Southpoint Bank Mortgage Rates, Fees & Info

Birmingham, AL

LEI: 254900E9QYJ6OX8QXL76

Tax ID: 65-1260993

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Mortgage Data

Bank Data

Review & Overview

Southpoint Bank is a smaller bank specializing in Home Purchase loans. Southpoint Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Birmingham, Decatur, Daphne, Florence, and Montgomery among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southpoint Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Southpoint 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.72% 3/25/24
30 Year Conventional Refi 6.51% 3/25/24
30 Year Cash-out Refi 6.80% 3/25/24
30 Year FHA Purchase 7.24% 3/25/24
30 Year FHA Refi 6.83% 3/25/24
30 Year VA Purchase 6.16% 3/25/24
30 Year VA Refi 6.27% 3/25/24
30 Year USDA Purchase 6.68% 3/25/24
15 Year Conventional Purchase 6.27% 3/25/24
15 Year Conventional Refi 7.12% 3/25/24
15 Year Cash-out Refi 7.12% 3/25/24
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.

Southpoint Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Southpoint 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

607

Origination Dollar Volume (All Markets)

$115,905,000

Employee count

83 Show all (8) 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
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 259 $59,765,000 $230,753 $2,497 4.94%
DECATUR, AL (FHA|USDA|VA) 107 $15,385,000 $143,785 $2,625 4.77%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 61 $13,155,000 $215,656 $3,125 4.86%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 45 $5,645,000 $125,444 $2,371 4.75%
MONTGOMERY, AL (FHA|USDA|VA) 30 $3,890,000 $129,667 $2,778 4.85%
HUNTSVILLE, AL (FHA|USDA|VA) 22 $3,820,000 $173,636 $3,908 5.14%
MOBILE, AL (FHA|USDA|VA) 14 $2,240,000 $160,000 $2,695 4.80%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 10 $1,750,000 $175,000 $3,415 4.49%
TUSCALOOSA, AL (FHA|USDA|VA) 8 $1,360,000 $170,000 $2,008 4.90%
PANAMA CITY, FL (FHA|USDA|VA) 5 $1,155,000 $231,000 $3,774 5.00%
Outside of Metro Areas 8 $1,120,000 $140,000 $3,105 4.61%
Talladega-Sylacauga, AL (FHA|USDA|VA) 5 $1,095,000 $219,000 $3,699 4.78%
GADSDEN, AL (FHA|USDA|VA) 5 $835,000 $167,000 $3,965 4.78%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 5 $835,000 $167,000 $2,322 5.12%
Atmore, AL (FHA|USDA|VA) 3 $665,000 $221,667 $4,739 4.67%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $580,000 $290,000 $5,779 5.19%
Albertville, AL (FHA|USDA|VA) 3 $475,000 $158,333 $787 4.42%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 2 $350,000 $175,000 $820 4.38%
Enterprise, AL (FHA|USDA|VA) 1 $245,000 $245,000 $1,262 4.38%
Selma, AL (FHA|USDA|VA) 1 $245,000 $245,000 $9,984 4.63%
Cullman, AL (FHA|USDA|VA) 2 $230,000 $115,000 $1,097 4.75%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.13%
JACKSON, MS (FHA|USDA|VA) 1 $165,000 $165,000 $5,477 4.25%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $155,000 $155,000 $3,158 4.50%
HATTIESBURG, MS (FHA|USDA|VA) 1 $145,000 $145,000 $2,997 5.13%
Alexander City, AL (FHA|USDA|VA) 2 $140,000 $70,000 $2,519 4.56%
Fort Payne, AL (FHA|USDA|VA) 1 $105,000 $105,000 $1,756 4.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $105,000 $105,000 $1,385 5.88%
Cleveland, MS (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.00%
Southpoint Bank's top markets include Birmingham, Decatur, Daphne, Florence, and Montgomery among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 357 $76,275,000 $213,655 $2,432 5.00%
    FHA 165 $25,105,000 $152,152 $3,236 4.68%
    USDA 46 $6,090,000 $132,391 $1,623 4.69%
    VA 39 $8,435,000 $216,282 $4,182 4.68%

    For 2018, Southpoint Bank's most frequently originated type of loan was Conventional, with 357 originations. Their 2nd most popular type was FHA, with 165 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 535 $98,805,000 $184,682 $2,573 4.86%
    Refi 34 $9,670,000 $284,412 $2,264 4.97%
    Cash Out Refi 28 $6,410,000 $228,929 $5,458 4.93%
    Other 6 $690,000 $115,000 $3,500 4.58%
    Home Improvement 4 $330,000 $82,500 $5,493 5.57%

    For 2018, Southpoint Bank's most frequently cited loan purpose was Home Purchase, with 535 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 553 $105,235,000 $190,298 $2,747 4.86%
    15 Year 22 $3,870,000 $175,909 $2,293 4.45%
    5 Year 12 $3,920,000 $326,667 $0 5.53%
    10 Year 9 $125,000 $13,889 $1 4.88%
    20 Year 4 $770,000 $192,500 $4,117 5.13%
    30+ year 3 $1,025,000 $341,667 $5,382 5.00%
    Other 3 $725,000 $241,667 $3,317 5.65%
    1 Year 1 $235,000 $235,000 $0 6.75%

