Central Bank Mortgage Rates, Fees & Info

Storm Lake, IA

LEI: 549300Q76VHK6FGPX546

Tax ID: 42-0191897

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

Jump to:

Mortgage Data

Bank Data

Review & Overview

Central Bank is a smaller bank specializing in Home Purchase loans. Central Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux City, Des Moines, Spirit Lake, Storm Lake, and Spencer among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

Central Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Central Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.55% 3/24/24
30 Year Conventional Purchase 6.61% 3/24/24
30 Year Conventional Refi 6.49% 3/24/24
30 Year Cash-out Refi 6.52% 3/24/24
30 Year FHA Purchase 6.27% 3/24/24
30 Year VA Purchase 6.27% 3/24/24
30 Year USDA Purchase 7.30% 3/24/24
15 Year Conventional Purchase 6.19% 3/24/24
15 Year Conventional Refi 6.15% 3/24/24
15 Year Cash-out Refi 6.15% 3/24/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Central Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Central Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

627

Origination Dollar Volume (All Markets)

$104,215,000

Employee count

178

Awards

Central Bank 30 Year Conventional Loans gold
Show all (1) awards

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
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 196 $35,050,000 $178,827 $3,095 4.76%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 113 $21,085,000 $186,593 $2,061 4.78%
Spirit Lake, IA (FHA|USDA|VA) 74 $17,230,000 $232,838 $2,715 4.66%
Storm Lake, IA (FHA|USDA|VA) 126 $15,180,000 $120,476 $2,389 4.90%
Outside of Metro Areas 89 $8,985,000 $100,955 $2,861 4.90%
Spencer, IA (FHA|USDA|VA) 5 $1,165,000 $233,000 $2,825 4.93%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 5 $1,095,000 $219,000 $3,900 4.63%
SIOUX FALLS, SD (FHA|USDA|VA) 3 $775,000 $258,333 $3,581 5.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $770,000 $385,000 $2,873 4.63%
RICHMOND, VA (FHA|USDA|VA) 1 $355,000 $355,000 $3,090 4.50%
AMES, IA (FHA|USDA|VA) 2 $320,000 $160,000 $2,844 4.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $305,000 $305,000 $1,623 4.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.75%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $235,000 $235,000 $2,958 4.00%
Vermillion, SD (FHA|USDA|VA) 1 $225,000 $225,000 $4,352 5.00%
Cadillac, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,275 4.75%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $215,000 $215,000 $3,345 4.25%
Brookings, SD (FHA|USDA|VA) 1 $195,000 $195,000 $4,277 4.88%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $195,000 $195,000 $1,960 4.50%
GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $185,000 $185,000 $3,757 4.13%
Marshalltown, IA (FHA|USDA|VA) 1 $105,000 $105,000 $1,582 4.25%
Carroll, IA (FHA|USDA|VA) 1 $85,000 $85,000 $2,910 3.88%
Central Bank's top markets include Sioux City, Des Moines, Spirit Lake, Storm Lake, and Spencer among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Bank
    Similarity Rank: 36
    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 45
    Iowa Nebraska State Bank
    Similarity Rank: 50
    United Bank of Iowa
    Similarity Rank: 75
    Raccoon Valley Bank
    Similarity Rank: 96
    First Bank & Trust
    Similarity Rank: 144
    Guthrie County State Bank
    Similarity Rank: 166
    Community Choice Credit Union
    Similarity Rank: 187
    Collins Community Credit Union
    Similarity Rank: 273
    GREATER IOWA CREDIT UNION
    Similarity Rank: 286

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 584 $100,030,000 $171,284 $2,611 4.78%
    USDA 43 $4,185,000 $97,326 $3,833 4.98%

    For 2018, Central Bank's most frequently originated type of loan was Conventional, with 584 originations. Their 2nd most popular type was USDA, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 439 $78,915,000 $179,761 $3,051 4.73%
    Refi 97 $15,125,000 $155,928 $2,071 4.78%
    Cash Out Refi 53 $7,395,000 $139,528 $2,042 4.82%
    Home Improvement 20 $1,560,000 $78,000 $902 5.47%
    Other 18 $1,220,000 $67,778 $1,182 5.63%

