Security Federal Savings Bank Mortgage Rates, Fees & Info

Logansport, IN

LEI: 254900FWMAL9Q1TY2667

Tax ID: 35-0309780

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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Security Federal Savings Bank is a smaller bank specializing in Home Purchase loans. Security Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Logansport, Kokomo, Indianapolis, and Wabash among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Security Federal Savings 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. Security Federal Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.86% 12/16/24
    30 Year Conventional Refi 6.59% 12/16/24
    30 Year Cash-out Refi 6.80% 12/16/24
    15 Year Conventional Purchase 6.54% 12/16/24
    15 Year Conventional Refi 6.54% 12/16/24
    15 Year Cash-out Refi 6.54% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Security Federal Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Security Federal Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    296

    Origination Dollar Volume (All Markets)

    $37,980,000

    Employee count

    68

    Awards

    Security Federal Savings Bank 30 Year Conventional Loans gold Security Federal Savings Bank 30 Year Conventional Loans gold Security Federal Savings Bank 30 Year Conventional Loans gold
    Show all (3) awards

    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
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 131 $23,365,000 $178,359 $2,382 4.87%
    Logansport, IN (FHA|USDA|VA) 96 $8,040,000 $83,750 $1,828 5.06%
    KOKOMO, IN (FHA|USDA|VA) 27 $2,315,000 $85,741 $1,680 5.46%
    Outside of Metro Areas 10 $1,510,000 $151,000 $4,679 5.04%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 10 $740,000 $74,000 $2,396 5.68%
    Wabash, IN (FHA|USDA|VA) 5 $545,000 $109,000 $1,766 5.43%
    Peru, IN (FHA|USDA|VA) 7 $515,000 $73,571 $1,665 5.09%
    Frankfort, IN (FHA|USDA|VA) 5 $475,000 $95,000 $1,539 5.58%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,403 4.88%
    Crawfordsville, IN (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.50%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,137 4.50%
    Marion, IN (FHA|USDA|VA) 1 $45,000 $45,000 $1,605 5.75%
    Warsaw, IN (FHA|USDA|VA) 1 $25,000 $25,000 $1,694 4.63%
    Security Federal Savings Bank's top markets include Lafayette, Logansport, Kokomo, Indianapolis, and Wabash among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Security Federal Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Community First Bank of Indiana
    Similarity Rank: 117
    Greenfield Banking Company
    Similarity Rank: 255
    Security Federal Savings Bank
    Similarity Rank: 390
    Hendricks County Bank and Trust Company
    Similarity Rank: 393
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 450
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    1st Source Bank
    Similarity Rank: 836
    The Farmers Bank, Frankfort, Indiana
    Similarity Rank: 1012
    The National Bank of Indianapolis
    Similarity Rank: 1020
    Stock Yards Bank & Trust Company
    Similarity Rank: 1176

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $37,980,000 $128,311 $2,086 5.04%

    For 2018, Security Federal Savings Bank's most frequently originated type of loan was Conventional, with 296 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 215 $27,265,000 $126,814 $2,229 5.02%
    Cash Out Refi 46 $5,920,000 $128,696 $1,688 5.16%
    Refi 22 $3,940,000 $179,091 $1,735 4.89%
    Home Improvement 13 $855,000 $65,769 $2,018 5.21%

    For 2018, Security Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 215 originations. The 2nd most popular reason was Cash Out Refi, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 117 $16,285,000 $139,188 $2,803 5.11%
    30 Year 107 $13,525,000 $126,402 $2,059 4.82%
    15 Year 28 $2,190,000 $78,214 $1,649 4.97%
    20 Year 22 $1,990,000 $90,455 $1,950 5.38%
    30+ year 15 $3,795,000 $253,000 $3,666 5.00%
    10 Year 6 $180,000 $30,000 $907 6.52%
    5 Year 1 $15,000 $15,000 $642 7.00%

    For 2018, Security Federal Savings Bank's most frequently cited loan duration was Other, with 117 originations. The 2nd most popular length was 30 Year, with 107 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 166 $18,490,000 $111,386
    $1k-2k 9 $1,435,000 $159,444
    $2k-3k 5 $1,955,000 $391,000

    Security Federal Savings Bank's average total fees were $2,059, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 166 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 168 $21,270,000 $126,607
    5-6% 98 $9,320,000 $95,102
    3-4% 13 $6,265,000 $481,923
    6-7% 9 $825,000 $91,667
    7-8% 7 $285,000 $40,714
    Over 8% 1 $15,000 $15,000

