First Central State Bank Mortgage Rates, Fees & Info

Dewitt, IA

LEI: 5493005L8AW1CTD9HZ03

Tax ID: 42-0928970

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Central State Bank is a smaller bank specializing in Home Purchase and Refi loans. First Central State Bank has a high proportion of conventional loans. Their top markets include Davenport, Clinton, Sterling, Des Moines, and Knoxville among others. First Central State Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

470

Origination Dollar Volume (All Markets)

$83,740,000

Employee count

91

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 230 $46,660,000 $202,870 $0 0.00%
Clinton, IA (FHA|USDA|VA) 175 $24,905,000 $142,314 $0 0.00%
Outside of Metro Areas 24 $3,950,000 $164,583 $0 0.00%
Sterling, IL (FHA|USDA|VA) 13 $1,605,000 $123,462 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 5 $1,295,000 $259,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 2 $850,000 $425,000 $0 0.00%
PEORIA, IL (FHA|USDA|VA) 2 $730,000 $365,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $585,000 $195,000 $0 0.00%
MADISON, WI (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 3 $495,000 $165,000 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 3 $375,000 $125,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $360,000 $180,000 $0 0.00%
Mason City, IA (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
DUBUQUE, IA (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
AMES, IA (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%

First Central State Bank's top markets include Davenport, Clinton, Sterling, Des Moines, and Knoxville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 470 $83,740,000 $178,170 $0 0.00%

For the 2021 period, First Central State Bank's most frequently originated loan type of loans were Conventional, with 470 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 196 $36,610,000 $186,786 $0 0.00%
Refi 172 $29,840,000 $173,488 $0 0.00%
Cash Out Refi 82 $15,790,000 $192,561 $0 0.00%
Home Improvement 14 $760,000 $54,286 $0 0.00%
Other 6 $740,000 $123,333 $0 0.00%

For the 2021, First Central State Bank's most frequently cited loan purpose of loans were Home Purchase, with 196 originations. The 2nd most popular reason of loans were Refi, with 172 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 470 $83,740,000 $178,170 $0 0.00%

For the 2021, First Central State Bank's most frequently cited loan length of loans were Other, with 470 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 183 $27,065,000 $147,896 $0 0.00%
$100,000 or less 139 $8,325,000 $59,892 $0 0.00%
$200k-400k 129 $36,155,000 $280,271 $0 0.00%
$400k-600k 14 $7,060,000 $504,286 $0 0.00%
$1MM+ 3 $3,875,000 $1,291,667 $0 0.00%
$600k-1MM 2 $1,260,000 $630,000 $0 0.00%

2021 saw First Central State Bank place emphasis on $100k-200k loans with 183 originations, totaling $27,065,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 86 $12,290,000 $142,907 $0 0.00%
$100k-150k 85 $18,875,000 $222,059 $0 0.00%
$75k-100k 84 $13,630,000 $162,262 $0 0.00%
$50k or less 65 $7,095,000 $109,154 $0 0.00%
$150k-250k 53 $14,265,000 $269,151 $0 0.00%
$250k+ 8 $1,220,000 $152,500 $0 0.00%

First Central State Bank lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $100k-150k, with 85 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 470 $83,740,000 $178,170 $0 0.00%

First Central State Bank lent most frequently to those with DTI ratios of Exempt%, with 470 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 391 $69,395,000 $177,481 $0 0.00%
Not applicable 72 $13,280,000 $184,444 $0 0.00%
Asian 4 $620,000 $155,000 $0 0.00%
Black 3 $445,000 $148,333 $0 0.00%

Approval Rates

Total approvals of all applications
93.16%

First Central State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
93.40%

First Central State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 470 $83,740,000 $178,170

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
470 $83,740,000 $178,170

Complaints

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

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Central State Bank 1291 Eagle Ridge Road Le Claire, IA 52753 Full Service B&M $59,738
First Central State Bank 1427 North Second Street Clinton, IA 52732 Full Service B&M $93,314
First Central State Bank 223 Main Street Goose Lake, IA 52750 Full Service B&M $26,502
First Central State Bank 2600 Lincolnway Clinton, IA 52732 Full Service B&M $24,503
First Central State Bank 500 East Leclaire Road Eldridge, IA 52748 Full Service B&M $173,356
First Central State Bank 914 Sixth Avenue Dewitt, IA 52742 Full Service B&M $171,006

For 2021, First Central State Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,545
Net interest income $19,185
Total noninterest income $4,374
Gross Fiduciary activities income $22
Service charges on deposit accounts $616
Trading account gains and fees $0
Additional Noninterest Income $3,736
Pre-tax net operating income $9,887
Securities gains (or losses, -) $15
Income before extraordinary items $7,869
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,869
Minority interest net income $0
Net income $7,869
Sale, conversion, retirement of capital stock, net $0
Net operating income $7,857

