First State Bank Of Middlebury Mortgage Rates, Fees & Info

Middlebury, IN

LEI: 549300ZLAWM1M5QAJH43

Tax ID: 35-0310540

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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    First State Bank Of Middlebury is a smaller bank specializing in Home Purchase and Refi loans. First State Bank Of Middlebury has a high proportion of conventional loans. First State Bank Of Middlebury 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 by origination volume include: Elkhart, South Bend, Warsaw, Sturgis, and Michigan City among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First State Bank Of Middlebury 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 State Bank Of Middlebury 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.40% 4/18/24
    30 Year Conventional Refi 7.52% 4/18/24
    30 Year Cash-out Refi 6.77% 4/18/24
    15 Year Conventional Purchase 7.13% 4/18/24
    15 Year Conventional Refi 6.29% 4/18/24
    15 Year Cash-out Refi 6.29% 4/18/24
    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 State Bank Of Middlebury Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First State Bank Of Middlebury. 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

    397

    Origination Dollar Volume (All Markets)

    $70,495,000

    Employee count

    110

    Awards

    First State Bank of Middlebury 30 Year Conventional Loans silver First State Bank of Middlebury 30 Year Conventional Loans silver
    Show all (2) 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
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 294 $47,160,000 $160,408 $2,135 4.77%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 40 $12,070,000 $301,750 $3,103 4.82%
    Outside of Metro Areas 33 $6,035,000 $182,879 $2,052 4.74%
    Warsaw, IN (FHA|USDA|VA) 11 $2,195,000 $199,545 $1,855 4.72%
    Sturgis, MI (FHA|USDA|VA) 13 $2,005,000 $154,231 $2,183 4.97%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $425,000 $425,000 $2,127 3.63%
    Plymouth, IN (FHA|USDA|VA) 2 $260,000 $130,000 $0 6.10%
    Kendallville, IN (FHA|USDA|VA) 1 $175,000 $175,000 $1,894 5.13%
    NILES, MI (FHA|USDA|VA) 2 $170,000 $85,000 $0 0.00%
    First State Bank Of Middlebury's top markets include Elkhart, South Bend, Warsaw, Sturgis, and Michigan City among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 90
    SUMMIT MORTGAGE, INC.
    Similarity Rank: 216
    INTERRA CREDIT UNION
    Similarity Rank: 416
    First State Bank of Middlebury
    Similarity Rank: 549
    TEACHERS CREDIT UNION
    Similarity Rank: 714
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 1015
    Honor Credit Union
    Similarity Rank: 1680
    CIBM Bank
    Similarity Rank: 1849
    MutualBank
    Similarity Rank: 1872
    Centier Bank
    Similarity Rank: 1971

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 289 $47,305,000 $163,685 $2,203 4.78%
    Conventional 107 $22,995,000 $214,907 $0 0.00%
    FHA 1 $195,000 $195,000 $0 0.00%

    For 2018, First State Bank Of Middlebury's most frequently originated type of loan was Conventional, with 289 originations. Their 2nd most popular type was Conventional, with 107 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 266 $45,250,000 $170,113 $2,240 4.81%
    Refi 84 $19,500,000 $232,143 $2,010 4.76%
    Other 26 $2,180,000 $83,846 $1,488 4.88%
    Cash Out Refi 20 $3,460,000 $173,000 $3,149 4.37%
    Home Improvement 1 $105,000 $105,000 $2,612 3.50%

    For 2018, First State Bank Of Middlebury's most frequently cited loan purpose was Home Purchase, with 266 originations. The 2nd most popular reason was Refi, with 84 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 183 $33,925,000 $185,383 $2,468 4.70%
    Other 109 $23,325,000 $213,991 $2,101 4.88%
    15 Year 87 $9,345,000 $107,414 $1,549 4.90%
    20 Year 13 $3,475,000 $267,308 $2,449 4.70%
    10 Year 3 $255,000 $85,000 $429 5.81%
    5 Year 2 $170,000 $85,000 $1,191 5.28%

    For 2018, First State Bank Of Middlebury's most frequently cited loan duration was 30 Year, with 183 originations. The 2nd most popular length was Other, with 109 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 161 $24,735,000 $153,634
    $1k-2k 74 $12,900,000 $174,324
    $2k-3k 22 $3,960,000 $180,000
    $3k-4k 7 $1,405,000 $200,714
    $4k-5k 4 $880,000 $220,000
    $5k+ 3 $895,000 $298,333

    First State Bank Of Middlebury's average total fees were $2,468, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 161 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 193 $35,095,000 $181,839
    5-6% 67 $7,905,000 $117,985
    3-4% 18 $3,480,000 $193,333
    6-7% 11 $825,000 $75,000

