The First State Bank Mortgage Rates, Fees & Info

Barboursville, WV

LEI: 549300WI0D85GPCMEM61

Tax ID: 55-0171040

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    The First State Bank is a smaller bank specializing in Refi and Home Purchase loans. The 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: Huntington, Charleston, Parkersburg, Sturgis, and Clarksburg among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The First State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The 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.

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    Originations

    147

    Origination Dollar Volume (All Markets)

    $19,595,000

    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
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 102 $12,650,000 $124,020 $3,148 5.73%
    Outside of Metro Areas 8 $1,060,000 $132,500 $2,214 5.14%
    CHARLESTON, WV (FHA|USDA|VA) 6 $850,000 $141,667 $3,194 5.39%
    PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 5 $565,000 $113,000 $2,984 5.18%
    Sturgis, MI (FHA|USDA|VA) 1 $475,000 $475,000 $2,972 4.38%
    Clarksburg, WV (FHA|USDA|VA) 3 $465,000 $155,000 $5,635 5.04%
    COLUMBUS, OH (FHA|USDA|VA) 1 $455,000 $455,000 $3,952 4.88%
    MORGANTOWN, WV (FHA|USDA|VA) 2 $370,000 $185,000 $6,922 4.19%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $350,000 $175,000 $5,935 5.31%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $305,000 $305,000 $2,308 5.50%
    Marietta, OH (FHA|USDA|VA) 2 $260,000 $130,000 $3,611 5.56%
    Maysville, KY (FHA|USDA|VA) 2 $250,000 $125,000 $4,628 4.81%
    WILMINGTON, NC (FHA|USDA|VA) 1 $245,000 $245,000 $2,928 4.88%
    Wapakoneta, OH (FHA|USDA|VA) 2 $230,000 $115,000 $4,052 4.50%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $205,000 $205,000 $6,107 4.38%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $185,000 $185,000 $6,397 4.38%
    Jasper, IN (FHA|USDA|VA) 1 $165,000 $165,000 $1,950 4.00%
    Fairmont, WV (FHA|USDA|VA) 1 $165,000 $165,000 $3,630 5.13%
    Zanesville, OH (FHA|USDA|VA) 1 $95,000 $95,000 $4,285 5.63%
    Cambridge, OH (FHA|USDA|VA) 1 $85,000 $85,000 $2,401 4.50%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $85,000 $85,000 $2,560 4.38%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.25%
    Point Pleasant, WV-OH (FHA|USDA|VA) 1 $35,000 $35,000 $494 5.50%
    The First State Bank's top markets include Huntington, Charleston, Parkersburg, Sturgis, and Clarksburg among others.

    Their top states include:
  • West Virginia (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Similar Lenders

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

    Town Square Bank
    Similarity Rank: 30
    The Poca Valley Bank, Inc.
    Similarity Rank: 133
    City National Bank of West Virginia
    Similarity Rank: 152
    DESCO
    Similarity Rank: 216
    The Ohio Valley Bank Company
    Similarity Rank: 408
    Community Trust Bank, Inc.
    Similarity Rank: 752
    The First State Bank
    Similarity Rank: 851
    Peoples Bank
    Similarity Rank: 920
    MYCUMORTGAGE, LLC
    Similarity Rank: 1104
    United Bank
    Similarity Rank: 1156

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 120 $15,730,000 $131,083 $2,638 5.69%
    FHA 18 $2,790,000 $155,000 $5,604 4.83%
    HELOC 3 $105,000 $35,000 n/a 5.02%
    VA 3 $665,000 $221,667 $6,113 4.58%
    USDA 3 $305,000 $101,667 $3,528 4.29%

    For 2018, The First State Bank's most frequently originated type of loan was Conventional, with 120 originations. Their 2nd most popular type was FHA, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 58 $7,630,000 $131,552 $2,618 5.74%
    Home Purchase 48 $7,570,000 $157,708 $4,128 4.97%
    Cash Out Refi 25 $3,245,000 $129,800 $3,005 4.90%
    Home Improvement 6 $270,000 $45,000 $0 8.77%
    NA 6 $640,000 $106,667 $604 6.28%
    Other 4 $240,000 $60,000 $1,475 6.88%

