1st State Financial Ltd. Mortgage Rates, Fees & Info
Saginaw, MILEI: 254900N51OM1EJ4TQZ22
Tax ID: 20-0851456
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Review & Overview
1st State Financial Ltd. is a smaller mortgage company specializing in Home Purchase and Refi loans. 1st State Financial Ltd. has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, Traverse City, and Flint among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)1st State Financial Ltd. has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.37% | 11/21/24 |
| 30 Year Conventional Refi | 6.28% | 11/21/24 |
| 30 Year Cash-out Refi | 6.42% | 11/21/24 |
| 30 Year USDA Purchase | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.99% | 11/21/24 |
| 15 Year Conventional Refi | 5.78% | 11/21/24 |
| 15 Year Cash-out Refi | 5.78% | 11/21/24 |
| 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. | ||
1st State Financial Ltd. Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
302Origination Dollar Volume (All Markets)
$47,650,000Employee count
62Top 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 |
|---|---|---|---|---|---|
| SAGINAW, MI (FHA|USDA|VA) | 117 | $16,355,000 | $139,786 | $0 | 0.00% |
| BAY CITY, MI (FHA|USDA|VA) | 74 | $11,780,000 | $159,189 | $0 | 0.00% |
| Outside of Metro Areas | 36 | $5,990,000 | $166,389 | $0 | 0.00% |
| MIDLAND, MI (FHA|USDA|VA) | 41 | $5,945,000 | $145,000 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 5 | $1,955,000 | $391,000 | $0 | 0.00% |
| FLINT, MI (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 4 | $570,000 | $142,500 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Cadillac, MI (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $0 | 0.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 299 | $47,255,000 | $158,043 | $0 | 0.00% |
| USDA | 3 | $395,000 | $131,667 | $0 | 0.00% |
For 2019, 1st State Financial Ltd.'s most frequently originated type of loan was Conventional, with 299 originations. Their 2nd most popular type was USDA, with 3 originations.
Loan Reason
For 2019, 1st State Financial Ltd.'s most frequently cited loan purpose was Home Purchase, with 158 originations. The 2nd most popular reason was Refi, with 85 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 302 | $47,650,000 | $157,781 | $0 | 0.00% |
For 2019, 1st State Financial Ltd.'s most frequently cited loan duration was Other, with 302 originations.
Loan Sizing
2019 saw 1st State Financial Ltd. place emphasis on $100,000 or less loans with 120 originations, totaling $7,190,000 in origination value.
Applicant Income
1st State Financial Ltd. lent most frequently to those with incomes in the $150k-250k range, with 55 originations. The second most popular income band? $50k-75k, with 54 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 302 | $47,650,000 | $157,781 | $0 | 0.00% |
1st State Financial Ltd. lent most frequently to those with DTI ratios of Exempt%, with 302 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.48%
1st State Financial Ltd. has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 302 | $47,650,000 | $157,781 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Southwest Stage Funding | FHA mortgage | Closing on a mortgage | 1 | 10.0% |
| Southwest Stage Funding | Conventional home mortgage | Trouble during payment process | 4 | 40.0% |
| Southwest Stage Funding | Conventional home mortgage | Struggling to pay mortgage | 1 | 10.0% |
| Southwest Stage Funding | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 10.0% |
| Southwest Stage Funding | Other type of mortgage | Trouble during payment process | 2 | 20.0% |
| Southwest Stage Funding | Other type of mortgage | Closing on a mortgage | 1 | 10.0% |
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 | $18,206 |
| 1st State Bank | 400 Ashman St Midland, MI 48640 | Full Service B&M | $9,654 |
| 1st State Bank | 4800 Fashion Square Boulevard, Suite 100 Saginaw, MI 48604 | Full Service B&M | $159,255 |
| 1st State Bank | 5424 State Street Saginaw, MI 48603 | Full Service B&M | $22,745 |
| 1st State Bank | 601 North Madison Avenue Bay City, MI 48708 | Full Service B&M | $23,240 |
For 2019, 1st State Financial Ltd. had 5 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $13,137 |
| Net interest income | $11,546 |
| Total noninterest income | $1,536 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $219 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,317 |
| Pre-tax net operating income | $3,715 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $2,928 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,928 |
| Minority interest net income | $0 |
| Net income | $2,928 |
| Sale, conversion, retirement of capital stock, net | $53 |
| Net operating income | $2,928 |
1st State Financial Ltd.'s gross interest income from loans was $13,137,000.
