First Federal Savings Bank Mortgage Rates, Fees & Info

Rochester, IN

LEI: 549300XUKQ6W1CY6QK47

Tax ID: 35-1116773

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

Review & Overview

First Federal Savings Bank is a smaller bank specializing in Home Purchase 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: South Bend, Elkhart, Warsaw, Plymouth, and Indianapolis among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal Savings 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 Federal Savings 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	7.33%	4/21/24
30 Year Conventional Purchase	6.73%	4/21/24
30 Year Conventional Refi	6.67%	4/21/24
30 Year Cash-out Refi	6.78%	4/21/24
30 Year FHA Purchase	8.21%	4/21/24
30 Year USDA Purchase	8.07%	4/21/24
15 Year Conventional Purchase	6.43%	4/21/24
15 Year Conventional Refi	6.21%	4/21/24
15 Year Cash-out Refi	6.21%	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 Federal Savings Bank Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Federal Savings 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

1,610

Origination Dollar Volume (All Markets)

$295,440,000

Employee count

143

Awards

First Federal Savings Bank 30 Year Conventional Loans silver

First Federal Savings Bank FHA Loans gold

First Federal Savings Bank USDA Loans silver

Show all (4) 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
SOUTH BEND-MISHAWAKA, IN-MI (FHA\|USDA\|VA)	407	$73,245,000	$179,963	$2,564	4.23%
ELKHART-GOSHEN, IN (FHA\|USDA\|VA)	259	$47,075,000	$181,757	$2,618	4.16%
Warsaw, IN (FHA\|USDA\|VA)	200	$41,600,000	$208,000	$2,817	4.26%
Plymouth, IN (FHA\|USDA\|VA)	280	$39,860,000	$142,357	$2,195	4.34%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	108	$39,340,000	$364,259	$3,722	4.16%
Outside of Metro Areas	236	$30,480,000	$129,153	$2,416	4.35%
NILES, MI (FHA\|USDA\|VA)	19	$4,495,000	$236,579	$3,767	4.22%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	3	$3,475,000	$1,158,333	$7,020	4.25%
FORT WAYNE, IN (FHA\|USDA\|VA)	14	$2,680,000	$191,429	$3,194	4.29%
MICHIGAN CITY-LA PORTE, IN (FHA\|USDA\|VA)	12	$2,130,000	$177,500	$2,658	4.27%
Sturgis, MI (FHA\|USDA\|VA)	8	$1,780,000	$222,500	$3,985	4.06%
Peru, IN (FHA\|USDA\|VA)	10	$1,230,000	$123,000	$2,556	4.39%
Logansport, IN (FHA\|USDA\|VA)	11	$1,095,000	$99,545	$2,283	4.45%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	6	$980,000	$163,333	$2,687	4.13%
Kendallville, IN (FHA\|USDA\|VA)	7	$925,000	$132,143	$2,815	4.75%
Wabash, IN (FHA\|USDA\|VA)	9	$775,000	$86,111	$2,111	4.06%
LAFAYETTE-WEST LAFAYETTE, IN (FHA\|USDA\|VA)	2	$680,000	$340,000	$3,308	4.69%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$375,000	$375,000	$6,778	4.00%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	2	$320,000	$160,000	$2,597	4.69%
Auburn, IN (FHA\|USDA\|VA)	2	$320,000	$160,000	$3,324	4.31%
SHERMAN-DENISON, TX (FHA\|USDA\|VA)	1	$285,000	$285,000	$4,230	4.38%
BLOOMINGTON, IN (FHA\|USDA\|VA)	2	$280,000	$140,000	$3,562	4.31%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$275,000	$275,000	$4,405	4.38%
EVANSVILLE, IN-KY (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,845	4.88%
Angola, IN (FHA\|USDA\|VA)	1	$245,000	$245,000	$2,460	4.00%
MUNCIE, IN (FHA\|USDA\|VA)	1	$225,000	$225,000	$1,655	3.88%
DULUTH, MN-WI (FHA\|USDA\|VA)	1	$205,000	$205,000	$3,555	4.38%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	1	$195,000	$195,000	$6,154	3.88%
BLOOMINGTON, IL (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,053	4.50%
TERRE HAUTE, IN (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,987	4.13%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	1	$145,000	$145,000	$2,692	4.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,993	4.38%
Huntington, IN (FHA\|USDA\|VA)	1	$65,000	$65,000	$1,675	5.38%

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

Their top states include:

Indiana (FHA|USDA|VA)

Michigan (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Ohio (FHA|USDA|VA)

Similar Lenders

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

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UNITED
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,586	$292,890,000	$184,672	$2,623	4.25%
FHA	12	$1,240,000	$103,333	$4,209	5.36%
USDA	12	$1,310,000	$109,167	$3,313	4.58%

For 2019, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 1,586 originations. Their 2nd most popular type was FHA, with 12 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	1,053	$201,055,000	$190,935	$2,684	4.30%
Cash Out Refi	292	$48,380,000	$165,685	$2,790	4.16%
Refi	207	$40,055,000	$193,502	$2,363	4.04%
Other	48	$5,280,000	$110,000	$2,073	4.72%
Home Improvement	10	$670,000	$67,000	$2,068	5.56%