    During 2018, Security Federal Savings Bank's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 168 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 161 $8,775,000 $54,503 $1,677 5.24%
    $100k-200k 93 $12,505,000 $134,462 $2,325 4.81%
    $200k-400k 28 $7,240,000 $258,571 $2,631 4.98%
    $400k-600k 11 $5,005,000 $455,000 $3,607 4.57%
    $1MM+ 3 $4,455,000 $1,485,000 $0 3.96%

    2018 saw Security Federal Savings Bank place emphasis on $100,000 or less loans with 161 originations, totaling $8,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 65 $4,865,000 $74,846 $1,839 5.09%
    $50k-75k 46 $4,160,000 $90,435 $2,321 5.01%
    $100k-150k 35 $5,095,000 $145,571 $2,051 5.16%
    $75k-100k 34 $4,960,000 $145,882 $2,224 4.96%
    $150k-250k 10 $2,060,000 $206,000 $2,875 5.00%
    $250k+ 10 $1,520,000 $152,000 $2,402 4.99%

    Security Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 65 originations. The second most popular income band? $50k-75k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $4,600,000 $82,143 $1,720 5.10%
    30-36% 46 $6,110,000 $132,826 $2,116 5.23%
    <20% 32 $4,130,000 $129,063 $1,998 4.73%
    41% 8 $1,310,000 $163,750 $2,098 4.53%
    36% 8 $740,000 $92,500 $1,913 5.58%
    38% 6 $770,000 $128,333 $1,952 4.50%
    39% 5 $825,000 $165,000 $1,998 4.60%
    40% 5 $835,000 $167,000 $2,170 4.95%
    37% 4 $520,000 $130,000 $7,790 4.84%
    42% 3 $525,000 $175,000 $2,581 4.63%
    50-60% 2 $670,000 $335,000 $2,624 4.88%
    43% 2 $390,000 $195,000 $2,114 4.63%
    45% 2 $130,000 $65,000 $1,928 4.63%
    46% 2 $260,000 $130,000 $1,674 4.69%
    48% 1 $45,000 $45,000 $1,925 5.25%
    47% 1 $235,000 $235,000 $1,952 5.00%

    Security Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 199 $22,475,000 $112,940 $2,102 5.05%
    Not applicable 88 $14,030,000 $159,432 $0 5.01%
    Asian 6 $1,300,000 $216,667 $1,830 4.73%
    Black 2 $130,000 $65,000 $1,988 5.75%
    Not provided 1 $45,000 $45,000 $612 7.63%

    Approval Rates

    Total approvals of all applications
    93.79%

    Security Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.84%

    Security Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 296 $37,980,000 $128,311

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $7,515,000 $501,000
    Single Family (1-4 Units):Manufactured 7 $535,000 $76,429
    Single Family (1-4 Units):Site-Built 274 $29,930,000 $109,234

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $555,000 $61,667 $1,768 5.06%
    40-60% 32 $3,070,000 $95,938 $1,852 4.95%
    60-80% 154 $22,470,000 $145,909 $2,478 4.98%
    80-100% 88 $11,250,000 $127,841 $1,890 4.97%
    Under 20% 6 $120,000 $20,000 $310 7.83%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Security National Financial Corp Conventional home mortgage Trouble during payment process 3 60.0%
    Security National Financial Corp VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Security Federal Savings Bank 1260 South Washington Street Delphi, IN 46923 Full Service B&M $14,665
    Security Federal Savings Bank 300 Mall Road Logansport, IN 46947 Full Service B&M $36,631
    Security Federal Savings Bank 314 Fourth St Logansport, IN 46947 Full Service B&M $108,318
    Security Federal Savings Bank 3920 Mccarty Lane Lafayette, IN 47905 Full Service B&M $12,850
    Security Federal Savings Bank 519 East Markland Avenue Kokomo, IN 46901 Full Service B&M $26,768

    For 2018, Security Federal Savings Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $10,431
    Net interest income $8,773
    Total noninterest income $1,992
    Gross Fiduciary activities income $409
    Service charges on deposit accounts $149
    Trading account gains and fees $0
    Additional Noninterest Income $1,434
    Pre-tax net operating income $1,381
    Securities gains (or losses, -) $171
    Income before extraordinary items $1,229
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,229
    Minority interest net income $0
    Net income $1,229
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,093

