First Federal Savings And Loan Association Of Port Angeles Mortgage Rates, Fees & Info

Port Angeles, WA

LEI: 549300XW2H531FLD3I90

Tax ID: 91-0369590

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Federal Savings And Loan Association Of Port Angeles is a smaller mortgage company specializing in Home Purchase and Refi loans. First Federal Savings And Loan Association Of Port Angeles has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Seattle, Port Angeles, Bremerton, Bellingham, and Kennewick among others. First Federal Savings And Loan Association Of Port Angeles has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Federal Savings And Loan Association Of Port Angeles is typically an average fee lendor.


Originations

758

Origination Dollar Volume (All Markets)

$511,290,000

Employee count

289

Awards

First Federal Savings and Loan Association of Port Angeles 30 Year Conventional Loans silver First Federal Savings and Loan Association of Port Angeles 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

First Federal Savings And Loan Association Of Port Angeles's average 30 year fixed rate mortgage of loans were 3.13%.

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 And Loan Association Of Port Angeles's average total fees for a 30 year fixed rate mortgage are $3,692.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 139 $221,175,000 $1,591,187 $5,420 3.50%
Port Angeles, WA (FHA|USDA|VA) 307 $86,645,000 $282,231 $3,247 3.07%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 77 $54,395,000 $706,429 $3,923 3.22%
BELLINGHAM, WA (FHA|USDA|VA) 70 $36,240,000 $517,714 $3,594 3.08%
Outside of Metro Areas 100 $33,690,000 $336,900 $3,425 3.16%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 2 $17,020,000 $8,510,000 $0 3.95%
Outside of Metro Areas 4 $14,530,000 $3,632,500 $0 3.75%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 5 $8,205,000 $1,641,000 $3,514 3.53%
Shelton, WA (FHA|USDA|VA) 15 $7,355,000 $490,333 $4,826 3.55%
WENATCHEE, WA (FHA|USDA|VA) 7 $5,925,000 $846,429 $3,387 3.37%
Ellensburg, WA (FHA|USDA|VA) 8 $5,450,000 $681,250 $6,032 3.23%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 5 $3,555,000 $711,000 $3,467 3.35%
LONGVIEW, WA (FHA|USDA|VA) 2 $3,040,000 $1,520,000 $0 4.08%
Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $2,965,000 $2,965,000 $0 3.82%
Prineville, OR (FHA|USDA|VA) 2 $2,590,000 $1,295,000 $0 4.25%
ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $2,385,000 $2,385,000 $0 3.61%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $1,845,000 $615,000 $3,962 3.08%
YAKIMA, WA (FHA|USDA|VA) 1 $1,425,000 $1,425,000 $0 3.55%
Centralia, WA (FHA|USDA|VA) 2 $1,010,000 $505,000 $3,457 2.85%
WALLA WALLA, WA (FHA|USDA|VA) 1 $765,000 $765,000 $7,331 3.13%
Oak Harbor, WA (FHA|USDA|VA) 3 $745,000 $248,333 $2,596 2.63%
Brookings, OR (FHA|USDA|VA) 1 $155,000 $155,000 $3,035 3.25%
Moses Lake, WA (FHA|USDA|VA) 1 $105,000 $105,000 $1,282 3.38%
Klamath Falls, OR (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.38%

First Federal Savings And Loan Association Of Port Angeles's top markets include Seattle, Port Angeles, Bremerton, Bellingham, and Kennewick among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 740 $505,010,000 $682,446 $3,620 3.22%
VA 16 $5,590,000 $349,375 $6,533 2.88%
USDA 2 $690,000 $345,000 $6,092 2.81%

For the 2021 period, First Federal Savings And Loan Association Of Port Angeles's most frequently originated loan type of loans were Conventional, with 740 originations. Their 2nd most popular type is VA, with 16 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 282 $330,930,000 $1,173,511 $5,448 3.45%
Refi 262 $120,670,000 $460,573 $2,745 2.97%
Cash Out Refi 158 $46,230,000 $292,595 $3,286 3.04%
Home Improvement 39 $11,335,000 $290,641 $886 3.62%
Other 17 $2,125,000 $125,000 $1,652 3.53%

