First Federal Bank Mortgage Rates, Fees & Info

Dickson, TN

LEI: 549300CNRVR02KBUDD48

Tax ID: 62-0181465

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Federal Bank is a smaller bank specializing in Home Purchase and Refi loans. First Federal Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Nashville, Clarksville, Memphis, Knoxville, and Paris among others. First Federal 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. First Federal Bank is typically an average fee lendor.


Originations

676

Origination Dollar Volume (All Markets)

$136,800,000

Employee count

167 Show all (7) awards

Relative Rate

First Federal Bank's average 30 year fixed rate mortgage of loans were 2.91%.

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

This yields a difference of -0.24%.

Relative Fees

First Federal Bank's average total fees for a 30 year fixed rate mortgage are $5,393.

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
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 268 $57,870,000 $215,933 $3,738 3.36%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 258 $52,760,000 $204,496 $3,824 3.50%
Outside of Metro Areas 119 $18,755,000 $157,605 $2,994 3.28%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 6 $1,090,000 $181,667 $0 4.04%
KNOXVILLE, TN (FHA|USDA|VA) 3 $965,000 $321,667 $3,990 3.71%
Paris, TN (FHA|USDA|VA) 4 $820,000 $205,000 $7,020 3.62%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $615,000 $615,000 $0 4.50%
AKRON, OH (FHA|USDA|VA) 1 $455,000 $455,000 $4,375 2.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $435,000 $435,000 $255,700 2.63%
Shelbyville, TN (FHA|USDA|VA) 1 $405,000 $405,000 $7,350 3.25%
PANAMA CITY, FL (FHA|USDA|VA) 1 $365,000 $365,000 $0 4.50%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $345,000 $345,000 $2,895 2.50%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $285,000 $285,000 $3,264 2.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $250,000 $125,000 $0 3.69%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $235,000 $235,000 $2,293 2.25%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $225,000 $225,000 $2,628 2.25%
SAVANNAH, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.25%
Madisonville, KY (FHA|USDA|VA) 1 $165,000 $165,000 $600 2.37%
COLUMBIA, SC (FHA|USDA|VA) 1 $155,000 $155,000 $2,271 2.13%
DeRidder, LA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.00%
Cleveland, MS (FHA|USDA|VA) 1 $135,000 $135,000 $3,054 2.25%
Martin, TN (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.50%
MORRISTOWN, TN (FHA|USDA|VA) 1 $45,000 $45,000 $1,978 2.50%

First Federal Bank's top markets include Nashville, Clarksville, Memphis, Knoxville, and Paris among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 560 $109,600,000 $195,714 $3,634 3.58%
VA 69 $17,675,000 $256,159 $5,362 2.48%
FHA 26 $5,630,000 $216,538 $7,132 2.63%
USDA 21 $3,895,000 $185,476 $5,588 2.45%

For the 2021 period, First Federal Bank's most frequently originated loan type of loans were Conventional, with 560 originations. Their 2nd most popular type is VA, with 69 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 304 $65,930,000 $216,875 $4,685 3.51%
Refi 194 $41,010,000 $211,392 $4,062 3.25%
Cash Out Refi 135 $25,165,000 $186,407 $3,893 3.06%
Other 24 $1,900,000 $79,167 $1,416 4.33%
Home Improvement 19 $2,795,000 $147,105 $1,717 4.42%

For the 2021, First Federal Bank's most frequently cited loan purpose of loans were Home Purchase, with 304 originations. The 2nd most popular reason of loans were Refi, with 194 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 330 $76,000,000 $230,303 $5,393 2.91%
5 Year 92 $18,260,000 $198,478 $1,409 4.56%
15 Year 71 $11,345,000 $159,789 $2,947 2.55%
Other 69 $11,975,000 $173,551 $1,734 4.46%
20 Year 52 $10,290,000 $197,885 $3,189 2.88%
1 Year 36 $5,680,000 $157,778 $1,603 5.24%
10 Year 25 $3,035,000 $121,400 $2,358 3.46%
3 Year 1 $215,000 $215,000 $1,379 4.25%

For the 2021, First Federal Bank's most frequently cited loan length of loans were 30 Year, with 330 originations. The 2nd most popular length of loans were 5 Year, with 92 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 278 $53,070,000 $190,899
$1k-2k 85 $13,845,000 $162,882
$2k-3k 61 $13,655,000 $223,852
$3k-4k 43 $14,115,000 $328,256
$5k+ 4 $1,860,000 $465,000

$5,393 of loans were First Federal Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 278 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 201 $43,645,000 $217,139
<2.5% 156 $33,380,000 $213,974
3-4% 140 $32,200,000 $230,000
4-5% 138 $22,940,000 $166,232
5-6% 30 $3,440,000 $114,667
6-7% 4 $420,000 $105,000
7-8% 3 $205,000 $68,333
Over 8% 3 $125,000 $41,667

