First Federal Savings Bank Mortgage Rates, Fees & Info

Rochester, IN

LEI: 549300XUKQ6W1CY6QK47

Tax ID: 35-1116773

5 stars - out of 5 stars, based on 50 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Federal Savings Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. First Federal Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include South Bend, Warsaw, Elkhart, Plymouth, and Indianapolis among others. First Federal Savings Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. First Federal Savings Bank is typically a low fee lendor.


Originations

2,457

Origination Dollar Volume (All Markets)

$505,745,000

Employee count

151

Awards

First Federal Savings Bank 30 Year Conventional Loans bronze
Show all (1) awards

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 $3,289.

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
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 582 $121,330,000 $208,471 $3,325 2.99%
Warsaw, IN (FHA|USDA|VA) 382 $84,280,000 $220,628 $3,672 2.92%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 370 $75,300,000 $203,514 $3,358 2.94%
Plymouth, IN (FHA|USDA|VA) 449 $69,365,000 $154,488 $2,647 3.02%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 156 $61,350,000 $393,269 $4,409 3.26%
Outside of Metro Areas 339 $52,435,000 $154,676 $3,040 2.99%
FORT WAYNE, IN (FHA|USDA|VA) 30 $6,410,000 $213,667 $3,088 3.02%
NILES, MI (FHA|USDA|VA) 26 $6,300,000 $242,308 $4,158 3.00%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 19 $4,495,000 $236,579 $3,475 3.10%
Kendallville, IN (FHA|USDA|VA) 15 $2,625,000 $175,000 $3,437 3.02%
Logansport, IN (FHA|USDA|VA) 11 $2,515,000 $228,636 $3,101 3.13%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 11 $2,305,000 $209,545 $4,238 2.82%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $1,845,000 $1,845,000 $10,680 3.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $6,945 3.50%
Sturgis, MI (FHA|USDA|VA) 6 $1,460,000 $243,333 $4,460 2.88%
Angola, IN (FHA|USDA|VA) 6 $1,390,000 $231,667 $3,085 3.10%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $1,295,000 $431,667 $5,294 3.04%
Wabash, IN (FHA|USDA|VA) 10 $1,290,000 $129,000 $2,995 2.83%
Peru, IN (FHA|USDA|VA) 8 $1,250,000 $156,250 $3,341 2.64%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 5 $1,075,000 $215,000 $3,048 2.95%
MUNCIE, IN (FHA|USDA|VA) 3 $775,000 $258,333 $4,004 3.04%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $655,000 $655,000 $4,651 3.38%
Marion, IN (FHA|USDA|VA) 2 $530,000 $265,000 $2,630 3.44%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $520,000 $260,000 $5,884 2.94%
BAY CITY, MI (FHA|USDA|VA) 1 $405,000 $405,000 $3,267 4.00%
TUCSON, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $6,636 3.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $305,000 $305,000 $4,656 2.38%
Coldwater, MI (FHA|USDA|VA) 2 $280,000 $140,000 $3,730 3.31%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,827 3.13%
Bluffton, IN (FHA|USDA|VA) 1 $255,000 $255,000 $4,467 3.13%
KOKOMO, IN (FHA|USDA|VA) 2 $220,000 $110,000 $2,159 2.69%
Frankfort, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,396 3.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $3,255 3.00%
Auburn, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,202 3.38%
Celina, OH (FHA|USDA|VA) 1 $145,000 $145,000 $3,411 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,364 2.75%
Huntington, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,162 3.38%
Decatur, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,345 3.38%
Hillsdale, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,372 3.13%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $65,000 $65,000 $4,335 4.00%
OWENSBORO, KY (FHA|USDA|VA) 1 $65,000 $65,000 $2,859 2.38%

First Federal Savings Bank's top markets include South Bend, Warsaw, Elkhart, Plymouth, and Indianapolis among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,456 $505,560,000 $205,847 $3,308 3.00%
FHA 1 $185,000 $185,000 $7,009 3.00%

For the 2021 period, First Federal Savings Bank's most frequently originated loan type of loans were Conventional, with 2,456 originations. Their 2nd most popular type is FHA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 979 $246,285,000 $251,568 $3,381 3.20%
Refi 740 $127,390,000 $172,149 $2,848 2.77%
Cash Out Refi 692 $125,720,000 $181,676 $3,739 2.93%
Other 46 $6,350,000 $138,043 $2,844 3.34%

For the 2021, First Federal Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 979 originations. The 2nd most popular reason of loans were Refi, with 740 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,263 $259,785,000 $205,689 $3,289 3.17%
15 Year 694 $99,630,000 $143,559 $2,817 2.51%
20 Year 258 $43,490,000 $168,566 $3,385 2.93%
30+ year 196 $86,250,000 $440,051 $5,268 3.41%
10 Year 21 $755,000 $35,952 $1,677 4.90%
Other 21 $15,205,000 $724,048 $5,128 3.21%
1 Year 4 $630,000 $157,500 $0 4.50%

