Bac Florida Bank Mortgage Rates, Fees & Info

Coral Gables, FL

LEI: 5493006Q0EMYD3OJ8N13

Tax ID: 59-1485307

1 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bac Florida Bank is a smaller bank specializing in Home Purchase loans. Bac Florida Bank has a high proportion of conventional loans. Their top markets include Miami, Orlando, New York, Tampa, and Crestview among others. Bac Florida 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. Bac Florida Bank is typically a high fee lendor.


Originations

726

Origination Dollar Volume (All Markets)

$430,030,000

Employee count

214

Relative Rate

Bac Florida Bank's average 30 year fixed rate mortgage of loans were 4.05%.

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

This yields a difference of 0.9%.

Relative Fees

Bac Florida Bank's average total fees for a 30 year fixed rate mortgage are $20,946.

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
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 555 $347,265,000 $625,703 $21,073 4.03%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 96 $35,880,000 $373,750 $13,581 4.12%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 14 $16,040,000 $1,145,714 $24,873 3.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 12 $6,500,000 $541,667 $13,241 3.94%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $4,190,000 $2,095,000 $64,298 3.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 10 $3,380,000 $338,000 $0 4.08%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $3,085,000 $617,000 $0 4.33%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 10 $2,850,000 $285,000 $0 4.30%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $2,060,000 $1,030,000 $0 3.94%
GAINESVILLE, FL (FHA|USDA|VA) 1 $1,875,000 $1,875,000 $0 3.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,450,000 $362,500 $0 4.19%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $0 4.13%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $1,240,000 $620,000 $0 4.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $910,000 $227,500 $0 4.13%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $815,000 $271,667 $0 4.42%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $745,000 $745,000 $0 4.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.00%
THE VILLAGES, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.00%

Bac Florida Bank's top markets include Miami, Orlando, New York, Tampa, and Crestview among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 726 $430,030,000 $592,328 $20,946 4.05%

For the 2021 period, Bac Florida Bank's most frequently originated loan type of loans were Conventional, with 726 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 666 $386,150,000 $579,805 $21,262 4.05%
Refi 34 $21,340,000 $627,647 $13,108 4.11%
Cash Out Refi 13 $13,675,000 $1,051,923 $0 4.08%
Home Improvement 7 $2,155,000 $307,857 $11,301 4.18%
Other 6 $6,710,000 $1,118,333 $19,783 3.60%

For the 2021, Bac Florida Bank's most frequently cited loan purpose of loans were Home Purchase, with 666 originations. The 2nd most popular reason of loans were Refi, with 34 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 716 $411,280,000 $574,413 $20,946 4.05%
10 Year 7 $14,415,000 $2,059,286 $0 3.79%
15 Year 2 $1,830,000 $915,000 $0 3.75%
20 Year 1 $2,505,000 $2,505,000 $0 3.50%

For the 2021, Bac Florida Bank's most frequently cited loan length of loans were 30 Year, with 716 originations. The 2nd most popular length of loans were 10 Year, with 7 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 74 $63,510,000 $858,243
$1k-2k 1 $335,000 $335,000
$3k-4k 1 $255,000 $255,000

$20,946 of loans were Bac Florida Bank's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 74 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 376 $275,600,000 $732,979
4-5% 350 $154,430,000 $441,229

During 2021, Bac Florida Bank's average interest rate of loans were 4.05%, while their most frequently originated rate bucket of loans were 3-4%, with 376 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 367 $103,955,000 $283,256 $11,384 4.10%
$400k-600k 138 $66,920,000 $484,928 $15,660 4.04%
$600k-1MM 95 $73,615,000 $774,895 $20,770 3.98%
$1MM+ 92 $179,230,000 $1,948,152 $36,865 3.88%
$100k-200k 34 $6,310,000 $185,588 $8,026 4.10%

2021 saw Bac Florida Bank place emphasis on $200k-400k loans with 367 originations, totaling $103,955,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 150 $110,650,000 $737,667 $22,481 3.97%
$150k-250k 78 $28,140,000 $360,769 $16,458 4.13%
$100k-150k 51 $16,165,000 $316,961 $11,992 4.02%
$75k-100k 12 $3,180,000 $265,000 $12,318 3.96%
$50k-75k 6 $1,400,000 $233,333 $0 4.23%
$50k or less 2 $450,000 $225,000 $0 4.00%

Bac Florida Bank lent most frequently to those with incomes in the $250k+ range, with 150 originations. The second most popular income band? $150k-250k, with 78 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
<20% 121 $62,495,000 $516,488 $20,008 4.06%
20-30% 83 $47,815,000 $576,084 $20,737 4.01%
30-36% 51 $29,515,000 $578,725 $19,287 3.99%
36% 9 $6,195,000 $688,333 $29,094 4.19%
40% 8 $6,150,000 $768,750 $30,387 4.03%
38% 8 $4,180,000 $522,500 $15,414 4.00%
41% 7 $2,695,000 $385,000 $17,728 3.96%
37% 6 $2,880,000 $480,000 $16,986 3.90%
39% 6 $3,680,000 $613,333 $20,432 3.73%
42% 2 $1,560,000 $780,000 $33,008 3.88%
48% 1 $805,000 $805,000 $0 3.75%
43% 1 $425,000 $425,000 $0 4.25%
44% 1 $1,625,000 $1,625,000 $45,055 3.88%
47% 1 $1,265,000 $1,265,000 $24,080 4.00%

