First American Bank Mortgage Rates, Fees & Info

Artesia, NM

LEI: 5493005KZM1DEUYVS783

Tax ID: 85-0020635

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First American Bank is a smaller bank specializing in Home Purchase and Refi loans. First American Bank 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 include Las Cruces, Carlsbad, Albuquerque, El Paso, and Roswell among others. First American Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First American Bank is typically a low fee lendor.


Originations

645

Origination Dollar Volume (All Markets)

$141,585,000

Employee count

218 Show all (18) awards

Relative Rate

First American Bank's average 30 year fixed rate mortgage of loans were 3.15%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0%.

Relative Fees

First American Bank's average total fees for a 30 year fixed rate mortgage are $3,222.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
LAS CRUCES, NM (FHA|USDA|VA) 286 $56,640,000 $198,042 $3,017 3.11%
Carlsbad-Artesia, NM (FHA|USDA|VA) 81 $15,475,000 $191,049 $3,204 3.54%
ALBUQUERQUE, NM (FHA|USDA|VA) 63 $14,235,000 $225,952 $2,708 3.03%
EL PASO, TX (FHA|USDA|VA) 5 $10,075,000 $2,015,000 $2,975 4.45%
Roswell, NM (FHA|USDA|VA) 33 $9,465,000 $286,818 $2,881 3.65%
Silver City, NM (FHA|USDA|VA) 50 $6,920,000 $138,400 $3,513 2.88%
Ruidoso, NM (FHA|USDA|VA) 27 $6,915,000 $256,111 $2,199 3.34%
Hobbs, NM (FHA|USDA|VA) 33 $6,675,000 $202,273 $3,640 4.33%
Alamogordo, NM (FHA|USDA|VA) 21 $3,595,000 $171,190 $2,798 3.17%
Nogales, AZ (FHA|USDA|VA) 11 $2,155,000 $195,909 $4,575 2.64%
Outside of Metro Areas 7 $1,735,000 $247,857 $4,269 2.99%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $940,000 $470,000 $2,160 3.38%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $855,000 $855,000 $5,057 3.13%
SANTA FE, NM (FHA|USDA|VA) 3 $775,000 $258,333 $2,028 2.71%
LUBBOCK, TX (FHA|USDA|VA) 2 $730,000 $365,000 $2,703 2.75%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $510,000 $255,000 $2,205 3.31%
Deming, NM (FHA|USDA|VA) 3 $485,000 $161,667 $2,395 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $415,000 $415,000 $3,164 3.13%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $390,000 $195,000 $2,210 3.69%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $385,000 $385,000 $2,827 2.50%
TUCSON, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $8,495 2.75%
SAN ANGELO, TX (FHA|USDA|VA) 1 $285,000 $285,000 $0 5.25%
PEORIA, IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,103 2.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $3,551 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $225,000 $225,000 $2,759 3.00%
AMARILLO, TX (FHA|USDA|VA) 1 $205,000 $205,000 $2,192 2.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $165,000 $165,000 $3,070 2.38%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.13%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $125,000 $125,000 $1,942 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $115,000 $115,000 $2,926 3.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.63%

First American Bank's top markets include Las Cruces, Carlsbad, Albuquerque, El Paso, and Roswell among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 485 $108,375,000 $223,454 $2,180 3.37%
FHA 120 $23,910,000 $199,250 $5,244 2.92%
VA 20 $5,790,000 $289,500 $5,760 2.49%
USDA 20 $3,510,000 $175,500 $3,936 2.62%

For the 2021 period, First American Bank's most frequently originated loan type of loans were Conventional, with 485 originations. Their 2nd most popular type is FHA, with 120 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 397 $81,865,000 $206,209 $3,236 3.36%
Refi 128 $35,720,000 $279,063 $2,712 3.02%
Cash Out Refi 110 $22,530,000 $204,818 $2,868 3.01%
Home Improvement 10 $1,470,000 $147,000 $2,758 3.72%

