West Bank Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 89Z2WRK82BORVH42CP71

Tax ID: 42-0592977

2021 Data | 2020 Data | 2019 Data | 2018 Data


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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

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Overview

    West Bank is a smaller bank specializing in Home Purchase and Refi loans. West Bank has a high proportion of conventional loans. Their top markets include Iowa City, Des Moines, and Rochester among others. West Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


    Originations

    82

    Origination Dollar Volume (All Markets)

    $143,350,000

    Employee count

    175

    Top Markets

    Market Originations Total Value Average Loan Average Fees Average Rate
    IOWA CITY, IA (FHA|USDA|VA) 22 $55,850,000 $2,538,636 $0 0.00%
    Outside of Metro Areas 18 $38,790,000 $2,155,000 $0 0.00%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 37 $28,555,000 $771,757 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 5 $20,155,000 $4,031,000 $0 0.00%

    West Bank's top markets include Iowa City, Des Moines, and Rochester among others.

    Product Mix

    Loan Type Originations Total Value Average Loan Average Fees Average Rate
    Conventional 82 $143,350,000 $1,748,171 $0 0.00%

    For the 2021 period, West Bank's most frequently originated loan type of loans were Conventional, with 82 originations.

    Loan Reason

    Loan Reason Originations Total Value Average Loan Average Fees Average Rate
    Home Purchase 42 $47,130,000 $1,122,143 $0 0.00%
    Refi 27 $95,355,000 $3,531,667 $0 0.00%
    Other 10 $800,000 $80,000 $0 0.00%
    Home Improvement 3 $65,000 $21,667 $0 0.00%

    For the 2021, West Bank's most frequently cited loan purpose of loans were Home Purchase, with 42 originations. The 2nd most popular reason of loans were Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 82 $143,350,000 $1,748,171 $0 0.00%

    For the 2021, West Bank's most frequently cited loan length of loans were Other, with 82 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 20 $126,800,000 $6,340,000 $0 0.00%
    $100k-200k 17 $2,635,000 $155,000 $0 0.00%
    $100,000 or less 16 $800,000 $50,000 $0 0.00%
    $200k-400k 16 $4,650,000 $290,625 $0 0.00%
    $600k-1MM 7 $5,485,000 $783,571 $0 0.00%
    $400k-600k 6 $2,980,000 $496,667 $0 0.00%

    2021 saw West Bank place emphasis on $1MM+ loans with 20 originations, totaling $126,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $2,450,000 $306,250 $0 0.00%
    $150k-250k 6 $740,000 $123,333 $0 0.00%
    $50k-75k 4 $360,000 $90,000 $0 0.00%
    $50k or less 3 $225,000 $75,000 $0 0.00%
    $75k-100k 3 $325,000 $108,333 $0 0.00%
    $100k-150k 1 $55,000 $55,000 $0 0.00%

    West Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $150k-250k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 82 $143,350,000 $1,748,171 $0 0.00%

    West Bank lent most frequently to those with DTI ratios of Exempt%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 50 $136,010,000 $2,720,200 $0 0.00%
    White 28 $7,030,000 $251,071 $0 0.00%
    Not provided 3 $275,000 $91,667 $0 0.00%
    Black 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.36%

    West Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.80%

    West Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 82 $143,350,000 $1,748,171

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    82 $143,350,000 $1,748,171

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    West Bank 122 North Broad Street Mankato, MN 56001 Full Service B&M $6,319
    West Bank 3920 S. W. 9th Street Des Moines, IA 50315 Full Service B&M $64,368
    West Bank 401 10th Avenue Coralville, IA 52241 Full Service B&M $373,084
    West Bank 622 Roosevelt Road Suite 150 Saint Cloud, MN 56301 Full Service B&M $117,237
    West Bank 809 Sixth Avenue Des Moines, IA 50309 Limited, Drive-thru $42,422
    West Bank 955 East Hickman Road Waukee, IA 50263 Full Service B&M $58,028
    West Bank 125 Grand Avenue West Des Moines, IA 50265 Full Service B&M $82,885
    West Bank 1601 22nd Street West Des Moines, IA 50266 Full Service B&M $1,863,574
    West Bank 2188 Superior Drive Nw Rochester, MN 55901 Full Service B&M $133,892
    West Bank 2440 East Euclid Avenue Des Moines, IA 50317 Full Service B&M $57,222
    West Bank 3255 99th Street Urbandale, IA 50322 Limited, Drive-thru $21,905
    West Bank 345 Florence Ave, Ste 101 Owatonna, MN 55060 Full Service B&M $7,891

    For 2021, West Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $107,280
    Net interest income $96,267
    Total noninterest income $9,657
    Gross Fiduciary activities income $2,671
    Service charges on deposit accounts $2,352
    Trading account gains and fees $0
    Additional Noninterest Income $4,634
    Pre-tax net operating income $64,587
    Securities gains (or losses, -) $51
    Income before extraordinary items $50,880
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $50,880
    Minority interest net income $0
    Net income $50,880
    Sale, conversion, retirement of capital stock, net $1,361
    Net operating income $50,839

