First State Bank Mortgage Rates, Fees & Info

Eastpointe, MI

LEI: 549300VIZR4H7AB15496

Tax ID: 38-0541400

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First State Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. First State Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Detroit, Jacksonville, Flint, Key West, and Jackson among others. First State Bank has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. First State Bank is typically an average fee lendor.


Originations

988

Origination Dollar Volume (All Markets)

$220,670,000

Employee count

179

Awards

First State Bank 30 Year Conventional Loans bronze First State Bank FHA Loans silver First State Bank VA Loans silver
Show all (3) awards

Relative Rate

First State Bank's average 30 year fixed rate mortgage of loans were 3.23%.

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

This yields a difference of 0.08%.

Relative Fees

First State Bank's average total fees for a 30 year fixed rate mortgage are $3,349.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 880 $195,630,000 $222,307 $2,950 3.10%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $3,390,000 $847,500 $4,193 2.59%
FLINT, MI (FHA|USDA|VA) 18 $3,190,000 $177,222 $3,634 3.18%
Outside of Metro Areas 25 $2,645,000 $105,800 $2,519 2.93%
Key West, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $13,599 3.25%
JACKSON, MI (FHA|USDA|VA) 12 $1,520,000 $126,667 $3,263 3.24%
ANN ARBOR, MI (FHA|USDA|VA) 5 $1,425,000 $285,000 $3,421 3.13%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $1,280,000 $320,000 $2,559 2.91%
Newport, OR (FHA|USDA|VA) 1 $1,065,000 $1,065,000 $0 3.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $965,000 $321,667 $3,625 3.17%
Traverse City, MI (FHA|USDA|VA) 2 $560,000 $280,000 $2,745 3.19%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $545,000 $545,000 $3,365 3.13%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $500,000 $125,000 $3,525 3.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $425,000 $425,000 $2,974 2.75%
MIDLAND, MI (FHA|USDA|VA) 2 $420,000 $210,000 $5,175 3.25%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $365,000 $365,000 $10,385 3.25%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $355,000 $355,000 $2,518 2.88%
Cadillac, MI (FHA|USDA|VA) 2 $350,000 $175,000 $2,658 3.00%
SAGINAW, MI (FHA|USDA|VA) 3 $345,000 $115,000 $2,975 3.13%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $325,000 $325,000 $3,473 2.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $275,000 $275,000 $2,777 2.38%
OCALA, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,045 3.38%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,429 3.50%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $235,000 $235,000 $3,546 3.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,649 3.38%
Ludington, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,663 2.63%
Coldwater, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,700 3.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,253 2.38%
Big Rapids, MI (FHA|USDA|VA) 1 $195,000 $195,000 $1,403 3.13%
ASHEVILLE, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,049 3.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $195,000 $195,000 $5,528 3.38%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,543 3.25%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $165,000 $165,000 $4,189 2.88%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,269 3.25%
APPLETON, WI (FHA|USDA|VA) 1 $155,000 $155,000 $3,083 3.00%
THE VILLAGES, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,386 2.75%
BAY CITY, MI (FHA|USDA|VA) 1 $135,000 $135,000 $4,815 3.25%

First State Bank's top markets include Detroit, Jacksonville, Flint, Key West, and Jackson among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 889 $201,195,000 $226,316 $2,681 3.09%
FHA 80 $14,670,000 $183,375 $5,838 3.25%
VA 15 $3,635,000 $242,333 $4,881 2.78%
USDA 4 $1,170,000 $292,500 $4,770 3.47%

For the 2021 period, First State Bank's most frequently originated loan type of loans were Conventional, with 889 originations. Their 2nd most popular type is FHA, with 80 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 455 $108,915,000 $239,374 $3,674 3.24%
Refi 276 $57,430,000 $208,080 $2,365 2.86%
Cash Out Refi 231 $50,295,000 $217,727 $2,597 3.03%
Other 25 $3,935,000 $157,400 $1,724 3.92%
Home Improvement 1 $95,000 $95,000 $0 3.75%

For the 2021, First State Bank's most frequently cited loan purpose of loans were Home Purchase, with 455 originations. The 2nd most popular reason of loans were Refi, with 276 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 678 $162,850,000 $240,192 $3,349 3.23%
15 Year 204 $33,190,000 $162,696 $2,185 2.78%
20 Year 62 $12,560,000 $202,581 $2,376 2.84%
10 Year 34 $4,100,000 $120,588 $1,863 2.81%
5 Year 6 $7,030,000 $1,171,667 $0 3.92%
Other 4 $940,000 $235,000 $1,823 3.03%

For the 2021, First State Bank's most frequently cited loan length of loans were 30 Year, with 678 originations. The 2nd most popular length of loans were 15 Year, with 204 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 759 $172,505,000 $227,279
$1k-2k 120 $20,940,000 $174,500
$2k-3k 39 $8,775,000 $225,000
$3k-4k 13 $4,385,000 $337,308
$5k+ 2 $670,000 $335,000

