Southern States Bank Mortgage Rates, Fees & Info

Anniston, AL

LEI: 5493001XP7X9J8PCH525

Tax ID: 20-8866792

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Southern States Bank is a smaller bank specializing in Refi and Home Purchase loans. Southern States Bank has a high proportion of conventional loans. Their top markets by origination volume include: Huntsville, Columbus, Albany, Anniston, and Birmingham among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southern States Bank has an 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

155

Origination Dollar Volume (All Markets)

$78,285,000

Employee count

188

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
HUNTSVILLE, AL (FHA\|USDA\|VA)	2	$25,180,000	$12,590,000	$0	0.00%
COLUMBUS, GA-AL (FHA\|USDA\|VA)	48	$9,360,000	$195,000	$0	0.00%
ALBANY, GA (FHA\|USDA\|VA)	1	$7,805,000	$7,805,000	$0	0.00%
ANNISTON-OXFORD, AL (FHA\|USDA\|VA)	12	$6,510,000	$542,500	$0	0.00%
BIRMINGHAM-HOOVER, AL (FHA\|USDA\|VA)	6	$6,050,000	$1,008,333	$0	0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$4,775,000	$4,775,000	$0	0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	18	$4,710,000	$261,667	$0	0.00%
AUBURN-OPELIKA, AL (FHA\|USDA\|VA)	11	$2,845,000	$258,636	$0	0.00%
ROCKY MOUNT, NC (FHA\|USDA\|VA)	1	$2,175,000	$2,175,000	$0	0.00%
Outside of Metro Areas	32	$2,160,000	$67,500	$0	0.00%
Talladega-Sylacauga, AL (FHA\|USDA\|VA)	8	$1,650,000	$206,250	$0	0.00%
TUSCALOOSA, AL (FHA\|USDA\|VA)	1	$895,000	$895,000	$0	0.00%
MACON-BIBB COUNTY, GA (FHA\|USDA\|VA)	2	$790,000	$395,000	$0	0.00%
MONTGOMERY, AL (FHA\|USDA\|VA)	3	$735,000	$245,000	$0	0.00%
LaGrange, GA-AL (FHA\|USDA\|VA)	3	$615,000	$205,000	$0	0.00%
GADSDEN, AL (FHA\|USDA\|VA)	1	$615,000	$615,000	$0	0.00%
Oxford, MS (FHA\|USDA\|VA)	1	$485,000	$485,000	$0	0.00%
WARNER ROBINS, GA (FHA\|USDA\|VA)	1	$375,000	$375,000	$0	0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	0.00%
Alexander City, AL (FHA\|USDA\|VA)	2	$270,000	$135,000	$0	0.00%

Southern States Bank's top markets include Huntsville, Columbus, Albany, Anniston, and Birmingham among others.

Their top states include:

Alabama (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Florida (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Mississippi (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	155	$78,285,000	$505,065	$0	0.00%

For 2020, Southern States Bank's most frequently originated type of loan was Conventional, with 155 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	91	$19,845,000	$218,077	$0	0.00%
Home Purchase	53	$57,015,000	$1,075,755	$0	0.00%
Home Improvement	8	$1,120,000	$140,000	$0	0.00%
Other	3	$305,000	$101,667	$0	0.00%

For 2020, Southern States Bank's most frequently cited loan purpose was Refi, with 91 originations. The 2nd most popular reason was Home Purchase, with 53 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	155	$78,285,000	$505,065	$0	0.00%

For 2020, Southern States Bank's most frequently cited loan duration was Other, with 155 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	76	$4,040,000	$53,158	$0	0.00%
$100k-200k	31	$4,345,000	$140,161	$0	0.00%
$200k-400k	21	$6,035,000	$287,381	$0	0.00%
$1MM+	10	$53,590,000	$5,359,000	$0	0.00%
$400k-600k	9	$4,245,000	$471,667	$0	0.00%
$600k-1MM	8	$6,030,000	$753,750	$0	0.00%

