Seattle Bank Mortgage Rates, Fees & Info
Seattle, WALEI: 549300X01FL2VJJGCI54
Tax ID: 91-1984151
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Mortgage Data
Bank Data
Review & Overview
Seattle Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Seattle Bank has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Tucson, and Olympia among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Seattle 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.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 5/5/24 |
| 30 Year Conventional Refi | 6.27% | 5/5/24 |
| 30 Year Cash-out Refi | 5.14% | 5/5/24 |
| 15 Year Conventional Refi | 5.68% | 5/5/24 |
| 15 Year Cash-out Refi | 5.68% | 5/5/24 |
| 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. | ||
Seattle Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
17Origination Dollar Volume (All Markets)
$24,255,000Employee count
59Top 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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 14 | $23,420,000 | $1,672,857 | $0 | 0.00% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 0.00% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $24,255,000 | $1,426,765 | $0 | 0.00% |
For 2019, Seattle Bank's most frequently originated type of loan was Conventional, with 17 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 11 | $13,645,000 | $1,240,455 | $0 | 0.00% |
| Refi | 4 | $2,750,000 | $687,500 | $0 | 0.00% |
| Cash Out Refi | 2 | $7,860,000 | $3,930,000 | $0 | 0.00% |
For 2019, Seattle Bank's most frequently cited loan purpose was Home Purchase, with 11 originations. The 2nd most popular reason was Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 17 | $24,255,000 | $1,426,765 | $0 | 0.00% |
For 2019, Seattle Bank's most frequently cited loan duration was Other, with 17 originations.
Loan Sizing
2019 saw Seattle Bank place emphasis on $1MM+ loans with 7 originations, totaling $18,335,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 6 | $9,250,000 | $1,541,667 | $0 | 0.00% |
Seattle Bank lent most frequently to those with incomes in the $250k+ range, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 17 | $24,255,000 | $1,426,765 | $0 | 0.00% |
Seattle Bank lent most frequently to those with DTI ratios of Exempt%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.29%
Seattle Bank has an average approval rate.
Pick Rate
Approvals leading to origination64.71%
Seattle Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 17 | $24,255,000 | $1,426,765 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 3 | $9,665,000 | $3,221,667 |
| Single Family (1-4 Units):Site-Built | 14 | $14,590,000 | $1,042,143 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Seattle Bank | 600 University Street, Suite 1850 Seattle, WA 98101 | Full Service B&M | $528,290 |
For 2019, Seattle Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $37,869 |
| Net interest income | $24,249 |
| Total noninterest income | $907 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $52 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $855 |
| Pre-tax net operating income | $8,571 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $6,741 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $6,741 |
| Minority interest net income | $0 |
| Net income | $6,741 |
| Sale, conversion, retirement of capital stock, net | $216 |
| Net operating income | $6,741 |
Seattle Bank's gross interest income from loans was $37,869,000.
Seattle Bank's net interest income from loans was $24,249,000.
Seattle Bank's fee based income from loans was $52,000.
Seattle Bank's net income from loans was $6,741,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $13,620 |
| Provision for credit losses | $1,500 |
| Total noninterest expense | $15,085 |
| Salaries and employee benefits | $8,259 |
| Premises and equipment expense | $1,090 |
| Additional noninterest expense | $5,736 |
| Applicable income taxes | $1,830 |
| Net charge-offs | $301 |
| Cash dividends | $0 |
Seattle Bank's interest expense for loans was $13,620,000.
Seattle Bank's payroll and benefits expense were $8,259,000.
Seattle Bank's property, plant and equipment expenses $1,090,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 2.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 2.0% |
| HELOC loans | 3.0% |
| 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 | $563,636 |
| Deposits held in domestic offices | $563,636 |
| Deposits by Individuals, partnerships, and corporations | $517,033 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $3,175 |
| Deposits by Commercial banks and other depository institutions in U.S. | $43,428 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $159,581 |
| Demand deposits | $64,561 |
| Nontransaction accounts | $404,055 |
| Money market deposit accounts (MMDAs) | $18,890 |
| Other savings deposits (excluding MMDAs) | $8,914 |
| Total time deposits | $376,252 |
| Total time and savings deposits | $499,075 |
| Noninterest-bearing deposits | $64,561 |
| Interest-bearing deposits | $499,075 |
| Retail deposits | $446,161 |
| IRAs and Keogh plan accounts | $16,154 |
| Brokered deposits | $74,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $715,435 |
| Cash & Balances due from depository institutions | $107,939 |
| Interest-bearing balances | $107,661 |
| Total securities | $3,398 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $584,188 |
| Loan and leases loss allowance | $5,326 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $626 |
| Other real estate owned | $5,482 |
| Goodwill and other intangibles | $0 |
| All other assets | $13,802 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $715,436 |
| Total Liabilities | $645,818 |
| Total deposits | $563,636 |
| Interest-bearing deposits | $499,075 |
| Deposits held in domestic offices | $563,636 |
| % insured (estimated) | $63 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $77,000 |
| Subordinated debt | $0 |
| All other liabilities | $5,182 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $584,188 |
| Loan and leases loss allowance | $5,326 |
| Total loans and leases (domestic) | $589,514 |
| All real estate loans | $497,011 |
| Real estate loans in domestic offices | $497,011 |
| Construction and development loans | $26,255 |
| Residential 1-4 family construction | $6,015 |
| Other construction, all land development and other land | $20,240 |
| Loans secured by nonfarm nonresidential properties | $43,774 |
| Nonfarm nonresidential secured by owner-occupied properties | $11,852 |
| Commercial real estate & other non-farm, non-residential | $31,922 |
| Multifamily residential real estate | $42,918 |
| 1-4 family residential loans | $384,064 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $65,537 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $7,535 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $7,535 |
| All other loans & leases | $19,431 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $19,431 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $24,073 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $310 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Seattle Bank had $584,188,000 of loans outstanding in 2019. $497,011,000 of loans were in real estate loans. $26,255,000 of loans were in development loans. $42,918,000 of loans were in multifamily mortgage loans. $384,064,000 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 | 5 | $3,084 | $616,800 |
| Nonfarm, nonresidential loans - $250k-1MM | 5 | $3,084 | $616,800 |
| Commercial & Industrial, US addressed loans - <$1MM | 38 | $5,397 | $142,026 |
| Commercial & Industrial, US addressed loans - <$100k | 13 | $506 | $38,923 |
| Commercial & Industrial, US addressed loans - $100-250k | 10 | $524 | $52,400 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 15 | $4,367 | $291,133 |