First Southern Bank Mortgage Rates, Fees & Info
Florence, ALLEI: 254900P4A09O6AABF892
Tax ID: 63-0074813
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Mortgage Data
Bank Data
Review & Overview
First Southern Bank is a smaller bank specializing in Home Purchase and Refi loans. First Southern Bank has a high proportion of conventional loans. Their top (well, only) market is Florence.First Southern 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.
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Originations
86Origination Dollar Volume (All Markets)
$16,710,000Employee count
62Top 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 |
|---|---|---|---|---|---|
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 80 | $14,610,000 | $182,625 | $0 | 0.00% |
| Outside of Metro Areas | 6 | $2,100,000 | $350,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 86 | $16,710,000 | $194,302 | $0 | 0.00% |
For 2019, First Southern Bank's most frequently originated type of loan was Conventional, with 86 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 48 | $10,910,000 | $227,292 | $0 | 0.00% |
| Refi | 36 | $5,610,000 | $155,833 | $0 | 0.00% |
| Other | 2 | $190,000 | $95,000 | $0 | 0.00% |
For 2019, First Southern Bank's most frequently cited loan purpose was Home Purchase, with 48 originations. The 2nd most popular reason was Refi, with 36 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 86 | $16,710,000 | $194,302 | $0 | 0.00% |
For 2019, First Southern Bank's most frequently cited loan duration was Other, with 86 originations.
Loan Sizing
2019 saw First Southern Bank place emphasis on $100,000 or less loans with 36 originations, totaling $2,040,000 in origination value.
Applicant Income
First Southern Bank lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $250k+, with 14 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 86 | $16,710,000 | $194,302 | $0 | 0.00% |
First Southern Bank lent most frequently to those with DTI ratios of Exempt%, with 86 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.15%
First Southern 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 origination86.05%
First Southern Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 86 | $16,710,000 | $194,302 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 3 | $1,865,000 | $621,667 |
| Single Family (1-4 Units):Site-Built | 83 | $14,845,000 | $178,855 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 6.7% |
| FIRST HORIZON BANK | VA mortgage | Closing on a mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 3 | 20.0% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 2 | 13.3% |
| FIRST HORIZON BANK | FHA mortgage | Struggling to pay mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 1 | 6.7% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Southern Bank | 1027 Avalon Avenue Muscle Shoals, AL 35661 | Full Service B&M | $22,099 |
| First Southern Bank | 1455 Highway 72 Killen, AL 35645 | Full Service B&M | $24,784 |
| First Southern Bank | 301 South Court Street Florence, AL 35630 | Full Service B&M | $132,617 |
| First Southern Bank | 4350 County Road 47 Florence, AL 35630 | Full Service B&M | $33,031 |
| First Southern Bank | 5145 River Road Muscle Shoals, AL 35661 | Full Service B&M | $7,852 |
For 2019, First Southern Bank had 5 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $11,457 |
| Net interest income | $9,094 |
| Total noninterest income | $1,295 |
| Gross Fiduciary activities income | $-1 |
| Service charges on deposit accounts | $630 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $666 |
| Pre-tax net operating income | $3,462 |
| Securities gains (or losses, -) | $5 |
| Income before extraordinary items | $2,737 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,737 |
| Minority interest net income | $0 |
| Net income | $2,737 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,733 |
First Southern Bank's gross interest income from loans was $11,457,000.
First Southern Bank's net interest income from loans was $9,094,000.
First Southern Bank's fee based income from loans was $630,000.
First Southern Bank's net income from loans was $2,737,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,363 |
| Provision for credit losses | $240 |
| Total noninterest expense | $6,687 |
| Salaries and employee benefits | $4,016 |
| Premises and equipment expense | $587 |
| Additional noninterest expense | $2,084 |
| Applicable income taxes | $730 |
| Net charge-offs | $109 |
| Cash dividends | $0 |
First Southern Bank's interest expense for loans was $2,363,000.
First Southern Bank's payroll and benefits expense were $4,016,000.
First Southern Bank's property, plant and equipment expenses $587,000.
