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 and Refi 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 Ames among others. We have data for 25 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 an above 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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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

870

Origination Dollar Volume (All Markets)

$163,690,000

Employee count

183

Awards

Central Bank 30 Year Conventional Loans gold

Show all (4) 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)	273	$50,975,000	$186,722	$3,254	4.25%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	169	$38,585,000	$228,314	$2,009	4.39%
Outside of Metro Areas	127	$23,475,000	$184,843	$2,976	4.30%
Spirit Lake, IA (FHA\|USDA\|VA)	89	$21,325,000	$239,607	$3,027	4.13%
Storm Lake, IA (FHA\|USDA\|VA)	164	$18,360,000	$111,951	$2,574	4.54%
AMES, IA (FHA\|USDA\|VA)	7	$1,615,000	$230,714	$3,321	4.77%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	5	$1,075,000	$215,000	$4,600	4.35%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	5	$985,000	$197,000	$2,945	4.10%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	3	$975,000	$325,000	$3,091	4.16%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	2	$970,000	$485,000	$9,076	4.75%
Spencer, IA (FHA\|USDA\|VA)	8	$920,000	$115,000	$2,469	4.11%
Pella, IA (FHA\|USDA\|VA)	3	$605,000	$201,667	$3,099	4.12%
Edwards, CO (FHA\|USDA\|VA)	1	$555,000	$555,000	$0	4.75%
SIOUX FALLS, SD (FHA\|USDA\|VA)	2	$550,000	$275,000	$3,219	3.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	1	$485,000	$485,000	$8,372	4.75%
Brainerd, MN (FHA\|USDA\|VA)	1	$485,000	$485,000	$2,582	3.50%
GREEN BAY, WI (FHA\|USDA\|VA)	1	$325,000	$325,000	$4,965	3.38%
IOWA CITY, IA (FHA\|USDA\|VA)	2	$280,000	$140,000	$2,049	4.25%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	1	$215,000	$215,000	$4,163	3.63%
Brookings, SD (FHA\|USDA\|VA)	1	$185,000	$185,000	$4,278	5.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$175,000	$175,000	$4,504	3.99%
Ottumwa, IA (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,856	3.75%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,090	3.13%
Columbus, NE (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,434	3.25%
Carroll, IA (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,110	4.25%

Central Bank's top markets include Sioux City, Des Moines, Spirit Lake, Storm Lake, and Ames among others.

Their top states include:

Iowa (FHA|USDA|VA)

South Dakota (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Florida (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.

United Bank of Iowa
Similarity Rank: 42

FINANCIAL PLUS Credit Union
Similarity Rank: 63

SIOUXLAND FEDERAL CREDIT UNION
Similarity Rank: 108

Raccoon Valley Bank
Similarity Rank: 145

Luana Savings Bank
Similarity Rank: 253

Community Choice Credit Union
Similarity Rank: 255

Tradition Mortgage, LLC
Similarity Rank: 259

SIOUX FALLS
Similarity Rank: 333

Dacotah Bank
Similarity Rank: 350

Peoples Bank
Similarity Rank: 380

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	814	$157,770,000	$193,821	$2,757	4.32%
USDA	56	$5,920,000	$105,714	$4,139	4.37%

For 2019, Central Bank's most frequently originated type of loan was Conventional, with 814 originations. Their 2nd most popular type was USDA, with 56 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	523	$97,215,000	$185,880	$3,370	4.28%
Refi	180	$46,370,000	$257,611	$2,415	4.07%
Cash Out Refi	104	$16,520,000	$158,846	$2,185	4.31%
Home Improvement	39	$1,795,000	$46,026	$861	5.45%
Other	24	$1,790,000	$74,583	$881	5.45%

