West Bank Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 89Z2WRK82BORVH42CP71

Tax ID: 42-0592977

2021 Data | 2020 Data | 2019 Data | 2018 Data


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