1st Security Bank Of Washington Mortgage Rates, Fees & Info
Mountlake Terrace, WALEI: 5493003T5D4N1CM46J77
Tax ID: 91-0459933
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Review & Overview
1st Security Bank Of Washington is a smaller bank specializing in Home Purchase loans. 1st Security Bank Of Washington 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: Seattle, Kennewick, Bremerton, Olympia, and Oak Harbor among others. We have data for 50 markets. (Some data included below & more in-depth data is available with an active subscription.)1st Security Bank Of Washington 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. 1st Security Bank Of Washington is typically an average 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 4/14/24 |
| 30 Year Conventional Refi | 6.54% | 4/14/24 |
| 30 Year Cash-out Refi | 6.72% | 4/14/24 |
| 30 Year FHA Purchase | 7.48% | 4/14/24 |
| 30 Year FHA Refi | 6.76% | 4/14/24 |
| 30 Year VA Purchase | 6.29% | 4/14/24 |
| 30 Year VA Refi | 6.27% | 4/14/24 |
| 15 Year Conventional Purchase | 5.85% | 4/14/24 |
| 15 Year Conventional Refi | 6.15% | 4/14/24 |
| 15 Year Cash-out Refi | 6.15% | 4/14/24 |
| 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. | ||
1st Security Bank Of Washington Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,973Origination Dollar Volume (All Markets)
$717,105,000Employee count
424Awards
1st Security Bank of Washington - 2018
1st Security Bank of Washington is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1,085 | $478,005,000 | $440,558 | $7,805 | 4.78% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 411 | $111,345,000 | $270,912 | $5,544 | 4.84% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 122 | $37,370,000 | $306,311 | $7,111 | 4.76% |
| Outside of Metro Areas | 68 | $16,930,000 | $248,971 | $7,084 | 4.92% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 26 | $7,760,000 | $298,462 | $8,778 | 4.84% |
| Oak Harbor, WA (FHA|USDA|VA) | 18 | $5,670,000 | $315,000 | $9,058 | 4.84% |
| Shelton, WA (FHA|USDA|VA) | 22 | $4,980,000 | $226,364 | $8,244 | 4.98% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 14 | $4,630,000 | $330,714 | $8,928 | 5.09% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 16 | $4,220,000 | $263,750 | $10,495 | 4.98% |
| Ellensburg, WA (FHA|USDA|VA) | 12 | $3,670,000 | $305,833 | $6,289 | 4.67% |
| Aberdeen, WA (FHA|USDA|VA) | 21 | $3,595,000 | $171,190 | $6,466 | 5.25% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 17 | $3,495,000 | $205,588 | $9,554 | 5.30% |
| YAKIMA, WA (FHA|USDA|VA) | 16 | $3,240,000 | $202,500 | $8,252 | 5.06% |
| Port Angeles, WA (FHA|USDA|VA) | 15 | $2,925,000 | $195,000 | $5,280 | 4.72% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 10 | $2,300,000 | $230,000 | $4,653 | 4.74% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 3 | $2,135,000 | $711,667 | $10,314 | 4.79% |
| Hailey, ID (FHA|USDA|VA) | 1 | $2,115,000 | $2,115,000 | $19,527 | 4.25% |
| SALEM, OR (FHA|USDA|VA) | 7 | $1,885,000 | $269,286 | $11,155 | 5.18% |
| BELLINGHAM, WA (FHA|USDA|VA) | 6 | $1,820,000 | $303,333 | $7,205 | 4.58% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 8 | $1,810,000 | $226,250 | $12,725 | 5.27% |
| Centralia, WA (FHA|USDA|VA) | 8 | $1,770,000 | $221,250 | $9,357 | 5.31% |
| Moses Lake, WA (FHA|USDA|VA) | 8 | $1,620,000 | $202,500 | $9,220 | 5.19% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $1,295,000 | $431,667 | $9,060 | 4.58% |
| WENATCHEE, WA (FHA|USDA|VA) | 5 | $1,295,000 | $259,000 | $7,699 | 4.83% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $1,160,000 | $580,000 | $20,136 | 4.94% |
| Outside of Metro Areas | 5 | $1,125,000 | $225,000 | $8,800 | 5.25% |
| BEND, OR (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $20,196 | 5.54% |
| Sandpoint, ID (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $9,193 | 5.03% |
| Roseburg, OR (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $8,236 | 5.33% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $12,618 | 5.21% |
| LONGVIEW, WA (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $3,629 | 4.75% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $4,637 | 5.44% |
| Coos Bay, OR (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $13,013 | 4.96% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $4,191 | 4.92% |
| Prineville, OR (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $11,995 | 5.75% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,177 | 5.00% |
| Newport, OR (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $9,495 | 5.25% |
| MEDFORD, OR (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,109 | 5.13% |
| Moscow, ID (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,001 | 5.25% |
| GRANTS PASS, OR (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $16,344 | 5.63% |
| Pullman, WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $12,206 | 5.25% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,863 | 4.63% |
| WALLA WALLA, WA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $16,976 | 5.25% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $2,662 | 4.94% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,916 | 4.38% |
| The Dalles, OR (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,097 | 4.75% |
| Astoria, OR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,601 | 3.88% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $7,545 | 5.38% |
| Ontario, OR-ID (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,145 | 5.13% |
| Othello, WA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,819 | 5.13% |
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Product Mix
For 2018, 1st Security Bank Of Washington's most frequently originated type of loan was Conventional, with 1,600 originations. Their 2nd most popular type was FHA, with 198 originations.
