First Security Bank Mortgage Rates, Fees & Info

Batesville, MS

LEI: 2549007UK2BZOOSF6C76

Tax ID: 64-0322079

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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

    First Security Bank is a smaller bank specializing in Home Purchase and Refi loans. First Security Bank has a high proportion of conventional loans. Their top markets by origination volume include: Memphis, Oxford, Starkville, and Clarksdale among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Security 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.

    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

    213

    Origination Dollar Volume (All Markets)

    $18,305,000

    Employee count

    189

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 140 $11,810,000 $84,357 $1,018 5.78%
    Outside of Metro Areas 63 $4,445,000 $70,556 $1,027 5.80%
    Oxford, MS (FHA|USDA|VA) 6 $1,510,000 $251,667 $869 5.21%
    Starkville, MS (FHA|USDA|VA) 2 $350,000 $175,000 $0 6.00%
    Clarksdale, MS (FHA|USDA|VA) 2 $190,000 $95,000 $1,244 5.55%
    First Security Bank's top markets include Memphis, Oxford, Starkville, and Clarksdale among others.

    Their top states include:
  • Mississippi (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 213 $18,305,000 $85,939 $1,026 5.77%

    For 2018, First Security Bank's most frequently originated type of loan was Conventional, with 213 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 111 $12,575,000 $113,288 $1,253 5.72%
    Refi 47 $3,755,000 $79,894 $832 5.41%
    Other 28 $830,000 $29,643 $936 6.37%
    Home Improvement 27 $1,145,000 $42,407 $962 5.97%

    For 2018, First Security Bank's most frequently cited loan purpose was Home Purchase, with 111 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 169 $13,115,000 $77,604 $1,021 5.81%
    Other 22 $1,860,000 $84,545 $917 5.75%
    1 Year 10 $1,670,000 $167,000 $1,370 5.72%
    10 Year 6 $1,210,000 $201,667 $0 4.78%
    3 Year 5 $305,000 $61,000 $781 6.22%
    15 Year 1 $145,000 $145,000 $0 4.45%

    For 2018, First Security Bank's most frequently cited loan duration was 5 Year, with 169 originations. The 2nd most popular length was Other, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 110 $8,660,000 $78,727
    $1k-2k 4 $780,000 $195,000
    $2k-3k 1 $305,000 $305,000

    First Security Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 110 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 105 $9,465,000 $90,143
    6-7% 48 $3,110,000 $64,792
    4-5% 41 $5,005,000 $122,073
    7-8% 19 $725,000 $38,158

    During 2018, First Security Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 161 $7,695,000 $47,795 $981 5.90%
    $100k-200k 34 $4,630,000 $136,176 $1,074 5.49%
    $200k-400k 13 $3,435,000 $264,231 $1,479 5.16%
    $400k-600k 4 $1,920,000 $480,000 $1,734 5.31%
    $600k-1MM 1 $625,000 $625,000 $0 4.75%

    2018 saw First Security Bank place emphasis on $100,000 or less loans with 161 originations, totaling $7,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 43 $2,155,000 $50,116 $947 5.46%
    $75k-100k 36 $2,530,000 $70,278 $948 5.83%
    $50k-75k 34 $2,260,000 $66,471 $1,035 5.93%
    $100k-150k 22 $2,320,000 $105,455 $1,273 6.13%
    $150k-250k 20 $2,480,000 $124,000 $1,313 5.79%
    $250k+ 11 $2,095,000 $190,455 $935 5.63%

    First Security Bank lent most frequently to those with incomes in the $50k or less range, with 43 originations. The second most popular income band? $75k-100k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $3,505,000 $63,727 $1,125 5.91%
    <20% 37 $2,525,000 $68,243 $919 5.51%
    30-36% 27 $3,285,000 $121,667 $1,099 5.82%
    36% 6 $760,000 $126,667 $1,006 5.37%
    37% 6 $370,000 $61,667 $279 5.98%
    39% 5 $365,000 $73,000 $1,226 5.53%
    >60% 3 $285,000 $95,000 $0 5.94%
    38% 3 $195,000 $65,000 $0 6.03%
    40% 3 $145,000 $48,333 $0 6.07%
    41% 3 $385,000 $128,333 $1,144 5.07%
    44% 3 $255,000 $85,000 $0 5.58%
    50-60% 3 $435,000 $145,000 $0 5.57%
    47% 2 $70,000 $35,000 $0 6.25%
    43% 2 $610,000 $305,000 $869 6.25%
    42% 2 $100,000 $50,000 $0 6.35%
    45% 1 $115,000 $115,000 $0 5.85%
    49% 1 $35,000 $35,000 $0 4.85%

