First Federal Savings Bank Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 5493003617RJR4JUYT66

Tax ID: 36-1077600

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

Review & Overview

First Federal Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. First Federal Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Ottawa, Rockford, Pontiac, and Miami among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal Savings 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. First Federal Savings 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.67%	4/18/24
30 Year Conventional Refi	6.61%	4/18/24
30 Year Cash-out Refi	6.69%	4/18/24
30 Year FHA Purchase	7.53%	4/18/24
15 Year Conventional Purchase	6.40%	4/18/24
15 Year Conventional Refi	6.16%	4/18/24
15 Year Cash-out Refi	6.16%	4/18/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Federal Savings Bank Mortgage Calculator

Purchase Price:

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Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Federal Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

930

Origination Dollar Volume (All Markets)

$182,430,000

Employee count

109

Awards

First Federal Savings Bank 30 Year Conventional Loans gold

First Federal Savings Bank 30 Year Conventional Loans silver

First Federal Savings Bank FHA Loans gold

First Federal Savings Bank 30 Year Conventional Loans bronze

Show all (7) 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
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	601	$132,725,000	$220,840	$1,885	3.16%
Ottawa, IL (FHA\|USDA\|VA)	263	$37,475,000	$142,490	$1,679	3.09%
Outside of Metro Areas	7	$1,235,000	$176,429	$1,783	3.02%
ROCKFORD, IL (FHA\|USDA\|VA)	7	$1,075,000	$153,571	$1,065	3.13%
Pontiac, IL (FHA\|USDA\|VA)	9	$1,035,000	$115,000	$1,482	3.29%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$1,005,000	$1,005,000	$5,692	3.75%
Dixon, IL (FHA\|USDA\|VA)	6	$900,000	$150,000	$1,702	3.42%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	3	$835,000	$278,333	$1,452	2.92%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	3	$765,000	$255,000	$2,760	3.29%
PEORIA, IL (FHA\|USDA\|VA)	4	$720,000	$180,000	$1,339	3.22%
KANKAKEE, IL (FHA\|USDA\|VA)	5	$695,000	$139,000	$2,071	3.48%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$515,000	$515,000	$4,649	2.25%
MADISON, WI (FHA\|USDA\|VA)	1	$495,000	$495,000	$1,522	2.63%
BLOOMINGTON, IL (FHA\|USDA\|VA)	3	$485,000	$161,667	$2,722	3.17%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$385,000	$385,000	$2,914	3.25%
FORT WAYNE, IN (FHA\|USDA\|VA)	1	$325,000	$325,000	$1,836	2.88%
SOUTH BEND-MISHAWAKA, IN-MI (FHA\|USDA\|VA)	2	$300,000	$150,000	$765	2.88%
OSHKOSH-NEENAH, WI (FHA\|USDA\|VA)	2	$280,000	$140,000	$1,869	2.69%
Sterling, IL (FHA\|USDA\|VA)	4	$240,000	$60,000	$1,341	3.81%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,321	2.88%
Whitewater, WI (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,086	3.50%
TUCSON, AZ (FHA\|USDA\|VA)	1	$155,000	$155,000	$1,884	3.38%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA\|USDA\|VA)	1	$155,000	$155,000	$1,745	3.13%
EVANSVILLE, IN-KY (FHA\|USDA\|VA)	1	$105,000	$105,000	$1,553	2.50%
SPRINGFIELD, IL (FHA\|USDA\|VA)	1	$95,000	$95,000	$1,925	3.00%

First Federal Savings Bank's top markets include Chicago, Ottawa, Rockford, Pontiac, and Miami among others.