Loan Reason
For 2018, 1st Security Bank Of Washington's most frequently cited loan purpose was Home Purchase, with 1,625 originations. The 2nd most popular reason was Cash Out Refi, with 206 originations.
Loan Duration/Length
For 2018, 1st Security Bank Of Washington's most frequently cited loan duration was 30 Year, with 1,848 originations. The 2nd most popular length was 15 Year, with 49 originations.
Origination Fees/Closing Costs
1st Security Bank Of Washington's average total fees were $7,403, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 818 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,320 | $503,280,000 | $381,273 |
| 5-6% | 527 | $169,575,000 | $321,774 |
| 3-4% | 102 | $36,860,000 | $361,373 |
| 6-7% | 23 | $7,375,000 | $320,652 |
| 7-8% | 1 | $15,000 | $15,000 |
During 2018, 1st Security Bank Of Washington's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 1,320 originations.
Loan Sizing
2018 saw 1st Security Bank Of Washington place emphasis on $200k-400k loans with 1,008 originations, totaling $291,640,000 in origination value.
Applicant Income
1st Security Bank Of Washington lent most frequently to those with incomes in the $100k-150k range, with 483 originations. The second most popular income band? $50k-75k, with 382 originations.
Applicant Debt to Income Ratio
1st Security Bank Of Washington lent most frequently to those with DTI ratios of 30-36%, with 343 originations. The next most common DTI ratio? 20-30%, with 312 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.40%
1st Security Bank Of Washington has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.74%
1st Security Bank Of Washington has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,973 | $717,105,000 | $363,459 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| 1st Security Bank of Washington | 10 Oak Bay Rd Hadlock, WA 98339 | Full Service B&M | $37,546 |
| 1st Security Bank of Washington | 10574 Silverdale Way Nw Silverdale, WA 98383 | Full Service B&M | $3,341 |
| 1st Security Bank of Washington | 114 South Sequim Avenue Sequim, WA 98382 | Full Service B&M | $86,212 |
| 1st Security Bank of Washington | 134 West Eighth Street Port Angeles, WA 98362 | Full Service B&M | $58,927 |
| 1st Security Bank of Washington | 14808 Ne 24th Street Suite D Redmond, WA 98052 | Full Service B&M | $74,867 |
| 1st Security Bank of Washington | 15224 Main Street, Suite 105 Mill Creek, WA 98012 | Full Service B&M | $26,665 |
| 1st Security Bank of Washington | 19002 33rd Ave West Lynnwood, WA 98036 | Full Service B&M | $66,240 |
| 1st Security Bank of Washington | 21650 Nw Market Place Poulsbo, WA 98370 | Full Service B&M | $29,109 |
| 1st Security Bank of Washington | 307 W Stewart Street Puyallup, WA 98371 | Full Service B&M | $51,066 |
| 1st Security Bank of Washington | 614 Broadway East Seattle, WA 98102 | Full Service B&M | $57,280 |
| 1st Security Bank of Washington | 620 Edmonds Way Edmonds, WA 98020 | Full Service B&M | $89,504 |
| 1st Security Bank of Washington | 6920 220th Street Sw, Suite 300 Mountlake Terrace, WA 98043 | Full Service B&M | $250,052 |
| 1st Security Bank of Washington | 734 Water Street Port Townsend, WA 98368 | Full Service B&M | $53,098 |
For 2018, 1st Security Bank Of Washington had 13 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $61,040 |
| Net interest income | $51,527 |
| Total noninterest income | $25,269 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,125 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $24,144 |
| Pre-tax net operating income | $29,233 |
| Securities gains (or losses, -) | $171 |
| Income before extraordinary items | $25,006 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $25,006 |
| Minority interest net income | $0 |
| Net income | $25,006 |
| Sale, conversion, retirement of capital stock, net | $33,766 |
| Net operating income | $24,860 |
1st Security Bank Of Washington's gross interest income from loans was $61,040,000.
1st Security Bank Of Washington's net interest income from loans was $51,527,000.
1st Security Bank Of Washington's fee based income from loans was $1,125,000.