For 2019, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 1,053 originations. The 2nd most popular reason was Cash Out Refi, with 292 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	1,003	$173,285,000	$172,767	$2,499	4.35%
15 Year	217	$32,835,000	$151,313	$2,234	3.86%
30+ year	191	$60,495,000	$316,728	$4,125	4.19%
10 Year	95	$7,545,000	$79,421	$1,816	4.56%
20 Year	86	$13,050,000	$151,744	$2,610	4.11%
Other	18	$8,230,000	$457,222	$4,117	3.87%

For 2019, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 1,003 originations. The 2nd most popular length was 15 Year, with 217 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	1,085	$187,855,000	$173,138
$2k-3k	251	$56,925,000	$226,793
$<1k	149	$15,885,000	$106,611
$3k-4k	68	$16,700,000	$245,588
$4k-5k	25	$7,025,000	$281,000
$5k+	19	$6,905,000	$363,421

First Federal Savings Bank's average total fees were $2,499, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,085 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	745	$134,845,000	$181,000
3-4%	722	$145,560,000	$201,607
5-6%	119	$12,815,000	$107,689
6-7%	22	$1,990,000	$90,455
2.5-3%	1	$165,000	$165,000
7-8%	1	$65,000	$65,000

During 2019, First Federal Savings Bank's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 4-5%, with 745 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	655	$95,495,000	$145,794	$2,466	4.22%
$100,000 or less	467	$31,575,000	$67,612	$2,050	4.48%
$200k-400k	390	$104,580,000	$268,154	$3,178	4.10%
$400k-600k	67	$32,215,000	$480,821	$4,124	4.08%
$600k-1MM	21	$15,135,000	$720,714	$4,858	4.18%
$1MM+	10	$16,440,000	$1,644,000	$6,478	4.20%

2019 saw First Federal Savings Bank place emphasis on $100k-200k loans with 655 originations, totaling $95,495,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	434	$41,980,000	$96,728	$2,196	4.37%
$50k-75k	398	$56,290,000	$141,432	$2,439	4.28%
$100k-150k	311	$65,535,000	$210,723	$2,878	4.14%
$75k-100k	256	$46,800,000	$182,813	$2,681	4.24%
$150k-250k	141	$46,485,000	$329,681	$3,415	4.16%
$250k+	60	$34,460,000	$574,333	$3,972	4.07%

First Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 434 originations. The second most popular income band? $50k-75k, with 398 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	482	$85,270,000	$176,909	$2,566	4.21%
30-36%	332	$61,490,000	$185,211	$2,698	4.27%
<20%	182	$30,400,000	$167,033	$2,473	4.08%
39%	76	$14,590,000	$191,974	$2,924	4.31%
36%	64	$11,980,000	$187,188	$2,826	4.25%
40%	64	$12,180,000	$190,313	$2,901	4.25%
38%	63	$10,875,000	$172,619	$2,760	4.22%
42%	59	$12,165,000	$206,186	$2,782	4.26%
41%	58	$13,260,000	$228,621	$2,811	4.31%
43%	51	$9,015,000	$176,765	$2,742	4.30%
37%	49	$8,255,000	$168,469	$2,428	4.41%
44%	47	$9,335,000	$198,617	$2,700	4.35%
45%	26	$3,840,000	$147,692	$2,148	4.52%
47%	12	$2,670,000	$222,500	$2,374	4.40%
46%	11	$1,815,000	$165,000	$2,688	4.58%
48%	11	$2,745,000	$249,545	$2,075	4.50%
49%	5	$675,000	$135,000	$2,265	4.03%
>60%	5	$325,000	$65,000	$1,488	5.70%
50-60%	1	$455,000	$455,000	$4,930	3.75%

First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 482 originations. The next most common DTI ratio? 30-36%, with 332 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	1,558	$278,410,000	$178,697	$2,626	4.25%
Not provided	12	$6,220,000	$518,333	$4,253	4.21%
Not applicable	9	$3,755,000	$417,222	$0	5.57%
Black	14	$3,700,000	$264,286	$2,847	4.22%
Asian	11	$2,405,000	$218,636	$2,663	4.00%
American Indian	4	$720,000	$180,000	$2,881	4.53%
Native Hawaiian or Islander	2	$230,000	$115,000	$1,718	4.44%

Approval Rates

Total approvals of all applications
96.00%

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
91.68%

First Federal Savings Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,610	$295,440,000	$183,503

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	5	$3,655,000	$731,000
Single Family (1-4 Units):Manufactured	52	$4,410,000	$84,808
Single Family (1-4 Units):Site-Built	1,553	$287,375,000	$185,045

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	76	$5,720,000	$75,263	$1,970	4.46%
40-60%	173	$24,415,000	$141,127	$2,429	3.97%
60-80%	520	$111,990,000	$215,365	$2,995	4.15%
80-100%	807	$152,345,000	$188,779	$2,576	4.32%
Under 20%	34	$970,000	$28,529	$1,283	5.43%