    During 2018, First State Bank Of Middlebury's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 193 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 157 $22,735,000 $144,809 $2,403 4.66%
    $100,000 or less 119 $6,685,000 $56,176 $1,424 5.07%
    $200k-400k 104 $27,930,000 $268,558 $2,680 4.64%
    $400k-600k 15 $7,225,000 $481,667 $2,695 4.54%
    $1MM+ 2 $5,920,000 $2,960,000 $2,558 4.88%

    2018 saw First State Bank Of Middlebury place emphasis on $100k-200k loans with 157 originations, totaling $22,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 112 $18,260,000 $163,036 $1,964 4.77%
    $50k or less 94 $9,630,000 $102,447 $2,104 4.70%
    $75k-100k 77 $12,935,000 $167,987 $2,300 4.70%
    $100k-150k 54 $11,870,000 $219,815 $2,326 4.75%
    $150k-250k 19 $3,755,000 $197,632 $2,361 4.66%
    $250k+ 19 $5,925,000 $311,842 $3,349 4.83%

    First State Bank Of Middlebury lent most frequently to those with incomes in the $50k-75k range, with 112 originations. The second most popular income band? $50k or less, with 94 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 69 $11,965,000 $173,406 $2,292 4.63%
    30-36% 61 $10,375,000 $170,082 $2,265 4.71%
    <20% 33 $5,105,000 $154,697 $2,369 4.50%
    40% 15 $2,845,000 $189,667 $1,980 4.88%
    42% 14 $1,820,000 $130,000 $1,668 5.15%
    41% 12 $2,200,000 $183,333 $1,941 4.82%
    38% 11 $2,055,000 $186,818 $2,116 4.91%
    43% 10 $1,140,000 $114,000 $2,148 4.90%
    39% 8 $1,460,000 $182,500 $2,769 4.61%
    37% 8 $1,270,000 $158,750 $2,341 4.56%
    36% 8 $1,030,000 $128,750 $2,012 4.66%
    44% 6 $1,070,000 $178,333 $2,220 4.69%
    45% 5 $885,000 $177,000 $1,919 4.88%
    50-60% 4 $500,000 $125,000 $2,437 5.23%
    48% 3 $355,000 $118,333 $1,724 4.38%
    46% 2 $410,000 $205,000 $1,758 4.94%
    47% 2 $300,000 $150,000 $2,293 5.00%
    49% 1 $215,000 $215,000 $2,405 4.63%
    >60% 1 $15,000 $15,000 $957 5.50%

    First State Bank Of Middlebury lent most frequently to those with DTI ratios of 20-30%, with 69 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 369 $62,105,000 $168,306 $2,220 4.74%
    Not applicable 18 $7,140,000 $396,667 $0 5.76%
    Asian 4 $750,000 $187,500 $2,011 4.63%
    Black 3 $275,000 $91,667 $1,698 4.79%
    Not provided 2 $180,000 $90,000 $1,028 5.06%
    American Indian 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.10%

    First State Bank Of Middlebury 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
    90.68%

    First State Bank Of Middlebury has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 397 $70,495,000 $177,569

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $6,395,000 $1,279,000
    Single Family (1-4 Units):Manufactured 19 $2,035,000 $107,105
    Single Family (1-4 Units):Site-Built 373 $62,065,000 $166,394

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,520,000 $108,571 $1,729 4.77%
    40-60% 23 $4,395,000 $191,087 $2,056 4.52%
    60-80% 96 $18,420,000 $191,875 $2,553 4.64%
    80-100% 123 $21,495,000 $174,756 $2,394 4.76%
    Over 100% 3 $615,000 $205,000 $3,990 4.83%
    Under 20% 30 $860,000 $28,667 $609 5.49%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST NATIONAL BANK OF OMAHA Conventional home mortgage Struggling to pay mortgage 1 50.0%
    FIRST NATIONAL BANK OF OMAHA Home equity loan or line of credit (HELOC) Closing on a mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First State Bank of Middlebury 111 South Main Street Middlebury, IN 46540 Full Service B&M $230,279
    First State Bank of Middlebury 1515 Cobblestone Boulevlard Elkhart, IN 46516 Full Service B&M $29,429
    First State Bank of Middlebury 17977 Cleveland Road South Bend, IN 46635 Full Service B&M $15,382
    First State Bank of Middlebury 1820 Greencroft Boulevard Goshen, IN 46526 Full Service B&M $15,411
    First State Bank of Middlebury 200 Nibco Parkway Elkhart, IN 46516 Full Service B&M $45,669
    First State Bank of Middlebury 201 North Main Street Goshen, IN 46526 Full Service B&M $104,211

    For 2018, First State Bank Of Middlebury had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $24,868
    Net interest income $22,142
    Total noninterest income $4,472
    Gross Fiduciary activities income $843
    Service charges on deposit accounts $839
    Trading account gains and fees $0
    Additional Noninterest Income $2,790
    Pre-tax net operating income $8,726
    Securities gains (or losses, -) $503
    Income before extraordinary items $7,836
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,836
    Minority interest net income $0
    Net income $7,836
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,408

