First State Bank Of Forrest Mortgage Rates, Fees & Info

Forrest, IL

LEI: 549300DNRGCN05KNA737

Tax ID: 37-0275030

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

Review & Overview

First State Bank Of Forrest is a smaller bank specializing in Home Purchase loans. First State Bank Of Forrest has a high proportion of conventional loans. Their top markets by origination volume include: Pontiac, Peoria, Bloomington, Champaign, and Phoenix among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

First State Bank Of Forrest has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. First State Bank Of Forrest 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.

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Originations

177

Origination Dollar Volume (All Markets)

$15,935,000

Employee count

Awards

First State Bank of Forrest 30 Year Conventional Loans gold

Show all (1) 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
Pontiac, IL (FHA\|USDA\|VA)	67	$3,575,000	$53,358	$725	5.10%
PEORIA, IL (FHA\|USDA\|VA)	37	$3,265,000	$88,243	$1,139	5.18%
BLOOMINGTON, IL (FHA\|USDA\|VA)	20	$3,060,000	$153,000	$1,045	5.18%
CHAMPAIGN-URBANA, IL (FHA\|USDA\|VA)	14	$1,810,000	$129,286	$1,186	4.65%
Outside of Metro Areas	24	$1,770,000	$73,750	$1,176	5.11%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	1	$805,000	$805,000	$0	5.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	2	$340,000	$170,000	$3,749	5.13%
Sterling, IL (FHA\|USDA\|VA)	5	$305,000	$61,000	$1,157	4.38%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,336	4.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$225,000	$225,000	$3,115	4.38%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,990	4.63%
ROCKFORD, IL (FHA\|USDA\|VA)	1	$85,000	$85,000	$4,509	4.63%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$85,000	$85,000	$1,985	5.00%
Ottawa, IL (FHA\|USDA\|VA)	1	$85,000	$85,000	$0	5.75%
ST. LOUIS, MO-IL (FHA\|USDA\|VA)	1	$85,000	$85,000	$1,442	5.00%

First State Bank Of Forrest's top markets include Pontiac, Peoria, Bloomington, Champaign, and Phoenix among others.

Their top states include:

Illinois (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	173	$15,755,000	$91,069	$1,055	5.07%
HELOC	4	$180,000	$45,000	n/a	4.97%

For 2018, First State Bank Of Forrest's most frequently originated type of loan was Conventional, with 173 originations. Their 2nd most popular type was HELOC, with 4 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	88	$10,200,000	$115,909	$1,398	5.06%
Home Improvement	29	$935,000	$32,241	$392	5.12%
Cash Out Refi	25	$1,675,000	$67,000	$1,041	4.97%
Refi	19	$2,685,000	$141,316	$1,243	5.05%
Other	16	$440,000	$27,500	$171	5.13%

For 2018, First State Bank Of Forrest's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Home Improvement, with 29 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	118	$10,130,000	$85,847	$1,063	5.16%
5 Year	22	$1,270,000	$57,727	$283	5.23%
30 Year	18	$2,510,000	$139,444	$1,511	4.62%
15 Year	8	$600,000	$75,000	$1,159	4.23%
3 Year	5	$45,000	$9,000	$197	5.24%
1 Year	3	$335,000	$111,667	$1,471	5.07%
20 Year	2	$990,000	$495,000	$2,971	4.56%
10 Year	1	$55,000	$55,000	$0	4.50%

For 2018, First State Bank Of Forrest's most frequently cited loan duration was Other, with 118 originations. The 2nd most popular length was 5 Year, with 22 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	98	$10,230,000	$104,388

First State Bank Of Forrest's average total fees were $1,511, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 98 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
5-6%	103	$8,105,000	$78,689
4-5%	68	$7,320,000	$107,647
3-4%	6	$510,000	$85,000

During 2018, First State Bank Of Forrest's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 5-6%, with 103 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	126	$5,490,000	$43,571	$866	5.10%
$100k-200k	31	$4,175,000	$134,677	$1,471	4.99%
$200k-400k	17	$4,295,000	$252,647	$1,642	4.90%
$600k-1MM	2	$1,570,000	$785,000	$2,828	5.00%
$400k-600k	1	$405,000	$405,000	$0	5.75%