Bac Florida Bank lent most frequently to those with DTI ratios of <20%, with 121 originations. The next most common DTI ratio? 20-30%, with 83 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 420 $259,910,000 $618,833 $25,274 4.07%
White 259 $144,295,000 $557,124 $19,690 4.02%
Not provided 26 $13,190,000 $507,308 $23,933 4.09%
Black 11 $4,615,000 $419,545 $14,388 4.01%
Asian 8 $4,020,000 $502,500 $27,813 4.08%
American Indian 1 $3,675,000 $3,675,000 $64,298 3.50%
Chinese 1 $325,000 $325,000 $0 4.00%

Approval Rates

Total approvals of all applications
89.32%

Bac Florida Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.06%

Bac Florida Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 726 $430,030,000 $592,328

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
726 $430,030,000 $592,328

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 19 $7,995,000 $420,789 $11,165 3.95%
40-60% 131 $83,175,000 $634,924 $25,563 4.00%
60-80% 571 $334,515,000 $585,841 $19,673 4.06%
80-100% 5 $4,345,000 $869,000 $23,573 3.75%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bradesco Bac Florida Bank 169 Miracle Mile, Ste R10 Coral Gables, FL 33134 Full Service B&M $1,853,083

For 2021, Bac Florida Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $69,580
Net interest income $62,660
Total noninterest income $12,151
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,190
Trading account gains and fees $0
Additional Noninterest Income $10,961
Pre-tax net operating income $16,799
Securities gains (or losses, -) $91
Income before extraordinary items $12,789
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,789
Minority interest net income $0
Net income $12,789
Sale, conversion, retirement of capital stock, net $2,812
Net operating income $12,717

Bac Florida Bank's gross interest income from loans was $69,580,000.
Bac Florida Bank's net interest income from loans was $62,660,000.
Bac Florida Bank's fee based income from loans was $1,190,000.
Bac Florida Bank's net income from loans was $12,789,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,920
Provision for credit losses $2,382
Total noninterest expense $55,630
Salaries and employee benefits $38,206
Premises and equipment expense $3,306
Additional noninterest expense $14,118
Applicable income taxes $4,101
Net charge-offs $-135
Cash dividends $0

Bac Florida Bank's interest expense for loans was $6,920,000.
Bac Florida Bank's payroll and benefits expense were $38,206,000.
Bac Florida Bank's property, plant and equipment expenses $3,306,000.

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 $2,263,628
Deposits held in domestic offices $2,263,103
Deposits by Individuals, partnerships, and corporations $1,878,606
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $42,876
Deposits by Commercial banks and other depository institutions in U.S. $44,984
Deposits by Banks in foreign countries $296,637
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,200,095
Demand deposits $1,002,446
Nontransaction accounts $1,063,008
Money market deposit accounts (MMDAs) $162,797
Other savings deposits (excluding MMDAs) $21,962
Total time deposits $878,249
Total time and savings deposits $1,260,657
Noninterest-bearing deposits $734,493
Interest-bearing deposits $1,528,610
Retail deposits $1,467,886
IRAs and Keogh plan accounts $77
Brokered deposits $354,990
Deposits held in foreign offices $525

Assets

Asset Value (in 000's)
Total Assets $2,631,291
Cash & Balances due from depository institutions $236,780
Interest-bearing balances $225,573
Total securities $408,324
Federal funds sold & reverse repurchase $0
Net loans and leases $1,918,569
Loan and leases loss allowance $16,934
Trading account assets $0
Bank premises and fixed assets $2,286
Other real estate owned $84
Goodwill and other intangibles $1,445
All other assets $63,803

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,631,291
Total Liabilities $2,370,453
Total deposits $2,263,628
Interest-bearing deposits $1,529,135
Deposits held in domestic offices $2,263,103
% insured (estimated) $50
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $91,800
Subordinated debt $0
All other liabilities $15,025

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,918,569
Loan and leases loss allowance $16,934
Total loans and leases (domestic) $1,935,503
All real estate loans $1,440,487
Real estate loans in domestic offices $1,440,487
Construction and development loans $860
Residential 1-4 family construction $0
Other construction, all land development and other land $860
Loans secured by nonfarm nonresidential properties $76,468
Nonfarm nonresidential secured by owner-occupied properties $3,116
Commercial real estate & other non-farm, non-residential $73,352
Multifamily residential real estate $26,495
1-4 family residential loans $1,336,664
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $42,134
To non-U.S. addressees $41,926
Loans to individuals $8,293
Credit card loans $959
Related Plans $0
Consumer Auto Loans $0
Other loans to individuals $7,334
All other loans & leases $444,793
Loans to foreign governments and official institutions $0
Other loans $58,544
Loans to depository institutions and acceptances of other banks $386,249
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $472,288
Restructured Loans & leases $12,281
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

BAC Florida Bank had $1,918,569,000 of loans outstanding in 2021. $1,440,487,000 of loans were in real estate loans. $860,000 of loans were in development loans. $26,495,000 of loans were in multifamily mortgage loans. $1,336,664,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $959,000 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 12 $6,900 $575,000
Nonfarm, nonresidential loans - $250k-1MM 12 $6,900 $575,000
Commercial & Industrial, US addressed loans - <$1MM 3 $208 $69,333
Commercial & Industrial, US addressed loans - <$100k 2 $76 $38,000
Commercial & Industrial, US addressed loans - $250k-1MM 1 $132 $132,000