Peoples Bank Mortgage Rates, Fees & Info

Newton, NC

LEI: 5493006HXEF6V2NZED40

Tax ID: 56-0354890

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Peoples Bank is a smaller bank specializing in Home Purchase loans. Peoples Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hickory, Charlotte, Raleigh, Charleston, and Durham among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Peoples 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. Peoples Bank is typically a low 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 relatively high rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 4/21/24
    30 Year Conventional Purchase 6.59% 4/21/24
    30 Year Conventional Refi 6.45% 4/21/24
    30 Year Cash-out Refi 6.85% 4/21/24
    15 Year Conventional Purchase 5.68% 4/21/24
    15 Year Conventional Refi 6.14% 4/21/24
    15 Year Cash-out Refi 6.14% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Peoples Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Peoples Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    268

    Origination Dollar Volume (All Markets)

    $65,510,000

    Employee count

    334

    Awards

    Peoples Bank 30 Year Conventional Loans silver
    Show all (1) awards

    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
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 119 $31,395,000 $263,824 $3,839 5.51%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 102 $26,540,000 $260,196 $4,774 5.68%
    RALEIGH-CARY, NC (FHA|USDA|VA) 19 $3,375,000 $177,632 $3,932 6.35%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $910,000 $455,000 $2,913 5.35%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 7 $855,000 $122,143 $3,307 5.85%
    WINSTON-SALEM, NC (FHA|USDA|VA) 3 $385,000 $128,333 $2,417 5.38%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 4 $320,000 $80,000 $3,303 6.31%
    Boone, NC (FHA|USDA|VA) 1 $305,000 $305,000 $2,691 4.88%
    FAYETTEVILLE, NC (FHA|USDA|VA) 2 $300,000 $150,000 $3,615 6.30%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.50%
    Cullowhee, NC (FHA|USDA|VA) 1 $215,000 $215,000 $2,796 4.50%
    Outside of Metro Areas 1 $215,000 $215,000 $0 5.50%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $125,000 $125,000 $1,962 4.95%
    Shelby, NC (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.00%
    Sanford, NC (FHA|USDA|VA) 1 $65,000 $65,000 $2,918 6.90%
    ROCKY MOUNT, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.30%
    Peoples Bank's top markets include Hickory, Charlotte, Raleigh, Charleston, and Durham among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Peoples Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Whitley Mortgage Associates, Inc.
    Similarity Rank: 258
    Belmont Savings Bank, SSB
    Similarity Rank: 390
    NewDominion Bank
    Similarity Rank: 602
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 1419
    First Federal Bank
    Similarity Rank: 1734
    Amerisouth Mortgage Company
    Similarity Rank: 1794
    CAROLINAS TELCO FEDERAL CREDIT UNION
    Similarity Rank: 1952
    Shea Mortgage Inc.
    Similarity Rank: 2016
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 2763
    SOUTH CAROLINA FEDERAL CREDIT UNION
    Similarity Rank: 3969

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 263 $62,585,000 $237,966 $4,068 5.67%
    HELOC 5 $2,925,000 $585,000 n/a 5.45%

    For 2018, Peoples Bank's most frequently originated type of loan was Conventional, with 263 originations. Their 2nd most popular type was HELOC, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 224 $55,170,000 $246,295 $4,332 5.67%
    Refi 28 $7,530,000 $268,929 $2,481 5.60%
    Home Improvement 10 $1,630,000 $163,000 $3,639 5.75%
    Cash Out Refi 5 $1,135,000 $227,000 $2,091 5.47%
    Other 1 $45,000 $45,000 $1,459 5.95%

    For 2018, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 224 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 81 $12,625,000 $155,864 $0 6.16%
    30 Year 80 $13,820,000 $172,750 $3,335 5.80%
    30+ year 48 $20,590,000 $428,958 $5,637 4.49%
    Other 30 $11,860,000 $395,333 $0 5.88%
    1 Year 20 $3,290,000 $164,500 $0 5.80%
    15 Year 4 $2,570,000 $642,500 $2,421 5.03%
    20 Year 3 $655,000 $218,333 $2,532 5.03%
    10 Year 2 $100,000 $50,000 $521 6.50%