2020 saw Southern States Bank place emphasis on $100,000 or less loans with 76 originations, totaling $4,040,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	18	$1,280,000	$71,111	$0	0.00%
$100k-150k	17	$1,305,000	$76,765	$0	0.00%
$50k or less	16	$1,130,000	$70,625	$0	0.00%
$150k-250k	15	$2,385,000	$159,000	$0	0.00%
$75k-100k	14	$1,360,000	$97,143	$0	0.00%
$250k+	9	$3,575,000	$397,222	$0	0.00%

Southern States Bank lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $100k-150k, with 17 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	155	$78,285,000	$505,065	$0	0.00%

Southern States Bank lent most frequently to those with DTI ratios of Exempt%, with 155 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	66	$67,250,000	$1,018,939	$0	0.00%
White	71	$7,915,000	$111,479	$0	0.00%
Asian	11	$2,555,000	$232,273	$0	0.00%
Not provided	1	$435,000	$435,000	$0	0.00%
Black	6	$130,000	$21,667	$0	0.00%

Approval Rates

Total approvals of all applications
88.41%

Southern States Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.23%

Southern States Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	155	$78,285,000	$505,065

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	1	$275,000	$275,000
Multifamily:Site-Built	33	$56,985,000	$1,726,818
Single Family (1-4 Units):Manufactured	7	$285,000	$40,714
Single Family (1-4 Units):Site-Built	114	$20,740,000	$181,930

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
SOUTHERN TRUST MORTGAGE LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	2	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Southern States Bank	101 West Fort Williams Street Sylacauga, AL 35150	Full Service B&M	$52,154
Southern States Bank	117 Main Street Wedowee, AL 36278	Full Service B&M	$67,740
Southern States Bank	1326 13th Street Columbus, GA 31901	Full Service B&M	$13,015
Southern States Bank	1421 Highway 34 East Newnan, GA 30265	Full Service B&M	$42,350
Southern States Bank	21044 Main Street Ranburne, AL 36273	Full Service B&M	$37,402
Southern States Bank	2601 Frederick Road Opelika, AL 36801	Full Service B&M	$120,592
Southern States Bank	415 Church Street, Building H, Suite 100 Huntsville, AL 35801	Full Service B&M	$49,731
Southern States Bank	45 East Paulding Drive Dallas, GA 30157	Full Service B&M	$20,159
Southern States Bank	548 Main Street Roanoke, AL 36274	Full Service B&M	$57,646
Southern States Bank	5604 Whittlesey Blvd Columbus, GA 31909	Full Service B&M	$158,397
Southern States Bank	615 Quintard Avenue Anniston, AL 36202	Full Service B&M	$234,388
Southern States Bank	654 Ross Street Heflin, AL 36264	Full Service B&M	$14,205
Southern States Bank	7 Office Park Circle Birmingham, AL 35223	Full Service Retail	$48,251
Southern States Bank	815 Opelika Rd Auburn, AL 36830	Full Service B&M	$118,918
Southern States Bank	905 Maple Street Carrollton, GA 30117	Full Service B&M	$78,406

For 2020, Southern States Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$50,275
Net interest income	$42,242
Total noninterest income	$6,955
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,673
Trading account gains and fees	$0
Additional Noninterest Income	$5,282
Pre-tax net operating income	$15,054
Securities gains (or losses, -)	$752
Income before extraordinary items	$12,960
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$12,960
Minority interest net income	$0
Net income	$12,960
Sale, conversion, retirement of capital stock, net	$349
Net operating income	$12,343

Southern States Bank's gross interest income from loans was $50,275,000.
Southern States Bank's net interest income from loans was $42,242,000.
Southern States Bank's fee based income from loans was $1,673,000.
Southern States Bank's net income from loans was $12,960,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,033
Provision for credit losses	$3,300
Total noninterest expense	$30,843
Salaries and employee benefits	$18,374
Premises and equipment expense	$3,682
Additional noninterest expense	$8,787
Applicable income taxes	$2,846
Net charge-offs	$706
Cash dividends	$1,842

Southern States Bank's interest expense for loans was $8,033,000.
Southern States Bank's payroll and benefits expense were $18,374,000.
Southern States Bank's property, plant and equipment expenses $3,682,000.

