First Option Bank Mortgage Rates, Fees & Info
Osawatomie, KSLEI: 254900IHGFQJY2WUC891
Tax ID: 48-0359685
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Bank Data
Review & Overview
First Option Bank is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. First Option Bank has a high proportion of conventional loans. Their top markets by origination volume include: Kansas City, St. Joseph, Ottawa, Lawrence, and Wichita among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)First Option Bank has an 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
273Origination Dollar Volume (All Markets)
$58,565,000Employee count
101Top 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 |
|---|---|---|---|---|---|
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 210 | $48,990,000 | $233,286 | $0 | 0.00% |
| Outside of Metro Areas | 22 | $4,120,000 | $187,273 | $0 | 0.00% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 27 | $3,035,000 | $112,407 | $0 | 0.00% |
| Ottawa, KS (FHA|USDA|VA) | 6 | $950,000 | $158,333 | $0 | 0.00% |
| LAWRENCE, KS (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $0 | 0.00% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
| TOPEKA, KS (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Poplar Bluff, MO (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 273 | $58,565,000 | $214,524 | $0 | 0.00% |
For 2021, First Option Bank's most frequently originated type of loan was Conventional, with 273 originations.
Loan Reason
For 2021, First Option Bank's most frequently cited loan purpose was Cash Out Refi, with 112 originations. The 2nd most popular reason was Home Purchase, with 85 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 273 | $58,565,000 | $214,524 | $0 | 0.00% |
For 2021, First Option Bank's most frequently cited loan duration was Other, with 273 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $55,000 | $55,000 |
First Option Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 5 | $875,000 | $175,000 |
During 2021, First Option Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was <2.5%, with 5 originations.
Loan Sizing
2021 saw First Option Bank place emphasis on $100k-200k loans with 108 originations, totaling $15,940,000 in origination value.
Applicant Income
First Option Bank lent most frequently to those with incomes in the $100k-150k range, with 78 originations. The second most popular income band? $50k-75k, with 51 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 1 | $115,000 | $115,000 | $0 | 0.00% |
First Option Bank lent most frequently to those with DTI ratios of <20%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.10%
First Option Bank has an average approval rate.
Pick Rate
Approvals leading to origination86.08%
First Option Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $255,000 | $255,000 |
| NA | 272 | $58,310,000 | $214,375 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.9% |
| 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 | Struggling to pay mortgage | 1 | 2.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 10 | 29.4% |
| FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 2.9% |
| FIRST HORIZON BANK | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 2.9% |
| 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 | FHA mortgage | Trouble during payment process | 2 | 5.9% |
| 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% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Option Bank | 103 Broadway Louisburg, KS 66053 | Full Service B&M | $75,907 |
| First Option Bank | 1505 Central Street Horton, KS 66439 | Full Service B&M | $13,037 |
| First Option Bank | 209 Roseport Roadelwood Elwood, KS 66024 | Full Service B&M | $14,408 |
| First Option Bank | 21101 W. 223rd Street Spring Hill, KS 66083 | Full Service B&M | $39,252 |
| First Option Bank | 212 South Main Street Troy, KS 66087 | Full Service B&M | $20,521 |
| First Option Bank | 3702 Faraon Street Saint Joseph, MO 64506 | Full Service B&M | $28,311 |
| First Option Bank | 506 E Market St Lacygne, KS 66040 | Full Service B&M | $34,018 |
| First Option Bank | 601 Main Street Osawatomie, KS 66064 | Full Service B&M | $79,758 |
| First Option Bank | 702 Baptiste Drive Paola, KS 66071 | Full Service B&M | $198,656 |
For 2021, First Option Bank had 9 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $15,981 |
| Net interest income | $14,894 |
| Total noninterest income | $8,682 |
| Gross Fiduciary activities income | $3,187 |
| Service charges on deposit accounts | $1,149 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $4,346 |
| Pre-tax net operating income | $9,154 |
| Securities gains (or losses, -) | $-20 |
| Income before extraordinary items | $8,931 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $8,931 |
| Minority interest net income | $0 |
| Net income | $8,931 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $8,950 |
First Option Bank's gross interest income from loans was $15,981,000.
First Option Bank's net interest income from loans was $14,894,000.
First Option Bank's fee based income from loans was $1,149,000.