    First Security Bank lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? <20%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 130 $12,110,000 $93,154 $977 5.77%
    Not applicable 40 $3,720,000 $93,000 $0 5.68%
    Black 39 $1,795,000 $46,026 $1,089 5.83%
    Not provided 1 $405,000 $405,000 $2,399 5.40%
    Asian 3 $275,000 $91,667 $0 6.13%

    Approval Rates

    Total approvals of all applications
    94.00%

    First Security Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.67%

    First Security Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 7 $1,265,000 $180,714
    NA 206 $17,040,000 $82,718

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $575,000 $575,000
    Single Family (1-4 Units):Manufactured 6 $270,000 $45,000
    Single Family (1-4 Units):Site-Built 206 $17,460,000 $84,757

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $1,255,000 $46,481 $839 6.05%
    40-60% 35 $3,125,000 $89,286 $940 5.57%
    60-80% 71 $7,295,000 $102,746 $1,062 5.67%
    80-100% 54 $5,730,000 $106,111 $1,136 5.59%
    Over 100% 2 $240,000 $120,000 $2,807 5.53%
    Under 20% 24 $660,000 $27,500 $928 6.48%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Security Bank 11490 Old Highway 61 North Robinsonville, MS 38664 Full Service B&M $11,325
    First Security Bank 1262 East Edwards Tunica, MS 38676 Full Service B&M $46,612
    First Security Bank 130 Highway 51 North Batesville, MS 38606 Limited, Drive-thru $0
    First Security Bank 1651 Charley Pride Hwy S Marks, MS 38646 Full Service B&M $16,461
    First Security Bank 201 South Main Street Sardis, MS 38666 Full Service B&M $32,064
    First Security Bank 227 Main Street Como, MS 38619 Full Service B&M $12,747
    First Security Bank 230 Power Drive Batesville, MS 38606 Full Service B&M $17,059
    First Security Bank 250 Norfleet Drive Senatobia, MS 38668 Full Service B&M $1,033
    First Security Bank 275 Highway 6 West Batesville, MS 38606 Limited, Trust Office $25,324
    First Security Bank 295 Highway 6 West Batesville, MS 38606 Full Service B&M $186,222
    First Security Bank 3035 Church Road East Southaven, MS 38672 Full Service B&M $18,506
    First Security Bank 3299 Hwy 309 N Byhalia, MS 38611 Full Service B&M $9,555
    First Security Bank 5028 Goodman Road Olive Branch, MS 38654 Full Service B&M $26,263
    First Security Bank 610 East Lee Street Sardis, MS 38666 Full Service B&M $0
    First Security Bank 6659 Highway 305 Olive Branch, MS 38654 Full Service B&M $21,471
    First Security Bank 7024 Highway 51 N Pope, MS 38658 Full Service B&M $4,894
    First Security Bank 729 Broad Street Crenshaw, MS 38621 Full Service B&M $6,171
    First Security Bank 985 E. Commerce Street Hernando, MS 38632 Full Service B&M $47,330

    For 2018, First Security Bank had 18 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $24,196
    Net interest income $21,644
    Total noninterest income $8,036
    Gross Fiduciary activities income $1,014
    Service charges on deposit accounts $4,281
    Trading account gains and fees $0
    Additional Noninterest Income $2,741
    Pre-tax net operating income $9,221
    Securities gains (or losses, -) $-100
    Income before extraordinary items $7,422
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,422
    Minority interest net income $0
    Net income $7,422
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,503

    First Security Bank's gross interest income from loans was $24,196,000.
    First Security Bank's net interest income from loans was $21,644,000.
    First Security Bank's fee based income from loans was $4,281,000.
    First Security Bank's net income from loans was $7,422,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,552
    Provision for credit losses $1,104
    Total noninterest expense $19,355
    Salaries and employee benefits $12,736
    Premises and equipment expense $2,457
    Additional noninterest expense $4,162
    Applicable income taxes $1,699
    Net charge-offs $519
    Cash dividends $6,500

    First Security Bank's interest expense for loans was $2,552,000.
    First Security Bank's payroll and benefits expense were $12,736,000.
    First Security Bank's property, plant and equipment expenses $2,457,000.

