Money market deposit accounts (MMDAs)	$43,173
Other savings deposits (excluding MMDAs)	$91,898
Total time deposits	$38,902
Total time and savings deposits	$263,668
Noninterest-bearing deposits	$94,173
Interest-bearing deposits	$263,668
Retail deposits	$353,618
IRAs and Keogh plan accounts	$11,480
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$397,005
Cash & Balances due from depository institutions	$65,805
Interest-bearing balances	$59,314
Total securities	$44,295
Federal funds sold & reverse repurchase	$189
Net loans and leases	$271,049
Loan and leases loss allowance	$3,320
Trading account assets	$0
Bank premises and fixed assets	$4,679
Other real estate owned	$49
Goodwill and other intangibles	$0
All other assets	$10,939

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$397,005
Total Liabilities	$359,043
Total deposits	$357,841
Interest-bearing deposits	$263,668
Deposits held in domestic offices	$357,841
% insured (estimated)	$80
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$1,202

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$271,049
Loan and leases loss allowance	$3,320
Total loans and leases (domestic)	$274,369
All real estate loans	$183,547
Real estate loans in domestic offices	$183,547
Construction and development loans	$24,614
Residential 1-4 family construction	$5,129
Other construction, all land development and other land	$19,485
Loans secured by nonfarm nonresidential properties	$77,308
Nonfarm nonresidential secured by owner-occupied properties	$53,104
Commercial real estate & other non-farm, non-residential	$24,204
Multifamily residential real estate	$9,190
1-4 family residential loans	$66,359
Farmland loans	$6,076
Loans held in foreign offices	$0
Farm loans	$383
Commercial and industrial loans	$47,069
To non-U.S. addressees	$0
Loans to individuals	$33,676
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$26,193
Other loans to individuals	$7,483
All other loans & leases	$9,694
Loans to foreign governments and official institutions	$0
Other loans	$495
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	$1,199
Non 1-4 family restructured loans & leases	$543
Total loans and leases (foreign)	$0

The New Washington State Bank had $271,049,000 of loans outstanding in 2020. $183,547,000 of loans were in real estate loans. $24,614,000 of loans were in development loans. $9,190,000 of loans were in multifamily mortgage loans. $66,359,000 of loans were in 1-4 family mortgage loans. $383,000 of loans were in farm loans. $0 of loans were in credit card loans. $26,193,000 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	211	$43,567	$206,479
Nonfarm, nonresidential loans - <$100k	44	$1,712	$38,909
Nonfarm, nonresidential loans - $100-250k	86	$10,240	$119,070
Nonfarm, nonresidential loans - $250k-1MM	81	$31,615	$390,309
Commercial & Industrial, US addressed loans - <$1MM	787	$41,537	$52,779
Commercial & Industrial, US addressed loans - <$100k	603	$15,787	$26,181
Commercial & Industrial, US addressed loans - $100-250k	121	$11,709	$96,769
Commercial & Industrial, US addressed loans - $250k-1MM	63	$14,041	$222,873
Farmland loans - <$1MM	41	$4,926	$120,146
Farmland loans - <$100k	13	$479	$36,846
Farmland loans - $100-250k	18	$2,166	$120,333
Farmland loans - $250k-1MM	10	$2,281	$228,100
Agriculture operations loans - <$1MM	17	$259	$15,235
Agriculture operations loans - <$100k	16	$207	$12,938
Agriculture operations loans - $100-250k	1	$52	$52,000