First County Bank Mortgage Rates, Fees & Info

Stamford, CT

LEI: 549300HQW3FSOL75WC88

Tax ID: 06-0547190

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First County Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. First County Bank has a high proportion of conventional loans. Their top markets include Bridgeport, New Haven, New York, Torrington, and Hartford among others. First County Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

428

Origination Dollar Volume (All Markets)

$247,400,000

Employee count

212

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 397 $233,555,000 $588,300 $0 3.92%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 23 $9,715,000 $422,391 $0 4.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $1,945,000 $648,333 $0 0.00%
Torrington, CT (FHA|USDA|VA) 2 $1,100,000 $550,000 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $1,085,000 $361,667 $0 0.00%

First County Bank's top markets include Bridgeport, New Haven, New York, Torrington, and Hartford among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 428 $247,400,000 $578,037 $0 3.92%

For the 2021 period, First County Bank's most frequently originated loan type of loans were Conventional, with 428 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 160 $75,660,000 $472,875 $0 3.88%
Home Purchase 152 $98,800,000 $650,000 $0 3.97%
Cash Out Refi 106 $69,760,000 $658,113 $0 3.85%
Home Improvement 8 $2,320,000 $290,000 $0 0.00%
Other 2 $860,000 $430,000 $0 0.00%

For the 2021, First County Bank's most frequently cited loan purpose of loans were Refi, with 160 originations. The 2nd most popular reason of loans were Home Purchase, with 152 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 427 $246,825,000 $578,044 $0 3.92%
15 Year 1 $575,000 $575,000 $0 3.95%

For the 2021, First County Bank's most frequently cited loan length of loans were Other, with 427 originations. The 2nd most popular length of loans were 15 Year, with 1 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 17 $29,695,000 $1,746,765
4-5% 2 $7,540,000 $3,770,000

During 2021, First County Bank's average interest rate of loans were 0.00%, while their most frequently originated rate bucket of loans were 3-4%, with 17 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 138 $40,890,000 $296,304 $0 3.72%
$400k-600k 112 $54,790,000 $489,196 $0 3.99%
$600k-1MM 95 $70,705,000 $744,263 $0 4.00%
$100k-200k 39 $6,085,000 $156,026 $0 0.00%
$1MM+ 38 $74,510,000 $1,960,789 $0 3.95%
$100,000 or less 6 $420,000 $70,000 $0 0.00%

2021 saw First County Bank place emphasis on $200k-400k loans with 138 originations, totaling $40,890,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 123 $64,505,000 $524,431 $0 3.75%
$250k+ 106 $77,850,000 $734,434 $0 0.00%
$100k-150k 75 $29,035,000 $387,133 $0 5.00%
$75k-100k 56 $16,370,000 $292,321 $0 0.00%
$50k-75k 32 $7,940,000 $248,125 $0 0.00%
$50k or less 8 $1,100,000 $137,500 $0 0.00%

First County Bank lent most frequently to those with incomes in the $150k-250k range, with 123 originations. The second most popular income band? $250k+, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 409 $210,165,000 $513,851 $0 0.00%

First County Bank lent most frequently to those with DTI ratios of Exempt%, with 409 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 329 $163,985,000 $498,435 $0 4.38%
Not applicable 28 $50,600,000 $1,807,143 $0 3.87%
Not provided 42 $21,140,000 $503,333 $0 0.00%
Asian 21 $9,145,000 $435,476 $0 0.00%
Black 8 $2,530,000 $316,250 $0 0.00%

Approval Rates

Total approvals of all applications
89.20%

First County Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.42%

First County Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 409 $210,165,000 $513,851
NA 19 $37,235,000 $1,959,737

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
428 $247,400,000 $578,037

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 3 $2,835,000 $945,000 $0 3.88%
40-60% 3 $3,795,000 $1,265,000 $0 3.87%
60-80% 12 $24,700,000 $2,058,333 $0 3.93%
80-100% 1 $5,905,000 $5,905,000 $0 4.11%

Complaints

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

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First County Bank 1006 Post Road Darien, CT 6820 Full Service B&M $120,479
First County Bank 1135 Post Road East Westport, CT 6880 Full Service B&M $70,067
First County Bank 117 Prospect St Stamford, CT 6901 Full Service B&M $164,959
First County Bank 1312 Post Road Fairfield, CT 6824 Full Service B&M $66,181
First County Bank 1980 West Main Street Stamford, CT 6902 Full Service B&M $118,008
First County Bank 275 Hope Street Stamford, CT 6904 Full Service B&M $85,351
First County Bank 2950 Summer Street Stamford, CT 6905 Full Service B&M $159,234
First County Bank 411 High Ridge Rd Stamford, CT 6905 Limited, Mobile/Seasonal Office $385
First County Bank 469 Westport Avenue Norwalk, CT 6851 Full Service B&M $79,159
First County Bank 48 Atlantic Street Stamford, CT 6901 Full Service B&M $68,365
First County Bank 59 Mason Street Greenwich, CT 6830 Full Service B&M $115,337
First County Bank 637 Shippan Avenue Stamford, CT 6902 Full Service B&M $82,910
First County Bank 660 Main Avenue Norwalk, CT 6851 Full Service B&M $51,061
First County Bank 700 Connecticut Avenue Norwalk, CT 6854 Full Service B&M $43,978
First County Bank 95 Park Street New Canaan, CT 6840 Full Service B&M $95,518
First County Bank 1042 High Ridge Road Stamford, CT 6905 Full Service B&M $175,245
First County Bank 1110 Hope Street Stamford, CT 6907 Full Service B&M $119,284