For the 2021, First Federal Savings And Loan Association Of Port Angeles's most frequently cited loan purpose of loans were Home Purchase, with 282 originations. The 2nd most popular reason of loans were Refi, with 262 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 373 $156,265,000 $418,941 $3,692 3.13%
15 Year 151 $26,555,000 $175,861 $1,927 2.80%
30+ year 109 $74,365,000 $682,248 $6,376 3.52%
10 Year 46 $102,690,000 $2,232,391 $1,126 3.64%
20 Year 33 $8,275,000 $250,758 $3,236 2.91%
Other 22 $62,870,000 $2,857,727 $3,792 4.18%
5 Year 12 $37,710,000 $3,142,500 $0 4.08%
3 Year 7 $36,465,000 $5,209,286 $0 4.01%
1 Year 5 $6,095,000 $1,219,000 $0 4.80%

For the 2021, First Federal Savings And Loan Association Of Port Angeles's most frequently cited loan length of loans were 30 Year, with 373 originations. The 2nd most popular length of loans were 15 Year, with 151 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 397 $150,975,000 $380,290
$1k-2k 130 $36,980,000 $284,462
$2k-3k 48 $18,010,000 $375,208
$3k-4k 32 $17,730,000 $554,063
$5k+ 17 $22,765,000 $1,339,118

$3,692 of loans were First Federal Savings And Loan Association Of Port Angeles's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 397 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 357 $302,915,000 $848,501
2.5-3% 286 $97,100,000 $339,510
<2.5% 64 $19,060,000 $297,813
4-5% 46 $81,420,000 $1,770,000
5-6% 5 $10,795,000 $2,159,000

During 2021, First Federal Savings And Loan Association Of Port Angeles's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 3-4%, with 357 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 234 $68,870,000 $294,316 $3,432 3.11%
$100k-200k 147 $21,755,000 $147,993 $2,420 2.91%
$400k-600k 147 $70,615,000 $480,374 $4,558 3.26%
$1MM+ 97 $289,565,000 $2,985,206 $8,024 3.70%
$600k-1MM 73 $56,685,000 $776,507 $5,819 3.40%
$100,000 or less 60 $3,800,000 $63,333 $1,192 3.20%

2021 saw First Federal Savings And Loan Association Of Port Angeles place emphasis on $200k-400k loans with 234 originations, totaling $68,870,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 152 $53,770,000 $353,750 $3,561 3.16%
$150k-250k 136 $64,720,000 $475,882 $4,248 3.13%
$50k-75k 125 $26,955,000 $215,640 $2,845 3.04%
$75k-100k 98 $28,050,000 $286,224 $3,753 3.07%
$250k+ 84 $79,680,000 $948,571 $6,178 3.25%
$50k or less 66 $8,950,000 $135,606 $2,202 2.93%

First Federal Savings And Loan Association Of Port Angeles lent most frequently to those with incomes in the $100k-150k range, with 152 originations. The second most popular income band? $150k-250k, with 136 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 167 $57,225,000 $342,665 $3,603 3.07%
30-36% 112 $47,050,000 $420,089 $3,784 3.21%
<20% 98 $29,050,000 $296,429 $2,922 2.91%
42% 33 $15,665,000 $474,697 $4,326 3.28%
39% 28 $14,180,000 $506,429 $4,483 3.21%
41% 26 $9,780,000 $376,154 $3,842 3.07%
43% 26 $12,290,000 $472,692 $4,064 3.13%
40% 24 $11,480,000 $478,333 $3,693 3.13%
36% 23 $9,415,000 $409,348 $4,554 3.20%
37% 20 $12,170,000 $608,500 $3,777 3.09%
38% 20 $9,560,000 $478,000 $5,178 3.09%
44% 19 $6,565,000 $345,526 $3,186 3.11%
47% 17 $5,665,000 $333,235 $2,930 3.24%
46% 15 $7,985,000 $532,333 $3,385 3.09%
45% 13 $4,235,000 $325,769 $4,331 3.01%
48% 12 $5,050,000 $420,833 $4,026 3.36%
49% 10 $3,640,000 $364,000 $3,429 3.16%
50-60% 8 $3,090,000 $386,250 $3,794 3.13%

