First Western Federal Savings Bank Mortgage Rates, Fees & Info
Rapid City, SDLEI: 549300N1R0R39PYT7O68
Tax ID: 46-0350990
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
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: Houston, San Diego, Chicago, Phoenix, and Atlanta among others. We have data for 55 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.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
88Origination Dollar Volume (All Markets)
$11,920,000Employee 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $1,085,000 | $361,667 | $0 | 0.00% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $545,000 | $109,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $505,000 | $101,000 | $0 | 0.00% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 0.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 0.00% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $250,000 | $62,500 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $0 | 0.00% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 0.00% |
| BATON ROUGE, LA (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 0.00% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Barre, VT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Hilo, HI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Alamogordo, NM (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $150,000 | $75,000 | $0 | 0.00% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Athens, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Sheridan, WY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Crawfordsville, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 88 | $11,920,000 | $135,455 | $0 | 0.00% |
For 2020, First Western Federal Savings Bank's most frequently originated type of loan was Conventional, with 88 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 78 | $9,450,000 | $121,154 | $0 | 0.00% |
| Refi | 5 | $1,715,000 | $343,000 | $0 | 0.00% |
| Cash Out Refi | 5 | $755,000 | $151,000 | $0 | 0.00% |
For 2020, First Western Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 78 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 88 | $11,920,000 | $135,455 | $0 | 0.00% |
For 2020, First Western Federal Savings Bank's most frequently cited loan duration was Other, with 88 originations.
Loan Sizing
2020 saw First Western Federal Savings Bank place emphasis on $100,000 or less loans with 50 originations, totaling $3,660,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $75k-100k | 1 | $505,000 | $505,000 | $0 | 0.00% |
First Western Federal Savings Bank lent most frequently to those with incomes in the $75k-100k range, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 88 | $11,920,000 | $135,455 | $0 | 0.00% |
First Western Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 88 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 87 | $11,415,000 | $131,207 | $0 | 0.00% |
| White | 1 | $505,000 | $505,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications80.63%
First Western Federal Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination61.36%
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 |
|---|---|---|---|
| Exempt | 88 | $11,920,000 | $135,455 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $920,000 | $460,000 |
| Single Family (1-4 Units):Site-Built | 86 | $11,000,000 | $127,907 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 2 | 13.3% |
| FIRST HORIZON BANK | Other type of mortgage | Struggling to pay mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Other type of mortgage | Closing on a mortgage | 2 | 13.3% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 6.7% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 3 | 20.0% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
| FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 1 | 6.7% |
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 | $45,811 |
For 2020, First Western Federal Savings Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $3,782 |
| Net interest income | $3,167 |
| Total noninterest income | $3 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $3 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $0 |
| Pre-tax net operating income | $1,582 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,582 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,582 |
| Minority interest net income | $0 |
| Net income | $1,582 |
| Sale, conversion, retirement of capital stock, net | $5 |
| Net operating income | $1,582 |
First Western Federal Savings Bank's gross interest income from loans was $3,782,000.
First Western Federal Savings Bank's net interest income from loans was $3,167,000.
First Western Federal Savings Bank's fee based income from loans was $3,000.
First Western Federal Savings Bank's net income from loans was $1,582,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $615 |
| Provision for credit losses | $0 |
| Total noninterest expense | $1,588 |
| Salaries and employee benefits | $876 |
| Premises and equipment expense | $162 |
| Additional noninterest expense | $550 |
| Applicable income taxes | $0 |
| Net charge-offs | $0 |
| Cash dividends | $1,153 |
First Western Federal Savings Bank's interest expense for loans was $615,000.
First Western Federal Savings Bank's payroll and benefits expense were $876,000.
First Western Federal Savings Bank's property, plant and equipment expenses $162,000.
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 | $38,993 |
| Deposits held in domestic offices | $38,993 |
| Deposits by Individuals, partnerships, and corporations | $31,744 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $7,000 |
| 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 | $7,172 |
| Demand deposits | $6,082 |
| Nontransaction accounts | $31,821 |
| Money market deposit accounts (MMDAs) | $8,255 |
| Other savings deposits (excluding MMDAs) | $1,579 |
| Total time deposits | $21,987 |
| Total time and savings deposits | $32,911 |
| Noninterest-bearing deposits | $4,197 |
| Interest-bearing deposits | $34,796 |
| Retail deposits | $37,433 |
| IRAs and Keogh plan accounts | $0 |
| Brokered deposits | $1 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $59,902 |
| Cash & Balances due from depository institutions | $3,778 |
| Interest-bearing balances | $3,670 |
| Total securities | $6 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $55,054 |
| Loan and leases loss allowance | $389 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $255 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $809 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $59,902 |
| Total Liabilities | $50,669 |
| Total deposits | $38,993 |
| Interest-bearing deposits | $34,796 |
| Deposits held in domestic offices | $38,993 |
| % insured (estimated) | $84 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $11,425 |
| Subordinated debt | $0 |
| All other liabilities | $251 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $55,054 |
| Loan and leases loss allowance | $389 |
| Total loans and leases (domestic) | $55,443 |
| All real estate loans | $55,181 |
| Real estate loans in domestic offices | $55,181 |
| Construction and development loans | $14 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $14 |
| Loans secured by nonfarm nonresidential properties | $1,524 |
| Nonfarm nonresidential secured by owner-occupied properties | $140 |
| Commercial real estate & other non-farm, non-residential | $1,384 |
| Multifamily residential real estate | $1,655 |
| 1-4 family residential loans | $51,388 |
| Farmland loans | $600 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $409 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $0 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $0 |
| 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 | $101 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First Western Federal Savings Bank had $55,054,000 of loans outstanding in 2020. $55,181,000 of loans were in real estate loans. $14,000 of loans were in development loans. $1,655,000 of loans were in multifamily mortgage loans. $51,388,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 | 11 | $1,384 | $125,818 |
| Nonfarm, nonresidential loans - <$100k | 4 | $213 | $53,250 |
| Nonfarm, nonresidential loans - $100-250k | 4 | $400 | $100,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 3 | $771 | $257,000 |
| Commercial & Industrial, US addressed loans - <$1MM | 8 | $409 | $51,125 |
| Commercial & Industrial, US addressed loans - <$100k | 7 | $244 | $34,857 |
| Commercial & Industrial, US addressed loans - $100-250k | 1 | $165 | $165,000 |
| Farmland loans - <$1MM | 5 | $226 | $45,200 |
| Farmland loans - <$100k | 5 | $226 | $45,200 |