Complaints

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

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	$41,207
First Federal Savings Bank	2113 North Michigan Plymouth, IN 46563	Full Service B&M	$80,663
First Federal Savings Bank	2926 South Main Elkhart, IN 46517	Full Service B&M	$18,944
First Federal Savings Bank	301 East 9th Street Rochester, IN 46975	Full Service B&M	$114,054
First Federal Savings Bank	814 U.S. 35 North Winamac, IN 46996	Full Service B&M	$52,044
First Federal Savings Bank	906 W Edison Road Mishawaka, IN 46545	Full Service B&M	$23,653

For 2019, First Federal Savings Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$19,368
Net interest income	$14,979
Total noninterest income	$13,042
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$803
Trading account gains and fees	$0
Additional Noninterest Income	$12,239
Pre-tax net operating income	$5,460
Securities gains (or losses, -)	$0
Income before extraordinary items	$4,524
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,524
Minority interest net income	$0
Net income	$4,524
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$4,524

First Federal Savings Bank's gross interest income from loans was $19,368,000.
First Federal Savings Bank's net interest income from loans was $14,979,000.
First Federal Savings Bank's fee based income from loans was $803,000.
First Federal Savings Bank's net income from loans was $4,524,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,389
Provision for credit losses	$0
Total noninterest expense	$22,561
Salaries and employee benefits	$16,300
Premises and equipment expense	$936
Additional noninterest expense	$5,325
Applicable income taxes	$936
Net charge-offs	$130
Cash dividends	$2,990

First Federal Savings Bank's interest expense for loans was $4,389,000.
First Federal Savings Bank's payroll and benefits expense were $16,300,000.
First Federal Savings Bank's property, plant and equipment expenses $936,000.

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	1.0%
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	$346,619
Deposits held in domestic offices	$346,619
Deposits by Individuals, partnerships, and corporations	$340,011
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$6,608
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	$197,382
Demand deposits	$197,352
Nontransaction accounts	$149,237
Money market deposit accounts (MMDAs)	$0
Other savings deposits (excluding MMDAs)	$897
Total time deposits	$148,340
Total time and savings deposits	$149,267
Noninterest-bearing deposits	$44,786
Interest-bearing deposits	$301,833
Retail deposits	$319,085
IRAs and Keogh plan accounts	$12,458
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$437,320
Cash & Balances due from depository institutions	$50,682
Interest-bearing balances	$40,600
Total securities	$0
Federal funds sold & reverse repurchase	$0
Net loans and leases	$342,843
Loan and leases loss allowance	$1,931
Trading account assets	$0
Bank premises and fixed assets	$8,620
Other real estate owned	$64
Goodwill and other intangibles	$6,632
All other assets	$28,479

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$437,320
Total Liabilities	$390,515
Total deposits	$346,619
Interest-bearing deposits	$301,833
Deposits held in domestic offices	$346,619
% insured (estimated)	$89
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$37,000
Subordinated debt	$0
All other liabilities	$6,896

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$342,843
Loan and leases loss allowance	$1,931
Total loans and leases (domestic)	$344,774
All real estate loans	$338,201
Real estate loans in domestic offices	$338,201
Construction and development loans	$3,095
Residential 1-4 family construction	$1,436
Other construction, all land development and other land	$1,659
Loans secured by nonfarm nonresidential properties	$9,997
Nonfarm nonresidential secured by owner-occupied properties	$3,650
Commercial real estate & other non-farm, non-residential	$6,347
Multifamily residential real estate	$6,309
1-4 family residential loans	$317,098
Farmland loans	$1,702
Loans held in foreign offices	$0
Farm loans	$1,090
Commercial and industrial loans	$4,959
To non-U.S. addressees	$0
Loans to individuals	$426
Credit card loans	$0
Related Plans	$115
Consumer Auto Loans	$0
Other loans to individuals	$311
All other loans & leases	$98
Loans to foreign governments and official institutions	$0
Other loans	$98
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	$10,205
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

First Federal Savings Bank had $342,843,000 of loans outstanding in 2019. $338,201,000 of loans were in real estate loans. $3,095,000 of loans were in development loans. $6,309,000 of loans were in multifamily mortgage loans. $317,098,000 of loans were in 1-4 family mortgage loans. $1,090,000 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	35	$5,079	$145,114
Nonfarm, nonresidential loans - <$100k	14	$643	$45,929
Nonfarm, nonresidential loans - $100-250k	13	$1,761	$135,462
Nonfarm, nonresidential loans - $250k-1MM	8	$2,675	$334,375
Commercial & Industrial, US addressed loans - <$1MM	40	$4,959	$123,975
Commercial & Industrial, US addressed loans - <$100k	18	$527	$29,278
Commercial & Industrial, US addressed loans - $100-250k	15	$1,872	$124,800
Commercial & Industrial, US addressed loans - $250k-1MM	7	$2,560	$365,714
Farmland loans - <$1MM	6	$575	$95,833
Farmland loans - <$100k	5	$409	$81,800
Farmland loans - $100-250k	1	$166	$166,000
Agriculture operations loans - <$1MM	1	$59	$59,000
Agriculture operations loans - $100-250k	1	$59	$59,000