$3,349 of loans were First State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 759 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 444 $104,290,000 $234,887
2.5-3% 372 $86,860,000 $233,495
<2.5% 137 $22,255,000 $162,445
4-5% 24 $6,600,000 $275,000
5-6% 10 $630,000 $63,000
6-7% 1 $35,000 $35,000

During 2021, First State Bank's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 444 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 395 $58,965,000 $149,278 $2,839 3.07%
$200k-400k 342 $94,370,000 $275,936 $3,392 3.09%
$100,000 or less 170 $12,110,000 $71,235 $2,068 3.19%
$400k-600k 62 $29,920,000 $482,581 $3,380 3.11%
$1MM+ 10 $17,710,000 $1,771,000 $6,840 3.41%
$600k-1MM 9 $7,595,000 $843,889 $4,142 2.96%

2021 saw First State Bank place emphasis on $100k-200k loans with 395 originations, totaling $58,965,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 246 $42,490,000 $172,724 $2,928 3.12%
$50k or less 189 $23,885,000 $126,376 $2,955 3.18%
$75k-100k 180 $35,350,000 $196,389 $3,032 3.08%
$100k-150k 170 $42,580,000 $250,471 $3,220 3.08%
$150k-250k 118 $34,370,000 $291,271 $2,801 3.05%
$250k+ 52 $29,440,000 $566,154 $3,494 2.97%

First State Bank lent most frequently to those with incomes in the $50k-75k range, with 246 originations. The second most popular income band? $50k or less, with 189 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 212 $43,210,000 $203,821 $2,673 3.03%
30-36% 178 $36,570,000 $205,449 $2,764 3.09%
<20% 98 $20,510,000 $209,286 $2,417 2.96%
38% 43 $8,715,000 $202,674 $2,975 3.20%
44% 40 $7,350,000 $183,750 $2,909 3.19%
43% 40 $8,260,000 $206,500 $3,349 3.19%
36% 39 $8,145,000 $208,846 $3,152 3.16%
41% 37 $11,195,000 $302,568 $3,226 3.29%
42% 35 $8,105,000 $231,571 $3,132 3.03%
45% 33 $7,725,000 $234,091 $3,742 3.09%
40% 32 $7,370,000 $230,313 $2,765 3.27%
46% 31 $7,305,000 $235,645 $4,004 3.17%
48% 30 $7,300,000 $243,333 $3,184 3.11%
37% 28 $9,300,000 $332,143 $3,289 3.13%
47% 26 $5,320,000 $204,615 $2,674 3.03%
39% 25 $4,975,000 $199,000 $3,741 3.21%
49% 22 $3,930,000 $178,636 $3,036 3.09%
50-60% 22 $4,770,000 $216,818 $6,013 3.17%
>60% 5 $1,895,000 $379,000 $2,813 3.17%

First State Bank lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 30-36%, with 178 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 896 $196,130,000 $218,895 $2,991 3.09%
Not applicable 7 $7,655,000 $1,093,571 $0 3.71%
Black 31 $6,005,000 $193,710 $3,061 3.12%
Not provided 30 $5,950,000 $198,333 $2,691 3.18%
Asian 19 $3,945,000 $207,632 $3,076 3.02%
American Indian 4 $920,000 $230,000 $6,183 3.41%
Native Hawaiian 1 $65,000 $65,000 $2,518 3.13%

Approval Rates

Total approvals of all applications
91.20%

First State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
97.92%

First State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
NA 988 $220,670,000 $223,350

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
988 $220,670,000 $223,350

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 68 $7,910,000 $116,324 $1,972 3.10%
40-60% 200 $43,870,000 $219,350 $2,427 2.84%
60-80% 404 $95,970,000 $237,550 $2,807 3.11%
80-100% 298 $68,300,000 $229,195 $3,836 3.24%
Over 100% 2 $2,280,000 $1,140,000 $13,018 3.06%
Under 20% 8 $460,000 $57,500 $1,037 4.08%

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 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%
FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Closing on a mortgage 1 2.9%
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 FHA mortgage Trouble during payment process 2 5.9%
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 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) Trouble during payment process 6 17.6%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First State Bank 11555 26 Mile Rd Washington Township, MI 48094 Full Service B&M $27,312
First State Bank 44990 Groesbeck Highway Clinton Township, MI 48043 Full Service B&M $77,314
First State Bank 53050 Romeo Plank Road Macomb, MI 48042 Full Service B&M $80,106
First State Bank 53950 Gratiot Chesterfield, MI 48051 Full Service B&M $19,729
First State Bank 67225 Gratiot Avenue Richmond, MI 48062 Full Service B&M $109,436
First State Bank 15000 Ten Mile Road East Detroit, MI 48021 Full Service B&M $38,676
First State Bank 1575 S. Rochester Rd Rochester Hills, MI 48307 Full Service B&M $9,614
First State Bank 16100 East 9 Mile Road Eastpointe, MI 48021 Full Service B&M $322,878
First State Bank 2032 19 Mile Road Sterling Heights, MI 48314 Full Service B&M $18,489
First State Bank 23600 Greater Mack Avenue St. Clair Shores, MI 48081 Full Service B&M $89,447
First State Bank 24335 Harper Avenue St. Clair Shores, MI 48080 Full Service B&M $68,175
First State Bank 41240 Hayes Clinton Township, MI 48038 Full Service B&M $34,430

