The First State Bank Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 254900V16AQ21JMLXX78

Tax ID: 73-0242040

5 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The First State Bank is a smaller bank specializing in Home Purchase and Refi loans. The First State Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Oklahoma City, Napa, Dallas, Tulsa, and Palm Bay among others. The First State Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. The First State Bank is typically an average fee lendor.


Originations

289

Origination Dollar Volume (All Markets)

$84,995,000

Awards

The First State Bank 30 Year Conventional Loans bronze The First State Bank 30 Year Conventional Loans bronze The First State Bank FHA Loans silver The First State Bank VA Loans bronze
Show all (4) awards

Relative Rate

The First State Bank's average 30 year fixed rate mortgage of loans were 2.95%.

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

This yields a difference of -0.2%.

Relative Fees

The First State Bank's average total fees for a 30 year fixed rate mortgage are $4,625.

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
OKLAHOMA CITY, OK (FHA|USDA|VA) 266 $76,330,000 $286,955 $4,396 3.08%
NAPA, CA (FHA|USDA|VA) 1 $2,605,000 $2,605,000 $0 3.85%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $2,175,000 $435,000 $5,200 2.98%
TULSA, OK (FHA|USDA|VA) 3 $865,000 $288,333 $3,774 2.92%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,673 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $365,000 $365,000 $8,527 3.00%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $335,000 $335,000 $8,665 2.88%
Tahlequah, OK (FHA|USDA|VA) 1 $305,000 $305,000 $5,329 2.38%
OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,031 2.75%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $205,000 $205,000 $4,031 3.38%
Shawnee, OK (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
Stillwater, OK (FHA|USDA|VA) 1 $195,000 $195,000 $7,586 2.38%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $155,000 $155,000 $1,931 2.38%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.10%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $135,000 $135,000 $3,672 2.88%
GREENVILLE, NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,291 3.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,171 4.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $115,000 $115,000 $3,395 3.88%

The First State Bank's top markets include Oklahoma City, Napa, Dallas, Tulsa, and Palm Bay among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 231 $69,245,000 $299,762 $3,503 3.18%
VA 29 $9,055,000 $312,241 $7,519 2.56%
FHA 28 $6,480,000 $231,429 $7,589 2.84%
USDA 1 $215,000 $215,000 $5,138 2.38%

For the 2021 period, The First State Bank's most frequently originated loan type of loans were Conventional, with 231 originations. Their 2nd most popular type is VA, with 29 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 170 $46,620,000 $274,235 $4,995 3.02%
Refi 82 $23,630,000 $288,171 $3,336 3.17%
Cash Out Refi 34 $13,770,000 $405,000 $3,639 3.10%
Home Improvement 2 $250,000 $125,000 $0 4.55%
Other 1 $725,000 $725,000 $0 4.00%

For the 2021, The First State Bank's most frequently cited loan purpose of loans were Home Purchase, with 170 originations. The 2nd most popular reason of loans were Refi, with 82 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 213 $57,725,000 $271,009 $4,625 2.95%
15 Year 33 $8,125,000 $246,212 $3,414 2.36%
5 Year 24 $9,590,000 $399,583 $0 4.44%
Other 7 $4,845,000 $692,143 $916 4.39%
3 Year 5 $2,725,000 $545,000 $5,051 4.50%
20 Year 3 $1,095,000 $365,000 $3,590 2.92%
1 Year 3 $655,000 $218,333 $1,435 4.37%
10 Year 1 $235,000 $235,000 $2,853 2.25%

For the 2021, The First State Bank's most frequently cited loan length of loans were 30 Year, with 213 originations. The 2nd most popular length of loans were 15 Year, with 33 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 240 $65,870,000 $274,458
$2k-3k 6 $1,400,000 $233,333
$<1k 3 $515,000 $171,667
$3k-4k 3 $715,000 $238,333
$5k+ 1 $215,000 $215,000

$4,625 of loans were The First State Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 240 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 113 $31,215,000 $276,239
3-4% 88 $28,560,000 $324,545
<2.5% 54 $14,010,000 $259,444
4-5% 33 $10,875,000 $329,545
5-6% 1 $335,000 $335,000

