South Atlantic Bank Mortgage Rates, Fees & Info

Myrtle Beach, SC

LEI: 5493003I223S7AP6XL58

Tax ID: 26-1366826

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

Review & 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 by origination volume include: Myrtle Beach, Charleston, Georgetown, Hilton Head Island, and Miami among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

South Atlantic 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. South Atlantic Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.64%	12/16/24
30 Year Conventional Refi	6.45%	12/16/24
30 Year Cash-out Refi	6.63%	12/16/24
30 Year FHA Purchase	6.27%	12/16/24
15 Year Conventional Purchase	6.11%	12/16/24
15 Year Conventional Refi	5.96%	12/16/24
15 Year Cash-out Refi	5.96%	12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

South Atlantic Bank Mortgage Calculator

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This is not an official calculator from South Atlantic Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

769

Origination Dollar Volume (All Markets)

$296,255,000

Employee count

150

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
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.

Their top states include:

South Carolina (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against South Atlantic Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Barley Mortgage, LLC
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CORNING
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Product Mix

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

For 2021, South Atlantic Bank's most frequently originated type of loan was Conventional, with 769 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, South Atlantic Bank's most frequently cited loan purpose was Home Purchase, with 408 originations. The 2nd most popular reason was 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 2021, South Atlantic Bank's most frequently cited loan duration was 30 Year, with 549 originations. The 2nd most popular length was 15 Year, with 78 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	488	$153,640,000	$314,836
$2k-3k	53	$19,205,000	$362,358
$3k-4k	52	$24,990,000	$480,577
$5k+	25	$32,405,000	$1,296,200
$4k-5k	18	$11,190,000	$621,667
$1k-2k	15	$3,155,000	$210,333

South Atlantic Bank's average total fees were $4,367, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.16%, while their most frequently originated rate bucket for loans was 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
95.00%

South Atlantic Bank has an average approval rate.

Pick Rate

Approvals leading to origination
88.82%

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