For 2021, First State Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $24,661
Net interest income $23,808
Total noninterest income $11,273
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,215
Trading account gains and fees $0
Additional Noninterest Income $10,058
Pre-tax net operating income $6,354
Securities gains (or losses, -) $0
Income before extraordinary items $5,411
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,411
Minority interest net income $0
Net income $5,411
Sale, conversion, retirement of capital stock, net $256
Net operating income $5,411

First State Bank's gross interest income from loans was $24,661,000.
First State Bank's net interest income from loans was $23,808,000.
First State Bank's fee based income from loans was $1,215,000.
First State Bank's net income from loans was $5,411,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $853
Provision for credit losses $1,250
Total noninterest expense $27,477
Salaries and employee benefits $16,496
Premises and equipment expense $3,533
Additional noninterest expense $7,448
Applicable income taxes $943
Net charge-offs $-305
Cash dividends $3,110

First State Bank's interest expense for loans was $853,000.
First State Bank's payroll and benefits expense were $16,496,000.
First State Bank's property, plant and equipment expenses $3,533,000.

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 1.0%
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 $846,046
Deposits held in domestic offices $846,046
Deposits by Individuals, partnerships, and corporations $784,311
Deposits by U.S. Government $1,133
Deposits by States and political subdivisions in the U.S. $60,590
Deposits by Commercial banks and other depository institutions in U.S. $12
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $227,887
Demand deposits $91,977
Nontransaction accounts $618,159
Money market deposit accounts (MMDAs) $36,086
Other savings deposits (excluding MMDAs) $497,206
Total time deposits $84,866
Total time and savings deposits $754,069
Noninterest-bearing deposits $175,931
Interest-bearing deposits $670,115
Retail deposits $817,846
IRAs and Keogh plan accounts $16,127
Brokered deposits $2,962
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $937,238
Cash & Balances due from depository institutions $223,290
Interest-bearing balances $214,426
Total securities $167,000
Federal funds sold & reverse repurchase $18,931
Net loans and leases $474,084
Loan and leases loss allowance $13,212
Trading account assets $0
Bank premises and fixed assets $18,990
Other real estate owned $0
Goodwill and other intangibles $1,164
All other assets $33,779

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $937,238
Total Liabilities $846,688
Total deposits $846,046
Interest-bearing deposits $670,115
Deposits held in domestic offices $846,046
% insured (estimated) $71
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $642

Issued Loan Types

Type Value (in 000's)
Net loans and leases $474,084
Loan and leases loss allowance $13,212
Total loans and leases (domestic) $487,296
All real estate loans $353,284
Real estate loans in domestic offices $353,284
Construction and development loans $23,311
Residential 1-4 family construction $1,760
Other construction, all land development and other land $21,551
Loans secured by nonfarm nonresidential properties $201,435
Nonfarm nonresidential secured by owner-occupied properties $96,032
Commercial real estate & other non-farm, non-residential $105,403
Multifamily residential real estate $16,896
1-4 family residential loans $111,642
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $75,397
To non-U.S. addressees $0
Loans to individuals $2,533
Credit card loans $0
Related Plans $45
Consumer Auto Loans $2,488
Other loans to individuals $0
All other loans & leases $56,081
Loans to foreign governments and official institutions $0
Other loans $56,081
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 $2,057
Non 1-4 family restructured loans & leases $524
Total loans and leases (foreign) $0

First State Bank had $474,084,000 of loans outstanding in 2021. $353,284,000 of loans were in real estate loans. $23,311,000 of loans were in development loans. $16,896,000 of loans were in multifamily mortgage loans. $111,642,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,488,000 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 275 $77,280 $281,018
Nonfarm, nonresidential loans - <$100k 15 $1,450 $96,667
Nonfarm, nonresidential loans - $100-250k 68 $8,622 $126,794
Nonfarm, nonresidential loans - $250k-1MM 192 $67,208 $350,042
Commercial & Industrial, US addressed loans - <$1MM 357 $43,795 $122,675
Commercial & Industrial, US addressed loans - <$100k 172 $7,372 $42,860
Commercial & Industrial, US addressed loans - $100-250k 93 $10,219 $109,882
Commercial & Industrial, US addressed loans - $250k-1MM 92 $26,204 $284,826