First Bank Richmond Mortgage Rates, Fees & Info
Richmond, INLEI: 549300Y0F8X17ADZK505
Tax ID: 35-0309830
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Review & Overview
First Bank Richmond is a smaller bank specializing in Home Purchase and Refi loans. First Bank Richmond has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Indianapolis, Columbus, Sidney, and Dayton among others. We have data for 45 markets. (Some data included below & more in-depth data is available with an active subscription.)First Bank Richmond has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Bank Richmond 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.26% | 5/5/24 |
| 30 Year Conventional Refi | 5.75% | 5/5/24 |
| 30 Year Cash-out Refi | 6.27% | 5/5/24 |
| 15 Year Conventional Purchase | 5.89% | 5/5/24 |
| 15 Year Conventional Refi | 5.77% | 5/5/24 |
| 15 Year Cash-out Refi | 5.77% | 5/5/24 |
| 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 Bank Richmond Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
668Origination Dollar Volume (All Markets)
$146,160,000Employee count
173Awards
First Bank Richmond - 2021
First Bank Richmond is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Richmond, IN (FHA|USDA|VA) | 307 | $40,535,000 | $132,036 | $2,630 | 2.92% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 95 | $27,115,000 | $285,421 | $3,226 | 3.16% |
| COLUMBUS, OH (FHA|USDA|VA) | 9 | $23,415,000 | $2,601,667 | $3,942 | 3.40% |
| Sidney, OH (FHA|USDA|VA) | 74 | $11,120,000 | $150,270 | $3,582 | 2.94% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 40 | $7,390,000 | $184,750 | $3,841 | 2.95% |
| WHEELING, WV-OH (FHA|USDA|VA) | 1 | $4,445,000 | $4,445,000 | $0 | 3.99% |
| Connersville, IN (FHA|USDA|VA) | 32 | $4,250,000 | $132,813 | $2,676 | 3.16% |
| Outside of Metro Areas | 24 | $3,040,000 | $126,667 | $3,209 | 3.29% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $2,700,000 | $1,350,000 | $3,845 | 2.94% |
| MUNCIE, IN (FHA|USDA|VA) | 10 | $2,540,000 | $254,000 | $1,895 | 3.16% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 13 | $2,325,000 | $178,846 | $3,023 | 2.55% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $1,965,000 | $393,000 | $4,908 | 3.10% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $1,625,000 | $1,625,000 | $0 | 4.25% |
| TULSA, OK (FHA|USDA|VA) | 1 | $1,165,000 | $1,165,000 | $0 | 2.88% |
| New Castle, IN (FHA|USDA|VA) | 7 | $1,115,000 | $159,286 | $2,541 | 3.05% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $1,115,000 | $1,115,000 | $4,249 | 2.88% |
| Bellefontaine, OH (FHA|USDA|VA) | 7 | $1,095,000 | $156,429 | $3,257 | 2.48% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $3,234 | 2.50% |
| Greenville, OH (FHA|USDA|VA) | 4 | $660,000 | $165,000 | $3,859 | 2.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $4,682 | 2.44% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,590 | 3.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,741 | 2.25% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $9,501 | 2.25% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $7,654 | 2.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,400 | 2.50% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $2,635 | 2.00% |
| Angola, IN (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $8,232 | 2.88% |
| Urbana, OH (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,284 | 2.46% |
| Somerset, KY (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $6,173 | 2.88% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,355 | 3.00% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,661 | 2.56% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,634 | 3.00% |
| Washington, IN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,183 | 2.38% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,435 | 2.25% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,094 | 2.25% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,367 | 2.75% |
| Chillicothe, OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,380 | 2.25% |
| Bluffton, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,820 | 2.13% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,289 | 2.88% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,880 | 3.00% |
| Celina, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,343 | 2.25% |
| Key West, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,387 | 2.50% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,830 | 2.50% |
| Wilmington, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.25% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $1,053 | 3.93% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Bank Richmond based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 668 | $146,160,000 | $218,802 | $3,012 | 2.97% |
For 2021, First Bank Richmond's most frequently originated type of loan was Conventional, with 668 originations.
Loan Reason
For 2021, First Bank Richmond's most frequently cited loan purpose was Home Purchase, with 232 originations. The 2nd most popular reason was Refi, with 194 originations.
