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 and Refi loans. The First State Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Oklahoma City, Tulsa, Santa Cruz, Stillwater, and Dallas 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.

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

394

Origination Dollar Volume (All Markets)

$105,760,000

Employee count

53

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) 345 $90,115,000 $261,203 $0 0.00%
TULSA, OK (FHA|USDA|VA) 21 $6,155,000 $293,095 $0 0.00%
Outside of Metro Areas 8 $3,130,000 $391,250 $0 0.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $1,365,000 $1,365,000 $0 0.00%
Stillwater, OK (FHA|USDA|VA) 5 $1,035,000 $207,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $710,000 $355,000 $0 0.00%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
JACKSON, MS (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Elk City, OK (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
LAWTON, OK (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Muskogee, OK (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
The First State Bank's top markets include Oklahoma City, Tulsa, Santa Cruz, Stillwater, and Dallas among others.

Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • California (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.

    RED CROWN
    Similarity Rank: 45
    Tulsa Federal Credit Union
    Similarity Rank: 84
    Central Bank of Oklahoma
    Similarity Rank: 140
    TRUE SKY
    Similarity Rank: 174
    WEOKIE
    Similarity Rank: 243
    Intrust Bank
    Similarity Rank: 352
    OKLAHOMA CENTRAL Credit Union
    Similarity Rank: 352
    TTCU Federal Credit Union
    Similarity Rank: 360

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 280 $78,360,000 $279,857 $0 0.00%
    FHA 66 $11,620,000 $176,061 $0 0.00%
    VA 48 $15,780,000 $328,750 $0 0.00%

    For 2019, The First State Bank's most frequently originated type of loan was Conventional, with 280 originations. Their 2nd most popular type was FHA, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 280 $62,900,000 $224,643 $0 0.00%
    Refi 70 $28,380,000 $405,429 $0 0.00%
    Cash Out Refi 36 $13,600,000 $377,778 $0 0.00%
    Home Improvement 5 $475,000 $95,000 $0 0.00%
    Other 3 $405,000 $135,000 $0 0.00%

    For 2019, The First State Bank's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 394 $105,760,000 $268,426 $0 0.00%

    For 2019, The First State Bank's most frequently cited loan duration was Other, with 394 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 147 $39,805,000 $270,782 $0 0.00%
    $100k-200k 128 $20,070,000 $156,797 $0 0.00%
    $100,000 or less 59 $3,755,000 $63,644 $0 0.00%
    $400k-600k 43 $19,225,000 $447,093 $0 0.00%
    $1MM+ 10 $17,720,000 $1,772,000 $0 0.00%
    $600k-1MM 7 $5,185,000 $740,714 $0 0.00%

    2019 saw The First State Bank place emphasis on $200k-400k loans with 147 originations, totaling $39,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 75 $13,425,000 $179,000 $0 0.00%
    $100k-150k 73 $20,025,000 $274,315 $0 0.00%
    $75k-100k 56 $12,560,000 $224,286 $0 0.00%
    $150k-250k 52 $15,150,000 $291,346 $0 0.00%
    $50k or less 48 $6,090,000 $126,875 $0 0.00%
    $250k+ 25 $11,425,000 $457,000 $0 0.00%

    The First State Bank lent most frequently to those with incomes in the $50k-75k range, with 75 originations. The second most popular income band? $100k-150k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 394 $105,760,000 $268,426 $0 0.00%

    The First State Bank lent most frequently to those with DTI ratios of Exempt%, with 394 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 292 $72,040,000 $246,712 $0 0.00%
    Not applicable 44 $19,880,000 $451,818 $0 0.00%
    Asian 29 $7,165,000 $247,069 $0 0.00%
    Black 26 $6,060,000 $233,077 $0 0.00%
    American Indian 3 $615,000 $205,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.12%

    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
    88.58%

    The First State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 394 $105,760,000 $268,426

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $9,135,000 $1,015,000
    Single Family (1-4 Units):Manufactured 1 $155,000 $155,000
    Single Family (1-4 Units):Site-Built 384 $96,470,000 $251,224

    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 $66,073
    The First State Bank 3030 Nw Expressway Suite 1 Oklahoma City, OK 73112 Full Service B&M $209,514
    The First State Bank 612 Willard Avenue Canute, OK 73626 Full Service B&M $28,951

    For 2019, The First State Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,232
    Net interest income $11,435
    Total noninterest income $4,179
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $94
    Trading account gains and fees $0
    Additional Noninterest Income $4,085
    Pre-tax net operating income $3,810
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,883
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,883
    Minority interest net income $0
    Net income $2,883
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,883

