Springfield First Community Bank Mortgage Rates, Fees & Info

Springfield, MO

LEI: 5493007IES1RWVUDDU23

Tax ID: 26-3420981

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Springfield First Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Springfield First Community 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 Springfield, Wichita, Little Rock, Joplin, and Branson among others. Springfield First Community 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. Springfield First Community Bank is typically a low fee lendor.


Originations

627

Origination Dollar Volume (All Markets)

$226,345,000

Employee count

66 Show all (8) awards

Relative Rate

Springfield First Community Bank's average 30 year fixed rate mortgage of loans were 2.88%.

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

This yields a difference of -0.27%.

Relative Fees

Springfield First Community Bank's average total fees for a 30 year fixed rate mortgage are $2,703.

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
SPRINGFIELD, MO (FHA|USDA|VA) 524 $117,720,000 $224,656 $2,428 2.86%
WICHITA, KS (FHA|USDA|VA) 2 $35,370,000 $17,685,000 $2,383 3.14%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $26,395,000 $26,395,000 $0 3.65%
JOPLIN, MO (FHA|USDA|VA) 4 $14,050,000 $3,512,500 $2,707 2.93%
Outside of Metro Areas 32 $6,560,000 $205,000 $2,828 2.69%
Branson, MO (FHA|USDA|VA) 10 $5,820,000 $582,000 $2,185 2.72%
KANSAS CITY, MO-KS (FHA|USDA|VA) 15 $4,195,000 $279,667 $1,952 3.17%
Key West, FL (FHA|USDA|VA) 1 $2,485,000 $2,485,000 $0 3.75%
LONGVIEW, TX (FHA|USDA|VA) 1 $2,215,000 $2,215,000 $0 2.61%
Weatherford, OK (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $0 2.61%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 4 $1,270,000 $317,500 $2,577 3.82%
Breckenridge, CO (FHA|USDA|VA) 1 $785,000 $785,000 $0 4.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $775,000 $775,000 $3,056 3.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $670,000 $335,000 $2,541 3.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $670,000 $335,000 $3,808 2.56%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $545,000 $545,000 $4,194 2.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $545,000 $545,000 $24,855 2.63%
West Plains, MO (FHA|USDA|VA) 2 $440,000 $220,000 $1,942 3.13%
TOPEKA, KS (FHA|USDA|VA) 2 $370,000 $185,000 $5,714 3.19%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $355,000 $355,000 $3,057 2.75%
Lebanon, MO (FHA|USDA|VA) 2 $340,000 $170,000 $4,043 3.06%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $340,000 $170,000 $1,843 2.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,148 3.13%
Mexico, MO (FHA|USDA|VA) 1 $315,000 $315,000 $0 3.75%
Harrison, AR (FHA|USDA|VA) 2 $310,000 $155,000 $2,160 2.69%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,801 2.75%
Georgetown, SC (FHA|USDA|VA) 1 $285,000 $285,000 $3,326 2.63%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $275,000 $275,000 $0 4.38%
CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 1 $245,000 $245,000 $1,720 2.50%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $1,539 2.50%
Brainerd, MN (FHA|USDA|VA) 1 $185,000 $185,000 $2,817 2.75%
LANCASTER, PA (FHA|USDA|VA) 1 $185,000 $185,000 $6,950 3.13%
JEFFERSON CITY, MO (FHA|USDA|VA) 2 $180,000 $90,000 $1,906 2.69%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,219 2.88%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $85,000 $85,000 $2,350 2.88%

Springfield First Community Bank's top markets include Springfield, Wichita, Little Rock, Joplin, and Branson among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 586 $216,780,000 $369,932 $2,227 2.87%
FHA 20 $4,300,000 $215,000 $5,932 3.11%
VA 11 $3,175,000 $288,636 $6,982 2.55%
USDA 10 $2,090,000 $209,000 $4,307 2.78%

For the 2021 period, Springfield First Community Bank's most frequently originated loan type of loans were Conventional, with 586 originations. Their 2nd most popular type is FHA, with 20 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 324 $143,880,000 $444,074 $2,958 3.02%
Refi 224 $65,470,000 $292,277 $1,998 2.67%
Cash Out Refi 74 $15,980,000 $215,946 $2,200 2.80%
Other 4 $920,000 $230,000 $3,489 3.00%
Home Improvement 1 $95,000 $95,000 $2,090 2.75%

For the 2021, Springfield First Community Bank's most frequently cited loan purpose of loans were Home Purchase, with 324 originations. The 2nd most popular reason of loans were Refi, with 224 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 410 $90,000,000 $219,512 $2,703 2.88%
15 Year 108 $24,600,000 $227,778 $2,105 2.25%
5 Year 38 $76,830,000 $2,021,842 $1,899 3.96%
Other 34 $12,540,000 $368,824 $1,366 3.29%
20 Year 21 $3,625,000 $172,619 $2,003 2.68%
3 Year 8 $3,900,000 $487,500 $2,166 3.53%
1 Year 4 $590,000 $147,500 $0 4.19%
10 Year 4 $14,260,000 $3,565,000 $2,317 2.87%