During 2021, First Federal Bank's average interest rate of loans were 2.91%, while their most frequently originated rate bucket of loans were 2.5-3%, with 201 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 256 $36,900,000 $144,141 $3,021 3.38%
$200k-400k 229 $63,345,000 $276,616 $4,845 3.07%
$100,000 or less 146 $9,340,000 $63,973 $1,748 4.00%
$400k-600k 39 $18,425,000 $472,436 $13,091 3.19%
$600k-1MM 4 $2,930,000 $732,500 $6,515 3.69%
$1MM+ 2 $5,860,000 $2,930,000 $4,694 3.88%

2021 saw First Federal Bank place emphasis on $100k-200k loans with 256 originations, totaling $36,900,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 141 $24,885,000 $176,489 $4,008 3.12%
$100k-150k 120 $26,760,000 $223,000 $3,801 3.20%
$50k or less 118 $13,220,000 $112,034 $2,848 3.50%
$75k-100k 114 $24,760,000 $217,193 $3,983 3.35%
$150k-250k 64 $15,860,000 $247,813 $10,299 3.46%
$250k+ 54 $11,260,000 $208,519 $3,348 3.88%

First Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 141 originations. The second most popular income band? $100k-150k, with 120 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 168 $31,960,000 $190,238 $3,361 3.15%
<20% 99 $16,765,000 $169,343 $2,606 3.53%
30-36% 99 $19,305,000 $195,000 $3,965 3.21%
36% 23 $4,755,000 $206,739 $4,059 3.54%
37% 22 $4,170,000 $189,545 $3,609 3.16%
40% 19 $3,455,000 $181,842 $4,504 3.23%
38% 17 $3,505,000 $206,176 $4,392 3.24%
39% 16 $3,350,000 $209,375 $3,570 3.07%
41% 16 $2,930,000 $183,125 $3,215 3.09%
43% 13 $2,485,000 $191,154 $4,742 3.08%
50-60% 13 $2,885,000 $221,923 $7,164 3.78%
42% 12 $3,470,000 $289,167 $25,700 2.79%
44% 11 $2,575,000 $234,091 $3,858 3.01%
46% 11 $2,815,000 $255,909 $5,904 3.18%
48% 8 $2,420,000 $302,500 $6,794 2.91%
47% 7 $1,285,000 $183,571 $5,461 3.70%
>60% 7 $1,655,000 $236,429 $2,078 4.75%
45% 5 $775,000 $155,000 $3,532 3.20%
49% 4 $770,000 $192,500 $3,465 2.84%

First Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 168 originations. The next most common DTI ratio? <20%, with 99 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 592 $113,540,000 $191,791 $4,087 3.34%
Not applicable 32 $12,290,000 $384,063 $0 4.95%
Black 21 $4,555,000 $216,905 $5,517 3.01%
Not provided 20 $3,860,000 $193,000 $3,438 2.76%
Asian 9 $2,365,000 $262,778 $2,921 3.71%
American Indian 1 $105,000 $105,000 $0 5.00%
Other Asian 1 $85,000 $85,000 $0 5.00%

Approval Rates

Total approvals of all applications
91.02%

First Federal Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.29%

First Federal Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 676 $136,800,000 $202,367

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
676 $136,800,000 $202,367

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 78 $8,240,000 $105,641 $2,197 3.76%
40-60% 84 $16,200,000 $192,857 $3,049 3.23%
60-80% 263 $59,435,000 $225,989 $4,942 3.38%
80-100% 205 $47,715,000 $232,756 $4,610 3.29%
Over 100% 14 $3,190,000 $227,857 $8,655 3.21%
Under 20% 32 $2,020,000 $63,125 $1,513 3.91%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST HORIZON BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 5.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 6 17.6%
FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 2 5.9%
FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 10 29.4%
FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Closing on a mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 5.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 2.9%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Federal Bank 122 West Main Street Waverly, TN 37185 Full Service B&M $128,834
First Federal Bank 1370 Highway 100 Centerville, TN 37033 Full Service B&M $34,621
First Federal Bank 9597 Hwy 70 East Mc Ewen, TN 37101 Full Service B&M $30,299
First Federal Bank Two Court Square Charlotte, TN 37036 Full Service B&M $59,178
First Federal Bank 1780 Madison Street Clarksville, TN 37043 Full Service B&M $21,268
First Federal Bank 200 Henslee Drive Dickson, TN 37055 Full Service B&M $17,525
First Federal Bank 2034 Wilma Rudolph Blvd Clarksville, TN 37040 Full Service B&M $18,222
First Federal Bank 2310 Highway 96 Burns, TN 37029 Full Service B&M $21,596
First Federal Bank 260 Dover Road Clarksville, TN 37042 Full Service B&M $20,815
First Federal Bank 302 Fairview Blvd Fairview, TN 37062 Full Service B&M $13,822
First Federal Bank 400 Highway 149 Clarksville, TN 37040 Full Service B&M $29,559
First Federal Bank 4363 Hwy 70 E White Bluff, TN 37187 Full Service B&M $19,559
First Federal Bank 4701 Hwy 49 W Vanleer, TN 37181 Full Service B&M $31,558
First Federal Bank 502 Madison St Clarksville, TN 37040 Full Service B&M $83,404
First Federal Bank 590 Broadway Ave New Johnsonville, TN 37134 Full Service B&M $19,592
First Federal Bank 601 Highway 46 South Dickson, TN 37055 Full Service B&M $35,836
First Federal Bank 611 East College St Dickson, TN 37055 Full Service B&M $168,119

