Wheatland Bank Mortgage Rates, Fees & Info

Spokane, WA

LEI: 549300YD9NNO7W7TSI64

Tax ID: 91-1055499

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Wheatland Bank is a smaller bank specializing in Home Purchase loans. Wheatland Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Spokane, Wenatchee, Moses Lake, Kennewick, and Yakima among others. Wheatland Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Wheatland Bank is typically an average fee lendor.


Originations

840

Origination Dollar Volume (All Markets)

$228,320,000

Employee count

142

Awards

Wheatland Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Wheatland Bank's average 30 year fixed rate mortgage of loans were 2.84%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.31%.

Relative Fees

Wheatland Bank's average total fees for a 30 year fixed rate mortgage are $5,630.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 527 $135,035,000 $256,233 $5,562 2.77%
WENATCHEE, WA (FHA|USDA|VA) 98 $33,450,000 $341,327 $4,956 2.99%
Moses Lake, WA (FHA|USDA|VA) 81 $22,995,000 $283,889 $5,043 3.01%
Outside of Metro Areas 36 $7,150,000 $198,611 $5,585 2.84%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 24 $6,080,000 $253,333 $4,825 2.85%
YAKIMA, WA (FHA|USDA|VA) 18 $5,760,000 $320,000 $6,966 2.76%
Outside of Metro Areas 12 $4,020,000 $335,000 $7,338 3.29%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 11 $3,325,000 $302,273 $4,235 3.03%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,250,000 $312,500 $4,496 3.38%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $1,210,000 $605,000 $4,943 3.31%
Othello, WA (FHA|USDA|VA) 4 $930,000 $232,500 $5,029 3.16%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $755,000 $755,000 $5,099 3.50%
WALLA WALLA, WA (FHA|USDA|VA) 2 $550,000 $275,000 $4,212 3.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $545,000 $545,000 $4,421 2.88%
Moscow, ID (FHA|USDA|VA) 2 $540,000 $270,000 $5,305 3.50%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $505,000 $505,000 $0 3.63%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $420,000 $210,000 $3,157 3.00%
Aberdeen, WA (FHA|USDA|VA) 1 $415,000 $415,000 $5,303 3.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $395,000 $395,000 $9,070 2.88%
Ellensburg, WA (FHA|USDA|VA) 2 $380,000 $190,000 $6,567 3.44%
Sandpoint, ID (FHA|USDA|VA) 1 $355,000 $355,000 $6,480 2.75%
MISSOULA, MT (FHA|USDA|VA) 1 $355,000 $355,000 $4,299 2.99%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $305,000 $305,000 $11,126 2.88%
BELLINGHAM, WA (FHA|USDA|VA) 1 $295,000 $295,000 $5,834 2.00%
BOISE CITY, ID (FHA|USDA|VA) 1 $285,000 $285,000 $3,295 2.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $265,000 $265,000 $2,750 2.63%
Pullman, WA (FHA|USDA|VA) 1 $225,000 $225,000 $7,562 3.00%
FRESNO, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,199 2.50%
BILLINGS, MT (FHA|USDA|VA) 1 $165,000 $165,000 $7,557 3.75%
Sonora, CA (FHA|USDA|VA) 1 $155,000 $155,000 $3,839 3.50%

Wheatland Bank's top markets include Spokane, Wenatchee, Moses Lake, Kennewick, and Yakima among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 676 $180,220,000 $266,598 $4,173 2.77%
FHA 117 $32,495,000 $277,735 $9,862 3.26%
VA 47 $15,605,000 $332,021 $8,672 2.97%

For the 2021 period, Wheatland Bank's most frequently originated loan type of loans were Conventional, with 676 originations. Their 2nd most popular type is FHA, with 117 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 556 $151,610,000 $272,680 $6,285 2.74%
Refi 146 $39,490,000 $270,479 $3,447 2.96%
Cash Out Refi 128 $35,060,000 $273,906 $4,711 3.17%
Other 6 $1,510,000 $251,667 $5,138 3.15%
Home Improvement 4 $650,000 $162,500 $4,372 3.22%

