First State Bank Mortgage Rates, Fees & Info

Eastpointe, MI

LEI: 549300VIZR4H7AB15496

Tax ID: 38-0541400

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First State Bank is a smaller bank specializing in Home Purchase 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 by origination volume include: Detroit, Jackson, Flint, Ann Arbor, and Minneapolis among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

First State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. First State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	5.74%	4/21/24
30 Year Conventional Purchase	6.30%	4/21/24
30 Year Conventional Refi	6.59%	4/21/24
30 Year Cash-out Refi	6.50%	4/21/24
30 Year FHA Purchase	7.48%	4/21/24
30 Year FHA Refi	7.87%	4/21/24
30 Year VA Purchase	6.58%	4/21/24
30 Year VA Refi	6.63%	4/21/24
30 Year USDA Purchase	6.95%	4/21/24
15 Year Conventional Purchase	6.03%	4/21/24
15 Year Conventional Refi	6.30%	4/21/24
15 Year Cash-out Refi	6.30%	4/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First State Bank Mortgage Calculator

Purchase Price:

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This is not an official calculator from First State Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

687

Origination Dollar Volume (All Markets)

$130,575,000

Employee count

184

Awards

Show all (1) awards

Top 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
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	627	$120,165,000	$191,651	$3,101	4.45%
Outside of Metro Areas	17	$2,015,000	$118,529	$2,762	4.67%
JACKSON, MI (FHA\|USDA\|VA)	12	$1,840,000	$153,333	$4,370	4.28%
FLINT, MI (FHA\|USDA\|VA)	8	$1,460,000	$182,500	$4,508	4.34%
ANN ARBOR, MI (FHA\|USDA\|VA)	5	$1,115,000	$223,000	$3,897	4.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	1	$565,000	$565,000	$3,628	4.75%
Traverse City, MI (FHA\|USDA\|VA)	1	$445,000	$445,000	$3,188	4.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	1	$355,000	$355,000	$3,552	3.88%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	2	$350,000	$175,000	$2,825	3.88%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	1	$315,000	$315,000	$4,360	4.25%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	1	$275,000	$275,000	$2,297	4.13%
Cadillac, MI (FHA\|USDA\|VA)	1	$265,000	$265,000	$2,550	4.50%
BATTLE CREEK, MI (FHA\|USDA\|VA)	1	$185,000	$185,000	$2,653	3.75%
Mount Pleasant, MI (FHA\|USDA\|VA)	1	$185,000	$185,000	$2,839	3.88%
NILES, MI (FHA\|USDA\|VA)	1	$185,000	$185,000	$2,967	3.88%
Findlay, OH (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,740	4.13%
OCALA, FL (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,281	3.75%
ALTOONA, PA (FHA\|USDA\|VA)	1	$145,000	$145,000	$5,913	4.38%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,454	3.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,676	3.88%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	1	$105,000	$105,000	$2,309	5.13%
TOLEDO, OH (FHA\|USDA\|VA)	1	$45,000	$45,000	$2,405	4.25%

First State Bank's top markets include Detroit, Jackson, Flint, Ann Arbor, and Minneapolis among others.

Their top states include:

Michigan (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against First State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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Extra
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UNIVERSITY OF MICHIGAN CREDIT UNION
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Zeal Credit Union
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County National Bank
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	605	$115,965,000	$191,678	$2,786	4.46%
FHA	66	$10,770,000	$163,182	$5,450	4.35%
VA	12	$3,160,000	$263,333	$6,380	4.19%
USDA	4	$680,000	$170,000	$4,276	4.38%

For 2019, First State Bank's most frequently originated type of loan was Conventional, with 605 originations. Their 2nd most popular type was FHA, with 66 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	425	$83,615,000	$196,741	$3,421	4.40%
Cash Out Refi	115	$19,725,000	$171,522	$2,854	4.41%
Refi	109	$24,855,000	$228,028	$2,752	4.24%
Other	36	$2,330,000	$64,722	$1,306	5.59%
Home Improvement	2	$50,000	$25,000	$0	6.69%

For 2019, First State Bank's most frequently cited loan purpose was Home Purchase, with 425 originations. The 2nd most popular reason was Cash Out Refi, with 115 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	562	$113,860,000	$202,598	$3,289	4.35%
15 Year	71	$8,925,000	$125,704	$2,386	4.57%
10 Year	21	$3,465,000	$165,000	$81	5.93%
Other	19	$2,635,000	$138,684	$0	4.94%
20 Year	7	$1,075,000	$153,571	$2,370	3.93%
5 Year	6	$470,000	$78,333	$1,936	5.79%
3 Year	1	$145,000	$145,000	$0	5.00%

For 2019, First State Bank's most frequently cited loan duration was 30 Year, with 562 originations. The 2nd most popular length was 15 Year, with 71 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	394	$81,080,000	$205,787
$1k-2k	156	$27,370,000	$175,449
$2k-3k	40	$8,040,000	$201,000
$3k-4k	12	$3,180,000	$265,000
$5k+	6	$1,610,000	$268,333
$4k-5k	4	$1,140,000	$285,000

