Southpoint Bank Mortgage Rates, Fees & Info

Birmingham, AL

LEI: 254900E9QYJ6OX8QXL76

Tax ID: 65-1260993

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

    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. They have a low ratio of USDA loans. Their top markets by origination volume include: Birmingham, Daphne, Decatur, Huntsville, and Florence among others. We have data for 33 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.

    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
    30 Year Conventional Purchase 6.72% 4/21/24
    30 Year Conventional Refi 6.51% 4/21/24
    30 Year Cash-out Refi 6.80% 4/21/24
    30 Year FHA Purchase 7.24% 4/21/24
    30 Year FHA Refi 6.83% 4/21/24
    30 Year VA Purchase 6.16% 4/21/24
    30 Year VA Refi 6.27% 4/21/24
    30 Year USDA Purchase 6.68% 4/21/24
    15 Year Conventional Purchase 6.27% 4/21/24
    15 Year Conventional Refi 7.12% 4/21/24
    15 Year Cash-out Refi 7.12% 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.

    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

    785

    Origination Dollar Volume (All Markets)

    $145,785,000

    Employee count

    85 Show all (15) 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) 281 $63,335,000 $225,391 $2,655 4.39%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 92 $19,470,000 $211,630 $3,676 4.32%
    DECATUR, AL (FHA|USDA|VA) 120 $18,120,000 $151,000 $2,823 4.23%
    HUNTSVILLE, AL (FHA|USDA|VA) 51 $8,785,000 $172,255 $3,532 4.97%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 74 $8,500,000 $114,865 $1,944 4.18%
    MOBILE, AL (FHA|USDA|VA) 48 $7,020,000 $146,250 $2,505 4.11%
    MONTGOMERY, AL (FHA|USDA|VA) 48 $6,370,000 $132,708 $2,631 4.24%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 9 $2,635,000 $292,778 $4,022 4.11%
    TUSCALOOSA, AL (FHA|USDA|VA) 10 $1,790,000 $179,000 $2,343 4.57%
    Alexander City, AL (FHA|USDA|VA) 6 $1,610,000 $268,333 $3,421 4.13%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 4 $1,040,000 $260,000 $2,572 4.13%
    Outside of Metro Areas 7 $755,000 $107,857 $2,267 4.38%
    PANAMA CITY, FL (FHA|USDA|VA) 3 $665,000 $221,667 $5,646 4.50%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $650,000 $325,000 $5,177 4.81%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $485,000 $485,000 $5,094 4.63%
    Atmore, AL (FHA|USDA|VA) 2 $450,000 $225,000 $1,596 5.06%
    GADSDEN, AL (FHA|USDA|VA) 4 $440,000 $110,000 $2,122 4.22%
    Albertville, AL (FHA|USDA|VA) 2 $430,000 $215,000 $2,233 4.38%
    Lawrenceburg, TN (FHA|USDA|VA) 2 $390,000 $195,000 $3,702 4.00%
    Jasper, AL (FHA|USDA|VA) 1 $375,000 $375,000 $3,381 4.75%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $350,000 $175,000 $1,326 3.94%
    Cullman, AL (FHA|USDA|VA) 2 $310,000 $155,000 $2,499 4.25%
    HATTIESBURG, MS (FHA|USDA|VA) 2 $290,000 $145,000 $4,429 4.25%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 2 $270,000 $135,000 $3,740 4.13%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $245,000 $245,000 $825 4.13%
    Scottsboro, AL (FHA|USDA|VA) 2 $210,000 $105,000 $1,723 4.75%
    LAFAYETTE, LA (FHA|USDA|VA) 1 $175,000 $175,000 $3,705 3.63%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $155,000 $155,000 $4,371 3.88%
    Fort Payne, AL (FHA|USDA|VA) 1 $135,000 $135,000 $2,974 4.50%
    Troy, AL (FHA|USDA|VA) 1 $115,000 $115,000 $2,085 4.38%
    Laurel, MS (FHA|USDA|VA) 1 $85,000 $85,000 $1,911 3.63%
    Brookhaven, MS (FHA|USDA|VA) 1 $65,000 $65,000 $2,402 4.25%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $65,000 $65,000 $2,709 4.63%
    Southpoint Bank's top markets include Birmingham, Daphne, Decatur, Huntsville, and Florence among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)

