The First State Bank Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 254900V16AQ21JMLXX78

Tax ID: 73-0242040

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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

Awards

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

We use machine learning to identify the top lenders compared against The First State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Tulsa Federal Credit Union
Similarity Rank: 42

RED CROWN
Similarity Rank: 66

Municipal Employees Credit Union of Oklahoma City
Similarity Rank: 89

WEOKIE
Similarity Rank: 120

First Fidelity Bank
Similarity Rank: 180

MORTGAGE CLEARING CORPORATION
Similarity Rank: 192

TRUE SKY
Similarity Rank: 240

Central Bank of Oklahoma
Similarity Rank: 294

TTCU Federal Credit Union
Similarity Rank: 297

Washita Mortgage, Inc.
Similarity Rank: 564

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