For 2019, Central Bank's most frequently cited loan purpose was Home Purchase, with 523 originations. The 2nd most popular reason was Refi, with 180 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	543	$107,655,000	$198,260	$3,235	4.22%
15 Year	135	$21,905,000	$162,259	$2,527	3.75%
5 Year	65	$12,125,000	$186,538	$254	5.36%
20 Year	62	$9,900,000	$159,677	$1,866	4.69%
10 Year	35	$2,535,000	$72,429	$1,211	4.81%
Other	22	$5,360,000	$243,636	$1,335	5.21%
3 Year	4	$3,420,000	$855,000	$316	5.56%
1 Year	3	$705,000	$235,000	$0	5.42%
30+ year	1	$85,000	$85,000	$3,097	4.99%

For 2019, Central Bank's most frequently cited loan duration was 30 Year, with 543 originations. The 2nd most popular length was 15 Year, with 135 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	320	$54,820,000	$171,313
$1k-2k	219	$23,195,000	$105,913
$2k-3k	149	$28,385,000	$190,503
$3k-4k	36	$9,980,000	$277,222
$4k-5k	24	$8,470,000	$352,917
$5k+	21	$11,085,000	$527,857

Central Bank's average total fees were $3,235, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 320 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	448	$90,610,000	$202,254
4-5%	241	$47,435,000	$196,826
5-6%	139	$19,265,000	$138,597
2.5-3%	23	$4,825,000	$209,783
6-7%	18	$1,510,000	$83,889
7-8%	1	$45,000	$45,000

During 2019, Central Bank's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 3-4%, with 448 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	320	$47,210,000	$147,531	$2,961	4.13%
$100,000 or less	267	$16,345,000	$61,217	$2,013	4.85%
$200k-400k	216	$59,660,000	$276,204	$3,305	3.98%
$400k-600k	55	$25,155,000	$457,364	$3,538	4.08%
$600k-1MM	7	$4,945,000	$706,429	$9,256	5.17%
$1MM+	5	$10,375,000	$2,075,000	$8,395	4.87%

2019 saw Central Bank place emphasis on $100k-200k loans with 320 originations, totaling $47,210,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	187	$20,235,000	$108,209	$2,535	4.34%
$50k-75k	169	$21,805,000	$129,024	$2,927	4.36%
$100k-150k	149	$28,865,000	$193,725	$2,729	4.27%
$75k-100k	138	$21,750,000	$157,609	$3,022	4.19%
$150k-250k	118	$34,120,000	$289,153	$2,984	4.29%
$250k+	56	$22,080,000	$394,286	$3,407	4.00%

Central Bank lent most frequently to those with incomes in the $50k or less range, with 187 originations. The second most popular income band? $50k-75k, with 169 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	218	$36,230,000	$166,193	$2,818	4.17%
30-36%	155	$27,775,000	$179,194	$2,614	4.34%
<20%	88	$16,530,000	$187,841	$2,623	4.16%
40%	40	$7,570,000	$189,250	$3,307	4.50%
37%	38	$5,880,000	$154,737	$2,882	4.28%
39%	31	$5,095,000	$164,355	$3,413	4.13%
41%	28	$4,260,000	$152,143	$2,993	4.59%
42%	25	$5,395,000	$215,800	$3,351	4.50%
44%	25	$4,575,000	$183,000	$2,974	3.84%
36%	24	$3,650,000	$152,083	$2,714	4.34%
38%	24	$4,620,000	$192,500	$3,182	4.19%
43%	23	$4,475,000	$194,565	$2,924	4.25%
47%	15	$4,025,000	$268,333	$3,192	3.89%
46%	10	$1,420,000	$142,000	$3,050	3.94%
48%	9	$2,875,000	$319,444	$3,584	4.01%
45%	8	$1,840,000	$230,000	$3,936	4.03%
49%	5	$1,335,000	$267,000	$3,806	3.85%
>60%	2	$260,000	$130,000	$1,990	4.81%
50-60%	1	$245,000	$245,000	$2,069	5.00%