    For 2018, Southpoint Bank's most frequently cited loan duration was 30 Year, with 553 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 450 $82,040,000 $182,311
    $1k-2k 46 $6,530,000 $141,957
    $2k-3k 32 $5,550,000 $173,438
    $3k-4k 25 $5,005,000 $200,200
    $4k-5k 17 $4,275,000 $251,471
    $5k+ 14 $6,900,000 $492,857

    Southpoint Bank's average total fees were $2,747, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 450 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 457 $87,225,000 $190,864
    5-6% 137 $25,975,000 $189,599
    3-4% 9 $1,825,000 $202,778
    6-7% 4 $880,000 $220,000

    During 2018, Southpoint Bank's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 4-5%, with 457 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 274 $39,850,000 $145,438 $2,497 4.88%
    $200k-400k 206 $55,550,000 $269,660 $3,140 4.81%
    $100,000 or less 104 $7,450,000 $71,635 $1,806 4.92%
    $400k-600k 18 $8,270,000 $459,444 $4,067 5.12%
    $600k-1MM 4 $2,830,000 $707,500 $12,012 5.13%
    $1MM+ 1 $1,955,000 $1,955,000 $0 4.90%

    2018 saw Southpoint Bank place emphasis on $100k-200k loans with 274 originations, totaling $39,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 181 $21,025,000 $116,160 $2,184 4.77%
    $50k-75k 142 $22,770,000 $160,352 $2,509 4.82%
    $100k-150k 104 $27,970,000 $268,942 $3,372 4.91%
    $75k-100k 86 $18,080,000 $210,233 $2,860 4.85%
    $150k-250k 56 $16,000,000 $285,714 $3,297 4.98%
    $250k+ 20 $4,330,000 $216,500 $3,651 5.26%

    Southpoint Bank lent most frequently to those with incomes in the $50k or less range, with 181 originations. The second most popular income band? $50k-75k, with 142 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 121 $21,405,000 $176,901 $2,370 4.87%
    30-36% 113 $22,375,000 $198,009 $2,666 4.84%
    50-60% 58 $10,600,000 $182,759 $3,224 4.69%
    <20% 43 $7,055,000 $164,070 $2,920 5.13%
    42% 30 $5,960,000 $198,667 $2,568 4.90%
    40% 26 $5,950,000 $228,846 $2,826 4.77%
    41% 25 $4,785,000 $191,400 $3,170 4.87%
    46% 24 $4,120,000 $171,667 $2,433 4.76%
    39% 22 $3,990,000 $181,364 $2,429 4.73%
    37% 18 $3,290,000 $182,778 $3,587 4.77%
    38% 18 $3,630,000 $201,667 $3,771 4.95%
    43% 17 $3,055,000 $179,706 $2,056 4.88%
    44% 16 $3,070,000 $191,875 $2,327 4.76%
    45% 16 $2,800,000 $175,000 $2,932 5.00%
    49% 13 $2,905,000 $223,462 $3,004 4.79%
    36% 13 $2,615,000 $201,154 $2,556 4.99%
    47% 11 $2,155,000 $195,909 $2,025 4.72%
    48% 9 $1,515,000 $168,333 $2,416 4.76%

    Southpoint Bank lent most frequently to those with DTI ratios of 20-30%, with 121 originations. The next most common DTI ratio? 30-36%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 512 $94,160,000 $183,906 $2,713 4.86%
    Black 70 $13,650,000 $195,000 $2,549 4.87%
    Not applicable 12 $4,530,000 $377,500 $0 5.68%
    Asian 7 $2,385,000 $340,714 $4,016 4.71%
    Not provided 3 $645,000 $215,000 $2,445 4.71%
    American Indian 3 $535,000 $178,333 $3,737 4.67%

    Approval Rates

    Total approvals of all applications
    94.37%

    Southpoint Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.95%

    Southpoint Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 607 $115,905,000 $190,947

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $2,460,000 $1,230,000
    Single Family (1-4 Units):Site-Built 605 $113,445,000 $187,512

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,125,000 $102,273 $3,119 4.79%
    40-60% 43 $7,685,000 $178,721 $3,976 5.09%
    60-80% 113 $24,795,000 $219,425 $3,042 5.03%
    80-100% 419 $79,695,000 $190,203 $2,456 4.80%
    Over 100% 13 $2,565,000 $197,308 $6,428 4.89%
    Under 20% 8 $40,000 $5,000 $0 4.88%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    SouthPoint Bank 1101 Main Street Gardendale, AL 35071 Full Service B&M $32,643
    SouthPoint Bank 3501 Grandview Parkway Birmingham, AL 35243 Full Service B&M $200,735
    SouthPoint Bank 7278 Gadsden Highway Trussville, AL 35173 Full Service B&M $32,201
    SouthPoint Bank 9833 North Main Street Wilsonville, AL 35186 Full Service B&M $40,645

