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, Refi, and Cash Out Refi loans. Security Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Logansport, Indianapolis, Kokomo, and Frankfort among others. We have data for 15 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 an above 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% 4/28/24
    30 Year Conventional Refi 6.59% 4/28/24
    30 Year Cash-out Refi 6.80% 4/28/24
    15 Year Conventional Purchase 6.54% 4/28/24
    15 Year Conventional Refi 6.54% 4/28/24
    15 Year Cash-out Refi 6.54% 4/28/24
    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

    523

    Origination Dollar Volume (All Markets)

    $83,175,000

    Employee count

    76 Show all (8) 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) 167 $35,285,000 $211,287 $2,094 3.28%
    Logansport, IN (FHA|USDA|VA) 200 $22,460,000 $112,300 $1,909 3.17%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 28 $8,800,000 $314,286 $2,242 2.84%
    KOKOMO, IN (FHA|USDA|VA) 62 $6,300,000 $101,613 $1,975 3.45%
    Outside of Metro Areas 24 $3,530,000 $147,083 $2,142 3.11%
    Frankfort, IN (FHA|USDA|VA) 15 $2,345,000 $156,333 $2,335 3.25%
    Peru, IN (FHA|USDA|VA) 11 $1,225,000 $111,364 $1,966 3.19%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $1,005,000 $201,000 $2,240 3.08%
    Plymouth, IN (FHA|USDA|VA) 4 $890,000 $222,500 $2,043 3.34%
    Warsaw, IN (FHA|USDA|VA) 2 $390,000 $195,000 $1,998 2.56%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,089 2.63%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $185,000 $185,000 $1,686 2.13%
    Huntington, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,192 2.00%
    Seymour, IN (FHA|USDA|VA) 1 $185,000 $185,000 $1,875 2.50%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $155,000 $155,000 $1,941 2.38%
    Security Federal Savings Bank's top markets include Lafayette, Logansport, Indianapolis, Kokomo, and Frankfort 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.

    FINANCIAL BUILDERS Federal Credit Union
    Similarity Rank: 136
    Industrial Federal Credit Union
    Similarity Rank: 203
    Hendricks County Bank and Trust Company
    Similarity Rank: 376
    Independent Federal Credit Union
    Similarity Rank: 441
    Madison County Federal Credit Union
    Similarity Rank: 488
    Security Federal Savings Bank
    Similarity Rank: 990
    BNC National Bank
    Similarity Rank: 1338
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1881
    CRANE
    Similarity Rank: 2070
    INLANTA MORTGAGE, INC.
    Similarity Rank: 2384

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 523 $83,175,000 $159,034 $2,016 3.21%

    For 2020, Security Federal Savings Bank's most frequently originated type of loan was Conventional, with 523 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 197 $28,235,000 $143,325 $2,094 3.58%
    Refi 176 $27,920,000 $158,636 $1,939 2.81%
    Cash Out Refi 144 $26,580,000 $184,583 $2,065 3.13%
    Home Improvement 3 $355,000 $118,333 $0 4.00%
    Other 3 $85,000 $28,333 $871 6.08%

    For 2020, Security Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 197 originations. The 2nd most popular reason was Refi, with 176 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 233 $40,075,000 $171,996 $2,028 2.96%
    15 Year 109 $14,025,000 $128,670 $1,925 2.70%
    Other 93 $17,205,000 $185,000 $3,204 4.36%
    20 Year 77 $10,245,000 $133,052 $1,952 3.24%
    10 Year 6 $550,000 $91,667 $1,422 4.33%
    30+ year 5 $1,075,000 $215,000 $3,969 3.00%

    For 2020, Security Federal Savings Bank's most frequently cited loan duration was 30 Year, with 233 originations. The 2nd most popular length was 15 Year, with 109 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 420 $64,190,000 $152,833
    $1k-2k 9 $1,945,000 $216,111
    $2k-3k 3 $745,000 $248,333

    Security Federal Savings Bank's average total fees were $2,028, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 420 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 159 $26,215,000 $164,874
    3-4% 147 $27,765,000 $188,878
    <2.5% 144 $23,600,000 $163,889
    4-5% 42 $3,810,000 $90,714
    5-6% 27 $1,695,000 $62,778
    6-7% 3 $75,000 $25,000
    7-8% 1 $15,000 $15,000

