Providence Bank Mortgage Rates, Fees & Info

Rocky Mount, NC

LEI: 54930084GJFEXBIOGU45

Tax ID: 20-4006556

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Providence Bank is a smaller bank specializing in Home Purchase and Refi loans. Providence Bank has a high proportion of conventional loans. Their top markets by origination volume include: Rocky Mount, Raleigh, Durham, Kill Devil Hills, and Myrtle Beach among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Providence Bank has an above average approval rate when compared to the average across all lenders.

    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.

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    Originations

    104

    Origination Dollar Volume (All Markets)

    $22,000,000

    Employee count

    49

    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
    ROCKY MOUNT, NC (FHA|USDA|VA) 58 $6,920,000 $119,310 $0 5.55%
    RALEIGH-CARY, NC (FHA|USDA|VA) 22 $6,800,000 $309,091 $0 5.64%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 5 $2,775,000 $555,000 $0 5.74%
    Kill Devil Hills, NC (FHA|USDA|VA) 2 $2,690,000 $1,345,000 $0 5.45%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 5.50%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 5 $585,000 $117,000 $0 5.25%
    GREENVILLE, NC (FHA|USDA|VA) 5 $485,000 $97,000 $0 5.90%
    Boone, NC (FHA|USDA|VA) 1 $315,000 $315,000 $0 5.45%
    Washington, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 5.35%
    FAYETTEVILLE, NC (FHA|USDA|VA) 2 $160,000 $80,000 $0 5.75%
    WINSTON-SALEM, NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.50%
    Providence Bank's top markets include Rocky Mount, Raleigh, Durham, Kill Devil Hills, and Myrtle Beach among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 100 $21,350,000 $213,500 $0 5.59%
    HELOC 4 $650,000 $162,500 n/a 5.56%

    For 2018, Providence Bank's most frequently originated type of loan was Conventional, with 100 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 69 $16,415,000 $237,899 $0 5.50%
    Refi 24 $4,630,000 $192,917 $0 5.75%
    Home Improvement 11 $955,000 $86,818 $0 5.72%

    For 2018, Providence Bank's most frequently cited loan purpose was Home Purchase, with 69 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 58 $10,020,000 $172,759 $0 5.63%
    Other 27 $7,435,000 $275,370 $0 5.37%
    1 Year 12 $1,590,000 $132,500 $0 5.98%
    10 Year 6 $2,640,000 $440,000 $0 5.35%
    20 Year 1 $315,000 $315,000 $0 5.35%

    For 2018, Providence Bank's most frequently cited loan duration was 5 Year, with 58 originations. The 2nd most popular length was Other, with 27 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 89 $20,665,000 $232,191
    6-7% 9 $745,000 $82,778
    4-5% 6 $590,000 $98,333

    During 2018, Providence Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 89 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 42 $2,170,000 $51,667 $0 5.80%
    $100k-200k 29 $3,895,000 $134,310 $0 5.44%
    $200k-400k 18 $4,540,000 $252,222 $0 5.41%
    $400k-600k 6 $2,660,000 $443,333 $0 5.55%
    $600k-1MM 5 $3,485,000 $697,000 $0 5.45%
    $1MM+ 4 $5,250,000 $1,312,500 $0 5.41%

    2018 saw Providence Bank place emphasis on $100,000 or less loans with 42 originations, totaling $2,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 12 $2,460,000 $205,000 $0 5.38%
    $50k-75k 5 $405,000 $81,000 $0 5.95%
    $50k or less 5 $875,000 $175,000 $0 5.83%
    $250k+ 4 $530,000 $132,500 $0 5.09%
    $75k-100k 2 $70,000 $35,000 $0 5.85%
    $150k-250k 1 $15,000 $15,000 $0 6.50%

    Providence Bank lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $50k-75k, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 75 $17,645,000 $235,267 $0 5.58%
    White 25 $4,115,000 $164,600 $0 5.51%
    Black 4 $240,000 $60,000 $0 6.06%

    Approval Rates

    Total approvals of all applications
    100.00%

    Providence Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 104 $22,000,000 $211,538

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $6,945,000 $534,231
    Single Family (1-4 Units):Manufactured 3 $285,000 $95,000
    Single Family (1-4 Units):Site-Built 88 $14,770,000 $167,841

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $280,000 $70,000 $0 6.00%
    40-60% 16 $5,330,000 $333,125 $0 5.68%
    60-80% 67 $14,865,000 $221,866 $0 5.50%
    80-100% 16 $1,500,000 $93,750 $0 5.70%
    Under 20% 1 $25,000 $25,000 $0 6.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 12.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 2 8.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Struggling to pay mortgage 2 8.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 15 60.0%
    PROVIDENT FUNDING ASSOCIATES FHA mortgage Trouble during payment process 1 4.0%
    PROVIDENT FUNDING ASSOCIATES Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 4.0%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Trouble during payment process 1 4.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Providence Bank 2401 Sunset Avenue Rocky Mount, NC 27804 Full Service B&M $62,364
    Providence Bank 241 W. Washington Street Nashville, NC 27856 Full Service B&M $31,519
    Providence Bank 325 Main Street Tarboro, NC 27886 Full Service B&M $45,926
    Providence Bank 3710 West Nash Street Wilson, NC 27896 Full Service B&M $82,072
    Providence Bank 450 N Winstead Ave Rocky Mount, NC 27804 Full Service B&M $119,477

