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: Raleigh, Wilmington, Charleston, Atlanta, and Hickory among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Carolina Bank has an 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

75

Origination Dollar Volume (All Markets)

$137,905,000

Employee count

45

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
RALEIGH-CARY, NC (FHA|USDA|VA) 13 $89,795,000 $6,907,308 $0 0.00%
WILMINGTON, NC (FHA|USDA|VA) 11 $15,125,000 $1,375,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $12,080,000 $6,040,000 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $6,160,000 $3,080,000 $0 0.00%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $4,005,000 $4,005,000 $0 0.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 7 $2,915,000 $416,429 $0 0.00%
ROCKY MOUNT, NC (FHA|USDA|VA) 20 $2,250,000 $112,500 $0 0.00%
Morehead City, NC (FHA|USDA|VA) 4 $1,740,000 $435,000 $0 0.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 4 $1,260,000 $315,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $615,000 $615,000 $0 0.00%
Outside of Metro Areas 2 $510,000 $255,000 $0 0.00%
Wilson, NC (FHA|USDA|VA) 2 $360,000 $180,000 $0 0.00%
Sanford, NC (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
First Carolina Bank's top markets include Raleigh, Wilmington, Charleston, Atlanta, and Hickory 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 75 $137,905,000 $1,838,733 $0 0.00%

    For 2019, First Carolina Bank's most frequently originated type of loan was Conventional, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 48 $37,670,000 $784,792 $0 0.00%
    Refi 20 $99,230,000 $4,961,500 $0 0.00%
    Other 7 $1,005,000 $143,571 $0 0.00%

    For 2019, First Carolina Bank's most frequently cited loan purpose was Home Purchase, with 48 originations. The 2nd most popular reason was Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 75 $137,905,000 $1,838,733 $0 0.00%

    For 2019, First Carolina Bank's most frequently cited loan duration was Other, with 75 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,080,000 $54,000 $0 0.00%
    $200k-400k 14 $3,780,000 $270,000 $0 0.00%
    $100k-200k 13 $1,985,000 $152,692 $0 0.00%
    $1MM+ 12 $121,100,000 $10,091,667 $0 0.00%
    $600k-1MM 11 $7,535,000 $685,000 $0 0.00%
    $400k-600k 5 $2,425,000 $485,000 $0 0.00%

    2019 saw First Carolina Bank place emphasis on $100,000 or less loans with 20 originations, totaling $1,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 10 $3,710,000 $371,000 $0 0.00%
    $100k-150k 9 $1,855,000 $206,111 $0 0.00%
    $150k-250k 9 $3,465,000 $385,000 $0 0.00%
    $50k-75k 9 $1,315,000 $146,111 $0 0.00%
    $50k or less 3 $255,000 $85,000 $0 0.00%
    $75k-100k 3 $575,000 $191,667 $0 0.00%

    First Carolina Bank lent most frequently to those with incomes in the $250k+ range, with 10 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 75 $137,905,000 $1,838,733 $0 0.00%

    First Carolina Bank lent most frequently to those with DTI ratios of Exempt%, with 75 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 30 $124,720,000 $4,157,333 $0 0.00%
    White 38 $11,320,000 $297,895 $0 0.00%
    Not provided 3 $1,115,000 $371,667 $0 0.00%
    Black 4 $750,000 $187,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.00%

    First Carolina Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.33%

    First Carolina Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 75 $137,905,000 $1,838,733

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $4,005,000 $4,005,000
    Multifamily:Site-Built 14 $116,800,000 $8,342,857
    Single Family (1-4 Units):Manufactured 2 $150,000 $75,000
    Single Family (1-4 Units):Site-Built 58 $16,950,000 $292,241

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%

    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 $372,030
    First Carolina Bank 2626 Glenwood Avenue, Suite 190 Raleigh, NC 27608 Full Service B&M $77,451
    First Carolina Bank 604 South Scales Street Reidsville, NC 27320 Full Service B&M $41,531

    For 2019, First Carolina Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,623
    Net interest income $16,129
    Total noninterest income $551
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $176
    Trading account gains and fees $0
    Additional Noninterest Income $375
    Pre-tax net operating income $6,964
    Securities gains (or losses, -) $377
    Income before extraordinary items $6,121
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,121
    Minority interest net income $0
    Net income $6,121
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,808

