Grandsouth Bank Mortgage Rates, Fees & Info

Greenville, SC

LEI: 254900NLUIQMYI2MW872

Tax ID: 57-1064274

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

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Mortgage Data

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

    Grandsouth Bank is a smaller bank specializing in Home Purchase and Refi loans. Grandsouth Bank has a high proportion of conventional loans. Their top markets by origination volume include: Greenville, Charleston, Columbia, Seneca, and Spartanburg among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Grandsouth Bank 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.

    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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    Originations

    141

    Origination Dollar Volume (All Markets)

    $55,815,000

    Employee count

    199

    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
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 86 $34,790,000 $404,535 $0 0.00%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 11 $6,505,000 $591,364 $0 0.00%
    COLUMBIA, SC (FHA|USDA|VA) 12 $3,550,000 $295,833 $0 0.00%
    Seneca, SC (FHA|USDA|VA) 3 $2,445,000 $815,000 $0 0.00%
    SPARTANBURG, SC (FHA|USDA|VA) 7 $2,215,000 $316,429 $0 0.00%
    SUMTER, SC (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 0.00%
    Orangeburg, SC (FHA|USDA|VA) 12 $1,790,000 $149,167 $0 0.00%
    Georgetown, SC (FHA|USDA|VA) 3 $1,535,000 $511,667 $0 0.00%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $610,000 $305,000 $0 0.00%
    Greenwood, SC (FHA|USDA|VA) 2 $180,000 $90,000 $0 0.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    Outside of Metro Areas 1 $35,000 $35,000 $0 0.00%
    Grandsouth Bank's top markets include Greenville, Charleston, Columbia, Seneca, and Spartanburg among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $55,815,000 $395,851 $0 0.00%

    For 2021, Grandsouth Bank's most frequently originated type of loan was Conventional, with 141 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 87 $36,295,000 $417,184 $0 0.00%
    Refi 48 $18,480,000 $385,000 $0 0.00%
    Home Improvement 3 $415,000 $138,333 $0 0.00%
    Other 3 $625,000 $208,333 $0 0.00%

    For 2021, Grandsouth Bank's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 141 $55,815,000 $395,851 $0 0.00%

    For 2021, Grandsouth Bank's most frequently cited loan duration was Other, with 141 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 40 $10,930,000 $273,250 $0 0.00%
    $100k-200k 36 $5,040,000 $140,000 $0 0.00%
    $100,000 or less 21 $1,385,000 $65,952 $0 0.00%
    $400k-600k 21 $10,385,000 $494,524 $0 0.00%
    $600k-1MM 14 $10,730,000 $766,429 $0 0.00%
    $1MM+ 9 $17,345,000 $1,927,222 $0 0.00%

    2021 saw Grandsouth Bank place emphasis on $200k-400k loans with 40 originations, totaling $10,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 21 $13,425,000 $639,286 $0 0.00%
    $150k-250k 13 $5,415,000 $416,538 $0 0.00%
    $50k-75k 11 $2,035,000 $185,000 $0 0.00%
    $100k-150k 7 $1,595,000 $227,857 $0 0.00%
    $50k or less 7 $1,055,000 $150,714 $0 0.00%
    $75k-100k 4 $970,000 $242,500 $0 0.00%

    Grandsouth Bank lent most frequently to those with incomes in the $250k+ range, with 21 originations. The second most popular income band? $150k-250k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 141 $55,815,000 $395,851 $0 0.00%

    Grandsouth Bank lent most frequently to those with DTI ratios of Exempt%, with 141 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 78 $31,320,000 $401,538 $0 0.00%
    White 57 $23,265,000 $408,158 $0 0.00%
    Asian 3 $605,000 $201,667 $0 0.00%
    Native Hawaiian or Islander 1 $355,000 $355,000 $0 0.00%
    Black 2 $270,000 $135,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.53%

    Grandsouth Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.20%

    Grandsouth Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 141 $55,815,000 $395,851

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    141 $55,815,000 $395,851

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Greentree & Associates Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Grandsouth Bank 1085 St. Matthews Road Orangeburg, SC 29115 Full Service B&M $131,927
    Grandsouth Bank 1901 Assembly Street Columbia, SC 29201 Full Service B&M $66,588
    Grandsouth Bank 2204 Augusta Street Greenville, SC 29605 Full Service B&M $22,293
    Grandsouth Bank 291 East Bay Street Charleston, SC 29401 Full Service B&M $37,632
    Grandsouth Bank 325 South Main Street Anderson, SC 29621 Full Service B&M $235,968
    Grandsouth Bank 325 South Main Street Fountain Inn, SC 29644 Full Service B&M $138,882
    Grandsouth Bank 381 Halton Road Greenville, SC 29606 Full Service B&M $340,577
    Grandsouth Bank 501 West Wade Hampton Boulevard Greer, SC 29650 Full Service B&M $51,269

    For 2021, Grandsouth Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $55,003
    Net interest income $51,612
    Total noninterest income $4,591
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,244
    Trading account gains and fees $0
    Additional Noninterest Income $3,347
    Pre-tax net operating income $23,893
    Securities gains (or losses, -) $-819
    Income before extraordinary items $17,525
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $17,525
    Minority interest net income $0
    Net income $17,525
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $18,172