    First State Bank Of Middlebury's gross interest income from loans was $24,868,000.
    First State Bank Of Middlebury's net interest income from loans was $22,142,000.
    First State Bank Of Middlebury's fee based income from loans was $839,000.
    First State Bank Of Middlebury's net income from loans was $7,836,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,726
    Provision for credit losses $1,167
    Total noninterest expense $16,721
    Salaries and employee benefits $9,265
    Premises and equipment expense $2,041
    Additional noninterest expense $5,415
    Applicable income taxes $1,393
    Net charge-offs $-106
    Cash dividends $1,400

    First State Bank Of Middlebury's interest expense for loans was $2,726,000.
    First State Bank Of Middlebury's payroll and benefits expense were $9,265,000.
    First State Bank Of Middlebury's property, plant and equipment expenses $2,041,000.

    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 $468,055
    Deposits held in domestic offices $468,055
    Deposits by Individuals, partnerships, and corporations $403,974
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $64,081
    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 $43,911
    Demand deposits $16,272
    Nontransaction accounts $424,144
    Money market deposit accounts (MMDAs) $23,692
    Other savings deposits (excluding MMDAs) $278,644
    Total time deposits $121,808
    Total time and savings deposits $451,783
    Noninterest-bearing deposits $95,368
    Interest-bearing deposits $372,687
    Retail deposits $429,753
    IRAs and Keogh plan accounts $16,370
    Brokered deposits $3,911
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $564,490
    Cash & Balances due from depository institutions $20,170
    Interest-bearing balances $1,634
    Total securities $102,119
    Federal funds sold & reverse repurchase $0
    Net loans and leases $418,192
    Loan and leases loss allowance $5,687
    Trading account assets $0
    Bank premises and fixed assets $3,953
    Other real estate owned $0
    Goodwill and other intangibles $1,822
    All other assets $18,234

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $564,490
    Total Liabilities $503,959
    Total deposits $468,055
    Interest-bearing deposits $372,687
    Deposits held in domestic offices $468,055
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $13,649
    Trading liabilities $0
    Other borrowed funds $17,047
    Subordinated debt $0
    All other liabilities $5,208

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $418,192
    Loan and leases loss allowance $5,687
    Total loans and leases (domestic) $423,879
    All real estate loans $325,803
    Real estate loans in domestic offices $325,803
    Construction and development loans $2,705
    Residential 1-4 family construction $1,112
    Other construction, all land development and other land $1,593
    Loans secured by nonfarm nonresidential properties $126,396
    Nonfarm nonresidential secured by owner-occupied properties $79,211
    Commercial real estate & other non-farm, non-residential $47,185
    Multifamily residential real estate $12,132
    1-4 family residential loans $150,495
    Farmland loans $34,075
    Loans held in foreign offices $0
    Farm loans $5,068
    Commercial and industrial loans $77,408
    To non-U.S. addressees $0
    Loans to individuals $10,692
    Credit card loans $260
    Related Plans $165
    Consumer Auto Loans $2,211
    Other loans to individuals $8,056
    All other loans & leases $5,116
    Loans to foreign governments and official institutions $0
    Other loans $50
    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 $1,533
    Non 1-4 family restructured loans & leases $1,163
    Total loans and leases (foreign) $0

    First State Bank of Middlebury had $418,192,000 of loans outstanding in 2018. $325,803,000 of loans were in real estate loans. $2,705,000 of loans were in development loans. $12,132,000 of loans were in multifamily mortgage loans. $150,495,000 of loans were in 1-4 family mortgage loans. $5,068,000 of loans were in farm loans. $260,000 of loans were in credit card loans. $2,211,000 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 348 $73,562 $211,385
    Nonfarm, nonresidential loans - <$100k 75 $3,493 $46,573
    Nonfarm, nonresidential loans - $100-250k 119 $14,396 $120,975
    Nonfarm, nonresidential loans - $250k-1MM 154 $55,673 $361,513
    Commercial & Industrial, US addressed loans - <$1MM 782 $53,145 $67,960
    Commercial & Industrial, US addressed loans - <$100k 509 $11,104 $21,815
    Commercial & Industrial, US addressed loans - $100-250k 148 $13,289 $89,791
    Commercial & Industrial, US addressed loans - $250k-1MM 125 $28,752 $230,016
    Farmland loans - <$1MM 45 $6,987 $155,267
    Farmland loans - <$100k 10 $338 $33,800
    Farmland loans - $100-250k 17 $2,071 $121,824
    Farmland loans - $250k-1MM 18 $4,578 $254,333
    Agriculture operations loans - <$1MM 64 $2,803 $43,797
    Agriculture operations loans - <$100k 56 $1,116 $19,929
    Agriculture operations loans - $100-250k 3 $308 $102,667
    Agriculture operations loans - $250k-1MM 5 $1,379 $275,800