    • Similar Lenders

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

    Eglin Federal Credit Union
    Similarity Rank: 15
    Heritage South Credit Union
    Similarity Rank: 36
    AMERICA'S FIRST
    Similarity Rank: 80
    TVA Community Credit Union
    Similarity Rank: 91
    Alabama Central Credit Union
    Similarity Rank: 119
    MORTGAGE ONE OF THE SOUTH, INC.
    Similarity Rank: 256
    ALABAMA CREDIT UNION
    Similarity Rank: 288
    Listerhill Credit Union
    Similarity Rank: 348
    MAX Credit Union
    Similarity Rank: 392
    Guardian Credit Union
    Similarity Rank: 605

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 449 $91,115,000 $202,929 $2,524 4.56%
    FHA 230 $35,190,000 $153,000 $3,233 4.06%
    VA 62 $13,180,000 $212,581 $4,026 4.02%
    USDA 44 $6,300,000 $143,182 $1,821 4.05%

    For 2019, Southpoint Bank's most frequently originated type of loan was Conventional, with 449 originations. Their 2nd most popular type was FHA, with 230 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 694 $123,450,000 $177,882 $2,696 4.36%
    Refi 53 $14,145,000 $266,887 $3,113 4.21%
    Cash Out Refi 31 $6,855,000 $221,129 $4,469 4.17%
    Other 7 $1,335,000 $190,714 $4,835 4.61%

    For 2019, Southpoint Bank's most frequently cited loan purpose was Home Purchase, with 694 originations. The 2nd most popular reason was Refi, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 716 $139,040,000 $194,190 $2,903 4.35%
    15 Year 28 $4,150,000 $148,214 $2,864 3.89%
    10 Year 27 $135,000 $5,000 $0 4.13%
    20 Year 9 $1,495,000 $166,111 $3,901 5.21%
    5 Year 5 $965,000 $193,000 $0 5.58%

    For 2019, Southpoint Bank's most frequently cited loan duration was 30 Year, with 716 originations. The 2nd most popular length was 15 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 586 $104,600,000 $178,498
    $1k-2k 84 $14,190,000 $168,929
    $2k-3k 37 $6,595,000 $178,243
    $3k-4k 34 $6,690,000 $196,765
    $4k-5k 24 $5,930,000 $247,083
    $5k+ 15 $6,815,000 $454,333

    Southpoint Bank's average total fees were $2,903, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 586 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 356 $65,150,000 $183,006
    3-4% 324 $60,780,000 $187,593
    5-6% 104 $19,760,000 $190,000
    6-7% 1 $95,000 $95,000

    During 2019, Southpoint Bank's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 4-5%, with 356 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 353 $52,215,000 $147,918 $2,831 4.36%
    $200k-400k 249 $66,985,000 $269,016 $3,277 4.27%
    $100,000 or less 149 $9,245,000 $62,047 $1,527 4.38%
    $400k-600k 29 $13,655,000 $470,862 $4,349 4.49%
    $600k-1MM 5 $3,685,000 $737,000 $7,742 4.88%

    2019 saw Southpoint Bank place emphasis on $100k-200k loans with 353 originations, totaling $52,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 260 $29,160,000 $112,154 $2,129 4.21%
    $50k-75k 195 $33,225,000 $170,385 $2,753 4.26%
    $75k-100k 135 $26,415,000 $195,667 $3,260 4.43%
    $100k-150k 107 $26,645,000 $249,019 $3,264 4.50%
    $150k-250k 62 $22,220,000 $358,387 $3,821 4.61%
    $250k+ 18 $6,310,000 $350,556 $3,746 4.43%

