The State Bank Mortgage Rates, Fees & Info

Fenton, MI

LEI: 5493008ZGI6EQ8RHPQ04

Tax ID: 38-1067370

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The State Bank is a smaller bank specializing in Home Purchase and Refi loans. The State Bank has a high proportion of conventional loans. Their top markets include Detroit, Flint, Ann Arbor, Lansing, and Saginaw among others. The 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. The State Bank is typically a low fee lendor.


Originations

1,228

Origination Dollar Volume (All Markets)

$383,410,000

Employee count

224

Awards

The State Bank 30 Year Conventional Loans bronze The State Bank 30 Year Conventional Loans bronze The State Bank 30 Year Conventional Loans silver The State Bank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

The State Bank's average 30 year fixed rate mortgage of loans were 3.35%.

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

This yields a difference of 0.2%.

Relative Fees

The State Bank's average total fees for a 30 year fixed rate mortgage are $2,771.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 588 $198,290,000 $337,228 $2,975 3.18%
FLINT, MI (FHA|USDA|VA) 430 $116,590,000 $271,140 $2,800 3.28%
ANN ARBOR, MI (FHA|USDA|VA) 9 $12,555,000 $1,395,000 $2,322 3.52%
Outside of Metro Areas 46 $10,750,000 $233,696 $3,002 3.17%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 22 $5,540,000 $251,818 $2,734 3.48%
SAGINAW, MI (FHA|USDA|VA) 32 $5,520,000 $172,500 $2,070 3.26%
Traverse City, MI (FHA|USDA|VA) 4 $2,640,000 $660,000 $3,804 3.49%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $2,270,000 $378,333 $3,092 2.85%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 8 $2,160,000 $270,000 $2,722 3.16%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $2,085,000 $695,000 $3,313 3.55%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,625,000 $325,000 $3,798 3.52%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $1,515,000 $1,515,000 $9,130 3.75%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,510,000 $377,500 $3,501 3.69%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $1,505,000 $501,667 $2,035 3.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,290,000 $645,000 $4,197 3.25%
JACKSON, MI (FHA|USDA|VA) 4 $1,110,000 $277,500 $2,528 3.13%
MIDLAND, MI (FHA|USDA|VA) 5 $1,105,000 $221,000 $2,789 3.95%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,070,000 $267,500 $2,592 2.78%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $975,000 $325,000 $4,954 3.00%
RENO, NV (FHA|USDA|VA) 3 $935,000 $311,667 $0 3.67%
BAY CITY, MI (FHA|USDA|VA) 3 $805,000 $268,333 $2,716 3.04%
Holland, MI (FHA|USDA|VA) 2 $750,000 $375,000 $2,015 3.06%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $745,000 $745,000 $5,899 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $715,000 $238,333 $4,568 3.28%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $705,000 $705,000 $2,861 3.00%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $680,000 $340,000 $3,955 3.38%
Sturgis, MI (FHA|USDA|VA) 1 $545,000 $545,000 $3,327 3.00%
FORT WAYNE, IN (FHA|USDA|VA) 1 $545,000 $545,000 $1,995 2.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $505,000 $505,000 $2,787 2.63%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
THE VILLAGES, FL (FHA|USDA|VA) 3 $495,000 $165,000 $2,393 2.79%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $495,000 $495,000 $5,288 3.25%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $485,000 $485,000 $4,769 2.88%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $475,000 $475,000 $2,048 2.88%
NILES, MI (FHA|USDA|VA) 3 $375,000 $125,000 $2,684 2.92%
MONROE, MI (FHA|USDA|VA) 2 $350,000 $175,000 $2,056 2.75%
Ludington, MI (FHA|USDA|VA) 1 $325,000 $325,000 $2,252 2.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $305,000 $305,000 $5,849 3.13%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,320 2.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $290,000 $145,000 $2,478 2.94%
Mount Pleasant, MI (FHA|USDA|VA) 2 $290,000 $145,000 $2,155 3.00%
ST. GEORGE, UT (FHA|USDA|VA) 1 $255,000 $255,000 $2,858 2.75%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $185,000 $185,000 $2,801 3.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,944 2.88%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,691 2.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,239 2.50%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $125,000 $125,000 $2,125 3.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $125,000 $125,000 $2,463 3.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $105,000 $105,000 $3,913 3.13%
Palatka, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,889 2.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $95,000 $95,000 $3,320 2.75%
Big Rapids, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,391 2.88%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $75,000 $75,000 $2,512 2.63%

