First Federal Savings Bank Mortgage Rates, Fees & Info

Huntington, IN

LEI: 549300RMPGD5KKS1RR35

Tax ID: 35-0576640

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Federal Savings Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. First Federal Savings Bank has a high proportion of conventional loans. Their top markets include Huntington, Fort Wayne, Warsaw, Indianapolis, and Wabash among others. First Federal Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Federal Savings Bank is typically an average fee lendor.


Originations

508

Origination Dollar Volume (All Markets)

$95,140,000

Employee count

86

Relative Rate

First Federal Savings Bank's average 30 year fixed rate mortgage of loans were 3.17%.

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 $3,348.

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
Huntington, IN (FHA|USDA|VA) 232 $34,100,000 $146,983 $2,756 2.95%
FORT WAYNE, IN (FHA|USDA|VA) 148 $28,880,000 $195,135 $2,999 3.60%
Warsaw, IN (FHA|USDA|VA) 52 $15,050,000 $289,423 $3,089 3.31%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 13 $3,455,000 $265,769 $3,280 3.57%
Wabash, IN (FHA|USDA|VA) 13 $1,705,000 $131,154 $2,639 2.86%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $1,575,000 $1,575,000 $7,404 4.00%
Kendallville, IN (FHA|USDA|VA) 7 $1,515,000 $216,429 $3,031 2.95%
Angola, IN (FHA|USDA|VA) 3 $865,000 $288,333 $2,598 2.96%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $820,000 $410,000 $4,623 4.13%
Bluffton, IN (FHA|USDA|VA) 5 $815,000 $163,000 $2,963 2.78%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $680,000 $340,000 $4,530 3.69%
Sturgis, MI (FHA|USDA|VA) 1 $545,000 $545,000 $4,569 3.00%
MUNCIE, IN (FHA|USDA|VA) 2 $480,000 $240,000 $1,726 3.77%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $475,000 $158,333 $3,691 2.92%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $465,000 $465,000 $3,574 3.63%
Decatur, IN (FHA|USDA|VA) 4 $460,000 $115,000 $3,075 2.94%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $385,000 $385,000 $10,930 3.00%
Sevierville, TN (FHA|USDA|VA) 1 $335,000 $335,000 $5,656 3.00%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,786 2.63%
Marion, IN (FHA|USDA|VA) 2 $250,000 $125,000 $2,829 2.81%
Outside of Metro Areas 2 $250,000 $125,000 $2,976 2.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 2.25%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $205,000 $205,000 $3,493 2.75%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,961 3.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,021 4.50%
MUSKEGON, MI (FHA|USDA|VA) 1 $135,000 $135,000 $1,023 2.38%
KOKOMO, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,827 2.25%
Sandusky, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.55%
Auburn, IN (FHA|USDA|VA) 2 $100,000 $50,000 $0 5.47%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $95,000 $95,000 $1,989 3.88%
Plymouth, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,927 2.38%

First Federal Savings Bank's top markets include Huntington, Fort Wayne, Warsaw, Indianapolis, and Wabash among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 508 $95,140,000 $187,283 $2,918 3.21%

For the 2021 period, First Federal Savings Bank's most frequently originated loan type of loans were Conventional, with 508 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 182 $35,670,000 $195,989 $2,461 3.08%
Cash Out Refi 173 $29,045,000 $167,890 $3,462 2.73%
Home Purchase 153 $30,425,000 $198,856 $2,797 3.91%

For the 2021, First Federal Savings Bank's most frequently cited loan purpose of loans were Refi, with 182 originations. The 2nd most popular reason of loans were Cash Out Refi, with 173 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 225 $44,795,000 $199,089 $3,348 3.17%
15 Year 157 $22,855,000 $145,573 $2,526 2.97%
20 Year 60 $13,150,000 $219,167 $2,846 3.33%
10 Year 28 $2,890,000 $103,214 $1,909 2.75%
1 Year 15 $1,425,000 $95,000 $0 5.25%
Other 14 $5,480,000 $391,429 $2,284 4.22%
30+ year 8 $4,140,000 $517,500 $2,539 4.31%
3 Year 1 $405,000 $405,000 $0 3.66%

For the 2021, First Federal Savings Bank's most frequently cited loan length of loans were 30 Year, with 225 originations. The 2nd most popular length of loans were 15 Year, with 157 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 349 $63,605,000 $182,249
$1k-2k 62 $13,540,000 $218,387
$2k-3k 30 $4,690,000 $156,333
$3k-4k 17 $3,965,000 $233,235
$5k+ 2 $790,000 $395,000