1st Security Bank Of Washington's net income from loans was $25,006,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $9,513 |
| Provision for credit losses | $1,540 |
| Total noninterest expense | $46,023 |
| Salaries and employee benefits | $28,538 |
| Premises and equipment expense | $4,419 |
| Additional noninterest expense | $13,066 |
| Applicable income taxes | $4,398 |
| Net charge-offs | $-53 |
| Cash dividends | $1,436 |
1st Security Bank Of Washington's interest expense for loans was $9,513,000.
1st Security Bank Of Washington's payroll and benefits expense were $28,538,000.
1st Security Bank Of Washington's property, plant and equipment expenses $4,419,000.
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 | 1.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.5% |
| 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 | $1,288,291 |
| Deposits held in domestic offices | $1,288,291 |
| Deposits by Individuals, partnerships, and corporations | $1,269,552 |
| Deposits by U.S. Government | $7 |
| Deposits by States and political subdivisions in the U.S. | $17,783 |
| Deposits by Commercial banks and other depository institutions in U.S. | $949 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $399,407 |
| Demand deposits | $245,853 |
| Nontransaction accounts | $888,884 |
| Money market deposit accounts (MMDAs) | $282,895 |
| Other savings deposits (excluding MMDAs) | $122,344 |
| Total time deposits | $483,646 |
| Total time and savings deposits | $1,042,438 |
| Noninterest-bearing deposits | $245,853 |
| Interest-bearing deposits | $1,042,438 |
| Retail deposits | $1,090,087 |
| IRAs and Keogh plan accounts | $49,390 |
| Brokered deposits | $116,902 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,621,478 |
| Cash & Balances due from depository institutions | $54,777 |
| Interest-bearing balances | $45,369 |
| Total securities | $97,205 |
| Federal funds sold & reverse repurchase | $75 |
| Net loans and leases | $1,363,718 |
| Loan and leases loss allowance | $12,349 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $28,490 |
| Other real estate owned | $689 |
| Goodwill and other intangibles | $18,958 |
| All other assets | $57,566 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,621,478 |
| Total Liabilities | $1,438,604 |
| Total deposits | $1,288,291 |
| Interest-bearing deposits | $1,042,438 |
| Deposits held in domestic offices | $1,288,291 |
| % insured (estimated) | $76 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $137,149 |
| Subordinated debt | $0 |
| All other liabilities | $13,164 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,363,718 |
| Loan and leases loss allowance | $12,349 |
| Total loans and leases (domestic) | $1,376,067 |
| All real estate loans | $923,663 |
| Real estate loans in domestic offices | $923,663 |
| Construction and development loans | $247,306 |
| Residential 1-4 family construction | $193,104 |
| Other construction, all land development and other land | $54,202 |
| Loans secured by nonfarm nonresidential properties | $212,352 |
| Nonfarm nonresidential secured by owner-occupied properties | $85,783 |
| Commercial real estate & other non-farm, non-residential | $126,569 |
| Multifamily residential real estate | $105,816 |
| 1-4 family residential loans | $358,129 |
| Farmland loans | $60 |
| Loans held in foreign offices | $0 |
| Farm loans | $443 |
| Commercial and industrial loans | $112,144 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $275,363 |
| Credit card loans | $2,225 |
| Related Plans | $1,623 |
| Consumer Auto Loans | $589 |
| Other loans to individuals | $270,926 |
| All other loans & leases | $65,824 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $65,824 |
| 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 | $0 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
1st Security Bank of Washington had $1,363,718,000 of loans outstanding in 2018. $923,663,000 of loans were in real estate loans. $247,306,000 of loans were in development loans. $105,816,000 of loans were in multifamily mortgage loans. $358,129,000 of loans were in 1-4 family mortgage loans. $443,000 of loans were in farm loans. $2,225,000 of loans were in credit card loans. $589,000 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 | 148 | $58,691 | $396,561 |
| Nonfarm, nonresidential loans - <$100k | 13 | $606 | $46,615 |
| Nonfarm, nonresidential loans - $100-250k | 45 | $6,427 | $142,822 |
| Nonfarm, nonresidential loans - $250k-1MM | 90 | $51,658 | $573,978 |
| Commercial & Industrial, US addressed loans - <$1MM | 250 | $47,684 | $190,736 |
| Commercial & Industrial, US addressed loans - <$100k | 81 | $1,937 | $23,914 |
| Commercial & Industrial, US addressed loans - $100-250k | 61 | $5,929 | $97,197 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 108 | $39,818 | $368,685 |
| Farmland loans - <$1MM | 2 | $60 | $30,000 |
| Farmland loans - <$100k | 2 | $60 | $30,000 |
| Agriculture operations loans - <$1MM | 6 | $362 | $60,333 |
| Agriculture operations loans - <$100k | 4 | $115 | $28,750 |
| Agriculture operations loans - $100-250k | 2 | $247 | $123,500 |