The First State Bank Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 254900V16AQ21JMLXX78

Tax ID: 73-0242040

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Mortgage Data

Bank Data

Review & Overview

The First State Bank is a smaller bank specializing in Home Purchase 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 by origination volume include: Oklahoma City, Tulsa, Miami, Dallas, and Stillwater among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

The First State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The 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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Originations

342

Origination Dollar Volume (All Markets)

$73,650,000

Employee count

52

Awards

The First State Bank FHA Loans bronze The First State Bank FHA Loans silver
Show all (2) awards

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
OKLAHOMA CITY, OK (FHA|USDA|VA) 286 $59,450,000 $207,867 $4,217 4.96%
TULSA, OK (FHA|USDA|VA) 24 $4,480,000 $186,667 $5,003 4.81%
Outside of Metro Areas 9 $2,375,000 $263,889 $3,754 4.58%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,415,000 $1,415,000 $0 5.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $945,000 $315,000 $7,674 4.79%
Stillwater, OK (FHA|USDA|VA) 3 $805,000 $268,333 $3,854 4.79%
LAWTON, OK (FHA|USDA|VA) 3 $585,000 $195,000 $6,783 4.46%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $545,000 $545,000 $0 4.75%
AMARILLO, TX (FHA|USDA|VA) 1 $455,000 $455,000 $6,801 5.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $445,000 $445,000 $3,781 4.88%
JACKSON, MS (FHA|USDA|VA) 1 $415,000 $415,000 $3,638 4.63%
Shawnee, OK (FHA|USDA|VA) 3 $405,000 $135,000 $2,751 5.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $315,000 $315,000 $4,666 4.75%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $295,000 $295,000 $3,181 4.75%
Muskogee, OK (FHA|USDA|VA) 1 $235,000 $235,000 $5,497 4.63%
Weatherford, OK (FHA|USDA|VA) 1 $205,000 $205,000 $1,399 6.25%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $155,000 $155,000 $2,249 4.88%
Tahlequah, OK (FHA|USDA|VA) 1 $125,000 $125,000 $3,335 4.75%
The First State Bank's top markets include Oklahoma City, Tulsa, Miami, Dallas, and Stillwater among others.

Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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    Tulsa Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 225 $50,155,000 $222,911 $3,140 5.13%
    FHA 79 $12,775,000 $161,709 $5,698 4.59%
    VA 34 $10,320,000 $303,529 $6,775 4.54%
    USDA 4 $400,000 $100,000 $4,213 4.34%

    For 2018, The First State Bank's most frequently originated type of loan was Conventional, with 225 originations. Their 2nd most popular type was FHA, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 283 $55,865,000 $197,403 $4,424 4.79%
    Refi 34 $13,060,000 $384,118 $2,156 5.95%
    Cash Out Refi 22 $4,490,000 $204,091 $4,565 5.13%
    Home Improvement 3 $235,000 $78,333 $655 6.42%

    For 2018, The First State Bank's most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 241 $50,105,000 $207,905 $4,636 4.68%
    5 Year 26 $5,180,000 $199,231 $283 6.06%
    Other 24 $10,180,000 $424,167 $1,121 6.09%
    3 Year 20 $1,830,000 $91,500 $0 5.50%
    15 Year 19 $3,955,000 $208,158 $3,523 4.34%
    1 Year 6 $1,270,000 $211,667 $2,350 5.88%
    20 Year 4 $930,000 $232,500 $2,982 4.50%
    10 Year 2 $200,000 $100,000 $0 6.38%

    For 2018, The First State Bank's most frequently cited loan duration was 30 Year, with 241 originations. The 2nd most popular length was 5 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 176 $34,250,000 $194,602
    $1k-2k 101 $23,175,000 $229,455
    $2k-3k 3 $845,000 $281,667
    $3k-4k 2 $340,000 $170,000
    $4k-5k 1 $315,000 $315,000
    $5k+ 1 $455,000 $455,000

    The First State Bank's average total fees were $4,636, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 176 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 216 $45,620,000 $211,204
    5-6% 81 $20,345,000 $251,173
    6-7% 24 $3,290,000 $137,083
    3-4% 18 $3,620,000 $201,111
    7-8% 2 $660,000 $330,000
    Over 8% 1 $115,000 $115,000

