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 loans. First Ic Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Atlanta, New York, Raleigh, Dallas, and Charlotte among others. We have data for 28 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 a below average pick rate when compared to similar lenders. First Ic Corporation is typically an average 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.
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Originations
77Origination Dollar Volume (All Markets)
$20,285,000Employee count
110Top 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) | 33 | $6,505,000 | $197,121 | $4,162 | 4.78% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 9 | $5,825,000 | $647,222 | $11,612 | 4.97% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $7,307 | 4.83% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $6,064 | 4.67% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $5,961 | 4.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $5,278 | 4.67% |
| Milledgeville, GA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,561 | 4.63% |
| CLEVELAND, TN (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,589 | 4.63% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,487 | 4.63% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,688 | 4.63% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,122 | 4.38% |
| GAINESVILLE, GA (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,577 | 4.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,239 | 4.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,857 | 4.63% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,428 | 4.63% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,960 | 4.63% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,022 | 4.38% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,826 | 4.63% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,626 | 4.63% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,689 | 4.63% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,301 | 4.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,194 | 4.38% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,260 | 4.63% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,176 | 4.38% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,791 | 4.38% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,184 | 4.63% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,912 | 4.38% |
| Granbury, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,361 | 4.63% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 77 | $20,285,000 | $263,442 | $5,520 | 4.72% |
For 2020, First Ic Corporation's most frequently originated type of loan was Conventional, with 77 originations.
Loan Reason
For 2020, First Ic Corporation's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 68 | $18,720,000 | $275,294 | $5,697 | 4.76% |
| 15 Year | 9 | $1,565,000 | $173,889 | $4,279 | 4.43% |
For 2020, First Ic Corporation's most frequently cited loan duration was 30 Year, with 68 originations. The 2nd most popular length was 15 Year, with 9 originations.
Origination Fees/Closing Costs
First Ic Corporation's average total fees were $5,697, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 27 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 66 | $16,170,000 | $245,000 |
| 5-6% | 11 | $4,115,000 | $374,091 |
During 2020, First Ic Corporation's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 4-5%, with 66 originations.
Loan Sizing
2020 saw First Ic Corporation place emphasis on $100k-200k loans with 38 originations, totaling $5,930,000 in origination value.
Applicant Income
First Ic Corporation lent most frequently to those with incomes in the $50k-75k range, with 28 originations. The second most popular income band? $50k or less, with 16 originations.
Applicant Debt to Income Ratio
First Ic Corporation lent most frequently to those with DTI ratios of <20%, with 17 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.94%
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 origination79.22%
First Ic Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 77 | $20,285,000 | $263,442 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 77 | $20,285,000 | $263,442 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HOME MORTGAGE CORPORATION | Conventional home mortgage | Closing on a mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | Conventional home mortgage | Struggling to pay mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | FHA mortgage | Struggling to pay mortgage | 1 | 25.0% |
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 | $107,717 |
| First Ic Bank | 1291 Old Peachtree Rd, Bldg 500 Suwanee, GA 30024 | Full Service B&M | $128,757 |
| First Ic Bank | 204-08 Northern Boulevard Bayside, NY 11361 | Full Service B&M | $17,171 |
| First Ic Bank | 211 Broad Avenue Palisades Park, NJ 7650 | Full Service B&M | $29,829 |
| First Ic Bank | 2230 Pleasant Hill Road Duluth, GA 30096 | Full Service B&M | $104,165 |
| First Ic Bank | 2509 Old Denton Rd Carrollton, TX 75006 | Full Service Retail | $25,558 |
| First Ic Bank | 5593 Buford Highway Doraville, GA 30340 | Full Service B&M | $207,289 |
| First Ic Bank | 6170 Live Oak Parkway Norcross, GA 30093 | Full Service B&M | $32,650 |
For 2020, First Ic Corporation had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $30,245 |
| Net interest income | $23,377 |
| Total noninterest income | $8,918 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,170 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $7,748 |
| Pre-tax net operating income | $9,788 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $7,390 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $7,390 |
| Minority interest net income | $0 |
| Net income | $7,390 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $7,390 |
First Ic Corporation's gross interest income from loans was $30,245,000.