    Grandsouth Bank's gross interest income from loans was $55,003,000.
    Grandsouth Bank's net interest income from loans was $51,612,000.
    Grandsouth Bank's fee based income from loans was $1,244,000.
    Grandsouth Bank's net income from loans was $17,525,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,391
    Provision for credit losses $1,270
    Total noninterest expense $31,040
    Salaries and employee benefits $20,622
    Premises and equipment expense $2,311
    Additional noninterest expense $8,107
    Applicable income taxes $5,549
    Net charge-offs $119
    Cash dividends $0

    Grandsouth Bank's interest expense for loans was $3,391,000.
    Grandsouth Bank's payroll and benefits expense were $20,622,000.
    Grandsouth Bank's property, plant and equipment expenses $2,311,000.

    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 8.0%
    Credit card loans 0.0%
    Other individual loans 8.0%
    Auto loans 0.0%
    Other consumer loans 13.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,066,712
    Deposits held in domestic offices $1,066,712
    Deposits by Individuals, partnerships, and corporations $1,057,222
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $8,522
    Deposits by Commercial banks and other depository institutions in U.S. $968
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $340,814
    Demand deposits $329,477
    Nontransaction accounts $725,898
    Money market deposit accounts (MMDAs) $500,862
    Other savings deposits (excluding MMDAs) $16,177
    Total time deposits $208,858
    Total time and savings deposits $737,235
    Noninterest-bearing deposits $288,680
    Interest-bearing deposits $778,032
    Retail deposits $1,016,963
    IRAs and Keogh plan accounts $26,601
    Brokered deposits $20,586
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,203,455
    Cash & Balances due from depository institutions $125,605
    Interest-bearing balances $123,083
    Total securities $111,962
    Federal funds sold & reverse repurchase $0
    Net loans and leases $919,754
    Loan and leases loss allowance $13,723
    Trading account assets $0
    Bank premises and fixed assets $19,647
    Other real estate owned $842
    Goodwill and other intangibles $737
    All other assets $24,908

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,203,455
    Total Liabilities $1,078,187
    Total deposits $1,066,712
    Interest-bearing deposits $778,032
    Deposits held in domestic offices $1,066,712
    % insured (estimated) $62
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $5,000
    Subordinated debt $0
    All other liabilities $6,475

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $919,754
    Loan and leases loss allowance $13,723
    Total loans and leases (domestic) $933,477
    All real estate loans $691,164
    Real estate loans in domestic offices $691,164
    Construction and development loans $114,099
    Residential 1-4 family construction $38,750
    Other construction, all land development and other land $75,349
    Loans secured by nonfarm nonresidential properties $377,191
    Nonfarm nonresidential secured by owner-occupied properties $166,111
    Commercial real estate & other non-farm, non-residential $211,080
    Multifamily residential real estate $14,058
    1-4 family residential loans $154,205
    Farmland loans $31,611
    Loans held in foreign offices $0
    Farm loans $16,095
    Commercial and industrial loans $218,868
    To non-U.S. addressees $0
    Loans to individuals $7,237
    Credit card loans $0
    Related Plans $72
    Consumer Auto Loans $3,007
    Other loans to individuals $4,158
    All other loans & leases $113
    Loans to foreign governments and official institutions $0
    Other loans $113
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $4,504
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,781
    Non 1-4 family restructured loans & leases $1,204
    Total loans and leases (foreign) $0

    GrandSouth Bank had $919,754,000 of loans outstanding in 2021. $691,164,000 of loans were in real estate loans. $114,099,000 of loans were in development loans. $14,058,000 of loans were in multifamily mortgage loans. $154,205,000 of loans were in 1-4 family mortgage loans. $16,095,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,007,000 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 287 $68,110 $237,317
    Nonfarm, nonresidential loans - <$100k 54 $1,378 $25,519
    Nonfarm, nonresidential loans - $100-250k 81 $8,422 $103,975
    Nonfarm, nonresidential loans - $250k-1MM 152 $58,310 $383,618
    Commercial & Industrial, US addressed loans - <$1MM 4,621 $181,130 $39,197
    Commercial & Industrial, US addressed loans - <$100k 4,028 $73,606 $18,274
    Commercial & Industrial, US addressed loans - $100-250k 462 $62,879 $136,102
    Commercial & Industrial, US addressed loans - $250k-1MM 131 $44,645 $340,802
    Farmland loans - <$1MM 61 $8,039 $131,787
    Farmland loans - <$100k 25 $1,141 $45,640
    Farmland loans - $100-250k 24 $3,207 $133,625
    Farmland loans - $250k-1MM 12 $3,691 $307,583
    Agriculture operations loans - <$1MM 133 $10,028 $75,398
    Agriculture operations loans - <$100k 94 $2,518 $26,787
    Agriculture operations loans - $100-250k 24 $2,565 $106,875
    Agriculture operations loans - $250k-1MM 15 $4,945 $329,667