For the 2021, First American Bank's most frequently cited loan purpose of loans were Home Purchase, with 397 originations. The 2nd most popular reason of loans were Refi, with 128 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 483 $101,275,000 $209,679 $3,222 3.15%
15 Year 86 $14,490,000 $168,488 $2,272 2.53%
5 Year 22 $6,070,000 $275,909 $0 5.58%
Other 15 $4,205,000 $280,333 $4,640 5.36%
20 Year 15 $2,395,000 $159,667 $2,609 2.99%
10 Year 15 $2,685,000 $179,000 $2,305 3.53%
3 Year 7 $10,075,000 $1,439,286 $0 5.45%
1 Year 2 $390,000 $195,000 $0 5.64%

For the 2021, First American Bank's most frequently cited loan length of loans were 30 Year, with 483 originations. The 2nd most popular length of loans were 15 Year, with 86 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 493 $97,405,000 $197,576
$1k-2k 28 $7,530,000 $268,929
$2k-3k 10 $4,820,000 $482,000
$3k-4k 4 $1,300,000 $325,000
$5k+ 1 $1,055,000 $1,055,000

$3,222 of loans were First American Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 493 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 254 $53,260,000 $209,685
3-4% 204 $53,340,000 $261,471
<2.5% 100 $20,650,000 $206,500
5-6% 58 $9,380,000 $161,724
4-5% 20 $4,080,000 $204,000
6-7% 8 $850,000 $106,250
Over 8% 1 $25,000 $25,000

During 2021, First American Bank's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 254 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 263 $39,735,000 $151,084 $2,945 3.14%
$200k-400k 221 $58,595,000 $265,136 $3,500 2.98%
$100,000 or less 110 $5,650,000 $51,364 $1,501 3.90%
$400k-600k 41 $19,865,000 $484,512 $4,270 3.23%
$600k-1MM 7 $5,455,000 $779,286 $5,763 3.77%
$1MM+ 3 $12,285,000 $4,095,000 $8,840 4.83%

2021 saw First American Bank place emphasis on $100k-200k loans with 263 originations, totaling $39,735,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 165 $28,315,000 $171,606 $2,982 2.99%
$50k or less 144 $18,280,000 $126,944 $2,785 3.30%
$100k-150k 95 $24,085,000 $253,526 $3,211 3.03%
$75k-100k 85 $17,935,000 $211,000 $3,372 2.97%
$150k-250k 68 $15,890,000 $233,676 $3,372 3.25%
$250k+ 30 $12,600,000 $420,000 $3,825 3.14%

First American Bank lent most frequently to those with incomes in the $50k-75k range, with 165 originations. The second most popular income band? $50k or less, with 144 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 133 $27,065,000 $203,496 $2,834 2.98%
30-36% 95 $18,855,000 $198,474 $2,538 3.17%
<20% 70 $13,980,000 $199,714 $2,433 3.19%
39% 32 $5,570,000 $174,063 $2,755 3.07%
36% 28 $5,920,000 $211,429 $2,927 2.91%
48% 27 $4,805,000 $177,963 $4,068 3.30%
50-60% 26 $5,720,000 $220,000 $5,389 2.71%
40% 25 $4,935,000 $197,400 $2,780 2.98%
37% 24 $5,460,000 $227,500 $4,092 3.47%
38% 20 $3,740,000 $187,000 $2,439 2.97%
42% 20 $5,380,000 $269,000 $3,119 3.09%
44% 19 $3,285,000 $172,895 $2,590 3.47%
41% 17 $3,675,000 $216,176 $2,954 2.91%
46% 15 $1,995,000 $133,000 $2,961 3.31%
43% 15 $3,035,000 $202,333 $4,396 2.92%
49% 14 $2,340,000 $167,143 $3,755 3.21%
45% 13 $2,205,000 $169,615 $3,583 2.94%
47% 7 $1,625,000 $232,143 $2,889 3.36%