Loan Duration/Length
For 2021, First Bank Richmond's most frequently cited loan duration was 30 Year, with 320 originations. The 2nd most popular length was 15 Year, with 173 originations.
Origination Fees/Closing Costs
First Bank Richmond's average total fees were $3,513, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 245 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 260 | $41,250,000 | $158,654 |
| 2.5-3% | 226 | $44,140,000 | $195,310 |
| 4-5% | 95 | $22,635,000 | $238,263 |
| 3-4% | 84 | $37,790,000 | $449,881 |
| 5-6% | 3 | $345,000 | $115,000 |
During 2021, First Bank Richmond's average interest rate for loans was 2.92%, while their most frequently originated rate bucket for loans was <2.5%, with 260 originations.
Loan Sizing
2021 saw First Bank Richmond place emphasis on $100,000 or less loans with 255 originations, totaling $15,725,000 in origination value.
Applicant Income
First Bank Richmond lent most frequently to those with incomes in the $50k-75k range, with 135 originations. The second most popular income band? $50k or less, with 132 originations.
Applicant Debt to Income Ratio
First Bank Richmond lent most frequently to those with DTI ratios of 20-30%, with 210 originations. The next most common DTI ratio? <20%, with 166 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.84%
First Bank Richmond has an average approval rate.
Pick Rate
Approvals leading to origination82.19%
First Bank Richmond has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 668 | $146,160,000 | $218,802 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST REPUBLIC BANK | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| FIRST REPUBLIC BANK | Other type of mortgage | Struggling to pay mortgage | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Bank Richmond | 119 East Main Street Centerville, IN 47330 | Full Service B&M | $30,561 |
| First Bank Richmond | 121 South Ohio Avenue Sidney, OH 45365 | Full Service B&M | $65,080 |
| First Bank Richmond | 126 W High St Piqua, OH 45356 | Full Service B&M | $7,629 |
| First Bank Richmond | 138 N Sunset Dr Piqua, OH 45356 | Full Service B&M | $38,795 |
| First Bank Richmond | 1835 Marketplace Blvd Shelbyville, IN 46176 | Full Service B&M | $48,140 |
| First Bank Richmond | 1867 West Main Street Troy, OH 45373 | Full Service B&M | $43,758 |
| First Bank Richmond | 20 North 9th Street Richmond, IN 47374 | Full Service B&M | $350,118 |
| First Bank Richmond | 200 W Main St Cambridge City, IN 47327 | Full Service B&M | $55,730 |
| First Bank Richmond | 2499 Chester Boulevard Richmond, IN 47374 | Full Service B&M | $49,623 |
| First Bank Richmond | 2601 Michigan St Sidney, OH 45365 | Full Service B&M | $45,140 |
| First Bank Richmond | 2929 National Road West Richmond, IN 47374 | Full Service B&M | $27,743 |
| First Bank Richmond | 3403 East Main Street Richmond, IN 47374 | Full Service B&M | $48,139 |
| First Bank Richmond | 601 South A Street Richmond, IN 47375 | Limited, Drive-thru | $0 |
For 2021, First Bank Richmond had 13 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $45,900 |
| Net interest income | $38,157 |
| Total noninterest income | $5,805 |
| Gross Fiduciary activities income | $578 |
| Service charges on deposit accounts | $744 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $4,483 |
| Pre-tax net operating income | $16,389 |
| Securities gains (or losses, -) | $56 |
| Income before extraordinary items | $13,371 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $13,371 |
| Minority interest net income | $0 |
| Net income | $13,371 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $13,325 |
First Bank Richmond's gross interest income from loans was $45,900,000.
First Bank Richmond's net interest income from loans was $38,157,000.
First Bank Richmond's fee based income from loans was $744,000.
First Bank Richmond's net income from loans was $13,371,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $7,743 |
| Provision for credit losses | $1,430 |
| Total noninterest expense | $26,143 |
| Salaries and employee benefits | $15,482 |
| Premises and equipment expense | $2,255 |
| Additional noninterest expense | $8,406 |
| Applicable income taxes | $3,074 |
| Net charge-offs | $-92 |
| Cash dividends | $10,000 |
First Bank Richmond's interest expense for loans was $7,743,000.
First Bank Richmond's payroll and benefits expense were $15,482,000.
