The State Bank Mortgage Rates, Fees & Info
Fenton, MILEI: 5493008ZGI6EQ8RHPQ04
Tax ID: 38-1067370
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Review & Overview
The State Bank is a smaller bank specializing in Home Purchase loans. The State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Flint, Saginaw, Lansing, and Ann Arbor among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)The State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.09% | 4/21/24 |
| 30 Year Conventional Purchase | 6.39% | 4/21/24 |
| 30 Year Conventional Refi | 6.43% | 4/21/24 |
| 30 Year Cash-out Refi | 6.47% | 4/21/24 |
| 15 Year Conventional Purchase | 5.63% | 4/21/24 |
| 15 Year Conventional Refi | 5.51% | 4/21/24 |
| 15 Year Cash-out Refi | 5.51% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
The State Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
925Origination Dollar Volume (All Markets)
$242,165,000Employee count
182Awards
The State Bank - 2018
The State Bank is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 386 | $114,760,000 | $297,306 | $2,922 | 4.64% |
| FLINT, MI (FHA|USDA|VA) | 355 | $89,935,000 | $253,338 | $2,758 | 4.65% |
| SAGINAW, MI (FHA|USDA|VA) | 87 | $8,765,000 | $100,747 | $1,456 | 4.87% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 16 | $7,800,000 | $487,500 | $2,250 | 4.74% |
| ANN ARBOR, MI (FHA|USDA|VA) | 12 | $3,230,000 | $269,167 | $2,763 | 4.56% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $2,215,000 | $2,215,000 | $11,755 | 4.00% |
| Outside of Metro Areas | 15 | $2,115,000 | $141,000 | $2,184 | 4.54% |
| BAY CITY, MI (FHA|USDA|VA) | 5 | $1,155,000 | $231,000 | $2,806 | 5.21% |
| MIDLAND, MI (FHA|USDA|VA) | 5 | $1,015,000 | $203,000 | $2,067 | 4.90% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $995,000 | $995,000 | $7,483 | 4.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $4,261 | 4.13% |
| Traverse City, MI (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $3,710 | 4.71% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $795,000 | $795,000 | $6,160 | 4.50% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $6,794 | 4.13% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $2,436 | 4.47% |
| MONROE, MI (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $3,409 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $4,264 | 4.38% |
| Hillsdale, MI (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $1,261 | 4.63% |
| Adrian, MI (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $2,770 | 4.81% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,164 | 4.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,111 | 3.88% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,020 | 4.63% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,595 | 4.25% |
| NILES, MI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,288 | 5.06% |
| Alpena, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,635 | 4.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,314 | 4.38% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,672 | 4.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,867 | 4.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,116 | 5.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 6.50% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,530 | 4.88% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,325 | 3.95% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,621 | 3.63% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,116 | 4.75% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,374 | 4.25% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,641 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against The State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 921 | $240,545,000 | $261,178 | $2,731 | 4.65% |
| HELOC | 4 | $1,620,000 | $405,000 | n/a | 6.75% |
For 2018, The State Bank's most frequently originated type of loan was Conventional, with 921 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
For 2018, The State Bank's most frequently cited loan purpose was Home Purchase, with 544 originations. The 2nd most popular reason was Refi, with 230 originations.
Loan Duration/Length
For 2018, The State Bank's most frequently cited loan duration was 30 Year, with 620 originations. The 2nd most popular length was 15 Year, with 114 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 673 | $128,865,000 | $191,478 |
| $1k-2k | 190 | $91,580,000 | $482,000 |
| $2k-3k | 3 | $1,505,000 | $501,667 |
| $4k-5k | 2 | $920,000 | $460,000 |
The State Bank's average total fees were $2,775, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 673 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 678 | $184,290,000 | $271,814 |
| 5-6% | 138 | $21,410,000 | $155,145 |
| 3-4% | 90 | $26,670,000 | $296,333 |
| 6-7% | 14 | $3,530,000 | $252,143 |
During 2018, The State Bank's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 678 originations.