For the 2021, Springfield First Community Bank's most frequently cited loan length of loans were 30 Year, with 410 originations. The 2nd most popular length of loans were 15 Year, with 108 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 487 $110,705,000 $227,320
$1k-2k 18 $4,500,000 $250,000
$3k-4k 4 $1,130,000 $282,500
$2k-3k 3 $1,395,000 $465,000
$5k+ 1 $135,000 $135,000

$2,703 of loans were Springfield First Community Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 487 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 260 $61,520,000 $236,615
<2.5% 190 $42,040,000 $221,263
3-4% 149 $117,875,000 $791,107
4-5% 27 $4,835,000 $179,074
5-6% 1 $75,000 $75,000

During 2021, Springfield First Community Bank's average interest rate of loans were 2.88%, while their most frequently originated rate bucket of loans were 2.5-3%, with 260 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 241 $35,485,000 $147,241 $2,184 2.87%
$200k-400k 241 $65,795,000 $273,008 $2,785 2.82%
$100,000 or less 80 $6,310,000 $78,875 $1,713 3.00%
$400k-600k 47 $23,285,000 $495,426 $3,547 2.67%
$1MM+ 12 $91,200,000 $7,600,000 $0 3.38%
$600k-1MM 6 $4,270,000 $711,667 $2,496 3.75%

2021 saw Springfield First Community Bank place emphasis on $100k-200k loans with 241 originations, totaling $35,485,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 124 $21,330,000 $172,016 $2,594 2.87%
$50k or less 114 $15,730,000 $137,982 $2,405 2.82%
$100k-150k 103 $25,275,000 $245,388 $2,700 2.72%
$75k-100k 85 $18,615,000 $219,000 $2,451 2.72%
$150k-250k 65 $18,905,000 $290,846 $2,451 2.91%
$250k+ 42 $15,850,000 $377,381 $2,465 2.76%

Springfield First Community Bank lent most frequently to those with incomes in the $50k-75k range, with 124 originations. The second most popular income band? $50k or less, with 114 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 160 $33,360,000 $208,500 $2,372 2.73%
30-36% 114 $24,710,000 $216,754 $2,543 2.74%
<20% 73 $16,555,000 $226,781 $2,069 2.64%
44% 27 $5,625,000 $208,333 $2,645 2.88%
39% 24 $6,520,000 $271,667 $2,583 2.90%
41% 21 $4,765,000 $226,905 $2,684 2.83%
40% 18 $4,140,000 $230,000 $2,607 2.85%
42% 17 $3,025,000 $177,941 $2,389 3.04%
37% 17 $3,745,000 $220,294 $2,565 3.04%
43% 16 $4,130,000 $258,125 $2,544 2.91%
36% 15 $3,545,000 $236,333 $2,706 2.86%
38% 13 $2,715,000 $208,846 $2,469 2.70%
45% 12 $2,050,000 $170,833 $3,401 2.86%
47% 11 $2,355,000 $214,091 $2,427 2.84%
46% 10 $3,080,000 $308,000 $3,467 2.89%
48% 9 $1,975,000 $219,444 $3,858 2.86%
49% 5 $1,265,000 $253,000 $3,372 2.45%
50-60% 4 $560,000 $140,000 $2,961 3.34%

Springfield First Community Bank lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 114 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 537 $117,645,000 $219,078 $2,521 2.78%
Not applicable 57 $101,345,000 $1,777,982 $0 3.74%
Not provided 15 $3,025,000 $201,667 $2,594 2.83%
Black 6 $1,730,000 $288,333 $2,516 2.83%
Asian 7 $1,535,000 $219,286 $2,021 2.38%
American Indian 3 $485,000 $161,667 $1,843 3.08%
Native Hawaiian 1 $355,000 $355,000 $3,057 2.75%
Asian Indian 1 $225,000 $225,000 $1,770 2.50%

Approval Rates

Total approvals of all applications
96.81%

Springfield First Community 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
86.89%

Springfield First Community Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 627 $226,345,000 $360,997

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
627 $226,345,000 $360,997

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 35 $5,405,000 $154,429 $1,926 2.63%
40-60% 112 $49,430,000 $441,339 $2,031 2.63%
60-80% 270 $114,730,000 $424,926 $2,216 2.96%
80-100% 203 $54,605,000 $268,990 $2,901 2.94%
Over 100% 5 $1,585,000 $317,000 $12,533 2.68%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Spring Equity LLC Conventional home mortgage Trouble during payment process 1 20.0%
Spring Equity LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
Spring Equity LLC Home equity loan or line of credit (HELOC) Closing on a mortgage 1 20.0%
Spring Equity LLC Home equity loan or line of credit (HELOC) Trouble during payment process 2 40.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Springfield First Community Bank 2006 South Glenstone Avenue Springfield, MO 65804 Full Service B&M $608,676

