First Central State Bank Mortgage Rates, Fees & Info

Dewitt, IA

LEI: 5493005L8AW1CTD9HZ03

Tax ID: 42-0928970

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Mortgage Data

Bank Data

Review & 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Davenport, Clinton, Sterling, Cedar Rapids, and Chicago among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Central State Bank has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

175

Origination Dollar Volume (All Markets)

$24,025,000

Employee count

86

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
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 91 $14,055,000 $154,451 $0 0.00%
Clinton, IA (FHA|USDA|VA) 62 $6,940,000 $111,935 $0 0.00%
Outside of Metro Areas 6 $630,000 $105,000 $0 0.00%
Sterling, IL (FHA|USDA|VA) 4 $540,000 $135,000 $0 0.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $335,000 $111,667 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
DUBUQUE, IA (FHA|USDA|VA) 2 $220,000 $110,000 $0 0.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Jacksonville, IL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Muscatine, IA (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
First Central State Bank's top markets include Davenport, Clinton, Sterling, Cedar Rapids, and Chicago among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 172 $23,710,000 $137,849 $0 0.00%
    USDA 3 $315,000 $105,000 $0 0.00%

    For 2019, First Central State Bank's most frequently originated type of loan was Conventional, with 172 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 92 $12,380,000 $134,565 $0 0.00%
    Refi 47 $8,445,000 $179,681 $0 0.00%
    Home Improvement 20 $1,040,000 $52,000 $0 0.00%
    Cash Out Refi 9 $1,765,000 $196,111 $0 0.00%
    Other 7 $395,000 $56,429 $0 0.00%

    For 2019, First Central State Bank's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 175 $24,025,000 $137,286 $0 0.00%

    For 2019, First Central State Bank's most frequently cited loan duration was Other, with 175 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 83 $3,715,000 $44,759 $0 0.00%
    $100k-200k 49 $7,055,000 $143,980 $0 0.00%
    $200k-400k 39 $10,275,000 $263,462 $0 0.00%
    $600k-1MM 3 $2,575,000 $858,333 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2019 saw First Central State Bank place emphasis on $100,000 or less loans with 83 originations, totaling $3,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 43 $6,635,000 $154,302 $0 0.00%
    $50k or less 30 $2,610,000 $87,000 $0 0.00%
    $50k-75k 22 $2,580,000 $117,273 $0 0.00%
    $150k-250k 19 $2,625,000 $138,158 $0 0.00%
    $75k-100k 19 $2,295,000 $120,789 $0 0.00%
    $250k+ 6 $850,000 $141,667 $0 0.00%

    First Central State Bank lent most frequently to those with incomes in the $100k-150k range, with 43 originations. The second most popular income band? $50k or less, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 175 $24,025,000 $137,286 $0 0.00%

    First Central State Bank lent most frequently to those with DTI ratios of Exempt%, with 175 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 139 $17,465,000 $125,647 $0 0.00%
    Not applicable 30 $5,830,000 $194,333 $0 0.00%
    Not provided 4 $560,000 $140,000 $0 0.00%
    Other Asian 1 $145,000 $145,000 $0 0.00%
    Asian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.71%

    First Central State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.43%

    First Central State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 175 $24,025,000 $137,286

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $3,885,000 $353,182
    Single Family (1-4 Units):Manufactured 3 $305,000 $101,667
    Single Family (1-4 Units):Site-Built 161 $19,835,000 $123,199

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%

    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 $40,893
    First Central State Bank 1427 North Second Street Clinton, IA 52732 Full Service B&M $84,159
    First Central State Bank 223 Main Street Goose Lake, IA 52750 Full Service B&M $21,676
    First Central State Bank 2600 Lincolnway Clinton, IA 52732 Full Service B&M $20,880
    First Central State Bank 500 East Leclaire Road Eldridge, IA 52748 Full Service B&M $129,836
    First Central State Bank 914 Sixth Avenue Dewitt, IA 52742 Full Service B&M $131,330

    For 2019, First Central State Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $23,744
    Net interest income $17,399
    Total noninterest income $3,456
    Gross Fiduciary activities income $23
    Service charges on deposit accounts $761
    Trading account gains and fees $0
    Additional Noninterest Income $2,672
    Pre-tax net operating income $8,319
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,576
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,576
    Minority interest net income $0
    Net income $6,576
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,576

    First Central State Bank's gross interest income from loans was $23,744,000.
    First Central State Bank's net interest income from loans was $17,399,000.
    First Central State Bank's fee based income from loans was $761,000.
    First Central State Bank's net income from loans was $6,576,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,345
    Provision for credit losses $590
    Total noninterest expense $11,946
    Salaries and employee benefits $6,687
    Premises and equipment expense $1,351
    Additional noninterest expense $3,908
    Applicable income taxes $1,743
    Net charge-offs $324
    Cash dividends $2,341

    First Central State Bank's interest expense for loans was $6,345,000.
    First Central State Bank's payroll and benefits expense were $6,687,000.
    First Central State Bank's property, plant and equipment expenses $1,351,000.

