The Eastern Colorado Bank Mortgage Rates, Fees & Info

Cheyenne Wells, CO

LEI: 549300ZXXYWVD5ZXYN28

Tax ID: 84-0361004

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    The Eastern Colorado Bank is a smaller bank specializing in Home Purchase loans. The Eastern Colorado Bank has a high proportion of conventional loans. Their top two markets are Colorado Springs and Denver .

    The Eastern Colorado 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. The Eastern Colorado Bank is typically an average 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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    Originations

    38

    Origination Dollar Volume (All Markets)

    $11,420,000

    Employee count

    70

    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
    COLORADO SPRINGS, CO (FHA|USDA|VA) 13 $7,635,000 $587,308 $6,244 4.93%
    Outside of Metro Areas 23 $3,125,000 $135,870 $2,749 5.63%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $660,000 $330,000 $7,496 5.06%
    The Eastern Colorado Bank's top markets include Colorado Springs and Denver among others.

    Their top states include:
  • Colorado (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $11,420,000 $300,526 $4,559 5.36%

    For 2018, The Eastern Colorado Bank's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 30 $9,780,000 $326,000 $4,549 5.36%
    Cash Out Refi 4 $1,120,000 $280,000 $5,620 5.16%
    Refi 3 $435,000 $145,000 $2,618 5.31%
    Other 1 $85,000 $85,000 $0 6.50%

    For 2018, The Eastern Colorado Bank's most frequently cited loan purpose was Home Purchase, with 30 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 17 $4,945,000 $290,882 $4,434 5.33%
    10 Year 10 $1,690,000 $169,000 $2,282 5.64%
    30 Year 5 $1,955,000 $391,000 $5,174 4.60%
    Other 4 $2,590,000 $647,500 $6,828 5.23%
    5 Year 2 $240,000 $120,000 $605 6.44%

    For 2018, The Eastern Colorado Bank's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was 10 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 5 $485,000 $97,000
    $1k-2k 4 $610,000 $152,500
    $5k+ 4 $3,630,000 $907,500
    $2k-3k 3 $775,000 $258,333
    $3k-4k 2 $1,050,000 $525,000
    $4k-5k 2 $1,060,000 $530,000

    The Eastern Colorado Bank's average total fees were $5,174, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 5 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 16 $4,590,000 $286,875
    4-5% 15 $6,295,000 $419,667
    6-7% 4 $200,000 $50,000
    7-8% 2 $80,000 $40,000
    3-4% 1 $255,000 $255,000

    During 2018, The Eastern Colorado Bank's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 5-6%, with 16 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 13 $665,000 $51,154 $1,410 6.03%
    $200k-400k 9 $2,435,000 $270,556 $4,207 4.95%
    $100k-200k 6 $790,000 $131,667 $2,562 5.42%
    $600k-1MM 5 $3,875,000 $775,000 $7,866 4.93%
    $400k-600k 3 $1,545,000 $515,000 $6,788 4.63%
    $1MM+ 2 $2,110,000 $1,055,000 $7,720 4.94%

    2018 saw The Eastern Colorado Bank place emphasis on $100,000 or less loans with 13 originations, totaling $665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 6 $4,690,000 $781,667 $7,756 4.79%
    $100k-150k 4 $970,000 $242,500 $3,665 5.09%
    $50k or less 4 $260,000 $65,000 $1,681 6.04%
    $150k-250k 3 $1,075,000 $358,333 $4,341 4.38%
    $50k-75k 2 $270,000 $135,000 $2,941 5.20%
    $75k-100k 2 $430,000 $215,000 $4,010 4.88%

    The Eastern Colorado Bank lent most frequently to those with incomes in the $250k+ range, with 6 originations. The second most popular income band? $100k-150k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 8 $3,800,000 $475,000 $4,961 5.38%
    20-30% 6 $2,820,000 $470,000 $5,434 4.71%
    30-36% 5 $685,000 $137,000 $2,698 4.84%
    36% 1 $85,000 $85,000 $0 6.50%
    42% 1 $305,000 $305,000 $5,402 4.63%

    The Eastern Colorado Bank lent most frequently to those with DTI ratios of <20%, with 8 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $8,820,000 $294,000 $4,469 5.33%
    Not applicable 5 $1,335,000 $267,000 $0 5.56%
    Not provided 1 $695,000 $695,000 $6,078 4.25%
    Asian 1 $525,000 $525,000 $7,496 4.50%
    American Indian 1 $45,000 $45,000 $1,632 7.25%

    Approval Rates

    Total approvals of all applications
    89.47%

    The Eastern Colorado Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.79%

    The Eastern Colorado 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 38 $11,420,000 $300,526

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $1,020,000 $510,000
    Single Family (1-4 Units):Manufactured 3 $155,000 $51,667
    Single Family (1-4 Units):Site-Built 33 $10,245,000 $310,455

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $470,000 $117,500 $605 6.31%
    40-60% 7 $2,655,000 $379,286 $4,855 4.79%
    60-80% 21 $7,675,000 $365,476 $5,529 5.27%
    80-100% 6 $620,000 $103,333 $2,755 5.71%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Eastern Colorado Bank 790 Main St. Limon, CO 80828 Full Service B&M $56,594
    The Eastern Colorado Bank 10 South First Street Cheyenne Wells, CO 80810 Full Service B&M $119,748
    The Eastern Colorado Bank 113 Main Street Kit Carson, CO 80825 Full Service B&M $22,088
    The Eastern Colorado Bank 133 North Main Street Sharon Springs, KS 67758 Full Service B&M $47,001
    The Eastern Colorado Bank 2121 Rose Ave Burlington, CO 80807 Full Service B&M $44,378
    The Eastern Colorado Bank 444 East Pikes Peak Ave, Suite 300 Colorado Springs, CO 80903 Full Service B&M $39,841

