Central State Bank Mortgage Rates, Fees & Info

Elkader, IA

LEI: 549300QJ1W5RNY1X4D75

Tax ID: 42-0175420

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Central State Bank is a smaller bank specializing in Home Purchase and Refi loans. Central State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Iowa City, Waterloo, Cedar Rapids, Davenport, and Dubuque among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Central State Bank has an above average approval rate when compared to the average across all lenders.

    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.

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    Originations

    85

    Origination Dollar Volume (All Markets)

    $12,955,000

    Employee count

    43

    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
    Outside of Metro Areas 59 $5,715,000 $96,864 $795 4.54%
    IOWA CITY, IA (FHA|USDA|VA) 17 $4,445,000 $261,471 $900 4.23%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $1,185,000 $1,185,000 $0 5.11%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 5 $915,000 $183,000 $1,495 4.16%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $405,000 $405,000 $397 4.04%
    DUBUQUE, IA (FHA|USDA|VA) 1 $185,000 $185,000 $1,294 3.74%
    Platteville, WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,358 4.54%
    Central State Bank's top markets include Iowa City, Waterloo, Cedar Rapids, Davenport, and Dubuque among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 85 $12,955,000 $152,412 $861 4.45%

    For 2018, Central State Bank's most frequently originated type of loan was Conventional, with 85 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 47 $7,295,000 $155,213 $1,047 4.52%
    Refi 21 $3,375,000 $160,714 $653 4.41%
    Home Improvement 13 $1,735,000 $133,462 $657 4.30%
    Other 4 $550,000 $137,500 $698 4.27%

    For 2018, Central State Bank's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 63 $6,415,000 $101,825 $824 4.48%
    5 Year 15 $2,215,000 $147,667 $903 4.62%
    15 Year 5 $3,005,000 $601,000 $1,166 3.50%
    10 Year 2 $1,320,000 $660,000 $1,163 4.56%

    For 2018, Central State Bank's most frequently cited loan duration was Other, with 63 originations. The 2nd most popular length was 5 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 75 $10,795,000 $143,933

    Central State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 75 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 44 $5,410,000 $122,955
    3-4% 23 $5,545,000 $241,087
    5-6% 17 $1,985,000 $116,765
    6-7% 1 $15,000 $15,000

    During 2018, Central State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 42 $1,980,000 $47,143 $638 4.74%
    $100k-200k 30 $4,240,000 $141,333 $1,140 4.21%
    $200k-400k 7 $2,055,000 $293,571 $830 4.08%
    $400k-600k 3 $1,545,000 $515,000 $683 4.19%
    $1MM+ 2 $2,290,000 $1,145,000 $1,324 4.18%
    $600k-1MM 1 $845,000 $845,000 $1,328 3.25%

    2018 saw Central State Bank place emphasis on $100,000 or less loans with 42 originations, totaling $1,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 25 $1,715,000 $68,600 $911 4.61%
    $50k-75k 22 $2,460,000 $111,818 $1,067 4.42%
    $100k-150k 10 $1,390,000 $139,000 $725 4.44%
    $75k-100k 10 $880,000 $88,000 $641 4.40%
    $250k+ 4 $2,110,000 $527,500 $617 3.63%
    $150k-250k 3 $775,000 $258,333 $681 4.42%

    Central State Bank lent most frequently to those with incomes in the $50k or less range, with 25 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 25 $3,365,000 $134,600 $741 4.39%
    <20% 17 $3,485,000 $205,000 $796 4.30%
    20-30% 14 $1,320,000 $94,286 $978 4.59%
    38% 6 $710,000 $118,333 $1,087 4.49%
    39% 5 $635,000 $127,000 $1,189 4.56%
    41% 4 $520,000 $130,000 $769 4.31%
    37% 4 $430,000 $107,500 $859 4.14%
    46% 1 $245,000 $245,000 $560 4.29%
    40% 1 $25,000 $25,000 $229 5.29%
    36% 1 $135,000 $135,000 $1,345 3.75%
    42% 1 $75,000 $75,000 $1,080 5.04%

    Central State Bank lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? <20%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 78 $10,840,000 $138,974 $873 4.44%
    Not applicable 5 $1,835,000 $367,000 $0 4.74%
    Black 1 $245,000 $245,000 $560 4.29%
    Not provided 1 $35,000 $35,000 $256 3.74%

    Approval Rates

    Total approvals of all applications
    92.39%

    Central State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 85 $12,955,000 $152,412

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $1,185,000 $1,185,000
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 83 $11,735,000 $141,386

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $815,000 $116,429 $545 4.54%
    40-60% 8 $500,000 $62,500 $1,047 4.63%
    60-80% 25 $5,985,000 $239,400 $987 4.34%
    80-100% 32 $5,280,000 $165,000 $1,086 4.30%
    Under 20% 13 $375,000 $28,846 $181 4.85%