    For 2018, Central Bank's most frequently cited loan purpose was Home Purchase, with 439 originations. The 2nd most popular reason was Refi, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 408 $78,780,000 $193,088 $2,964 4.73%
    5 Year 64 $6,110,000 $95,469 $341 5.20%
    15 Year 62 $7,010,000 $113,065 $2,496 4.36%
    20 Year 40 $6,250,000 $156,250 $1,857 4.79%
    Other 25 $3,155,000 $126,200 $1,098 5.43%
    10 Year 22 $1,220,000 $55,455 $1,099 5.27%
    3 Year 4 $1,180,000 $295,000 $322 4.88%
    1 Year 2 $510,000 $255,000 $0 5.25%

    For 2018, Central Bank's most frequently cited loan duration was 30 Year, with 408 originations. The 2nd most popular length was 5 Year, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 212 $37,960,000 $179,057
    $1k-2k 205 $23,865,000 $116,415
    $2k-3k 74 $14,900,000 $201,351
    $3k-4k 21 $5,905,000 $281,190
    $4k-5k 10 $3,420,000 $342,000
    $5k+ 9 $6,015,000 $668,333

    Central Bank's average total fees were $2,964, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 212 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 431 $78,375,000 $181,845
    5-6% 125 $15,145,000 $121,160
    3-4% 54 $9,720,000 $180,000
    6-7% 17 $975,000 $57,353

    During 2018, Central Bank's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 4-5%, with 431 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 234 $14,440,000 $61,709 $2,048 5.01%
    $100k-200k 220 $32,080,000 $145,818 $2,894 4.75%
    $200k-400k 135 $37,035,000 $274,333 $3,124 4.57%
    $400k-600k 31 $13,915,000 $448,871 $2,631 4.50%
    $1MM+ 4 $4,330,000 $1,082,500 $10,624 4.59%
    $600k-1MM 3 $2,415,000 $805,000 $6,926 5.00%

    2018 saw Central Bank place emphasis on $100,000 or less loans with 234 originations, totaling $14,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 146 $13,350,000 $91,438 $2,577 4.74%
    $100k-150k 114 $20,420,000 $179,123 $2,784 4.84%
    $50k-75k 106 $12,880,000 $121,509 $2,596 4.80%
    $150k-250k 73 $21,215,000 $290,616 $2,869 4.65%
    $75k-100k 72 $11,670,000 $162,083 $2,821 4.86%
    $250k+ 39 $13,065,000 $335,000 $3,062 4.67%

    Central Bank lent most frequently to those with incomes in the $50k or less range, with 146 originations. The second most popular income band? $100k-150k, with 114 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 158 $26,380,000 $166,962 $2,828 4.72%
    30-36% 102 $17,200,000 $168,627 $2,900 4.80%
    <20% 54 $11,870,000 $219,815 $2,549 4.62%
    42% 27 $4,475,000 $165,741 $2,672 4.76%
    43% 21 $3,145,000 $149,762 $2,559 4.69%
    37% 21 $2,975,000 $141,667 $2,276 4.88%
    38% 21 $2,405,000 $114,524 $2,158 4.73%
    41% 19 $2,825,000 $148,684 $2,566 4.80%
    39% 17 $3,205,000 $188,529 $2,919 4.58%
    40% 17 $2,895,000 $170,294 $3,210 4.88%
    47% 12 $2,470,000 $205,833 $2,486 4.84%
    36% 12 $1,880,000 $156,667 $2,538 4.66%
    45% 11 $1,845,000 $167,727 $2,168 4.50%
    44% 10 $1,270,000 $127,000 $2,643 4.71%
    46% 7 $2,005,000 $286,429 $4,693 4.66%
    49% 6 $1,380,000 $230,000 $2,097 4.81%
    48% 4 $550,000 $137,500 $2,768 4.66%
    50-60% 4 $1,260,000 $315,000 $1,551 5.00%
    >60% 2 $150,000 $75,000 $891 5.50%

