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 Home Purchase and Refi 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, Miami, Peoria, and Dixon among others. We have data for 23 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 a below 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%	11/21/24
30 Year Conventional Refi	6.61%	11/21/24
30 Year Cash-out Refi	6.69%	11/21/24
30 Year FHA Purchase	7.53%	11/21/24
15 Year Conventional Purchase	6.40%	11/21/24
15 Year Conventional Refi	6.16%	11/21/24
15 Year Cash-out Refi	6.16%	11/21/24
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:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

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

627

Origination Dollar Volume (All Markets)

$134,985,000

Employee count

109

Awards

First Federal Savings Bank 30 Year Conventional Loans gold

First Federal Savings Bank FHA Loans silver

First Federal Savings Bank 30 Year Conventional Loans silver

First Federal Savings Bank FHA Loans gold

Show all (5) 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)	394	$100,450,000	$254,949	$2,480	3.13%
Ottawa, IL (FHA\|USDA\|VA)	185	$26,095,000	$141,054	$1,936	3.01%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	2	$940,000	$470,000	$3,115	3.19%
PEORIA, IL (FHA\|USDA\|VA)	4	$810,000	$202,500	$1,771	2.91%
Dixon, IL (FHA\|USDA\|VA)	7	$805,000	$115,000	$2,202	2.77%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	2	$700,000	$350,000	$3,870	3.25%
Pontiac, IL (FHA\|USDA\|VA)	4	$690,000	$172,500	$1,979	2.78%
ROCKFORD, IL (FHA\|USDA\|VA)	4	$680,000	$170,000	$3,437	2.91%
Sterling, IL (FHA\|USDA\|VA)	5	$565,000	$113,000	$2,360	2.95%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	2	$400,000	$200,000	$2,817	3.00%
Outside of Metro Areas	2	$390,000	$195,000	$2,144	2.88%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA\|USDA\|VA)	2	$370,000	$185,000	$1,560	2.75%
MADISON, WI (FHA\|USDA\|VA)	2	$340,000	$170,000	$1,924	3.38%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$285,000	$285,000	$1,986	3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$265,000	$265,000	$1,778	2.75%
BLOOMINGTON, IL (FHA\|USDA\|VA)	2	$230,000	$115,000	$2,151	3.31%
Shawano, WI (FHA\|USDA\|VA)	1	$225,000	$225,000	$1,466	2.75%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,213	3.25%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	1	$145,000	$145,000	$401	2.63%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$1,987	3.13%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA\|USDA\|VA)	1	$105,000	$105,000	$1,784	3.00%
SHEBOYGAN, WI (FHA\|USDA\|VA)	1	$85,000	$85,000	$0	3.50%
KANKAKEE, IL (FHA\|USDA\|VA)	2	$60,000	$30,000	$0	4.75%

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

Their top states include:

Illinois (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Indiana (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.

First Savings Bank of Hegewisch
Similarity Rank: 45

Liberty Bank for Savings
Similarity Rank: 153

AMERITRUST MORTGAGE CORPORATION
Similarity Rank: 861

First Financial Credit Union
Similarity Rank: 1090

The Equitable Bank, S.S.B.
Similarity Rank: 1166

Providence Bank & Trust
Similarity Rank: 1232

CROWN MORTGAGE COMPANY
Similarity Rank: 1252

FINANCIAL PLUS
Similarity Rank: 1320

LOANFLIGHT LENDING, LLC
Similarity Rank: 1560

DuPage Credit Union
Similarity Rank: 1866

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	597	$130,295,000	$218,250	$2,126	3.10%
FHA	25	$4,045,000	$161,800	$5,537	2.96%
VA	3	$495,000	$165,000	$3,929	2.83%
USDA	2	$150,000	$75,000	$2,477	2.94%

For 2021, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 597 originations. Their 2nd most popular type was FHA, with 25 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	269	$67,285,000	$250,130	$3,216	3.16%
Refi	206	$39,790,000	$193,155	$1,626	2.84%
Cash Out Refi	131	$25,765,000	$196,679	$1,786	3.16%
Home Improvement	11	$1,445,000	$131,364	$705	4.10%
Other	10	$700,000	$70,000	$277	4.38%

For 2021, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 269 originations. The 2nd most popular reason was Refi, with 206 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	370	$83,380,000	$225,351	$2,663	3.12%
15 Year	155	$25,275,000	$163,065	$1,605	2.85%
20 Year	53	$10,655,000	$201,038	$1,885	2.92%
5 Year	28	$11,190,000	$399,643	$0	4.01%
10 Year	12	$1,490,000	$124,167	$1,533	3.08%
Other	8	$2,540,000	$317,500	$2,670	3.69%
3 Year	1	$455,000	$455,000	$0	4.50%

For 2021, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 370 originations. The 2nd most popular length was 15 Year, with 155 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	519	$108,525,000	$209,104
$1k-2k	28	$7,210,000	$257,500
$2k-3k	3	$705,000	$235,000