2018 saw First State Bank Of Forrest place emphasis on $100,000 or less loans with 126 originations, totaling $5,490,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	58	$2,850,000	$49,138	$942	5.08%
$50k-75k	41	$2,775,000	$67,683	$1,139	4.98%
$100k-150k	27	$2,885,000	$106,852	$998	5.17%
$75k-100k	26	$2,320,000	$89,231	$1,140	5.09%
$250k+	4	$1,820,000	$455,000	$2,116	5.03%
$150k-250k	3	$385,000	$128,333	$1,273	5.00%

First State Bank Of Forrest lent most frequently to those with incomes in the $50k or less range, with 58 originations. The second most popular income band? $50k-75k, with 41 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	49	$3,985,000	$81,327	$1,055	4.99%
30-36%	27	$2,365,000	$87,593	$1,078	5.00%
<20%	26	$1,620,000	$62,308	$1,112	4.99%
40%	6	$760,000	$126,667	$845	5.12%
50-60%	5	$455,000	$91,000	$737	5.01%
41%	5	$335,000	$67,000	$1,101	5.27%
39%	4	$160,000	$40,000	$910	5.33%
43%	4	$310,000	$77,500	$1,000	5.21%
>60%	3	$355,000	$118,333	$1,796	5.15%
36%	3	$445,000	$148,333	$1,976	4.85%
37%	3	$165,000	$55,000	$409	5.45%
38%	3	$125,000	$41,667	$656	5.08%
44%	3	$165,000	$55,000	$841	4.50%
46%	3	$305,000	$101,667	$731	4.98%
42%	2	$230,000	$115,000	$1,851	4.73%
47%	1	$35,000	$35,000	$95	5.25%
49%	1	$85,000	$85,000	$1,762	5.14%
45%	1	$85,000	$85,000	$1,213	5.25%

First State Bank Of Forrest lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 27 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	161	$13,605,000	$84,503	$1,058	5.06%
Not applicable	12	$2,130,000	$177,500	$867	4.96%
Asian	1	$165,000	$165,000	$1,746	5.11%
Black	3	$35,000	$11,667	$68	5.50%

Approval Rates

Total approvals of all applications
87.80%

First State Bank Of Forrest has an average approval rate.

Pick Rate

Approvals leading to origination
98.31%

First State Bank Of Forrest has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	177	$15,935,000	$90,028

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	7	$1,305,000	$186,429
Single Family (1-4 Units):Manufactured	2	$50,000	$25,000
Single Family (1-4 Units):Site-Built	168	$14,580,000	$86,786

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	23	$1,315,000	$57,174	$560	5.08%
40-60%	15	$1,345,000	$89,667	$964	5.13%
60-80%	54	$5,650,000	$104,630	$1,320	4.94%
80-100%	53	$6,605,000	$124,623	$1,403	5.05%
Over 100%	3	$325,000	$108,333	$1,054	5.38%
Under 20%	29	$695,000	$23,966	$118	5.25%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Struggling to pay mortgage	1	50.0%
FIRST NATIONAL BANK OF OMAHA	Home equity loan or line of credit (HELOC)	Closing on a mortgage	1	50.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First State Bank of Forrest	1004 S. Purnell Drive Mahomet, IL 61853	Full Service B&M	$6,893
First State Bank of Forrest	115 North Chestnut Street Onarga, IL 60955	Full Service B&M	$8,293
First State Bank of Forrest	133 East Krack Street Forrest, IL 61741	Full Service B&M	$47,193
First State Bank of Forrest	4717 North Prospect Road Peoria Heights, IL 61614	Full Service B&M	$57,197
First State Bank of Forrest	603 West Oak Street Fairbury, IL 61739	Full Service B&M	$27,251
First State Bank of Forrest	915 8th Avenue Erie, IL 61250	Full Service B&M	$15,356

For 2018, First State Bank Of Forrest had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$7,777
Net interest income	$5,993
Total noninterest income	$265
Gross Fiduciary activities income	$1
Service charges on deposit accounts	$174
Trading account gains and fees	$0
Additional Noninterest Income	$90
Pre-tax net operating income	$1,633
Securities gains (or losses, -)	$-6
Income before extraordinary items	$1,619
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,619
Minority interest net income	$0
Net income	$1,619
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,625

First State Bank Of Forrest's gross interest income from loans was $7,777,000.
First State Bank Of Forrest's net interest income from loans was $5,993,000.
First State Bank Of Forrest's fee based income from loans was $174,000.
First State Bank Of Forrest's net income from loans was $1,619,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,784
Provision for credit losses	$0
Total noninterest expense	$4,625
Salaries and employee benefits	$2,206
Premises and equipment expense	$767
Additional noninterest expense	$1,652
Applicable income taxes	$8
Net charge-offs	$12
Cash dividends	$1,300