$3,348 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 349 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 181 $33,705,000 $186,215
<2.5% 129 $18,635,000 $144,457
3-4% 109 $22,935,000 $210,413
4-5% 54 $15,540,000 $287,778
5-6% 33 $4,205,000 $127,424
6-7% 2 $120,000 $60,000

During 2021, First Federal Savings Bank's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were 2.5-3%, with 181 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 188 $26,430,000 $140,585 $2,656 3.08%
$100,000 or less 162 $10,530,000 $65,000 $2,133 3.37%
$200k-400k 117 $31,985,000 $273,376 $3,868 3.02%
$400k-600k 31 $14,815,000 $477,903 $4,443 3.56%
$600k-1MM 6 $4,260,000 $710,000 $3,878 4.43%
$1MM+ 4 $7,120,000 $1,780,000 $5,180 4.18%

2021 saw First Federal Savings Bank place emphasis on $100k-200k loans with 188 originations, totaling $26,430,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 132 $20,110,000 $152,348 $3,003 2.87%
$50k or less 124 $12,670,000 $102,177 $2,262 3.03%
$100k-150k 67 $13,885,000 $207,239 $3,415 3.01%
$75k-100k 62 $10,780,000 $173,871 $2,749 3.01%
$150k-250k 50 $15,840,000 $316,800 $3,473 3.25%
$250k+ 21 $12,615,000 $600,714 $4,199 3.19%

First Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 132 originations. The second most popular income band? $50k or less, with 124 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 114 $19,660,000 $172,456 $2,741 2.93%
30-36% 78 $11,760,000 $150,769 $2,598 2.88%
<20% 48 $7,690,000 $160,208 $2,791 2.82%
43% 21 $3,415,000 $162,619 $3,231 3.00%
50-60% 17 $5,325,000 $313,235 $3,139 3.49%
36% 17 $2,205,000 $129,706 $2,997 2.79%
41% 17 $3,215,000 $189,118 $3,765 3.01%
45% 16 $2,620,000 $163,750 $3,041 3.36%
42% 15 $2,305,000 $153,667 $2,960 3.18%
44% 14 $2,920,000 $208,571 $3,133 3.03%
37% 14 $3,280,000 $234,286 $3,142 3.06%
40% 13 $2,975,000 $228,846 $3,017 3.04%
39% 13 $3,255,000 $250,385 $3,147 3.32%
47% 13 $2,735,000 $210,385 $2,882 2.97%
48% 12 $2,730,000 $227,500 $3,236 3.53%
49% 10 $2,500,000 $250,000 $3,972 3.04%
38% 10 $1,700,000 $170,000 $2,868 2.69%
46% 10 $1,610,000 $161,000 $3,012 2.83%
>60% 8 $4,690,000 $586,250 $2,638 4.41%

First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 78 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 448 $84,130,000 $187,790 $2,910 3.00%
Not applicable 48 $8,550,000 $178,125 $0 5.11%
Asian 7 $1,855,000 $265,000 $3,246 3.30%
Black 4 $490,000 $122,500 $3,411 3.34%
Not provided 1 $115,000 $115,000 $2,017 3.25%

Approval Rates

Total approvals of all applications
92.51%

First Federal Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.95%

First Federal Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 508 $95,140,000 $187,283

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
508 $95,140,000 $187,283

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 40 $4,750,000 $118,750 $2,206 3.09%
40-60% 120 $16,940,000 $141,167 $2,308 2.90%
60-80% 242 $49,610,000 $205,000 $3,265 3.28%
80-100% 84 $18,650,000 $222,024 $3,301 3.12%
Over 100% 14 $4,780,000 $341,429 $0 4.85%
Under 20% 8 $410,000 $51,250 $984 4.48%

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 100 Frontage Road Huntington, IN 46750 Full Service B&M $78,090
First Federal Savings Bank 648 N Jefferson St Huntington, IN 46750 Full Service B&M $142,805
First Federal Savings Bank 10316 Maysville Road Fort Wayne, IN 46835 Full Service B&M $19,375
First Federal Savings Bank 1240 South Jefferson Street Huntington, IN 46750 Full Service B&M $9,080
First Federal Savings Bank 402 East Center Street Warsaw, IN 46580 Full Service B&M $18,182
First Federal Savings Bank 5317 S Bend Dr Fort Wayne, IN 46804 Full Service B&M $42,825

For 2021, First Federal Savings Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $16,460
Net interest income $14,352
Total noninterest income $4,565
Gross Fiduciary activities income $0
Service charges on deposit accounts $651
Trading account gains and fees $0
Additional Noninterest Income $3,914
Pre-tax net operating income $9,149
Securities gains (or losses, -) $0
Income before extraordinary items $7,452
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,452
Minority interest net income $0
Net income $7,452
Sale, conversion, retirement of capital stock, net $115
Net operating income $7,452

