First Carolina Bank Mortgage Rates, Fees & Info
Rocky Mount, NCLEI: 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
75Origination Dollar Volume (All Markets)
$137,905,000Employee count
45Top 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% |
Their top states include:
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
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
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
Approval Rates
Total approvals of all applications89.00%
First Carolina Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.33%
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
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 |