First American Bank lent most frequently to those with DTI ratios of 20-30%, with 133 originations. The next most common DTI ratio? 30-36%, with 95 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 585 $117,315,000 $200,538 $3,060 3.12%
Not applicable 37 $19,485,000 $526,622 $0 5.39%
Black 11 $2,375,000 $215,909 $3,065 2.76%
Asian 5 $1,125,000 $225,000 $2,827 2.58%
Not provided 5 $775,000 $155,000 $3,590 3.10%
American Indian 2 $510,000 $255,000 $3,817 2.88%

Approval Rates

Total approvals of all applications
91.86%

First American Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.30%

First American Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 645 $141,585,000 $219,512

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
645 $141,585,000 $219,512

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 25 $2,775,000 $111,000 $2,238 3.48%
40-60% 73 $12,235,000 $167,603 $2,527 3.17%
60-80% 236 $66,440,000 $281,525 $2,687 3.33%
80-100% 267 $58,005,000 $217,247 $3,738 2.98%
Over 100% 5 $1,545,000 $309,000 $10,562 2.63%
Under 20% 39 $585,000 $15,000 $388 4.44%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First American Solutions, LLC Conventional home mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First American Bank 1300 North White Sands Boulevard Alamogordo, NM 88310 Full Service B&M $57,181
First American Bank 111 East Fifth St. Roswell, NM 88201 Full Service B&M $117,364
First American Bank 1220 Joe Harvey Boulevard Hobbs, NM 88240 Full Service B&M $147,098
First American Bank 8110 Ventura St., Ne Albuquerque, NM 87122 Full Service B&M $31,312
First American Bank 1401 Tom Foy Blvd Bayard, NM 88023 Full Service B&M $29,131
First American Bank 1553 Avenida De Mesilla, Suite 225 Las Cruces, NM 88005 Full Service B&M $133,509
First American Bank 1609 N Swan Street Silver City, NM 88061 Full Service B&M $116,582
First American Bank 19 West Washington Lovington, NM 88260 Full Service B&M $48,547
First American Bank 206 W Quay Avenue Artesia, NM 88210 Limited, Drive-thru $0
First American Bank 2145 East Lohman Avenue Las Cruces, NM 88004 Full Service B&M $28,823
First American Bank 2201 West Pierce Street Carlsbad, NM 88220 Full Service B&M $42,393
First American Bank 3002 Southern Blvd., Se Rio Rancho, NM 87124 Full Service B&M $13,389
First American Bank 303 W Main Street Artesia, NM 88210 Full Service B&M $478,140
First American Bank 3220 N Main St Roswell, NM 88201 Full Service B&M $10,063
First American Bank 324 Mccombs Chaparral, NM 88081 Full Service B&M $9,940
First American Bank 4301 The 25 Way Ne Albuquerque, NM 87109 Full Service B&M $29,005
First American Bank 600 West Bender Hobbs, NM 88240 Limited, Drive-thru $0

For 2021, First American Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $50,755
Net interest income $49,410
Total noninterest income $12,741
Gross Fiduciary activities income $3,878
Service charges on deposit accounts $1,678
Trading account gains and fees $0
Additional Noninterest Income $7,185
Pre-tax net operating income $29,563
Securities gains (or losses, -) $0
Income before extraordinary items $29,563
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $29,563
Minority interest net income $0
Net income $29,563
Sale, conversion, retirement of capital stock, net $0
Net operating income $29,563

First American Bank's gross interest income from loans was $50,755,000.
First American Bank's net interest income from loans was $49,410,000.
First American Bank's fee based income from loans was $1,678,000.
First American Bank's net income from loans was $29,563,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,345
Provision for credit losses $565
Total noninterest expense $32,023
Salaries and employee benefits $20,560
Premises and equipment expense $3,079
Additional noninterest expense $8,384
Applicable income taxes $0
Net charge-offs $279
Cash dividends $16,524

First American Bank's interest expense for loans was $1,345,000.
First American Bank's payroll and benefits expense were $20,560,000.
First American Bank's property, plant and equipment expenses $3,079,000.

