South Atlantic Bank Mortgage Rates, Fees & Info

Myrtle Beach, SC

LEI: 5493003I223S7AP6XL58

Tax ID: 26-1366826

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

South Atlantic Bank is a smaller bank specializing in Home Purchase and Refi loans. South Atlantic Bank has a high proportion of conventional loans. Their top markets include Myrtle Beach, Charleston, Georgetown, Hilton Head Island, and Miami among others. South Atlantic Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. South Atlantic Bank is typically an average fee lendor.


Originations

769

Origination Dollar Volume (All Markets)

$296,255,000

Employee count

150

Relative Rate

South Atlantic Bank's average 30 year fixed rate mortgage of loans were 3.16%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.01%.

Relative Fees

South Atlantic Bank's average total fees for a 30 year fixed rate mortgage are $4,367.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 422 $151,070,000 $357,986 $4,329 3.26%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 114 $53,950,000 $473,246 $4,436 3.35%
Georgetown, SC (FHA|USDA|VA) 133 $43,325,000 $325,752 $3,570 3.13%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 60 $31,190,000 $519,833 $4,772 3.37%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $21,042 3.99%
Outside of Metro Areas 6 $2,700,000 $450,000 $4,142 3.29%
Seneca, SC (FHA|USDA|VA) 1 $1,245,000 $1,245,000 $13,585 3.88%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,200,000 $300,000 $2,957 2.78%
WILMINGTON, NC (FHA|USDA|VA) 2 $1,160,000 $580,000 $3,410 3.50%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $1,080,000 $270,000 $2,898 2.91%
ASHEVILLE, NC (FHA|USDA|VA) 3 $1,005,000 $335,000 $0 3.95%
SPARTANBURG, SC (FHA|USDA|VA) 4 $930,000 $232,500 $2,771 2.84%
Forest City, NC (FHA|USDA|VA) 2 $700,000 $350,000 $3,249 3.50%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $670,000 $335,000 $3,835 2.81%
COLUMBIA, SC (FHA|USDA|VA) 4 $610,000 $152,500 $3,159 3.22%
FLORENCE, SC (FHA|USDA|VA) 1 $545,000 $545,000 $3,501 2.75%
Cullowhee, NC (FHA|USDA|VA) 1 $545,000 $545,000 $4,188 3.13%
GAINESVILLE, GA (FHA|USDA|VA) 1 $465,000 $465,000 $5,769 2.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $405,000 $405,000 $3,815 3.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $195,000 $195,000 $2,221 3.13%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $185,000 $185,000 $2,696 2.88%
SAVANNAH, GA (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.50%

South Atlantic Bank's top markets include Myrtle Beach, Charleston, Georgetown, Hilton Head Island, and Miami among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 769 $296,255,000 $385,247 $4,239 3.26%

For the 2021 period, South Atlantic Bank's most frequently originated loan type of loans were Conventional, with 769 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 408 $173,290,000 $424,730 $5,310 3.52%
Refi 206 $73,030,000 $354,515 $3,159 2.90%
Cash Out Refi 153 $48,255,000 $315,392 $3,227 3.02%
Home Improvement 2 $1,680,000 $840,000 $0 4.25%

For the 2021, South Atlantic Bank's most frequently cited loan purpose of loans were Home Purchase, with 408 originations. The 2nd most popular reason of loans were Refi, with 206 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 549 $213,575,000 $389,026 $4,367 3.16%
15 Year 78 $27,890,000 $357,564 $3,223 2.67%
5 Year 74 $23,580,000 $318,649 $0 4.16%
20 Year 24 $7,010,000 $292,083 $4,175 3.59%
Other 22 $14,820,000 $673,636 $6,983 3.83%
10 Year 14 $5,810,000 $415,000 $3,058 3.54%
1 Year 8 $3,570,000 $446,250 $6,952 4.41%

For the 2021, South Atlantic Bank's most frequently cited loan length of loans were 30 Year, with 549 originations. The 2nd most popular length of loans were 15 Year, with 78 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 488 $153,640,000 $314,836
$3k-4k 70 $36,180,000 $516,857
$2k-3k 53 $19,205,000 $362,358
$5k+ 25 $32,405,000 $1,296,200
$1k-2k 15 $3,155,000 $210,333

$4,367 of loans were South Atlantic Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 488 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 352 $162,180,000 $460,739
2.5-3% 257 $82,425,000 $320,720
<2.5% 92 $25,330,000 $275,326
4-5% 68 $26,320,000 $387,059