    During 2020, Security Federal Savings Bank's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 2.5-3%, with 159 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 212 $30,760,000 $145,094 $1,979 2.97%
    $100,000 or less 200 $13,230,000 $66,150 $1,849 3.65%
    $200k-400k 94 $25,490,000 $271,170 $2,303 2.87%
    $400k-600k 11 $4,975,000 $452,273 $2,500 2.80%
    $1MM+ 3 $6,425,000 $2,141,667 $0 3.71%
    $600k-1MM 3 $2,295,000 $765,000 $2,970 3.29%

    2020 saw Security Federal Savings Bank place emphasis on $100k-200k loans with 212 originations, totaling $30,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 116 $10,390,000 $89,569 $1,890 3.23%
    $50k-75k 103 $12,305,000 $119,466 $1,956 3.10%
    $100k-150k 99 $20,055,000 $202,576 $2,139 2.87%
    $75k-100k 87 $13,155,000 $151,207 $2,029 2.97%
    $150k-250k 49 $10,085,000 $205,816 $2,230 3.30%
    $250k+ 9 $2,745,000 $305,000 $2,088 2.90%

    Security Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 116 originations. The second most popular income band? $50k-75k, with 103 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 154 $24,080,000 $156,364 $2,064 2.98%
    <20% 126 $16,560,000 $131,429 $1,908 2.95%
    30-36% 71 $11,505,000 $162,042 $2,057 3.03%
    42% 13 $2,665,000 $205,000 $2,140 2.99%
    39% 10 $1,610,000 $161,000 $1,994 3.11%
    37% 10 $1,230,000 $123,000 $2,069 3.04%
    38% 9 $1,745,000 $193,889 $1,997 2.85%
    40% 8 $1,240,000 $155,000 $2,176 2.83%
    44% 7 $1,145,000 $163,571 $1,949 2.89%
    36% 7 $905,000 $129,286 $1,897 2.91%
    41% 5 $765,000 $153,000 $1,929 2.53%
    43% 4 $700,000 $175,000 $2,130 3.19%
    45% 4 $1,160,000 $290,000 $2,202 3.06%
    48% 2 $270,000 $135,000 $1,692 2.69%
    49% 2 $420,000 $210,000 $2,240 2.94%
    50-60% 2 $1,010,000 $505,000 $2,565 3.13%
    46% 1 $165,000 $165,000 $2,061 2.88%

    Security Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? <20%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 456 $68,060,000 $149,254 $2,019 3.06%
    Not applicable 57 $13,915,000 $244,123 $0 4.35%
    Black 3 $395,000 $131,667 $2,046 3.29%
    Vietnamese 1 $305,000 $305,000 $1,870 3.38%
    Asian 4 $300,000 $75,000 $1,714 3.28%
    American Indian 1 $145,000 $145,000 $0 3.55%
    Not provided 1 $55,000 $55,000 $1,745 5.13%

    Approval Rates

    Total approvals of all applications
    94.28%

    Security Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.93%

    Security Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 523 $83,175,000 $159,034

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $10,275,000 $685,000
    Single Family (1-4 Units):Manufactured 9 $815,000 $90,556
    Single Family (1-4 Units):Site-Built 499 $72,085,000 $144,459

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,845,000 $87,857 $1,774 3.07%
    40-60% 91 $11,605,000 $127,527 $1,951 2.79%
    60-80% 209 $36,745,000 $175,813 $2,094 2.98%
    80-100% 111 $16,845,000 $151,757 $1,986 3.07%
    Under 20% 2 $30,000 $15,000 $1,177 5.06%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Closing on a mortgage 2 33.3%
    Security National Financial Corp Conventional home mortgage Trouble during payment process 4 66.7%

    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 $21,652
    Security Federal Savings Bank 2827 Us Highway 52 W West Lafayette, IN 47906 Full Service B&M $3,310
    Security Federal Savings Bank 300 Mall Road Logansport, IN 46947 Full Service B&M $59,675
    Security Federal Savings Bank 314 Fourth St Logansport, IN 46947 Full Service B&M $131,464
    Security Federal Savings Bank 3920 Mccarty Lane Lafayette, IN 47905 Full Service B&M $19,614
    Security Federal Savings Bank 519 East Markland Avenue Kokomo, IN 46901 Full Service B&M $26,169

    For 2020, Security Federal Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,770
    Net interest income $9,978
    Total noninterest income $3,717
    Gross Fiduciary activities income $529
    Service charges on deposit accounts $194
    Trading account gains and fees $0
    Additional Noninterest Income $2,994
    Pre-tax net operating income $2,565
    Securities gains (or losses, -) $24
    Income before extraordinary items $2,115
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,115
    Minority interest net income $0
    Net income $2,115
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,095

