Applications / Mortgage Analytics / Lenders / Iowa / Security State Bank
Sutherland, IA · State non-member bank · FDIC · $481 million assets · 109 loans in 2025
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109
loans originated, 2025
111
applications, 2025
5
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Security State Bank lends to many LMI borrowers, yet almost none of its loans are in LMI areas, a pattern that fits a rural bank whose counties are not classed as low-income.
LMI (low- and moderate-income) borrowers took 41.4% of its loans, higher than more than eight in ten similar lenders (state non-member banks making between half and twice as many loans), whose typical share was 27.7%. Only 1.8% of loans were in LMI areas, against 18.3%, among the lowest in the group. Rural counties often hold modest-income households in tracts that are not classed as LMI, which could produce both figures.
Its typical loan was $115,000, smaller than more than four in five peers ($175,000), and none was jumbo. Refinancing was 57.8% of its loans and purchase 40.4%. Low house prices in the rural counties it serves could explain the small loans.
Loans fell 14% to 109, while the typical peer rose 9% and the whole market 10%, and dollars lent fell from $19.6 million to $15.2 million. It first appears in the HMDA data in 2023, after its 2022 merger with Farmers Savings Bank, so there is little history to judge the dip against.
In Waterloo-Cedar Falls, where it has lent since before 1990, its share eased from 0.4% to 0.3% (rank 32 of 168), with Veridian and GreenState credit unions leading. In 2025 it entered several distant markets, such as Phoenix and Rochester, each with very few loans.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2023–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. Security State Bank took 111 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 57.8% · Purchase 40.4% · Home improvement 1.8%
Conventional 100.0% · of 109 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Iowa | 104 | 95.4% |
| Nebraska | 2 | 1.8% |
| Arizona | 1 | 0.9% |
| Minnesota | 1 | 0.9% |
| West Virginia | 1 | 0.9% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Waterloo-Cedar Falls | 16 |
| Phoenix-Mesa-Chandler | 1 |
| Rochester | 1 |
| Sioux City | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 254900OM76KUNZP81M89 | 2023–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 425845 | 2023–2023 |
Established 1 January 1931. Reported under HMDA 2023-2025.
Mergers, name changes, data editions and corrections: Security State Bank's data.
Security State Bank's data
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Security State Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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Every mortgage application reported under HMDA from 1990 to 2025, cleaned and corrected, every lender followed across name changes and mergers, with the market-share and fair-lending tables behind these pages and the Jenner programs that built them: the warehouse and the datamart, as Parquet files.
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