The State Bank's top markets include Detroit, Flint, Ann Arbor, Lansing, and Saginaw among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,228 $383,410,000 $312,223 $2,901 3.22%

For the 2021 period, The State Bank's most frequently originated loan type of loans were Conventional, with 1,228 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 659 $231,425,000 $351,176 $3,367 3.34%
Refi 377 $100,585,000 $266,804 $2,336 3.00%
Cash Out Refi 188 $50,330,000 $267,713 $2,469 3.22%
Home Improvement 3 $455,000 $151,667 $0 4.54%
Other 1 $615,000 $615,000 $0 3.75%

For the 2021, The State Bank's most frequently cited loan purpose of loans were Home Purchase, with 659 originations. The 2nd most popular reason of loans were Refi, with 377 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 801 $230,005,000 $287,147 $2,771 3.35%
15 Year 184 $42,740,000 $232,283 $2,372 2.60%
30+ year 131 $58,945,000 $449,962 $4,632 3.37%
20 Year 45 $10,715,000 $238,111 $2,267 3.09%
10 Year 37 $16,505,000 $446,081 $2,247 3.06%
Other 16 $6,050,000 $378,125 $3,377 2.88%
5 Year 14 $18,450,000 $1,317,857 $0 3.91%

For the 2021, The State Bank's most frequently cited loan length of loans were 30 Year, with 801 originations. The 2nd most popular length of loans were 15 Year, with 184 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 924 $244,750,000 $264,881
$1k-2k 198 $89,080,000 $449,899
$3k-4k 10 $3,190,000 $319,000
$2k-3k 6 $4,720,000 $786,667
$5k+ 3 $1,175,000 $391,667

$2,771 of loans were The State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 924 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 555 $180,705,000 $325,595
2.5-3% 390 $113,530,000 $291,103
<2.5% 147 $31,465,000 $214,048
4-5% 132 $56,610,000 $428,864
5-6% 1 $65,000 $65,000

During 2021, The State Bank's average interest rate of loans were 3.35%, while their most frequently originated rate bucket of loans were 3-4%, with 555 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 455 $130,285,000 $286,341 $2,944 3.21%
$100k-200k 345 $51,905,000 $150,449 $2,355 3.17%
$400k-600k 243 $120,015,000 $493,889 $3,679 3.19%
$100,000 or less 127 $8,425,000 $66,339 $1,730 3.21%
$600k-1MM 38 $28,970,000 $762,368 $4,161 3.73%
$1MM+ 20 $43,810,000 $2,190,500 $7,258 3.88%

2021 saw The State Bank place emphasis on $200k-400k loans with 455 originations, totaling $130,285,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 266 $74,140,000 $278,722 $2,962 3.17%
$150k-250k 255 $93,895,000 $368,216 $3,040 3.19%
$50k-75k 202 $38,040,000 $188,317 $2,620 3.18%
$75k-100k 194 $44,480,000 $229,278 $2,889 3.27%
$250k+ 174 $87,550,000 $503,161 $3,248 3.25%
$50k or less 98 $12,460,000 $127,143 $2,451 3.21%

The State Bank lent most frequently to those with incomes in the $100k-150k range, with 266 originations. The second most popular income band? $150k-250k, with 255 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 285 $79,335,000 $278,368 $2,757 3.08%
30-36% 231 $61,525,000 $266,342 $2,818 3.18%
<20% 112 $28,670,000 $255,982 $2,595 2.98%
42% 59 $17,655,000 $299,237 $3,220 3.29%
43% 47 $13,905,000 $295,851 $3,038 3.29%
37% 46 $16,640,000 $361,739 $2,953 3.22%
39% 45 $13,995,000 $311,000 $3,170 3.39%
40% 43 $12,585,000 $292,674 $3,051 3.34%
36% 42 $12,460,000 $296,667 $2,817 3.30%
44% 38 $12,860,000 $338,421 $2,863 3.31%
41% 38 $11,290,000 $297,105 $2,916 3.36%
48% 37 $12,485,000 $337,432 $3,301 3.65%
49% 35 $13,905,000 $397,286 $3,576 3.32%
38% 32 $9,460,000 $295,625 $2,944 3.16%
45% 31 $12,655,000 $408,226 $3,390 3.39%
46% 28 $8,240,000 $294,286 $2,766 3.12%
50-60% 27 $8,945,000 $331,296 $2,921 3.23%
47% 25 $6,255,000 $250,200 $2,969 3.29%

