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
  • 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 Refi loans. West Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Iowa City, Rochester, Owatonna, and St. Cloud among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

    110

    Origination Dollar Volume (All Markets)

    $505,210,000

    Employee count

    170

    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) 48 $404,870,000 $8,434,792 $0 0.00%
    Outside of Metro Areas 22 $52,110,000 $2,368,636 $0 0.00%
    IOWA CITY, IA (FHA|USDA|VA) 30 $37,330,000 $1,244,333 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 5 $4,315,000 $863,000 $0 0.00%
    Owatonna, MN (FHA|USDA|VA) 1 $4,265,000 $4,265,000 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 3 $1,395,000 $465,000 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $925,000 $925,000 $0 0.00%
    West Bank's top markets include Des Moines, Iowa City, Rochester, Owatonna, and St. Cloud among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 110 $505,210,000 $4,592,818 $0 0.00%

    For 2020, West Bank's most frequently originated type of loan was Conventional, with 110 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 52 $416,580,000 $8,011,154 $0 0.00%
    Home Purchase 47 $87,255,000 $1,856,489 $0 0.00%
    Home Improvement 8 $1,220,000 $152,500 $0 0.00%
    Other 3 $155,000 $51,667 $0 0.00%

    For 2020, West Bank's most frequently cited loan purpose was Refi, with 52 originations. The 2nd most popular reason was Home Purchase, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 110 $505,210,000 $4,592,818 $0 0.00%

    For 2020, West Bank's most frequently cited loan duration was Other, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 36 $5,270,000 $146,389 $0 0.00%
    $100,000 or less 27 $1,505,000 $55,741 $0 0.00%
    $1MM+ 24 $486,580,000 $20,274,167 $0 0.00%
    $200k-400k 10 $2,860,000 $286,000 $0 0.00%
    $600k-1MM 7 $6,035,000 $862,143 $0 0.00%
    $400k-600k 6 $2,960,000 $493,333 $0 0.00%

    2020 saw West Bank place emphasis on $100k-200k loans with 36 originations, totaling $5,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 12 $7,610,000 $634,167 $0 0.00%
    $50k or less 8 $210,000 $26,250 $0 0.00%
    $150k-250k 7 $1,285,000 $183,571 $0 0.00%
    $100k-150k 6 $1,690,000 $281,667 $0 0.00%
    $50k-75k 2 $290,000 $145,000 $0 0.00%
    $75k-100k 2 $140,000 $70,000 $0 0.00%

    West Bank lent most frequently to those with incomes in the $250k+ range, with 12 originations. The second most popular income band? $50k or less, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 110 $505,210,000 $4,592,818 $0 0.00%

    West Bank lent most frequently to those with DTI ratios of Exempt%, with 110 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 62 $491,730,000 $7,931,129 $0 0.00%
    White 43 $10,595,000 $246,395 $0 0.00%
    Not provided 3 $2,665,000 $888,333 $0 0.00%
    Black 2 $220,000 $110,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.19%

    West Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.73%

    West Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 110 $505,210,000 $4,592,818

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 33 $488,325,000 $14,797,727
    Single Family (1-4 Units):Site-Built 77 $16,885,000 $219,286

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    West Bank 122 North Broad Street Mankato, MN 56001 Full Service B&M $3,227
    West Bank 125 Grand Avenue West Des Moines, IA 50265 Full Service B&M $71,665
    West Bank 1601 22nd Street West Des Moines, IA 50266 Full Service B&M $1,546,711
    West Bank 2188 Superior Drive Nw Rochester, MN 55901 Full Service B&M $108,293
    West Bank 2440 East Euclid Avenue Des Moines, IA 50317 Full Service B&M $47,815
    West Bank 3255 99th Street Urbandale, IA 50322 Limited, Drive-thru $19,559
    West Bank 345 Florence Ave, Ste 101 Owatonna, MN 55060 Full Service B&M $10,796
    West Bank 3839 Merle Hay Road, Suite 190 Des Moines, IA 50310 Limited, Drive-thru $13,671
    West Bank 3920 S. W. 9th Street Des Moines, IA 50315 Full Service B&M $64,378
    West Bank 401 10th Avenue Coralville, IA 52241 Full Service B&M $210,472
    West Bank 622 Roosevelt Road Suite 150 Saint Cloud, MN 56301 Full Service B&M $74,505
    West Bank 809 Sixth Avenue Des Moines, IA 50309 Limited, Drive-thru $40,382
    West Bank 955 East Hickman Road Waukee, IA 50263 Full Service B&M $46,412

    For 2020, West Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $100,233
    Net interest income $84,132
    Total noninterest income $9,497
    Gross Fiduciary activities income $2,078
    Service charges on deposit accounts $2,360
    Trading account gains and fees $0
    Additional Noninterest Income $5,059
    Pre-tax net operating income $43,125
    Securities gains (or losses, -) $77
    Income before extraordinary items $34,069
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $34,069
    Minority interest net income $0
    Net income $34,069
    Sale, conversion, retirement of capital stock, net $1,563
    Net operating income $34,008