First Federal Savings Bank's average total fees were $2,663, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 519 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	267	$53,155,000	$199,082
3-4%	252	$64,840,000	$257,302
<2.5%	79	$13,175,000	$166,772
4-5%	29	$3,815,000	$131,552

During 2021, First Federal Savings Bank's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 267 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	245	$35,575,000	$145,204	$2,313	2.99%
$200k-400k	206	$55,310,000	$268,495	$2,501	3.04%
$100,000 or less	118	$7,850,000	$66,525	$1,609	3.22%
$400k-600k	37	$17,735,000	$479,324	$2,588	3.29%
$600k-1MM	14	$9,590,000	$685,000	$2,796	3.50%
$1MM+	7	$8,925,000	$1,275,000	$4,419	3.65%

2021 saw First Federal Savings Bank place emphasis on $100k-200k loans with 245 originations, totaling $35,575,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	146	$33,870,000	$231,986	$2,034	3.04%
$50k-75k	146	$23,570,000	$161,438	$2,498	3.04%
$75k-100k	96	$17,430,000	$181,563	$2,271	2.99%
$150k-250k	83	$20,635,000	$248,614	$2,409	3.18%
$50k or less	78	$8,180,000	$104,872	$2,350	2.99%
$250k+	43	$18,995,000	$441,744	$2,368	3.11%

First Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 146 originations. The second most popular income band? $50k-75k, with 146 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	137	$29,725,000	$216,971	$2,104	3.03%
30-36%	116	$21,840,000	$188,276	$2,399	2.97%
<20%	71	$13,255,000	$186,690	$2,123	2.87%
39%	28	$5,690,000	$203,214	$2,181	3.05%
40%	27	$5,655,000	$209,444	$2,298	3.31%
37%	26	$5,380,000	$206,923	$2,172	3.03%
43%	25	$5,105,000	$204,200	$2,360	3.06%
36%	23	$5,315,000	$231,087	$2,650	3.11%
42%	22	$4,990,000	$226,818	$2,866	3.16%
41%	20	$4,160,000	$208,000	$2,185	3.16%
46%	20	$4,770,000	$238,500	$2,974	3.13%
44%	18	$3,910,000	$217,222	$2,438	2.94%
38%	17	$3,285,000	$193,235	$2,152	2.93%
48%	12	$2,500,000	$208,333	$2,115	3.02%
45%	11	$1,885,000	$171,364	$1,870	3.06%
49%	8	$1,260,000	$157,500	$2,465	3.19%
47%	4	$780,000	$195,000	$2,596	3.31%
50-60%	4	$980,000	$245,000	$2,581	3.63%
>60%	3	$1,375,000	$458,333	$3,153	3.58%

First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? 30-36%, with 116 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	521	$107,095,000	$205,557	$2,252	3.04%
Not provided	48	$10,840,000	$225,833	$2,029	3.10%
Not applicable	25	$9,415,000	$376,600	$0	4.04%
Asian	14	$4,270,000	$305,000	$2,708	3.19%
Black	15	$2,655,000	$177,000	$3,954	3.15%
American Indian	3	$475,000	$158,333	$2,018	3.38%
Other Asian	1	$235,000	$235,000	$1,843	2.50%

Approval Rates

Total approvals of all applications
97.34%

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
89.47%

First Federal Savings Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	627	$134,985,000	$215,287

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	627	$134,985,000	$215,287

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	24	$3,380,000	$140,833	$1,788	3.02%
40-60%	122	$21,560,000	$176,721	$1,849	2.84%
60-80%	254	$62,740,000	$247,008	$2,072	3.14%
80-100%	205	$46,515,000	$226,902	$3,032	3.06%
Under 20%	22	$790,000	$35,909	$401	4.14%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	6	17.6%
FIRST HORIZON BANK	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	2	5.9%
FIRST HORIZON BANK	Other type of mortgage	Closing on a mortgage	2	5.9%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	1	2.9%
FIRST HORIZON BANK	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	2.9%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Struggling to pay mortgage	1	2.9%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	2	5.9%
FIRST HORIZON BANK	FHA mortgage	Trouble during payment process	2	5.9%
FIRST HORIZON BANK	FHA mortgage	Closing on a mortgage	1	2.9%
FIRST HORIZON BANK	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	2.9%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	10	29.4%
FIRST HORIZON BANK	Conventional home mortgage	Struggling to pay mortgage	1	2.9%
FIRST HORIZON BANK	Conventional home mortgage	Closing on a mortgage	2	5.9%
FIRST HORIZON BANK	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	2	5.9%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Federal Savings Bank	111 East Main Street Amboy, IL 61310	Full Service B&M	$13,411
First Federal Savings Bank	1205 Washington Street Mendota, IL 61342	Full Service B&M	$11,203
First Federal Savings Bank	124 East Main Street Morris, IL 60450	Full Service B&M	$32,463
First Federal Savings Bank	137 South Main Walnut, IL 61376	Full Service B&M	$13,948
First Federal Savings Bank	1600 38th Street Peru, IL 61354	Full Service B&M	$31,718
First Federal Savings Bank	325 South Randall Road Elgin, IL 60123	Full Service B&M	$35,130
First Federal Savings Bank	433 West Main Street Ottawa, IL 61350	Full Service B&M	$33,309
First Federal Savings Bank	475 Third Street La Salle, IL 61301	Full Service B&M	$18,186
First Federal Savings Bank	633 La Salle St Ottawa, IL 61350	Full Service B&M	$48,511
First Federal Savings Bank	701 First Avenue Rock Falls, IL 61071	Full Service B&M	$17,249
First Federal Savings Bank	8 Dannys Drive Streator, IL 61364	Full Service B&M	$35,330
First Federal Savings Bank	801 West Jefferson Street Shorewood, IL 60435	Full Service B&M	$32,211