First Central State Bank's gross interest income from loans was $22,545,000.
First Central State Bank's net interest income from loans was $19,185,000.
First Central State Bank's fee based income from loans was $616,000.
First Central State Bank's net income from loans was $7,869,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,360
Provision for credit losses $240
Total noninterest expense $13,432
Salaries and employee benefits $8,173
Premises and equipment expense $1,464
Additional noninterest expense $3,795
Applicable income taxes $2,033
Net charge-offs $120
Cash dividends $1,674

First Central State Bank's interest expense for loans was $3,360,000.
First Central State Bank's payroll and benefits expense were $8,173,000.
First Central State Bank's property, plant and equipment expenses $1,464,000.

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 $562,621
Deposits held in domestic offices $562,621
Deposits by Individuals, partnerships, and corporations $460,408
Deposits by U.S. Government $33
Deposits by States and political subdivisions in the U.S. $101,760
Deposits by Commercial banks and other depository institutions in U.S. $420
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $242,131
Demand deposits $120,228
Nontransaction accounts $320,490
Money market deposit accounts (MMDAs) $140,297
Other savings deposits (excluding MMDAs) $77,466
Total time deposits $102,727
Total time and savings deposits $442,393
Noninterest-bearing deposits $120,228
Interest-bearing deposits $442,393
Retail deposits $545,834
IRAs and Keogh plan accounts $18,514
Brokered deposits $662
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $729,106
Cash & Balances due from depository institutions $63,917
Interest-bearing balances $58,207
Total securities $242,346
Federal funds sold & reverse repurchase $0
Net loans and leases $398,336
Loan and leases loss allowance $5,569
Trading account assets $0
Bank premises and fixed assets $4,957
Other real estate owned $80
Goodwill and other intangibles $3,122
All other assets $16,348

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $729,106
Total Liabilities $650,182
Total deposits $562,621
Interest-bearing deposits $442,393
Deposits held in domestic offices $562,621
% insured (estimated) $71
Federal funds purchased and repurchase agreements $51,203
Trading liabilities $0
Other borrowed funds $31,937
Subordinated debt $0
All other liabilities $4,421

Issued Loan Types

Type Value (in 000's)
Net loans and leases $398,336
Loan and leases loss allowance $5,569
Total loans and leases (domestic) $403,905
All real estate loans $291,278
Real estate loans in domestic offices $291,278
Construction and development loans $33,190
Residential 1-4 family construction $16,083
Other construction, all land development and other land $17,107
Loans secured by nonfarm nonresidential properties $94,861
Nonfarm nonresidential secured by owner-occupied properties $72,108
Commercial real estate & other non-farm, non-residential $22,753
Multifamily residential real estate $16,714
1-4 family residential loans $93,863
Farmland loans $52,650
Loans held in foreign offices $0
Farm loans $39,905
Commercial and industrial loans $59,946
To non-U.S. addressees $0
Loans to individuals $12,233
Credit card loans $0
Related Plans $0
Consumer Auto Loans $8,380
Other loans to individuals $3,853
All other loans & leases $543
Loans to foreign governments and official institutions $0
Other loans $119
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 $1,666
Non 1-4 family restructured loans & leases $1,666
Total loans and leases (foreign) $0

First Central State Bank had $398,336,000 of loans outstanding in 2021. $291,278,000 of loans were in real estate loans. $33,190,000 of loans were in development loans. $16,714,000 of loans were in multifamily mortgage loans. $93,863,000 of loans were in 1-4 family mortgage loans. $39,905,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,380,000 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 320 $94,851 $296,409
Nonfarm, nonresidential loans - <$100k 96 $4,252 $44,292
Nonfarm, nonresidential loans - $100-250k 112 $14,028 $125,250
Nonfarm, nonresidential loans - $250k-1MM 112 $76,571 $683,670
Commercial & Industrial, US addressed loans - <$1MM 819 $59,946 $73,194
Commercial & Industrial, US addressed loans - <$100k 627 $14,200 $22,648
Commercial & Industrial, US addressed loans - $100-250k 115 $9,409 $81,817
Commercial & Industrial, US addressed loans - $250k-1MM 77 $36,337 $471,909
Farmland loans - <$1MM 150 $23,625 $157,500
Farmland loans - <$100k 35 $1,621 $46,314
Farmland loans - $100-250k 55 $5,887 $107,036
Farmland loans - $250k-1MM 60 $16,117 $268,617
Agriculture operations loans - <$1MM 368 $22,009 $59,807
Agriculture operations loans - <$100k 256 $6,376 $24,906
Agriculture operations loans - $100-250k 65 $5,899 $90,754
Agriculture operations loans - $250k-1MM 47 $9,734 $207,106