First Federal Bank Mortgage Rates, Fees & Info
Dunn, NCLEI: 5493004W7AEPOP0B0249
Tax ID: 56-0680378
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Mortgage Data
Bank Data
Review & Overview
First Federal Bank is a smaller bank specializing in Home Purchase loans. First Federal Bank has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Durham, Wilson, and Fayetteville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First Federal 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.
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Originations
9Origination Dollar Volume (All Markets)
$3,405,000Employee count
56Top 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 |
|---|---|---|---|---|---|
| RALEIGH-CARY, NC (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $0 | 0.00% |
| Wilson, NC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $235,000 | $235,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against First Federal Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 9 | $3,405,000 | $378,333 | $0 | 0.00% |
For 2020, First Federal Bank's most frequently originated type of loan was Conventional, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 8 | $3,250,000 | $406,250 | $0 | 0.00% |
| Cash Out Refi | 1 | $155,000 | $155,000 | $0 | 0.00% |
For 2020, First Federal Bank's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 9 | $3,405,000 | $378,333 | $0 | 0.00% |
For 2020, First Federal Bank's most frequently cited loan duration was Other, with 9 originations.
Loan Sizing
2020 saw First Federal Bank place emphasis on $200k-400k loans with 3 originations, totaling $815,000 in origination value.
Applicant Income
First Federal Bank lent most frequently to those with incomes in the $150k-250k range, with 3 originations. The second most popular income band? $100k-150k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 9 | $3,405,000 | $378,333 | $0 | 0.00% |
First Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.33%
First Federal Bank has an average approval rate.
Pick Rate
Approvals leading to origination44.44%
First Federal Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 9 | $3,405,000 | $378,333 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 9 | $3,405,000 | $378,333 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
| 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 | Other type of mortgage | Closing on a mortgage | 2 | 13.3% |
| FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 6.7% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 3 | 20.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Federal Bank | 105 North Johnson Street Benson, NC 27504 | Full Service B&M | $23,389 |
| First Federal Bank | 110 West Dupree Street Angier, NC 27501 | Full Service B&M | $25,855 |
| First Federal Bank | 200 E Cumberland St Dunn, NC 28334 | Full Service B&M | $69,430 |
| First Federal Bank | 200 E Divine St, Corporate Center Dunn, NC 28334 | Full Service B&M | $0 |
| First Federal Bank | 442 East Main Street Clayton, NC 27520 | Full Service B&M | $12,618 |
| First Federal Bank | 540 East Jackson Boulevard Erwin, NC 28339 | Full Service B&M | $18,798 |
| First Federal Bank | 603 North Judd Parkway N.E. Fuquay Varina, NC 27526 | Full Service B&M | $22,963 |
For 2020, First Federal Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $8,056 |
| Net interest income | $7,137 |
| Total noninterest income | $674 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $214 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $460 |
| Pre-tax net operating income | $507 |
| Securities gains (or losses, -) | $333 |
| Income before extraordinary items | $647 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $647 |
| Minority interest net income | $0 |
| Net income | $647 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $383 |
First Federal Bank's gross interest income from loans was $8,056,000.
First Federal Bank's net interest income from loans was $7,137,000.
First Federal Bank's fee based income from loans was $214,000.
First Federal Bank's net income from loans was $647,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $919 |
| Provision for credit losses | $0 |
| Total noninterest expense | $7,304 |
| Salaries and employee benefits | $4,397 |
| Premises and equipment expense | $925 |
| Additional noninterest expense | $1,982 |
| Applicable income taxes | $193 |
| Net charge-offs | $1 |
| Cash dividends | $0 |
First Federal Bank's interest expense for loans was $919,000.
First Federal Bank's payroll and benefits expense were $4,397,000.
First Federal Bank's property, plant and equipment expenses $925,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 2.0% |
| HELOC loans | 0.0% |
| All other family | 2.0% |
| 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 | $174,410 |
| Deposits held in domestic offices | $174,410 |
| Deposits by Individuals, partnerships, and corporations | $169,114 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $5,296 |
| 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 | $60,919 |
| Demand deposits | $60,919 |
| Nontransaction accounts | $113,491 |
| Money market deposit accounts (MMDAs) | $53,458 |
| Other savings deposits (excluding MMDAs) | $13,340 |
| Total time deposits | $46,693 |
| Total time and savings deposits | $113,491 |
| Noninterest-bearing deposits | $39,277 |
| Interest-bearing deposits | $135,133 |
| Retail deposits | $164,356 |
| IRAs and Keogh plan accounts | $5,077 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $205,971 |
| Cash & Balances due from depository institutions | $11,370 |
| Interest-bearing balances | $10,283 |
| Total securities | $47,526 |
| Federal funds sold & reverse repurchase | $2,000 |
| Net loans and leases | $138,326 |
| Loan and leases loss allowance | $1,836 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,626 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $5,123 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $205,971 |
| Total Liabilities | $184,131 |
| Total deposits | $174,410 |
| Interest-bearing deposits | $135,133 |
| Deposits held in domestic offices | $174,410 |
| % insured (estimated) | $80 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $8,500 |
| Subordinated debt | $0 |
| All other liabilities | $1,221 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $138,326 |
| Loan and leases loss allowance | $1,836 |
| Total loans and leases (domestic) | $140,162 |
| All real estate loans | $123,294 |
| Real estate loans in domestic offices | $123,294 |
| Construction and development loans | $15,272 |
| Residential 1-4 family construction | $10,894 |
| Other construction, all land development and other land | $4,378 |
| Loans secured by nonfarm nonresidential properties | $38,234 |
| Nonfarm nonresidential secured by owner-occupied properties | $16,973 |
| Commercial real estate & other non-farm, non-residential | $21,261 |
| Multifamily residential real estate | $2,174 |
| 1-4 family residential loans | $67,574 |
| Farmland loans | $40 |
| Loans held in foreign offices | $0 |
| Farm loans | $91 |
| Commercial and industrial loans | $15,968 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $710 |
| Credit card loans | $0 |
| Related Plans | $128 |
| Consumer Auto Loans | $317 |
| Other loans to individuals | $265 |
| All other loans & leases | $99 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $99 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $609 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $347 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First Federal Bank had $138,326,000 of loans outstanding in 2020. $123,294,000 of loans were in real estate loans. $15,272,000 of loans were in development loans. $2,174,000 of loans were in multifamily mortgage loans. $67,574,000 of loans were in 1-4 family mortgage loans. $91,000 of loans were in farm loans. $0 of loans were in credit card loans. $317,000 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 | 70 | $21,548 | $307,829 |
| Nonfarm, nonresidential loans - <$100k | 13 | $527 | $40,538 |
| Nonfarm, nonresidential loans - $100-250k | 17 | $2,395 | $140,882 |
| Nonfarm, nonresidential loans - $250k-1MM | 40 | $18,626 | $465,650 |
| Commercial & Industrial, US addressed loans - <$1MM | 187 | $13,905 | $74,358 |
| Commercial & Industrial, US addressed loans - <$100k | 145 | $4,394 | $30,303 |
| Commercial & Industrial, US addressed loans - $100-250k | 25 | $3,705 | $148,200 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 17 | $5,806 | $341,529 |
| Farmland loans - <$1MM | 1 | $40 | $40,000 |
| Farmland loans - <$100k | 1 | $40 | $40,000 |
| Agriculture operations loans - <$1MM | 3 | $91 | $30,333 |
| Agriculture operations loans - <$100k | 3 | $91 | $30,333 |