1st State Financial Ltd.'s net interest income from loans was $11,546,000.
1st State Financial Ltd.'s fee based income from loans was $219,000.
1st State Financial Ltd.'s net income from loans was $2,928,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,591 |
| Provision for credit losses | $995 |
| Total noninterest expense | $8,372 |
| Salaries and employee benefits | $4,863 |
| Premises and equipment expense | $866 |
| Additional noninterest expense | $2,643 |
| Applicable income taxes | $787 |
| Net charge-offs | $698 |
| Cash dividends | $220 |
1st State Financial Ltd.'s interest expense for loans was $1,591,000.
1st State Financial Ltd.'s payroll and benefits expense were $4,863,000.
1st State Financial Ltd.'s property, plant and equipment expenses $866,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 2.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 2.0% |
| Multifamily residential loans | 10.0% |
| 1-4 family residential loans | 3.0% |
| HELOC loans | 0.0% |
| All other family | 5.0% |
| Commercial & industrial loans | 1.0% |
| 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 | $276,753 |
| Deposits held in domestic offices | $276,753 |
| Deposits by Individuals, partnerships, and corporations | $240,955 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $35,549 |
| Deposits by Commercial banks and other depository institutions in U.S. | $249 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $150,357 |
| Demand deposits | $115,001 |
| Nontransaction accounts | $126,396 |
| Money market deposit accounts (MMDAs) | $101,104 |
| Other savings deposits (excluding MMDAs) | $8,716 |
| Total time deposits | $16,576 |
| Total time and savings deposits | $161,752 |
| Noninterest-bearing deposits | $110,481 |
| Interest-bearing deposits | $166,272 |
| Retail deposits | $272,938 |
| IRAs and Keogh plan accounts | $2,293 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $323,664 |
| Cash & Balances due from depository institutions | $89,551 |
| Interest-bearing balances | $82,937 |
| Total securities | $2,797 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $212,850 |
| Loan and leases loss allowance | $3,162 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $14,836 |
| Other real estate owned | $159 |
| Goodwill and other intangibles | $1,072 |
| All other assets | $2,399 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $323,664 |
| Total Liabilities | $294,379 |
| Total deposits | $276,753 |
| Interest-bearing deposits | $166,272 |
| Deposits held in domestic offices | $276,753 |
| % insured (estimated) | $51 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $16,500 |
| Subordinated debt | $0 |
| All other liabilities | $1,126 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $212,850 |
| Loan and leases loss allowance | $3,162 |
| Total loans and leases (domestic) | $216,012 |
| All real estate loans | $114,083 |
| Real estate loans in domestic offices | $114,083 |
| Construction and development loans | $8,387 |
| Residential 1-4 family construction | $2,334 |
| Other construction, all land development and other land | $6,053 |
| Loans secured by nonfarm nonresidential properties | $81,355 |
| Nonfarm nonresidential secured by owner-occupied properties | $58,086 |
| Commercial real estate & other non-farm, non-residential | $23,269 |
| Multifamily residential real estate | $1,354 |
| 1-4 family residential loans | $22,987 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $100,907 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $562 |
| Credit card loans | $0 |
| Related Plans | $186 |
| Consumer Auto Loans | $83 |
| Other loans to individuals | $293 |
| All other loans & leases | $473 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $230 |
| 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 $212,850,000 of loans outstanding in 2019. $114,083,000 of loans were in real estate loans. $8,387,000 of loans were in development loans. $1,354,000 of loans were in multifamily mortgage loans. $22,987,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $83,000 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 | 254 | $52,529 | $206,807 |
| Nonfarm, nonresidential loans - <$100k | 62 | $2,950 | $47,581 |
| Nonfarm, nonresidential loans - $100-250k | 92 | $11,956 | $129,957 |
| Nonfarm, nonresidential loans - $250k-1MM | 100 | $37,623 | $376,230 |
| Commercial & Industrial, US addressed loans - <$1MM | 588 | $53,095 | $90,298 |
| Commercial & Industrial, US addressed loans - <$100k | 312 | $8,318 | $26,660 |
| Commercial & Industrial, US addressed loans - $100-250k | 143 | $11,619 | $81,252 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 133 | $33,158 | $249,308 |