First Bank Richmond's property, plant and equipment expenses $2,255,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 5.0% |
| 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 | 1.0% |
| 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 | $922,862 |
| Deposits held in domestic offices | $922,862 |
| Deposits by Individuals, partnerships, and corporations | $845,972 |
| Deposits by U.S. Government | $1 |
| Deposits by States and political subdivisions in the U.S. | $76,889 |
| 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 | $301,345 |
| Demand deposits | $136,989 |
| Nontransaction accounts | $621,517 |
| Money market deposit accounts (MMDAs) | $140,447 |
| Other savings deposits (excluding MMDAs) | $113,511 |
| Total time deposits | $367,559 |
| Total time and savings deposits | $785,873 |
| Noninterest-bearing deposits | $136,989 |
| Interest-bearing deposits | $785,873 |
| Retail deposits | $739,815 |
| IRAs and Keogh plan accounts | $31,585 |
| Brokered deposits | $121,751 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,264,471 |
| Cash & Balances due from depository institutions | $23,562 |
| Interest-bearing balances | $14,565 |
| Total securities | $366,566 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $833,197 |
| Loan and leases loss allowance | $12,108 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $13,732 |
| Other real estate owned | $27 |
| Goodwill and other intangibles | $1,647 |
| All other assets | $25,740 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,264,471 |
| Total Liabilities | $1,108,146 |
| Total deposits | $922,862 |
| Interest-bearing deposits | $785,873 |
| Deposits held in domestic offices | $922,862 |
| % insured (estimated) | $75 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $180,000 |
| Subordinated debt | $0 |
| All other liabilities | $5,284 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $833,197 |
| Loan and leases loss allowance | $12,108 |
| Total loans and leases (domestic) | $845,305 |
| All real estate loans | $604,126 |
| Real estate loans in domestic offices | $604,126 |
| Construction and development loans | $93,695 |
| Residential 1-4 family construction | $7,369 |
| Other construction, all land development and other land | $86,326 |
| Loans secured by nonfarm nonresidential properties | $258,195 |
| Nonfarm nonresidential secured by owner-occupied properties | $108,896 |
| Commercial real estate & other non-farm, non-residential | $149,299 |
| Multifamily residential real estate | $107,202 |
| 1-4 family residential loans | $141,330 |
| Farmland loans | $3,704 |
| Loans held in foreign offices | $0 |
| Farm loans | $4,305 |
| Commercial and industrial loans | $92,284 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $16,055 |
| Credit card loans | $0 |
| Related Plans | $84 |
| Consumer Auto Loans | $10,496 |
| Other loans to individuals | $5,475 |
| All other loans & leases | $129,532 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $2,013 |
| 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 | $0 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First Bank Richmond had $833,197,000 of loans outstanding in 2021. $604,126,000 of loans were in real estate loans. $93,695,000 of loans were in development loans. $107,202,000 of loans were in multifamily mortgage loans. $141,330,000 of loans were in 1-4 family mortgage loans. $4,305,000 of loans were in farm loans. $0 of loans were in credit card loans. $10,496,000 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 | 246 | $56,794 | $230,870 |
| Nonfarm, nonresidential loans - <$100k | 64 | $3,510 | $54,844 |
| Nonfarm, nonresidential loans - $100-250k | 71 | $8,497 | $119,676 |
| Nonfarm, nonresidential loans - $250k-1MM | 111 | $44,787 | $403,486 |
| Commercial & Industrial, US addressed loans - <$1MM | 407 | $46,387 | $113,973 |
| Commercial & Industrial, US addressed loans - <$100k | 260 | $10,269 | $39,496 |
| Commercial & Industrial, US addressed loans - $100-250k | 58 | $7,292 | $125,724 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 89 | $28,826 | $323,888 |
| Farmland loans - <$1MM | 19 | $3,704 | $194,947 |
| Farmland loans - <$100k | 2 | $110 | $55,000 |
| Farmland loans - $100-250k | 10 | $1,313 | $131,300 |
| Farmland loans - $250k-1MM | 7 | $2,281 | $325,857 |
| Agriculture operations loans - <$1MM | 28 | $4,304 | $153,714 |
| Agriculture operations loans - <$100k | 18 | $504 | $28,000 |
| Agriculture operations loans - $100-250k | 3 | $312 | $104,000 |
| Agriculture operations loans - $250k-1MM | 7 | $3,488 | $498,286 |