First State Bank's average total fees were $3,289, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 394 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	313	$58,885,000	$188,131
3-4%	258	$56,700,000	$219,767
5-6%	83	$12,975,000	$156,325
6-7%	28	$1,170,000	$41,786
2.5-3%	5	$845,000	$169,000

During 2019, First State Bank's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 4-5%, with 313 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	301	$44,425,000	$147,591	$3,134	4.34%
$200k-400k	208	$57,750,000	$277,644	$3,548	4.24%
$100,000 or less	142	$8,420,000	$59,296	$2,123	4.99%
$400k-600k	32	$14,630,000	$457,188	$3,801	4.21%
$1MM+	2	$3,790,000	$1,895,000	$6,237	4.81%
$600k-1MM	2	$1,560,000	$780,000	$0	5.25%

2019 saw First State Bank place emphasis on $100k-200k loans with 301 originations, totaling $44,425,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	174	$26,760,000	$153,793	$3,130	4.48%
$50k or less	145	$15,175,000	$104,655	$2,877	4.51%
$100k-150k	122	$28,280,000	$231,803	$3,026	4.27%
$75k-100k	118	$22,380,000	$189,661	$3,522	4.53%
$150k-250k	72	$19,940,000	$276,944	$3,409	4.29%
$250k+	30	$11,050,000	$368,333	$3,314	4.35%

First State Bank lent most frequently to those with incomes in the $50k-75k range, with 174 originations. The second most popular income band? $50k or less, with 145 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	141	$25,395,000	$180,106	$3,029	4.46%
30-36%	119	$21,455,000	$180,294	$2,967	4.42%
<20%	63	$10,835,000	$171,984	$2,952	4.22%
41%	36	$7,190,000	$199,722	$3,077	4.62%
40%	34	$5,900,000	$173,529	$2,735	4.46%
42%	33	$5,495,000	$166,515	$2,929	4.47%
44%	26	$5,880,000	$226,154	$3,240	4.37%
38%	24	$6,770,000	$282,083	$3,366	4.36%
45%	24	$5,630,000	$234,583	$3,804	4.42%
46%	23	$4,635,000	$201,522	$3,135	4.41%
36%	23	$4,685,000	$203,696	$3,800	4.30%
39%	21	$2,735,000	$130,238	$2,721	4.48%
43%	20	$3,700,000	$185,000	$3,188	4.43%
49%	19	$3,735,000	$196,579	$2,783	4.38%
37%	18	$2,050,000	$113,889	$2,453	4.78%
50-60%	17	$2,875,000	$169,118	$5,417	4.22%
47%	15	$3,305,000	$220,333	$3,211	4.28%
48%	10	$2,630,000	$263,000	$4,027	4.33%
>60%	3	$315,000	$105,000	$728	4.83%

First State Bank lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 119 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	624	$116,010,000	$185,913	$3,113	4.43%
Not provided	30	$6,250,000	$208,333	$3,283	4.56%
Not applicable	8	$4,020,000	$502,500	$0	5.59%
Black	17	$2,625,000	$154,412	$4,181	4.32%
Asian	8	$1,670,000	$208,750	$2,557	4.02%

Approval Rates

Total approvals of all applications
92.02%

First State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
97.67%

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	687	$130,575,000	$190,066

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	6	$3,860,000	$643,333
Single Family (1-4 Units):Manufactured	7	$895,000	$127,857
Single Family (1-4 Units):Site-Built	674	$125,820,000	$186,677

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	38	$3,340,000	$87,895	$1,772	4.75%
40-60%	78	$14,080,000	$180,513	$2,637	4.16%
60-80%	237	$50,375,000	$212,553	$2,998	4.34%
80-100%	291	$57,615,000	$197,990	$3,662	4.35%
Under 20%	28	$840,000	$30,000	$225	6.17%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	6.7%
FIRST HORIZON BANK	VA mortgage	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Struggling to pay mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	4	26.7%
FIRST HORIZON BANK	FHA mortgage	Struggling to pay mortgage	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	1	6.7%
FIRST HORIZON BANK	FHA mortgage	Trouble during payment process	2	13.3%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	3	20.0%