First Federal Savings And Loan Association Of Port Angeles lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 112 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 84 $246,010,000 $2,928,690 $0 3.97%
White 544 $210,240,000 $386,471 $3,662 3.11%
Not provided 68 $29,020,000 $426,765 $4,238 3.15%
Asian 47 $21,635,000 $460,319 $3,707 3.09%
American Indian 12 $2,850,000 $237,500 $2,757 3.13%
Black 3 $1,535,000 $511,667 $3,911 3.41%

Approval Rates

Total approvals of all applications
93.32%

First Federal Savings And Loan Association Of Port Angeles has an average approval rate.

Pick Rate

Approvals leading to origination
82.74%

First Federal Savings And Loan Association Of Port Angeles has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 758 $511,290,000 $674,525

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
758 $511,290,000 $674,525

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 144 $34,150,000 $237,153 $2,519 2.93%
40-60% 207 $150,245,000 $725,821 $3,501 3.11%
60-80% 276 $274,130,000 $993,225 $4,609 3.38%
80-100% 74 $34,230,000 $462,568 $4,859 3.14%
Over 100% 1 $425,000 $425,000 $15,464 3.25%
Under 20% 55 $18,085,000 $328,818 $1,388 3.53%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
FIRST AMERICAN FINANCIAL CORPORATION Conventional home mortgage Trouble during payment process 3 42.9%
FIRST AMERICAN FINANCIAL CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Trouble during payment process 1 14.3%
FIRST AMERICAN FINANCIAL CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Federal Savings and Loan Association of Port Angeles 105 W 8th St Port Angeles, WA 98362 Full Service B&M $0
First Federal Savings and Loan Association of Port Angeles 1201 West Washington Street Sequim, WA 98382 Full Service B&M $172,031
First Federal Savings and Loan Association of Port Angeles 1270 Barkley Boulevard Bellingham, WA 98226 Full Service B&M $88,344
First Federal Savings and Loan Association of Port Angeles 131 Calawah Way Forks, WA 98331 Full Service B&M $126,701
First Federal Savings and Loan Association of Port Angeles 1321 Sims Way Port Townsend, WA 98368 Full Service B&M $192,788
First Federal Savings and Loan Association of Port Angeles 141 West First Street Port Angeles, WA 98362 Limited, Administrative $0
First Federal Savings and Loan Association of Port Angeles 1603 East First Street Port Angeles, WA 98362 Full Service B&M $326,170
First Federal Savings and Loan Association of Port Angeles 227 East 6th Street Port Angeles, WA 98362 Full Service B&M $189,326
First Federal Savings and Loan Association of Port Angeles 3035 Bucklin Hill Rd Silverdale, WA 98383 Full Service B&M $110,133
First Federal Savings and Loan Association of Port Angeles 323 High School Road Bainbridge Island, WA 98110 Full Service B&M $46,660
First Federal Savings and Loan Association of Port Angeles 333 North Sequim Avenue Sequim, WA 98382 Full Service B&M $197,301
First Federal Savings and Loan Association of Port Angeles 960 Harris Avenue, Suite 101 Bellingham, WA 98225 Full Service B&M $23,079

For 2021, First Federal Savings And Loan Association Of Port Angeles had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $63,817
Net interest income $59,409
Total noninterest income $11,785
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,062
Trading account gains and fees $0
Additional Noninterest Income $10,723
Pre-tax net operating income $17,957
Securities gains (or losses, -) $2,410
Income before extraordinary items $16,804
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $16,804
Minority interest net income $0
Net income $16,804
Sale, conversion, retirement of capital stock, net $2,724
Net operating income $14,803

First Federal Savings And Loan Association Of Port Angeles's gross interest income from loans was $63,817,000.
First Federal Savings And Loan Association Of Port Angeles's net interest income from loans was $59,409,000.
First Federal Savings And Loan Association Of Port Angeles's fee based income from loans was $1,062,000.
First Federal Savings And Loan Association Of Port Angeles's net income from loans was $16,804,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,408
Provision for credit losses $1,350
Total noninterest expense $51,887
Salaries and employee benefits $32,184
Premises and equipment expense $4,256
Additional noninterest expense $15,447
Applicable income taxes $3,563
Net charge-offs $73
Cash dividends $1,000

First Federal Savings And Loan Association Of Port Angeles's interest expense for loans was $4,408,000.
First Federal Savings And Loan Association Of Port Angeles's payroll and benefits expense were $32,184,000.
First Federal Savings And Loan Association Of Port Angeles's property, plant and equipment expenses $4,256,000.

