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, Cash Out Refi, and Home Improvement loans. Seattle Bank has a high proportion of conventional loans. Their top two markets are Seattle and Bremerton .Seattle Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Seattle Bank is typically a high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 5.14% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
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
8Origination Dollar Volume (All Markets)
$10,370,000Employee count
58Top 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) | 7 | $9,695,000 | $1,385,000 | $24,882 | 3.72% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $10,850 | 3.13% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $10,370,000 | $1,296,250 | $21,374 | 3.64% |
For 2021, Seattle Bank's most frequently originated type of loan was Conventional, with 8 originations.
Loan Reason
For 2021, Seattle Bank's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 4 | $4,090,000 | $1,022,500 | $0 | 3.82% |
| 30 Year | 4 | $6,280,000 | $1,570,000 | $21,374 | 3.47% |
For 2021, Seattle Bank's most frequently cited loan duration was 10 Year, with 4 originations. The 2nd most popular length was 30 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 4 | $6,280,000 | $1,570,000 |
Seattle Bank's average total fees were $21,374, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 7 | $9,995,000 | $1,427,857 |
| 4-5% | 1 | $375,000 | $375,000 |
During 2021, Seattle Bank's average interest rate for loans was 3.47%, while their most frequently originated rate bucket for loans was 3-4%, with 7 originations.
Loan Sizing
2021 saw Seattle Bank place emphasis on $1MM+ loans with 5 originations, totaling $8,365,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 4 | $5,660,000 | $1,415,000 | $28,873 | 3.81% |
| $150k-250k | 2 | $1,950,000 | $975,000 | $13,875 | 3.38% |
Seattle Bank lent most frequently to those with incomes in the $250k+ range, with 4 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
Seattle Bank lent most frequently to those with DTI ratios of <20%, with 2 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 6 | $7,610,000 | $1,268,333 | $21,374 | 3.67% |
| Not applicable | 2 | $2,760,000 | $1,380,000 | $0 | 3.58% |
Approval Rates
Total approvals of all applications88.89%
Seattle Bank has an average approval rate.
Pick Rate
Approvals leading to origination12.50%
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 |
|---|---|---|---|
| NA | 8 | $10,370,000 | $1,296,250 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 40-60% | 6 | $7,470,000 | $1,245,000 | $16,751 | 3.48% |
| 60-80% | 2 | $2,900,000 | $1,450,000 | $35,245 | 4.13% |
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 | $556,810 |
For 2021, Seattle Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $35,831 |
| Net interest income | $28,780 |
| Total noninterest income | $1,218 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $48 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,170 |
| Pre-tax net operating income | $10,217 |
| Securities gains (or losses, -) | $-35 |
| Income before extraordinary items | $7,944 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $7,944 |
| Minority interest net income | $0 |
| Net income | $7,944 |
| Sale, conversion, retirement of capital stock, net | $1,954 |
| Net operating income | $7,971 |
Seattle Bank's gross interest income from loans was $35,831,000.
Seattle Bank's net interest income from loans was $28,780,000.
Seattle Bank's fee based income from loans was $48,000.
Seattle Bank's net income from loans was $7,944,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $7,051 |
| Provision for credit losses | $2,500 |
| Total noninterest expense | $17,281 |
| Salaries and employee benefits | $10,684 |
| Premises and equipment expense | $1,111 |
| Additional noninterest expense | $5,486 |
| Applicable income taxes | $2,238 |
| Net charge-offs | $308 |
| Cash dividends | $0 |
Seattle Bank's interest expense for loans was $7,051,000.
Seattle Bank's payroll and benefits expense were $10,684,000.
Seattle Bank's property, plant and equipment expenses $1,111,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 3.0% |
| Real Estate loans | 5.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 9.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 5.0% |
| HELOC loans | 6.0% |
| 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 | $619,998 |
| Deposits held in domestic offices | $619,998 |
| Deposits by Individuals, partnerships, and corporations | $598,559 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $4,072 |
| Deposits by Commercial banks and other depository institutions in U.S. | $17,367 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $267,292 |
| Demand deposits | $96,068 |
| Nontransaction accounts | $352,706 |
| Money market deposit accounts (MMDAs) | $49,070 |
| Other savings deposits (excluding MMDAs) | $61,849 |
| Total time deposits | $241,786 |
| Total time and savings deposits | $523,930 |
| Noninterest-bearing deposits | $96,068 |
| Interest-bearing deposits | $523,930 |
| Retail deposits | $540,488 |
| IRAs and Keogh plan accounts | $17,433 |
| Brokered deposits | $25,005 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $762,025 |
| Cash & Balances due from depository institutions | $126,400 |
| Interest-bearing balances | $119,710 |
| Total securities | $24,004 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $590,898 |
| Loan and leases loss allowance | $8,133 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $899 |
| Other real estate owned | $6,910 |
| Goodwill and other intangibles | $0 |
| All other assets | $12,914 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $762,025 |
| Total Liabilities | $674,197 |
| Total deposits | $619,998 |
| Interest-bearing deposits | $523,930 |
| Deposits held in domestic offices | $619,998 |
| % insured (estimated) | $53 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $50,000 |
| Subordinated debt | $0 |
| All other liabilities | $4,199 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $590,898 |
| Loan and leases loss allowance | $8,133 |
| Total loans and leases (domestic) | $599,031 |
| All real estate loans | $430,779 |
| Real estate loans in domestic offices | $430,779 |
| Construction and development loans | $10,438 |
| Residential 1-4 family construction | $5,910 |
| Other construction, all land development and other land | $4,528 |
| Loans secured by nonfarm nonresidential properties | $47,749 |
| Nonfarm nonresidential secured by owner-occupied properties | $10,473 |
| Commercial real estate & other non-farm, non-residential | $37,276 |
| Multifamily residential real estate | $49,729 |
| 1-4 family residential loans | $322,863 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $53,711 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $98,420 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $98,420 |
| All other loans & leases | $16,122 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $16,122 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $15,891 |
| 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 |
Seattle Bank had $590,898,000 of loans outstanding in 2021. $430,779,000 of loans were in real estate loans. $10,438,000 of loans were in development loans. $49,729,000 of loans were in multifamily mortgage loans. $322,863,000 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 | 8 | $4,376 | $547,000 |
| Nonfarm, nonresidential loans - $100-250k | 1 | $114 | $114,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 7 | $4,262 | $608,857 |
| Commercial & Industrial, US addressed loans - <$1MM | 108 | $14,263 | $132,065 |
| Commercial & Industrial, US addressed loans - <$100k | 56 | $2,120 | $37,857 |
| Commercial & Industrial, US addressed loans - $100-250k | 19 | $2,922 | $153,789 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 33 | $9,221 | $279,424 |