First Option Bank's net income from loans was $8,931,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,087 |
| Provision for credit losses | $70 |
| Total noninterest expense | $14,352 |
| Salaries and employee benefits | $7,757 |
| Premises and equipment expense | $1,110 |
| Additional noninterest expense | $5,485 |
| Applicable income taxes | $203 |
| Net charge-offs | $-220 |
| Cash dividends | $2,184 |
First Option Bank's interest expense for loans was $1,087,000.
First Option Bank's payroll and benefits expense were $7,757,000.
First Option Bank's property, plant and equipment expenses $1,110,000.
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 | 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 | $556,915 |
| Deposits held in domestic offices | $556,915 |
| Deposits by Individuals, partnerships, and corporations | $395,701 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $161,209 |
| Deposits by Commercial banks and other depository institutions in U.S. | $5 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $66,889 |
| Demand deposits | $34,885 |
| Nontransaction accounts | $490,026 |
| Money market deposit accounts (MMDAs) | $66,224 |
| Other savings deposits (excluding MMDAs) | $365,251 |
| Total time deposits | $58,552 |
| Total time and savings deposits | $522,030 |
| Noninterest-bearing deposits | $202,792 |
| Interest-bearing deposits | $354,123 |
| Retail deposits | $536,846 |
| IRAs and Keogh plan accounts | $9,811 |
| Brokered deposits | $11,467 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $608,633 |
| Cash & Balances due from depository institutions | $38,311 |
| Interest-bearing balances | $32,725 |
| Total securities | $297,691 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $249,273 |
| Loan and leases loss allowance | $2,789 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,988 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $902 |
| All other assets | $15,468 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $608,633 |
| Total Liabilities | $558,697 |
| Total deposits | $556,915 |
| Interest-bearing deposits | $354,123 |
| Deposits held in domestic offices | $556,915 |
| % insured (estimated) | $57 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $1,782 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $249,273 |
| Loan and leases loss allowance | $2,789 |
| Total loans and leases (domestic) | $252,062 |
| All real estate loans | $213,814 |
| Real estate loans in domestic offices | $213,814 |
| Construction and development loans | $17,676 |
| Residential 1-4 family construction | $10,153 |
| Other construction, all land development and other land | $7,523 |
| Loans secured by nonfarm nonresidential properties | $50,943 |
| Nonfarm nonresidential secured by owner-occupied properties | $10,240 |
| Commercial real estate & other non-farm, non-residential | $40,703 |
| Multifamily residential real estate | $1,349 |
| 1-4 family residential loans | $131,490 |
| Farmland loans | $12,356 |
| Loans held in foreign offices | $0 |
| Farm loans | $3,800 |
| Commercial and industrial loans | $13,642 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $14,289 |
| Credit card loans | $889 |
| Related Plans | $0 |
| Consumer Auto Loans | $7,603 |
| Other loans to individuals | $5,797 |
| All other loans & leases | $6,516 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $83 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $13,510 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $30 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First Option Bank had $249,273,000 of loans outstanding in 2021. $213,814,000 of loans were in real estate loans. $17,676,000 of loans were in development loans. $1,349,000 of loans were in multifamily mortgage loans. $131,490,000 of loans were in 1-4 family mortgage loans. $3,800,000 of loans were in farm loans. $889,000 of loans were in credit card loans. $7,603,000 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 | 105 | $7,421 | $70,676 |
| Nonfarm, nonresidential loans - <$100k | 30 | $1,275 | $42,500 |
| Nonfarm, nonresidential loans - $100-250k | 41 | $4,925 | $120,122 |
| Nonfarm, nonresidential loans - $250k-1MM | 34 | $1,221 | $35,912 |
| Commercial & Industrial, US addressed loans - <$1MM | 176 | $10,275 | $58,381 |
| Commercial & Industrial, US addressed loans - <$100k | 127 | $3,458 | $27,228 |
| Commercial & Industrial, US addressed loans - $100-250k | 33 | $3,190 | $96,667 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 16 | $3,627 | $226,688 |
| Farmland loans - <$1MM | 55 | $5,395 | $98,091 |
| Farmland loans - <$100k | 23 | $902 | $39,217 |
| Farmland loans - $100-250k | 20 | $2,152 | $107,600 |
| Farmland loans - $250k-1MM | 12 | $2,341 | $195,083 |
| Agriculture operations loans - <$1MM | 100 | $3,800 | $38,000 |
| Agriculture operations loans - <$100k | 85 | $1,935 | $22,765 |
| Agriculture operations loans - $100-250k | 13 | $1,562 | $120,154 |
| Agriculture operations loans - $250k-1MM | 2 | $303 | $151,500 |