During 2021, South Atlantic Bank's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were 3-4%, with 352 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 295 $84,445,000 $286,254 $3,612 3.17%
$100k-200k 182 $27,760,000 $152,527 $2,972 3.14%
$400k-600k 166 $81,970,000 $493,795 $4,698 3.28%
$600k-1MM 67 $50,815,000 $758,433 $6,728 3.51%
$1MM+ 31 $49,195,000 $1,586,935 $12,920 3.67%
$100,000 or less 28 $2,070,000 $73,929 $2,857 3.82%

2021 saw South Atlantic Bank place emphasis on $200k-400k loans with 295 originations, totaling $84,445,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 143 $48,265,000 $337,517 $4,120 3.15%
$150k-250k 141 $57,895,000 $410,603 $4,550 3.20%
$250k+ 123 $84,245,000 $684,919 $6,454 3.43%
$50k-75k 114 $26,700,000 $234,211 $3,309 3.03%
$75k-100k 101 $27,495,000 $272,228 $3,446 3.03%
$50k or less 57 $9,605,000 $168,509 $2,965 2.95%

South Atlantic Bank lent most frequently to those with incomes in the $100k-150k range, with 143 originations. The second most popular income band? $150k-250k, with 141 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 157 $55,195,000 $351,561 $4,000 3.08%
30-36% 127 $48,215,000 $379,646 $4,355 3.09%
<20% 92 $41,010,000 $445,761 $4,274 3.19%
43% 39 $13,175,000 $337,821 $4,530 3.27%
42% 30 $10,920,000 $364,000 $3,677 3.08%
37% 29 $8,085,000 $278,793 $3,680 3.18%
38% 24 $10,510,000 $437,917 $4,504 3.09%
44% 23 $8,125,000 $353,261 $4,455 3.15%
36% 23 $7,745,000 $336,739 $3,718 3.05%
48% 22 $9,020,000 $410,000 $4,515 3.16%
40% 20 $6,720,000 $336,000 $3,889 3.10%
46% 20 $10,150,000 $507,500 $5,473 3.22%
49% 16 $5,830,000 $364,375 $4,235 3.24%
47% 15 $5,005,000 $333,667 $4,929 3.54%
41% 14 $3,490,000 $249,286 $3,830 3.10%
39% 14 $5,010,000 $357,857 $3,897 3.15%
45% 12 $4,720,000 $393,333 $5,150 3.50%
50-60% 3 $955,000 $318,333 $5,925 3.79%
>60% 1 $525,000 $525,000 $6,301 3.88%

South Atlantic Bank lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 127 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 618 $233,720,000 $378,188 $4,224 3.16%
Not applicable 80 $38,770,000 $484,625 $0 4.08%
Not provided 58 $20,000,000 $344,828 $4,487 3.23%
Black 8 $2,180,000 $272,500 $4,033 3.17%
Asian 4 $1,190,000 $297,500 $2,870 2.78%
Other Asian 1 $395,000 $395,000 $5,838 3.88%

Approval Rates

Total approvals of all applications
93.60%

South Atlantic Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.11%

South Atlantic Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 769 $296,255,000 $385,247

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
769 $296,255,000 $385,247

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 61 $18,255,000 $299,262 $3,501 3.01%
40-60% 160 $53,310,000 $333,188 $3,695 3.08%
60-80% 372 $157,670,000 $423,844 $4,584 3.35%
80-100% 168 $65,240,000 $388,333 $4,355 3.34%
Under 20% 8 $1,780,000 $222,500 $2,863 2.76%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
South Atlantic Bank 1 Sheridan Park Circle Bluffton, SC 29910 Full Service B&M $115,126
South Atlantic Bank 10970 Ocean Highway Pawleys Island, SC 29585 Full Service B&M $164,397
South Atlantic Bank 11019 Tournament Blvd Murrells Inlet, SC 29576 Full Service B&M $183,620
South Atlantic Bank 1187 North Fraiser Street Georgetown, SC 29440 Full Service B&M $75,807
South Atlantic Bank 1801 Highway 17 South North Myrtle Beach, SC 29582 Full Service B&M $54,174
South Atlantic Bank 3990 River Oaks Drive, Unit A Myrtle Beach, SC 29579 Full Service B&M $18,144
South Atlantic Bank 480 East Bay Street Charleston, SC 29403 Full Service B&M $28,498
South Atlantic Bank 5a Park Lane Hilton Head Island, SC 29928 Full Service B&M $45,054
South Atlantic Bank 630 29th Ave North Myrtle Beach, SC 29577 Full Service B&M $308,327
South Atlantic Bank 81 Main Street, Suite 100 Hilton Head Island, SC 29928 Full Service B&M $1,979
South Atlantic Bank 930 Johnnie Dodds Blvd. Mount Pleasant, SC 29464 Full Service B&M $39,130

