First American Bank Mortgage Rates, Fees & Info
Artesia, NMLEI: 5493005KZM1DEUYVS783
Tax ID: 85-0020635
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Mortgage Data
Bank Data
Review & Overview
First American Bank is a smaller bank specializing in Home Purchase 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 by origination volume include: Las Cruces, Carlsbad, Nogales, Albuquerque, and Ruidoso among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)First American 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 American 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.91% | 4/18/24 |
| 30 Year Conventional Refi | 6.38% | 4/18/24 |
| 30 Year Cash-out Refi | 6.89% | 4/18/24 |
| 30 Year FHA Purchase | 7.31% | 4/18/24 |
| 30 Year FHA Refi | 7.39% | 4/18/24 |
| 30 Year VA Purchase | 6.13% | 4/18/24 |
| 30 Year VA Refi | 6.40% | 4/18/24 |
| 30 Year USDA Purchase | 6.61% | 4/18/24 |
| 15 Year Conventional Purchase | 5.47% | 4/18/24 |
| 15 Year Conventional Refi | 6.60% | 4/18/24 |
| 15 Year Cash-out Refi | 6.60% | 4/18/24 |
| 15 Year FHA Refi | 5.68% | 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 American Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
567Origination Dollar Volume (All Markets)
$91,555,000Employee count
223Awards
First American Bank - 2019
First American Bank is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| LAS CRUCES, NM (FHA|USDA|VA) | 291 | $41,605,000 | $142,973 | $2,531 | 4.13% |
| Carlsbad-Artesia, NM (FHA|USDA|VA) | 82 | $13,030,000 | $158,902 | $2,404 | 4.63% |
| Nogales, AZ (FHA|USDA|VA) | 40 | $6,570,000 | $164,250 | $3,977 | 4.07% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 35 | $6,165,000 | $176,143 | $2,467 | 4.09% |
| Ruidoso, NM (FHA|USDA|VA) | 23 | $5,655,000 | $245,870 | $2,802 | 4.04% |
| Hobbs, NM (FHA|USDA|VA) | 18 | $3,370,000 | $187,222 | $3,469 | 4.52% |
| Silver City, NM (FHA|USDA|VA) | 19 | $2,545,000 | $133,947 | $2,178 | 4.41% |
| Roswell, NM (FHA|USDA|VA) | 13 | $2,295,000 | $176,538 | $1,742 | 5.04% |
| SANTA FE, NM (FHA|USDA|VA) | 6 | $1,820,000 | $303,333 | $2,152 | 4.06% |
| Alamogordo, NM (FHA|USDA|VA) | 7 | $1,475,000 | $210,714 | $2,871 | 4.13% |
| TUCSON, AZ (FHA|USDA|VA) | 7 | $1,105,000 | $157,857 | $3,351 | 4.45% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $3,342 | 4.44% |
| Outside of Metro Areas | 4 | $1,020,000 | $255,000 | $2,785 | 3.78% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $980,000 | $490,000 | $1,818 | 4.38% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,336 | 4.25% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $1,874 | 3.63% |
| EL PASO, TX (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,717 | 3.88% |
| LUBBOCK, TX (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,489 | 3.56% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,185 | 4.50% |
| Deming, NM (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,485 | 4.44% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,973 | 4.00% |
| MEDFORD, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,408 | 4.13% |
| AMARILLO, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,280 | 4.13% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,604 | 4.50% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,777 | 4.13% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against First American 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
For 2019, First American Bank's most frequently originated type of loan was Conventional, with 389 originations. Their 2nd most popular type was FHA, with 142 originations.
Loan Reason
For 2019, First American Bank's most frequently cited loan purpose was Home Purchase, with 440 originations. The 2nd most popular reason was Cash Out Refi, with 73 originations.
Loan Duration/Length
For 2019, First American Bank's most frequently cited loan duration was 30 Year, with 454 originations. The 2nd most popular length was 15 Year, with 45 originations.
Origination Fees/Closing Costs
First American Bank's average total fees were $2,852, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 466 originations.
Interest Rates
During 2019, First American Bank's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 3-4%, with 245 originations.