    Central Bank lent most frequently to those with DTI ratios of 20-30%, with 158 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 552 $94,380,000 $170,978 $2,699 4.76%
    Not applicable 57 $7,665,000 $134,474 $0 5.05%
    Asian 12 $1,380,000 $115,000 $2,687 4.98%
    Black 4 $680,000 $170,000 $3,856 4.75%
    Native Hawaiian or Islander 1 $105,000 $105,000 $4,121 5.00%
    Not provided 1 $5,000 $5,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    93.88%

    Central Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.20%

    Central Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 627 $104,215,000 $166,212

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $755,000 $68,636
    Single Family (1-4 Units):Manufactured 1 $95,000 $95,000
    Single Family (1-4 Units):Site-Built 615 $103,365,000 $168,073

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $4,075,000 $86,702 $1,565 4.93%
    40-60% 55 $10,195,000 $185,364 $2,470 4.67%
    60-80% 184 $34,780,000 $189,022 $2,627 4.70%
    80-100% 296 $51,330,000 $173,412 $3,141 4.77%
    Over 100% 5 $1,925,000 $385,000 $6,957 5.12%
    Under 20% 40 $1,910,000 $47,750 $398 5.39%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CENTRAL BANC MORTGAGE CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Central Bank 1237 Lake Avenue Storm Lake, IA 50588 Limited, Drive-thru $6,784
    Central Bank 1400 18th Street Spirit Lake, IA 51360 Full Service B&M $69,963
    Central Bank 2 Bow Drive Cherokee, IA 51012 Limited, Drive-thru $2,345
    Central Bank 201 West Main Street Cherokee, IA 51012 Full Service B&M $74,351
    Central Bank 2805 North Ankeny Blvd Ankeny, IA 50023 Full Service B&M $26,186
    Central Bank 2906 Hamilton Blvd Sioux City, IA 51104 Full Service B&M $34,133
    Central Bank 300 E Hickman Rd Waukee, IA 50263 Full Service B&M $45,513
    Central Bank 3800 100th Street Urbandale, IA 50322 Full Service B&M $43,962
    Central Bank 400 Gold Circle, Suite 100 Dakota Dunes, SD 57049 Full Service B&M $34,092
    Central Bank 4018 University Avenue Des Moines, IA 50311 Full Service B&M $26,677
    Central Bank 4201 South Lakeport Sioux City, IA 51102 Full Service B&M $24,122
    Central Bank 504 Fourth Street Branch Sioux City, IA 51101 Full Service B&M $104,308
    Central Bank 5070 Mills Civic Parkway West Des Moines, IA 50265 Full Service B&M $44,665
    Central Bank 600 Lake Avenue Storm Lake, IA 50588 Full Service B&M $151,454
    Central Bank 6601 Westown Parkway #140 West Des Moines, IA 50266 Full Service B&M $47,616

    For 2018, Central Bank had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $37,797
    Net interest income $31,539
    Total noninterest income $8,606
    Gross Fiduciary activities income $50
    Service charges on deposit accounts $1,199
    Trading account gains and fees $0
    Additional Noninterest Income $7,357
    Pre-tax net operating income $13,925
    Securities gains (or losses, -) $0
    Income before extraordinary items $10,735
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,735
    Minority interest net income $0
    Net income $10,735
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,735

    Central Bank's gross interest income from loans was $37,797,000.
    Central Bank's net interest income from loans was $31,539,000.
    Central Bank's fee based income from loans was $1,199,000.
    Central Bank's net income from loans was $10,735,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,258
    Provision for credit losses $1,200
    Total noninterest expense $25,020
    Salaries and employee benefits $15,591
    Premises and equipment expense $3,018
    Additional noninterest expense $6,411
    Applicable income taxes $3,190
    Net charge-offs $-279
    Cash dividends $1,700

    Central Bank's interest expense for loans was $6,258,000.
    Central Bank's payroll and benefits expense were $15,591,000.
    Central Bank's property, plant and equipment expenses $3,018,000.