For 2021, South Atlantic Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,981
Net interest income $35,831
Total noninterest income $8,634
Gross Fiduciary activities income $0
Service charges on deposit accounts $317
Trading account gains and fees $0
Additional Noninterest Income $8,317
Pre-tax net operating income $13,162
Securities gains (or losses, -) $1,066
Income before extraordinary items $11,303
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,303
Minority interest net income $0
Net income $11,303
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,460

South Atlantic Bank's gross interest income from loans was $37,981,000.
South Atlantic Bank's net interest income from loans was $35,831,000.
South Atlantic Bank's fee based income from loans was $317,000.
South Atlantic Bank's net income from loans was $11,303,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,150
Provision for credit losses $1,324
Total noninterest expense $29,979
Salaries and employee benefits $18,881
Premises and equipment expense $3,751
Additional noninterest expense $7,347
Applicable income taxes $2,925
Net charge-offs $-11
Cash dividends $0

South Atlantic Bank's interest expense for loans was $2,150,000.
South Atlantic Bank's payroll and benefits expense were $18,881,000.
South Atlantic Bank's property, plant and equipment expenses $3,751,000.

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 $1,108,319
Deposits held in domestic offices $1,108,319
Deposits by Individuals, partnerships, and corporations $1,101,710
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $6,112
Deposits by Commercial banks and other depository institutions in U.S. $498
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $531,441
Demand deposits $372,742
Nontransaction accounts $576,879
Money market deposit accounts (MMDAs) $453,530
Other savings deposits (excluding MMDAs) $46,417
Total time deposits $76,932
Total time and savings deposits $735,578
Noninterest-bearing deposits $372,742
Interest-bearing deposits $735,577
Retail deposits $1,060,950
IRAs and Keogh plan accounts $7,849
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,228,535
Cash & Balances due from depository institutions $93,140
Interest-bearing balances $83,177
Total securities $324,176
Federal funds sold & reverse repurchase $2,238
Net loans and leases $732,368
Loan and leases loss allowance $8,159
Trading account assets $10,055
Bank premises and fixed assets $27,283
Other real estate owned $0
Goodwill and other intangibles $6,241
All other assets $33,034

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,228,535
Total Liabilities $1,120,940
Total deposits $1,108,319
Interest-bearing deposits $735,577
Deposits held in domestic offices $1,108,319
% insured (estimated) $60
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $12,621

Issued Loan Types

Type Value (in 000's)
Net loans and leases $732,368
Loan and leases loss allowance $8,159
Total loans and leases (domestic) $740,527
All real estate loans $665,724
Real estate loans in domestic offices $665,724
Construction and development loans $125,928
Residential 1-4 family construction $54,387
Other construction, all land development and other land $71,541
Loans secured by nonfarm nonresidential properties $255,306
Nonfarm nonresidential secured by owner-occupied properties $142,489
Commercial real estate & other non-farm, non-residential $112,817
Multifamily residential real estate $14,422
1-4 family residential loans $269,921
Farmland loans $147
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $67,876
To non-U.S. addressees $0
Loans to individuals $8,661
Credit card loans $0
Related Plans $1,296
Consumer Auto Loans $1,288
Other loans to individuals $6,077
All other loans & leases $2
Loans to foreign governments and official institutions $0
Other loans $2
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 $291
Non 1-4 family restructured loans & leases $259
Total loans and leases (foreign) $0

South Atlantic Bank had $732,368,000 of loans outstanding in 2021. $665,724,000 of loans were in real estate loans. $125,928,000 of loans were in development loans. $14,422,000 of loans were in multifamily mortgage loans. $269,921,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,288,000 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 300 $96,663 $322,210
Nonfarm, nonresidential loans - <$100k 22 $761 $34,591
Nonfarm, nonresidential loans - $100-250k 53 $6,758 $127,509
Nonfarm, nonresidential loans - $250k-1MM 225 $89,144 $396,196
Commercial & Industrial, US addressed loans - <$1MM 822 $55,314 $67,292
Commercial & Industrial, US addressed loans - <$100k 586 $15,261 $26,043
Commercial & Industrial, US addressed loans - $100-250k 155 $17,471 $112,716
Commercial & Industrial, US addressed loans - $250k-1MM 81 $22,582 $278,790
Farmland loans - <$1MM 1 $147 $147,000
Farmland loans - $250k-1MM 1 $147 $147,000