First American State Bank Mortgage Rates, Fees & Info

Greenwood Village, CO

LEI: 549300AC46WDQ7G4M335

Tax ID: 84-1301731

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Mortgage Data

Bank 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, Colorado Springs, Breckenridge, Greeley, and Edwards among others. We have data for 6 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

44

Origination Dollar Volume (All Markets)

$29,260,000

Employee count

24

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) 38 $24,210,000 $637,105 $4,134 4.23%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $1,370,000 $685,000 $0 5.00%
Breckenridge, CO (FHA|USDA|VA) 1 $1,275,000 $1,275,000 $24,625 4.60%
Outside of Metro Areas 1 $1,085,000 $1,085,000 $8,727 4.59%
GREELEY, CO (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $8,095 3.99%
Edwards, CO (FHA|USDA|VA) 1 $315,000 $315,000 $3,339 4.45%
First American State Bank's top markets include Denver, Colorado Springs, Breckenridge, Greeley, and Edwards among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $29,260,000 $665,000 $5,362 4.28%

    For 2020, First American State Bank's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 34 $22,340,000 $657,059 $4,288 4.28%
    Home Purchase 10 $6,920,000 $692,000 $7,375 4.28%

    For 2020, First American State Bank's most frequently cited loan purpose was Refi, with 34 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 31 $18,755,000 $605,000 $5,574 4.11%
    10 Year 4 $3,680,000 $920,000 $0 4.91%
    Other 4 $3,610,000 $902,500 $0 4.16%
    15 Year 3 $1,785,000 $595,000 $3,141 4.98%
    5 Year 2 $1,430,000 $715,000 $0 4.88%

    For 2020, First American State Bank's most frequently cited loan duration was 30 Year, with 31 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
    $2k-3k 6 $2,690,000 $448,333
    $1k-2k 4 $1,560,000 $390,000
    $4k-5k 4 $3,270,000 $817,500
    $<1k 3 $1,715,000 $571,667
    $5k+ 3 $3,365,000 $1,121,667
    $3k-4k 2 $1,550,000 $775,000

    First American State Bank's average total fees were $5,574, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 21 $15,605,000 $743,095
    4-5% 21 $11,975,000 $570,238
    5-6% 1 $1,225,000 $1,225,000
    6-7% 1 $455,000 $455,000

    During 2020, First American State Bank's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 13 $3,645,000 $280,385 $2,796 4.25%
    $400k-600k 10 $4,840,000 $484,000 $3,720 4.34%
    $600k-1MM 10 $7,830,000 $783,000 $5,348 4.05%
    $1MM+ 9 $12,645,000 $1,405,000 $13,816 4.49%
    $100k-200k 2 $300,000 $150,000 $0 4.31%

    2020 saw First American State Bank place emphasis on $200k-400k loans with 13 originations, totaling $3,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 12 $9,970,000 $830,833 $7,704 4.34%
    $150k-250k 5 $2,505,000 $501,000 $3,991 3.95%
    $100k-150k 2 $760,000 $380,000 $2,882 3.87%
    $50k-75k 2 $640,000 $320,000 $2,662 4.25%
    $50k or less 1 $315,000 $315,000 $3,339 4.45%
    $75k-100k 1 $455,000 $455,000 $1,539 4.38%

    First American State Bank lent most frequently to those with incomes in the $250k+ range, with 12 originations. The second most popular income band? $150k-250k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 10 $8,670,000 $867,000 $5,764 4.05%
    20-30% 6 $3,120,000 $520,000 $3,771 4.51%
    38% 2 $1,080,000 $540,000 $2,100 4.19%
    36% 2 $810,000 $405,000 $4,164 4.06%
    30-36% 1 $1,275,000 $1,275,000 $24,625 4.60%
    40% 1 $805,000 $805,000 $6,079 3.99%
    41% 1 $545,000 $545,000 $4,724 3.63%
    42% 1 $255,000 $255,000 $1,305 4.38%
    >60% 1 $315,000 $315,000 $3,339 4.45%

    First American State Bank lent most frequently to those with DTI ratios of <20%, with 10 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 25 $14,955,000 $598,200 $5,677 4.24%
    Not applicable 18 $13,970,000 $776,111 $2,664 4.36%
    Asian 1 $335,000 $335,000 $1,455 3.75%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    90.91%

    First American State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 44 $29,260,000 $665,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $8,370,000 $1,046,250
    Single Family (1-4 Units):Site-Built 36 $20,890,000 $580,278