    For 2018, The Eastern Colorado Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,622
    Net interest income $15,412
    Total noninterest income $1,242
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $443
    Trading account gains and fees $0
    Additional Noninterest Income $799
    Pre-tax net operating income $5,769
    Securities gains (or losses, -) $-12
    Income before extraordinary items $5,742
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,742
    Minority interest net income $0
    Net income $5,742
    Sale, conversion, retirement of capital stock, net $139
    Net operating income $5,754

    The Eastern Colorado Bank's gross interest income from loans was $17,622,000.
    The Eastern Colorado Bank's net interest income from loans was $15,412,000.
    The Eastern Colorado Bank's fee based income from loans was $443,000.
    The Eastern Colorado Bank's net income from loans was $5,742,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,210
    Provision for credit losses $600
    Total noninterest expense $10,285
    Salaries and employee benefits $6,018
    Premises and equipment expense $841
    Additional noninterest expense $3,426
    Applicable income taxes $15
    Net charge-offs $1,254
    Cash dividends $2,400

    The Eastern Colorado Bank's interest expense for loans was $2,210,000.
    The Eastern Colorado Bank's payroll and benefits expense were $6,018,000.
    The Eastern Colorado Bank's property, plant and equipment expenses $841,000.

    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 $340,246
    Deposits held in domestic offices $340,246
    Deposits by Individuals, partnerships, and corporations $265,041
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $73,205
    Deposits by Commercial banks and other depository institutions in U.S. $2,000
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $119,669
    Demand deposits $91,923
    Nontransaction accounts $220,577
    Money market deposit accounts (MMDAs) $93,534
    Other savings deposits (excluding MMDAs) $26,113
    Total time deposits $100,929
    Total time and savings deposits $248,323
    Noninterest-bearing deposits $91,888
    Interest-bearing deposits $248,358
    Retail deposits $316,933
    IRAs and Keogh plan accounts $8,991
    Brokered deposits $5,131
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $400,708
    Cash & Balances due from depository institutions $10,901
    Interest-bearing balances $1,270
    Total securities $89,562
    Federal funds sold & reverse repurchase $3,150
    Net loans and leases $268,491
    Loan and leases loss allowance $3,703
    Trading account assets $0
    Bank premises and fixed assets $8,334
    Other real estate owned $914
    Goodwill and other intangibles $3,693
    All other assets $15,663

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $400,708
    Total Liabilities $356,089
    Total deposits $340,246
    Interest-bearing deposits $248,358
    Deposits held in domestic offices $340,246
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,000
    Subordinated debt $0
    All other liabilities $843

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $268,491
    Loan and leases loss allowance $3,703
    Total loans and leases (domestic) $272,194
    All real estate loans $170,165
    Real estate loans in domestic offices $170,165
    Construction and development loans $16,325
    Residential 1-4 family construction $7,238
    Other construction, all land development and other land $9,087
    Loans secured by nonfarm nonresidential properties $55,337
    Nonfarm nonresidential secured by owner-occupied properties $19,496
    Commercial real estate & other non-farm, non-residential $35,841
    Multifamily residential real estate $4,912
    1-4 family residential loans $41,515
    Farmland loans $52,076
    Loans held in foreign offices $0
    Farm loans $65,647
    Commercial and industrial loans $29,988
    To non-U.S. addressees $0
    Loans to individuals $1,226
    Credit card loans $0
    Related Plans $20
    Consumer Auto Loans $348
    Other loans to individuals $858
    All other loans & leases $5,168
    Loans to foreign governments and official institutions $0
    Other loans $21
    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 $400
    Non 1-4 family restructured loans & leases $246
    Total loans and leases (foreign) $0

    The Eastern Colorado Bank had $268,491,000 of loans outstanding in 2018. $170,165,000 of loans were in real estate loans. $16,325,000 of loans were in development loans. $4,912,000 of loans were in multifamily mortgage loans. $41,515,000 of loans were in 1-4 family mortgage loans. $65,647,000 of loans were in farm loans. $0 of loans were in credit card loans. $348,000 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 72 $16,667 $231,486
    Nonfarm, nonresidential loans - <$100k 16 $452 $28,250
    Nonfarm, nonresidential loans - $100-250k 24 $3,352 $139,667
    Nonfarm, nonresidential loans - $250k-1MM 32 $12,863 $401,969
    Commercial & Industrial, US addressed loans - <$1MM 109 $9,484 $87,009
    Commercial & Industrial, US addressed loans - <$100k 60 $1,361 $22,683
    Commercial & Industrial, US addressed loans - $100-250k 30 $2,501 $83,367
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $5,622 $295,895
    Farmland loans - <$1MM 95 $12,346 $129,958
    Farmland loans - <$100k 20 $760 $38,000
    Farmland loans - $100-250k 50 $5,777 $115,540
    Farmland loans - $250k-1MM 25 $5,809 $232,360
    Agriculture operations loans - <$1MM 205 $15,431 $75,273
    Agriculture operations loans - <$100k 105 $2,174 $20,705
    Agriculture operations loans - $100-250k 62 $5,755 $92,823
    Agriculture operations loans - $250k-1MM 38 $7,502 $197,421