Their top states include:

Illinois (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Similar Lenders

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

FINANCIAL PLUS
Similarity Rank: 110

Liberty Bank for Savings
Similarity Rank: 312

Glenview State Bank
Similarity Rank: 312

CROWN MORTGAGE COMPANY
Similarity Rank: 627

AMERITRUST MORTGAGE CORPORATION
Similarity Rank: 648

The Equitable Bank, S.S.B.
Similarity Rank: 820

RUHL MORTGAGE, LLC
Similarity Rank: 988

United Community Bank
Similarity Rank: 1360

NEW FED MORTGAGE, CORP.
Similarity Rank: 1610

DuPage Credit Union
Similarity Rank: 1824

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	904	$178,190,000	$197,113	$1,744	3.14%
FHA	19	$2,965,000	$156,053	$5,024	3.26%
USDA	4	$440,000	$110,000	$2,667	3.25%
VA	3	$835,000	$278,333	$958	3.17%

For 2020, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 904 originations. Their 2nd most popular type was FHA, with 19 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	474	$102,720,000	$216,709	$1,577	2.98%
Home Purchase	264	$52,840,000	$200,152	$2,712	3.17%
Cash Out Refi	139	$23,565,000	$169,532	$1,507	3.24%
Other	31	$1,795,000	$57,903	$325	4.17%
Home Improvement	22	$1,510,000	$68,636	$675	4.10%

For 2020, First Federal Savings Bank's most frequently cited loan purpose was Refi, with 474 originations. The 2nd most popular reason was Home Purchase, with 264 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	515	$108,695,000	$211,058	$2,113	3.16%
15 Year	277	$42,155,000	$152,184	$1,322	2.99%
20 Year	99	$23,315,000	$235,505	$1,853	3.07%
5 Year	18	$3,270,000	$181,667	$391	4.83%
10 Year	16	$3,610,000	$225,625	$1,269	3.41%
Other	5	$1,385,000	$277,000	$1,307	4.50%

For 2020, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 515 originations. The 2nd most popular length was 15 Year, with 277 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	827	$161,255,000	$194,988
$1k-2k	31	$6,835,000	$220,484
$3k-4k	2	$670,000	$335,000
$2k-3k	1	$165,000	$165,000
$5k+	1	$495,000	$495,000

First Federal Savings Bank's average total fees were $2,113, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 827 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	414	$86,530,000	$209,010
3-4%	323	$67,525,000	$209,056
<2.5%	117	$20,795,000	$177,735
4-5%	70	$6,720,000	$96,000
5-6%	3	$465,000	$155,000
7-8%	3	$395,000	$131,667

During 2020, First Federal Savings Bank's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 2.5-3%, with 414 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	374	$55,570,000	$148,583	$1,857	3.08%
$200k-400k	287	$77,535,000	$270,157	$2,024	3.03%
$100,000 or less	198	$12,900,000	$65,152	$1,228	3.44%
$400k-600k	64	$29,480,000	$460,625	$2,268	3.06%
$600k-1MM	4	$2,900,000	$725,000	$2,885	3.44%
$1MM+	3	$4,045,000	$1,348,333	$5,692	3.90%

2020 saw First Federal Savings Bank place emphasis on $100k-200k loans with 374 originations, totaling $55,570,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	259	$55,945,000	$216,004	$1,691	3.13%
$50k-75k	168	$24,000,000	$142,857	$1,966	3.07%
$150k-250k	166	$41,180,000	$248,072	$1,709	3.17%
$75k-100k	140	$24,060,000	$171,857	$1,777	3.15%
$50k or less	126	$13,440,000	$106,667	$1,974	3.03%
$250k+	54	$18,540,000	$343,333	$2,016	3.16%

First Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 259 originations. The second most popular income band? $50k-75k, with 168 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	271	$53,375,000	$196,956	$1,698	3.01%
30-36%	192	$37,690,000	$196,302	$1,854	3.11%
<20%	99	$18,865,000	$190,556	$1,712	2.96%
36%	37	$7,245,000	$195,811	$1,795	3.06%
38%	37	$5,805,000	$156,892	$2,151	3.23%
43%	36	$7,310,000	$203,056	$1,756	3.16%
42%	33	$5,645,000	$171,061	$1,542	3.21%
41%	32	$6,270,000	$195,938	$2,034	3.15%
44%	29	$4,725,000	$162,931	$2,052	3.28%
37%	28	$4,190,000	$149,643	$1,565	3.25%
40%	25	$5,425,000	$217,000	$2,089	3.24%
39%	20	$4,160,000	$208,000	$2,055	3.26%
45%	20	$5,080,000	$254,000	$1,871	3.33%
46%	13	$2,825,000	$217,308	$2,095	3.16%
49%	11	$1,925,000	$175,000	$1,681	3.34%
47%	10	$2,230,000	$223,000	$2,829	3.06%
48%	8	$1,270,000	$158,750	$1,616	3.20%
50-60%	6	$2,170,000	$361,667	$2,938	3.75%
>60%	1	$95,000	$95,000	$1,200	3.00%

First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 271 originations. The next most common DTI ratio? 30-36%, with 192 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	835	$160,645,000	$192,389	$1,805	3.13%
Not provided	63	$13,875,000	$220,238	$2,013	3.07%
Asian	12	$3,820,000	$318,333	$1,964	2.78%
Not applicable	14	$3,190,000	$227,857	$0	4.90%
Black	4	$590,000	$147,500	$1,371	2.75%
Asian Indian	1	$165,000	$165,000	$1,330	2.88%
American Indian	1	$145,000	$145,000	$965	2.75%

Approval Rates

Total approvals of all applications
97.09%

First Federal Savings 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
92.47%

First Federal Savings Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	930	$182,430,000	$196,161

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$3,515,000	$1,171,667
Single Family (1-4 Units):Manufactured	1	$85,000	$85,000
Single Family (1-4 Units):Site-Built	926	$178,830,000	$193,121

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	44	$4,280,000	$97,273	$1,330	3.18%
40-60%	148	$28,900,000	$195,270	$1,657	2.93%
60-80%	423	$91,895,000	$217,246	$1,779	3.09%
80-100%	262	$54,700,000	$208,779	$2,363	3.11%
Over 100%	1	$645,000	$645,000	$1,962	3.50%
Under 20%	51	$1,845,000	$36,176	$149	4.28%

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	Struggling to pay mortgage	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	2	13.3%
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	Conventional home mortgage	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	4	26.7%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Federal Savings Bank	433 West Main Street Ottawa, IL 61350	Full Service B&M	$34,300
First Federal Savings Bank	475 Third Street La Salle, IL 61301	Full Service B&M	$20,072
First Federal Savings Bank	633 La Salle St Ottawa, IL 61350	Full Service B&M	$50,856
First Federal Savings Bank	701 First Avenue Rock Falls, IL 61071	Full Service B&M	$22,089
First Federal Savings Bank	111 East Main Street Amboy, IL 61310	Full Service B&M	$12,395
First Federal Savings Bank	1205 Washington Street Mendota, IL 61342	Full Service B&M	$13,587
First Federal Savings Bank	124 East Main Street Morris, IL 60450	Full Service B&M	$33,298
First Federal Savings Bank	137 South Main Walnut, IL 61376	Full Service B&M	$16,510
First Federal Savings Bank	1600 38th Street Peru, IL 61354	Full Service B&M	$33,519
First Federal Savings Bank	325 South Randall Road Elgin, IL 60123	Full Service B&M	$33,875
First Federal Savings Bank	8 Dannys Drive Streator, IL 61364	Full Service B&M	$35,459
First Federal Savings Bank	801 West Jefferson Street Shorewood, IL 60435	Full Service B&M	$30,450

For 2020, First Federal Savings Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$9,657
Net interest income	$6,865
Total noninterest income	$4,300
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$434
Trading account gains and fees	$0
Additional Noninterest Income	$3,866
Pre-tax net operating income	$470
Securities gains (or losses, -)	$0
Income before extraordinary items	$520
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$520
Minority interest net income	$0
Net income	$520
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$520