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 | $249,836 |
| Deposits held in domestic offices | $249,836 |
| Deposits by Individuals, partnerships, and corporations | $222,253 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $27,335 |
| Deposits by Commercial banks and other depository institutions in U.S. | $248 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $104,142 |
| Demand deposits | $104,142 |
| Nontransaction accounts | $145,694 |
| Money market deposit accounts (MMDAs) | $54,646 |
| Other savings deposits (excluding MMDAs) | $25,451 |
| Total time deposits | $65,598 |
| Total time and savings deposits | $145,694 |
| Noninterest-bearing deposits | $35,982 |
| Interest-bearing deposits | $213,854 |
| Retail deposits | $231,201 |
| IRAs and Keogh plan accounts | $9,183 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $276,719 |
| Cash & Balances due from depository institutions | $29,634 |
| Interest-bearing balances | $25,685 |
| Total securities | $21,200 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $214,465 |
| Loan and leases loss allowance | $2,902 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,605 |
| Other real estate owned | $296 |
| Goodwill and other intangibles | $0 |
| All other assets | $5,519 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $276,719 |
| Total Liabilities | $250,429 |
| Total deposits | $249,836 |
| Interest-bearing deposits | $213,854 |
| Deposits held in domestic offices | $249,836 |
| % insured (estimated) | $72 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $593 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $214,465 |
| Loan and leases loss allowance | $2,902 |
| Total loans and leases (domestic) | $217,367 |
| All real estate loans | $151,391 |
| Real estate loans in domestic offices | $151,391 |
| Construction and development loans | $17,743 |
| Residential 1-4 family construction | $4,692 |
| Other construction, all land development and other land | $13,051 |
| Loans secured by nonfarm nonresidential properties | $43,478 |
| Nonfarm nonresidential secured by owner-occupied properties | $33,431 |
| Commercial real estate & other non-farm, non-residential | $10,047 |
| Multifamily residential real estate | $5,087 |
| 1-4 family residential loans | $74,787 |
| Farmland loans | $10,296 |
| Loans held in foreign offices | $0 |
| Farm loans | $14,738 |
| Commercial and industrial loans | $32,891 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4,643 |
| Credit card loans | $0 |
| Related Plans | $33 |
| Consumer Auto Loans | $1,756 |
| Other loans to individuals | $2,854 |
| All other loans & leases | $13,980 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $4,947 |
| 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 | $673 |
| Non 1-4 family restructured loans & leases | $673 |
| Total loans and leases (foreign) | $0 |
First Southern Bank had $214,465,000 of loans outstanding in 2019. $151,391,000 of loans were in real estate loans. $17,743,000 of loans were in development loans. $5,087,000 of loans were in multifamily mortgage loans. $74,787,000 of loans were in 1-4 family mortgage loans. $14,738,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,756,000 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 | 111 | $25,685 | $231,396 |
| Nonfarm, nonresidential loans - <$100k | 28 | $1,669 | $59,607 |
| Nonfarm, nonresidential loans - $100-250k | 29 | $4,114 | $141,862 |
| Nonfarm, nonresidential loans - $250k-1MM | 54 | $19,902 | $368,556 |
| Commercial & Industrial, US addressed loans - <$1MM | 331 | $28,668 | $86,610 |
| Commercial & Industrial, US addressed loans - <$100k | 220 | $5,547 | $25,214 |
| Commercial & Industrial, US addressed loans - $100-250k | 70 | $8,540 | $122,000 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 41 | $14,581 | $355,634 |
| Farmland loans - <$1MM | 15 | $2,632 | $175,467 |
| Farmland loans - <$100k | 2 | $123 | $61,500 |
| Farmland loans - $100-250k | 8 | $978 | $122,250 |
| Farmland loans - $250k-1MM | 5 | $1,531 | $306,200 |
| Agriculture operations loans - <$1MM | 22 | $3,274 | $148,818 |
| Agriculture operations loans - <$100k | 7 | $400 | $57,143 |
| Agriculture operations loans - $100-250k | 10 | $1,655 | $165,500 |
| Agriculture operations loans - $250k-1MM | 5 | $1,219 | $243,800 |