    For 2018, The First State Bank's most frequently cited loan purpose was Refi, with 58 originations. The 2nd most popular reason was Home Purchase, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 76 $12,010,000 $158,026 $3,626 4.96%
    5 Year 28 $2,150,000 $76,786 $2,456 7.11%
    15 Year 17 $2,065,000 $121,471 $2,450 4.66%
    20 Year 10 $1,680,000 $168,000 $2,570 4.85%
    Other 9 $1,305,000 $145,000 $2,418 5.82%
    3 Year 3 $55,000 $18,333 $0 10.08%
    10 Year 2 $100,000 $50,000 $0 6.50%
    30+ year 1 $175,000 $175,000 $0 5.50%
    1 Year 1 $55,000 $55,000 $0 7.00%

    For 2018, The First State Bank's most frequently cited loan duration was 30 Year, with 76 originations. The 2nd most popular length was 5 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 96 $13,650,000 $142,188
    $1k-2k 10 $1,870,000 $187,000
    $2k-3k 1 $265,000 $265,000
    $3k-4k 1 $185,000 $185,000

    The First State Bank's average total fees were $3,626, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 96 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 55 $9,595,000 $174,455
    5-6% 36 $3,750,000 $104,167
    6-7% 24 $2,510,000 $104,583
    3-4% 14 $2,570,000 $183,571
    7-8% 14 $840,000 $60,000
    Over 8% 3 $15,000 $5,000
    2.5-3% 1 $315,000 $315,000

    During 2018, The First State Bank's average interest rate for loans was 4.96%, while their most frequently originated rate bucket for loans was 4-5%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 73 $4,195,000 $57,466 $2,704 6.06%
    $100k-200k 42 $6,080,000 $144,762 $3,461 5.10%
    $200k-400k 27 $7,095,000 $262,778 $4,329 4.85%
    $400k-600k 5 $2,225,000 $445,000 $2,935 4.78%

    2018 saw The First State Bank place emphasis on $100,000 or less loans with 73 originations, totaling $4,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 37 $3,685,000 $99,595 $3,513 5.17%
    $50k-75k 26 $2,610,000 $100,385 $2,761 5.72%
    $100k-150k 20 $3,690,000 $184,500 $3,851 4.95%
    $75k-100k 18 $2,400,000 $133,333 $3,136 5.68%
    $150k-250k 14 $2,970,000 $212,143 $3,365 4.81%
    $250k+ 8 $1,710,000 $213,750 $2,671 6.15%

    The First State Bank lent most frequently to those with incomes in the $50k or less range, with 37 originations. The second most popular income band? $50k-75k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $4,080,000 $156,923 $3,497 4.99%
    30-36% 16 $2,950,000 $184,375 $3,720 4.91%
    39% 7 $1,165,000 $166,429 $2,890 5.05%
    <20% 6 $380,000 $63,333 $2,201 6.14%
    >60% 6 $730,000 $121,667 $2,490 6.01%
    38% 5 $405,000 $81,000 $3,063 4.89%
    41% 5 $605,000 $121,000 $2,875 4.67%
    44% 5 $865,000 $173,000 $3,778 4.73%
    50-60% 4 $280,000 $70,000 $3,417 5.68%
    42% 4 $580,000 $145,000 $2,422 4.59%
    37% 4 $600,000 $150,000 $4,457 4.44%
    47% 4 $830,000 $207,500 $3,317 5.09%
    45% 3 $605,000 $201,667 $2,787 5.00%
    36% 3 $325,000 $108,333 $2,968 7.41%
    40% 2 $110,000 $55,000 $1,868 5.25%
    49% 2 $550,000 $275,000 $3,228 4.25%
    43% 2 $320,000 $160,000 $4,419 4.81%
    48% 1 $75,000 $75,000 $4,177 4.63%

    The First State Bank lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 116 $16,540,000 $142,586 $3,455 5.36%
    Not applicable 16 $1,420,000 $88,750 $1,530 6.63%
    Not provided 11 $1,145,000 $104,091 $2,528 5.94%
    Asian 3 $325,000 $108,333 $2,206 4.91%
    Black 1 $165,000 $165,000 $2,544 3.88%

    Approval Rates

    Total approvals of all applications
    95.22%

    The First State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    80.27%

    The First State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 147 $19,595,000 $133,299

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $390,000 $195,000
    Single Family (1-4 Units):Manufactured 6 $610,000 $101,667
    Single Family (1-4 Units):Site-Built 139 $18,595,000 $133,777

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,030,000 $73,571 $1,801 5.44%
    40-60% 18 $1,460,000 $81,111 $2,580 5.79%
    60-80% 56 $8,200,000 $146,429 $3,045 5.37%
    80-100% 49 $8,365,000 $170,714 $4,232 5.09%
    Over 100% 2 $230,000 $115,000 $2,198 6.92%
    Under 20% 4 $260,000 $65,000 $12 5.83%