West Bank Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 89Z2WRK82BORVH42CP71

Tax ID: 42-0592977

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Mortgage Data

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

    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 by origination volume include: Des Moines, Iowa City, Rochester, Little Rock, and Cedar Rapids among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    West Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

    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

    53

    Origination Dollar Volume (All Markets)

    $80,235,000

    Employee count

    163

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 31 $37,475,000 $1,208,871 $0 0.00%
    Outside of Metro Areas 9 $23,745,000 $2,638,333 $0 0.00%
    IOWA CITY, IA (FHA|USDA|VA) 7 $11,695,000 $1,670,714 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 4 $3,610,000 $902,500 $0 0.00%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $3,285,000 $3,285,000 $0 0.00%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $425,000 $425,000 $0 0.00%
    West Bank's top markets include Des Moines, Iowa City, Rochester, Little Rock, and Cedar Rapids among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 53 $80,235,000 $1,513,868 $0 0.00%

    For 2018, West Bank's most frequently originated type of loan was Conventional, with 53 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 23 $54,335,000 $2,362,391 $0 0.00%
    Refi 19 $25,375,000 $1,335,526 $0 0.00%
    Other 6 $250,000 $41,667 $0 0.00%
    Home Improvement 5 $275,000 $55,000 $0 0.00%

    For 2018, West Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 53 $80,235,000 $1,513,868 $0 0.00%

    For 2018, West Bank's most frequently cited loan duration was Other, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 17 $665,000 $39,118 $0 0.00%
    $200k-400k 11 $3,165,000 $287,727 $0 0.00%
    $100k-200k 10 $1,520,000 $152,000 $0 0.00%
    $1MM+ 9 $72,245,000 $8,027,222 $0 0.00%
    $400k-600k 6 $2,640,000 $440,000 $0 0.00%

    2018 saw West Bank place emphasis on $100,000 or less loans with 17 originations, totaling $665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 5 $1,005,000 $201,000 $0 0.00%
    $100k-150k 4 $240,000 $60,000 $0 0.00%
    $250k+ 3 $995,000 $331,667 $0 0.00%
    $50k-75k 3 $105,000 $35,000 $0 0.00%
    $50k or less 3 $105,000 $35,000 $0 0.00%
    $75k-100k 2 $500,000 $250,000 $0 0.00%

    West Bank lent most frequently to those with incomes in the $150k-250k range, with 5 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
    Exempt% 53 $80,235,000 $1,513,868 $0 0.00%

    West Bank lent most frequently to those with DTI ratios of Exempt%, with 53 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 29 $76,185,000 $2,627,069 $0 0.00%
    White 21 $3,635,000 $173,095 $0 0.00%
    Not provided 2 $380,000 $190,000 $0 0.00%
    Other Pacific Islander 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.50%

    West Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.34%

    West Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 53 $80,235,000 $1,513,868

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $74,325,000 $4,955,000
    Single Family (1-4 Units):Site-Built 38 $5,910,000 $155,526

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Westpark Equity Group, Inc. Other type of mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    West Bank 125 Grand Avenue West Des Moines, IA 50265 Full Service B&M $62,341
    West Bank 1601 22nd Street West Des Moines, IA 50266 Full Service B&M $1,388,644
    West Bank 2188 Superior Drive Nw Rochester, MN 55901 Full Service B&M $46,107
    West Bank 2440 East Euclid Avenue Des Moines, IA 50317 Full Service B&M $27,735
    West Bank 3255 99th Street Urbandale, IA 50322 Limited, Drive-thru $17,985
    West Bank 3839 Merle Hay Road, Suite 190 Des Moines, IA 50310 Limited, Drive-thru $12,478
    West Bank 3920 S. W. 9th Street Des Moines, IA 50315 Full Service B&M $51,813
    West Bank 401 10th Avenue Coralville, IA 52241 Full Service B&M $211,334
    West Bank 809 Sixth Avenue Des Moines, IA 50309 Limited, Drive-thru $37,595
    West Bank 955 East Hickman Road Waukee, IA 50263 Full Service B&M $27,753
    West Bank Lower Muscatine Road & First Avenue Iowa City, IA 52240 Full Service B&M $11,746

    For 2018, West Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $84,793
    Net interest income $63,884
    Total noninterest income $7,981
    Gross Fiduciary activities income $1,921
    Service charges on deposit accounts $2,541
    Trading account gains and fees $0
    Additional Noninterest Income $3,519
    Pre-tax net operating income $37,654
    Securities gains (or losses, -) $-263
    Income before extraordinary items $30,282
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $30,282
    Minority interest net income $0
    Net income $30,282
    Sale, conversion, retirement of capital stock, net $1,665
    Net operating income $30,495