    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 1.0%
    Credit card loans 0.7%
    Other individual loans 1.0%
    Auto loans 1.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $478,041
    Deposits held in domestic offices $478,041
    Deposits by Individuals, partnerships, and corporations $415,726
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $62,215
    Deposits by Commercial banks and other depository institutions in U.S. $100
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $56,519
    Demand deposits $29,751
    Nontransaction accounts $421,522
    Money market deposit accounts (MMDAs) $59,819
    Other savings deposits (excluding MMDAs) $275,546
    Total time deposits $86,157
    Total time and savings deposits $448,290
    Noninterest-bearing deposits $144,879
    Interest-bearing deposits $333,162
    Retail deposits $465,532
    IRAs and Keogh plan accounts $15,586
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $546,716
    Cash & Balances due from depository institutions $16,575
    Interest-bearing balances $1,578
    Total securities $116,484
    Federal funds sold & reverse repurchase $13,250
    Net loans and leases $355,042
    Loan and leases loss allowance $3,404
    Trading account assets $0
    Bank premises and fixed assets $19,078
    Other real estate owned $1,870
    Goodwill and other intangibles $3,874
    All other assets $20,543

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $546,716
    Total Liabilities $484,331
    Total deposits $478,041
    Interest-bearing deposits $333,162
    Deposits held in domestic offices $478,041
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,896
    Subordinated debt $0
    All other liabilities $1,394

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $355,042
    Loan and leases loss allowance $3,404
    Total loans and leases (domestic) $358,446
    All real estate loans $286,695
    Real estate loans in domestic offices $286,695
    Construction and development loans $60,451
    Residential 1-4 family construction $19,884
    Other construction, all land development and other land $40,567
    Loans secured by nonfarm nonresidential properties $88,092
    Nonfarm nonresidential secured by owner-occupied properties $62,662
    Commercial real estate & other non-farm, non-residential $25,430
    Multifamily residential real estate $1,386
    1-4 family residential loans $116,464
    Farmland loans $20,302
    Loans held in foreign offices $0
    Farm loans $4,180
    Commercial and industrial loans $43,920
    To non-U.S. addressees $0
    Loans to individuals $22,620
    Credit card loans $993
    Related Plans $155
    Consumer Auto Loans $8,701
    Other loans to individuals $12,771
    All other loans & leases $1,180
    Loans to foreign governments and official institutions $0
    Other loans $914
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First Security Bank had $355,042,000 of loans outstanding in 2018. $286,695,000 of loans were in real estate loans. $60,451,000 of loans were in development loans. $1,386,000 of loans were in multifamily mortgage loans. $116,464,000 of loans were in 1-4 family mortgage loans. $4,180,000 of loans were in farm loans. $993,000 of loans were in credit card loans. $8,701,000 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 202 $31,205 $154,480
    Nonfarm, nonresidential loans - <$100k 90 $4,520 $50,222
    Nonfarm, nonresidential loans - $100-250k 57 $6,927 $121,526
    Nonfarm, nonresidential loans - $250k-1MM 55 $19,758 $359,236
    Commercial & Industrial, US addressed loans - <$1MM 466 $18,089 $38,818
    Commercial & Industrial, US addressed loans - <$100k 401 $7,407 $18,471
    Commercial & Industrial, US addressed loans - $100-250k 42 $4,495 $107,024
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $6,187 $269,000
    Farmland loans - <$1MM 51 $4,846 $95,020
    Farmland loans - <$100k 31 $1,022 $32,968
    Farmland loans - $100-250k 14 $3,047 $217,643
    Farmland loans - $250k-1MM 6 $777 $129,500
    Agriculture operations loans - <$1MM 71 $2,372 $33,408
    Agriculture operations loans - <$100k 57 $1,095 $19,211
    Agriculture operations loans - $100-250k 5 $332 $66,400
    Agriculture operations loans - $250k-1MM 9 $945 $105,000