First Federal Savings Bank's gross interest income from loans was $9,657,000.
First Federal Savings Bank's net interest income from loans was $6,865,000.
First Federal Savings Bank's fee based income from loans was $434,000.
First Federal Savings Bank's net income from loans was $520,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,792
Provision for credit losses	$452
Total noninterest expense	$10,243
Salaries and employee benefits	$6,096
Premises and equipment expense	$1,494
Additional noninterest expense	$2,653
Applicable income taxes	$-50
Net charge-offs	$-323
Cash dividends	$0

First Federal Savings Bank's interest expense for loans was $2,792,000.
First Federal Savings Bank's payroll and benefits expense were $6,096,000.
First Federal Savings Bank's property, plant and equipment expenses $1,494,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	2.0%
Real Estate loans	2.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	18.0%
Multifamily residential loans	1.0%
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	$322,323
Deposits held in domestic offices	$322,323
Deposits by Individuals, partnerships, and corporations	$322,323
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$0
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	$21,117
Demand deposits	$3,704
Nontransaction accounts	$301,206
Money market deposit accounts (MMDAs)	$21,591
Other savings deposits (excluding MMDAs)	$154,411
Total time deposits	$125,204
Total time and savings deposits	$318,619
Noninterest-bearing deposits	$19,016
Interest-bearing deposits	$303,307
Retail deposits	$312,832
IRAs and Keogh plan accounts	$13,241
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$374,430
Cash & Balances due from depository institutions	$132,345
Interest-bearing balances	$129,216
Total securities	$12,487
Federal funds sold & reverse repurchase	$0
Net loans and leases	$205,443
Loan and leases loss allowance	$2,200
Trading account assets	$0
Bank premises and fixed assets	$4,629
Other real estate owned	$109
Goodwill and other intangibles	$1,679
All other assets	$17,738

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$374,430
Total Liabilities	$330,502
Total deposits	$322,323
Interest-bearing deposits	$303,307
Deposits held in domestic offices	$322,323
% insured (estimated)	$91
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$4,000
Subordinated debt	$0
All other liabilities	$4,179

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$205,443
Loan and leases loss allowance	$2,200
Total loans and leases (domestic)	$207,643
All real estate loans	$198,536
Real estate loans in domestic offices	$198,536
Construction and development loans	$3,247
Residential 1-4 family construction	$1,606
Other construction, all land development and other land	$1,641
Loans secured by nonfarm nonresidential properties	$14,812
Nonfarm nonresidential secured by owner-occupied properties	$3,430
Commercial real estate & other non-farm, non-residential	$11,382
Multifamily residential real estate	$12,504
1-4 family residential loans	$167,973
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$5,999
To non-U.S. addressees	$0
Loans to individuals	$3,108
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$2,049
Other loans to individuals	$1,059
All other loans & leases	$0
Loans to foreign governments and official institutions	$0
Other loans	$0
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	$2,913
Non 1-4 family restructured loans & leases	$195
Total loans and leases (foreign)	$0

First Federal Savings Bank had $205,443,000 of loans outstanding in 2020. $198,536,000 of loans were in real estate loans. $3,247,000 of loans were in development loans. $12,504,000 of loans were in multifamily mortgage loans. $167,973,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,049,000 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	18	$8,318	$462,111
Nonfarm, nonresidential loans - <$100k	1	$36	$36,000
Nonfarm, nonresidential loans - $100-250k	8	$1,288	$161,000
Nonfarm, nonresidential loans - $250k-1MM	9	$6,994	$777,111
Commercial & Industrial, US addressed loans - <$1MM	185	$3,749	$20,265
Commercial & Industrial, US addressed loans - <$100k	175	$2,214	$12,651
Commercial & Industrial, US addressed loans - $100-250k	8	$958	$119,750
Commercial & Industrial, US addressed loans - $250k-1MM	2	$577	$288,500