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

Review & 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 by origination volume include: Charlotte, Hickory, Raleigh, Durham, and Wilmington among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoples 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. 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 about average 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

Purchase Price:

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% Deposit:

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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

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

Show all (4) 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
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.

Their top states include:

North Carolina (FHA|USDA|VA)

South Carolina (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.

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Product Mix

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

For 2021, Peoples Bank's most frequently originated type of loan was Conventional, with 519 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 278 originations. The 2nd most popular reason was 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 2021, Peoples Bank's most frequently cited loan duration was 30 Year, with 257 originations. The 2nd most popular length was Other, with 111 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	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	7	$3,435,000	$490,714
$4k-5k	6	$3,650,000	$608,333
$5k+	5	$4,725,000	$945,000

Peoples Bank's average total fees were $3,173, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.97%, while their most frequently originated rate bucket for loans was 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
90.06%

Peoples Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.28%

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	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	142 South Highway 16 Denver, NC 28037	Full Service B&M	$135,738
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
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

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