First Security Bank Mortgage Rates, Fees & Info

Mackinaw, IL

LEI: 254900QUKN0IZ6XQZY33

Tax ID: 37-0395345

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Mortgage Data

Bank Data

Review & Overview

First Security Bank is a smaller bank specializing in Home Purchase and Refi loans. First Security Bank has a high proportion of conventional loans. Their top two markets are Peoria and Bloomington .

First Security 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.

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Originations

30

Origination Dollar Volume (All Markets)

$5,450,000

Employee count

20

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
PEORIA, IL (FHA|USDA|VA) 20 $4,570,000 $228,500 $0 0.00%
BLOOMINGTON, IL (FHA|USDA|VA) 10 $880,000 $88,000 $0 0.00%
First Security Bank's top markets include Peoria and Bloomington among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 30 $5,450,000 $181,667 $0 0.00%

    For 2020, First Security Bank's most frequently originated type of loan was Conventional, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 20 $2,460,000 $123,000 $0 0.00%
    Refi 7 $2,625,000 $375,000 $0 0.00%
    Cash Out Refi 2 $260,000 $130,000 $0 0.00%
    Home Improvement 1 $105,000 $105,000 $0 0.00%

    For 2020, First Security Bank's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 30 $5,450,000 $181,667 $0 0.00%

    For 2020, First Security Bank's most frequently cited loan duration was Other, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 14 $1,850,000 $132,143 $0 0.00%
    $100,000 or less 12 $850,000 $70,833 $0 0.00%
    $200k-400k 3 $645,000 $215,000 $0 0.00%
    $1MM+ 1 $2,105,000 $2,105,000 $0 0.00%

    2020 saw First Security Bank place emphasis on $100k-200k loans with 14 originations, totaling $1,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 6 $880,000 $146,667 $0 0.00%
    $50k or less 6 $560,000 $93,333 $0 0.00%
    $75k-100k 5 $715,000 $143,000 $0 0.00%
    $100k-150k 4 $470,000 $117,500 $0 0.00%

    First Security Bank lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $50k or less, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 30 $5,450,000 $181,667 $0 0.00%

    First Security Bank lent most frequently to those with DTI ratios of Exempt%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 9 $2,825,000 $313,889 $0 0.00%
    White 21 $2,625,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.06%

    First Security Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.00%

    First Security Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 30 $5,450,000 $181,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $230,000 $115,000
    Single Family (1-4 Units):Site-Built 28 $5,220,000 $186,429

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 13.3%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Struggling to pay mortgage 1 6.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Security Bank #2 Bradford Drive Mackinaw, IL 61755 Full Service B&M $8,889
    First Security Bank 101 East Fast Street Mackinaw, IL 61755 Full Service B&M $38,738
    First Security Bank 116 East Exchange Danvers, IL 61732 Full Service B&M $21,469
    First Security Bank 201 East First Street Deer Creek, IL 61733 Full Service B&M $9,319

    For 2020, First Security Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,535
    Net interest income $2,915
    Total noninterest income $196
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $29
    Trading account gains and fees $0
    Additional Noninterest Income $167
    Pre-tax net operating income $138
    Securities gains (or losses, -) $7
    Income before extraordinary items $145
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $145
    Minority interest net income $0
    Net income $145
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $138

    First Security Bank's gross interest income from loans was $3,535,000.
    First Security Bank's net interest income from loans was $2,915,000.
    First Security Bank's fee based income from loans was $29,000.
    First Security Bank's net income from loans was $145,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $620
    Provision for credit losses $686
    Total noninterest expense $2,287
    Salaries and employee benefits $1,276
    Premises and equipment expense $275
    Additional noninterest expense $736
    Applicable income taxes $0
    Net charge-offs $1,249
    Cash dividends $120

    First Security Bank's interest expense for loans was $620,000.
    First Security Bank's payroll and benefits expense were $1,276,000.
    First Security Bank's property, plant and equipment expenses $275,000.

    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 $80,605
    Deposits held in domestic offices $80,605
    Deposits by Individuals, partnerships, and corporations $60,511
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $20,094
    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 $28,255
    Demand deposits $15,151
    Nontransaction accounts $52,350
    Money market deposit accounts (MMDAs) $16,311
    Other savings deposits (excluding MMDAs) $10,076
    Total time deposits $25,963
    Total time and savings deposits $65,454
    Noninterest-bearing deposits $15,269
    Interest-bearing deposits $65,336
    Retail deposits $75,178
    IRAs and Keogh plan accounts $217
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $94,119
    Cash & Balances due from depository institutions $17,703
    Interest-bearing balances $16,094
    Total securities $2,393
    Federal funds sold & reverse repurchase $233
    Net loans and leases $69,720
    Loan and leases loss allowance $299
    Trading account assets $0
    Bank premises and fixed assets $1,043
    Other real estate owned $0
    Goodwill and other intangibles $615
    All other assets $2,412

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $94,119
    Total Liabilities $85,644
    Total deposits $80,605
    Interest-bearing deposits $65,336
    Deposits held in domestic offices $80,605
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,500
    Subordinated debt $0
    All other liabilities $539

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $69,720
    Loan and leases loss allowance $299
    Total loans and leases (domestic) $70,019
    All real estate loans $46,328
    Real estate loans in domestic offices $46,328
    Construction and development loans $1,313
    Residential 1-4 family construction $1,313
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $3,065
    Nonfarm nonresidential secured by owner-occupied properties $2,826
    Commercial real estate & other non-farm, non-residential $239
    Multifamily residential real estate $1,395
    1-4 family residential loans $16,223
    Farmland loans $24,332
    Loans held in foreign offices $0
    Farm loans $16,187
    Commercial and industrial loans $6,188
    To non-U.S. addressees $0
    Loans to individuals $404
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $300
    Other loans to individuals $104
    All other loans & leases $912
    Loans to foreign governments and official institutions $0
    Other loans $801
    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

    First Security Bank had $69,720,000 of loans outstanding in 2020. $46,328,000 of loans were in real estate loans. $1,313,000 of loans were in development loans. $1,395,000 of loans were in multifamily mortgage loans. $16,223,000 of loans were in 1-4 family mortgage loans. $16,187,000 of loans were in farm loans. $0 of loans were in credit card loans. $300,000 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 21 $2,690 $128,095
    Nonfarm, nonresidential loans - <$100k 12 $404 $33,667
    Nonfarm, nonresidential loans - $100-250k 3 $305 $101,667
    Nonfarm, nonresidential loans - $250k-1MM 6 $1,981 $330,167
    Commercial & Industrial, US addressed loans - <$1MM 66 $3,993 $60,500
    Commercial & Industrial, US addressed loans - <$100k 47 $1,262 $26,851
    Commercial & Industrial, US addressed loans - $100-250k 13 $1,252 $96,308
    Commercial & Industrial, US addressed loans - $250k-1MM 6 $1,479 $246,500
    Farmland loans - <$1MM 42 $7,845 $186,786
    Farmland loans - <$100k 6 $292 $48,667
    Farmland loans - $100-250k 22 $3,126 $142,091
    Farmland loans - $250k-1MM 14 $4,427 $316,214
    Agriculture operations loans - <$1MM 70 $6,996 $99,943
    Agriculture operations loans - <$100k 38 $906 $23,842
    Agriculture operations loans - $100-250k 18 $2,224 $123,556
    Agriculture operations loans - $250k-1MM 14 $3,866 $276,143