Peoples Bank Mortgage Rates, Fees & Info

Newton, NC

LEI: 5493006HXEF6V2NZED40

Tax ID: 56-0354890

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Peoples Bank is a smaller bank specializing in Home Purchase and Refi loans. Peoples Bank has a high proportion of conventional loans. Their top markets include Charlotte, Hickory, Raleigh, Durham, and Wilmington among others. Peoples Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Peoples Bank is typically a low fee lendor.


Originations

519

Origination Dollar Volume (All Markets)

$161,365,000

Employee count

299

Awards

Peoples Bank 30 Year Conventional Loans gold Peoples Bank 30 Year Conventional Loans bronze Peoples Bank 30 Year Conventional Loans silver Peoples Bank 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Peoples Bank's average 30 year fixed rate mortgage of loans were 2.97%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.18%.

Relative Fees

Peoples Bank's average total fees for a 30 year fixed rate mortgage are $3,173.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 251 $76,545,000 $304,960 $3,547 3.41%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 217 $67,345,000 $310,346 $3,208 3.27%
RALEIGH-CARY, NC (FHA|USDA|VA) 10 $3,960,000 $396,000 $3,170 3.31%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 6 $3,600,000 $600,000 $0 3.88%
WILMINGTON, NC (FHA|USDA|VA) 3 $1,795,000 $598,333 $3,397 3.40%
FAYETTEVILLE, NC (FHA|USDA|VA) 8 $1,650,000 $206,250 $2,626 4.05%
WINSTON-SALEM, NC (FHA|USDA|VA) 4 $1,050,000 $262,500 $2,854 2.97%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $975,000 $325,000 $3,338 2.75%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 2 $860,000 $430,000 $0 4.13%
Boone, NC (FHA|USDA|VA) 3 $755,000 $251,667 $2,501 3.88%
Sanford, NC (FHA|USDA|VA) 1 $675,000 $675,000 $0 3.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $560,000 $280,000 $2,950 3.44%
ASHEVILLE, NC (FHA|USDA|VA) 1 $335,000 $335,000 $6,724 3.99%
COLUMBIA, SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,522 2.88%
Cullowhee, NC (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.50%
Shelby, NC (FHA|USDA|VA) 2 $220,000 $110,000 $2,845 3.62%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.10%
North Wilkesboro, NC (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.25%
GREENVILLE, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.75%

Peoples Bank's top markets include Charlotte, Hickory, Raleigh, Durham, and Wilmington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 519 $161,365,000 $310,915 $3,365 3.37%

For the 2021 period, Peoples Bank's most frequently originated loan type of loans were Conventional, with 519 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 278 $77,330,000 $278,165 $3,854 3.58%
Refi 149 $59,885,000 $401,913 $2,805 3.18%
Cash Out Refi 66 $18,170,000 $275,303 $3,203 3.02%
Home Improvement 26 $5,980,000 $230,000 $3,214 3.13%

For the 2021, Peoples Bank's most frequently cited loan purpose of loans were Home Purchase, with 278 originations. The 2nd most popular reason of loans were Refi, with 149 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 257 $70,755,000 $275,311 $3,173 2.97%
Other 111 $49,275,000 $443,919 $3,091 4.09%
5 Year 48 $11,020,000 $229,583 $0 4.28%
15 Year 43 $7,605,000 $176,860 $2,817 2.57%
30+ year 29 $13,675,000 $471,552 $6,401 4.05%
20 Year 13 $3,545,000 $272,692 $2,965 2.82%
1 Year 10 $1,740,000 $174,000 $0 3.85%
10 Year 7 $2,975,000 $425,000 $2,601 2.94%
3 Year 1 $775,000 $775,000 $0 3.25%

For the 2021, Peoples Bank's most frequently cited loan length of loans were 30 Year, with 257 originations. The 2nd most popular length of loans were Other, with 111 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 249 $62,195,000 $249,779
$1k-2k 54 $13,120,000 $242,963
$2k-3k 25 $9,225,000 $369,000
$3k-4k 13 $7,085,000 $545,000
$5k+ 5 $4,725,000 $945,000

$3,173 of loans were Peoples Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 249 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 215 $76,405,000 $355,372
3-4% 167 $55,455,000 $332,066
4-5% 95 $20,395,000 $214,684
<2.5% 40 $9,020,000 $225,500
5-6% 2 $90,000 $45,000

During 2021, Peoples Bank's average interest rate of loans were 2.97%, while their most frequently originated rate bucket of loans were 2.5-3%, with 215 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 196 $55,050,000 $280,867 $3,389 3.33%
$100k-200k 165 $23,735,000 $143,848 $2,872 3.25%
$100,000 or less 63 $4,425,000 $70,238 $2,660 3.82%
$400k-600k 56 $27,180,000 $485,357 $3,824 3.21%
$600k-1MM 33 $24,805,000 $751,667 $5,809 3.59%
$1MM+ 6 $26,170,000 $4,361,667 $8,549 3.65%

