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, Boulder, and Colorado Springs among others. We have data for 3 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 an above average pick rate when compared to similar lenders. First American State Bank is typically an average 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.

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Originations

Origination Dollar Volume (All Markets)

$29,380,000

Employee count

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)	42	$27,070,000	$644,524	$6,805	4.83%
BOULDER, CO (FHA\|USDA\|VA)	2	$1,770,000	$885,000	$2,574	5.08%
COLORADO SPRINGS, CO (FHA\|USDA\|VA)	2	$540,000	$270,000	$0	5.43%

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

ARAPAHOE CREDIT UNION
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The District Federal Credit Union
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DENVER COMMUNITY
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INTELLILOAN, INC.
Similarity Rank: 1053

Red Rocks Credit Union
Similarity Rank: 1188

First American State Bank
Similarity Rank: 1539

DENVER FIRE DEPARTMENT FEDERAL CREDIT UNION
Similarity Rank: 2136

PULTE MORTGAGE LLC
Similarity Rank: 2331

Ent Credit Union
Similarity Rank: 2700

CREDIT UNION OF COLORADO, A FEDERAL CREDIT UNION
Similarity Rank: 2772

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	46	$29,380,000	$638,696	$6,664	4.87%

For 2019, First American State Bank's most frequently originated type of loan was Conventional, with 46 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	27	$16,045,000	$594,259	$5,590	5.11%
Home Purchase	19	$13,335,000	$701,842	$7,286	4.53%

For 2019, First American State Bank's most frequently cited loan purpose was Refi, with 27 originations. The 2nd most popular reason was Home Purchase, with 19 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	34	$22,980,000	$675,882	$6,908	4.64%
Other	5	$1,535,000	$307,000	$0	5.87%
5 Year	3	$2,065,000	$688,333	$0	5.50%
10 Year	2	$2,380,000	$1,190,000	$0	5.88%
15 Year	1	$315,000	$315,000	$4,177	4.45%
20 Year	1	$105,000	$105,000	$2,314	4.13%

For 2019, First American State Bank's most frequently cited loan duration was 30 Year, with 34 originations. The 2nd most popular length was Other, with 5 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$5k+	8	$10,540,000	$1,317,500
$1k-2k	7	$2,355,000	$336,429
$2k-3k	7	$3,195,000	$456,429
$<1k	4	$1,160,000	$290,000
$3k-4k	3	$2,025,000	$675,000
$4k-5k	1	$885,000	$885,000

First American State Bank's average total fees were $6,908, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 8 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	32	$20,830,000	$650,938
5-6%	9	$5,935,000	$659,444
6-7%	4	$1,560,000	$390,000
3-4%	1	$1,055,000	$1,055,000

During 2019, First American State Bank's average interest rate for loans was 4.64%, 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
$1MM+	12	$15,540,000	$1,295,000	$13,301	4.80%
$200k-400k	11	$3,355,000	$305,000	$3,587	4.93%
$400k-600k	9	$4,415,000	$490,556	$4,920	4.65%
$600k-1MM	7	$5,095,000	$727,857	$5,099	4.96%
$100k-200k	6	$880,000	$146,667	$2,444	5.19%
$100,000 or less	1	$95,000	$95,000	$0	4.50%

2019 saw First American State Bank place emphasis on $1MM+ loans with 12 originations, totaling $15,540,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	17	$15,455,000	$909,118	$9,306	4.76%
$100k-150k	8	$3,150,000	$393,750	$4,388	4.50%
$150k-250k	4	$980,000	$245,000	$4,609	5.28%
$50k-75k	4	$830,000	$207,500	$2,972	4.51%

First American State Bank lent most frequently to those with incomes in the $250k+ range, with 17 originations. The second most popular income band? $100k-150k, with 8 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
<20%	12	$5,170,000	$430,833	$4,771	5.05%
20-30%	12	$6,990,000	$582,500	$7,371	4.83%
30-36%	6	$4,360,000	$726,667	$7,416	4.45%
36%	2	$1,670,000	$835,000	$7,461	4.24%
37%	1	$1,875,000	$1,875,000	$12,084	4.58%
38%	1	$1,205,000	$1,205,000	$8,493	4.88%
39%	1	$585,000	$585,000	$6,385	4.95%
40%	1	$265,000	$265,000	$2,985	4.63%

First American State Bank lent most frequently to those with DTI ratios of <20%, with 12 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	32	$20,740,000	$648,125	$6,906	4.72%
Not applicable	9	$6,255,000	$695,000	$3,459	5.34%
Not provided	2	$1,430,000	$715,000	$5,694	4.84%
Asian	1	$645,000	$645,000	$5,519	4.88%
Black	2	$310,000	$155,000	$0	5.25%

Approval Rates

Total approvals of all applications
94.34%

First American State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
93.48%

First American State Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	46	$29,380,000	$638,696

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	5	$5,755,000	$1,151,000
Single Family (1-4 Units):Site-Built	41	$23,625,000	$576,220