For the 2021, Wheatland Bank's most frequently cited loan purpose of loans were Home Purchase, with 556 originations. The 2nd most popular reason of loans were Refi, with 146 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 757 $193,875,000 $256,110 $5,630 2.84%
15 Year 52 $17,520,000 $336,923 $3,355 2.68%
10 Year 13 $11,825,000 $909,615 $2,988 3.65%
20 Year 10 $1,730,000 $173,000 $4,725 3.17%
Other 6 $2,640,000 $440,000 $3,564 2.98%
3 Year 1 $325,000 $325,000 $0 4.25%
5 Year 1 $405,000 $405,000 $0 4.25%

For the 2021, Wheatland Bank's most frequently cited loan length of loans were 30 Year, with 757 originations. The 2nd most popular length of loans were 15 Year, with 52 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 300 $80,910,000 $269,700
$<1k 227 $39,465,000 $173,855
$2k-3k 129 $36,895,000 $286,008
$3k-4k 107 $31,255,000 $292,103
$5k+ 20 $8,980,000 $449,000

$5,630 of loans were Wheatland Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 300 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 394 $128,060,000 $325,025
2.5-3% 275 $77,745,000 $282,709
<2.5% 144 $14,930,000 $103,681
4-5% 27 $7,585,000 $280,926

During 2021, Wheatland Bank's average interest rate of loans were 2.84%, while their most frequently originated rate bucket of loans were 3-4%, with 394 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 462 $132,940,000 $287,749 $5,855 3.17%
$100k-200k 162 $26,220,000 $161,852 $4,058 3.12%
$100,000 or less 108 $2,370,000 $21,944 $3,089 0.66%
$400k-600k 86 $40,180,000 $467,209 $5,450 3.13%
$600k-1MM 16 $11,620,000 $726,250 $10,668 3.62%
$1MM+ 6 $14,990,000 $2,498,333 $0 3.79%

2021 saw Wheatland Bank place emphasis on $200k-400k loans with 462 originations, totaling $132,940,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 271 $62,655,000 $231,199 $5,618 2.77%
$50k or less 162 $26,720,000 $164,938 $4,832 2.70%
$75k-100k 156 $42,320,000 $271,282 $5,352 2.94%
$100k-150k 141 $43,725,000 $310,106 $5,916 2.81%
$150k-250k 64 $23,820,000 $372,188 $5,480 3.16%
$250k+ 16 $5,880,000 $367,500 $5,903 3.20%

Wheatland Bank lent most frequently to those with incomes in the $50k-75k range, with 271 originations. The second most popular income band? $50k or less, with 162 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 143 $35,305,000 $246,888 $5,239 2.84%
20-30% 129 $31,945,000 $247,636 $4,315 2.96%
44% 69 $16,975,000 $246,014 $6,104 2.80%
42% 51 $12,995,000 $254,804 $5,683 2.78%
43% 43 $9,575,000 $222,674 $6,335 2.69%
38% 40 $9,680,000 $242,000 $5,132 3.10%
36% 39 $9,655,000 $247,564 $5,404 2.54%
41% 39 $10,765,000 $276,026 $5,339 2.84%
<20% 38 $10,150,000 $267,105 $4,095 2.98%
49% 34 $7,470,000 $219,706 $8,189 2.40%
40% 31 $8,275,000 $266,935 $5,188 3.00%
46% 30 $7,150,000 $238,333 $6,120 2.75%
37% 30 $7,790,000 $259,667 $5,724 2.80%
45% 27 $8,095,000 $299,815 $5,149 2.94%
39% 25 $7,285,000 $291,400 $4,765 3.12%
47% 21 $5,185,000 $246,905 $7,823 2.56%
48% 19 $4,975,000 $261,842 $6,686 2.76%
50-60% 13 $3,735,000 $287,308 $7,937 2.66%

