Western State Bank

Headquarters

110 4th St Se
Devils Lake, ND 58301
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Notable Rates APY Vs.Others
Savings N.A. 5.55% →
1-Year CD N.A. 5.41% →
2-Year CD N.A. 5.25% →
5-Year CD N.A. 4.55% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

Western State Bank is an FDIC insured institution located in Devils Lake, ND. It was founded in 1902 and has approximately $2.17 billion in assets. Customers can open an account at one of its 13 branches.

FDIC Insured Yes
FDIC Certificate # 9123
Date Established 1902
Assets $ 2.17 billion
Loans $ 1,912.82 million
Deposits $ 1,880.04 million
Capital $ 236.73 million
 

For a more detailed analysis of Western State Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - May 21, 2024

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Money Market
5.15% $0 - Learn More


Bank Offers

Western State Bank Drops Money Market Rate to 1.35%
May 26, 2020

Western State Bank has dropped its money market rate to 1.35% APY.   The rate had been at 1.60% and Western State Bank had been an aggressive early entrant in the online savings and money market space in early 2020.



Loan Rates - May 21, 2024

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Western State Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2024

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Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.968% 6.875%
0.75 points
$3,046 fees
$2,103 Learn More
Rocket Mortgage
NMLS ID: 3030
7.463% 7.375%
0.88 points
$2,800 fees
$2,211 Learn More
MortgageResearch.com
NMLS ID: Not a Lender

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Veterans United Home Loans
NMLS ID: 1907

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Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.490 %
$0 Learn More
More Info

Note to Western State Bank
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Branches

Western State Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


Western State Bank Locations



Climate Policy and Initiatives


The bank is an aggressive lender to the oil and gas industry and has no climate action plan.

Updated April 1, 2024


Climate Score: D

The bank is an aggressive lender to the oil and gas industry and has no climate action plan.


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Financial Details

Western State Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Western State Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Western State Bank U.S. Bank Average
3.66% 3.96%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2024, Western State Bank had $9,854,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $236,732,000 in equity and $32,399,000 in loans loss reserves. That gives it a Texas Ratio of 3.66%.

Return on Equity
Western State Bank U.S. Bank Average
13.97% 12.20%

Western State Bank has a Return on Equity of 13.97% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Western State Bank U.S. Bank Average
10.93% 10.76%

Western State Bank has a Capitalization of 10.93% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Western State Bank Balance Sheet Analysis

As of December 31, 2023, Western State Bank had assets of $2,165,597,000, loans of $1,912,824,000, and deposits of $1,880,044,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2024
ASSETS
Cash & Balances due from depository institutions $ 151.56 million
Interest-bearing balances $ 105.66 million
Total securities $ 51.20 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 1,912.82 million
Loan loss allowance $ 32.40 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 1.19 million
All other assets $ 16.57 million
     Total Assets $ 1,928.87 million
LIABILITIES
Total deposits $ 1,880.04 million
      Interest-bearing deposits $ 1,711.85 million
      Deposits held in domestic offices $ 1,880.04 million
      % insured (estimated) 77.97%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 34.50 million
Subordinated debt N.A.
All other liabilities $ 27.61 million
      Total Liabilities $ 1,928.87 million
      Shareholders’ Equity $ 236.73 million

Summary Income Statement

December 31, 2024
INCOME AND EXPENSES
Total Interest Income $ 131.48 million
Total Interest Expense $ 39.78 million
Net interest income $ 91.70 million
Provision for loan and lease losses $ 7.08 million
Total non interest income $ 7.86 million
Total non interest expense $ 51.67 million
Pre-tax Net Operating Income $ 26.14 million

Bank Loan Profile?

The top three loan types in Western State Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Construction and Development Loans.

Compared to other banks in North Dakota, Western State Bank has a significantly higher percent of Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 5.52
Multifamily
Mortgages
4.77
Credit Card Loans 0.00
Consumer Auto Loans 0.23
Small Business Loans 3.93
Construction and Development Loans 5.63
Commercial Real Estate 16.48
Commercial and Industrial Loans 37.95
Farm Loans 0.94

Customer Reviews for Western State Bank (11)


  • November 10, 2023 |

    Just found out after submitting all my personal information:

    "Western also allows one free outgoing wire per month."
    "External transfers from Western State Bank Online Banking: After 60 days you will have access to External Transfer where you can add up to five external accounts and transfer money back and forth. The limits are $5,000 per day ($10,000 per 30-day period) transferred in and $10,000 per day ($20,000 per 30-day period) transferred out."

    Not a good fit if you have a little bit of savings.

  • August 1, 2023 |

    Western State Bank is an outstanding bank, but like others I found they would not honor online rates in the branch.

  • January 6, 2023 |

    I did not find this rate anywhere. They knew nothing about it at branch in Fargo.

  • November 12, 2020 | | Replies 1

    Rate has remained competitive and they are easy to work with.

    | May 21, 2024

    What an idiot name.

  • February 22, 2020 |

    I have had an account with WSB for a couple of years. They have terrific customer service and good yield on moneymarket.
    I do recommend WESTERN STATE BANK ( and, no, I do not work there!! )


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