The State Bank lent most frequently to those with DTI ratios of 20-30%, with 285 originations. The next most common DTI ratio? 30-36%, with 231 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,001 $296,965,000 $296,668 $2,912 3.20%
Not provided 160 $42,080,000 $263,000 $2,750 3.26%
Not applicable 27 $30,545,000 $1,131,296 $0 4.01%
Black 18 $6,870,000 $381,667 $3,633 3.23%
Asian 10 $3,360,000 $336,000 $2,849 2.99%
American Indian 8 $2,180,000 $272,500 $2,720 3.13%
Native Hawaiian 1 $805,000 $805,000 $4,998 3.25%
Filipino 3 $605,000 $201,667 $2,443 2.71%

Approval Rates

Total approvals of all applications
96.11%

The 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
88.92%

The State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,228 $383,410,000 $312,223

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,228 $383,410,000 $312,223

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 140 $34,840,000 $248,857 $2,318 2.97%
40-60% 243 $69,715,000 $286,893 $2,827 3.13%
60-80% 483 $170,325,000 $352,640 $3,010 3.28%
80-100% 313 $104,015,000 $332,316 $3,354 3.28%
Over 100% 1 $375,000 $375,000 $3,995 4.20%
Under 20% 48 $4,140,000 $86,250 $1,008 3.39%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The State Bank 107 North Main Street Linden, MI 48451 Full Service B&M $77,245
The State Bank 4043 Grange Hall Road Village Of Holly, MI 48442 Full Service B&M $70,806
The State Bank 7590 Gratiot Road Saginaw, MI 48603 Full Service B&M $55,292
The State Bank 7606 South Saginaw Street Grand Blanc, MI 48439 Full Service B&M $14,147
The State Bank 8412 Main Street Birch Run, MI 48415 Full Service B&M $12,338
The State Bank 9380 Genesee Street P.O. Box 88 New Lothrop, MI 48460 Full Service B&M $20,517
The State Bank 10811 Albee Road Albee Township, MI 48417 Full Service B&M $10,288
The State Bank 12771 West Brady Road Chesaning, MI 48616 Full Service B&M $73,298
The State Bank 134 N First Street Brighton, MI 48116 Full Service B&M $46,435
The State Bank 1401 Hill Road Grand Blanc, MI 48439 Full Service B&M $108,126
The State Bank 15095 Silver Parkway Fenton, MI 48430 Full Service B&M $44,090
The State Bank 175 N. Leroy St. Fenton, MI 48430 Full Service B&M $471,876
The State Bank 18005 Silver Parkway Fenton, MI 48430 Full Service Retail $13,661
The State Bank 201 West State Street Montrose, MI 48457 Full Service B&M $42,807
The State Bank 207 South Saginaw Street Saint Charles, MI 48655 Full Service B&M $50,157
The State Bank 218 S Washington Ave Saginaw, MI 48607 Full Service B&M $814
The State Bank 31000 Northwestern Hwy, Suite 150 Farmington Hills, MI 48334 Full Service B&M $14,947

For 2021, The State Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $46,926
Net interest income $44,631
Total noninterest income $14,208
Gross Fiduciary activities income $1,044
Service charges on deposit accounts $834
Trading account gains and fees $0
Additional Noninterest Income $12,330
Pre-tax net operating income $22,093
Securities gains (or losses, -) $-29
Income before extraordinary items $17,632
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $17,632
Minority interest net income $0
Net income $17,632
Sale, conversion, retirement of capital stock, net $0
Net operating income $17,655

The State Bank's gross interest income from loans was $46,926,000.
The State Bank's net interest income from loans was $44,631,000.
The State Bank's fee based income from loans was $834,000.
The State Bank's net income from loans was $17,632,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,295
Provision for credit losses $-180
Total noninterest expense $36,926
Salaries and employee benefits $19,856
Premises and equipment expense $4,621
Additional noninterest expense $12,449
Applicable income taxes $4,432
Net charge-offs $220
Cash dividends $20,000

The State Bank's interest expense for loans was $2,295,000.
The State Bank's payroll and benefits expense were $19,856,000.
The State Bank's property, plant and equipment expenses $4,621,000.