Wheatland Bank lent most frequently to those with DTI ratios of 30-36%, with 143 originations. The next most common DTI ratio? 20-30%, with 129 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 706 $177,520,000 $251,445 $5,374 2.84%
Not provided 81 $22,495,000 $277,716 $5,529 2.86%
Not applicable 12 $18,350,000 $1,529,167 $0 3.91%
American Indian 17 $3,645,000 $214,412 $7,045 2.44%
Asian 6 $2,930,000 $488,333 $6,069 3.38%
Black 11 $2,255,000 $205,000 $6,205 2.66%
Other Asian 4 $490,000 $122,500 $9,150 1.81%
Japanese 1 $225,000 $225,000 $5,993 3.25%
Native Hawaiian 1 $205,000 $205,000 $3,319 2.88%
Asian Indian 1 $205,000 $205,000 $3,238 3.50%

Approval Rates

Total approvals of all applications
89.20%

Wheatland Bank has an average approval rate.

Pick Rate

Approvals leading to origination
71.18%

Wheatland Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 840 $228,320,000 $271,810

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
840 $228,320,000 $271,810

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 32 $4,870,000 $152,188 $3,238 2.91%
40-60% 91 $22,885,000 $251,484 $3,589 2.99%
60-80% 239 $84,935,000 $355,377 $4,435 3.22%
80-100% 366 $108,840,000 $297,377 $6,285 3.22%
Over 100% 13 $4,595,000 $353,462 $13,568 2.99%
Under 20% 95 $1,265,000 $13,316 $3,541 0.32%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Wheatland Bank 101 E 1st Ave Ritzville, WA 99169 Full Service B&M $35,230
Wheatland Bank 1442 S. Pioneer Way Moses Lake, WA 98837 Full Service B&M $76,333
Wheatland Bank 14732 E Indiana Ave Spokane, WA 99216 Full Service B&M $30,021
Wheatland Bank 201 E Yakima Ave Suite 100 Yakima, WA 98901 Full Service B&M $40,226
Wheatland Bank 205 S Main St, Suite 1 Ellensburg, WA 98926 Full Service B&M $16,236
Wheatland Bank 22 East First Avenue Odessa, WA 99159 Full Service B&M $27,928
Wheatland Bank 222 N. Wall Street, Suite 100 Spokane, WA 99201 Full Service B&M $71,899
Wheatland Bank 600 Morgan Street Davenport, WA 99122 Full Service B&M $60,334
Wheatland Bank 8 S.E. Main Street Wilbur, WA 99185 Full Service B&M $45,344
Wheatland Bank 9715 S Sandifur Parkway Pasco, WA 99301 Full Service B&M $76,238
Wheatland Bank 1015 Central Avenue South Quincy, WA 98848 Full Service B&M $48,918
Wheatland Bank 10801 N. Newport Highway Spokane, WA 99218 Full Service B&M $28,752
Wheatland Bank 1115 N Miller Street Wenatchee, WA 98801 Full Service B&M $22,217
Wheatland Bank 134 East Woodin Ave Chelan, WA 98816 Full Service B&M $11,380

For 2021, Wheatland Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,091
Net interest income $21,843
Total noninterest income $10,954
Gross Fiduciary activities income $0
Service charges on deposit accounts $523
Trading account gains and fees $0
Additional Noninterest Income $10,431
Pre-tax net operating income $10,555
Securities gains (or losses, -) $0
Income before extraordinary items $8,695
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,695
Minority interest net income $0
Net income $8,695
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,695

Wheatland Bank's gross interest income from loans was $22,091,000.
Wheatland Bank's net interest income from loans was $21,843,000.
Wheatland Bank's fee based income from loans was $523,000.
Wheatland Bank's net income from loans was $8,695,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $248
Provision for credit losses $0
Total noninterest expense $22,242
Salaries and employee benefits $14,757
Premises and equipment expense $1,998
Additional noninterest expense $5,487
Applicable income taxes $1,860
Net charge-offs $213
Cash dividends $580

Wheatland Bank's interest expense for loans was $248,000.
Wheatland Bank's payroll and benefits expense were $14,757,000.
Wheatland Bank's property, plant and equipment expenses $1,998,000.