    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 2.0%
    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 0.2%
    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 $769,585
    Deposits held in domestic offices $769,585
    Deposits by Individuals, partnerships, and corporations $695,372
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $73,717
    Deposits by Commercial banks and other depository institutions in U.S. $496
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $77,308
    Demand deposits $58,194
    Nontransaction accounts $692,277
    Money market deposit accounts (MMDAs) $159,335
    Other savings deposits (excluding MMDAs) $286,976
    Total time deposits $245,966
    Total time and savings deposits $711,391
    Noninterest-bearing deposits $158,270
    Interest-bearing deposits $611,315
    Retail deposits $677,195
    IRAs and Keogh plan accounts $20,725
    Brokered deposits $25,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $870,984
    Cash & Balances due from depository institutions $27,442
    Interest-bearing balances $8,741
    Total securities $58,731
    Federal funds sold & reverse repurchase $56
    Net loans and leases $743,005
    Loan and leases loss allowance $8,590
    Trading account assets $0
    Bank premises and fixed assets $25,584
    Other real estate owned $0
    Goodwill and other intangibles $987
    All other assets $15,179

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $870,984
    Total Liabilities $788,296
    Total deposits $769,585
    Interest-bearing deposits $611,315
    Deposits held in domestic offices $769,585
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $16,099
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,612

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $743,005
    Loan and leases loss allowance $8,590
    Total loans and leases (domestic) $751,595
    All real estate loans $496,076
    Real estate loans in domestic offices $496,076
    Construction and development loans $79,524
    Residential 1-4 family construction $21,917
    Other construction, all land development and other land $57,607
    Loans secured by nonfarm nonresidential properties $195,037
    Nonfarm nonresidential secured by owner-occupied properties $75,657
    Commercial real estate & other non-farm, non-residential $119,380
    Multifamily residential real estate $6,018
    1-4 family residential loans $140,317
    Farmland loans $75,180
    Loans held in foreign offices $0
    Farm loans $56,063
    Commercial and industrial loans $171,471
    To non-U.S. addressees $0
    Loans to individuals $17,656
    Credit card loans $2,568
    Related Plans $49
    Consumer Auto Loans $9,239
    Other loans to individuals $5,800
    All other loans & leases $10,329
    Loans to foreign governments and official institutions $0
    Other loans $10,288
    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 $300
    Non 1-4 family restructured loans & leases $300
    Total loans and leases (foreign) $0

    Central Bank had $743,005,000 of loans outstanding in 2018. $496,076,000 of loans were in real estate loans. $79,524,000 of loans were in development loans. $6,018,000 of loans were in multifamily mortgage loans. $140,317,000 of loans were in 1-4 family mortgage loans. $56,063,000 of loans were in farm loans. $2,568,000 of loans were in credit card loans. $9,239,000 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 174 $39,205 $225,316
    Nonfarm, nonresidential loans - <$100k 54 $2,374 $43,963
    Nonfarm, nonresidential loans - $100-250k 52 $6,935 $133,365
    Nonfarm, nonresidential loans - $250k-1MM 68 $29,896 $439,647
    Commercial & Industrial, US addressed loans - <$1MM 461 $53,552 $116,165
    Commercial & Industrial, US addressed loans - <$100k 246 $6,648 $27,024
    Commercial & Industrial, US addressed loans - $100-250k 101 $10,512 $104,079
    Commercial & Industrial, US addressed loans - $250k-1MM 114 $36,392 $319,228
    Farmland loans - <$1MM 61 $9,724 $159,410
    Farmland loans - <$100k 19 $958 $50,421
    Farmland loans - $100-250k 25 $3,116 $124,640
    Farmland loans - $250k-1MM 17 $5,650 $332,353
    Agriculture operations loans - <$1MM 92 $7,054 $76,674
    Agriculture operations loans - <$100k 49 $1,285 $26,224
    Agriculture operations loans - $100-250k 32 $3,205 $100,156
    Agriculture operations loans - $250k-1MM 11 $2,564 $233,091