Open Bank Mortgage Rates, Fees & Info
Los Angeles, CALEI: 549300WOJCNL7B110W30
Tax ID: 20-2274763
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Mortgage Data
Bank Data
Review & Overview
Open Bank is a smaller bank specializing in Home Purchase loans. Open Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, Dallas, and Salinas among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Open 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.
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Originations
77Origination Dollar Volume (All Markets)
$29,765,000Employee count
168Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 53 | $21,195,000 | $399,906 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 14 | $4,320,000 | $308,571 | $0 | 0.00% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 4 | $1,770,000 | $442,500 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $0 | 0.00% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $0 | 0.00% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 77 | $29,765,000 | $386,558 | $0 | 0.00% |
For 2019, Open Bank's most frequently originated type of loan was Conventional, with 77 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 53 | $21,205,000 | $400,094 | $0 | 0.00% |
| Refi | 12 | $3,530,000 | $294,167 | $0 | 0.00% |
| Cash Out Refi | 12 | $5,030,000 | $419,167 | $0 | 0.00% |
For 2019, Open Bank's most frequently cited loan purpose was Home Purchase, with 53 originations. The 2nd most popular reason was Refi, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 77 | $29,765,000 | $386,558 | $0 | 0.00% |
For 2019, Open Bank's most frequently cited loan duration was Other, with 77 originations.
Loan Sizing
2019 saw Open Bank place emphasis on $200k-400k loans with 42 originations, totaling $12,650,000 in origination value.
Applicant Income
Open Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 11 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 77 | $29,765,000 | $386,558 | $0 | 0.00% |
Open Bank lent most frequently to those with DTI ratios of Exempt%, with 77 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Asian | 75 | $28,915,000 | $385,533 | $0 | 0.00% |
| Not provided | 1 | $615,000 | $615,000 | $0 | 0.00% |
| White | 1 | $235,000 | $235,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications97.12%
Open 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 origination72.73%
Open Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 77 | $29,765,000 | $386,558 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $1,420,000 | $710,000 |
| Single Family (1-4 Units):Site-Built | 75 | $28,345,000 | $377,933 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Open Bank | 1000 Wilshire Boulevard, Suite 100 Los Angeles, CA 90017 | Full Service B&M | $312,053 |
| Open Bank | 15435 S. Western Avenue, #d Gardena, CA 90249 | Full Service B&M | $78,128 |
| Open Bank | 2540 Old Denton Rd 314 Carrollton, TX 75006 | Full Service B&M | $4,209 |
| Open Bank | 2998 East El Camino Real Santa Clara, CA 95051 | Full Service B&M | $34,589 |
| Open Bank | 3030 W. Olympic Blvd, Suite 101 Los Angeles, CA 90006 | Full Service B&M | $123,576 |
| Open Bank | 3680 Wilshire Blvd., Suite 101 Los Angeles, CA 90010 | Full Service B&M | $146,205 |
| Open Bank | 5141 Beach Blvd., Units E & F, Building 2 Buena Park, CA 90621 | Full Service B&M | $117,894 |
| Open Bank | 550 South Western Avenue Los Angeles, CA 90020 | Full Service B&M | $68,122 |
| Open Bank | 747 E. 10th Street, #310 & 311 Los Angeles, CA 90021 | Full Service B&M | $90,554 |
For 2019, Open Bank had 9 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $58,780 |
| Net interest income | $44,273 |
| Total noninterest income | $11,353 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $2,014 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $9,339 |
| Pre-tax net operating income | $23,015 |
| Securities gains (or losses, -) | $72 |
| Income before extraordinary items | $17,480 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $17,480 |
| Minority interest net income | $0 |
| Net income | $17,480 |
| Sale, conversion, retirement of capital stock, net | $1,838 |
| Net operating income | $17,423 |
Open Bank's gross interest income from loans was $58,780,000.
Open Bank's net interest income from loans was $44,273,000.
Open Bank's fee based income from loans was $2,014,000.
Open Bank's net income from loans was $17,480,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $14,507 |
| Provision for credit losses | $1,102 |
| Total noninterest expense | $31,509 |
| Salaries and employee benefits | $19,482 |
| Premises and equipment expense | $4,538 |
| Additional noninterest expense | $7,489 |
| Applicable income taxes | $5,607 |
| Net charge-offs | $688 |
| Cash dividends | $11,484 |
Open Bank's interest expense for loans was $14,507,000.
Open Bank's payroll and benefits expense were $19,482,000.
Open Bank's property, plant and equipment expenses $4,538,000.
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 | $1,022,929 |
| Deposits held in domestic offices | $1,022,929 |
| Deposits by Individuals, partnerships, and corporations | $977,982 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $44,000 |
| Deposits by Commercial banks and other depository institutions in U.S. | $947 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $299,044 |
| Demand deposits | $296,499 |
| Nontransaction accounts | $723,885 |
| Money market deposit accounts (MMDAs) | $289,320 |
| Other savings deposits (excluding MMDAs) | $4,753 |
| Total time deposits | $429,812 |
| Total time and savings deposits | $726,430 |
| Noninterest-bearing deposits | $296,499 |
| Interest-bearing deposits | $726,430 |
| Retail deposits | $741,752 |
| IRAs and Keogh plan accounts | $1,441 |
| Brokered deposits | $67,332 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,179,378 |
| Cash & Balances due from depository institutions | $86,036 |
| Interest-bearing balances | $74,120 |
| Total securities | $60,177 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $982,188 |
| Loan and leases loss allowance | $10,050 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $13,274 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $7,024 |
| All other assets | $30,679 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,179,378 |
| Total Liabilities | $1,041,075 |
| Total deposits | $1,022,929 |
| Interest-bearing deposits | $726,430 |
| Deposits held in domestic offices | $1,022,929 |
| % insured (estimated) | $58 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $18,146 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $982,188 |
| Loan and leases loss allowance | $10,050 |
| Total loans and leases (domestic) | $992,238 |
| All real estate loans | $879,719 |
| Real estate loans in domestic offices | $879,719 |
| Construction and development loans | $5,531 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $5,531 |
| Loans secured by nonfarm nonresidential properties | $743,635 |
| Nonfarm nonresidential secured by owner-occupied properties | $300,039 |
| Commercial real estate & other non-farm, non-residential | $443,596 |
| Multifamily residential real estate | $6,569 |
| 1-4 family residential loans | $122,985 |
| Farmland loans | $999 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $109,855 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $2,664 |
| Credit card loans | $0 |
| Related Plans | $854 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $1,810 |
| All other loans & leases | $0 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| 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 | $333 |
| Non 1-4 family restructured loans & leases | $333 |
| Total loans and leases (foreign) | $0 |
Open Bank had $982,188,000 of loans outstanding in 2019. $879,719,000 of loans were in real estate loans. $5,531,000 of loans were in development loans. $6,569,000 of loans were in multifamily mortgage loans. $122,985,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 | 257 | $89,560 | $348,482 |
| Nonfarm, nonresidential loans - <$100k | 1 | $28 | $28,000 |
| Nonfarm, nonresidential loans - $100-250k | 14 | $1,538 | $109,857 |
| Nonfarm, nonresidential loans - $250k-1MM | 242 | $87,994 | $363,612 |
| Commercial & Industrial, US addressed loans - <$1MM | 363 | $56,953 | $156,895 |
| Commercial & Industrial, US addressed loans - <$100k | 35 | $1,170 | $33,429 |
| Commercial & Industrial, US addressed loans - $100-250k | 148 | $11,225 | $75,845 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 180 | $44,558 | $247,544 |