First Carolina Bank Mortgage Rates, Fees & Info

Rocky Mount, NC

LEI: 54930066LN6QXNO8TY84

Tax ID: 20-0967347

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Mortgage Data

Bank Data

Review & Overview

First Carolina Bank is a smaller bank specializing in Home Purchase and Refi loans. First Carolina Bank has a high proportion of conventional loans. Their top markets by origination volume include: Wilmington, Charlotte, Mount Airy, Greenville, and Raleigh among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Carolina 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.

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Originations

77

Origination Dollar Volume (All Markets)

$56,675,000

Employee count

38

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
WILMINGTON, NC (FHA|USDA|VA) 14 $13,940,000 $995,714 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $9,050,000 $4,525,000 $0 0.00%
Mount Airy, NC (FHA|USDA|VA) 1 $5,755,000 $5,755,000 $0 0.00%
GREENVILLE, NC (FHA|USDA|VA) 3 $5,305,000 $1,768,333 $0 0.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 11 $5,225,000 $475,000 $0 0.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $4,825,000 $4,825,000 $0 0.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 5 $3,845,000 $769,000 $0 0.00%
ROCKY MOUNT, NC (FHA|USDA|VA) 18 $3,570,000 $198,333 $0 0.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 12 $2,240,000 $186,667 $0 0.00%
Boone, NC (FHA|USDA|VA) 1 $805,000 $805,000 $0 0.00%
Morehead City, NC (FHA|USDA|VA) 1 $585,000 $585,000 $0 0.00%
Outside of Metro Areas 3 $575,000 $191,667 $0 0.00%
Roanoke Rapids, NC (FHA|USDA|VA) 3 $405,000 $135,000 $0 0.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
BURLINGTON, NC (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
First Carolina Bank's top markets include Wilmington, Charlotte, Mount Airy, Greenville, and Raleigh among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 77 $56,675,000 $736,039 $0 0.00%

    For 2018, First Carolina Bank's most frequently originated type of loan was Conventional, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $41,355,000 $919,000 $0 0.00%
    Refi 26 $14,130,000 $543,462 $0 0.00%
    Other 4 $870,000 $217,500 $0 0.00%
    Home Improvement 2 $320,000 $160,000 $0 0.00%

    For 2018, First Carolina Bank's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 77 $56,675,000 $736,039 $0 0.00%

    For 2018, First Carolina Bank's most frequently cited loan duration was Other, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 24 $3,430,000 $142,917 $0 0.00%
    $1MM+ 14 $41,960,000 $2,997,143 $0 0.00%
    $100,000 or less 13 $665,000 $51,154 $0 0.00%
    $200k-400k 13 $3,275,000 $251,923 $0 0.00%
    $400k-600k 9 $4,325,000 $480,556 $0 0.00%
    $600k-1MM 4 $3,020,000 $755,000 $0 0.00%

    2018 saw First Carolina Bank place emphasis on $100k-200k loans with 24 originations, totaling $3,430,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 7 $1,175,000 $167,857 $0 0.00%
    $150k-250k 7 $2,445,000 $349,286 $0 0.00%
    $250k+ 7 $3,975,000 $567,857 $0 0.00%
    $50k or less 7 $675,000 $96,429 $0 0.00%
    $75k-100k 4 $1,040,000 $260,000 $0 0.00%
    $50k-75k 3 $1,125,000 $375,000 $0 0.00%

    First Carolina Bank lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $150k-250k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 77 $56,675,000 $736,039 $0 0.00%

    First Carolina Bank lent most frequently to those with DTI ratios of Exempt%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 34 $42,280,000 $1,243,529 $0 0.00%
    White 40 $13,950,000 $348,750 $0 0.00%
    Asian 1 $275,000 $275,000 $0 0.00%
    Black 2 $170,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.62%

    First Carolina Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.71%

    First Carolina Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 77 $56,675,000 $736,039

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $33,430,000 $2,785,833
    Single Family (1-4 Units):Manufactured 1 $215,000 $215,000
    Single Family (1-4 Units):Site-Built 64 $23,030,000 $359,844

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Carolina Bank 171 North Winstead Avenue Rocky Mount, NC 27804 Full Service B&M $299,856
    First Carolina Bank 2626 Glenwood Avenue, Suite 190 Raleigh, NC 27608 Full Service B&M $51,828
    First Carolina Bank 604 South Scales Street Reidsville, NC 27320 Full Service B&M $35,403

