1st State Financial Ltd. Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 254900N51OM1EJ4TQZ22

Tax ID: 20-0851456

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

1st State Financial Ltd. is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. 1st State Financial Ltd. has a high proportion of conventional loans. Their top markets include Saginaw, Bay City, Midland, Detroit, and Lansing among others. 1st State Financial Ltd. has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. 1st State Financial Ltd. is typically a low fee lendor.


Originations

512

Origination Dollar Volume (All Markets)

$100,510,000

Employee count

69 Show all (8) awards

Relative Rate

1st State Financial Ltd.'s average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

1st State Financial Ltd.'s average total fees for a 30 year fixed rate mortgage are $2,297.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SAGINAW, MI (FHA|USDA|VA) 201 $41,415,000 $206,045 $2,122 2.82%
BAY CITY, MI (FHA|USDA|VA) 122 $19,460,000 $159,508 $1,985 2.76%
MIDLAND, MI (FHA|USDA|VA) 71 $14,195,000 $199,930 $2,346 3.15%
Outside of Metro Areas 53 $10,275,000 $193,868 $2,234 2.65%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 12 $2,580,000 $215,000 $2,377 2.79%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 9 $2,095,000 $232,778 $2,055 2.84%
FLINT, MI (FHA|USDA|VA) 10 $1,580,000 $158,000 $2,207 3.04%
Traverse City, MI (FHA|USDA|VA) 4 $1,530,000 $382,500 $2,465 2.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $1,175,000 $235,000 $2,132 2.83%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,055,000 $351,667 $4,255 2.96%
Mount Pleasant, MI (FHA|USDA|VA) 7 $975,000 $139,286 $2,010 2.75%
Calhoun, GA (FHA|USDA|VA) 1 $775,000 $775,000 $0 2.14%
JACKSON, MI (FHA|USDA|VA) 3 $725,000 $241,667 $2,034 2.71%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $545,000 $545,000 $4,320 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,791 2.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $360,000 $180,000 $0 4.45%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,170 2.50%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,796 2.88%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $215,000 $215,000 $2,685 2.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $205,000 $205,000 $2,875 2.50%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.50%
Alma, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,835 2.38%

1st State Financial Ltd.'s top markets include Saginaw, Bay City, Midland, Detroit, and Lansing among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 512 $100,510,000 $196,309 $2,162 2.84%

For the 2021 period, 1st State Financial Ltd.'s most frequently originated loan type of loans were Conventional, with 512 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 201 $37,375,000 $185,945 $2,451 3.04%
Refi 166 $38,730,000 $233,313 $1,830 2.74%
Cash Out Refi 125 $21,085,000 $168,680 $2,165 2.63%
Other 11 $2,345,000 $213,182 $2,481 2.77%
Home Improvement 9 $975,000 $108,333 $1,540 3.31%

For the 2021, 1st State Financial Ltd.'s most frequently cited loan purpose of loans were Home Purchase, with 201 originations. The 2nd most popular reason of loans were Refi, with 166 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 294 $53,580,000 $182,245 $2,297 3.04%
15 Year 146 $24,990,000 $171,164 $2,024 2.28%
20 Year 34 $6,070,000 $178,529 $1,884 2.67%
5 Year 15 $11,965,000 $797,667 $0 4.45%
10 Year 14 $2,160,000 $154,286 $1,882 2.13%
Other 9 $1,745,000 $193,889 $1,038 4.15%

For the 2021, 1st State Financial Ltd.'s most frequently cited loan length of loans were 30 Year, with 294 originations. The 2nd most popular length of loans were 15 Year, with 146 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 371 $67,345,000 $181,523
$1k-2k 36 $8,000,000 $222,222
$2k-3k 12 $3,910,000 $325,833
$3k-4k 2 $910,000 $455,000

$2,297 of loans were 1st State Financial Ltd.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 371 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 199 $37,655,000 $189,221
2.5-3% 198 $32,670,000 $165,000
3-4% 76 $21,930,000 $288,553
4-5% 32 $7,700,000 $240,625
5-6% 7 $555,000 $79,286

During 2021, 1st State Financial Ltd.'s average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were <2.5%, with 199 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 210 $30,740,000 $146,381 $1,971 2.82%
$100,000 or less 139 $10,015,000 $72,050 $1,723 2.87%
$200k-400k 131 $35,165,000 $268,435 $2,390 2.75%
$400k-600k 27 $13,235,000 $490,185 $3,771 3.09%
$600k-1MM 3 $2,145,000 $715,000 $5,379 3.63%
$1MM+ 2 $9,210,000 $4,605,000 $0 3.75%

