First Western Federal Savings Bank Mortgage Rates, Fees & Info
Rapid City, SDLEI: 549300N1R0R39PYT7O68
Tax ID: 46-0350990
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Bank Data
Review & Overview
First Western Federal Savings Bank is a smaller bank specializing in Home Purchase loans. First Western Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Cape Coral, Houston, Charlotte, and San Diego among others. We have data for 74 markets. (Some data included below & more in-depth data is available with an active subscription.)First Western Federal Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
112Origination Dollar Volume (All Markets)
$13,270,000Employee count
8Top 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 |
|---|---|---|---|---|---|
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $1,670,000 | $835,000 | $0 | 5.69% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $0 | 6.04% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 7 | $595,000 | $85,000 | $0 | 5.68% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $0 | 6.25% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 5.94% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 5.94% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 4.95% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 5.46% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 4.88% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 5.50% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 4 | $280,000 | $70,000 | $0 | 5.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $270,000 | $67,500 | $0 | 5.63% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.20% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 5.63% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $0 | 6.75% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 5.33% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 6.38% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 5.80% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 5.94% |
| OCALA, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 7.20% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $0 | 6.33% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 5.80% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 5.50% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 5.00% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 6.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 6.63% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.00% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 5.80% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 6.03% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.75% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.50% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 6.75% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 6.00% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.20% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 6.75% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 6.75% |
| Outside of Metro Areas | 2 | $110,000 | $55,000 | $0 | 6.63% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.20% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.38% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.38% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 6.03% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.38% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 5.50% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.80% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.75% |
| REDDING, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.80% |
| SALEM, OR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.80% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.88% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.20% |
| ANCHORAGE, AK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.38% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.50% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.88% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.80% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.75% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.50% |
| Branson, MO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.50% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.50% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.38% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.00% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.75% |
| Thomasville, GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.80% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.75% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
| LINCOLN, NE (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.88% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.50% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 112 | $13,270,000 | $118,482 | $0 | 5.94% |
For 2018, First Western Federal Savings Bank's most frequently originated type of loan was Conventional, with 112 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 105 | $11,425,000 | $108,810 | $0 | 5.94% |
| Refi | 7 | $1,845,000 | $263,571 | $0 | 5.89% |
For 2018, First Western Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 105 originations. The 2nd most popular reason was Refi, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 111 | $13,175,000 | $118,694 | $0 | 5.93% |
| 10 Year | 1 | $95,000 | $95,000 | $0 | 6.38% |
For 2018, First Western Federal Savings Bank's most frequently cited loan duration was Other, with 111 originations. The 2nd most popular length was 10 Year, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 49 | $7,085,000 | $144,592 |
| 6-7% | 43 | $3,765,000 | $87,558 |
| 4-5% | 16 | $1,950,000 | $121,875 |
| 7-8% | 4 | $470,000 | $117,500 |
During 2018, First Western Federal Savings Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 49 originations.
Loan Sizing
2018 saw First Western Federal Savings Bank place emphasis on $100,000 or less loans with 67 originations, totaling $4,595,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 112 | $13,270,000 | $118,482 | $0 | 5.94% |
Approval Rates
Total approvals of all applications84.62%
First Western Federal Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination48.21%
First Western Federal Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 112 | $13,270,000 | $118,482 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 5 | $1,605,000 | $321,000 |
| Single Family (1-4 Units):Site-Built | 107 | $11,665,000 | $109,019 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.1% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 5 | 35.7% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Western Federal Savings Bank | 402 Main Street Rapid City, SD 57709 | Full Service B&M | $40,675 |
For 2018, First Western Federal Savings Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $3,453 |
| Net interest income | $2,783 |
| Total noninterest income | $-14 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $6 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $-20 |
| Pre-tax net operating income | $1,212 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,212 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,212 |
| Minority interest net income | $0 |
| Net income | $1,212 |
| Sale, conversion, retirement of capital stock, net | $75 |
| Net operating income | $1,212 |
First Western Federal Savings Bank's gross interest income from loans was $3,453,000.
