Magnolia State Bank Mortgage Rates, Fees & Info

Eastman, GA

LEI: 254900Z8I9USTJ1JA072

Tax ID: 58-0152760

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Mortgage Data

Bank Data

Review & Overview

Magnolia State Bank is a smaller bank specializing in Home Purchase and Refi loans. Magnolia State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Milledgeville, Macon, Dublin, Atlanta, and Warner Robins among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Magnolia State 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.

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Originations

79

Origination Dollar Volume (All Markets)

$6,875,000

Employee count

44

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
Outside of Metro Areas 41 $3,115,000 $75,976 $0 0.00%
Milledgeville, GA (FHA|USDA|VA) 20 $1,360,000 $68,000 $0 0.00%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 6 $970,000 $161,667 $0 0.00%
Dublin, GA (FHA|USDA|VA) 4 $470,000 $117,500 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $460,000 $230,000 $0 0.00%
WARNER ROBINS, GA (FHA|USDA|VA) 4 $250,000 $62,500 $0 0.00%
BRUNSWICK, GA (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Magnolia State Bank's top markets include Milledgeville, Macon, Dublin, Atlanta, and Warner Robins among others.

Their top states include:
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 79 $6,875,000 $87,025 $0 0.00%

    For 2021, Magnolia State Bank's most frequently originated type of loan was Conventional, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $3,850,000 $106,944 $0 0.00%
    Refi 29 $1,785,000 $61,552 $0 0.00%
    Home Improvement 9 $1,035,000 $115,000 $0 0.00%
    Cash Out Refi 5 $205,000 $41,000 $0 0.00%

    For 2021, Magnolia State Bank's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 79 $6,875,000 $87,025 $0 0.00%

    For 2021, Magnolia State Bank's most frequently cited loan duration was Other, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $3,080,000 $49,677 $0 0.00%
    $100k-200k 11 $1,525,000 $138,636 $0 0.00%
    $200k-400k 4 $1,110,000 $277,500 $0 0.00%
    $400k-600k 1 $555,000 $555,000 $0 0.00%
    $600k-1MM 1 $605,000 $605,000 $0 0.00%

    2021 saw Magnolia State Bank place emphasis on $100,000 or less loans with 62 originations, totaling $3,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 18 $980,000 $54,444 $0 0.00%
    $50k or less 14 $450,000 $32,143 $0 0.00%
    $50k-75k 12 $1,050,000 $87,500 $0 0.00%
    $100k-150k 11 $1,095,000 $99,545 $0 0.00%
    $150k-250k 6 $760,000 $126,667 $0 0.00%
    $250k+ 4 $770,000 $192,500 $0 0.00%

    Magnolia State Bank lent most frequently to those with incomes in the $75k-100k range, with 18 originations. The second most popular income band? $50k or less, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 79 $6,875,000 $87,025 $0 0.00%

    Magnolia State Bank lent most frequently to those with DTI ratios of Exempt%, with 79 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $4,430,000 $82,037 $0 0.00%
    Not applicable 14 $1,770,000 $126,429 $0 0.00%
    Black 11 $675,000 $61,364 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.29%

    Magnolia State 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
    97.47%

    Magnolia State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 79 $6,875,000 $87,025

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    79 $6,875,000 $87,025

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Magnolia State Bank 100 East Greene Street Milledgeville, GA 31061 Full Service B&M $24,511
    Magnolia State Bank 130 Oak Street Eastman, GA 31023 Full Service B&M $101,818
    Magnolia State Bank 2451 North Columbia Street Milledgeville, GA 31061 Full Service B&M $30,643
    Magnolia State Bank U.S. Highway 129 Gray, GA 31032 Full Service B&M $19,615

    For 2021, Magnolia State Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,454
    Net interest income $7,138
    Total noninterest income $720
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $757
    Trading account gains and fees $0
    Additional Noninterest Income $-37
    Pre-tax net operating income $1,952
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,952
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,952
    Minority interest net income $0
    Net income $1,952
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,952

    Magnolia State Bank's gross interest income from loans was $7,454,000.
    Magnolia State Bank's net interest income from loans was $7,138,000.
    Magnolia State Bank's fee based income from loans was $757,000.
    Magnolia State Bank's net income from loans was $1,952,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $316
    Provision for credit losses $-150
    Total noninterest expense $6,056
    Salaries and employee benefits $1,355
    Premises and equipment expense $847
    Additional noninterest expense $3,854
    Applicable income taxes $0
    Net charge-offs $-266
    Cash dividends $0

