First Federal Savings Bank Mortgage Rates, Fees & Info

Evansville, IN

LEI: 549300MTH7LUU0OHYB47

Tax ID: 35-0309740

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Federal Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. First Federal Savings Bank has a high proportion of conventional loans. Their top markets include Evansville, Washington, Jasper, Indianapolis, and Vincennes among others. First Federal Savings Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. First Federal Savings Bank is typically a low fee lendor.


Originations

608

Origination Dollar Volume (All Markets)

$110,060,000

Employee count

113 Show all (6) awards

Relative Rate

First Federal Savings Bank's average 30 year fixed rate mortgage of loans were 3.13%.

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

This yields a difference of -0.02%.

Relative Fees

First Federal Savings Bank's average total fees for a 30 year fixed rate mortgage are $1,875.

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
EVANSVILLE, IN-KY (FHA|USDA|VA) 423 $78,045,000 $184,504 $1,669 3.08%
Washington, IN (FHA|USDA|VA) 61 $8,415,000 $137,951 $1,052 3.12%
Jasper, IN (FHA|USDA|VA) 56 $6,930,000 $123,750 $1,346 3.26%
Outside of Metro Areas 25 $4,205,000 $168,200 $1,819 3.14%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 8 $1,750,000 $218,750 $1,768 2.80%
Vincennes, IN (FHA|USDA|VA) 10 $1,710,000 $171,000 $1,555 3.29%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $835,000 $835,000 $3,467 4.00%
TERRE HAUTE, IN (FHA|USDA|VA) 3 $815,000 $271,667 $1,246 3.33%
SAVANNAH, GA (FHA|USDA|VA) 1 $625,000 $625,000 $4,359 3.50%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $615,000 $615,000 $2,619 4.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $585,000 $585,000 $2,207 2.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $585,000 $585,000 $4,849 4.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $575,000 $575,000 $2,039 2.88%
GAINESVILLE, GA (FHA|USDA|VA) 1 $545,000 $545,000 $4,145 2.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $510,000 $255,000 $2,827 3.44%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $505,000 $505,000 $3,053 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $505,000 $505,000 $4,489 3.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $405,000 $405,000 $3,760 3.38%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $315,000 $315,000 $1,092 2.50%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,871 2.50%
Cookeville, TN (FHA|USDA|VA) 1 $295,000 $295,000 $2,257 2.63%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $205,000 $205,000 $1,841 2.38%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $205,000 $205,000 $3,051 2.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $195,000 $195,000 $2,403 2.50%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,504 4.00%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.38%
TOLEDO, OH (FHA|USDA|VA) 1 $65,000 $65,000 $2,806 2.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $45,000 $45,000 $1,319 2.63%

First Federal Savings Bank's top markets include Evansville, Washington, Jasper, Indianapolis, and Vincennes among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 608 $110,060,000 $181,020 $1,618 3.10%

For the 2021 period, First Federal Savings Bank's most frequently originated loan type of loans were Conventional, with 608 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 264 $53,280,000 $201,818 $1,760 3.25%
Refi 206 $38,200,000 $185,437 $1,583 2.86%
Cash Out Refi 84 $15,200,000 $180,952 $2,086 2.74%
Other 31 $1,975,000 $63,710 $443 3.70%
Home Improvement 23 $1,405,000 $61,087 $343 4.07%

For the 2021, First Federal Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 264 originations. The 2nd most popular reason of loans were Refi, with 206 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 314 $64,240,000 $204,586 $1,875 3.13%
15 Year 168 $24,680,000 $146,905 $1,118 2.97%
20 Year 58 $10,660,000 $183,793 $2,133 2.76%
10 Year 37 $2,885,000 $77,973 $611 3.47%
30+ year 14 $5,280,000 $377,143 $3,625 3.95%
5 Year 8 $330,000 $41,250 $92 3.38%
Other 7 $1,465,000 $209,286 $1,965 4.05%
1 Year 2 $520,000 $260,000 $0 3.63%

For the 2021, First Federal Savings Bank's most frequently cited loan length of loans were 30 Year, with 314 originations. The 2nd most popular length of loans were 15 Year, with 168 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 518 $95,590,000 $184,537
$1k-2k 30 $3,560,000 $118,667
$2k-3k 21 $4,295,000 $204,524
$3k-4k 5 $1,435,000 $287,000
$5k+ 2 $1,230,000 $615,000

$1,875 of loans were First Federal Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 518 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 232 $42,710,000 $184,095
<2.5% 168 $29,510,000 $175,655
2.5-3% 152 $34,420,000 $226,447
4-5% 55 $3,285,000 $59,727
5-6% 1 $135,000 $135,000