For 2021, First Federal Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $25,844
Net interest income $24,025
Total noninterest income $6,448
Gross Fiduciary activities income $0
Service charges on deposit accounts $937
Trading account gains and fees $0
Additional Noninterest Income $5,511
Pre-tax net operating income $13,311
Securities gains (or losses, -) $183
Income before extraordinary items $12,543
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,543
Minority interest net income $0
Net income $12,543
Sale, conversion, retirement of capital stock, net $0
Net operating income $12,372

First Federal Bank's gross interest income from loans was $25,844,000.
First Federal Bank's net interest income from loans was $24,025,000.
First Federal Bank's fee based income from loans was $937,000.
First Federal Bank's net income from loans was $12,543,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,819
Provision for credit losses $1,155
Total noninterest expense $16,007
Salaries and employee benefits $8,723
Premises and equipment expense $1,572
Additional noninterest expense $5,712
Applicable income taxes $951
Net charge-offs $-209
Cash dividends $8,000

First Federal Bank's interest expense for loans was $1,819,000.
First Federal Bank's payroll and benefits expense were $8,723,000.
First Federal Bank's property, plant and equipment expenses $1,572,000.

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 $837,794
Deposits held in domestic offices $837,794
Deposits by Individuals, partnerships, and corporations $711,664
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $126,130
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $426,303
Demand deposits $170,576
Nontransaction accounts $411,491
Money market deposit accounts (MMDAs) $122,686
Other savings deposits (excluding MMDAs) $130,905
Total time deposits $157,900
Total time and savings deposits $667,218
Noninterest-bearing deposits $169,296
Interest-bearing deposits $668,498
Retail deposits $798,216
IRAs and Keogh plan accounts $26,447
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $950,963
Cash & Balances due from depository institutions $174,582
Interest-bearing balances $167,420
Total securities $323,184
Federal funds sold & reverse repurchase $0
Net loans and leases $412,066
Loan and leases loss allowance $8,833
Trading account assets $0
Bank premises and fixed assets $12,091
Other real estate owned $0
Goodwill and other intangibles $6,030
All other assets $23,010

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $950,963
Total Liabilities $853,099
Total deposits $837,794
Interest-bearing deposits $668,498
Deposits held in domestic offices $837,794
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $12,675
Subordinated debt $0
All other liabilities $2,630

Issued Loan Types

Type Value (in 000's)
Net loans and leases $412,066
Loan and leases loss allowance $8,833
Total loans and leases (domestic) $420,899
All real estate loans $365,091
Real estate loans in domestic offices $365,091
Construction and development loans $85,715
Residential 1-4 family construction $33,550
Other construction, all land development and other land $52,165
Loans secured by nonfarm nonresidential properties $78,636
Nonfarm nonresidential secured by owner-occupied properties $54,520
Commercial real estate & other non-farm, non-residential $24,116
Multifamily residential real estate $16,505
1-4 family residential loans $173,902
Farmland loans $10,333
Loans held in foreign offices $0
Farm loans $2,379
Commercial and industrial loans $18,433
To non-U.S. addressees $0
Loans to individuals $18,530
Credit card loans $0
Related Plans $294
Consumer Auto Loans $11,820
Other loans to individuals $6,416
All other loans & leases $16,466
Loans to foreign governments and official institutions $0
Other loans $0
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 $2,420
Non 1-4 family restructured loans & leases $401
Total loans and leases (foreign) $0

First Federal Bank had $412,066,000 of loans outstanding in 2021. $365,091,000 of loans were in real estate loans. $85,715,000 of loans were in development loans. $16,505,000 of loans were in multifamily mortgage loans. $173,902,000 of loans were in 1-4 family mortgage loans. $2,379,000 of loans were in farm loans. $0 of loans were in credit card loans. $11,820,000 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 188 $40,510 $215,479
Nonfarm, nonresidential loans - <$100k 57 $2,077 $36,439
Nonfarm, nonresidential loans - $100-250k 66 $8,291 $125,621
Nonfarm, nonresidential loans - $250k-1MM 65 $30,142 $463,723
Commercial & Industrial, US addressed loans - <$1MM 626 $13,209 $21,101
Commercial & Industrial, US addressed loans - <$100k 563 $5,639 $10,016
Commercial & Industrial, US addressed loans - $100-250k 48 $4,623 $96,313
Commercial & Industrial, US addressed loans - $250k-1MM 15 $2,947 $196,467
Farmland loans - <$1MM 74 $6,312 $85,297
Farmland loans - <$100k 40 $1,435 $35,875
Farmland loans - $100-250k 27 $3,191 $118,185
Farmland loans - $250k-1MM 7 $1,686 $240,857
Agriculture operations loans - <$1MM 100 $2,379 $23,790
Agriculture operations loans - <$100k 92 $1,454 $15,804
Agriculture operations loans - $100-250k 5 $418 $83,600
Agriculture operations loans - $250k-1MM 3 $507 $169,000