First State Bank Mortgage Rates, Fees & Info

Gainesville, TX

LEI: 54930079VLB4FPPZ7Y58

Tax ID: 75-0270410

4.7 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First State Bank is a smaller bank specializing in Home Purchase and Refi loans. First State Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Dallas, Gainesville, Sherman, Bonham, and Houston among others. First State 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 State Bank is typically an average fee lendor.


Originations

987

Origination Dollar Volume (All Markets)

$280,255,000

Employee count

287

Awards

First State Bank 30 Year Conventional Loans bronze First State Bank 30 Year Conventional Loans gold First State Bank 30 Year Conventional Loans gold First State Bank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

First State Bank's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

First State Bank's average total fees for a 30 year fixed rate mortgage are $5,386.

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
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 564 $173,710,000 $307,996 $5,163 3.23%
Gainesville, TX (FHA|USDA|VA) 178 $41,460,000 $232,921 $4,810 3.26%
SHERMAN-DENISON, TX (FHA|USDA|VA) 142 $37,470,000 $263,873 $4,999 3.24%
Outside of Metro Areas 42 $13,590,000 $323,571 $4,553 3.59%
Bonham, TX (FHA|USDA|VA) 5 $1,385,000 $277,000 $4,986 3.48%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 7 $1,335,000 $190,714 $3,916 3.05%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 5 $1,285,000 $257,000 $3,447 2.80%
Ardmore, OK (FHA|USDA|VA) 6 $1,010,000 $168,333 $4,020 3.79%
Athens, TX (FHA|USDA|VA) 3 $955,000 $318,333 $5,497 3.08%
LUBBOCK, TX (FHA|USDA|VA) 3 $935,000 $311,667 $3,186 2.83%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $880,000 $220,000 $4,398 2.53%
WACO, TX (FHA|USDA|VA) 4 $870,000 $217,500 $3,993 3.44%
Durant, OK (FHA|USDA|VA) 3 $735,000 $245,000 $8,251 3.33%
LONGVIEW, TX (FHA|USDA|VA) 3 $615,000 $205,000 $5,644 2.79%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $405,000 $405,000 $0 3.50%
Ruidoso, NM (FHA|USDA|VA) 1 $395,000 $395,000 $0 4.50%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $375,000 $375,000 $2,770 2.38%
Corsicana, TX (FHA|USDA|VA) 1 $335,000 $335,000 $6,031 2.63%
ABILENE, TX (FHA|USDA|VA) 2 $330,000 $165,000 $3,752 3.31%
WICHITA FALLS, TX (FHA|USDA|VA) 1 $285,000 $285,000 $9,047 2.75%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $255,000 $255,000 $4,084 2.50%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $255,000 $255,000 $2,965 3.13%
Duncan, OK (FHA|USDA|VA) 1 $225,000 $225,000 $6,350 2.50%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $195,000 $195,000 $3,382 2.50%
Stillwater, OK (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.38%
FLORENCE, SC (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.63%
Altus, OK (FHA|USDA|VA) 1 $155,000 $155,000 $5,435 2.88%
EL PASO, TX (FHA|USDA|VA) 1 $155,000 $155,000 $3,789 3.38%
Granbury, TX (FHA|USDA|VA) 1 $125,000 $125,000 $4,363 5.88%
Huntsville, TX (FHA|USDA|VA) 1 $95,000 $95,000 $2,197 2.13%
Stephenville, TX (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.25%

First State Bank's top markets include Dallas, Gainesville, Sherman, Bonham, and Houston among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 904 $256,410,000 $283,639 $4,631 3.29%
FHA 44 $11,640,000 $264,545 $9,120 3.00%
VA 30 $10,620,000 $354,000 $8,488 2.76%
USDA 9 $1,585,000 $176,111 $5,286 2.65%

For the 2021 period, First State Bank's most frequently originated loan type of loans were Conventional, with 904 originations. Their 2nd most popular type is FHA, with 44 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 551 $172,275,000 $312,659 $5,735 3.32%
Refi 242 $62,460,000 $258,099 $3,845 2.97%
Cash Out Refi 146 $39,950,000 $273,630 $4,914 2.98%
Home Improvement 33 $3,205,000 $97,121 $2,850 4.88%
Other 15 $2,365,000 $157,667 $4,393 4.18%

For the 2021, First State Bank's most frequently cited loan purpose of loans were Home Purchase, with 551 originations. The 2nd most popular reason of loans were Refi, with 242 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 670 $211,690,000 $315,955 $5,386 3.04%
15 Year 166 $30,130,000 $181,506 $3,797 3.23%
20 Year 92 $22,940,000 $249,348 $4,603 4.11%
Other 31 $11,545,000 $372,419 $3,452 4.43%
10 Year 15 $1,475,000 $98,333 $2,672 3.71%
1 Year 10 $2,350,000 $235,000 $6,594 4.90%
5 Year 3 $125,000 $41,667 $1,613 4.83%