Loan Sizing
2018 saw The State Bank place emphasis on $200k-400k loans with 274 originations, totaling $79,410,000 in origination value.
Applicant Income
The State Bank lent most frequently to those with incomes in the $100k-150k range, with 200 originations. The second most popular income band? $150k-250k, with 168 originations.
Applicant Debt to Income Ratio
The State Bank lent most frequently to those with DTI ratios of 20-30%, with 223 originations. The next most common DTI ratio? 30-36%, with 154 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.05%
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 origination84.97%
The State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 925 | $242,165,000 | $261,800 |
Occupancy Type Mix
LTV Distribution
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 | $55,233 |
| The State Bank | 10811 Albee Road Albee Township, MI 48417 | Full Service B&M | $6,556 |
| The State Bank | 12771 West Brady Road Chesaning, MI 48616 | Full Service B&M | $39,492 |
| The State Bank | 134 N First Street Brighton, MI 48116 | Full Service B&M | $35,429 |
| The State Bank | 1401 Hill Road Grand Blanc, MI 48439 | Full Service B&M | $62,309 |
| The State Bank | 15095 Silver Parkway Fenton, MI 48430 | Full Service B&M | $29,992 |
| The State Bank | 175 N. Leroy St. Fenton, MI 48430 | Full Service B&M | $263,724 |
| The State Bank | 18005 Silver Parkway Fenton, MI 48430 | Full Service Retail | $8,657 |
| The State Bank | 201 West State Street Montrose, MI 48457 | Full Service B&M | $36,123 |
| The State Bank | 207 South Saginaw Street Saint Charles, MI 48655 | Full Service B&M | $36,043 |
| The State Bank | 4043 Grange Hall Road Village Of Holly, MI 48442 | Full Service B&M | $51,369 |
| The State Bank | 7590 Gratiot Road Saginaw, MI 48603 | Full Service B&M | $40,737 |
| The State Bank | 7606 South Saginaw Street Grand Blanc, MI 48439 | Full Service B&M | $15,259 |
| The State Bank | 8412 Main Street Birch Run, MI 48415 | Full Service B&M | $9,119 |
| The State Bank | 9380 Genesee Street P.O. Box 88 New Lothrop, MI 48460 | Full Service B&M | $11,949 |
For 2018, The State Bank had 15 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $36,363 |
| Net interest income | $31,379 |
| Total noninterest income | $8,303 |
| Gross Fiduciary activities income | $896 |
| Service charges on deposit accounts | $1,124 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,283 |
| Pre-tax net operating income | $13,725 |
| Securities gains (or losses, -) | $-34 |
| Income before extraordinary items | $11,108 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $11,108 |
| Minority interest net income | $0 |
| Net income | $11,108 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $11,135 |
The State Bank's gross interest income from loans was $36,363,000.
The State Bank's net interest income from loans was $31,379,000.
The State Bank's fee based income from loans was $1,124,000.
The State Bank's net income from loans was $11,108,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,984 |
| Provision for credit losses | $1,057 |
| Total noninterest expense | $24,900 |
| Salaries and employee benefits | $13,311 |
| Premises and equipment expense | $3,358 |
| Additional noninterest expense | $8,231 |
| Applicable income taxes | $2,583 |
| Net charge-offs | $172 |
| Cash dividends | $1,500 |
The State Bank's interest expense for loans was $4,984,000.
The State Bank's payroll and benefits expense were $13,311,000.
The State Bank's property, plant and equipment expenses $3,358,000.