    During 2018, The First State Bank's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 216 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 144 $21,040,000 $146,111 $4,206 4.82%
    $200k-400k 95 $25,265,000 $265,947 $4,658 4.79%
    $100,000 or less 71 $4,785,000 $67,394 $2,870 5.41%
    $400k-600k 25 $11,095,000 $443,800 $5,796 4.74%
    $1MM+ 6 $10,700,000 $1,783,333 $2,615 5.71%
    $600k-1MM 1 $765,000 $765,000 $13,726 4.50%

    2018 saw The First State Bank place emphasis on $100k-200k loans with 144 originations, totaling $21,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 77 $9,835,000 $127,727 $4,124 4.70%
    $50k-75k 76 $13,070,000 $171,974 $4,666 4.77%
    $75k-100k 46 $10,670,000 $231,957 $5,000 4.65%
    $100k-150k 41 $9,645,000 $235,244 $4,045 4.84%
    $150k-250k 37 $11,145,000 $301,216 $4,438 4.82%
    $250k+ 26 $7,200,000 $276,923 $2,206 5.92%

    The First State Bank lent most frequently to those with incomes in the $50k or less range, with 77 originations. The second most popular income band? $50k-75k, with 76 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 49 $9,285,000 $189,490 $3,652 4.90%
    30-36% 47 $10,105,000 $215,000 $4,105 4.65%
    50-60% 40 $8,020,000 $200,500 $5,994 4.59%
    <20% 24 $5,580,000 $232,500 $1,813 5.56%
    40% 13 $2,515,000 $193,462 $4,686 4.74%
    49% 13 $2,775,000 $213,462 $5,840 4.56%
    42% 12 $2,830,000 $235,833 $4,650 4.94%
    43% 12 $3,160,000 $263,333 $4,443 4.91%
    48% 12 $2,050,000 $170,833 $4,579 4.78%
    47% 10 $1,950,000 $195,000 $4,117 4.58%
    >60% 10 $1,610,000 $161,000 $4,303 6.40%
    38% 9 $1,445,000 $160,556 $4,062 4.60%
    46% 9 $1,785,000 $198,333 $5,108 4.97%
    41% 8 $1,520,000 $190,000 $5,304 4.69%
    45% 8 $1,180,000 $147,500 $3,469 4.70%
    44% 7 $1,415,000 $202,143 $5,082 4.84%
    36% 7 $1,535,000 $219,286 $3,770 4.68%
    37% 7 $1,545,000 $220,714 $3,239 4.59%
    39% 6 $1,260,000 $210,000 $4,050 4.56%

    The First State Bank lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 248 $51,590,000 $208,024 $4,294 4.83%
    Not applicable 39 $12,085,000 $309,872 $0 5.66%
    Asian 22 $5,380,000 $244,545 $4,344 4.70%
    Black 27 $3,385,000 $125,370 $4,587 5.17%
    American Indian 5 $755,000 $151,000 $3,281 4.78%
    Asian Indian 1 $455,000 $455,000 $4,449 4.25%

    Approval Rates

    Total approvals of all applications
    95.48%

    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
    89.18%

    The First State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 342 $73,650,000 $215,351

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $2,525,000 $841,667
    Single Family (1-4 Units):Site-Built 339 $71,125,000 $209,808

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $3,075,000 $180,882 $1,989 6.23%
    40-60% 25 $6,415,000 $256,600 $3,239 5.24%
    60-80% 68 $17,740,000 $260,882 $3,801 4.91%
    80-100% 211 $43,645,000 $206,848 $4,582 4.73%
    Over 100% 8 $1,780,000 $222,500 $8,416 4.86%
    Under 20% 12 $820,000 $68,333 $498 6.42%

    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 $52,032
    The First State Bank 3030 Nw Expressway Suite 1 Oklahoma City, OK 73112 Full Service B&M $174,050
    The First State Bank 612 Willard Avenue Canute, OK 73626 Full Service B&M $26,931

    For 2018, The First State Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,681
    Net interest income $10,850
    Total noninterest income $3,762
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $104
    Trading account gains and fees $0
    Additional Noninterest Income $3,658
    Pre-tax net operating income $3,892
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,948
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,948
    Minority interest net income $0
    Net income $2,948
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,948

    The First State Bank's gross interest income from loans was $14,681,000.
    The First State Bank's net interest income from loans was $10,850,000.
    The First State Bank's fee based income from loans was $104,000.
    The First State Bank's net income from loans was $2,948,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,831
    Provision for credit losses $563
    Total noninterest expense $10,157
    Salaries and employee benefits $6,051
    Premises and equipment expense $1,084
    Additional noninterest expense $3,022
    Applicable income taxes $944
    Net charge-offs $175
    Cash dividends $1,100

    The First State Bank's interest expense for loans was $3,831,000.
    The First State Bank's payroll and benefits expense were $6,051,000.
    The First State Bank's property, plant and equipment expenses $1,084,000.