Loan Sizing
2019 saw First American Bank place emphasis on $100k-200k loans with 279 originations, totaling $41,655,000 in origination value.
Applicant Income
First American Bank lent most frequently to those with incomes in the $50k or less range, with 163 originations. The second most popular income band? $50k-75k, with 141 originations.
Applicant Debt to Income Ratio
First American Bank lent most frequently to those with DTI ratios of 20-30%, with 103 originations. The next most common DTI ratio? 30-36%, with 97 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.86%
First American Bank has an average approval rate.
Pick Rate
Approvals leading to origination86.95%
First American Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 567 | $91,555,000 | $161,473 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First American Solutions, LLC | VA mortgage | Closing on a mortgage | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First American Bank | 3220 N Main St Roswell, NM 88201 | Full Service B&M | $7,868 |
| First American Bank | 111 East Fifth St. Roswell, NM 88201 | Full Service B&M | $107,472 |
| First American Bank | 1220 Joe Harvey Boulevard Hobbs, NM 88240 | Full Service B&M | $133,894 |
| First American Bank | 1300 North White Sands Boulevard Alamogordo, NM 88310 | Full Service B&M | $39,552 |
| First American Bank | 1300 West Richey Avenue, Building #106 Artesia, NM 88210 | Limited, Drive-thru | $0 |
| First American Bank | 1401 Tom Foy Blvd Bayard, NM 88023 | Full Service B&M | $19,874 |
| First American Bank | 1553 Avenida De Mesilla, Suite 225 Las Cruces, NM 88005 | Full Service B&M | $92,104 |
| First American Bank | 1609 N Swan Street Silver City, NM 88061 | Full Service B&M | $91,865 |
| First American Bank | 19 West Washington Lovington, NM 88260 | Full Service B&M | $47,983 |
| 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 | $22,582 |
| First American Bank | 2201 West Pierce Street Carlsbad, NM 88220 | Full Service B&M | $24,180 |
| First American Bank | 3002 Southern Blvd., Se Rio Rancho, NM 87124 | Full Service B&M | $9,569 |
| First American Bank | 303 W Main Street Artesia, NM 88210 | Full Service B&M | $369,587 |
| First American Bank | 324 Mccombs Chaparral, NM 88081 | Full Service B&M | $5,612 |
| First American Bank | 4301 The 25 Way Ne Albuquerque, NM 87109 | Full Service B&M | $11,831 |
| First American Bank | 512 Carrasco Avenue Hurley, NM 88043 | Limited, Drive-thru | $2,946 |
| First American Bank | 600 West Bender Hobbs, NM 88240 | Limited, Drive-thru | $0 |
| First American Bank | 8110 Ventura St., Ne Albuquerque, NM 87122 | Full Service B&M | $23,523 |
For 2019, First American Bank had 19 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $53,059 |
| Net interest income | $49,378 |
| Total noninterest income | $11,355 |
| Gross Fiduciary activities income | $3,525 |
| Service charges on deposit accounts | $1,922 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,908 |
| Pre-tax net operating income | $26,703 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $26,703 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $26,703 |
| Minority interest net income | $0 |
| Net income | $26,703 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $26,703 |
First American Bank's gross interest income from loans was $53,059,000.
First American Bank's net interest income from loans was $49,378,000.
First American Bank's fee based income from loans was $1,922,000.
First American Bank's net income from loans was $26,703,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,681 |
| Provision for credit losses | $1,544 |
| Total noninterest expense | $32,486 |
| Salaries and employee benefits | $18,491 |
| Premises and equipment expense | $3,067 |
| Additional noninterest expense | $10,928 |
| Applicable income taxes | $0 |
| Net charge-offs | $4,579 |
| Cash dividends | $19,546 |
First American Bank's interest expense for loans was $3,681,000.
First American Bank's payroll and benefits expense were $18,491,000.
First American Bank's property, plant and equipment expenses $3,067,000.