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	1.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	2.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,139,822
Deposits held in domestic offices	$1,139,822
Deposits by Individuals, partnerships, and corporations	$936,519
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$113,356
Deposits by Commercial banks and other depository institutions in U.S.	$89,947
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$393,455
Demand deposits	$305,854
Nontransaction accounts	$746,367
Money market deposit accounts (MMDAs)	$373,330
Other savings deposits (excluding MMDAs)	$42,731
Total time deposits	$330,306
Total time and savings deposits	$833,968
Noninterest-bearing deposits	$291,028
Interest-bearing deposits	$848,794
Retail deposits	$1,069,072
IRAs and Keogh plan accounts	$27,020
Brokered deposits	$34,151
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,332,475
Cash & Balances due from depository institutions	$74,732
Interest-bearing balances	$51,503
Total securities	$119,018
Federal funds sold & reverse repurchase	$10,175
Net loans and leases	$1,023,952
Loan and leases loss allowance	$11,859
Trading account assets	$1,005
Bank premises and fixed assets	$24,426
Other real estate owned	$10,224
Goodwill and other intangibles	$18,626
All other assets	$50,317

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,332,475
Total Liabilities	$1,179,804
Total deposits	$1,139,822
Interest-bearing deposits	$848,794
Deposits held in domestic offices	$1,139,822
% insured (estimated)	$77
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$1,035
Other borrowed funds	$30,900
Subordinated debt	$0
All other liabilities	$8,047

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,023,952
Loan and leases loss allowance	$11,859
Total loans and leases (domestic)	$1,035,811
All real estate loans	$775,945
Real estate loans in domestic offices	$775,945
Construction and development loans	$102,707
Residential 1-4 family construction	$22,188
Other construction, all land development and other land	$80,519
Loans secured by nonfarm nonresidential properties	$498,369
Nonfarm nonresidential secured by owner-occupied properties	$324,047
Commercial real estate & other non-farm, non-residential	$174,322
Multifamily residential real estate	$44,522
1-4 family residential loans	$113,697
Farmland loans	$16,650
Loans held in foreign offices	$0
Farm loans	$813
Commercial and industrial loans	$246,274
To non-U.S. addressees	$0
Loans to individuals	$9,665
Credit card loans	$0
Related Plans	$1,628
Consumer Auto Loans	$1,394
Other loans to individuals	$6,643
All other loans & leases	$7,275
Loans to foreign governments and official institutions	$0
Other loans	$0
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	$1,171
Non 1-4 family restructured loans & leases	$634
Total loans and leases (foreign)	$0

Southern States Bank had $1,023,952,000 of loans outstanding in 2020. $775,945,000 of loans were in real estate loans. $102,707,000 of loans were in development loans. $44,522,000 of loans were in multifamily mortgage loans. $113,697,000 of loans were in 1-4 family mortgage loans. $813,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,394,000 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	470	$123,697	$263,185
Nonfarm, nonresidential loans - <$100k	65	$3,095	$47,615
Nonfarm, nonresidential loans - $100-250k	140	$17,491	$124,936
Nonfarm, nonresidential loans - $250k-1MM	265	$103,111	$389,098
Commercial & Industrial, US addressed loans - <$1MM	640	$69,563	$108,692
Commercial & Industrial, US addressed loans - <$100k	375	$11,780	$31,413
Commercial & Industrial, US addressed loans - $100-250k	138	$16,354	$118,507
Commercial & Industrial, US addressed loans - $250k-1MM	127	$41,429	$326,213
Farmland loans - <$1MM	65	$4,363	$67,123
Farmland loans - <$100k	39	$1,249	$32,026
Farmland loans - $100-250k	18	$1,690	$93,889
Farmland loans - $250k-1MM	8	$1,424	$178,000
Agriculture operations loans - <$1MM	13	$293	$22,538
Agriculture operations loans - <$100k	13	$293	$22,538