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 0.1%
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 $645,594
Deposits held in domestic offices $645,594
Deposits by Individuals, partnerships, and corporations $642,547
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $3,047
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $352,862
Demand deposits $325,524
Nontransaction accounts $292,732
Money market deposit accounts (MMDAs) $192,161
Other savings deposits (excluding MMDAs) $78,399
Total time deposits $22,172
Total time and savings deposits $320,070
Noninterest-bearing deposits $325,524
Interest-bearing deposits $320,069
Retail deposits $635,647
IRAs and Keogh plan accounts $2,958
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $713,419
Cash & Balances due from depository institutions $53,168
Interest-bearing balances $44,583
Total securities $241,567
Federal funds sold & reverse repurchase $0
Net loans and leases $381,340
Loan and leases loss allowance $4,218
Trading account assets $0
Bank premises and fixed assets $17,259
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $20,085

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $713,419
Total Liabilities $651,113
Total deposits $645,594
Interest-bearing deposits $320,069
Deposits held in domestic offices $645,594
% insured (estimated) $67
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $5,519

Issued Loan Types

Type Value (in 000's)
Net loans and leases $381,340
Loan and leases loss allowance $4,218
Total loans and leases (domestic) $385,558
All real estate loans $280,123
Real estate loans in domestic offices $280,123
Construction and development loans $20,299
Residential 1-4 family construction $7,697
Other construction, all land development and other land $12,602
Loans secured by nonfarm nonresidential properties $131,488
Nonfarm nonresidential secured by owner-occupied properties $41,358
Commercial real estate & other non-farm, non-residential $90,130
Multifamily residential real estate $25,261
1-4 family residential loans $26,252
Farmland loans $76,823
Loans held in foreign offices $0
Farm loans $81,790
Commercial and industrial loans $22,172
To non-U.S. addressees $0
Loans to individuals $1,473
Credit card loans $1,114
Related Plans $177
Consumer Auto Loans $74
Other loans to individuals $108
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Wheatland Bank had $381,340,000 of loans outstanding in 2021. $280,123,000 of loans were in real estate loans. $20,299,000 of loans were in development loans. $25,261,000 of loans were in multifamily mortgage loans. $26,252,000 of loans were in 1-4 family mortgage loans. $81,790,000 of loans were in farm loans. $1,114,000 of loans were in credit card loans. $74,000 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 90 $27,857 $309,522
Nonfarm, nonresidential loans - <$100k 3 $205 $68,333
Nonfarm, nonresidential loans - $100-250k 32 $4,205 $131,406
Nonfarm, nonresidential loans - $250k-1MM 55 $23,447 $426,309
Commercial & Industrial, US addressed loans - <$1MM 129 $10,750 $83,333
Commercial & Industrial, US addressed loans - <$100k 70 $1,650 $23,571
Commercial & Industrial, US addressed loans - $100-250k 22 $2,621 $119,136
Commercial & Industrial, US addressed loans - $250k-1MM 37 $6,479 $175,108
Farmland loans - <$1MM 103 $19,778 $192,019
Farmland loans - <$100k 18 $919 $51,056
Farmland loans - $100-250k 35 $4,340 $124,000
Farmland loans - $250k-1MM 50 $14,519 $290,380
Agriculture operations loans - <$1MM 212 $12,732 $60,057
Agriculture operations loans - <$100k 79 $1,460 $18,481
Agriculture operations loans - $100-250k 74 $4,318 $58,351
Agriculture operations loans - $250k-1MM 59 $6,954 $117,864