First Western Federal Savings Bank's net interest income from loans was $2,783,000.
First Western Federal Savings Bank's fee based income from loans was $6,000.
First Western Federal Savings Bank's net income from loans was $1,212,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $670 |
| Provision for credit losses | $8 |
| Total noninterest expense | $1,549 |
| Salaries and employee benefits | $842 |
| Premises and equipment expense | $184 |
| Additional noninterest expense | $523 |
| Applicable income taxes | $0 |
| Net charge-offs | $52 |
| Cash dividends | $877 |
First Western Federal Savings Bank's interest expense for loans was $670,000.
First Western Federal Savings Bank's payroll and benefits expense were $842,000.
First Western Federal Savings Bank's property, plant and equipment expenses $184,000.
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 | 48.0% |
| 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 | 74.0% |
| Credit card loans | 0.0% |
| Other individual loans | 74.0% |
| Auto loans | 0.0% |
| Other consumer loans | 100.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $45,163 |
| Deposits held in domestic offices | $45,163 |
| Deposits by Individuals, partnerships, and corporations | $36,690 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $8,224 |
| Deposits by Commercial banks and other depository institutions in U.S. | $249 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $5,306 |
| Demand deposits | $4,342 |
| Nontransaction accounts | $39,857 |
| Money market deposit accounts (MMDAs) | $5,837 |
| Other savings deposits (excluding MMDAs) | $1,070 |
| Total time deposits | $32,949 |
| Total time and savings deposits | $40,821 |
| Noninterest-bearing deposits | $3,247 |
| Interest-bearing deposits | $41,916 |
| Retail deposits | $43,563 |
| IRAs and Keogh plan accounts | $0 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $57,499 |
| Cash & Balances due from depository institutions | $3,265 |
| Interest-bearing balances | $3,155 |
| Total securities | $11 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $53,412 |
| Loan and leases loss allowance | $374 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $263 |
| Other real estate owned | $92 |
| Goodwill and other intangibles | $0 |
| All other assets | $456 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $57,498 |
| Total Liabilities | $49,015 |
| Total deposits | $45,163 |
| Interest-bearing deposits | $41,916 |
| Deposits held in domestic offices | $45,163 |
| % insured (estimated) | $92 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $3,575 |
| Subordinated debt | $0 |
| All other liabilities | $277 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $53,412 |
| Loan and leases loss allowance | $374 |
| Total loans and leases (domestic) | $53,786 |
| All real estate loans | $53,952 |
| Real estate loans in domestic offices | $53,952 |
| Construction and development loans | $115 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $115 |
| Loans secured by nonfarm nonresidential properties | $2,926 |
| Nonfarm nonresidential secured by owner-occupied properties | $688 |
| Commercial real estate & other non-farm, non-residential | $2,238 |
| Multifamily residential real estate | $1,303 |
| 1-4 family residential loans | $48,575 |
| Farmland loans | $1,033 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $0 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $47 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $12 |
| Other loans to individuals | $35 |
| All other loans & leases | $0 |
| 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 | $98 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First Western Federal Savings Bank had $53,412,000 of loans outstanding in 2018. $53,952,000 of loans were in real estate loans. $115,000 of loans were in development loans. $1,303,000 of loans were in multifamily mortgage loans. $48,575,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $12,000 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 | 15 | $2,238 | $149,200 |
| Nonfarm, nonresidential loans - <$100k | 6 | $285 | $47,500 |
| Nonfarm, nonresidential loans - $100-250k | 5 | $624 | $124,800 |
| Nonfarm, nonresidential loans - $250k-1MM | 4 | $1,329 | $332,250 |
| Farmland loans - <$1MM | 10 | $638 | $63,800 |
| Farmland loans - <$100k | 7 | $306 | $43,714 |
| Farmland loans - $100-250k | 3 | $332 | $110,667 |