    Magnolia State Bank's interest expense for loans was $316,000.
    Magnolia State Bank's payroll and benefits expense were $1,355,000.
    Magnolia State Bank's property, plant and equipment expenses $847,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 3.0%
    HELOC loans 0.0%
    All other family 3.0%
    Commercial & industrial loans 2.0%
    Personal loans 0.0%
    Credit card loans 0.3%
    Other individual loans 0.0%
    Auto loans 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $182,599
    Deposits held in domestic offices $182,599
    Deposits by Individuals, partnerships, and corporations $163,834
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,235
    Deposits by Commercial banks and other depository institutions in U.S. $530
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $126,639
    Demand deposits $78,034
    Nontransaction accounts $55,960
    Money market deposit accounts (MMDAs) $3,886
    Other savings deposits (excluding MMDAs) $17,318
    Total time deposits $34,756
    Total time and savings deposits $104,565
    Noninterest-bearing deposits $77,118
    Interest-bearing deposits $105,481
    Retail deposits $180,033
    IRAs and Keogh plan accounts $5,941
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $204,161
    Cash & Balances due from depository institutions $86,592
    Interest-bearing balances $82,386
    Total securities $20,371
    Federal funds sold & reverse repurchase $0
    Net loans and leases $93,594
    Loan and leases loss allowance $1,340
    Trading account assets $0
    Bank premises and fixed assets $675
    Other real estate owned $1,973
    Goodwill and other intangibles $282
    All other assets $674

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $204,161
    Total Liabilities $182,824
    Total deposits $182,599
    Interest-bearing deposits $105,481
    Deposits held in domestic offices $182,599
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $225

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $93,594
    Loan and leases loss allowance $1,340
    Total loans and leases (domestic) $94,934
    All real estate loans $71,417
    Real estate loans in domestic offices $71,417
    Construction and development loans $6,620
    Residential 1-4 family construction $1,609
    Other construction, all land development and other land $5,011
    Loans secured by nonfarm nonresidential properties $22,969
    Nonfarm nonresidential secured by owner-occupied properties $8,550
    Commercial real estate & other non-farm, non-residential $14,419
    Multifamily residential real estate $3,977
    1-4 family residential loans $33,817
    Farmland loans $4,034
    Loans held in foreign offices $0
    Farm loans $495
    Commercial and industrial loans $17,302
    To non-U.S. addressees $0
    Loans to individuals $5,085
    Credit card loans $683
    Related Plans $31
    Consumer Auto Loans $2,924
    Other loans to individuals $1,447
    All other loans & leases $634
    Loans to foreign governments and official institutions $0
    Other loans $285
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $8,110
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $551
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Magnolia State Bank had $93,594,000 of loans outstanding in 2021. $71,417,000 of loans were in real estate loans. $6,620,000 of loans were in development loans. $3,977,000 of loans were in multifamily mortgage loans. $33,817,000 of loans were in 1-4 family mortgage loans. $495,000 of loans were in farm loans. $683,000 of loans were in credit card loans. $2,924,000 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 125 $11,294 $90,352
    Nonfarm, nonresidential loans - <$100k 81 $2,587 $31,938
    Nonfarm, nonresidential loans - $100-250k 29 $3,908 $134,759
    Nonfarm, nonresidential loans - $250k-1MM 15 $4,799 $319,933
    Commercial & Industrial, US addressed loans - <$1MM 306 $13,514 $44,163
    Commercial & Industrial, US addressed loans - <$100k 265 $5,013 $18,917
    Commercial & Industrial, US addressed loans - $100-250k 27 $2,843 $105,296
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $5,658 $404,143
    Farmland loans - <$1MM 43 $3,608 $83,907
    Farmland loans - <$100k 25 $868 $34,720
    Farmland loans - $100-250k 15 $1,817 $121,133
    Farmland loans - $250k-1MM 3 $923 $307,667
    Agriculture operations loans - <$1MM 10 $495 $49,500
    Agriculture operations loans - <$100k 6 $86 $14,333
    Agriculture operations loans - $100-250k 4 $409 $102,250