For 2021, First County Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $61,486
Net interest income $52,852
Total noninterest income $8,095
Gross Fiduciary activities income $2,984
Service charges on deposit accounts $2,298
Trading account gains and fees $0
Additional Noninterest Income $2,813
Pre-tax net operating income $12,727
Securities gains (or losses, -) $1,979
Income before extraordinary items $12,164
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,164
Minority interest net income $0
Net income $12,164
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,521

First County Bank's gross interest income from loans was $61,486,000.
First County Bank's net interest income from loans was $52,852,000.
First County Bank's fee based income from loans was $2,298,000.
First County Bank's net income from loans was $12,164,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,634
Provision for credit losses $323
Total noninterest expense $47,897
Salaries and employee benefits $30,005
Premises and equipment expense $6,982
Additional noninterest expense $10,910
Applicable income taxes $2,542
Net charge-offs $143
Cash dividends $0

First County Bank's interest expense for loans was $8,634,000.
First County Bank's payroll and benefits expense were $30,005,000.
First County Bank's property, plant and equipment expenses $6,982,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 15.0%
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 $1,591,977
Deposits held in domestic offices $1,591,977
Deposits by Individuals, partnerships, and corporations $1,587,234
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $4,392
Deposits by Commercial banks and other depository institutions in U.S. $351
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $662,998
Demand deposits $491,148
Nontransaction accounts $928,979
Money market deposit accounts (MMDAs) $395,735
Other savings deposits (excluding MMDAs) $216,359
Total time deposits $316,885
Total time and savings deposits $1,100,829
Noninterest-bearing deposits $456,093
Interest-bearing deposits $1,135,884
Retail deposits $1,483,643
IRAs and Keogh plan accounts $32,088
Brokered deposits $34,065
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,976,191
Cash & Balances due from depository institutions $176,626
Interest-bearing balances $169,881
Total securities $438,081
Federal funds sold & reverse repurchase $1,264
Net loans and leases $1,243,171
Loan and leases loss allowance $14,616
Trading account assets $0
Bank premises and fixed assets $12,140
Other real estate owned $1,466
Goodwill and other intangibles $850
All other assets $102,593

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,976,191
Total Liabilities $1,799,619
Total deposits $1,591,977
Interest-bearing deposits $1,135,884
Deposits held in domestic offices $1,591,977
% insured (estimated) $72
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $165,378
Subordinated debt $0
All other liabilities $42,264

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,243,171
Loan and leases loss allowance $14,616
Total loans and leases (domestic) $1,257,787
All real estate loans $1,143,403
Real estate loans in domestic offices $1,143,403
Construction and development loans $55,313
Residential 1-4 family construction $23,491
Other construction, all land development and other land $31,822
Loans secured by nonfarm nonresidential properties $328,751
Nonfarm nonresidential secured by owner-occupied properties $145,697
Commercial real estate & other non-farm, non-residential $183,054
Multifamily residential real estate $26,383
1-4 family residential loans $732,956
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $98,035
To non-U.S. addressees $0
Loans to individuals $16,271
Credit card loans $0
Related Plans $3,682
Consumer Auto Loans $12,423
Other loans to individuals $166
All other loans & leases $78
Loans to foreign governments and official institutions $0
Other loans $78
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 $10,419
Non 1-4 family restructured loans & leases $4,622
Total loans and leases (foreign) $0

First County Bank had $1,243,171,000 of loans outstanding in 2021. $1,143,403,000 of loans were in real estate loans. $55,313,000 of loans were in development loans. $26,383,000 of loans were in multifamily mortgage loans. $732,956,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $12,423,000 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 191 $76,790 $402,042
Nonfarm, nonresidential loans - <$100k 26 $1,613 $62,038
Nonfarm, nonresidential loans - $100-250k 41 $7,267 $177,244
Nonfarm, nonresidential loans - $250k-1MM 124 $67,910 $547,661
Commercial & Industrial, US addressed loans - <$1MM 369 $54,387 $147,390
Commercial & Industrial, US addressed loans - <$100k 208 $7,649 $36,774
Commercial & Industrial, US addressed loans - $100-250k 77 $11,561 $150,143
Commercial & Industrial, US addressed loans - $250k-1MM 84 $35,177 $418,774