Central Bank lent most frequently to those with DTI ratios of 20-30%, with 218 originations. The next most common DTI ratio? 30-36%, with 155 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	793	$147,055,000	$185,441	$2,844	4.28%
Not applicable	42	$11,510,000	$274,048	$0	5.08%
Asian	24	$3,590,000	$149,583	$3,290	4.25%
Black	8	$1,110,000	$138,750	$2,511	4.75%
Not provided	2	$330,000	$165,000	$0	5.38%
Native Hawaiian or Islander	1	$95,000	$95,000	$2,980	5.75%

Approval Rates

Total approvals of all applications
95.62%

Central Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
90.57%

Central Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	870	$163,690,000	$188,149

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	9	$5,955,000	$661,667
Single Family (1-4 Units):Manufactured	3	$535,000	$178,333
Single Family (1-4 Units):Site-Built	858	$157,200,000	$183,217

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	54	$7,810,000	$144,630	$1,292	4.88%
40-60%	93	$17,825,000	$191,667	$2,254	3.92%
60-80%	270	$56,120,000	$207,852	$2,849	4.17%
80-100%	395	$75,075,000	$190,063	$3,402	4.26%
Over 100%	8	$3,570,000	$446,250	$6,353	5.28%
Under 20%	47	$3,055,000	$65,000	$295	5.72%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
CENTERSTATE BANK CORPORATION	Conventional home mortgage	Trouble during payment process	1	50.0%
CENTERSTATE BANK CORPORATION	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	50.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Central Bank	1237 Lake Avenue Storm Lake, IA 50588	Limited, Drive-thru	$7,639
Central Bank	1400 18th Street Spirit Lake, IA 51360	Full Service B&M	$82,607
Central Bank	2 Bow Drive Cherokee, IA 51012	Limited, Drive-thru	$2,139
Central Bank	201 West Main Street Cherokee, IA 51012	Full Service B&M	$75,965
Central Bank	2805 North Ankeny Blvd Ankeny, IA 50023	Full Service B&M	$28,325
Central Bank	2906 Hamilton Blvd Sioux City, IA 51104	Full Service B&M	$38,842
Central Bank	300 E Hickman Rd Waukee, IA 50263	Full Service B&M	$36,761
Central Bank	302 Jones Street, Suite 100 Sioux City, IA 51101	Limited, Drive-thru	$0
Central Bank	3800 100th Street Urbandale, IA 50322	Full Service B&M	$35,301
Central Bank	400 Gold Circle, Suite 100 Dakota Dunes, SD 57049	Full Service B&M	$39,970
Central Bank	4018 University Avenue Des Moines, IA 50311	Full Service B&M	$23,431
Central Bank	4201 South Lakeport Sioux City, IA 51102	Full Service B&M	$29,300
Central Bank	504 Fourth Street Branch Sioux City, IA 51101	Full Service B&M	$116,540
Central Bank	5070 Mills Civic Parkway West Des Moines, IA 50265	Full Service B&M	$48,884
Central Bank	600 Lake Avenue Storm Lake, IA 50588	Full Service B&M	$139,160
Central Bank	6601 Westown Parkway #140 West Des Moines, IA 50266	Full Service B&M	$51,583

For 2019, Central Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$42,049
Net interest income	$33,414
Total noninterest income	$10,666
Gross Fiduciary activities income	$39
Service charges on deposit accounts	$1,210
Trading account gains and fees	$0
Additional Noninterest Income	$9,417
Pre-tax net operating income	$14,570
Securities gains (or losses, -)	$0
Income before extraordinary items	$11,175
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$11,175
Minority interest net income	$0
Net income	$11,175
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$11,175

Central Bank's gross interest income from loans was $42,049,000.
Central Bank's net interest income from loans was $33,414,000.
Central Bank's fee based income from loans was $1,210,000.
Central Bank's net income from loans was $11,175,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,635
Provision for credit losses	$1,900
Total noninterest expense	$27,610
Salaries and employee benefits	$16,715
Premises and equipment expense	$3,331
Additional noninterest expense	$7,564
Applicable income taxes	$3,395
Net charge-offs	$345
Cash dividends	$3,250

Central Bank's interest expense for loans was $8,635,000.
Central Bank's payroll and benefits expense were $16,715,000.
Central Bank's property, plant and equipment expenses $3,331,000.