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 | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $1,027,628 |
| Deposits held in domestic offices | $1,027,628 |
| Deposits by Individuals, partnerships, and corporations | $822,429 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $205,102 |
| Deposits by Commercial banks and other depository institutions in U.S. | $97 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $145,660 |
| Demand deposits | $94,193 |
| Nontransaction accounts | $881,968 |
| Money market deposit accounts (MMDAs) | $670,416 |
| Other savings deposits (excluding MMDAs) | $124,410 |
| Total time deposits | $87,142 |
| Total time and savings deposits | $933,435 |
| Noninterest-bearing deposits | $355,447 |
| Interest-bearing deposits | $672,181 |
| Retail deposits | $986,742 |
| IRAs and Keogh plan accounts | $8,586 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,215,580 |
| Cash & Balances due from depository institutions | $21,318 |
| Interest-bearing balances | $3,918 |
| Total securities | $484,329 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $649,951 |
| Loan and leases loss allowance | $12,387 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $25,297 |
| Other real estate owned | $118 |
| Goodwill and other intangibles | $3,865 |
| All other assets | $30,702 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,215,580 |
| Total Liabilities | $1,080,887 |
| Total deposits | $1,027,628 |
| Interest-bearing deposits | $672,181 |
| Deposits held in domestic offices | $1,027,628 |
| % insured (estimated) | $52 |
| Federal funds purchased and repurchase agreements | $18,884 |
| Trading liabilities | $0 |
| Other borrowed funds | $15,000 |
| Subordinated debt | $0 |
| All other liabilities | $19,375 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $649,951 |
| Loan and leases loss allowance | $12,387 |
| Total loans and leases (domestic) | $662,338 |
| All real estate loans | $515,134 |
| Real estate loans in domestic offices | $515,134 |
| Construction and development loans | $30,349 |
| Residential 1-4 family construction | $8,402 |
| Other construction, all land development and other land | $21,947 |
| Loans secured by nonfarm nonresidential properties | $302,716 |
| Nonfarm nonresidential secured by owner-occupied properties | $82,760 |
| Commercial real estate & other non-farm, non-residential | $219,956 |
| Multifamily residential real estate | $55,187 |
| 1-4 family residential loans | $97,498 |
| Farmland loans | $29,384 |
| Loans held in foreign offices | $0 |
| Farm loans | $11,497 |
| Commercial and industrial loans | $132,313 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $2,828 |
| Credit card loans | $0 |
| Related Plans | $118 |
| Consumer Auto Loans | $705 |
| Other loans to individuals | $2,005 |
| All other loans & leases | $566 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $566 |
| 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 | $227 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First American Bank had $649,951,000 of loans outstanding in 2019. $515,134,000 of loans were in real estate loans. $30,349,000 of loans were in development loans. $55,187,000 of loans were in multifamily mortgage loans. $97,498,000 of loans were in 1-4 family mortgage loans. $11,497,000 of loans were in farm loans. $0 of loans were in credit card loans. $705,000 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 | 367 | $70,824 | $192,981 |
| Nonfarm, nonresidential loans - <$100k | 82 | $3,113 | $37,963 |
| Nonfarm, nonresidential loans - $100-250k | 145 | $17,954 | $123,821 |
| Nonfarm, nonresidential loans - $250k-1MM | 140 | $49,757 | $355,407 |
| Commercial & Industrial, US addressed loans - <$1MM | 852 | $57,484 | $67,469 |
| Commercial & Industrial, US addressed loans - <$100k | 582 | $17,758 | $30,512 |
| Commercial & Industrial, US addressed loans - $100-250k | 186 | $17,700 | $95,161 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 84 | $22,026 | $262,214 |
| Farmland loans - <$1MM | 102 | $15,930 | $156,176 |
| Farmland loans - <$100k | 16 | $559 | $34,938 |
| Farmland loans - $100-250k | 26 | $2,679 | $103,038 |
| Farmland loans - $250k-1MM | 60 | $12,692 | $211,533 |
| Agriculture operations loans - <$1MM | 64 | $3,181 | $49,703 |
| Agriculture operations loans - <$100k | 40 | $1,079 | $26,975 |
| Agriculture operations loans - $100-250k | 20 | $1,273 | $63,650 |
| Agriculture operations loans - $250k-1MM | 4 | $829 | $207,250 |