    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 State Bank 102 North Main Street Elkader, IA 52043 Full Service B&M $77,955
    Central State Bank 200 North Main Elkader, IA 52043 Limited, Drive-thru $0
    Central State Bank 208 Edgar Street Marquette, IA 52158 Full Service B&M $15,489
    Central State Bank 2530 Corridor Way Coralville, IA 52241 Full Service B&M $40,676
    Central State Bank 345 Highway 151 W Walford, IA 52351 Full Service B&M $34,231
    Central State Bank 5210 Council Street Northeast Cedar Rapids, IA 52402 Full Service B&M $33,520
    Central State Bank Main Street Mc Gregor, IA 52157 Full Service B&M $12,303

    For 2018, Central State Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $10,428
    Net interest income $8,092
    Total noninterest income $297
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $232
    Trading account gains and fees $0
    Additional Noninterest Income $65
    Pre-tax net operating income $2,418
    Securities gains (or losses, -) $-12
    Income before extraordinary items $2,284
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,284
    Minority interest net income $0
    Net income $2,284
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,295

    Central State Bank's gross interest income from loans was $10,428,000.
    Central State Bank's net interest income from loans was $8,092,000.
    Central State Bank's fee based income from loans was $232,000.
    Central State Bank's net income from loans was $2,284,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,336
    Provision for credit losses $110
    Total noninterest expense $5,861
    Salaries and employee benefits $3,506
    Premises and equipment expense $1,344
    Additional noninterest expense $1,011
    Applicable income taxes $122
    Net charge-offs $74
    Cash dividends $1,150

    Central State Bank's interest expense for loans was $2,336,000.
    Central State Bank's payroll and benefits expense were $3,506,000.
    Central State Bank's property, plant and equipment expenses $1,344,000.

    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 1.0%
    HELOC loans 1.0%
    All other family 1.0%
    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 $220,720
    Deposits held in domestic offices $220,720
    Deposits by Individuals, partnerships, and corporations $189,121
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $19,543
    Deposits by Commercial banks and other depository institutions in U.S. $12,056
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $60,795
    Demand deposits $36,530
    Nontransaction accounts $159,925
    Money market deposit accounts (MMDAs) $50,031
    Other savings deposits (excluding MMDAs) $29,443
    Total time deposits $80,450
    Total time and savings deposits $184,190
    Noninterest-bearing deposits $36,534
    Interest-bearing deposits $184,186
    Retail deposits $184,845
    IRAs and Keogh plan accounts $4,684
    Brokered deposits $22,941
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $276,469
    Cash & Balances due from depository institutions $17,111
    Interest-bearing balances $8,823
    Total securities $11,806
    Federal funds sold & reverse repurchase $0
    Net loans and leases $226,578
    Loan and leases loss allowance $2,662
    Trading account assets $0
    Bank premises and fixed assets $9,162
    Other real estate owned $17
    Goodwill and other intangibles $1,642
    All other assets $10,153

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $276,469
    Total Liabilities $245,000
    Total deposits $220,720
    Interest-bearing deposits $184,186
    Deposits held in domestic offices $220,720
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $22,739
    Subordinated debt $0
    All other liabilities $1,541

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $226,578
    Loan and leases loss allowance $2,662
    Total loans and leases (domestic) $229,240
    All real estate loans $174,677
    Real estate loans in domestic offices $174,677
    Construction and development loans $7,870
    Residential 1-4 family construction $5,267
    Other construction, all land development and other land $2,603
    Loans secured by nonfarm nonresidential properties $64,946
    Nonfarm nonresidential secured by owner-occupied properties $21,562
    Commercial real estate & other non-farm, non-residential $43,384
    Multifamily residential real estate $19,967
    1-4 family residential loans $50,168
    Farmland loans $31,726
    Loans held in foreign offices $0
    Farm loans $16,376
    Commercial and industrial loans $32,188
    To non-U.S. addressees $0
    Loans to individuals $5,816
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $2,675
    Other loans to individuals $3,141
    All other loans & leases $183
    Loans to foreign governments and official institutions $0
    Other loans $183
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Central State Bank had $226,578,000 of loans outstanding in 2018. $174,677,000 of loans were in real estate loans. $7,870,000 of loans were in development loans. $19,967,000 of loans were in multifamily mortgage loans. $50,168,000 of loans were in 1-4 family mortgage loans. $16,376,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,675,000 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 84 $19,456 $231,619
    Nonfarm, nonresidential loans - <$100k 31 $1,216 $39,226
    Nonfarm, nonresidential loans - $100-250k 21 $3,016 $143,619
    Nonfarm, nonresidential loans - $250k-1MM 32 $15,224 $475,750
    Commercial & Industrial, US addressed loans - <$1MM 213 $17,736 $83,268
    Commercial & Industrial, US addressed loans - <$100k 146 $3,367 $23,062
    Commercial & Industrial, US addressed loans - $100-250k 34 $3,828 $112,588
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $10,541 $319,424
    Farmland loans - <$1MM 92 $14,704 $159,826
    Farmland loans - <$100k 30 $1,198 $39,933
    Farmland loans - $100-250k 34 $4,480 $131,765
    Farmland loans - $250k-1MM 28 $9,026 $322,357
    Agriculture operations loans - <$1MM 214 $10,371 $48,463
    Agriculture operations loans - <$100k 171 $3,333 $19,491
    Agriculture operations loans - $100-250k 31 $3,827 $123,452
    Agriculture operations loans - $250k-1MM 12 $3,211 $267,583