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 $1,228,475
Deposits held in domestic offices $1,228,475
Deposits by Individuals, partnerships, and corporations $989,095
Deposits by U.S. Government $1
Deposits by States and political subdivisions in the U.S. $235,897
Deposits by Commercial banks and other depository institutions in U.S. $3,482
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $203,169
Demand deposits $178,410
Nontransaction accounts $1,025,306
Money market deposit accounts (MMDAs) $76,152
Other savings deposits (excluding MMDAs) $807,293
Total time deposits $141,863
Total time and savings deposits $1,050,065
Noninterest-bearing deposits $463,406
Interest-bearing deposits $765,069
Retail deposits $1,162,381
IRAs and Keogh plan accounts $15,785
Brokered deposits $20,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,419,081
Cash & Balances due from depository institutions $93,574
Interest-bearing balances $65,317
Total securities $154,335
Federal funds sold & reverse repurchase $0
Net loans and leases $1,096,376
Loan and leases loss allowance $10,500
Trading account assets $0
Bank premises and fixed assets $17,696
Other real estate owned $383
Goodwill and other intangibles $17,954
All other assets $38,763

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,419,081
Total Liabilities $1,283,092
Total deposits $1,228,475
Interest-bearing deposits $765,069
Deposits held in domestic offices $1,228,475
% insured (estimated) $64
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $35,000
Subordinated debt $0
All other liabilities $19,617

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,096,376
Loan and leases loss allowance $10,500
Total loans and leases (domestic) $1,106,876
All real estate loans $1,004,620
Real estate loans in domestic offices $1,004,620
Construction and development loans $83,092
Residential 1-4 family construction $40,166
Other construction, all land development and other land $42,926
Loans secured by nonfarm nonresidential properties $531,750
Nonfarm nonresidential secured by owner-occupied properties $159,392
Commercial real estate & other non-farm, non-residential $372,358
Multifamily residential real estate $42,744
1-4 family residential loans $337,540
Farmland loans $9,494
Loans held in foreign offices $0
Farm loans $970
Commercial and industrial loans $89,997
To non-U.S. addressees $0
Loans to individuals $7,776
Credit card loans $0
Related Plans $62
Consumer Auto Loans $2,865
Other loans to individuals $4,849
All other loans & leases $3,513
Loans to foreign governments and official institutions $0
Other loans $778
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

The State Bank had $1,096,376,000 of loans outstanding in 2021. $1,004,620,000 of loans were in real estate loans. $83,092,000 of loans were in development loans. $42,744,000 of loans were in multifamily mortgage loans. $337,540,000 of loans were in 1-4 family mortgage loans. $970,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,865,000 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 438 $144,683 $330,326
Nonfarm, nonresidential loans - <$100k 51 $2,370 $46,471
Nonfarm, nonresidential loans - $100-250k 112 $14,259 $127,313
Nonfarm, nonresidential loans - $250k-1MM 275 $128,054 $465,651
Commercial & Industrial, US addressed loans - <$1MM 330 $38,762 $117,461
Commercial & Industrial, US addressed loans - <$100k 180 $3,856 $21,422
Commercial & Industrial, US addressed loans - $100-250k 69 $5,928 $85,913
Commercial & Industrial, US addressed loans - $250k-1MM 81 $28,978 $357,753
Farmland loans - <$1MM 53 $6,202 $117,019
Farmland loans - <$100k 19 $767 $40,368
Farmland loans - $100-250k 24 $2,853 $118,875
Farmland loans - $250k-1MM 10 $2,582 $258,200
Agriculture operations loans - <$1MM 25 $970 $38,800
Agriculture operations loans - <$100k 20 $442 $22,100
Agriculture operations loans - $100-250k 5 $528 $105,600