First Ic Corporation Mortgage Rates, Fees & Info
Doraville, GALEI: 5493004LYI6NSVMGYH15
Tax ID: 50-2256078
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Review & Overview
First Ic Corporation is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. First Ic Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Atlanta, New York, Charlotte, Jacksonville, and Orlando among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)First Ic Corporation 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
125Origination Dollar Volume (All Markets)
$27,215,000Employee count
112Top 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 |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 63 | $13,115,000 | $208,175 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 11 | $4,255,000 | $386,818 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 6 | $1,300,000 | $216,667 | $0 | 0.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 7 | $1,225,000 | $175,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $660,000 | $165,000 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 0.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $0 | 0.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Lake City, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 125 | $27,215,000 | $217,720 | $0 | 0.00% |
For 2019, First Ic Corporation's most frequently originated type of loan was Conventional, with 125 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 100 | $20,540,000 | $205,400 | $0 | 0.00% |
| Cash Out Refi | 20 | $5,530,000 | $276,500 | $0 | 0.00% |
| Refi | 5 | $1,145,000 | $229,000 | $0 | 0.00% |
For 2019, First Ic Corporation's most frequently cited loan purpose was Home Purchase, with 100 originations. The 2nd most popular reason was Cash Out Refi, with 20 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 125 | $27,215,000 | $217,720 | $0 | 0.00% |
For 2019, First Ic Corporation's most frequently cited loan duration was Other, with 125 originations.
Loan Sizing
2019 saw First Ic Corporation place emphasis on $100k-200k loans with 66 originations, totaling $10,190,000 in origination value.
Applicant Income
First Ic Corporation lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $50k or less, with 38 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 125 | $27,215,000 | $217,720 | $0 | 0.00% |
First Ic Corporation lent most frequently to those with DTI ratios of Exempt%, with 125 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.26%
First Ic Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination92.00%
First Ic Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 125 | $27,215,000 | $217,720 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 125 | $27,215,000 | $217,720 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HOME MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | Other type of mortgage | Struggling to pay mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | Conventional home mortgage | Trouble during payment process | 2 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First IC Bank | 10820 Abbotts Bridge Road, Suite O Duluth, GA 30097 | Full Service B&M | $98,461 |
| First IC Bank | 1291 Old Peachtree Rd, Bldg 500 Suwanee, GA 30024 | Full Service B&M | $92,317 |
| First IC Bank | 1291 Old Peachtree Road, Building 300 Suwanee, GA 30024 | Full Service Retail | $10,852 |
| First IC Bank | 204-08 Northern Boulevard Bayside, NY 11361 | Full Service B&M | $13,369 |
| First IC Bank | 211 Broad Avenue Palisades Park, NJ 7650 | Full Service B&M | $20,886 |
| First IC Bank | 2230 Pleasant Hill Road Duluth, GA 30096 | Full Service B&M | $87,575 |
| First IC Bank | 2509 Old Denton Rd Carrollton, TX 75006 | Full Service Retail | $23,246 |
| First IC Bank | 5593 Buford Highway Doraville, GA 30340 | Full Service B&M | $183,573 |
| First IC Bank | 6170 Live Oak Parkway Norcross, GA 30093 | Full Service B&M | $11,864 |
For 2019, First Ic Corporation had 9 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $34,503 |
| Net interest income | $24,448 |
| Total noninterest income | $9,072 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,302 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $7,770 |
| Pre-tax net operating income | $14,594 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $10,814 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $10,814 |
| Minority interest net income | $0 |
| Net income | $10,814 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $10,814 |
First Ic Corporation's gross interest income from loans was $34,503,000.
First Ic Corporation's net interest income from loans was $24,448,000.
First Ic Corporation's fee based income from loans was $1,302,000.
First Ic Corporation's net income from loans was $10,814,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $10,055 |
| Provision for credit losses | $765 |
| Total noninterest expense | $18,161 |
| Salaries and employee benefits | $9,885 |
| Premises and equipment expense | $2,231 |
| Additional noninterest expense | $6,045 |
| Applicable income taxes | $3,780 |
| Net charge-offs | $-669 |
| Cash dividends | $5,000 |
First Ic Corporation's interest expense for loans was $10,055,000.
First Ic Corporation's payroll and benefits expense were $9,885,000.
First Ic Corporation's property, plant and equipment expenses $2,231,000.
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 | 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 | $620,742 |
| Deposits held in domestic offices | $620,742 |
| Deposits by Individuals, partnerships, and corporations | $588,362 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $875 |
| Deposits by Commercial banks and other depository institutions in U.S. | $31,505 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $136,974 |
| Demand deposits | $106,189 |
| Nontransaction accounts | $483,768 |
| Money market deposit accounts (MMDAs) | $107,275 |
| Other savings deposits (excluding MMDAs) | $20,156 |
| Total time deposits | $356,337 |
| Total time and savings deposits | $514,553 |
| Noninterest-bearing deposits | $106,190 |
| Interest-bearing deposits | $514,552 |
| Retail deposits | $525,158 |
| IRAs and Keogh plan accounts | $6,238 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $704,772 |
| Cash & Balances due from depository institutions | $88,608 |
| Interest-bearing balances | $81,188 |
| Total securities | $60,151 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $538,965 |
| Loan and leases loss allowance | $6,410 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $8,919 |
| Other real estate owned | $465 |
| Goodwill and other intangibles | $1,504 |
| All other assets | $6,160 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $704,772 |
| Total Liabilities | $626,721 |
| Total deposits | $620,742 |
| Interest-bearing deposits | $514,552 |
| Deposits held in domestic offices | $620,742 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $5,979 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $538,965 |
| Loan and leases loss allowance | $6,410 |
| Total loans and leases (domestic) | $545,375 |
| All real estate loans | $499,416 |
| Real estate loans in domestic offices | $499,416 |
| Construction and development loans | $2,436 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $2,436 |
| Loans secured by nonfarm nonresidential properties | $428,219 |
| Nonfarm nonresidential secured by owner-occupied properties | $188,893 |
| Commercial real estate & other non-farm, non-residential | $239,326 |
| Multifamily residential real estate | $4,085 |
| 1-4 family residential loans | $53,918 |
| Farmland loans | $10,758 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $48,099 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $122 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $122 |
| All other loans & leases | $0 |
| 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 | $0 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
First IC Corporation had $538,965,000 of loans outstanding in 2019. $499,416,000 of loans were in real estate loans. $2,436,000 of loans were in development loans. $4,085,000 of loans were in multifamily mortgage loans. $53,918,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 | 585 | $69,429 | $118,682 |
| Nonfarm, nonresidential loans - <$100k | 7 | $337 | $48,143 |
| Nonfarm, nonresidential loans - $100-250k | 31 | $240 | $7,742 |
| Nonfarm, nonresidential loans - $250k-1MM | 547 | $68,852 | $125,872 |
| Commercial & Industrial, US addressed loans - <$1MM | 227 | $26,582 | $117,101 |
| Commercial & Industrial, US addressed loans - <$100k | 56 | $1,849 | $33,018 |
| Commercial & Industrial, US addressed loans - $100-250k | 91 | $8,463 | $93,000 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 80 | $16,270 | $203,375 |
| Farmland loans - <$1MM | 8 | $2,127 | $265,875 |
| Farmland loans - $100-250k | 3 | $400 | $133,333 |
| Farmland loans - $250k-1MM | 5 | $1,727 | $345,400 |