2021 saw Peoples Bank place emphasis on $200k-400k loans with 196 originations, totaling $55,050,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 81 $21,685,000 $267,716 $3,395 3.20%
$50k or less 79 $10,805,000 $136,772 $2,914 3.01%
$50k-75k 64 $12,600,000 $196,875 $2,953 3.13%
$150k-250k 63 $23,605,000 $374,683 $3,617 3.15%
$75k-100k 59 $15,025,000 $254,661 $3,385 3.07%
$250k+ 35 $18,955,000 $541,571 $4,856 3.28%

Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 81 originations. The second most popular income band? $50k or less, with 79 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 96 $26,920,000 $280,417 $3,311 2.99%
30-36% 65 $18,695,000 $287,615 $3,474 2.95%
<20% 55 $12,775,000 $232,273 $2,927 2.93%
39% 14 $5,000,000 $357,143 $3,536 2.97%
40% 13 $3,695,000 $284,231 $3,989 3.22%
42% 12 $4,340,000 $361,667 $3,677 3.13%
41% 12 $3,500,000 $291,667 $3,291 3.03%
37% 11 $4,675,000 $425,000 $4,301 3.24%
36% 11 $3,825,000 $347,727 $4,284 3.21%
44% 10 $2,580,000 $258,000 $3,476 2.96%
45% 9 $2,255,000 $250,556 $3,347 3.16%
46% 8 $1,650,000 $206,250 $2,869 2.81%
48% 8 $1,740,000 $217,500 $2,970 2.89%
47% 7 $1,695,000 $242,143 $3,108 3.12%
43% 7 $1,475,000 $210,714 $3,028 2.98%
38% 5 $905,000 $181,000 $3,497 2.94%
50-60% 3 $685,000 $228,333 $3,019 2.96%
49% 3 $455,000 $151,667 $3,106 2.96%

Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 65 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 363 $97,185,000 $267,727 $3,357 3.11%
Not applicable 133 $57,595,000 $433,045 $0 4.09%
Not provided 7 $2,285,000 $326,429 $3,352 3.17%
Asian 7 $2,165,000 $309,286 $3,294 3.45%
Black 9 $2,135,000 $237,222 $3,816 3.55%

Approval Rates

Total approvals of all applications
89.30%

Peoples Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.04%

Peoples Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 519 $161,365,000 $310,915

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
519 $161,365,000 $310,915

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 42 $7,170,000 $170,714 $2,970 2.87%
40-60% 101 $44,755,000 $443,119 $3,145 3.13%
60-80% 220 $67,120,000 $305,091 $3,389 3.43%
80-100% 154 $42,050,000 $273,052 $3,750 3.59%
Under 20% 2 $270,000 $135,000 $2,747 2.87%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 30.8%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 3 23.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Peoples Bank 142 South Highway 16 Denver, NC 28037 Full Service B&M $135,738
Peoples Bank 106 North Main Street Catawba, NC 28609 Full Service B&M $67,005
Peoples Bank 1074 River Highway Mooresville, NC 28117 Full Service B&M $61,688
Peoples Bank 1117 Parkside Main Street Cary, NC 27519 Full Service B&M $8,066
Peoples Bank 1333 2nd Street Ne Hickory, NC 28601 Full Service B&M $134,517
Peoples Bank 6350 South Boulevard Charlotte, NC 28217 Full Service B&M $39,323
Peoples Bank 760 Hwy 27 W Lincolnton, NC 28092 Full Service B&M $0
Peoples Bank 9624 Bailey Road, Suite 1 Cornelius, NC 28031 Full Service B&M $56,729
Peoples Bank 1910 E Main Street Lincolnton, NC 28092 Full Service B&M $75,650
Peoples Bank 200 Island Ford Road Maiden, NC 28650 Full Service B&M $65,555
Peoples Bank 2050 Catawba Valley Blvd Se Hickory, NC 28602 Full Service B&M $61,899
Peoples Bank 213 First Street West Conover, NC 28613 Full Service B&M $135,362
Peoples Bank 3261 East Main Street Claremont, NC 28610 Full Service B&M $47,418
Peoples Bank 3310 Springs Road Ne Hickory, NC 28601 Full Service B&M $83,096
Peoples Bank 4000 Westchase Blvd., Suite 100, Westchase Ii Raleigh, NC 27607 Full Service B&M $11,150
Peoples Bank 420 West A Street Newton, NC 28658 Full Service B&M $214,594
Peoples Bank 4451-A Central Avenue Charlotte, NC 28205 Full Service Retail $0
Peoples Bank 5153 Nc Highway 90 E Hiddenite, NC 28636 Full Service B&M $56,509
Peoples Bank 518 West C Street Newton, NC 28658 Full Service B&M $18,599
Peoples Bank 6125 Highway 16 South Denver, NC 28037 Full Service B&M $122,660