    West Bank's gross interest income from loans was $100,233,000.
    West Bank's net interest income from loans was $84,132,000.
    West Bank's fee based income from loans was $2,360,000.
    West Bank's net income from loans was $34,069,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $16,101
    Provision for credit losses $12,000
    Total noninterest expense $38,504
    Salaries and employee benefits $21,591
    Premises and equipment expense $5,467
    Additional noninterest expense $11,446
    Applicable income taxes $9,133
    Net charge-offs $-201
    Cash dividends $16,800

    West Bank's interest expense for loans was $16,101,000.
    West Bank's payroll and benefits expense were $21,591,000.
    West Bank's property, plant and equipment expenses $5,467,000.

    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 $2,703,837
    Deposits held in domestic offices $2,703,837
    Deposits by Individuals, partnerships, and corporations $2,116,456
    Deposits by U.S. Government $13,265
    Deposits by States and political subdivisions in the U.S. $566,384
    Deposits by Commercial banks and other depository institutions in U.S. $7,732
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $313,076
    Demand deposits $223,826
    Nontransaction accounts $2,390,761
    Money market deposit accounts (MMDAs) $1,140,383
    Other savings deposits (excluding MMDAs) $1,074,250
    Total time deposits $176,129
    Total time and savings deposits $2,480,011
    Noninterest-bearing deposits $699,574
    Interest-bearing deposits $2,004,263
    Retail deposits $2,519,908
    IRAs and Keogh plan accounts $51,842
    Brokered deposits $140,021
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,183,377
    Cash & Balances due from depository institutions $394,809
    Interest-bearing balances $341,852
    Total securities $420,571
    Federal funds sold & reverse repurchase $5
    Net loans and leases $2,254,315
    Loan and leases loss allowance $29,436
    Trading account assets $0
    Bank premises and fixed assets $29,077
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $84,600

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,183,377
    Total Liabilities $2,932,896
    Total deposits $2,703,837
    Interest-bearing deposits $2,004,263
    Deposits held in domestic offices $2,703,837
    % insured (estimated) $52
    Federal funds purchased and repurchase agreements $5,375
    Trading liabilities $0
    Other borrowed funds $186,558
    Subordinated debt $0
    All other liabilities $37,126

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,254,315
    Loan and leases loss allowance $29,436
    Total loans and leases (domestic) $2,283,751
    All real estate loans $1,627,300
    Real estate loans in domestic offices $1,627,300
    Construction and development loans $233,605
    Residential 1-4 family construction $67,730
    Other construction, all land development and other land $165,875
    Loans secured by nonfarm nonresidential properties $1,006,638
    Nonfarm nonresidential secured by owner-occupied properties $217,318
    Commercial real estate & other non-farm, non-residential $789,320
    Multifamily residential real estate $316,144
    1-4 family residential loans $68,425
    Farmland loans $2,488
    Loans held in foreign offices $0
    Farm loans $3,051
    Commercial and industrial loans $526,459
    To non-U.S. addressees $0
    Loans to individuals $2,860
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $196
    Other loans to individuals $2,664
    All other loans & leases $124,081
    Loans to foreign governments and official institutions $0
    Other loans $10,088
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $10,082
    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 $2,254,315,000 of loans outstanding in 2020. $1,627,300,000 of loans were in real estate loans. $233,605,000 of loans were in development loans. $316,144,000 of loans were in multifamily mortgage loans. $68,425,000 of loans were in 1-4 family mortgage loans. $3,051,000 of loans were in farm loans. $0 of loans were in credit card loans. $196,000 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 152 $59,173 $389,296
    Nonfarm, nonresidential loans - <$100k 25 $1,267 $50,680
    Nonfarm, nonresidential loans - $100-250k 31 $5,542 $178,774
    Nonfarm, nonresidential loans - $250k-1MM 96 $52,364 $545,458
    Commercial & Industrial, US addressed loans - <$1MM 990 $144,765 $146,227
    Commercial & Industrial, US addressed loans - <$100k 593 $21,486 $36,233
    Commercial & Industrial, US addressed loans - $100-250k 215 $34,472 $160,335
    Commercial & Industrial, US addressed loans - $250k-1MM 182 $88,807 $487,951
    Farmland loans - <$1MM 7 $1,676 $239,429
    Farmland loans - $100-250k 5 $898 $179,600
    Farmland loans - $250k-1MM 2 $778 $389,000
    Agriculture operations loans - <$1MM 6 $751 $125,167
    Agriculture operations loans - <$100k 3 $224 $74,667
    Agriculture operations loans - $100-250k 3 $527 $175,667