For the 2021, First Federal Savings Bank's most frequently cited loan length of loans were 30 Year, with 1,263 originations. The 2nd most popular length of loans were 15 Year, with 694 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,110 $169,330,000 $152,550
$2k-3k 808 $167,520,000 $207,327
$3k-4k 402 $119,900,000 $298,259
$5k+ 100 $35,450,000 $354,500
$<1k 11 $545,000 $49,545

$3,289 of loans were First Federal Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,110 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 906 $171,910,000 $189,746
3-4% 866 $229,190,000 $264,654
<2.5% 592 $90,620,000 $153,074
4-5% 83 $12,635,000 $152,229
5-6% 9 $1,355,000 $150,556
6-7% 1 $35,000 $35,000

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 906 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,103 $158,965,000 $144,121 $2,891 2.94%
$200k-400k 655 $179,355,000 $273,824 $4,083 3.01%
$100,000 or less 483 $34,395,000 $71,211 $2,396 3.00%
$400k-600k 156 $75,220,000 $482,179 $5,174 3.12%
$600k-1MM 43 $31,575,000 $734,302 $5,121 3.56%
$1MM+ 17 $26,235,000 $1,543,235 $7,204 3.74%

2021 saw First Federal Savings Bank place emphasis on $100k-200k loans with 1,103 originations, totaling $158,965,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 617 $94,185,000 $152,650 $3,032 2.98%
$50k or less 521 $56,115,000 $107,706 $2,573 2.99%
$100k-150k 520 $122,170,000 $234,942 $3,675 2.96%
$75k-100k 427 $80,485,000 $188,489 $3,362 2.96%
$150k-250k 263 $92,745,000 $352,643 $4,231 3.02%
$250k+ 89 $48,435,000 $544,213 $4,592 3.16%

First Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 617 originations. The second most popular income band? $50k or less, with 521 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 752 $149,420,000 $198,697 $3,304 2.94%
30-36% 478 $100,990,000 $211,276 $3,420 3.03%
<20% 435 $71,775,000 $165,000 $2,986 2.82%
38% 107 $24,175,000 $225,935 $3,542 3.00%
37% 94 $21,870,000 $232,660 $3,698 3.08%
41% 88 $20,300,000 $230,682 $3,356 3.06%
40% 79 $18,125,000 $229,430 $3,327 3.18%
42% 72 $16,750,000 $232,639 $3,615 3.07%
39% 69 $15,685,000 $227,319 $3,476 3.29%
36% 68 $14,100,000 $207,353 $3,267 2.99%
44% 47 $12,005,000 $255,426 $3,222 3.14%
43% 42 $8,570,000 $204,048 $3,434 2.99%
45% 37 $6,135,000 $165,811 $3,125 3.02%
46% 17 $3,485,000 $205,000 $3,362 2.90%
48% 15 $3,385,000 $225,667 $3,363 3.30%
47% 14 $2,350,000 $167,857 $3,495 2.76%
49% 11 $2,155,000 $195,909 $3,602 2.89%
50-60% 5 $1,455,000 $291,000 $2,469 3.80%

First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 752 originations. The next most common DTI ratio? 30-36%, with 478 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,332 $468,450,000 $200,879 $3,299 2.98%
Not applicable 20 $11,610,000 $580,500 $0 4.28%
Asian 39 $10,925,000 $280,128 $4,119 3.21%
Not provided 31 $7,945,000 $256,290 $3,268 3.06%
Black 27 $4,535,000 $167,963 $2,897 3.10%
American Indian 6 $1,100,000 $183,333 $3,479 3.04%
Native Hawaiian 1 $1,095,000 $1,095,000 $8,771 3.75%
Chinese 1 $85,000 $85,000 $2,890 3.88%

Approval Rates

Total approvals of all applications
96.06%

First Federal Savings 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
91.74%

First Federal Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,457 $505,745,000 $205,838

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,457 $505,745,000 $205,838

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 200 $20,800,000 $104,000 $2,449 2.78%
40-60% 488 $76,650,000 $157,070 $2,813 2.73%
60-80% 975 $215,375,000 $220,897 $3,734 3.01%
80-100% 759 $190,995,000 $251,640 $3,369 3.17%
Under 20% 35 $1,925,000 $55,000 $2,040 3.77%

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 206 West Plymouth Street Bremen, IN 46506 Full Service B&M $58,941
First Federal Savings Bank 2113 North Michigan Plymouth, IN 46563 Full Service B&M $104,717
First Federal Savings Bank 2926 South Main Elkhart, IN 46517 Full Service B&M $21,631
First Federal Savings Bank 301 East 9th Street Rochester, IN 46975 Full Service B&M $147,943
First Federal Savings Bank 814 U.S. 35 North Winamac, IN 46996 Full Service B&M $63,228
First Federal Savings Bank 906 W Edison Road Mishawaka, IN 46545 Full Service B&M $23,821

