Morris Bank Mortgage Rates, Fees & Info

Dublin, GA

LEI: 254900VA7WQ1PZGYI558

Tax ID: 58-0806683

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Morris Bank is a smaller bank specializing in Home Purchase and Refi loans. Morris Bank has a high proportion of conventional loans. Their top markets include Macon, Warner Robins, Statesboro, Savannah, and Dublin among others. Morris Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

437

Origination Dollar Volume (All Markets)

$127,505,000

Employee count

191

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 95 $24,585,000 $258,789 $0 0.00%
WARNER ROBINS, GA (FHA|USDA|VA) 72 $22,470,000 $312,083 $0 0.00%
Outside of Metro Areas 48 $18,340,000 $382,083 $0 0.00%
Statesboro, GA (FHA|USDA|VA) 64 $13,830,000 $216,094 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 14 $10,790,000 $770,714 $0 0.00%
Dublin, GA (FHA|USDA|VA) 73 $7,625,000 $104,452 $0 0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 4 $4,930,000 $1,232,500 $0 0.00%
Milledgeville, GA (FHA|USDA|VA) 21 $4,745,000 $225,952 $0 0.00%
BRUNSWICK, GA (FHA|USDA|VA) 7 $3,115,000 $445,000 $0 0.00%
Cullowhee, NC (FHA|USDA|VA) 1 $3,115,000 $3,115,000 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 10 $3,030,000 $303,000 $0 0.00%
GAINESVILLE, GA (FHA|USDA|VA) 2 $2,600,000 $1,300,000 $0 0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 9 $2,235,000 $248,333 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $0 0.00%
ASHEVILLE, NC (FHA|USDA|VA) 2 $890,000 $445,000 $0 0.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $695,000 $695,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $655,000 $655,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
ALBANY, GA (FHA|USDA|VA) 4 $470,000 $117,500 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
Vidalia, GA (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Thomaston, GA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%

Morris Bank's top markets include Macon, Warner Robins, Statesboro, Savannah, and Dublin among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 437 $127,505,000 $291,773 $0 0.00%

For the 2021 period, Morris Bank's most frequently originated loan type of loans were Conventional, with 437 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 215 $62,745,000 $291,837 $0 0.00%
Refi 202 $61,780,000 $305,842 $0 0.00%
Home Improvement 14 $1,480,000 $105,714 $0 0.00%
Other 6 $1,500,000 $250,000 $0 0.00%

For the 2021, Morris Bank's most frequently cited loan purpose of loans were Home Purchase, with 215 originations. The 2nd most popular reason of loans were Refi, with 202 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 437 $127,505,000 $291,773 $0 0.00%

For the 2021, Morris Bank's most frequently cited loan length of loans were Other, with 437 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 197 $9,775,000 $49,619 $0 0.00%
$100k-200k 108 $15,480,000 $143,333 $0 0.00%
$200k-400k 68 $18,960,000 $278,824 $0 0.00%
$400k-600k 27 $13,285,000 $492,037 $0 0.00%
$1MM+ 20 $57,180,000 $2,859,000 $0 0.00%
$600k-1MM 17 $12,825,000 $754,412 $0 0.00%

2021 saw Morris Bank place emphasis on $100,000 or less loans with 197 originations, totaling $9,775,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 51 $3,675,000 $72,059 $0 0.00%
$75k-100k 45 $5,245,000 $116,556 $0 0.00%
$50k-75k 44 $3,450,000 $78,409 $0 0.00%
$250k+ 40 $16,080,000 $402,000 $0 0.00%
$100k-150k 37 $4,225,000 $114,189 $0 0.00%
$150k-250k 37 $7,315,000 $197,703 $0 0.00%

Morris Bank lent most frequently to those with incomes in the $50k or less range, with 51 originations. The second most popular income band? $75k-100k, with 45 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 437 $127,505,000 $291,773 $0 0.00%

Morris Bank lent most frequently to those with DTI ratios of Exempt%, with 437 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 182 $87,330,000 $479,835 $0 0.00%
White 192 $32,250,000 $167,969 $0 0.00%
Black 34 $3,250,000 $95,588 $0 0.00%
Not provided 24 $2,840,000 $118,333 $0 0.00%
Asian 5 $1,835,000 $367,000 $0 0.00%

Approval Rates

Total approvals of all applications
84.84%

Morris Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
80.12%

Morris Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 437 $127,505,000 $291,773

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
437 $127,505,000 $291,773

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Morris Bank 1041 Georgia Highway 96 Warner Robins, GA 31088 Full Service B&M $22,903
Morris Bank 29 North Parker Avenue Brooklet, GA 30415 Full Service B&M $45,372
Morris Bank 301 Bellevue Avenue Dublin, GA 31021 Full Service B&M $327,792
Morris Bank 464 S. Houston Lake Road Warner Robins, GA 31088 Full Service B&M $128,339
Morris Bank 777 Brannen Street Statesboro, GA 30458 Full Service B&M $25,897
Morris Bank 809 Carroll Street Perry, GA 31096 Full Service B&M $33,275
Morris Bank 110 Hwy 18 Connector Gray, GA 31032 Full Service B&M $197,319
Morris Bank 2003 Veterans Blvd Dublin, GA 31021 Full Service B&M $175,955
Morris Bank 201 North Main Street Statesboro, GA 30458 Full Service B&M $157,697
Morris Bank 280 Milledgeville Highway Gordon, GA 31031 Full Service B&M $47,334