    For 2018, Peoples Bank's most frequently cited loan duration was 5 Year, with 81 originations. The 2nd most popular length was 30 Year, with 80 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 43 $9,355,000 $217,558
    $1k-2k 42 $6,110,000 $145,476
    $2k-3k 37 $11,825,000 $319,595
    $3k-4k 8 $3,380,000 $422,500
    $5k+ 3 $4,185,000 $1,395,000
    $4k-5k 1 $755,000 $755,000

    Peoples Bank's average total fees were $3,335, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 93 $40,315,000 $433,495
    5-6% 89 $15,475,000 $173,876
    6-7% 62 $7,110,000 $114,677
    7-8% 20 $1,990,000 $99,500
    Over 8% 3 $105,000 $35,000
    3-4% 1 $515,000 $515,000

    During 2018, Peoples Bank's average interest rate for loans was 5.80%, while their most frequently originated rate bucket for loans was 4-5%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 101 $14,495,000 $143,515 $3,409 5.85%
    $100,000 or less 66 $4,330,000 $65,606 $2,610 6.46%
    $200k-400k 66 $18,150,000 $275,000 $4,218 5.08%
    $400k-600k 26 $12,100,000 $465,385 $5,366 4.64%
    $600k-1MM 5 $3,975,000 $795,000 $8,735 5.36%
    $1MM+ 4 $12,460,000 $3,115,000 $12,938 4.74%

    2018 saw Peoples Bank place emphasis on $100k-200k loans with 101 originations, totaling $14,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 44 $5,500,000 $125,000 $3,412 6.10%
    $50k-75k 32 $4,540,000 $141,875 $3,295 5.86%
    $100k-150k 31 $8,525,000 $275,000 $4,604 5.12%
    $150k-250k 29 $7,875,000 $271,552 $4,143 5.12%
    $75k-100k 23 $5,525,000 $240,217 $4,240 5.15%
    $250k+ 14 $7,730,000 $552,143 $7,500 5.11%

    Peoples Bank lent most frequently to those with incomes in the $50k or less range, with 44 originations. The second most popular income band? $50k-75k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 29 $9,415,000 $324,655 $4,711 5.26%
    20-30% 26 $7,640,000 $293,846 $4,209 5.18%
    <20% 15 $3,075,000 $205,000 $3,427 5.15%
    42% 15 $3,545,000 $236,333 $4,034 5.55%
    41% 12 $2,180,000 $181,667 $3,443 5.67%
    38% 10 $2,930,000 $293,000 $4,814 4.58%
    39% 8 $1,380,000 $172,500 $2,912 5.71%
    40% 7 $1,435,000 $205,000 $3,883 6.13%
    45% 3 $1,095,000 $365,000 $4,459 4.88%
    37% 3 $615,000 $205,000 $3,103 5.75%
    >60% 2 $200,000 $100,000 $0 5.88%
    44% 2 $560,000 $280,000 $5,873 5.31%
    46% 2 $370,000 $185,000 $2,681 5.44%
    48% 2 $650,000 $325,000 $6,065 4.75%
    36% 1 $95,000 $95,000 $3,443 7.25%
    43% 1 $425,000 $425,000 $2,981 4.13%
    50-60% 1 $405,000 $405,000 $2,913 4.95%

    Peoples Bank lent most frequently to those with DTI ratios of 30-36%, with 29 originations. The next most common DTI ratio? 20-30%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 176 $39,890,000 $226,648 $4,107 5.52%
    Not applicable 85 $24,255,000 $285,353 $0 5.98%
    American Indian 4 $500,000 $125,000 $2,973 5.91%
    Asian 1 $395,000 $395,000 $0 5.50%
    Not provided 1 $265,000 $265,000 $4,725 4.38%
    Black 1 $205,000 $205,000 $2,762 4.38%