    Southpoint Bank lent most frequently to those with incomes in the $50k or less range, with 260 originations. The second most popular income band? $50k-75k, with 195 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 174 $32,730,000 $188,103 $2,908 4.38%
    30-36% 160 $29,170,000 $182,313 $2,485 4.39%
    50-60% 54 $8,980,000 $166,296 $3,237 4.13%
    <20% 49 $8,285,000 $169,082 $2,374 4.61%
    41% 41 $6,785,000 $165,488 $2,634 4.34%
    42% 39 $8,065,000 $206,795 $3,457 4.35%
    39% 35 $6,435,000 $183,857 $2,326 4.43%
    40% 29 $5,585,000 $192,586 $2,884 4.32%
    37% 28 $6,330,000 $226,071 $3,560 4.53%
    36% 28 $4,900,000 $175,000 $2,170 4.14%
    44% 25 $4,125,000 $165,000 $2,603 4.22%
    43% 23 $3,985,000 $173,261 $2,662 4.26%
    38% 20 $4,450,000 $222,500 $3,010 4.19%
    45% 18 $3,740,000 $207,778 $2,594 4.06%
    46% 17 $3,025,000 $177,941 $3,051 4.15%
    49% 13 $2,565,000 $197,308 $3,636 4.23%
    47% 12 $2,230,000 $185,833 $3,942 4.07%
    48% 11 $2,305,000 $209,545 $2,707 4.31%
    >60% 1 $285,000 $285,000 $11,647 3.50%

    Southpoint Bank lent most frequently to those with DTI ratios of 20-30%, with 174 originations. The next most common DTI ratio? 30-36%, with 160 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 666 $124,840,000 $187,447 $2,840 4.33%
    Black 82 $15,030,000 $183,293 $2,503 4.12%
    Not provided 23 $2,985,000 $129,783 $2,927 5.21%
    Asian 4 $1,160,000 $290,000 $2,213 4.44%
    Not applicable 5 $965,000 $193,000 $0 5.58%
    American Indian 4 $710,000 $177,500 $4,689 4.16%
    Chinese 1 $95,000 $95,000 $2,257 4.25%

    Approval Rates

    Total approvals of all applications
    95.80%

    Southpoint 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
    77.96%

    Southpoint Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 785 $145,785,000 $185,713

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $255,000 $255,000
    Single Family (1-4 Units):Site-Built 784 $145,530,000 $185,625

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $980,000 $122,500 $2,978 4.39%
    40-60% 47 $7,935,000 $168,830 $2,993 4.70%
    60-80% 160 $35,330,000 $220,813 $3,400 4.67%
    80-100% 528 $98,740,000 $187,008 $2,674 4.23%
    Over 100% 12 $2,650,000 $220,833 $7,426 3.97%
    Under 20% 30 $150,000 $5,000 $0 4.24%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SOUTHPOINT FINANCIAL SERVICES, INC. FHA mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    SouthPoint Bank 1101 Main Street Gardendale, AL 35071 Full Service B&M $34,802
    SouthPoint Bank 3501 Grandview Parkway Birmingham, AL 35243 Full Service B&M $223,871
    SouthPoint Bank 7278 Gadsden Highway Trussville, AL 35173 Full Service B&M $38,393
    SouthPoint Bank 9833 North Main Street Wilsonville, AL 35186 Full Service B&M $34,790

    For 2019, Southpoint Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,326
    Net interest income $14,139
    Total noninterest income $6,399
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $443
    Trading account gains and fees $0
    Additional Noninterest Income $5,956
    Pre-tax net operating income $6,522
    Securities gains (or losses, -) $2
    Income before extraordinary items $5,161
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,161
    Minority interest net income $0
    Net income $5,161
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,159

    Southpoint Bank's gross interest income from loans was $19,326,000.
    Southpoint Bank's net interest income from loans was $14,139,000.
    Southpoint Bank's fee based income from loans was $443,000.
    Southpoint Bank's net income from loans was $5,161,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,187
    Provision for credit losses $240
    Total noninterest expense $13,776
    Salaries and employee benefits $8,641
    Premises and equipment expense $866
    Additional noninterest expense $4,269
    Applicable income taxes $1,363
    Net charge-offs $209
    Cash dividends $0

    Southpoint Bank's interest expense for loans was $5,187,000.
    Southpoint Bank's payroll and benefits expense were $8,641,000.
    Southpoint Bank's property, plant and equipment expenses $866,000.