    Security Federal Savings Bank's gross interest income from loans was $11,770,000.
    Security Federal Savings Bank's net interest income from loans was $9,978,000.
    Security Federal Savings Bank's fee based income from loans was $194,000.
    Security Federal Savings Bank's net income from loans was $2,115,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,792
    Provision for credit losses $865
    Total noninterest expense $10,265
    Salaries and employee benefits $5,934
    Premises and equipment expense $664
    Additional noninterest expense $3,667
    Applicable income taxes $474
    Net charge-offs $68
    Cash dividends $0

    Security Federal Savings Bank's interest expense for loans was $1,792,000.
    Security Federal Savings Bank's payroll and benefits expense were $5,934,000.
    Security Federal Savings Bank's property, plant and equipment expenses $664,000.

    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 1.0%
    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 $268,396
    Deposits held in domestic offices $268,396
    Deposits by Individuals, partnerships, and corporations $259,116
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,280
    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 $104,908
    Demand deposits $68,192
    Nontransaction accounts $163,488
    Money market deposit accounts (MMDAs) $69,060
    Other savings deposits (excluding MMDAs) $49,391
    Total time deposits $45,039
    Total time and savings deposits $200,204
    Noninterest-bearing deposits $59,629
    Interest-bearing deposits $208,767
    Retail deposits $260,041
    IRAs and Keogh plan accounts $5,523
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $322,203
    Cash & Balances due from depository institutions $30,477
    Interest-bearing balances $28,187
    Total securities $30,043
    Federal funds sold & reverse repurchase $0
    Net loans and leases $239,574
    Loan and leases loss allowance $2,660
    Trading account assets $0
    Bank premises and fixed assets $8,060
    Other real estate owned $0
    Goodwill and other intangibles $584
    All other assets $13,465

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $322,203
    Total Liabilities $286,023
    Total deposits $268,396
    Interest-bearing deposits $208,767
    Deposits held in domestic offices $268,396
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,000
    Subordinated debt $0
    All other liabilities $2,627

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $239,574
    Loan and leases loss allowance $2,660
    Total loans and leases (domestic) $242,234
    All real estate loans $212,353
    Real estate loans in domestic offices $212,353
    Construction and development loans $18,399
    Residential 1-4 family construction $10,933
    Other construction, all land development and other land $7,466
    Loans secured by nonfarm nonresidential properties $62,902
    Nonfarm nonresidential secured by owner-occupied properties $34,772
    Commercial real estate & other non-farm, non-residential $28,130
    Multifamily residential real estate $18,910
    1-4 family residential loans $105,230
    Farmland loans $6,912
    Loans held in foreign offices $0
    Farm loans $3,137
    Commercial and industrial loans $20,630
    To non-U.S. addressees $0
    Loans to individuals $2,517
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,990
    Other loans to individuals $527
    All other loans & leases $3,954
    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 $4,626
    Non 1-4 family restructured loans & leases $3,768
    Total loans and leases (foreign) $0

    Security Federal Savings Bank had $239,574,000 of loans outstanding in 2020. $212,353,000 of loans were in real estate loans. $18,399,000 of loans were in development loans. $18,910,000 of loans were in multifamily mortgage loans. $105,230,000 of loans were in 1-4 family mortgage loans. $3,137,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,990,000 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 122 $23,580 $193,279
    Nonfarm, nonresidential loans - <$100k 47 $2,170 $46,170
    Nonfarm, nonresidential loans - $100-250k 35 $3,983 $113,800
    Nonfarm, nonresidential loans - $250k-1MM 40 $17,427 $435,675
    Commercial & Industrial, US addressed loans - <$1MM 188 $12,812 $68,149
    Commercial & Industrial, US addressed loans - <$100k 125 $3,223 $25,784
    Commercial & Industrial, US addressed loans - $100-250k 40 $3,365 $84,125
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $6,224 $270,609
    Farmland loans - <$1MM 21 $2,622 $124,857
    Farmland loans - <$100k 8 $271 $33,875
    Farmland loans - $100-250k 8 $1,156 $144,500
    Farmland loans - $250k-1MM 5 $1,195 $239,000
    Agriculture operations loans - <$1MM 7 $954 $136,286
    Agriculture operations loans - <$100k 2 $49 $24,500
    Agriculture operations loans - $100-250k 2 $244 $122,000
    Agriculture operations loans - $250k-1MM 3 $661 $220,333