    West Bank's gross interest income from loans was $107,280,000.
    West Bank's net interest income from loans was $96,267,000.
    West Bank's fee based income from loans was $2,352,000.
    West Bank's net income from loans was $50,880,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,013
    Provision for credit losses $-1,500
    Total noninterest expense $42,837
    Salaries and employee benefits $23,226
    Premises and equipment expense $5,162
    Additional noninterest expense $14,449
    Applicable income taxes $13,758
    Net charge-offs $-428
    Cash dividends $21,500

    West Bank's interest expense for loans was $11,013,000.
    West Bank's payroll and benefits expense were $23,226,000.
    West Bank's property, plant and equipment expenses $5,162,000.

    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 $3,020,241
    Deposits held in domestic offices $3,020,241
    Deposits by Individuals, partnerships, and corporations $2,309,536
    Deposits by U.S. Government $13,806
    Deposits by States and political subdivisions in the U.S. $685,752
    Deposits by Commercial banks and other depository institutions in U.S. $11,147
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $266,615
    Demand deposits $186,185
    Nontransaction accounts $2,753,626
    Money market deposit accounts (MMDAs) $1,394,687
    Other savings deposits (excluding MMDAs) $1,161,948
    Total time deposits $196,991
    Total time and savings deposits $2,834,056
    Noninterest-bearing deposits $724,372
    Interest-bearing deposits $2,295,869
    Retail deposits $2,793,214
    IRAs and Keogh plan accounts $42,858
    Brokered deposits $176,008
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,499,287
    Cash & Balances due from depository institutions $192,410
    Interest-bearing balances $179,392
    Total securities $758,822
    Federal funds sold & reverse repurchase $5
    Net loans and leases $2,428,316
    Loan and leases loss allowance $28,364
    Trading account assets $0
    Bank premises and fixed assets $34,568
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $85,166

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,499,287
    Total Liabilities $3,183,137
    Total deposits $3,020,241
    Interest-bearing deposits $2,295,869
    Deposits held in domestic offices $3,020,241
    % insured (estimated) $57
    Federal funds purchased and repurchase agreements $2,880
    Trading liabilities $0
    Other borrowed funds $136,521
    Subordinated debt $0
    All other liabilities $23,495

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,428,316
    Loan and leases loss allowance $28,364
    Total loans and leases (domestic) $2,456,680
    All real estate loans $1,940,025
    Real estate loans in domestic offices $1,940,025
    Construction and development loans $355,517
    Residential 1-4 family construction $102,542
    Other construction, all land development and other land $252,975
    Loans secured by nonfarm nonresidential properties $1,186,249
    Nonfarm nonresidential secured by owner-occupied properties $284,692
    Commercial real estate & other non-farm, non-residential $901,557
    Multifamily residential real estate $319,336
    1-4 family residential loans $75,182
    Farmland loans $3,741
    Loans held in foreign offices $0
    Farm loans $3,642
    Commercial and industrial loans $413,351
    To non-U.S. addressees $0
    Loans to individuals $2,726
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $227
    Other loans to individuals $2,499
    All other loans & leases $96,936
    Loans to foreign governments and official institutions $0
    Other loans $6,036
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $12,110
    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

    West Bank had $2,428,316,000 of loans outstanding in 2021. $1,940,025,000 of loans were in real estate loans. $355,517,000 of loans were in development loans. $319,336,000 of loans were in multifamily mortgage loans. $75,182,000 of loans were in 1-4 family mortgage loans. $3,642,000 of loans were in farm loans. $0 of loans were in credit card loans. $227,000 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 168 $62,410 $371,488
    Nonfarm, nonresidential loans - <$100k 26 $1,491 $57,346
    Nonfarm, nonresidential loans - $100-250k 41 $7,120 $173,659
    Nonfarm, nonresidential loans - $250k-1MM 101 $53,799 $532,663
    Commercial & Industrial, US addressed loans - <$1MM 477 $84,325 $176,782
    Commercial & Industrial, US addressed loans - <$100k 246 $10,066 $40,919
    Commercial & Industrial, US addressed loans - $100-250k 116 $18,335 $158,060
    Commercial & Industrial, US addressed loans - $250k-1MM 115 $55,924 $486,296
    Farmland loans - <$1MM 10 $1,917 $191,700
    Farmland loans - <$100k 1 $72 $72,000
    Farmland loans - $100-250k 8 $1,393 $174,125
    Farmland loans - $250k-1MM 1 $452 $452,000
    Agriculture operations loans - <$1MM 5 $792 $158,400
    Agriculture operations loans - <$100k 2 $116 $58,000
    Agriculture operations loans - $100-250k 2 $327 $163,500
    Agriculture operations loans - $250k-1MM 1 $349 $349,000