2021 saw 1st State Financial Ltd. place emphasis on $100k-200k loans with 210 originations, totaling $30,740,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 126 $20,740,000 $164,603 $2,061 2.74%
$50k-75k 91 $12,765,000 $140,275 $1,953 2.83%
$75k-100k 82 $14,390,000 $175,488 $2,126 2.74%
$50k or less 73 $6,915,000 $94,726 $1,856 2.86%
$150k-250k 72 $16,410,000 $227,917 $2,569 2.82%
$250k+ 45 $15,025,000 $333,889 $2,901 2.82%

1st State Financial Ltd. lent most frequently to those with incomes in the $100k-150k range, with 126 originations. The second most popular income band? $50k-75k, with 91 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 167 $28,355,000 $169,790 $1,975 2.72%
30-36% 89 $16,165,000 $181,629 $2,305 2.94%
<20% 72 $13,570,000 $188,472 $2,389 2.66%
37% 18 $3,020,000 $167,778 $2,247 2.84%
36% 16 $2,700,000 $168,750 $1,924 2.91%
38% 16 $2,680,000 $167,500 $2,851 3.12%
40% 16 $2,300,000 $143,750 $1,974 2.64%
39% 13 $2,655,000 $204,231 $2,084 3.00%
43% 12 $1,670,000 $139,167 $2,076 2.68%
42% 11 $3,005,000 $273,182 $2,620 2.50%
44% 11 $1,775,000 $161,364 $2,053 2.74%
41% 10 $2,240,000 $224,000 $2,253 2.70%
45% 9 $1,425,000 $158,333 $1,871 2.75%
46% 9 $1,465,000 $162,778 $2,147 2.78%
47% 8 $1,860,000 $232,500 $1,989 2.61%
48% 7 $1,125,000 $160,714 $2,286 2.64%
49% 7 $865,000 $123,571 $1,640 2.61%
50-60% 1 $145,000 $145,000 $1,397 4.75%

1st State Financial Ltd. lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 89 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 454 $80,870,000 $178,128 $2,154 2.81%
Not applicable 13 $12,335,000 $948,846 $0 4.38%
Not provided 24 $3,440,000 $143,333 $2,025 2.65%
Asian 11 $2,505,000 $227,727 $3,169 2.45%
Black 9 $1,175,000 $130,556 $2,166 2.92%
American Indian 1 $185,000 $185,000 $1,921 2.75%

Approval Rates

Total approvals of all applications
93.48%

1st State Financial Ltd. has an average approval rate.

Pick Rate

Approvals leading to origination
99.38%

1st State Financial Ltd. has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
NA 512 $100,510,000 $196,309

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
512 $100,510,000 $196,309

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 37 $8,385,000 $226,622 $2,012 2.85%
40-60% 74 $18,280,000 $247,027 $1,965 2.63%
60-80% 259 $47,315,000 $182,683 $2,097 2.82%
80-100% 140 $26,480,000 $189,143 $2,398 2.93%
Under 20% 1 $15,000 $15,000 $200 5.50%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Southwest Stage Funding Conventional home mortgage Struggling to pay mortgage 1 14.3%
Southwest Stage Funding Other type of mortgage Closing on a mortgage 1 14.3%
Southwest Stage Funding FHA mortgage Trouble during payment process 1 14.3%
Southwest Stage Funding FHA mortgage Struggling to pay mortgage 3 42.9%
Southwest Stage Funding FHA mortgage Closing on a mortgage 1 14.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
1st State Bank 3907 Wilder Road Bay City, MI 48706 Full Service B&M $41,637
1st State Bank 400 Ashman St Midland, MI 48640 Full Service B&M $31,843
1st State Bank 4800 Fashion Square Boulevard, Suite 100 Saginaw, MI 48604 Full Service B&M $252,432
1st State Bank 5424 State Street Saginaw, MI 48603 Full Service B&M $31,840
1st State Bank 601 North Madison Avenue Bay City, MI 48708 Full Service B&M $38,279