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	$25,412
First State Bank	15000 Ten Mile Road East Detroit, MI 48021	Full Service B&M	$31,527
First State Bank	1575 S. Rochester Rd Rochester Hills, MI 48307	Full Service B&M	$120
First State Bank	16100 East 9 Mile Road Eastpointe, MI 48021	Full Service B&M	$278,873
First State Bank	2032 19 Mile Road Sterling Heights, MI 48314	Full Service B&M	$6,826
First State Bank	23600 Greater Mack Avenue St. Clair Shores, MI 48081	Full Service B&M	$76,228
First State Bank	24335 Harper Avenue St. Clair Shores, MI 48080	Full Service B&M	$60,435
First State Bank	41240 Hayes Clinton Township, MI 48038	Full Service B&M	$26,746
First State Bank	44990 Groesbeck Highway Clinton Township, MI 48043	Full Service B&M	$52,480
First State Bank	53050 Romeo Plank Road Macomb, MI 48042	Full Service B&M	$54,360
First State Bank	53950 Gratiot Chesterfield, MI 48051	Full Service B&M	$12,691
First State Bank	67225 Gratiot Avenue Richmond, MI 48062	Full Service B&M	$89,137

For 2019, First State Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$31,417
Net interest income	$27,784
Total noninterest income	$7,482
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,714
Trading account gains and fees	$0
Additional Noninterest Income	$5,768
Pre-tax net operating income	$9,623
Securities gains (or losses, -)	$0
Income before extraordinary items	$8,088
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,088
Minority interest net income	$0
Net income	$8,088
Sale, conversion, retirement of capital stock, net	$100
Net operating income	$8,088

First State Bank's gross interest income from loans was $31,417,000.
First State Bank's net interest income from loans was $27,784,000.
First State Bank's fee based income from loans was $1,714,000.
First State Bank's net income from loans was $8,088,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,633
Provision for credit losses	$1,500
Total noninterest expense	$24,143
Salaries and employee benefits	$14,353
Premises and equipment expense	$3,239
Additional noninterest expense	$6,551
Applicable income taxes	$1,535
Net charge-offs	$-396
Cash dividends	$3,092

First State Bank's interest expense for loans was $3,633,000.
First State Bank's payroll and benefits expense were $14,353,000.
First State Bank's property, plant and equipment expenses $3,239,000.

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	$687,395
Deposits held in domestic offices	$687,395
Deposits by Individuals, partnerships, and corporations	$586,316
Deposits by U.S. Government	$546
Deposits by States and political subdivisions in the U.S.	$100,521
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	$155,438
Demand deposits	$59,687
Nontransaction accounts	$531,957
Money market deposit accounts (MMDAs)	$24,321
Other savings deposits (excluding MMDAs)	$353,147
Total time deposits	$154,489
Total time and savings deposits	$627,708
Noninterest-bearing deposits	$107,753
Interest-bearing deposits	$579,642
Retail deposits	$609,315
IRAs and Keogh plan accounts	$18,171
Brokered deposits	$6,355
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$772,133
Cash & Balances due from depository institutions	$13,600
Interest-bearing balances	$3,706
Total securities	$160,231
Federal funds sold & reverse repurchase	$23,181
Net loans and leases	$530,835
Loan and leases loss allowance	$9,161
Trading account assets	$0
Bank premises and fixed assets	$19,532
Other real estate owned	$207
Goodwill and other intangibles	$227
All other assets	$24,320

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$772,133
Total Liabilities	$688,614
Total deposits	$687,395
Interest-bearing deposits	$579,642
Deposits held in domestic offices	$687,395
% insured (estimated)	$70
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$1,219

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$530,835
Loan and leases loss allowance	$9,161
Total loans and leases (domestic)	$539,996
All real estate loans	$407,595
Real estate loans in domestic offices	$407,595
Construction and development loans	$34,880
Residential 1-4 family construction	$3,006
Other construction, all land development and other land	$31,874
Loans secured by nonfarm nonresidential properties	$211,126
Nonfarm nonresidential secured by owner-occupied properties	$100,676
Commercial real estate & other non-farm, non-residential	$110,450
Multifamily residential real estate	$12,842
1-4 family residential loans	$148,747
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$78,273
To non-U.S. addressees	$0
Loans to individuals	$3,939
Credit card loans	$0
Related Plans	$80
Consumer Auto Loans	$3,859
Other loans to individuals	$0
All other loans & leases	$50,190
Loans to foreign governments and official institutions	$0
Other loans	$50,190
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	$4,141
Non 1-4 family restructured loans & leases	$755
Total loans and leases (foreign)	$0

First State Bank had $530,835,000 of loans outstanding in 2019. $407,595,000 of loans were in real estate loans. $34,880,000 of loans were in development loans. $12,842,000 of loans were in multifamily mortgage loans. $148,747,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,859,000 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	323	$89,297	$276,461
Nonfarm, nonresidential loans - <$100k	26	$1,481	$56,962
Nonfarm, nonresidential loans - $100-250k	88	$11,697	$132,920
Nonfarm, nonresidential loans - $250k-1MM	209	$76,119	$364,206
Commercial & Industrial, US addressed loans - <$1MM	315	$47,494	$150,775
Commercial & Industrial, US addressed loans - <$100k	117	$5,228	$44,684
Commercial & Industrial, US addressed loans - $100-250k	110	$13,679	$124,355
Commercial & Industrial, US addressed loans - $250k-1MM	88	$28,587	$324,852