For the 2021, First State Bank's most frequently cited loan length of loans were 30 Year, with 670 originations. The 2nd most popular length of loans were 15 Year, with 166 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 724 $196,440,000 $271,326
$2k-3k 52 $16,490,000 $317,115
$3k-4k 32 $10,930,000 $341,563
$5k+ 19 $18,265,000 $961,316
$<1k 17 $4,475,000 $263,235

$5,386 of loans were First State Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 724 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 394 $111,330,000 $282,563
3-4% 263 $91,405,000 $347,548
<2.5% 158 $40,640,000 $257,215
4-5% 117 $30,925,000 $264,316
5-6% 48 $4,990,000 $103,958
6-7% 7 $965,000 $137,857

During 2021, First State Bank's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 394 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 496 $144,960,000 $292,258 $5,198 3.07%
$100k-200k 248 $37,740,000 $152,177 $3,899 3.31%
$400k-600k 116 $55,440,000 $477,931 $5,733 2.96%
$100,000 or less 99 $7,065,000 $71,364 $2,680 4.19%
$600k-1MM 15 $10,935,000 $729,000 $9,280 3.63%
$1MM+ 13 $24,115,000 $1,855,000 $18,387 4.05%

2021 saw First State Bank place emphasis on $200k-400k loans with 496 originations, totaling $144,960,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 258 $71,820,000 $278,372 $5,208 3.16%
$150k-250k 182 $58,070,000 $319,066 $5,167 3.14%
$75k-100k 167 $41,275,000 $247,156 $4,896 3.18%
$50k-75k 163 $33,635,000 $206,350 $4,348 3.17%
$250k+ 74 $42,560,000 $575,135 $7,683 3.49%
$50k or less 68 $9,000,000 $132,353 $3,795 3.28%

First State Bank lent most frequently to those with incomes in the $100k-150k range, with 258 originations. The second most popular income band? $150k-250k, with 182 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 224 $62,990,000 $281,205 $4,710 3.03%
30-36% 189 $53,435,000 $282,725 $4,913 3.14%
<20% 80 $19,520,000 $244,000 $4,486 3.19%
42% 45 $14,325,000 $318,333 $5,588 3.12%
37% 38 $9,840,000 $258,947 $4,878 3.07%
36% 35 $10,245,000 $292,714 $5,142 3.08%
38% 35 $14,435,000 $412,429 $4,810 3.47%
44% 33 $6,985,000 $211,667 $4,244 3.20%
43% 33 $9,265,000 $280,758 $5,218 3.19%
39% 31 $8,065,000 $260,161 $4,465 3.16%
40% 31 $9,825,000 $316,935 $5,355 3.43%
41% 30 $10,840,000 $361,333 $6,815 3.08%
45% 25 $6,115,000 $244,600 $5,235 3.22%
46% 23 $5,155,000 $224,130 $5,370 3.58%
48% 22 $5,750,000 $261,364 $4,835 3.37%
49% 20 $5,020,000 $251,000 $4,818 3.44%
47% 16 $4,700,000 $293,750 $6,016 2.98%
50-60% 14 $3,980,000 $284,286 $9,043 3.13%

First State Bank lent most frequently to those with DTI ratios of 20-30%, with 224 originations. The next most common DTI ratio? 30-36%, with 189 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 857 $236,195,000 $275,607 $4,946 3.16%
Not provided 52 $17,470,000 $335,962 $5,799 3.51%
Not applicable 42 $15,580,000 $370,952 $0 4.74%
Black 16 $4,910,000 $306,875 $5,673 3.50%
Asian 15 $4,825,000 $321,667 $4,901 3.29%
American Indian 4 $1,110,000 $277,500 $6,215 2.56%
Native Hawaiian 1 $165,000 $165,000 $0 3.50%

Approval Rates

Total approvals of all applications
95.96%

First State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
87.21%

First State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 987 $280,255,000 $283,946

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
987 $280,255,000 $283,946

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 70 $10,700,000 $152,857 $4,057 3.51%
40-60% 181 $42,215,000 $233,232 $4,024 3.09%
60-80% 385 $122,285,000 $317,623 $4,887 3.24%
80-100% 318 $100,850,000 $317,138 $5,879 3.19%
Over 100% 8 $2,510,000 $313,750 $13,069 2.91%
Under 20% 25 $1,695,000 $67,800 $2,333 4.72%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 10 29.4%
FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 2 5.9%
FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Closing on a 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 VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 5.9%
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 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) Trouble during payment process 6 17.6%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First State Bank 108 E. Howell Street Saint Jo, TX 76265 Full Service B&M $53,046
First State Bank 2211b South Oak Street Roanoke, TX 76262 Full Service B&M $32,144
First State Bank 2430 W University Drive Denton, TX 76207 Full Service B&M $42,525
First State Bank 2624 North Loy Lake Road Suites A And B Sherman, TX 75090 Full Service B&M $15,454
First State Bank 400 W Oak Street Denton, TX 76201 Full Service B&M $186,671
First State Bank 519 East Division Muenster, TX 76252 Full Service B&M $50,428
First State Bank 545 Highway 377 N, Suites 101 And 102 Whitesboro, TX 76273 Full Service B&M $44,835
First State Bank 6586 Fm 902 Gainesville, TX 76240 Full Service B&M $59,158
First State Bank 661 W. Thompson St. Decatur, TX 76234 Full Service B&M $183,638
First State Bank 801 East California Street Gainesville, TX 76240 Full Service B&M $468,626
First State Bank 808 East Highway 82 Gainesville, TX 76240 Full Service B&M $182,947