For 2021, 1st State Financial Ltd. had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $14,985
Net interest income $14,595
Total noninterest income $2,706
Gross Fiduciary activities income $0
Service charges on deposit accounts $320
Trading account gains and fees $0
Additional Noninterest Income $2,386
Pre-tax net operating income $6,869
Securities gains (or losses, -) $-96
Income before extraordinary items $5,368
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,368
Minority interest net income $0
Net income $5,368
Sale, conversion, retirement of capital stock, net $73
Net operating income $5,443

1st State Financial Ltd.'s gross interest income from loans was $14,985,000.
1st State Financial Ltd.'s net interest income from loans was $14,595,000.
1st State Financial Ltd.'s fee based income from loans was $320,000.
1st State Financial Ltd.'s net income from loans was $5,368,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $390
Provision for credit losses $300
Total noninterest expense $10,132
Salaries and employee benefits $6,208
Premises and equipment expense $668
Additional noninterest expense $3,256
Applicable income taxes $1,405
Net charge-offs $133
Cash dividends $120

1st State Financial Ltd.'s interest expense for loans was $390,000.
1st State Financial Ltd.'s payroll and benefits expense were $6,208,000.
1st State Financial Ltd.'s property, plant and equipment expenses $668,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 3.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 2.0%
Multifamily residential loans 0.0%
1-4 family residential loans 4.0%
HELOC loans 0.0%
All other family 7.0%
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 $403,161
Deposits held in domestic offices $403,161
Deposits by Individuals, partnerships, and corporations $354,093
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $49,068
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 $254,309
Demand deposits $200,504
Nontransaction accounts $148,852
Money market deposit accounts (MMDAs) $119,768
Other savings deposits (excluding MMDAs) $19,044
Total time deposits $10,039
Total time and savings deposits $202,657
Noninterest-bearing deposits $192,649
Interest-bearing deposits $210,512
Retail deposits $399,721
IRAs and Keogh plan accounts $1,211
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $456,542
Cash & Balances due from depository institutions $124,229
Interest-bearing balances $119,453
Total securities $61,634
Federal funds sold & reverse repurchase $0
Net loans and leases $244,504
Loan and leases loss allowance $5,003
Trading account assets $0
Bank premises and fixed assets $13,988
Other real estate owned $23
Goodwill and other intangibles $2,005
All other assets $10,159

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $456,542
Total Liabilities $418,808
Total deposits $403,161
Interest-bearing deposits $210,512
Deposits held in domestic offices $403,161
% insured (estimated) $48
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $13,500
Subordinated debt $0
All other liabilities $2,147

Issued Loan Types

Type Value (in 000's)
Net loans and leases $244,504
Loan and leases loss allowance $5,003
Total loans and leases (domestic) $249,507
All real estate loans $143,736
Real estate loans in domestic offices $143,736
Construction and development loans $6,163
Residential 1-4 family construction $1,274
Other construction, all land development and other land $4,889
Loans secured by nonfarm nonresidential properties $110,355
Nonfarm nonresidential secured by owner-occupied properties $81,454
Commercial real estate & other non-farm, non-residential $28,901
Multifamily residential real estate $2,292
1-4 family residential loans $24,808
Farmland loans $118
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $104,949
To non-U.S. addressees $0
Loans to individuals $442
Credit card loans $0
Related Plans $128
Consumer Auto Loans $67
Other loans to individuals $247
All other loans & leases $438
Loans to foreign governments and official institutions $0
Other loans $284
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

1st State Financial Ltd. had $244,504,000 of loans outstanding in 2021. $143,736,000 of loans were in real estate loans. $6,163,000 of loans were in development loans. $2,292,000 of loans were in multifamily mortgage loans. $24,808,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $67,000 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 287 $64,079 $223,272
Nonfarm, nonresidential loans - <$100k 62 $3,049 $49,177
Nonfarm, nonresidential loans - $100-250k 103 $13,165 $127,816
Nonfarm, nonresidential loans - $250k-1MM 122 $47,865 $392,336
Commercial & Industrial, US addressed loans - <$1MM 640 $54,503 $85,161
Commercial & Industrial, US addressed loans - <$100k 354 $10,535 $29,760
Commercial & Industrial, US addressed loans - $100-250k 148 $11,568 $78,162
Commercial & Industrial, US addressed loans - $250k-1MM 138 $32,400 $234,783
Farmland loans - <$1MM 1 $118 $118,000
Farmland loans - $100-250k 1 $118 $118,000