First Ic Corporation's net interest income from loans was $23,377,000.
First Ic Corporation's fee based income from loans was $1,170,000.
First Ic Corporation's net income from loans was $7,390,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,868 |
| Provision for credit losses | $3,674 |
| Total noninterest expense | $18,833 |
| Salaries and employee benefits | $10,586 |
| Premises and equipment expense | $2,604 |
| Additional noninterest expense | $5,643 |
| Applicable income taxes | $2,398 |
| Net charge-offs | $1,426 |
| Cash dividends | $1,136 |
First Ic Corporation's interest expense for loans was $6,868,000.
First Ic Corporation's payroll and benefits expense were $10,586,000.
First Ic Corporation's property, plant and equipment expenses $2,604,000.
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 | $675,928 |
| Deposits held in domestic offices | $675,928 |
| Deposits by Individuals, partnerships, and corporations | $675,929 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $0 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $253,081 |
| Demand deposits | $208,918 |
| Nontransaction accounts | $422,848 |
| Money market deposit accounts (MMDAs) | $220,708 |
| Other savings deposits (excluding MMDAs) | $14,437 |
| Total time deposits | $187,704 |
| Total time and savings deposits | $467,011 |
| Noninterest-bearing deposits | $208,916 |
| Interest-bearing deposits | $467,012 |
| Retail deposits | $608,398 |
| IRAs and Keogh plan accounts | $5,753 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $764,419 |
| Cash & Balances due from depository institutions | $145,137 |
| Interest-bearing balances | $136,212 |
| Total securities | $38,028 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $561,237 |
| Loan and leases loss allowance | $8,657 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,087 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $1,924 |
| All other assets | $9,006 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $764,419 |
| Total Liabilities | $679,248 |
| Total deposits | $675,928 |
| Interest-bearing deposits | $467,012 |
| Deposits held in domestic offices | $675,928 |
| % insured (estimated) | $73 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $3,320 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $561,237 |
| Loan and leases loss allowance | $8,657 |
| Total loans and leases (domestic) | $569,894 |
| All real estate loans | $502,509 |
| Real estate loans in domestic offices | $502,509 |
| Construction and development loans | $2,538 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $2,538 |
| Loans secured by nonfarm nonresidential properties | $423,963 |
| Nonfarm nonresidential secured by owner-occupied properties | $187,486 |
| Commercial real estate & other non-farm, non-residential | $236,477 |
| Multifamily residential real estate | $4,452 |
| 1-4 family residential loans | $63,446 |
| Farmland loans | $8,110 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $70,119 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $205 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $205 |
| 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 $561,237,000 of loans outstanding in 2020. $502,509,000 of loans were in real estate loans. $2,538,000 of loans were in development loans. $4,452,000 of loans were in multifamily mortgage loans. $63,446,000 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 | 256 | $70,100 | $273,828 |
| Nonfarm, nonresidential loans - <$100k | 6 | $193 | $32,167 |
| Nonfarm, nonresidential loans - $100-250k | 30 | $3,799 | $126,633 |
| Nonfarm, nonresidential loans - $250k-1MM | 220 | $66,108 | $300,491 |
| Commercial & Industrial, US addressed loans - <$1MM | 992 | $41,460 | $41,794 |
| Commercial & Industrial, US addressed loans - <$100k | 800 | $15,195 | $18,994 |
| Commercial & Industrial, US addressed loans - $100-250k | 114 | $11,921 | $104,570 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 78 | $14,344 | $183,897 |
| Farmland loans - <$1MM | 4 | $982 | $245,500 |
| Farmland loans - $100-250k | 1 | $161 | $161,000 |
| Farmland loans - $250k-1MM | 3 | $821 | $273,667 |