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	4	$3,330,000	$832,500	$3,592	4.63%
40-60%	10	$5,970,000	$597,000	$5,982	4.99%
60-80%	24	$15,210,000	$633,750	$5,964	4.82%
80-100%	4	$3,690,000	$922,500	$13,283	4.77%
Over 100%	1	$705,000	$705,000	$0	5.95%
Under 20%	3	$475,000	$158,333	$2,314	4.96%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
First American Solutions, LLC	VA mortgage	Closing on a mortgage	1	100.0%

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	$199,280

For 2019, First American State Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$11,646
Net interest income	$7,616
Total noninterest income	$48
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$85
Trading account gains and fees	$0
Additional Noninterest Income	$-37
Pre-tax net operating income	$1,780
Securities gains (or losses, -)	$52
Income before extraordinary items	$1,371
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,371
Minority interest net income	$0
Net income	$1,371
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,329

First American State Bank's gross interest income from loans was $11,646,000.
First American State Bank's net interest income from loans was $7,616,000.
First American State Bank's fee based income from loans was $85,000.
First American State Bank's net income from loans was $1,371,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,030
Provision for credit losses	$94
Total noninterest expense	$5,790
Salaries and employee benefits	$3,431
Premises and equipment expense	$491
Additional noninterest expense	$1,868
Applicable income taxes	$461
Net charge-offs	$54
Cash dividends	$600

First American State Bank's interest expense for loans was $4,030,000.
First American State Bank's payroll and benefits expense were $3,431,000.
First American State Bank's property, plant and equipment expenses $491,000.

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	1.0%
Credit card loans	0.0%
Other individual loans	1.0%
Auto loans	0.0%
Other consumer loans	1.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$225,994
Deposits held in domestic offices	$225,994
Deposits by Individuals, partnerships, and corporations	$133,562
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$1,848
Deposits by Commercial banks and other depository institutions in U.S.	$90,584
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$52,131
Demand deposits	$25,874
Nontransaction accounts	$173,863
Money market deposit accounts (MMDAs)	$38,864
Other savings deposits (excluding MMDAs)	$5,598
Total time deposits	$129,402
Total time and savings deposits	$200,120
Noninterest-bearing deposits	$25,844
Interest-bearing deposits	$200,150
Retail deposits	$219,026
IRAs and Keogh plan accounts	$4,816
Brokered deposits	$5,007
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$263,125
Cash & Balances due from depository institutions	$16,614
Interest-bearing balances	$14,605
Total securities	$37,167
Federal funds sold & reverse repurchase	$0
Net loans and leases	$201,091
Loan and leases loss allowance	$1,931
Trading account assets	$0
Bank premises and fixed assets	$84
Other real estate owned	$4,479
Goodwill and other intangibles	$0
All other assets	$3,690

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$263,125
Total Liabilities	$240,068
Total deposits	$225,994
Interest-bearing deposits	$200,150
Deposits held in domestic offices	$225,994
% insured (estimated)	$83
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$13,000
Subordinated debt	$0
All other liabilities	$1,074

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$201,091
Loan and leases loss allowance	$1,931
Total loans and leases (domestic)	$203,022
All real estate loans	$194,146
Real estate loans in domestic offices	$194,146
Construction and development loans	$2,824
Residential 1-4 family construction	$0
Other construction, all land development and other land	$2,824
Loans secured by nonfarm nonresidential properties	$70,083
Nonfarm nonresidential secured by owner-occupied properties	$24,551
Commercial real estate & other non-farm, non-residential	$45,532
Multifamily residential real estate	$8,205
1-4 family residential loans	$113,034
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$2,678
Commercial and industrial loans	$6,669
To non-U.S. addressees	$0
Loans to individuals	$223
Credit card loans	$0
Related Plans	$152
Consumer Auto Loans	$12
Other loans to individuals	$59
All other loans & leases	$1
Loans to foreign governments and official institutions	$0
Other loans	$1
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 $201,091,000 of loans outstanding in 2019. $194,146,000 of loans were in real estate loans. $2,824,000 of loans were in development loans. $8,205,000 of loans were in multifamily mortgage loans. $113,034,000 of loans were in 1-4 family mortgage loans. $2,678,000 of loans were in farm loans. $0 of loans were in credit card loans. $12,000 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	61	$25,319	$415,066
Nonfarm, nonresidential loans - <$100k	4	$229	$57,250
Nonfarm, nonresidential loans - $100-250k	10	$1,623	$162,300
Nonfarm, nonresidential loans - $250k-1MM	47	$23,467	$499,298
Commercial & Industrial, US addressed loans - <$1MM	41	$6,633	$161,780
Commercial & Industrial, US addressed loans - <$100k	15	$372	$24,800
Commercial & Industrial, US addressed loans - $100-250k	15	$2,420	$161,333
Commercial & Industrial, US addressed loans - $250k-1MM	11	$3,841	$349,182