    Approval Rates

    Total approvals of all applications
    84.70%

    Peoples Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.34%

    Peoples Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 268 $65,510,000 $244,440

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $12,560,000 $1,256,000
    Single Family (1-4 Units):Manufactured 5 $415,000 $83,000
    Single Family (1-4 Units):Site-Built 253 $52,535,000 $207,648

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $495,000 $99,000 $1,935 5.70%
    40-60% 28 $5,010,000 $178,929 $3,637 5.64%
    60-80% 82 $23,020,000 $280,732 $4,640 5.65%
    80-100% 143 $35,115,000 $245,559 $3,947 5.67%
    Over 100% 8 $1,760,000 $220,000 $0 5.66%
    Under 20% 2 $110,000 $55,000 $779 6.13%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Peoples Home Equity, Inc. Conventional home mortgage Closing on a mortgage 2 50.0%
    Peoples Home Equity, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    Peoples Home Equity, Inc. Other type of mortgage Closing on a mortgage 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Peoples Bank 102 Leonard Ave Newton, NC 28658 Limited, Mobile/Seasonal Office $2,697
    Peoples Bank 106 North Main Street Catawba, NC 28609 Full Service B&M $51,277
    Peoples Bank 1074 River Highway Mooresville, NC 28117 Full Service B&M $35,053
    Peoples Bank 1333 2nd Street Ne Hickory, NC 28601 Full Service B&M $82,307
    Peoples Bank 142 South Highway 16 Denver, NC 28037 Full Service B&M $71,414
    Peoples Bank 1910 E Main Street Lincolnton, NC 28092 Full Service B&M $41,805
    Peoples Bank 200 Island Ford Road Maiden, NC 28650 Full Service B&M $34,353
    Peoples Bank 2050 Catawba Valley Blvd Se Hickory, NC 28602 Full Service B&M $32,549
    Peoples Bank 213 First Street West Conover, NC 28613 Full Service B&M $103,856
    Peoples Bank 3023-105 Capital Boulevard Raleigh, NC 27604 Full Service B&M $9,396
    Peoples Bank 3261 East Main Street Claremont, NC 28610 Full Service B&M $36,067
    Peoples Bank 3310 Springs Road Ne Hickory, NC 28601 Full Service B&M $51,167
    Peoples Bank 420 West A Street Newton, NC 28658 Full Service B&M $163,234
    Peoples Bank 4451-A Central Avenue Charlotte, NC 28205 Full Service Retail $12,749
    Peoples Bank 5153 Nc Highway 90 E Hiddenite, NC 28636 Full Service B&M $42,529
    Peoples Bank 518 West C Street Newton, NC 28658 Full Service B&M $14,830
    Peoples Bank 6125 Highway 16 South Denver, NC 28037 Full Service B&M $70,061
    Peoples Bank 6350 South Boulevard Charlotte, NC 28217 Full Service B&M $13,650
    Peoples Bank 760 Hwy 27 W Lincolnton, NC 28092 Full Service B&M $15,036
    Peoples Bank 800 East Arrowood Road Charlotte, NC 28217 Full Service B&M $0
    Peoples Bank 9624 Bailey Road Cornelius, NC 28031 Full Service B&M $34,714

    For 2018, Peoples Bank had 21 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $45,306
    Net interest income $43,950
    Total noninterest income $16,151
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $4,355
    Trading account gains and fees $0
    Additional Noninterest Income $11,796
    Pre-tax net operating income $17,415
    Securities gains (or losses, -) $15
    Income before extraordinary items $14,507
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,507
    Minority interest net income $0
    Net income $14,507
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,494

    Peoples Bank's gross interest income from loans was $45,306,000.
    Peoples Bank's net interest income from loans was $43,950,000.
    Peoples Bank's fee based income from loans was $4,355,000.
    Peoples Bank's net income from loans was $14,507,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,356
    Provision for credit losses $790
    Total noninterest expense $41,896
    Salaries and employee benefits $21,190
    Premises and equipment expense $7,166
    Additional noninterest expense $13,540
    Applicable income taxes $2,923
    Net charge-offs $711
    Cash dividends $4,500

    Peoples Bank's interest expense for loans was $1,356,000.
    Peoples Bank's payroll and benefits expense were $21,190,000.
    Peoples Bank's property, plant and equipment expenses $7,166,000.