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $3,215,000 $643,000 $6,202 4.70%
    40-60% 10 $6,420,000 $642,000 $3,608 4.16%
    60-80% 25 $17,565,000 $702,600 $6,176 4.23%
    80-100% 2 $1,490,000 $745,000 $5,909 3.99%
    Under 20% 2 $570,000 $285,000 $3,339 4.72%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST AMERICAN FINANCIAL CORPORATION Conventional home mortgage Closing on a mortgage 2 22.2%
    FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Incorrect information on your report 1 11.1%
    FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Struggling to pay mortgage 1 11.1%
    FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Trouble during payment process 1 11.1%
    FIRST AMERICAN FINANCIAL CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    FIRST AMERICAN FINANCIAL CORPORATION VA mortgage Closing on a mortgage 3 33.3%

    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 $228,525

    For 2020, First American State Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,812
    Net interest income $8,670
    Total noninterest income $63
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $97
    Trading account gains and fees $0
    Additional Noninterest Income $-34
    Pre-tax net operating income $2,502
    Securities gains (or losses, -) $179
    Income before extraordinary items $2,024
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,024
    Minority interest net income $0
    Net income $2,024
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,882

    First American State Bank's gross interest income from loans was $11,812,000.
    First American State Bank's net interest income from loans was $8,670,000.
    First American State Bank's fee based income from loans was $97,000.
    First American State Bank's net income from loans was $2,024,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,142
    Provision for credit losses $490
    Total noninterest expense $5,741
    Salaries and employee benefits $3,470
    Premises and equipment expense $508
    Additional noninterest expense $1,763
    Applicable income taxes $657
    Net charge-offs $5
    Cash dividends $1,200

    First American State Bank's interest expense for loans was $3,142,000.
    First American State Bank's payroll and benefits expense were $3,470,000.
    First American State Bank's property, plant and equipment expenses $508,000.

    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 $221,345
    Deposits held in domestic offices $221,345
    Deposits by Individuals, partnerships, and corporations $133,516
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $3,472
    Deposits by Commercial banks and other depository institutions in U.S. $84,357
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $61,555
    Demand deposits $35,854
    Nontransaction accounts $159,790
    Money market deposit accounts (MMDAs) $34,103
    Other savings deposits (excluding MMDAs) $5,345
    Total time deposits $120,342
    Total time and savings deposits $185,491
    Noninterest-bearing deposits $35,835
    Interest-bearing deposits $185,510
    Retail deposits $215,994
    IRAs and Keogh plan accounts $5,296
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $256,261
    Cash & Balances due from depository institutions $9,720
    Interest-bearing balances $7,081
    Total securities $36,188
    Federal funds sold & reverse repurchase $0
    Net loans and leases $204,585
    Loan and leases loss allowance $2,416
    Trading account assets $0
    Bank premises and fixed assets $81
    Other real estate owned $1,457
    Goodwill and other intangibles $0
    All other assets $4,230

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $256,261
    Total Liabilities $232,231
    Total deposits $221,345
    Interest-bearing deposits $185,510
    Deposits held in domestic offices $221,345
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $1,433
    Trading liabilities $0
    Other borrowed funds $8,591
    Subordinated debt $0
    All other liabilities $862

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $204,585
    Loan and leases loss allowance $2,416
    Total loans and leases (domestic) $207,001
    All real estate loans $198,961
    Real estate loans in domestic offices $198,961
    Construction and development loans $4,667
    Residential 1-4 family construction $0
    Other construction, all land development and other land $4,667
    Loans secured by nonfarm nonresidential properties $74,458
    Nonfarm nonresidential secured by owner-occupied properties $22,508
    Commercial real estate & other non-farm, non-residential $51,950
    Multifamily residential real estate $13,224
    1-4 family residential loans $106,612
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $2,641
    Commercial and industrial loans $5,907
    To non-U.S. addressees $0
    Loans to individuals $143
    Credit card loans $0
    Related Plans $90
    Consumer Auto Loans $21
    Other loans to individuals $32
    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 $204,585,000 of loans outstanding in 2020. $198,961,000 of loans were in real estate loans. $4,667,000 of loans were in development loans. $13,224,000 of loans were in multifamily mortgage loans. $106,612,000 of loans were in 1-4 family mortgage loans. $2,641,000 of loans were in farm loans. $0 of loans were in credit card loans. $21,000 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 70 $30,222 $431,743
    Nonfarm, nonresidential loans - <$100k 5 $278 $55,600
    Nonfarm, nonresidential loans - $100-250k 13 $2,155 $165,769
    Nonfarm, nonresidential loans - $250k-1MM 52 $27,789 $534,404
    Commercial & Industrial, US addressed loans - <$1MM 61 $5,882 $96,426
    Commercial & Industrial, US addressed loans - <$100k 31 $691 $22,290
    Commercial & Industrial, US addressed loans - $100-250k 22 $2,722 $123,727
    Commercial & Industrial, US addressed loans - $250k-1MM 8 $2,469 $308,625