    West Bank's gross interest income from loans was $84,793,000.
    West Bank's net interest income from loans was $63,884,000.
    West Bank's fee based income from loans was $2,541,000.
    West Bank's net income from loans was $30,282,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $20,909
    Provision for credit losses $-250
    Total noninterest expense $34,461
    Salaries and employee benefits $18,791
    Premises and equipment expense $4,996
    Additional noninterest expense $10,674
    Applicable income taxes $7,109
    Net charge-offs $-509
    Cash dividends $22,300

    West Bank's interest expense for loans was $20,909,000.
    West Bank's payroll and benefits expense were $18,791,000.
    West Bank's property, plant and equipment expenses $4,996,000.

    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 $1,898,380
    Deposits held in domestic offices $1,898,380
    Deposits by Individuals, partnerships, and corporations $1,559,882
    Deposits by U.S. Government $5,645
    Deposits by States and political subdivisions in the U.S. $330,585
    Deposits by Commercial banks and other depository institutions in U.S. $2,268
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $185,297
    Demand deposits $111,188
    Nontransaction accounts $1,713,083
    Money market deposit accounts (MMDAs) $834,415
    Other savings deposits (excluding MMDAs) $674,567
    Total time deposits $204,100
    Total time and savings deposits $1,787,192
    Noninterest-bearing deposits $404,380
    Interest-bearing deposits $1,494,000
    Retail deposits $1,706,555
    IRAs and Keogh plan accounts $37,209
    Brokered deposits $139,121
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,295,160
    Cash & Balances due from depository institutions $47,370
    Interest-bearing balances $1,128
    Total securities $453,458
    Federal funds sold & reverse repurchase $4
    Net loans and leases $1,705,141
    Loan and leases loss allowance $16,689
    Trading account assets $0
    Bank premises and fixed assets $21,491
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $67,696

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,295,160
    Total Liabilities $2,073,601
    Total deposits $1,898,380
    Interest-bearing deposits $1,494,000
    Deposits held in domestic offices $1,898,380
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $485
    Trading liabilities $0
    Other borrowed funds $169,168
    Subordinated debt $0
    All other liabilities $5,568

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,705,141
    Loan and leases loss allowance $16,689
    Total loans and leases (domestic) $1,721,830
    All real estate loans $1,315,423
    Real estate loans in domestic offices $1,315,423
    Construction and development loans $244,246
    Residential 1-4 family construction $58,451
    Other construction, all land development and other land $185,795
    Loans secured by nonfarm nonresidential properties $798,323
    Nonfarm nonresidential secured by owner-occupied properties $158,791
    Commercial real estate & other non-farm, non-residential $639,532
    Multifamily residential real estate $207,713
    1-4 family residential loans $63,577
    Farmland loans $1,564
    Loans held in foreign offices $0
    Farm loans $169
    Commercial and industrial loans $290,426
    To non-U.S. addressees $1,566
    Loans to individuals $2,400
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $195
    Other loans to individuals $2,205
    All other loans & leases $113,412
    Loans to foreign governments and official institutions $0
    Other loans $6,114
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $11,098
    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 $1,705,141,000 of loans outstanding in 2018. $1,315,423,000 of loans were in real estate loans. $244,246,000 of loans were in development loans. $207,713,000 of loans were in multifamily mortgage loans. $63,577,000 of loans were in 1-4 family mortgage loans. $169,000 of loans were in farm loans. $0 of loans were in credit card loans. $195,000 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 155 $48,628 $313,729
    Nonfarm, nonresidential loans - <$100k 33 $1,807 $54,758
    Nonfarm, nonresidential loans - $100-250k 44 $7,790 $177,045
    Nonfarm, nonresidential loans - $250k-1MM 78 $39,031 $500,397
    Commercial & Industrial, US addressed loans - <$1MM 417 $66,484 $159,434
    Commercial & Industrial, US addressed loans - <$100k 252 $9,458 $37,532
    Commercial & Industrial, US addressed loans - $100-250k 81 $13,272 $163,852
    Commercial & Industrial, US addressed loans - $250k-1MM 84 $43,754 $520,881
    Farmland loans - <$1MM 7 $1,014 $144,857
    Farmland loans - <$100k 2 $87 $43,500
    Farmland loans - $100-250k 5 $927 $185,400
    Agriculture operations loans - <$1MM 2 $169 $84,500
    Agriculture operations loans - <$100k 1 $29 $29,000
    Agriculture operations loans - $100-250k 1 $140 $140,000