During 2021, First Federal Savings Bank's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 3-4%, with 232 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 227 $32,485,000 $143,106 $1,713 2.90%
$100,000 or less 187 $10,825,000 $57,888 $786 3.41%
$200k-400k 146 $38,020,000 $260,411 $2,113 2.99%
$400k-600k 33 $16,275,000 $493,182 $2,566 3.15%
$600k-1MM 12 $8,760,000 $730,000 $3,144 3.30%
$1MM+ 3 $3,695,000 $1,231,667 $2,542 3.13%

2021 saw First Federal Savings Bank place emphasis on $100k-200k loans with 227 originations, totaling $32,485,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 142 $12,900,000 $90,845 $1,337 3.16%
$50k-75k 130 $16,460,000 $126,615 $1,506 3.05%
$100k-150k 106 $22,340,000 $210,755 $1,828 3.09%
$75k-100k 102 $17,380,000 $170,392 $1,560 3.06%
$150k-250k 59 $14,905,000 $252,627 $1,935 3.11%
$250k+ 56 $23,540,000 $420,357 $2,061 3.16%

First Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 142 originations. The second most popular income band? $50k-75k, with 130 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 209 $36,915,000 $176,627 $1,539 3.06%
<20% 126 $22,760,000 $180,635 $1,787 2.76%
30-36% 101 $18,265,000 $180,842 $1,585 3.21%
39% 25 $5,685,000 $227,400 $1,837 3.32%
38% 19 $4,345,000 $228,684 $1,782 3.45%
36% 19 $3,065,000 $161,316 $1,321 3.32%
41% 18 $2,460,000 $136,667 $1,617 3.63%
40% 15 $1,345,000 $89,667 $1,192 3.38%
37% 15 $2,565,000 $171,000 $1,728 3.01%
44% 10 $1,760,000 $176,000 $1,452 3.25%
42% 9 $1,265,000 $140,556 $1,473 2.94%
50-60% 8 $1,540,000 $192,500 $1,306 3.67%
46% 8 $1,800,000 $225,000 $1,792 3.38%
43% 7 $1,825,000 $260,714 $1,705 3.23%
45% 5 $1,575,000 $315,000 $2,293 3.00%
>60% 5 $1,095,000 $219,000 $1,342 3.13%
47% 4 $760,000 $190,000 $1,496 3.81%
48% 2 $440,000 $220,000 $1,714 3.00%

First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? <20%, with 126 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 583 $105,435,000 $180,849 $1,637 3.10%
Asian Indian 2 $1,280,000 $640,000 $1,987 2.63%
Asian 6 $1,270,000 $211,667 $1,358 3.21%
Not provided 4 $850,000 $212,500 $1,254 2.78%
Black 10 $630,000 $63,000 $709 3.48%
Not applicable 3 $595,000 $198,333 $0 3.75%

Approval Rates

Total approvals of all applications
95.86%

First Federal Savings 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
91.03%

First Federal Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 608 $110,060,000 $181,020

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
608 $110,060,000 $181,020

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 41 $4,455,000 $108,659 $966 2.98%
40-60% 98 $18,530,000 $189,082 $1,859 2.74%
60-80% 230 $46,470,000 $202,043 $1,904 3.00%
80-100% 189 $38,695,000 $204,735 $1,725 3.16%
Under 20% 50 $1,910,000 $38,200 $63 4.16%

Complaints

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

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Federal Savings Bank 200 E Van Trees St Washington, IN 47501 Full Service B&M $54,903
First Federal Savings Bank 2200 W. Franklin St. Evansville, IN 47712 Full Service B&M $24,527
First Federal Savings Bank 2950 St Philip Road South Evansville, IN 47712 Full Service B&M $8,755
First Federal Savings Bank 4451 First Avenue Evansville, IN 47710 Full Service B&M $21,439
First Federal Savings Bank 4601 Bellemeade Avenue Evansville, IN 47714 Full Service B&M $36,656
First Federal Savings Bank 4615 University Drive Evansville, IN 47712 Full Service B&M $26,574
First Federal Savings Bank 5001 Davis Lant Drive Evansville, IN 47715 Full Service B&M $123,308
First Federal Savings Bank 501 E Main St Petersburg, IN 47567 Full Service B&M $47,346
First Federal Savings Bank 8388 Bell Oaks Drive Newburgh, IN 47630 Full Service B&M $27,636