During 2021, The First State Bank's average interest rate of loans were 2.95%, while their most frequently originated rate bucket of loans were 2.5-3%, with 113 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 159 $44,885,000 $282,296 $4,896 2.97%
$100k-200k 74 $11,530,000 $155,811 $3,398 3.07%
$400k-600k 29 $14,315,000 $493,621 $4,568 2.81%
$100,000 or less 20 $1,520,000 $76,000 $3,222 4.08%
$1MM+ 5 $11,045,000 $2,209,000 $5,051 4.07%
$600k-1MM 2 $1,700,000 $850,000 $0 4.25%

2021 saw The First State Bank place emphasis on $200k-400k loans with 159 originations, totaling $44,885,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$75k-100k 56 $13,950,000 $249,107 $5,248 2.95%
$50k-75k 55 $11,955,000 $217,364 $4,906 2.78%
$100k-150k 54 $15,680,000 $290,370 $4,059 2.93%
$150k-250k 45 $15,285,000 $339,667 $3,843 3.00%
$50k or less 23 $3,935,000 $171,087 $4,088 2.83%
$250k+ 21 $10,215,000 $486,429 $3,530 2.99%

The First State Bank lent most frequently to those with incomes in the $75k-100k range, with 56 originations. The second most popular income band? $50k-75k, with 55 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 66 $17,880,000 $270,909 $3,801 2.87%
30-36% 36 $10,890,000 $302,500 $4,259 2.86%
<20% 26 $6,770,000 $260,385 $3,249 3.11%
44% 15 $3,905,000 $260,333 $4,231 2.83%
40% 11 $2,535,000 $230,455 $4,543 2.89%
41% 11 $3,385,000 $307,727 $4,256 2.86%
50-60% 10 $2,710,000 $271,000 $9,145 2.73%
43% 10 $2,560,000 $256,000 $4,357 2.93%
42% 9 $2,235,000 $248,333 $6,073 3.01%
38% 8 $2,420,000 $302,500 $4,819 2.97%
46% 8 $1,880,000 $235,000 $5,054 3.00%
47% 8 $1,970,000 $246,250 $4,775 2.95%
45% 7 $2,195,000 $313,571 $4,365 2.88%
49% 7 $1,965,000 $280,714 $4,910 2.82%
48% 7 $2,055,000 $293,571 $5,527 3.05%
37% 5 $1,155,000 $231,000 $5,460 3.10%
39% 4 $3,650,000 $912,500 $4,927 3.15%
36% 4 $1,190,000 $297,500 $3,832 3.13%

The First State Bank lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? 30-36%, with 36 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 223 $63,465,000 $284,596 $4,364 2.90%
Not applicable 32 $12,230,000 $382,188 $0 4.47%
Black 16 $4,190,000 $261,875 $4,777 3.05%
Asian 15 $4,145,000 $276,333 $5,139 2.83%
Asian Indian 1 $525,000 $525,000 $2,893 2.63%
Not provided 1 $265,000 $265,000 $3,630 3.38%
American Indian 1 $175,000 $175,000 $2,995 3.50%

Approval Rates

Total approvals of all applications
96.81%

The First State 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
91.16%

The First State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 289 $84,995,000 $294,100

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
289 $84,995,000 $294,100

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 6 $1,870,000 $311,667 $2,763 3.88%
40-60% 25 $7,175,000 $287,000 $3,384 3.13%
60-80% 107 $34,875,000 $325,935 $3,505 3.21%
80-100% 138 $37,450,000 $271,377 $4,612 2.94%
Over 100% 10 $3,010,000 $301,000 $13,277 2.75%
Under 20% 3 $615,000 $205,000 $916 4.45%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The First State Bank 2600 South Douglas Boulevard Midwest City, OK 73130 Full Service B&M $54,970
The First State Bank 3030 Nw Expressway Suite 1 Oklahoma City, OK 73112 Full Service B&M $261,172
The First State Bank 612 Willard Avenue Canute, OK 73626 Full Service B&M $31,282

For 2021, The First State Bank had 3 branches.

Yearly Performance Overview