For 2021, Morris Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $58,424
Net interest income $56,085
Total noninterest income $5,371
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,984
Trading account gains and fees $0
Additional Noninterest Income $3,387
Pre-tax net operating income $28,138
Securities gains (or losses, -) $300
Income before extraordinary items $26,174
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $26,174
Minority interest net income $0
Net income $26,174
Sale, conversion, retirement of capital stock, net $0
Net operating income $25,898

Morris Bank's gross interest income from loans was $58,424,000.
Morris Bank's net interest income from loans was $56,085,000.
Morris Bank's fee based income from loans was $1,984,000.
Morris Bank's net income from loans was $26,174,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,339
Provision for credit losses $2,000
Total noninterest expense $31,318
Salaries and employee benefits $18,242
Premises and equipment expense $2,762
Additional noninterest expense $10,314
Applicable income taxes $2,264
Net charge-offs $773
Cash dividends $6,000

Morris Bank's interest expense for loans was $2,339,000.
Morris Bank's payroll and benefits expense were $18,242,000.
Morris Bank's property, plant and equipment expenses $2,762,000.

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 $1,230,119
Deposits held in domestic offices $1,230,119
Deposits by Individuals, partnerships, and corporations $1,005,961
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $224,158
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 $615,453
Demand deposits $343,724
Nontransaction accounts $614,666
Money market deposit accounts (MMDAs) $373,941
Other savings deposits (excluding MMDAs) $62,198
Total time deposits $178,527
Total time and savings deposits $886,395
Noninterest-bearing deposits $343,725
Interest-bearing deposits $886,394
Retail deposits $1,184,091
IRAs and Keogh plan accounts $27,470
Brokered deposits $2,012
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,406,649
Cash & Balances due from depository institutions $160,134
Interest-bearing balances $154,998
Total securities $256,102
Federal funds sold & reverse repurchase $14,278
Net loans and leases $913,955
Loan and leases loss allowance $12,008
Trading account assets $0
Bank premises and fixed assets $16,178
Other real estate owned $5,306
Goodwill and other intangibles $11,342
All other assets $29,354

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,406,649
Total Liabilities $1,239,983
Total deposits $1,230,119
Interest-bearing deposits $886,394
Deposits held in domestic offices $1,230,119
% insured (estimated) $58
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $9,864

Issued Loan Types

Type Value (in 000's)
Net loans and leases $913,955
Loan and leases loss allowance $12,008
Total loans and leases (domestic) $925,963
All real estate loans $778,488
Real estate loans in domestic offices $778,488
Construction and development loans $163,868
Residential 1-4 family construction $32,059
Other construction, all land development and other land $131,809
Loans secured by nonfarm nonresidential properties $343,958
Nonfarm nonresidential secured by owner-occupied properties $131,917
Commercial real estate & other non-farm, non-residential $212,041
Multifamily residential real estate $32,115
1-4 family residential loans $200,228
Farmland loans $38,319
Loans held in foreign offices $0
Farm loans $12,111
Commercial and industrial loans $111,490
To non-U.S. addressees $0
Loans to individuals $23,676
Credit card loans $0
Related Plans $285
Consumer Auto Loans $8,141
Other loans to individuals $15,250
All other loans & leases $2,486
Loans to foreign governments and official institutions $0
Other loans $585
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 $5,212
Non 1-4 family restructured loans & leases $4,807
Total loans and leases (foreign) $0

Morris Bank had $913,955,000 of loans outstanding in 2021. $778,488,000 of loans were in real estate loans. $163,868,000 of loans were in development loans. $32,115,000 of loans were in multifamily mortgage loans. $200,228,000 of loans were in 1-4 family mortgage loans. $12,111,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,141,000 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 564 $119,270 $211,472
Nonfarm, nonresidential loans - <$100k 169 $7,202 $42,615
Nonfarm, nonresidential loans - $100-250k 202 $27,342 $135,356
Nonfarm, nonresidential loans - $250k-1MM 193 $84,726 $438,995
Commercial & Industrial, US addressed loans - <$1MM 1,433 $74,294 $51,845
Commercial & Industrial, US addressed loans - <$100k 1,193 $29,477 $24,708
Commercial & Industrial, US addressed loans - $100-250k 140 $14,775 $105,536
Commercial & Industrial, US addressed loans - $250k-1MM 100 $30,042 $300,420
Farmland loans - <$1MM 104 $12,742 $122,519
Farmland loans - <$100k 45 $1,493 $33,178
Farmland loans - $100-250k 33 $4,338 $131,455
Farmland loans - $250k-1MM 26 $6,911 $265,808
Agriculture operations loans - <$1MM 71 $3,768 $53,070
Agriculture operations loans - <$100k 55 $1,287 $23,400
Agriculture operations loans - $100-250k 9 $680 $75,556
Agriculture operations loans - $250k-1MM 7 $1,801 $257,286