For 2021, First Federal Savings Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $16,309
Net interest income $13,889
Total noninterest income $5,515
Gross Fiduciary activities income $0
Service charges on deposit accounts $756
Trading account gains and fees $0
Additional Noninterest Income $4,759
Pre-tax net operating income $4,398
Securities gains (or losses, -) $-2
Income before extraordinary items $3,797
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,797
Minority interest net income $0
Net income $3,797
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,798

First Federal Savings Bank's gross interest income from loans was $16,309,000.
First Federal Savings Bank's net interest income from loans was $13,889,000.
First Federal Savings Bank's fee based income from loans was $756,000.
First Federal Savings Bank's net income from loans was $3,797,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,420
Provision for credit losses $650
Total noninterest expense $14,356
Salaries and employee benefits $7,668
Premises and equipment expense $1,643
Additional noninterest expense $5,045
Applicable income taxes $599
Net charge-offs $-60
Cash dividends $1,025

First Federal Savings Bank's interest expense for loans was $2,420,000.
First Federal Savings Bank's payroll and benefits expense were $7,668,000.
First Federal Savings Bank's property, plant and equipment expenses $1,643,000.

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 1.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $373,113
Deposits held in domestic offices $373,113
Deposits by Individuals, partnerships, and corporations $364,250
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $8,863
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 $184,240
Demand deposits $110,195
Nontransaction accounts $188,873
Money market deposit accounts (MMDAs) $8,556
Other savings deposits (excluding MMDAs) $109,593
Total time deposits $70,724
Total time and savings deposits $262,918
Noninterest-bearing deposits $53,041
Interest-bearing deposits $320,072
Retail deposits $357,426
IRAs and Keogh plan accounts $6,357
Brokered deposits $5,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $482,575
Cash & Balances due from depository institutions $36,758
Interest-bearing balances $32,372
Total securities $70,282
Federal funds sold & reverse repurchase $0
Net loans and leases $339,741
Loan and leases loss allowance $3,479
Trading account assets $0
Bank premises and fixed assets $11,468
Other real estate owned $0
Goodwill and other intangibles $8,184
All other assets $16,142

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $482,575
Total Liabilities $435,826
Total deposits $373,113
Interest-bearing deposits $320,072
Deposits held in domestic offices $373,113
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $60,000
Subordinated debt $0
All other liabilities $2,713

Issued Loan Types

Type Value (in 000's)
Net loans and leases $339,741
Loan and leases loss allowance $3,479
Total loans and leases (domestic) $343,220
All real estate loans $250,847
Real estate loans in domestic offices $250,847
Construction and development loans $14,364
Residential 1-4 family construction $1,699
Other construction, all land development and other land $12,665
Loans secured by nonfarm nonresidential properties $89,756
Nonfarm nonresidential secured by owner-occupied properties $66,330
Commercial real estate & other non-farm, non-residential $23,426
Multifamily residential real estate $12,631
1-4 family residential loans $126,410
Farmland loans $7,686
Loans held in foreign offices $0
Farm loans $1,093
Commercial and industrial loans $85,064
To non-U.S. addressees $0
Loans to individuals $3,317
Credit card loans $0
Related Plans $9
Consumer Auto Loans $2,823
Other loans to individuals $485
All other loans & leases $2,899
Loans to foreign governments and official institutions $0
Other loans $215
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 $807
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

First Federal Savings Bank had $339,741,000 of loans outstanding in 2021. $250,847,000 of loans were in real estate loans. $14,364,000 of loans were in development loans. $12,631,000 of loans were in multifamily mortgage loans. $126,410,000 of loans were in 1-4 family mortgage loans. $1,093,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,823,000 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 138 $30,604 $221,768
Nonfarm, nonresidential loans - <$100k 33 $1,268 $38,424
Nonfarm, nonresidential loans - $100-250k 44 $4,821 $109,568
Nonfarm, nonresidential loans - $250k-1MM 61 $24,515 $401,885
Commercial & Industrial, US addressed loans - <$1MM 613 $44,713 $72,941
Commercial & Industrial, US addressed loans - <$100k 442 $8,905 $20,147
Commercial & Industrial, US addressed loans - $100-250k 84 $8,998 $107,119
Commercial & Industrial, US addressed loans - $250k-1MM 87 $26,810 $308,161
Farmland loans - <$1MM 23 $3,157 $137,261
Farmland loans - <$100k 2 $4 $2,000
Farmland loans - $100-250k 12 $866 $72,167
Farmland loans - $250k-1MM 9 $2,287 $254,111
Agriculture operations loans - <$1MM 8 $1,093 $136,625
Agriculture operations loans - <$100k 1 $28 $28,000
Agriculture operations loans - $100-250k 4 $630 $157,500
Agriculture operations loans - $250k-1MM 3 $435 $145,000