First Independence Bank Mortgage Rates, Fees & Info
Detroit, MILEI: 2549004O2ZT0HSAP5S70
Tax ID: 38-1910391
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Mortgage Data
Bank Data
Review & Overview
First Independence Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. First Independence Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Detroit, Ann Arbor, Flint, and Alpena among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First Independence Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
103Origination Dollar Volume (All Markets)
$23,995,000Employee count
71Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 95 | $22,395,000 | $235,737 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $340,000 | $170,000 | $0 | 0.00% |
| FLINT, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
| Alpena, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 97 | $22,975,000 | $236,856 | $0 | 0.00% |
| FHA | 5 | $925,000 | $185,000 | $0 | 0.00% |
| VA | 1 | $95,000 | $95,000 | $0 | 0.00% |
For 2021, First Independence Bank's most frequently originated type of loan was Conventional, with 97 originations. Their 2nd most popular type was FHA, with 5 originations.
Loan Reason
For 2021, First Independence Bank's most frequently cited loan purpose was Home Purchase, with 46 originations. The 2nd most popular reason was Refi, with 34 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 103 | $23,995,000 | $232,961 | $0 | 0.00% |
For 2021, First Independence Bank's most frequently cited loan duration was Other, with 103 originations.
Loan Sizing
2021 saw First Independence Bank place emphasis on $200k-400k loans with 40 originations, totaling $11,110,000 in origination value.
Applicant Income
First Independence Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 24 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 103 | $23,995,000 | $232,961 | $0 | 0.00% |
First Independence Bank lent most frequently to those with DTI ratios of Exempt%, with 103 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.67%
First Independence Bank has an average approval rate.
Pick Rate
Approvals leading to origination71.84%
First Independence Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 103 | $23,995,000 | $232,961 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 2.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 10 | 29.4% |
| FIRST HORIZON BANK | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 2.9% |
| FIRST HORIZON BANK | FHA mortgage | Closing on a mortgage | 1 | 2.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 2 | 5.9% |
| FIRST HORIZON BANK | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 2.9% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 2.9% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 6 | 17.6% |
| FIRST HORIZON BANK | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | Other type of mortgage | Closing on a mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 1 | 2.9% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Independence Bank | 38880 Garfield Rd Clinton Township, MI 48038 | Full Service B&M | $8,717 |
| First Independence Bank | 7020 West Seven Mile Road Detroit, MI 48221 | Full Service B&M | $27,667 |
| First Independence Bank | 7310 Woodward Ave. Suite 101 Detroit, MI 48202 | Full Service B&M | $204,364 |
For 2021, First Independence Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $10,871 |
| Net interest income | $8,754 |
| Total noninterest income | $32,283 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $637 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $31,646 |
| Pre-tax net operating income | $7,453 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $6,327 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $6,327 |
| Minority interest net income | $2,097 |
| Net income | $4,230 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $6,327 |
First Independence Bank's gross interest income from loans was $10,871,000.
First Independence Bank's net interest income from loans was $8,754,000.
First Independence Bank's fee based income from loans was $637,000.
First Independence Bank's net income from loans was $4,230,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,117 |
| Provision for credit losses | $54 |
| Total noninterest expense | $33,530 |
| Salaries and employee benefits | $9,000 |
| Premises and equipment expense | $1,252 |
| Additional noninterest expense | $23,278 |
| Applicable income taxes | $1,126 |
| Net charge-offs | $-17 |
| Cash dividends | $0 |
First Independence Bank's interest expense for loans was $2,117,000.
First Independence Bank's payroll and benefits expense were $9,000,000.
First Independence Bank's property, plant and equipment expenses $1,252,000.
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 | 1.0% |
| 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 | $301,204 |
| Deposits held in domestic offices | $301,204 |
| Deposits by Individuals, partnerships, and corporations | $135,586 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $146,807 |
| Deposits by Commercial banks and other depository institutions in U.S. | $18,812 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $184,926 |
| Demand deposits | $120,707 |
| Nontransaction accounts | $116,279 |
| Money market deposit accounts (MMDAs) | $20,860 |
| Other savings deposits (excluding MMDAs) | $38,958 |
| Total time deposits | $56,461 |
| Total time and savings deposits | $180,498 |
| Noninterest-bearing deposits | $122,623 |
| Interest-bearing deposits | $178,581 |
| Retail deposits | $298,083 |
| IRAs and Keogh plan accounts | $634 |
| Brokered deposits | $714 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $412,314 |
| Cash & Balances due from depository institutions | $13,131 |
| Interest-bearing balances | $9,718 |
| Total securities | $64,020 |
| Federal funds sold & reverse repurchase | $75,023 |
| Net loans and leases | $186,258 |
| Loan and leases loss allowance | $2,037 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,434 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $71,448 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $412,314 |
| Total Liabilities | $360,594 |
| Total deposits | $301,204 |
| Interest-bearing deposits | $178,581 |
| Deposits held in domestic offices | $301,204 |
| % insured (estimated) | $48 |
| Federal funds purchased and repurchase agreements | $8,000 |
| Trading liabilities | $0 |
| Other borrowed funds | $45,513 |
| Subordinated debt | $0 |
| All other liabilities | $5,877 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $186,258 |
| Loan and leases loss allowance | $2,037 |
| Total loans and leases (domestic) | $188,295 |
| All real estate loans | $99,950 |
| Real estate loans in domestic offices | $99,950 |
| Construction and development loans | $1,437 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $1,437 |
| Loans secured by nonfarm nonresidential properties | $40,303 |
| Nonfarm nonresidential secured by owner-occupied properties | $21,467 |
| Commercial real estate & other non-farm, non-residential | $18,836 |
| Multifamily residential real estate | $11,441 |
| 1-4 family residential loans | $46,769 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $49,437 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $22,408 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $78 |
| Other loans to individuals | $22,330 |
| All other loans & leases | $16,500 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $10,415 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $45 |
| Non 1-4 family restructured loans & leases | $45 |
| Total loans and leases (foreign) | $0 |
First Independence Bank had $186,258,000 of loans outstanding in 2021. $99,950,000 of loans were in real estate loans. $1,437,000 of loans were in development loans. $11,441,000 of loans were in multifamily mortgage loans. $46,769,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $78,000 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 | 61 | $19,137 | $313,721 |
| Nonfarm, nonresidential loans - <$100k | 6 | $281 | $46,833 |
| Nonfarm, nonresidential loans - $100-250k | 15 | $1,790 | $119,333 |
| Nonfarm, nonresidential loans - $250k-1MM | 40 | $17,066 | $426,650 |
| Commercial & Industrial, US addressed loans - <$1MM | 595 | $27,940 | $46,958 |
| Commercial & Industrial, US addressed loans - <$100k | 436 | $6,818 | $15,638 |
| Commercial & Industrial, US addressed loans - $100-250k | 108 | $9,099 | $84,250 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 51 | $12,023 | $235,745 |