First State Bank Of Forrest's interest expense for loans was $1,784,000.
First State Bank Of Forrest's payroll and benefits expense were $2,206,000.
First State Bank Of Forrest's property, plant and equipment expenses $767,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	2.0%
Real Estate loans	3.0%
Construction & Land Development loans	15.0%
Nonfarm, nonresidential loans	6.0%
Multifamily residential loans	10.0%
1-4 family residential loans	3.0%
HELOC loans	0.0%
All other family	3.0%
Commercial & industrial loans	0.0%
Personal loans	2.0%
Credit card loans	0.0%
Other individual loans	2.0%
Auto loans	0.0%
Other consumer loans	4.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$173,945
Deposits held in domestic offices	$173,945
Deposits by Individuals, partnerships, and corporations	$163,260
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$6,971
Deposits by Commercial banks and other depository institutions in U.S.	$3,714
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$49,058
Demand deposits	$21,944
Nontransaction accounts	$124,887
Money market deposit accounts (MMDAs)	$18,489
Other savings deposits (excluding MMDAs)	$19,172
Total time deposits	$87,226
Total time and savings deposits	$152,001
Noninterest-bearing deposits	$21,944
Interest-bearing deposits	$152,001
Retail deposits	$165,574
IRAs and Keogh plan accounts	$5,433
Brokered deposits	$3,285
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$213,026
Cash & Balances due from depository institutions	$12,887
Interest-bearing balances	$11,286
Total securities	$18,984
Federal funds sold & reverse repurchase	$0
Net loans and leases	$174,961
Loan and leases loss allowance	$1,569
Trading account assets	$0
Bank premises and fixed assets	$3,174
Other real estate owned	$247
Goodwill and other intangibles	$0
All other assets	$2,773

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$213,026
Total Liabilities	$194,169
Total deposits	$173,945
Interest-bearing deposits	$152,001
Deposits held in domestic offices	$173,945
% insured (estimated)	$93
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$20,000
Subordinated debt	$0
All other liabilities	$224

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$174,961
Loan and leases loss allowance	$1,569
Total loans and leases (domestic)	$176,530
All real estate loans	$119,548
Real estate loans in domestic offices	$119,548
Construction and development loans	$701
Residential 1-4 family construction	$393
Other construction, all land development and other land	$308
Loans secured by nonfarm nonresidential properties	$9,765
Nonfarm nonresidential secured by owner-occupied properties	$8,887
Commercial real estate & other non-farm, non-residential	$878
Multifamily residential real estate	$8,596
1-4 family residential loans	$74,768
Farmland loans	$25,718
Loans held in foreign offices	$0
Farm loans	$16,626
Commercial and industrial loans	$28,670
To non-U.S. addressees	$0
Loans to individuals	$10,835
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$5,497
Other loans to individuals	$5,338
All other loans & leases	$851
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	$25
Non 1-4 family restructured loans & leases	$7
Total loans and leases (foreign)	$0

First State Bank of Forrest had $174,961,000 of loans outstanding in 2018. $119,548,000 of loans were in real estate loans. $701,000 of loans were in development loans. $8,596,000 of loans were in multifamily mortgage loans. $74,768,000 of loans were in 1-4 family mortgage loans. $16,626,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,497,000 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	66	$7,411	$112,288
Nonfarm, nonresidential loans - <$100k	35	$1,431	$40,886
Nonfarm, nonresidential loans - $100-250k	20	$2,313	$115,650
Nonfarm, nonresidential loans - $250k-1MM	11	$3,667	$333,364
Commercial & Industrial, US addressed loans - <$1MM	308	$23,145	$75,146
Commercial & Industrial, US addressed loans - <$100k	223	$6,129	$27,484
Commercial & Industrial, US addressed loans - $100-250k	50	$5,284	$105,680
Commercial & Industrial, US addressed loans - $250k-1MM	35	$11,732	$335,200
Farmland loans - <$1MM	118	$14,818	$125,576
Farmland loans - <$100k	37	$1,533	$41,432
Farmland loans - $100-250k	47	$5,156	$109,702
Farmland loans - $250k-1MM	34	$8,129	$239,088
Agriculture operations loans - <$1MM	165	$12,791	$77,521
Agriculture operations loans - <$100k	111	$3,420	$30,811
Agriculture operations loans - $100-250k	30	$3,580	$119,333
Agriculture operations loans - $250k-1MM	24	$5,791	$241,292