For 2021, First Federal Savings Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $15,985
Net interest income $14,229
Total noninterest income $16,753
Gross Fiduciary activities income $0
Service charges on deposit accounts $680
Trading account gains and fees $0
Additional Noninterest Income $16,073
Pre-tax net operating income $6,494
Securities gains (or losses, -) $0
Income before extraordinary items $5,272
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,272
Minority interest net income $0
Net income $5,272
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,272

First Federal Savings Bank's gross interest income from loans was $15,985,000.
First Federal Savings Bank's net interest income from loans was $14,229,000.
First Federal Savings Bank's fee based income from loans was $680,000.
First Federal Savings Bank's net income from loans was $5,272,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,756
Provision for credit losses $0
Total noninterest expense $24,488
Salaries and employee benefits $19,519
Premises and equipment expense $970
Additional noninterest expense $3,999
Applicable income taxes $1,222
Net charge-offs $21
Cash dividends $3,770

First Federal Savings Bank's interest expense for loans was $1,756,000.
First Federal Savings Bank's payroll and benefits expense were $19,519,000.
First Federal Savings Bank's property, plant and equipment expenses $970,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
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 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 $433,550
Deposits held in domestic offices $433,550
Deposits by Individuals, partnerships, and corporations $421,462
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $12,087
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $294,897
Demand deposits $294,897
Nontransaction accounts $138,652
Money market deposit accounts (MMDAs) $0
Other savings deposits (excluding MMDAs) $848
Total time deposits $137,804
Total time and savings deposits $138,652
Noninterest-bearing deposits $69,061
Interest-bearing deposits $364,489
Retail deposits $396,138
IRAs and Keogh plan accounts $10,191
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $522,853
Cash & Balances due from depository institutions $143,747
Interest-bearing balances $138,130
Total securities $0
Federal funds sold & reverse repurchase $0
Net loans and leases $334,167
Loan and leases loss allowance $3,800
Trading account assets $0
Bank premises and fixed assets $8,936
Other real estate owned $0
Goodwill and other intangibles $7,351
All other assets $28,652

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $522,853
Total Liabilities $471,073
Total deposits $433,550
Interest-bearing deposits $364,489
Deposits held in domestic offices $433,550
% insured (estimated) $87
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $32,000
Subordinated debt $0
All other liabilities $5,523

Issued Loan Types

Type Value (in 000's)
Net loans and leases $334,167
Loan and leases loss allowance $3,800
Total loans and leases (domestic) $337,967
All real estate loans $326,796
Real estate loans in domestic offices $326,796
Construction and development loans $45,562
Residential 1-4 family construction $35,812
Other construction, all land development and other land $9,750
Loans secured by nonfarm nonresidential properties $16,572
Nonfarm nonresidential secured by owner-occupied properties $2,768
Commercial real estate & other non-farm, non-residential $13,804
Multifamily residential real estate $15,122
1-4 family residential loans $246,015
Farmland loans $3,525
Loans held in foreign offices $0
Farm loans $520
Commercial and industrial loans $9,930
To non-U.S. addressees $0
Loans to individuals $639
Credit card loans $0
Related Plans $73
Consumer Auto Loans $0
Other loans to individuals $566
All other loans & leases $82
Loans to foreign governments and official institutions $0
Other loans $82
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 $10,736
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

First Federal Savings Bank had $334,167,000 of loans outstanding in 2021. $326,796,000 of loans were in real estate loans. $45,562,000 of loans were in development loans. $15,122,000 of loans were in multifamily mortgage loans. $246,015,000 of loans were in 1-4 family mortgage loans. $520,000 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 52 $9,743 $187,365
Nonfarm, nonresidential loans - <$100k 18 $772 $42,889
Nonfarm, nonresidential loans - $100-250k 21 $2,582 $122,952
Nonfarm, nonresidential loans - $250k-1MM 13 $6,389 $491,462
Commercial & Industrial, US addressed loans - <$1MM 53 $7,113 $134,208
Commercial & Industrial, US addressed loans - <$100k 21 $671 $31,952
Commercial & Industrial, US addressed loans - $100-250k 19 $2,080 $109,474
Commercial & Industrial, US addressed loans - $250k-1MM 13 $4,362 $335,538
Farmland loans - <$1MM 10 $1,826 $182,600
Farmland loans - <$100k 5 $319 $63,800
Farmland loans - $100-250k 1 $233 $233,000
Farmland loans - $250k-1MM 4 $1,274 $318,500
Agriculture operations loans - <$1MM 1 $100 $100,000
Agriculture operations loans - <$100k 1 $100 $100,000