For 2021, Springfield First Community Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $29,446
Net interest income $26,351
Total noninterest income $8,818
Gross Fiduciary activities income $0
Service charges on deposit accounts $82
Trading account gains and fees $0
Additional Noninterest Income $8,736
Pre-tax net operating income $18,727
Securities gains (or losses, -) $0
Income before extraordinary items $14,579
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,579
Minority interest net income $0
Net income $14,579
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,579

Springfield First Community Bank's gross interest income from loans was $29,446,000.
Springfield First Community Bank's net interest income from loans was $26,351,000.
Springfield First Community Bank's fee based income from loans was $82,000.
Springfield First Community Bank's net income from loans was $14,579,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,095
Provision for credit losses $445
Total noninterest expense $15,997
Salaries and employee benefits $10,145
Premises and equipment expense $1,655
Additional noninterest expense $4,197
Applicable income taxes $4,148
Net charge-offs $12
Cash dividends $0

Springfield First Community Bank's interest expense for loans was $3,095,000.
Springfield First Community Bank's payroll and benefits expense were $10,145,000.
Springfield First Community Bank's property, plant and equipment expenses $1,655,000.

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 $590,163
Deposits held in domestic offices $590,163
Deposits by Individuals, partnerships, and corporations $504,414
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $52,680
Deposits by Commercial banks and other depository institutions in U.S. $33,069
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $335,651
Demand deposits $133,032
Nontransaction accounts $254,512
Money market deposit accounts (MMDAs) $129,767
Other savings deposits (excluding MMDAs) $12,450
Total time deposits $112,295
Total time and savings deposits $457,131
Noninterest-bearing deposits $133,032
Interest-bearing deposits $457,131
Retail deposits $562,963
IRAs and Keogh plan accounts $12,124
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $882,885
Cash & Balances due from depository institutions $6,489
Interest-bearing balances $2,618
Total securities $81,848
Federal funds sold & reverse repurchase $0
Net loans and leases $715,933
Loan and leases loss allowance $9,206
Trading account assets $0
Bank premises and fixed assets $6,566
Other real estate owned $0
Goodwill and other intangibles $50,968
All other assets $21,081

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $882,885
Total Liabilities $739,988
Total deposits $590,163
Interest-bearing deposits $457,131
Deposits held in domestic offices $590,163
% insured (estimated) $49
Federal funds purchased and repurchase agreements $140,755
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $9,070

Issued Loan Types

Type Value (in 000's)
Net loans and leases $715,933
Loan and leases loss allowance $9,206
Total loans and leases (domestic) $725,139
All real estate loans $578,936
Real estate loans in domestic offices $578,936
Construction and development loans $143,658
Residential 1-4 family construction $8,002
Other construction, all land development and other land $135,656
Loans secured by nonfarm nonresidential properties $233,295
Nonfarm nonresidential secured by owner-occupied properties $82,726
Commercial real estate & other non-farm, non-residential $150,569
Multifamily residential real estate $118,168
1-4 family residential loans $80,877
Farmland loans $2,938
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $117,816
To non-U.S. addressees $0
Loans to individuals $3,769
Credit card loans $0
Related Plans $551
Consumer Auto Loans $1,111
Other loans to individuals $2,107
All other loans & leases $24,618
Loans to foreign governments and official institutions $0
Other loans $5,467
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 $365
Non 1-4 family restructured loans & leases $365
Total loans and leases (foreign) $0

Springfield First Community Bank had $715,933,000 of loans outstanding in 2021. $578,936,000 of loans were in real estate loans. $143,658,000 of loans were in development loans. $118,168,000 of loans were in multifamily mortgage loans. $80,877,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,111,000 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 145 $43,437 $299,566
Nonfarm, nonresidential loans - <$100k 20 $958 $47,900
Nonfarm, nonresidential loans - $100-250k 38 $5,475 $144,079
Nonfarm, nonresidential loans - $250k-1MM 87 $37,004 $425,333
Commercial & Industrial, US addressed loans - <$1MM 248 $31,822 $128,315
Commercial & Industrial, US addressed loans - <$100k 143 $5,232 $36,587
Commercial & Industrial, US addressed loans - $100-250k 39 $3,827 $98,128
Commercial & Industrial, US addressed loans - $250k-1MM 66 $22,763 $344,894
Farmland loans - <$1MM 5 $915 $183,000
Farmland loans - <$100k 1 $56 $56,000
Farmland loans - $100-250k 2 $287 $143,500
Farmland loans - $250k-1MM 2 $572 $286,000