    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 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 $368,271
    Deposits held in domestic offices $368,271
    Deposits by Individuals, partnerships, and corporations $291,508
    Deposits by U.S. Government $13
    Deposits by States and political subdivisions in the U.S. $74,052
    Deposits by Commercial banks and other depository institutions in U.S. $2,698
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $45,377
    Demand deposits $42,009
    Nontransaction accounts $322,894
    Money market deposit accounts (MMDAs) $164,530
    Other savings deposits (excluding MMDAs) $13,340
    Total time deposits $145,025
    Total time and savings deposits $326,262
    Noninterest-bearing deposits $40,927
    Interest-bearing deposits $327,344
    Retail deposits $286,303
    IRAs and Keogh plan accounts $3,528
    Brokered deposits $45,793
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $410,115
    Cash & Balances due from depository institutions $12,507
    Interest-bearing balances $9,461
    Total securities $37,158
    Federal funds sold & reverse repurchase $0
    Net loans and leases $340,741
    Loan and leases loss allowance $3,586
    Trading account assets $0
    Bank premises and fixed assets $11,746
    Other real estate owned $89
    Goodwill and other intangibles $0
    All other assets $7,874

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $410,115
    Total Liabilities $371,200
    Total deposits $368,271
    Interest-bearing deposits $327,344
    Deposits held in domestic offices $368,271
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,929

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $340,741
    Loan and leases loss allowance $3,586
    Total loans and leases (domestic) $344,327
    All real estate loans $258,631
    Real estate loans in domestic offices $258,631
    Construction and development loans $43,428
    Residential 1-4 family construction $27,845
    Other construction, all land development and other land $15,583
    Loans secured by nonfarm nonresidential properties $133,145
    Nonfarm nonresidential secured by owner-occupied properties $71,510
    Commercial real estate & other non-farm, non-residential $61,635
    Multifamily residential real estate $17,166
    1-4 family residential loans $63,548
    Farmland loans $1,344
    Loans held in foreign offices $0
    Farm loans $33
    Commercial and industrial loans $76,759
    To non-U.S. addressees $0
    Loans to individuals $3,980
    Credit card loans $0
    Related Plans $247
    Consumer Auto Loans $143
    Other loans to individuals $3,590
    All other loans & leases $4,923
    Loans to foreign governments and official institutions $0
    Other loans $4,520
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,894
    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 $340,741,000 of loans outstanding in 2019. $258,631,000 of loans were in real estate loans. $43,428,000 of loans were in development loans. $17,166,000 of loans were in multifamily mortgage loans. $63,548,000 of loans were in 1-4 family mortgage loans. $33,000 of loans were in farm loans. $0 of loans were in credit card loans. $143,000 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 103 $36,761 $356,903
    Nonfarm, nonresidential loans - <$100k 7 $366 $52,286
    Nonfarm, nonresidential loans - $100-250k 20 $3,293 $164,650
    Nonfarm, nonresidential loans - $250k-1MM 76 $33,102 $435,553
    Commercial & Industrial, US addressed loans - <$1MM 480 $53,419 $111,290
    Commercial & Industrial, US addressed loans - <$100k 250 $8,141 $32,564
    Commercial & Industrial, US addressed loans - $100-250k 126 $13,710 $108,810
    Commercial & Industrial, US addressed loans - $250k-1MM 104 $31,568 $303,538
    Farmland loans - <$1MM 2 $273 $136,500
    Farmland loans - <$100k 1 $20 $20,000
    Farmland loans - $250k-1MM 1 $253 $253,000
    Agriculture operations loans - <$1MM 1 $33 $33,000
    Agriculture operations loans - <$100k 1 $33 $33,000