    For 2018, First Carolina Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,363
    Net interest income $10,750
    Total noninterest income $499
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $189
    Trading account gains and fees $0
    Additional Noninterest Income $310
    Pre-tax net operating income $3,758
    Securities gains (or losses, -) $32
    Income before extraordinary items $3,016
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,016
    Minority interest net income $0
    Net income $3,016
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,990

    First Carolina Bank's gross interest income from loans was $16,363,000.
    First Carolina Bank's net interest income from loans was $10,750,000.
    First Carolina Bank's fee based income from loans was $189,000.
    First Carolina Bank's net income from loans was $3,016,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,613
    Provision for credit losses $502
    Total noninterest expense $6,989
    Salaries and employee benefits $4,179
    Premises and equipment expense $641
    Additional noninterest expense $2,169
    Applicable income taxes $774
    Net charge-offs $-9
    Cash dividends $0

    First Carolina Bank's interest expense for loans was $5,613,000.
    First Carolina Bank's payroll and benefits expense were $4,179,000.
    First Carolina Bank's property, plant and equipment expenses $641,000.

    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 $460,854
    Deposits held in domestic offices $460,854
    Deposits by Individuals, partnerships, and corporations $327,937
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $27,832
    Deposits by Commercial banks and other depository institutions in U.S. $105,086
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $132,299
    Demand deposits $132,299
    Nontransaction accounts $328,556
    Money market deposit accounts (MMDAs) $128,710
    Other savings deposits (excluding MMDAs) $1,382
    Total time deposits $198,464
    Total time and savings deposits $328,556
    Noninterest-bearing deposits $33,633
    Interest-bearing deposits $427,221
    Retail deposits $272,628
    IRAs and Keogh plan accounts $3,634
    Brokered deposits $146,658
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $504,359
    Cash & Balances due from depository institutions $70,713
    Interest-bearing balances $67,668
    Total securities $144,421
    Federal funds sold & reverse repurchase $0
    Net loans and leases $275,339
    Loan and leases loss allowance $1,465
    Trading account assets $0
    Bank premises and fixed assets $3,822
    Other real estate owned $0
    Goodwill and other intangibles $1,936
    All other assets $8,128

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $504,359
    Total Liabilities $461,542
    Total deposits $460,854
    Interest-bearing deposits $427,221
    Deposits held in domestic offices $460,854
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $688

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $275,339
    Loan and leases loss allowance $1,465
    Total loans and leases (domestic) $276,804
    All real estate loans $250,437
    Real estate loans in domestic offices $250,437
    Construction and development loans $49,442
    Residential 1-4 family construction $448
    Other construction, all land development and other land $48,994
    Loans secured by nonfarm nonresidential properties $112,969
    Nonfarm nonresidential secured by owner-occupied properties $37,106
    Commercial real estate & other non-farm, non-residential $75,863
    Multifamily residential real estate $19,325
    1-4 family residential loans $66,363
    Farmland loans $2,338
    Loans held in foreign offices $0
    Farm loans $153
    Commercial and industrial loans $24,750
    To non-U.S. addressees $0
    Loans to individuals $1,464
    Credit card loans $0
    Related Plans $188
    Consumer Auto Loans $2
    Other loans to individuals $1,274
    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 Carolina Bank had $275,339,000 of loans outstanding in 2018. $250,437,000 of loans were in real estate loans. $49,442,000 of loans were in development loans. $19,325,000 of loans were in multifamily mortgage loans. $66,363,000 of loans were in 1-4 family mortgage loans. $153,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,000 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 87 $25,781 $296,333
    Nonfarm, nonresidential loans - <$100k 19 $806 $42,421
    Nonfarm, nonresidential loans - $100-250k 20 $2,233 $111,650
    Nonfarm, nonresidential loans - $250k-1MM 48 $22,742 $473,792
    Commercial & Industrial, US addressed loans - <$1MM 114 $10,558 $92,614
    Commercial & Industrial, US addressed loans - <$100k 70 $1,074 $15,343
    Commercial & Industrial, US addressed loans - $100-250k 16 $1,777 $111,063
    Commercial & Industrial, US addressed loans - $250k-1MM 28 $7,707 $275,250
    Farmland loans - <$1MM 11 $1,097 $99,727
    Farmland loans - <$100k 4 $142 $35,500
    Farmland loans - $100-250k 5 $511 $102,200
    Farmland loans - $250k-1MM 2 $444 $222,000
    Agriculture operations loans - <$1MM 2 $151 $75,500
    Agriculture operations loans - <$100k 1 $21 $21,000
    Agriculture operations loans - $100-250k 1 $130 $130,000