For 2021, Peoples Bank had 20 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $47,171
Net interest income $44,241
Total noninterest income $24,919
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,920
Trading account gains and fees $0
Additional Noninterest Income $20,999
Pre-tax net operating income $19,809
Securities gains (or losses, -) $0
Income before extraordinary items $15,828
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,828
Minority interest net income $0
Net income $15,828
Sale, conversion, retirement of capital stock, net $0
Net operating income $15,828

Peoples Bank's gross interest income from loans was $47,171,000.
Peoples Bank's net interest income from loans was $44,241,000.
Peoples Bank's fee based income from loans was $3,920,000.
Peoples Bank's net income from loans was $15,828,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,930
Provision for credit losses $-1,163
Total noninterest expense $50,514
Salaries and employee benefits $24,184
Premises and equipment expense $7,855
Additional noninterest expense $18,475
Applicable income taxes $3,981
Net charge-offs $-610
Cash dividends $7,406

Peoples Bank's interest expense for loans was $2,930,000.
Peoples Bank's payroll and benefits expense were $24,184,000.
Peoples Bank's property, plant and equipment expenses $7,855,000.

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 1.0%
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 $1,414,309
Deposits held in domestic offices $1,414,309
Deposits by Individuals, partnerships, and corporations $1,360,570
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $53,739
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 $548,133
Demand deposits $514,881
Nontransaction accounts $866,176
Money market deposit accounts (MMDAs) $565,185
Other savings deposits (excluding MMDAs) $201,255
Total time deposits $99,736
Total time and savings deposits $899,428
Noninterest-bearing deposits $548,133
Interest-bearing deposits $866,176
Retail deposits $1,384,008
IRAs and Keogh plan accounts $20,832
Brokered deposits $11,078
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,623,625
Cash & Balances due from depository institutions $277,499
Interest-bearing balances $232,788
Total securities $406,549
Federal funds sold & reverse repurchase $0
Net loans and leases $879,151
Loan and leases loss allowance $9,355
Trading account assets $0
Bank premises and fixed assets $16,104
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $44,322

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,623,625
Total Liabilities $1,467,909
Total deposits $1,414,309
Interest-bearing deposits $866,176
Deposits held in domestic offices $1,414,309
% insured (estimated) $67
Federal funds purchased and repurchase agreements $37,094
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $16,506

Issued Loan Types

Type Value (in 000's)
Net loans and leases $879,151
Loan and leases loss allowance $9,355
Total loans and leases (domestic) $888,506
All real estate loans $784,861
Real estate loans in domestic offices $784,861
Construction and development loans $95,759
Residential 1-4 family construction $20,937
Other construction, all land development and other land $74,822
Loans secured by nonfarm nonresidential properties $337,841
Nonfarm nonresidential secured by owner-occupied properties $222,347
Commercial real estate & other non-farm, non-residential $115,494
Multifamily residential real estate $32,229
1-4 family residential loans $292,895
Farmland loans $26,137
Loans held in foreign offices $0
Farm loans $796
Commercial and industrial loans $80,893
To non-U.S. addressees $0
Loans to individuals $6,437
Credit card loans $0
Related Plans $2,933
Consumer Auto Loans $1,493
Other loans to individuals $2,011
All other loans & leases $15,519
Loans to foreign governments and official institutions $0
Other loans $5,240
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $1,073
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

Peoples Bank had $879,151,000 of loans outstanding in 2021. $784,861,000 of loans were in real estate loans. $95,759,000 of loans were in development loans. $32,229,000 of loans were in multifamily mortgage loans. $292,895,000 of loans were in 1-4 family mortgage loans. $796,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,493,000 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 626 $154,939 $247,506
Nonfarm, nonresidential loans - <$100k 79 $3,616 $45,772
Nonfarm, nonresidential loans - $100-250k 215 $29,623 $137,781
Nonfarm, nonresidential loans - $250k-1MM 332 $121,700 $366,566
Commercial & Industrial, US addressed loans - <$1MM 1,619 $65,109 $40,216
Commercial & Industrial, US addressed loans - <$100k 1,306 $18,933 $14,497
Commercial & Industrial, US addressed loans - $100-250k 183 $16,965 $92,705
Commercial & Industrial, US addressed loans - $250k-1MM 130 $29,211 $224,700
Farmland loans - <$1MM 18 $3,165 $175,833
Farmland loans - <$100k 3 $173 $57,667
Farmland loans - $100-250k 9 $996 $110,667
Farmland loans - $250k-1MM 6 $1,996 $332,667
Agriculture operations loans - <$1MM 6 $796 $132,667
Agriculture operations loans - <$100k 2 $25 $12,500
Agriculture operations loans - $250k-1MM 4 $771 $192,750