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 $1,604,816
Deposits held in domestic offices $1,604,816
Deposits by Individuals, partnerships, and corporations $1,436,048
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $168,023
Deposits by Commercial banks and other depository institutions in U.S. $745
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $690,997
Demand deposits $381,172
Nontransaction accounts $913,819
Money market deposit accounts (MMDAs) $597,816
Other savings deposits (excluding MMDAs) $68,618
Total time deposits $247,384
Total time and savings deposits $1,223,644
Noninterest-bearing deposits $368,170
Interest-bearing deposits $1,236,646
Retail deposits $1,463,997
IRAs and Keogh plan accounts $32,096
Brokered deposits $65,734
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,917,431
Cash & Balances due from depository institutions $126,016
Interest-bearing balances $112,148
Total securities $344,211
Federal funds sold & reverse repurchase $0
Net loans and leases $1,351,305
Loan and leases loss allowance $15,124
Trading account assets $0
Bank premises and fixed assets $25,020
Other real estate owned $0
Goodwill and other intangibles $4,465
All other assets $66,414

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,917,431
Total Liabilities $1,718,771
Total deposits $1,604,816
Interest-bearing deposits $1,236,646
Deposits held in domestic offices $1,604,816
% insured (estimated) $88
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $97,450
Subordinated debt $0
All other liabilities $16,505

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,351,305
Loan and leases loss allowance $15,124
Total loans and leases (domestic) $1,366,429
All real estate loans $1,091,422
Real estate loans in domestic offices $1,091,422
Construction and development loans $226,553
Residential 1-4 family construction $68,793
Other construction, all land development and other land $157,760
Loans secured by nonfarm nonresidential properties $339,413
Nonfarm nonresidential secured by owner-occupied properties $100,681
Commercial real estate & other non-farm, non-residential $238,732
Multifamily residential real estate $167,542
1-4 family residential loans $357,914
Farmland loans $0
Loans held in foreign offices $0
Farm loans $1,103
Commercial and industrial loans $50,948
To non-U.S. addressees $0
Loans to individuals $196,150
Credit card loans $0
Related Plans $359
Consumer Auto Loans $125,308
Other loans to individuals $70,483
All other loans & leases $26,806
Loans to foreign governments and official institutions $0
Other loans $26,334
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 $1,705
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

First Federal Savings and Loan Association of Port Angeles had $1,351,305,000 of loans outstanding in 2021. $1,091,422,000 of loans were in real estate loans. $226,553,000 of loans were in development loans. $167,542,000 of loans were in multifamily mortgage loans. $357,914,000 of loans were in 1-4 family mortgage loans. $1,103,000 of loans were in farm loans. $0 of loans were in credit card loans. $125,308,000 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 128 $47,626 $372,078
Nonfarm, nonresidential loans - <$100k 9 $219 $24,333
Nonfarm, nonresidential loans - $100-250k 35 $4,859 $138,829
Nonfarm, nonresidential loans - $250k-1MM 84 $42,548 $506,524
Commercial & Industrial, US addressed loans - <$1MM 262 $26,342 $100,542
Commercial & Industrial, US addressed loans - <$100k 165 $3,409 $20,661
Commercial & Industrial, US addressed loans - $100-250k 42 $3,925 $93,452
Commercial & Industrial, US addressed loans - $250k-1MM 55 $19,008 $345,600
Agriculture operations loans - <$1MM 7 $1,103 $157,571
Agriculture operations loans - <$100k 1 $34 $34,000
Agriculture operations loans - $100-250k 4 $644 $161,000
Agriculture operations loans - $250k-1MM 2 $425 $212,500