For 2021, First Federal Savings Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$8,416
Net interest income	$7,239
Total noninterest income	$4,471
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$497
Trading account gains and fees	$0
Additional Noninterest Income	$3,974
Pre-tax net operating income	$1,514
Securities gains (or losses, -)	$0
Income before extraordinary items	$1,464
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,464
Minority interest net income	$0
Net income	$1,464
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,464

First Federal Savings Bank's gross interest income from loans was $8,416,000.
First Federal Savings Bank's net interest income from loans was $7,239,000.
First Federal Savings Bank's fee based income from loans was $497,000.
First Federal Savings Bank's net income from loans was $1,464,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,177
Provision for credit losses	$-140
Total noninterest expense	$10,336
Salaries and employee benefits	$6,438
Premises and equipment expense	$1,538
Additional noninterest expense	$2,360
Applicable income taxes	$50
Net charge-offs	$-141
Cash dividends	$0

First Federal Savings Bank's interest expense for loans was $1,177,000.
First Federal Savings Bank's payroll and benefits expense were $6,438,000.
First Federal Savings Bank's property, plant and equipment expenses $1,538,000.

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	1.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$315,131
Deposits held in domestic offices	$315,131
Deposits by Individuals, partnerships, and corporations	$315,131
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	$23,835
Demand deposits	$4,024
Nontransaction accounts	$291,296
Money market deposit accounts (MMDAs)	$23,993
Other savings deposits (excluding MMDAs)	$164,291
Total time deposits	$103,011
Total time and savings deposits	$311,107
Noninterest-bearing deposits	$21,683
Interest-bearing deposits	$293,448
Retail deposits	$308,538
IRAs and Keogh plan accounts	$10,639
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$368,810
Cash & Balances due from depository institutions	$89,055
Interest-bearing balances	$86,786
Total securities	$57,481
Federal funds sold & reverse repurchase	$0
Net loans and leases	$200,941
Loan and leases loss allowance	$2,200
Trading account assets	$0
Bank premises and fixed assets	$4,574
Other real estate owned	$0
Goodwill and other intangibles	$2,090
All other assets	$14,669

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$368,810
Total Liabilities	$323,824
Total deposits	$315,131
Interest-bearing deposits	$293,448
Deposits held in domestic offices	$315,131
% insured (estimated)	$91
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,000
Subordinated debt	$0
All other liabilities	$3,693

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$200,941
Loan and leases loss allowance	$2,200
Total loans and leases (domestic)	$203,141
All real estate loans	$196,109
Real estate loans in domestic offices	$196,109
Construction and development loans	$4,087
Residential 1-4 family construction	$2,444
Other construction, all land development and other land	$1,643
Loans secured by nonfarm nonresidential properties	$28,665
Nonfarm nonresidential secured by owner-occupied properties	$8,163
Commercial real estate & other non-farm, non-residential	$20,502
Multifamily residential real estate	$14,785
1-4 family residential loans	$148,572
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$3,818
To non-U.S. addressees	$0
Loans to individuals	$3,211
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$2,116
Other loans to individuals	$1,095
All other loans & leases	$3
Loans to foreign governments and official institutions	$0
Other loans	$3
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	$1,497
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

First Federal Savings Bank had $200,941,000 of loans outstanding in 2021. $196,109,000 of loans were in real estate loans. $4,087,000 of loans were in development loans. $14,785,000 of loans were in multifamily mortgage loans. $148,572,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,116,000 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	24	$14,668	$611,167
Nonfarm, nonresidential loans - <$100k	1	$16	$16,000
Nonfarm, nonresidential loans - $100-250k	8	$1,297	$162,125
Nonfarm, nonresidential loans - $250k-1MM	15	$13,355	$890,333
Commercial & Industrial, US addressed loans - <$1MM	130	$3,818	$29,369
Commercial & Industrial, US addressed loans - <$100k	119	$647	$5,437
Commercial & Industrial, US addressed loans - $100-250k	6	$1,183	$197,167
Commercial & Industrial, US addressed loans - $250k-1MM	5	$1,988	$397,600