    Security Federal Savings Bank's gross interest income from loans was $10,431,000.
    Security Federal Savings Bank's net interest income from loans was $8,773,000.
    Security Federal Savings Bank's fee based income from loans was $149,000.
    Security Federal Savings Bank's net income from loans was $1,229,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,658
    Provision for credit losses $105
    Total noninterest expense $9,279
    Salaries and employee benefits $5,128
    Premises and equipment expense $794
    Additional noninterest expense $3,357
    Applicable income taxes $323
    Net charge-offs $295
    Cash dividends $0

    Security Federal Savings Bank's interest expense for loans was $1,658,000.
    Security Federal Savings Bank's payroll and benefits expense were $5,128,000.
    Security Federal Savings Bank's property, plant and equipment expenses $794,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 6.0%
    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 $213,715
    Deposits held in domestic offices $213,715
    Deposits by Individuals, partnerships, and corporations $204,286
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,429
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $68,694
    Demand deposits $35,824
    Nontransaction accounts $145,021
    Money market deposit accounts (MMDAs) $40,819
    Other savings deposits (excluding MMDAs) $40,510
    Total time deposits $63,692
    Total time and savings deposits $177,891
    Noninterest-bearing deposits $36,622
    Interest-bearing deposits $177,093
    Retail deposits $197,644
    IRAs and Keogh plan accounts $6,484
    Brokered deposits $2,499
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $257,313
    Cash & Balances due from depository institutions $12,012
    Interest-bearing balances $10,172
    Total securities $32,840
    Federal funds sold & reverse repurchase $0
    Net loans and leases $192,587
    Loan and leases loss allowance $1,807
    Trading account assets $0
    Bank premises and fixed assets $6,800
    Other real estate owned $135
    Goodwill and other intangibles $390
    All other assets $12,549

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $257,312
    Total Liabilities $226,331
    Total deposits $213,715
    Interest-bearing deposits $177,093
    Deposits held in domestic offices $213,715
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $2,616

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $192,587
    Loan and leases loss allowance $1,807
    Total loans and leases (domestic) $194,394
    All real estate loans $176,073
    Real estate loans in domestic offices $176,073
    Construction and development loans $14,643
    Residential 1-4 family construction $11,097
    Other construction, all land development and other land $3,546
    Loans secured by nonfarm nonresidential properties $38,272
    Nonfarm nonresidential secured by owner-occupied properties $22,389
    Commercial real estate & other non-farm, non-residential $15,883
    Multifamily residential real estate $22,159
    1-4 family residential loans $95,867
    Farmland loans $5,132
    Loans held in foreign offices $0
    Farm loans $1,611
    Commercial and industrial loans $9,585
    To non-U.S. addressees $0
    Loans to individuals $2,617
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $2,066
    Other loans to individuals $551
    All other loans & leases $4,675
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $1,959
    Non 1-4 family restructured loans & leases $823
    Total loans and leases (foreign) $0

    Security Federal Savings Bank had $192,587,000 of loans outstanding in 2018. $176,073,000 of loans were in real estate loans. $14,643,000 of loans were in development loans. $22,159,000 of loans were in multifamily mortgage loans. $95,867,000 of loans were in 1-4 family mortgage loans. $1,611,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,066,000 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 114 $18,238 $159,982
    Nonfarm, nonresidential loans - <$100k 52 $2,298 $44,192
    Nonfarm, nonresidential loans - $100-250k 34 $3,830 $112,647
    Nonfarm, nonresidential loans - $250k-1MM 28 $12,110 $432,500
    Commercial & Industrial, US addressed loans - <$1MM 111 $8,393 $75,613
    Commercial & Industrial, US addressed loans - <$100k 65 $1,771 $27,246
    Commercial & Industrial, US addressed loans - $100-250k 32 $3,343 $104,469
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $3,279 $234,214
    Farmland loans - <$1MM 19 $1,680 $88,421
    Farmland loans - <$100k 9 $339 $37,667
    Farmland loans - $100-250k 9 $1,063 $118,111
    Farmland loans - $250k-1MM 1 $278 $278,000
    Agriculture operations loans - <$1MM 9 $1,047 $116,333
    Agriculture operations loans - <$100k 5 $119 $23,800
    Agriculture operations loans - $250k-1MM 4 $928 $232,000