    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 $278,793
    Deposits held in domestic offices $278,793
    Deposits by Individuals, partnerships, and corporations $241,852
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,182
    Deposits by Commercial banks and other depository institutions in U.S. $22,759
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $69,516
    Demand deposits $59,887
    Nontransaction accounts $209,277
    Money market deposit accounts (MMDAs) $49,975
    Other savings deposits (excluding MMDAs) $7,825
    Total time deposits $151,477
    Total time and savings deposits $218,906
    Noninterest-bearing deposits $46,341
    Interest-bearing deposits $232,452
    Retail deposits $231,871
    IRAs and Keogh plan accounts $3,120
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $333,828
    Cash & Balances due from depository institutions $22,135
    Interest-bearing balances $18,549
    Total securities $11,305
    Federal funds sold & reverse repurchase $0
    Net loans and leases $285,880
    Loan and leases loss allowance $2,946
    Trading account assets $0
    Bank premises and fixed assets $3,323
    Other real estate owned $0
    Goodwill and other intangibles $1,390
    All other assets $9,795

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $333,828
    Total Liabilities $302,570
    Total deposits $278,793
    Interest-bearing deposits $232,452
    Deposits held in domestic offices $278,793
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $927
    Trading liabilities $0
    Other borrowed funds $21,818
    Subordinated debt $0
    All other liabilities $1,032

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $285,880
    Loan and leases loss allowance $2,946
    Total loans and leases (domestic) $288,826
    All real estate loans $221,052
    Real estate loans in domestic offices $221,052
    Construction and development loans $34,482
    Residential 1-4 family construction $11,407
    Other construction, all land development and other land $23,075
    Loans secured by nonfarm nonresidential properties $144,112
    Nonfarm nonresidential secured by owner-occupied properties $35,868
    Commercial real estate & other non-farm, non-residential $108,244
    Multifamily residential real estate $1,934
    1-4 family residential loans $37,259
    Farmland loans $3,265
    Loans held in foreign offices $0
    Farm loans $1,645
    Commercial and industrial loans $58,566
    To non-U.S. addressees $0
    Loans to individuals $2,621
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $535
    Other loans to individuals $2,086
    All other loans & leases $4,942
    Loans to foreign governments and official institutions $0
    Other loans $4,422
    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 $59
    Non 1-4 family restructured loans & leases $59
    Total loans and leases (foreign) $0

    The First State Bank had $285,880,000 of loans outstanding in 2018. $221,052,000 of loans were in real estate loans. $34,482,000 of loans were in development loans. $1,934,000 of loans were in multifamily mortgage loans. $37,259,000 of loans were in 1-4 family mortgage loans. $1,645,000 of loans were in farm loans. $0 of loans were in credit card loans. $535,000 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 72 $26,338 $365,806
    Nonfarm, nonresidential loans - <$100k 9 $540 $60,000
    Nonfarm, nonresidential loans - $100-250k 16 $2,405 $150,313
    Nonfarm, nonresidential loans - $250k-1MM 47 $23,393 $497,723
    Commercial & Industrial, US addressed loans - <$1MM 339 $34,783 $102,605
    Commercial & Industrial, US addressed loans - <$100k 120 $3,590 $29,917
    Commercial & Industrial, US addressed loans - $100-250k 127 $11,284 $88,850
    Commercial & Industrial, US addressed loans - $250k-1MM 92 $19,909 $216,402
    Farmland loans - <$1MM 6 $1,113 $185,500
    Farmland loans - <$100k 2 $125 $62,500
    Farmland loans - $100-250k 3 $698 $232,667
    Farmland loans - $250k-1MM 1 $290 $290,000
    Agriculture operations loans - <$1MM 2 $565 $282,500
    Agriculture operations loans - $100-250k 1 $80 $80,000
    Agriculture operations loans - $250k-1MM 1 $485 $485,000