    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 1.0%
    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 $878,902
    Deposits held in domestic offices $878,902
    Deposits by Individuals, partnerships, and corporations $849,079
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $29,823
    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 $317,483
    Demand deposits $299,506
    Nontransaction accounts $561,419
    Money market deposit accounts (MMDAs) $340,427
    Other savings deposits (excluding MMDAs) $117,525
    Total time deposits $103,467
    Total time and savings deposits $579,396
    Noninterest-bearing deposits $317,483
    Interest-bearing deposits $561,419
    Retail deposits $858,532
    IRAs and Keogh plan accounts $25,340
    Brokered deposits $3,131
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,091,849
    Cash & Balances due from depository institutions $43,370
    Interest-bearing balances $2,817
    Total securities $194,328
    Federal funds sold & reverse repurchase $0
    Net loans and leases $798,258
    Loan and leases loss allowance $6,445
    Trading account assets $0
    Bank premises and fixed assets $18,450
    Other real estate owned $27
    Goodwill and other intangibles $0
    All other assets $37,416

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,091,849
    Total Liabilities $950,668
    Total deposits $878,902
    Interest-bearing deposits $561,419
    Deposits held in domestic offices $878,902
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $58,095
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $13,671

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $798,258
    Loan and leases loss allowance $6,445
    Total loans and leases (domestic) $804,703
    All real estate loans $685,320
    Real estate loans in domestic offices $685,320
    Construction and development loans $94,178
    Residential 1-4 family construction $26,933
    Other construction, all land development and other land $67,245
    Loans secured by nonfarm nonresidential properties $270,054
    Nonfarm nonresidential secured by owner-occupied properties $191,772
    Commercial real estate & other non-farm, non-residential $78,282
    Multifamily residential real estate $15,985
    1-4 family residential loans $287,925
    Farmland loans $17,178
    Loans held in foreign offices $0
    Farm loans $926
    Commercial and industrial loans $84,515
    To non-U.S. addressees $0
    Loans to individuals $9,165
    Credit card loans $0
    Related Plans $4,825
    Consumer Auto Loans $1,569
    Other loans to individuals $2,771
    All other loans & leases $24,777
    Loans to foreign governments and official institutions $0
    Other loans $11,827
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,550
    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 $798,258,000 of loans outstanding in 2018. $685,320,000 of loans were in real estate loans. $94,178,000 of loans were in development loans. $15,985,000 of loans were in multifamily mortgage loans. $287,925,000 of loans were in 1-4 family mortgage loans. $926,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,569,000 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 570 $131,767 $231,170
    Nonfarm, nonresidential loans - <$100k 92 $4,184 $45,478
    Nonfarm, nonresidential loans - $100-250k 187 $24,412 $130,545
    Nonfarm, nonresidential loans - $250k-1MM 291 $103,171 $354,540
    Commercial & Industrial, US addressed loans - <$1MM 1,409 $61,769 $43,839
    Commercial & Industrial, US addressed loans - <$100k 1,118 $14,984 $13,403
    Commercial & Industrial, US addressed loans - $100-250k 157 $14,376 $91,567
    Commercial & Industrial, US addressed loans - $250k-1MM 134 $32,409 $241,858
    Farmland loans - <$1MM 14 $1,801 $128,643
    Farmland loans - <$100k 6 $344 $57,333
    Farmland loans - $100-250k 6 $912 $152,000
    Farmland loans - $250k-1MM 2 $545 $272,500
    Agriculture operations loans - <$1MM 16 $925 $57,813
    Agriculture operations loans - <$100k 11 $299 $27,182
    Agriculture operations loans - $100-250k 3 $100 $33,333
    Agriculture operations loans - $250k-1MM 2 $526 $263,000