First State Bank Mortgage Rates, Fees & Info
Monticello, ILLEI: 254900N4XMPM37K77D58
Tax ID: 37-0612480
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Mortgage Data
Bank Data
Review & Overview
First State Bank is a smaller bank specializing in Home Purchase and Refi loans. First State Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Champaign, Decatur, Bloomington, Charleston, and Danville among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)First State 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. First State 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.74% | 5/4/24 |
| 30 Year Conventional Refi | 6.46% | 5/4/24 |
| 30 Year Cash-out Refi | 6.71% | 5/4/24 |
| 15 Year Conventional Purchase | 6.08% | 5/4/24 |
| 15 Year Conventional Refi | 5.96% | 5/4/24 |
| 15 Year Cash-out Refi | 5.96% | 5/4/24 |
| 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. | ||
First State Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
412Origination Dollar Volume (All Markets)
$63,550,000Employee count
61Awards
First State Bank - 2021
First State Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 289 | $48,325,000 | $167,215 | $1,265 | 2.79% |
| Outside of Metro Areas | 90 | $11,370,000 | $126,333 | $1,206 | 2.70% |
| DECATUR, IL (FHA|USDA|VA) | 7 | $1,045,000 | $149,286 | $1,461 | 2.63% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 7 | $1,025,000 | $146,429 | $1,113 | 2.80% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 11 | $715,000 | $65,000 | $1,272 | 3.66% |
| DANVILLE, IL (FHA|USDA|VA) | 5 | $605,000 | $121,000 | $1,181 | 2.73% |
| Jacksonville, IL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $1,616 | 2.31% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,441 | 3.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against First State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 409 | $63,095,000 | $154,267 | $1,243 | 2.79% |
| USDA | 3 | $455,000 | $151,667 | $3,318 | 2.38% |
For 2021, First State Bank's most frequently originated type of loan was Conventional, with 409 originations. Their 2nd most popular type was USDA, with 3 originations.
Loan Reason
For 2021, First State Bank's most frequently cited loan purpose was Home Purchase, with 173 originations. The 2nd most popular reason was Refi, with 168 originations.
Loan Duration/Length
For 2021, First State Bank's most frequently cited loan duration was 30 Year, with 218 originations. The 2nd most popular length was 15 Year, with 123 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 342 | $56,210,000 | $164,357 |
| $1k-2k | 3 | $955,000 | $318,333 |
| $2k-3k | 1 | $335,000 | $335,000 |
First State Bank's average total fees were $1,319, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 191 | $30,945,000 | $162,016 |
| 2.5-3% | 115 | $19,715,000 | $171,435 |
| 3-4% | 82 | $11,130,000 | $135,732 |
| 4-5% | 24 | $1,760,000 | $73,333 |
During 2021, First State Bank's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was <2.5%, with 191 originations.
Loan Sizing
2021 saw First State Bank place emphasis on $100k-200k loans with 181 originations, totaling $25,995,000 in origination value.
Applicant Income
First State Bank lent most frequently to those with incomes in the $100k-150k range, with 97 originations. The second most popular income band? $50k-75k, with 78 originations.
Applicant Debt to Income Ratio
First State Bank lent most frequently to those with DTI ratios of 20-30%, with 134 originations. The next most common DTI ratio? <20%, with 100 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.70%
First State Bank has an average approval rate.
Pick Rate
Approvals leading to origination91.75%
First State Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 412 | $63,550,000 | $154,248 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 10 | 29.4% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 1 | 2.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 2 | 5.9% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 5.9% |
| 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 | 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 | 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 | 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% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 6 | 17.6% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First State Bank | 101 Windsor Road Champaign, IL 61820 | Full Service B&M | $27,491 |
| First State Bank | 131 North Main Street Atwood, IL 61913 | Full Service B&M | $20,988 |
| First State Bank | 200 S. Don Ryan Hammond, IL 61929 | Full Service B&M | $13,545 |
| First State Bank | 201 West Main Street Monticello, IL 61856 | Limited, Drive-thru | $0 |
| First State Bank | 201 West Main Street Monticello, IL 61856 | Full Service B&M | $190,036 |
| First State Bank | 801 South Main Street Tuscola, IL 61953 | Full Service B&M | $32,121 |
For 2021, First State Bank had 6 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $6,819 |
| Net interest income | $6,568 |
| Total noninterest income | $3,724 |
| Gross Fiduciary activities income | $807 |
| Service charges on deposit accounts | $299 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,618 |
| Pre-tax net operating income | $2,391 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $2,391 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,391 |
| Minority interest net income | $0 |
| Net income | $2,391 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,391 |
First State Bank's gross interest income from loans was $6,819,000.
First State Bank's net interest income from loans was $6,568,000.
First State Bank's fee based income from loans was $299,000.