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 1.0%
HELOC loans 1.0%
All other family 1.0%
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 $1,315,049
Deposits held in domestic offices $1,315,049
Deposits by Individuals, partnerships, and corporations $1,051,532
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $263,015
Deposits by Commercial banks and other depository institutions in U.S. $502
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $210,148
Demand deposits $128,027
Nontransaction accounts $1,104,901
Money market deposit accounts (MMDAs) $878,549
Other savings deposits (excluding MMDAs) $144,993
Total time deposits $81,359
Total time and savings deposits $1,187,022
Noninterest-bearing deposits $491,971
Interest-bearing deposits $823,078
Retail deposits $1,270,633
IRAs and Keogh plan accounts $8,701
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,550,725
Cash & Balances due from depository institutions $96,286
Interest-bearing balances $83,123
Total securities $741,575
Federal funds sold & reverse repurchase $0
Net loans and leases $650,747
Loan and leases loss allowance $14,904
Trading account assets $0
Bank premises and fixed assets $23,953
Other real estate owned $1,143
Goodwill and other intangibles $3,865
All other assets $33,156

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,550,725
Total Liabilities $1,389,060
Total deposits $1,315,049
Interest-bearing deposits $823,078
Deposits held in domestic offices $1,315,049
% insured (estimated) $49
Federal funds purchased and repurchase agreements $52,114
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $21,897

Issued Loan Types

Type Value (in 000's)
Net loans and leases $650,747
Loan and leases loss allowance $14,904
Total loans and leases (domestic) $665,651
All real estate loans $511,356
Real estate loans in domestic offices $511,356
Construction and development loans $37,718
Residential 1-4 family construction $10,660
Other construction, all land development and other land $27,058
Loans secured by nonfarm nonresidential properties $295,171
Nonfarm nonresidential secured by owner-occupied properties $76,743
Commercial real estate & other non-farm, non-residential $218,428
Multifamily residential real estate $33,822
1-4 family residential loans $97,613
Farmland loans $47,032
Loans held in foreign offices $0
Farm loans $31,983
Commercial and industrial loans $119,290
To non-U.S. addressees $0
Loans to individuals $2,372
Credit card loans $0
Related Plans $78
Consumer Auto Loans $418
Other loans to individuals $1,876
All other loans & leases $650
Loans to foreign governments and official institutions $0
Other loans $650
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 $52
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

First American Bank had $650,747,000 of loans outstanding in 2021. $511,356,000 of loans were in real estate loans. $37,718,000 of loans were in development loans. $33,822,000 of loans were in multifamily mortgage loans. $97,613,000 of loans were in 1-4 family mortgage loans. $31,983,000 of loans were in farm loans. $0 of loans were in credit card loans. $418,000 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 335 $66,678 $199,039
Nonfarm, nonresidential loans - <$100k 69 $2,514 $36,435
Nonfarm, nonresidential loans - $100-250k 120 $13,317 $110,975
Nonfarm, nonresidential loans - $250k-1MM 146 $50,847 $348,267
Commercial & Industrial, US addressed loans - <$1MM 803 $56,444 $70,291
Commercial & Industrial, US addressed loans - <$100k 535 $13,992 $26,153
Commercial & Industrial, US addressed loans - $100-250k 183 $16,739 $91,470
Commercial & Industrial, US addressed loans - $250k-1MM 85 $25,713 $302,506
Farmland loans - <$1MM 73 $10,190 $139,589
Farmland loans - <$100k 12 $555 $46,250
Farmland loans - $100-250k 22 $2,694 $122,455
Farmland loans - $250k-1MM 39 $6,941 $177,974
Agriculture operations loans - <$1MM 54 $2,812 $52,074
Agriculture operations loans - <$100k 34 $928 $27,294
Agriculture operations loans - $100-250k 15 $957 $63,800
Agriculture operations loans - $250k-1MM 5 $927 $185,400