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 | $768,379 |
| Deposits held in domestic offices | $768,379 |
| Deposits by Individuals, partnerships, and corporations | $601,306 |
| Deposits by U.S. Government | $1 |
| Deposits by States and political subdivisions in the U.S. | $139,139 |
| Deposits by Commercial banks and other depository institutions in U.S. | $27,933 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $66,519 |
| Demand deposits | $63,893 |
| Nontransaction accounts | $701,860 |
| Money market deposit accounts (MMDAs) | $30,780 |
| Other savings deposits (excluding MMDAs) | $437,241 |
| Total time deposits | $233,839 |
| Total time and savings deposits | $704,486 |
| Noninterest-bearing deposits | $239,210 |
| Interest-bearing deposits | $529,169 |
| Retail deposits | $654,711 |
| IRAs and Keogh plan accounts | $16,201 |
| Brokered deposits | $37,298 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $926,250 |
| Cash & Balances due from depository institutions | $28,137 |
| Interest-bearing balances | $11,635 |
| Total securities | $85,458 |
| Federal funds sold & reverse repurchase | $4,000 |
| Net loans and leases | $768,642 |
| Loan and leases loss allowance | $4,488 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $14,392 |
| Other real estate owned | $32 |
| Goodwill and other intangibles | $7,979 |
| All other assets | $17,610 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $926,250 |
| Total Liabilities | $831,691 |
| Total deposits | $768,379 |
| Interest-bearing deposits | $529,169 |
| Deposits held in domestic offices | $768,379 |
| % insured (estimated) | $78 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $55,000 |
| Subordinated debt | $0 |
| All other liabilities | $8,312 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $768,642 |
| Loan and leases loss allowance | $4,488 |
| Total loans and leases (domestic) | $773,130 |
| All real estate loans | $706,814 |
| Real estate loans in domestic offices | $706,814 |
| Construction and development loans | $54,104 |
| Residential 1-4 family construction | $27,561 |
| Other construction, all land development and other land | $26,543 |
| Loans secured by nonfarm nonresidential properties | $305,030 |
| Nonfarm nonresidential secured by owner-occupied properties | $89,870 |
| Commercial real estate & other non-farm, non-residential | $215,160 |
| Multifamily residential real estate | $25,772 |
| 1-4 family residential loans | $318,031 |
| Farmland loans | $3,877 |
| Loans held in foreign offices | $0 |
| Farm loans | $169 |
| Commercial and industrial loans | $53,264 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $9,634 |
| Credit card loans | $0 |
| Related Plans | $82 |
| Consumer Auto Loans | $836 |
| Other loans to individuals | $8,716 |
| All other loans & leases | $3,249 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $99 |
| 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 $768,642,000 of loans outstanding in 2018. $706,814,000 of loans were in real estate loans. $54,104,000 of loans were in development loans. $25,772,000 of loans were in multifamily mortgage loans. $318,031,000 of loans were in 1-4 family mortgage loans. $169,000 of loans were in farm loans. $0 of loans were in credit card loans. $836,000 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 | 378 | $106,038 | $280,524 |
| Nonfarm, nonresidential loans - <$100k | 60 | $5,278 | $87,967 |
| Nonfarm, nonresidential loans - $100-250k | 123 | $16,402 | $133,350 |
| Nonfarm, nonresidential loans - $250k-1MM | 195 | $84,358 | $432,605 |
| Commercial & Industrial, US addressed loans - <$1MM | 298 | $27,240 | $91,409 |
| Commercial & Industrial, US addressed loans - <$100k | 159 | $3,753 | $23,604 |
| Commercial & Industrial, US addressed loans - $100-250k | 76 | $6,139 | $80,776 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 63 | $17,348 | $275,365 |
| Farmland loans - <$1MM | 26 | $2,406 | $92,538 |
| Farmland loans - <$100k | 13 | $535 | $41,154 |
| Farmland loans - $100-250k | 10 | $1,000 | $100,000 |
| Farmland loans - $250k-1MM | 3 | $871 | $290,333 |
| Agriculture operations loans - <$1MM | 8 | $121 | $15,125 |
| Agriculture operations loans - <$100k | 8 | $121 | $15,125 |