First State Bank's net income from loans was $2,391,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $251 |
| Provision for credit losses | $0 |
| Total noninterest expense | $7,901 |
| Salaries and employee benefits | $4,318 |
| Premises and equipment expense | $1,098 |
| Additional noninterest expense | $2,485 |
| Applicable income taxes | $0 |
| Net charge-offs | $-54 |
| Cash dividends | $975 |
First State Bank's interest expense for loans was $251,000.
First State Bank's payroll and benefits expense were $4,318,000.
First State Bank's property, plant and equipment expenses $1,098,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 4.0% |
| HELOC loans | 0.0% |
| All other family | 5.0% |
| 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 | $298,667 |
| Deposits held in domestic offices | $298,667 |
| Deposits by Individuals, partnerships, and corporations | $246,578 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $52,088 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $178,620 |
| Demand deposits | $92,710 |
| Nontransaction accounts | $120,048 |
| Money market deposit accounts (MMDAs) | $20,119 |
| Other savings deposits (excluding MMDAs) | $60,532 |
| Total time deposits | $39,397 |
| Total time and savings deposits | $205,958 |
| Noninterest-bearing deposits | $92,710 |
| Interest-bearing deposits | $205,957 |
| Retail deposits | $291,455 |
| IRAs and Keogh plan accounts | $5,893 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $328,770 |
| Cash & Balances due from depository institutions | $79,538 |
| Interest-bearing balances | $61,163 |
| Total securities | $117,356 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $117,882 |
| Loan and leases loss allowance | $1,045 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,143 |
| Other real estate owned | $1,089 |
| Goodwill and other intangibles | $1,827 |
| All other assets | $1,935 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $328,770 |
| Total Liabilities | $302,909 |
| Total deposits | $298,667 |
| Interest-bearing deposits | $205,957 |
| Deposits held in domestic offices | $298,667 |
| % insured (estimated) | $78 |
| Federal funds purchased and repurchase agreements | $3,641 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $601 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $117,882 |
| Loan and leases loss allowance | $1,045 |
| Total loans and leases (domestic) | $118,927 |
| All real estate loans | $76,948 |
| Real estate loans in domestic offices | $76,948 |
| Construction and development loans | $2,702 |
| Residential 1-4 family construction | $1,657 |
| Other construction, all land development and other land | $1,045 |
| Loans secured by nonfarm nonresidential properties | $27,941 |
| Nonfarm nonresidential secured by owner-occupied properties | $14,751 |
| Commercial real estate & other non-farm, non-residential | $13,190 |
| Multifamily residential real estate | $9,222 |
| 1-4 family residential loans | $25,069 |
| Farmland loans | $12,014 |
| Loans held in foreign offices | $0 |
| Farm loans | $28,399 |
| Commercial and industrial loans | $8,942 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,185 |
| Credit card loans | $27 |
| Related Plans | $27 |
| Consumer Auto Loans | $1,866 |
| Other loans to individuals | $1,265 |
| All other loans & leases | $1,453 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $493 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $253 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $986 |
| Non 1-4 family restructured loans & leases | $689 |
| Total loans and leases (foreign) | $0 |
First State Bank had $117,882,000 of loans outstanding in 2021. $76,948,000 of loans were in real estate loans. $2,702,000 of loans were in development loans. $9,222,000 of loans were in multifamily mortgage loans. $25,069,000 of loans were in 1-4 family mortgage loans. $28,399,000 of loans were in farm loans. $27,000 of loans were in credit card loans. $1,866,000 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 | 85 | $17,986 | $211,600 |
| Nonfarm, nonresidential loans - <$100k | 22 | $822 | $37,364 |
| Nonfarm, nonresidential loans - $100-250k | 27 | $3,147 | $116,556 |
| Nonfarm, nonresidential loans - $250k-1MM | 36 | $14,017 | $389,361 |
| Commercial & Industrial, US addressed loans - <$1MM | 127 | $6,494 | $51,134 |
| Commercial & Industrial, US addressed loans - <$100k | 103 | $2,146 | $20,835 |
| Commercial & Industrial, US addressed loans - $100-250k | 12 | $1,254 | $104,500 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 12 | $3,094 | $257,833 |
| Farmland loans - <$1MM | 44 | $5,587 | $126,977 |
| Farmland loans - <$100k | 16 | $568 | $35,500 |
| Farmland loans - $100-250k | 19 | $2,456 | $129,263 |
| Farmland loans - $250k-1MM | 9 | $2,563 | $284,778 |
| Agriculture operations loans - <$1MM | 161 | $13,429 | $83,410 |
| Agriculture operations loans - <$100k | 97 | $2,736 | $28,206 |
| Agriculture operations loans - $100-250k | 32 | $3,475 | $108,594 |
| Agriculture operations loans - $250k-1MM | 32 | $7,218 | $225,563 |