    The First State Bank's gross interest income from loans was $17,232,000.
    The First State Bank's net interest income from loans was $11,435,000.
    The First State Bank's fee based income from loans was $94,000.
    The First State Bank's net income from loans was $2,883,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,797
    Provision for credit losses $665
    Total noninterest expense $11,139
    Salaries and employee benefits $7,020
    Premises and equipment expense $979
    Additional noninterest expense $3,140
    Applicable income taxes $927
    Net charge-offs $95
    Cash dividends $1,109

    The First State Bank's interest expense for loans was $5,797,000.
    The First State Bank's payroll and benefits expense were $7,020,000.
    The First State Bank's property, plant and equipment expenses $979,000.

    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 $290,536
    Deposits held in domestic offices $290,536
    Deposits by Individuals, partnerships, and corporations $262,062
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,180
    Deposits by Commercial banks and other depository institutions in U.S. $15,294
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $83,019
    Demand deposits $70,367
    Nontransaction accounts $207,517
    Money market deposit accounts (MMDAs) $56,347
    Other savings deposits (excluding MMDAs) $5,893
    Total time deposits $145,277
    Total time and savings deposits $220,169
    Noninterest-bearing deposits $55,947
    Interest-bearing deposits $234,589
    Retail deposits $249,152
    IRAs and Keogh plan accounts $3,992
    Brokered deposits $3,001
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $353,711
    Cash & Balances due from depository institutions $29,453
    Interest-bearing balances $27,201
    Total securities $9,711
    Federal funds sold & reverse repurchase $0
    Net loans and leases $300,282
    Loan and leases loss allowance $3,516
    Trading account assets $0
    Bank premises and fixed assets $3,105
    Other real estate owned $0
    Goodwill and other intangibles $1,390
    All other assets $9,770

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $353,711
    Total Liabilities $320,527
    Total deposits $290,536
    Interest-bearing deposits $234,589
    Deposits held in domestic offices $290,536
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $2,287
    Trading liabilities $0
    Other borrowed funds $25,770
    Subordinated debt $0
    All other liabilities $1,934

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $300,282
    Loan and leases loss allowance $3,516
    Total loans and leases (domestic) $303,798
    All real estate loans $237,766
    Real estate loans in domestic offices $237,766
    Construction and development loans $51,668
    Residential 1-4 family construction $17,053
    Other construction, all land development and other land $34,615
    Loans secured by nonfarm nonresidential properties $131,866
    Nonfarm nonresidential secured by owner-occupied properties $34,546
    Commercial real estate & other non-farm, non-residential $97,320
    Multifamily residential real estate $1,669
    1-4 family residential loans $50,181
    Farmland loans $2,382
    Loans held in foreign offices $0
    Farm loans $544
    Commercial and industrial loans $59,859
    To non-U.S. addressees $0
    Loans to individuals $2,183
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $603
    Other loans to individuals $1,580
    All other loans & leases $3,446
    Loans to foreign governments and official institutions $0
    Other loans $3,006
    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 $81
    Non 1-4 family restructured loans & leases $81
    Total loans and leases (foreign) $0

    The First State Bank had $300,282,000 of loans outstanding in 2019. $237,766,000 of loans were in real estate loans. $51,668,000 of loans were in development loans. $1,669,000 of loans were in multifamily mortgage loans. $50,181,000 of loans were in 1-4 family mortgage loans. $544,000 of loans were in farm loans. $0 of loans were in credit card loans. $603,000 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 77 $27,900 $362,338
    Nonfarm, nonresidential loans - <$100k 11 $579 $52,636
    Nonfarm, nonresidential loans - $100-250k 17 $2,202 $129,529
    Nonfarm, nonresidential loans - $250k-1MM 49 $25,119 $512,633
    Commercial & Industrial, US addressed loans - <$1MM 346 $34,595 $99,986
    Commercial & Industrial, US addressed loans - <$100k 135 $3,936 $29,156
    Commercial & Industrial, US addressed loans - $100-250k 122 $11,118 $91,131
    Commercial & Industrial, US addressed loans - $250k-1MM 89 $19,541 $219,562
    Farmland loans - <$1MM 3 $487 $162,333
    Farmland loans - <$100k 1 $20 $20,000
    Farmland loans - $100-250k 1 $212 $212,000
    Farmland loans - $250k-1MM 1 $255 $255,000
    Agriculture operations loans - <$1MM 1 $156 $156,000
    Agriculture operations loans - $250k-1MM 1 $156 $156,000