For 2021, First State Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $49,486
Net interest income $47,861
Total noninterest income $15,940
Gross Fiduciary activities income $1,002
Service charges on deposit accounts $2,884
Trading account gains and fees $0
Additional Noninterest Income $12,054
Pre-tax net operating income $14,987
Securities gains (or losses, -) $70
Income before extraordinary items $15,057
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,057
Minority interest net income $0
Net income $15,057
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,987

First State Bank's gross interest income from loans was $49,486,000.
First State Bank's net interest income from loans was $47,861,000.
First State Bank's fee based income from loans was $2,884,000.
First State Bank's net income from loans was $15,057,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,625
Provision for credit losses $1,800
Total noninterest expense $47,014
Salaries and employee benefits $27,485
Premises and equipment expense $5,647
Additional noninterest expense $13,882
Applicable income taxes $0
Net charge-offs $292
Cash dividends $4,600

First State Bank's interest expense for loans was $1,625,000.
First State Bank's payroll and benefits expense were $27,485,000.
First State Bank's property, plant and equipment expenses $5,647,000.

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 1.0%
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 $1,462,680
Deposits held in domestic offices $1,462,680
Deposits by Individuals, partnerships, and corporations $1,352,743
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $109,937
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 $984,930
Demand deposits $816,534
Nontransaction accounts $477,750
Money market deposit accounts (MMDAs) $249,204
Other savings deposits (excluding MMDAs) $122,341
Total time deposits $106,205
Total time and savings deposits $646,146
Noninterest-bearing deposits $648,463
Interest-bearing deposits $814,217
Retail deposits $1,430,345
IRAs and Keogh plan accounts $16,031
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,609,236
Cash & Balances due from depository institutions $164,950
Interest-bearing balances $147,894
Total securities $645,224
Federal funds sold & reverse repurchase $0
Net loans and leases $704,570
Loan and leases loss allowance $11,078
Trading account assets $0
Bank premises and fixed assets $50,325
Other real estate owned $136
Goodwill and other intangibles $13,208
All other assets $30,823

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,609,236
Total Liabilities $1,476,216
Total deposits $1,462,680
Interest-bearing deposits $814,217
Deposits held in domestic offices $1,462,680
% insured (estimated) $60
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $13,536

Issued Loan Types

Type Value (in 000's)
Net loans and leases $704,570
Loan and leases loss allowance $11,078
Total loans and leases (domestic) $715,648
All real estate loans $570,994
Real estate loans in domestic offices $570,994
Construction and development loans $118,438
Residential 1-4 family construction $36,589
Other construction, all land development and other land $81,849
Loans secured by nonfarm nonresidential properties $261,289
Nonfarm nonresidential secured by owner-occupied properties $141,764
Commercial real estate & other non-farm, non-residential $119,525
Multifamily residential real estate $11,428
1-4 family residential loans $116,450
Farmland loans $63,389
Loans held in foreign offices $0
Farm loans $18,723
Commercial and industrial loans $83,015
To non-U.S. addressees $0
Loans to individuals $21,176
Credit card loans $0
Related Plans $15
Consumer Auto Loans $8,293
Other loans to individuals $12,868
All other loans & leases $21,741
Loans to foreign governments and official institutions $0
Other loans $1,708
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 $87
Non 1-4 family restructured loans & leases $87
Total loans and leases (foreign) $0

First State Bank had $704,570,000 of loans outstanding in 2021. $570,994,000 of loans were in real estate loans. $118,438,000 of loans were in development loans. $11,428,000 of loans were in multifamily mortgage loans. $116,450,000 of loans were in 1-4 family mortgage loans. $18,723,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,293,000 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 333 $84,719 $254,411
Nonfarm, nonresidential loans - <$100k 59 $2,710 $45,932
Nonfarm, nonresidential loans - $100-250k 107 $14,811 $138,421
Nonfarm, nonresidential loans - $250k-1MM 167 $67,198 $402,383
Commercial & Industrial, US addressed loans - <$1MM 828 $51,192 $61,826
Commercial & Industrial, US addressed loans - <$100k 636 $16,979 $26,697
Commercial & Industrial, US addressed loans - $100-250k 101 $10,445 $103,416
Commercial & Industrial, US addressed loans - $250k-1MM 91 $23,768 $261,187
Farmland loans - <$1MM 129 $16,461 $127,605
Farmland loans - <$100k 45 $1,972 $43,822
Farmland loans - $100-250k 57 $7,361 $129,140
Farmland loans - $250k-1MM 27 $7,128 $264,000
Agriculture operations loans - <$1MM 350 $12,804 $36,583
Agriculture operations loans - <$100k 305 $5,483 $17,977
Agriculture operations loans - $100-250k 27 $2,562 $94,889
Agriculture operations loans - $250k-1MM 18 $4,759 $264,389