First Federal Savings Bank's gross interest income from loans was $16,460,000.
First Federal Savings Bank's net interest income from loans was $14,352,000.
First Federal Savings Bank's fee based income from loans was $651,000.
First Federal Savings Bank's net income from loans was $7,452,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,108
Provision for credit losses $120
Total noninterest expense $9,648
Salaries and employee benefits $5,224
Premises and equipment expense $1,064
Additional noninterest expense $3,360
Applicable income taxes $1,697
Net charge-offs $-26
Cash dividends $3,614

First Federal Savings Bank's interest expense for loans was $2,108,000.
First Federal Savings Bank's payroll and benefits expense were $5,224,000.
First Federal Savings Bank's property, plant and equipment expenses $1,064,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
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 2.0%
HELOC loans 1.0%
All other family 2.0%
Commercial & industrial loans 1.0%
Personal loans 1.0%
Credit card loans 0.0%
Other individual loans 1.0%
Auto loans 0.0%
Other consumer loans 19.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $342,436
Deposits held in domestic offices $342,436
Deposits by Individuals, partnerships, and corporations $291,354
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $48,066
Deposits by Commercial banks and other depository institutions in U.S. $3,016
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $211,757
Demand deposits $56,923
Nontransaction accounts $130,679
Money market deposit accounts (MMDAs) $39,109
Other savings deposits (excluding MMDAs) $43,364
Total time deposits $48,206
Total time and savings deposits $285,513
Noninterest-bearing deposits $56,923
Interest-bearing deposits $285,513
Retail deposits $316,831
IRAs and Keogh plan accounts $5,032
Brokered deposits $13,357
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $417,595
Cash & Balances due from depository institutions $17,991
Interest-bearing balances $14,409
Total securities $98,561
Federal funds sold & reverse repurchase $0
Net loans and leases $274,806
Loan and leases loss allowance $3,998
Trading account assets $0
Bank premises and fixed assets $6,937
Other real estate owned $0
Goodwill and other intangibles $1,445
All other assets $17,855

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $417,595
Total Liabilities $369,326
Total deposits $342,436
Interest-bearing deposits $285,513
Deposits held in domestic offices $342,436
% insured (estimated) $69
Federal funds purchased and repurchase agreements $9,001
Trading liabilities $0
Other borrowed funds $14,000
Subordinated debt $0
All other liabilities $3,889

Issued Loan Types

Type Value (in 000's)
Net loans and leases $274,806
Loan and leases loss allowance $3,998
Total loans and leases (domestic) $278,804
All real estate loans $200,544
Real estate loans in domestic offices $200,544
Construction and development loans $15,972
Residential 1-4 family construction $1,737
Other construction, all land development and other land $14,235
Loans secured by nonfarm nonresidential properties $116,266
Nonfarm nonresidential secured by owner-occupied properties $53,779
Commercial real estate & other non-farm, non-residential $62,487
Multifamily residential real estate $11,386
1-4 family residential loans $51,928
Farmland loans $4,992
Loans held in foreign offices $0
Farm loans $2,922
Commercial and industrial loans $68,811
To non-U.S. addressees $0
Loans to individuals $6,527
Credit card loans $0
Related Plans $3
Consumer Auto Loans $6,162
Other loans to individuals $362
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 $412
Non 1-4 family restructured loans & leases $412
Total loans and leases (foreign) $0

First Federal Savings Bank had $274,806,000 of loans outstanding in 2021. $200,544,000 of loans were in real estate loans. $15,972,000 of loans were in development loans. $11,386,000 of loans were in multifamily mortgage loans. $51,928,000 of loans were in 1-4 family mortgage loans. $2,922,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,162,000 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 290 $64,325 $221,810
Nonfarm, nonresidential loans - <$100k 73 $2,877 $39,411
Nonfarm, nonresidential loans - $100-250k 96 $12,848 $133,833
Nonfarm, nonresidential loans - $250k-1MM 121 $48,600 $401,653
Commercial & Industrial, US addressed loans - <$1MM 422 $36,605 $86,742
Commercial & Industrial, US addressed loans - <$100k 280 $7,662 $27,364
Commercial & Industrial, US addressed loans - $100-250k 74 $8,061 $108,932
Commercial & Industrial, US addressed loans - $250k-1MM 68 $20,882 $307,088
Farmland loans - <$1MM 7 $1,764 $252,000
Farmland loans - <$100k 1 $98 $98,000
Farmland loans - $250k-1MM 6 $1,666 $277,667