Central Bank Mortgage Rates, Fees & Info

Storm Lake, IA

LEI: 549300Q76VHK6FGPX546

Tax ID: 42-0191897

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

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.55%	12/16/24
30 Year Conventional Purchase	6.61%	12/16/24
30 Year Conventional Refi	6.49%	12/16/24
30 Year Cash-out Refi	6.52%	12/16/24
30 Year FHA Purchase	6.27%	12/16/24
30 Year VA Purchase	6.27%	12/16/24
30 Year USDA Purchase	7.30%	12/16/24
15 Year Conventional Purchase	6.19%	12/16/24
15 Year Conventional Refi	6.15%	12/16/24
15 Year Cash-out Refi	6.15%	12/16/24
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

Purchase Price:

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% Deposit:

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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