First American State Bank Mortgage Rates, Fees & Info

Greenwood Village, CO

LEI: 549300AC46WDQ7G4M335

Tax ID: 84-1301731

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First American State Bank is a smaller bank specializing in Refi and Home Purchase loans. First American State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Breckenridge, Colorado Springs, Boulder, and Pueblo among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

First American 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. First American 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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Originations

Origination Dollar Volume (All Markets)

$22,970,000

Employee count

Awards

First American State Bank 30 Year Conventional Loans silver

First American State Bank 30 Year Conventional Loans bronze

Show all (2) awards

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
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	44	$20,110,000	$457,045	$4,643	4.92%
Breckenridge, CO (FHA\|USDA\|VA)	2	$1,030,000	$515,000	$3,217	4.80%
COLORADO SPRINGS, CO (FHA\|USDA\|VA)	3	$805,000	$268,333	$0	5.54%
BOULDER, CO (FHA\|USDA\|VA)	2	$800,000	$400,000	$0	5.70%
PUEBLO, CO (FHA\|USDA\|VA)	1	$225,000	$225,000	$2,836	4.75%

First American State Bank's top markets include Denver, Breckenridge, Colorado Springs, Boulder, and Pueblo among others.

Their top states include:

Colorado (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against First American State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Guaranty Bank and Trust Co
Similarity Rank: 493

DENVER COMMUNITY
Similarity Rank: 548

Third Federal Savings and Loan Association of Cleveland
Similarity Rank: 614

First American State Bank
Similarity Rank: 985

Aurora Financial, LLC
Similarity Rank: 1080

Credit Union Lending Source
Similarity Rank: 1148

Calatlantic Morgage Inc.
Similarity Rank: 1404

ROCKY MOUNTAIN LAW ENFORCEMENT FCU
Similarity Rank: 1470

Elevations Credit Union
Similarity Rank: 1776

U S WIDE FINANCIAL LLC
Similarity Rank: 1927

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	52	$22,970,000	$441,731	$4,528	4.98%

For 2018, First American State Bank's most frequently originated type of loan was Conventional, with 52 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	31	$13,235,000	$426,935	$5,112	5.19%
Home Purchase	21	$9,735,000	$463,571	$4,089	4.66%

For 2018, First American State Bank's most frequently cited loan purpose was Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 21 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	40	$18,620,000	$465,500	$4,567	4.83%
10 Year	4	$1,870,000	$467,500	$0	5.73%
1 Year	3	$1,015,000	$338,333	$0	5.75%
Other	3	$1,145,000	$381,667	$5,403	5.20%
20 Year	1	$165,000	$165,000	$2,619	4.38%
5 Year	1	$155,000	$155,000	$0	5.50%

For 2018, First American State Bank's most frequently cited loan duration was 30 Year, with 40 originations. The 2nd most popular length was 10 Year, with 4 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	10	$2,670,000	$267,000
$<1k	4	$3,630,000	$907,500
$2k-3k	4	$2,610,000	$652,500
$3k-4k	4	$2,460,000	$615,000
$5k+	4	$3,600,000	$900,000
$4k-5k	1	$175,000	$175,000

First American State Bank's average total fees were $4,567, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 10 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	32	$16,400,000	$512,500
5-6%	14	$5,120,000	$365,714
6-7%	5	$995,000	$199,000
3-4%	1	$455,000	$455,000

During 2018, First American State Bank's average interest rate for loans was 4.83%, while their most frequently originated rate bucket for loans was 4-5%, with 32 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	24	$6,700,000	$279,167	$3,196	5.26%
$400k-600k	10	$5,030,000	$503,000	$5,763	4.64%
$600k-1MM	9	$7,225,000	$802,778	$4,423	4.56%
$100k-200k	6	$980,000	$163,333	$3,067	4.78%
$1MM+	2	$2,940,000	$1,470,000	$7,535	4.97%
$100,000 or less	1	$95,000	$95,000	$0	6.50%

2018 saw First American State Bank place emphasis on $200k-400k loans with 24 originations, totaling $6,700,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	14	$10,060,000	$718,571	$4,505	4.81%
$150k-250k	7	$3,585,000	$512,143	$5,089	4.64%
$100k-150k	5	$1,395,000	$279,000	$4,283	4.85%
$75k-100k	5	$1,385,000	$277,000	$4,724	4.55%
$50k-75k	3	$685,000	$228,333	$3,619	4.78%
$50k or less	1	$175,000	$175,000	$2,312	4.22%

First American State Bank lent most frequently to those with incomes in the $250k+ range, with 14 originations. The second most popular income band? $150k-250k, with 7 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
<20%	16	$8,040,000	$502,500	$4,335	4.86%
20-30%	12	$4,600,000	$383,333	$3,691	5.24%
30-36%	6	$3,280,000	$546,667	$3,986	4.45%
39%	3	$1,275,000	$425,000	$7,332	4.54%
36%	2	$1,490,000	$745,000	$6,709	4.50%
41%	1	$175,000	$175,000	$2,312	4.22%
42%	1	$125,000	$125,000	$0	5.60%
43%	1	$305,000	$305,000	$3,619	4.25%

First American State Bank lent most frequently to those with DTI ratios of <20%, with 16 originations. The next most common DTI ratio? 20-30%, with 12 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	23	$13,085,000	$568,913	$4,376	4.53%
Not applicable	17	$5,685,000	$334,412	$0	5.49%
Not provided	5	$2,235,000	$447,000	$4,466	5.24%
Asian	5	$1,695,000	$339,000	$6,386	4.85%
American Indian	1	$175,000	$175,000	$2,312	4.22%
Black	1	$95,000	$95,000	$0	6.50%

Approval Rates

Total approvals of all applications
98.41%

First American 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
88.46%

First American State Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	52	$22,970,000	$441,731