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	0.4%
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	$823,553
Deposits held in domestic offices	$823,553
Deposits by Individuals, partnerships, and corporations	$748,642
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$74,175
Deposits by Commercial banks and other depository institutions in U.S.	$736
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$87,296
Demand deposits	$46,522
Nontransaction accounts	$736,257
Money market deposit accounts (MMDAs)	$162,291
Other savings deposits (excluding MMDAs)	$290,265
Total time deposits	$283,701
Total time and savings deposits	$777,031
Noninterest-bearing deposits	$149,473
Interest-bearing deposits	$674,080
Retail deposits	$717,625
IRAs and Keogh plan accounts	$23,035
Brokered deposits	$15,562
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$929,943
Cash & Balances due from depository institutions	$72,089
Interest-bearing balances	$55,499
Total securities	$71,964
Federal funds sold & reverse repurchase	$56
Net loans and leases	$738,243
Loan and leases loss allowance	$10,145
Trading account assets	$0
Bank premises and fixed assets	$25,280
Other real estate owned	$45
Goodwill and other intangibles	$4,229
All other assets	$18,037

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$929,943
Total Liabilities	$836,713
Total deposits	$823,553
Interest-bearing deposits	$674,080
Deposits held in domestic offices	$823,553
% insured (estimated)	$72
Federal funds purchased and repurchase agreements	$10,377
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$2,783

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$738,243
Loan and leases loss allowance	$10,145
Total loans and leases (domestic)	$748,388
All real estate loans	$482,811
Real estate loans in domestic offices	$482,811
Construction and development loans	$65,019
Residential 1-4 family construction	$20,009
Other construction, all land development and other land	$45,010
Loans secured by nonfarm nonresidential properties	$195,384
Nonfarm nonresidential secured by owner-occupied properties	$77,599
Commercial real estate & other non-farm, non-residential	$117,785
Multifamily residential real estate	$9,247
1-4 family residential loans	$133,604
Farmland loans	$79,557
Loans held in foreign offices	$0
Farm loans	$47,577
Commercial and industrial loans	$190,203
To non-U.S. addressees	$0
Loans to individuals	$18,415
Credit card loans	$2,523
Related Plans	$38
Consumer Auto Loans	$8,979
Other loans to individuals	$6,875
All other loans & leases	$9,382
Loans to foreign governments and official institutions	$0
Other loans	$9,362
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 $738,243,000 of loans outstanding in 2019. $482,811,000 of loans were in real estate loans. $65,019,000 of loans were in development loans. $9,247,000 of loans were in multifamily mortgage loans. $133,604,000 of loans were in 1-4 family mortgage loans. $47,577,000 of loans were in farm loans. $2,523,000 of loans were in credit card loans. $8,979,000 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	182	$43,349	$238,181
Nonfarm, nonresidential loans - <$100k	56	$2,371	$42,339
Nonfarm, nonresidential loans - $100-250k	45	$5,918	$131,511
Nonfarm, nonresidential loans - $250k-1MM	81	$35,060	$432,840
Commercial & Industrial, US addressed loans - <$1MM	482	$56,258	$116,718
Commercial & Industrial, US addressed loans - <$100k	257	$7,178	$27,930
Commercial & Industrial, US addressed loans - $100-250k	110	$12,939	$117,627
Commercial & Industrial, US addressed loans - $250k-1MM	115	$36,141	$314,270
Farmland loans - <$1MM	62	$9,486	$153,000
Farmland loans - <$100k	21	$956	$45,524
Farmland loans - $100-250k	23	$2,338	$101,652
Farmland loans - $250k-1MM	18	$6,192	$344,000
Agriculture operations loans - <$1MM	89	$5,500	$61,798
Agriculture operations loans - <$100k	51	$1,150	$22,549
Agriculture operations loans - $100-250k	28	$2,026	$72,357
Agriculture operations loans - $250k-1MM	10	$2,324	$232,400