    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 $458,943
    Deposits held in domestic offices $458,943
    Deposits by Individuals, partnerships, and corporations $375,412
    Deposits by U.S. Government $30
    Deposits by States and political subdivisions in the U.S. $83,231
    Deposits by Commercial banks and other depository institutions in U.S. $270
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $191,160
    Demand deposits $97,266
    Nontransaction accounts $267,783
    Money market deposit accounts (MMDAs) $89,370
    Other savings deposits (excluding MMDAs) $50,140
    Total time deposits $128,273
    Total time and savings deposits $361,677
    Noninterest-bearing deposits $97,266
    Interest-bearing deposits $361,677
    Retail deposits $434,592
    IRAs and Keogh plan accounts $18,279
    Brokered deposits $3,813
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $585,109
    Cash & Balances due from depository institutions $53,118
    Interest-bearing balances $50,264
    Total securities $115,692
    Federal funds sold & reverse repurchase $12,100
    Net loans and leases $382,946
    Loan and leases loss allowance $4,480
    Trading account assets $0
    Bank premises and fixed assets $5,357
    Other real estate owned $237
    Goodwill and other intangibles $3,222
    All other assets $12,437

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $585,109
    Total Liabilities $515,655
    Total deposits $458,943
    Interest-bearing deposits $361,677
    Deposits held in domestic offices $458,943
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $18,614
    Trading liabilities $0
    Other borrowed funds $34,961
    Subordinated debt $0
    All other liabilities $3,137

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $382,946
    Loan and leases loss allowance $4,480
    Total loans and leases (domestic) $387,426
    All real estate loans $257,292
    Real estate loans in domestic offices $257,292
    Construction and development loans $29,746
    Residential 1-4 family construction $13,686
    Other construction, all land development and other land $16,060
    Loans secured by nonfarm nonresidential properties $81,786
    Nonfarm nonresidential secured by owner-occupied properties $62,947
    Commercial real estate & other non-farm, non-residential $18,839
    Multifamily residential real estate $16,373
    1-4 family residential loans $78,184
    Farmland loans $51,203
    Loans held in foreign offices $0
    Farm loans $53,013
    Commercial and industrial loans $61,000
    To non-U.S. addressees $0
    Loans to individuals $13,580
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $11,194
    Other loans to individuals $2,386
    All other loans & leases $2,541
    Loans to foreign governments and official institutions $0
    Other loans $203
    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 $2,232
    Non 1-4 family restructured loans & leases $2,167
    Total loans and leases (foreign) $0

    First Central State Bank had $382,946,000 of loans outstanding in 2019. $257,292,000 of loans were in real estate loans. $29,746,000 of loans were in development loans. $16,373,000 of loans were in multifamily mortgage loans. $78,184,000 of loans were in 1-4 family mortgage loans. $53,013,000 of loans were in farm loans. $0 of loans were in credit card loans. $11,194,000 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 365 $81,786 $224,071
    Nonfarm, nonresidential loans - <$100k 141 $5,769 $40,915
    Nonfarm, nonresidential loans - $100-250k 111 $12,995 $117,072
    Nonfarm, nonresidential loans - $250k-1MM 113 $63,022 $557,717
    Commercial & Industrial, US addressed loans - <$1MM 775 $61,000 $78,710
    Commercial & Industrial, US addressed loans - <$100k 598 $13,348 $22,321
    Commercial & Industrial, US addressed loans - $100-250k 102 $9,964 $97,686
    Commercial & Industrial, US addressed loans - $250k-1MM 75 $37,688 $502,507
    Farmland loans - <$1MM 173 $27,437 $158,595
    Farmland loans - <$100k 38 $1,933 $50,868
    Farmland loans - $100-250k 68 $8,568 $126,000
    Farmland loans - $250k-1MM 67 $16,936 $252,776
    Agriculture operations loans - <$1MM 453 $30,195 $66,656
    Agriculture operations loans - <$100k 346 $13,636 $39,410
    Agriculture operations loans - $100-250k 70 $7,728 $110,400
    Agriculture operations loans - $250k-1MM 37 $8,831 $238,676