    First Carolina Bank's gross interest income from loans was $25,623,000.
    First Carolina Bank's net interest income from loans was $16,129,000.
    First Carolina Bank's fee based income from loans was $176,000.
    First Carolina Bank's net income from loans was $6,121,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,494
    Provision for credit losses $896
    Total noninterest expense $8,820
    Salaries and employee benefits $5,445
    Premises and equipment expense $702
    Additional noninterest expense $2,673
    Applicable income taxes $1,220
    Net charge-offs $-29
    Cash dividends $0

    First Carolina Bank's interest expense for loans was $9,494,000.
    First Carolina Bank's payroll and benefits expense were $5,445,000.
    First Carolina Bank's property, plant and equipment expenses $702,000.

    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 $545,536
    Deposits held in domestic offices $545,536
    Deposits by Individuals, partnerships, and corporations $427,449
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,991
    Deposits by Commercial banks and other depository institutions in U.S. $108,096
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $91,124
    Demand deposits $91,124
    Nontransaction accounts $454,412
    Money market deposit accounts (MMDAs) $233,646
    Other savings deposits (excluding MMDAs) $1,665
    Total time deposits $219,101
    Total time and savings deposits $454,412
    Noninterest-bearing deposits $46,278
    Interest-bearing deposits $499,258
    Retail deposits $398,160
    IRAs and Keogh plan accounts $3,060
    Brokered deposits $106,282
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $658,230
    Cash & Balances due from depository institutions $11,329
    Interest-bearing balances $8,131
    Total securities $200,632
    Federal funds sold & reverse repurchase $0
    Net loans and leases $428,382
    Loan and leases loss allowance $2,391
    Trading account assets $0
    Bank premises and fixed assets $3,827
    Other real estate owned $0
    Goodwill and other intangibles $1,883
    All other assets $12,177

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $658,231
    Total Liabilities $566,711
    Total deposits $545,536
    Interest-bearing deposits $499,258
    Deposits held in domestic offices $545,536
    % insured (estimated) $44
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $20,000
    Subordinated debt $0
    All other liabilities $1,175

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $428,382
    Loan and leases loss allowance $2,391
    Total loans and leases (domestic) $430,773
    All real estate loans $384,688
    Real estate loans in domestic offices $384,688
    Construction and development loans $70,055
    Residential 1-4 family construction $2,519
    Other construction, all land development and other land $67,536
    Loans secured by nonfarm nonresidential properties $212,655
    Nonfarm nonresidential secured by owner-occupied properties $53,391
    Commercial real estate & other non-farm, non-residential $159,264
    Multifamily residential real estate $34,659
    1-4 family residential loans $65,910
    Farmland loans $1,409
    Loans held in foreign offices $0
    Farm loans $137
    Commercial and industrial loans $44,156
    To non-U.S. addressees $0
    Loans to individuals $1,791
    Credit card loans $0
    Related Plans $158
    Consumer Auto Loans $0
    Other loans to individuals $1,633
    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 $5,108
    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 $428,382,000 of loans outstanding in 2019. $384,688,000 of loans were in real estate loans. $70,055,000 of loans were in development loans. $34,659,000 of loans were in multifamily mortgage loans. $65,910,000 of loans were in 1-4 family mortgage loans. $137,000 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 94 $28,077 $298,691
    Nonfarm, nonresidential loans - <$100k 18 $707 $39,278
    Nonfarm, nonresidential loans - $100-250k 19 $2,140 $112,632
    Nonfarm, nonresidential loans - $250k-1MM 57 $25,230 $442,632
    Commercial & Industrial, US addressed loans - <$1MM 121 $14,783 $122,174
    Commercial & Industrial, US addressed loans - <$100k 72 $1,513 $21,014
    Commercial & Industrial, US addressed loans - $100-250k 15 $2,161 $144,067
    Commercial & Industrial, US addressed loans - $250k-1MM 34 $11,109 $326,735
    Farmland loans - <$1MM 10 $817 $81,700
    Farmland loans - <$100k 4 $131 $32,750
    Farmland loans - $100-250k 4 $276 $69,000
    Farmland loans - $250k-1MM 2 $410 $205,000
    Agriculture operations loans - <$1MM 2 $136 $68,000
    Agriculture operations loans - <$100k 1 $21 $21,000
    Agriculture operations loans - $100-250k 1 $115 $115,000