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$1,250,000	$625,000
Single Family (1-4 Units):Site-Built	50	$21,720,000	$434,400

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	8	$2,790,000	$348,750	$3,581	4.87%
40-60%	15	$7,815,000	$521,000	$4,584	4.64%
60-80%	24	$9,670,000	$402,917	$4,629	5.25%
80-100%	4	$2,540,000	$635,000	$5,245	4.71%
Under 20%	1	$155,000	$155,000	$0	5.50%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
FIRST AMERICAN FINANCIAL CORPORATION	Conventional home mortgage	Closing on a mortgage	3	25.0%
FIRST AMERICAN FINANCIAL CORPORATION	Conventional home mortgage	Struggling to pay mortgage	1	8.3%
FIRST AMERICAN FINANCIAL CORPORATION	FHA mortgage	Closing on a mortgage	1	8.3%
FIRST AMERICAN FINANCIAL CORPORATION	FHA mortgage	Struggling to pay mortgage	1	8.3%
FIRST AMERICAN FINANCIAL CORPORATION	Other type of mortgage	Closing on a mortgage	3	25.0%
FIRST AMERICAN FINANCIAL CORPORATION	Other type of mortgage	Struggling to pay mortgage	2	16.7%
FIRST AMERICAN FINANCIAL CORPORATION	Other type of mortgage	Trouble during payment process	1	8.3%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First American State Bank	8390 East Crescent Parkway, Suite 100 Greenwood Village, CO 80111	Full Service B&M	$205,518

For 2018, First American State Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$10,363
Net interest income	$8,059
Total noninterest income	$254
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$73
Trading account gains and fees	$0
Additional Noninterest Income	$181
Pre-tax net operating income	$2,437
Securities gains (or losses, -)	$7
Income before extraordinary items	$1,834
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,834
Minority interest net income	$0
Net income	$1,834
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,828

First American State Bank's gross interest income from loans was $10,363,000.
First American State Bank's net interest income from loans was $8,059,000.
First American State Bank's fee based income from loans was $73,000.
First American State Bank's net income from loans was $1,834,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,304
Provision for credit losses	$257
Total noninterest expense	$5,619
Salaries and employee benefits	$3,300
Premises and equipment expense	$482
Additional noninterest expense	$1,837
Applicable income taxes	$610
Net charge-offs	$280
Cash dividends	$300

First American State Bank's interest expense for loans was $2,304,000.
First American State Bank's payroll and benefits expense were $3,300,000.
First American State Bank's property, plant and equipment expenses $482,000.

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	$204,730
Deposits held in domestic offices	$204,730
Deposits by Individuals, partnerships, and corporations	$128,812
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$2,276
Deposits by Commercial banks and other depository institutions in U.S.	$73,642
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$48,650
Demand deposits	$26,497
Nontransaction accounts	$156,080
Money market deposit accounts (MMDAs)	$35,315
Other savings deposits (excluding MMDAs)	$3,343
Total time deposits	$117,422
Total time and savings deposits	$178,233
Noninterest-bearing deposits	$26,416
Interest-bearing deposits	$178,314
Retail deposits	$195,446
IRAs and Keogh plan accounts	$4,870
Brokered deposits	$2,000
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$243,608
Cash & Balances due from depository institutions	$5,176
Interest-bearing balances	$3,763
Total securities	$36,145
Federal funds sold & reverse repurchase	$0
Net loans and leases	$193,095
Loan and leases loss allowance	$1,891
Trading account assets	$0
Bank premises and fixed assets	$37
Other real estate owned	$4,578
Goodwill and other intangibles	$0
All other assets	$4,577

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$243,608
Total Liabilities	$221,218
Total deposits	$204,730
Interest-bearing deposits	$178,314
Deposits held in domestic offices	$204,730
% insured (estimated)	$84
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$15,600
Subordinated debt	$0
All other liabilities	$888

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$193,095
Loan and leases loss allowance	$1,891
Total loans and leases (domestic)	$194,986
All real estate loans	$188,013
Real estate loans in domestic offices	$188,013
Construction and development loans	$3,228
Residential 1-4 family construction	$0
Other construction, all land development and other land	$3,228
Loans secured by nonfarm nonresidential properties	$63,924
Nonfarm nonresidential secured by owner-occupied properties	$20,486
Commercial real estate & other non-farm, non-residential	$43,438
Multifamily residential real estate	$7,635
1-4 family residential loans	$113,226
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$543
Commercial and industrial loans	$6,498
To non-U.S. addressees	$0
Loans to individuals	$455
Credit card loans	$0
Related Plans	$313
Consumer Auto Loans	$31
Other loans to individuals	$111
All other loans & leases	$14
Loans to foreign governments and official institutions	$0
Other loans	$14
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

First American State Bank had $193,095,000 of loans outstanding in 2018. $188,013,000 of loans were in real estate loans. $3,228,000 of loans were in development loans. $7,635,000 of loans were in multifamily mortgage loans. $113,226,000 of loans were in 1-4 family mortgage loans. $543,000 of loans were in farm loans. $0 of loans were in credit card loans. $31,000 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	57	$22,482	$394,421
Nonfarm, nonresidential loans - <$100k	3	$89	$29,667
Nonfarm, nonresidential loans - $100-250k	12	$1,730	$144,167
Nonfarm, nonresidential loans - $250k-1MM	42	$20,663	$491,976
Commercial & Industrial, US addressed loans - <$1MM	52	$6,438	$123,808
Commercial & Industrial, US addressed loans - <$100k	21	$441	$21,000
Commercial & Industrial, US addressed loans - $100-250k	20	$3,125	$156,250
Commercial & Industrial, US addressed loans - $250k-1MM	11	$2,872	$261,091