    For 2018, Southpoint Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,952
    Net interest income $12,422
    Total noninterest income $5,128
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $388
    Trading account gains and fees $0
    Additional Noninterest Income $4,740
    Pre-tax net operating income $5,425
    Securities gains (or losses, -) $75
    Income before extraordinary items $4,471
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,471
    Minority interest net income $0
    Net income $4,471
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,410

    Southpoint Bank's gross interest income from loans was $15,952,000.
    Southpoint Bank's net interest income from loans was $12,422,000.
    Southpoint Bank's fee based income from loans was $388,000.
    Southpoint Bank's net income from loans was $4,471,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,530
    Provision for credit losses $10
    Total noninterest expense $12,115
    Salaries and employee benefits $7,468
    Premises and equipment expense $867
    Additional noninterest expense $3,780
    Applicable income taxes $1,029
    Net charge-offs $21
    Cash dividends $0

    Southpoint Bank's interest expense for loans was $3,530,000.
    Southpoint Bank's payroll and benefits expense were $7,468,000.
    Southpoint Bank's property, plant and equipment expenses $867,000.

    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 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 $313,981
    Deposits held in domestic offices $313,981
    Deposits by Individuals, partnerships, and corporations $254,659
    Deposits by U.S. Government $6
    Deposits by States and political subdivisions in the U.S. $55,917
    Deposits by Commercial banks and other depository institutions in U.S. $3,399
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $64,478
    Demand deposits $60,574
    Nontransaction accounts $249,503
    Money market deposit accounts (MMDAs) $151,755
    Other savings deposits (excluding MMDAs) $17,722
    Total time deposits $80,026
    Total time and savings deposits $253,407
    Noninterest-bearing deposits $37,612
    Interest-bearing deposits $276,369
    Retail deposits $258,800
    IRAs and Keogh plan accounts $3,548
    Brokered deposits $28,595
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $365,096
    Cash & Balances due from depository institutions $7,673
    Interest-bearing balances $4,221
    Total securities $36,417
    Federal funds sold & reverse repurchase $0
    Net loans and leases $302,002
    Loan and leases loss allowance $3,555
    Trading account assets $0
    Bank premises and fixed assets $12,091
    Other real estate owned $221
    Goodwill and other intangibles $0
    All other assets $6,692

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $365,096
    Total Liabilities $332,496
    Total deposits $313,981
    Interest-bearing deposits $276,369
    Deposits held in domestic offices $313,981
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $17,000
    Subordinated debt $0
    All other liabilities $1,515

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $302,002
    Loan and leases loss allowance $3,555
    Total loans and leases (domestic) $305,557
    All real estate loans $228,160
    Real estate loans in domestic offices $228,160
    Construction and development loans $40,872
    Residential 1-4 family construction $25,883
    Other construction, all land development and other land $14,989
    Loans secured by nonfarm nonresidential properties $113,281
    Nonfarm nonresidential secured by owner-occupied properties $62,122
    Commercial real estate & other non-farm, non-residential $51,159
    Multifamily residential real estate $17,472
    1-4 family residential loans $55,068
    Farmland loans $1,467
    Loans held in foreign offices $0
    Farm loans $49
    Commercial and industrial loans $66,777
    To non-U.S. addressees $0
    Loans to individuals $5,327
    Credit card loans $0
    Related Plans $142
    Consumer Auto Loans $127
    Other loans to individuals $5,058
    All other loans & leases $5,244
    Loans to foreign governments and official institutions $0
    Other loans $5,183
    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

    SouthPoint Bank had $302,002,000 of loans outstanding in 2018. $228,160,000 of loans were in real estate loans. $40,872,000 of loans were in development loans. $17,472,000 of loans were in multifamily mortgage loans. $55,068,000 of loans were in 1-4 family mortgage loans. $49,000 of loans were in farm loans. $0 of loans were in credit card loans. $127,000 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 99 $37,257 $376,333
    Nonfarm, nonresidential loans - <$100k 6 $261 $43,500
    Nonfarm, nonresidential loans - $100-250k 20 $3,063 $153,150
    Nonfarm, nonresidential loans - $250k-1MM 73 $33,933 $464,836
    Commercial & Industrial, US addressed loans - <$1MM 490 $53,805 $109,806
    Commercial & Industrial, US addressed loans - <$100k 288 $8,629 $29,962
    Commercial & Industrial, US addressed loans - $100-250k 106 $12,472 $117,660
    Commercial & Industrial, US addressed loans - $250k-1MM 96 $32,704 $340,667
    Farmland loans - <$1MM 1 $368 $368,000
    Farmland loans - $250k-1MM 1 $368 $368,000
    Agriculture operations loans - <$1MM 1 $49 $49,000
    Agriculture operations loans - <$100k 1 $49 $49,000