    For 2018, Providence Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $18,773
    Net interest income $15,170
    Total noninterest income $729
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $101
    Trading account gains and fees $0
    Additional Noninterest Income $628
    Pre-tax net operating income $7,592
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,850
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,850
    Minority interest net income $0
    Net income $5,850
    Sale, conversion, retirement of capital stock, net $1,026
    Net operating income $5,850

    Providence Bank's gross interest income from loans was $18,773,000.
    Providence Bank's net interest income from loans was $15,170,000.
    Providence Bank's fee based income from loans was $101,000.
    Providence Bank's net income from loans was $5,850,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,603
    Provision for credit losses $310
    Total noninterest expense $7,997
    Salaries and employee benefits $4,449
    Premises and equipment expense $556
    Additional noninterest expense $2,992
    Applicable income taxes $1,742
    Net charge-offs $20
    Cash dividends $665

    Providence Bank's interest expense for loans was $3,603,000.
    Providence Bank's payroll and benefits expense were $4,449,000.
    Providence Bank's property, plant and equipment expenses $556,000.

    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 $349,096
    Deposits held in domestic offices $349,096
    Deposits by Individuals, partnerships, and corporations $325,092
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $23,520
    Deposits by Commercial banks and other depository institutions in U.S. $483
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $158,212
    Demand deposits $51,154
    Nontransaction accounts $190,883
    Money market deposit accounts (MMDAs) $21,525
    Other savings deposits (excluding MMDAs) $7,072
    Total time deposits $162,286
    Total time and savings deposits $297,941
    Noninterest-bearing deposits $50,781
    Interest-bearing deposits $298,315
    Retail deposits $293,049
    IRAs and Keogh plan accounts $11,836
    Brokered deposits $29,526
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $452,347
    Cash & Balances due from depository institutions $54,610
    Interest-bearing balances $42,975
    Total securities $14,312
    Federal funds sold & reverse repurchase $0
    Net loans and leases $351,845
    Loan and leases loss allowance $3,361
    Trading account assets $4
    Bank premises and fixed assets $3,172
    Other real estate owned $2,177
    Goodwill and other intangibles $6,246
    All other assets $19,981

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $452,347
    Total Liabilities $399,963
    Total deposits $349,096
    Interest-bearing deposits $298,315
    Deposits held in domestic offices $349,096
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $3,920
    Trading liabilities $4
    Other borrowed funds $44,000
    Subordinated debt $0
    All other liabilities $2,943

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $351,845
    Loan and leases loss allowance $3,361
    Total loans and leases (domestic) $355,206
    All real estate loans $329,506
    Real estate loans in domestic offices $329,506
    Construction and development loans $34,288
    Residential 1-4 family construction $19,835
    Other construction, all land development and other land $14,453
    Loans secured by nonfarm nonresidential properties $173,073
    Nonfarm nonresidential secured by owner-occupied properties $55,492
    Commercial real estate & other non-farm, non-residential $117,581
    Multifamily residential real estate $40,367
    1-4 family residential loans $71,802
    Farmland loans $9,976
    Loans held in foreign offices $0
    Farm loans $1,309
    Commercial and industrial loans $21,693
    To non-U.S. addressees $0
    Loans to individuals $1,838
    Credit card loans $0
    Related Plans $264
    Consumer Auto Loans $211
    Other loans to individuals $1,363
    All other loans & leases $860
    Loans to foreign governments and official institutions $0
    Other loans $436
    Loans to depository institutions and acceptances of other banks $28
    Loans not secured by real estate $938
    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

    Providence Bank had $351,845,000 of loans outstanding in 2018. $329,506,000 of loans were in real estate loans. $34,288,000 of loans were in development loans. $40,367,000 of loans were in multifamily mortgage loans. $71,802,000 of loans were in 1-4 family mortgage loans. $1,309,000 of loans were in farm loans. $0 of loans were in credit card loans. $211,000 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 216 $50,275 $232,755
    Nonfarm, nonresidential loans - <$100k 48 $1,857 $38,688
    Nonfarm, nonresidential loans - $100-250k 72 $8,789 $122,069
    Nonfarm, nonresidential loans - $250k-1MM 96 $39,629 $412,802
    Commercial & Industrial, US addressed loans - <$1MM 284 $14,205 $50,018
    Commercial & Industrial, US addressed loans - <$100k 202 $3,987 $19,738
    Commercial & Industrial, US addressed loans - $100-250k 48 $4,146 $86,375
    Commercial & Industrial, US addressed loans - $250k-1MM 34 $6,072 $178,588
    Farmland loans - <$1MM 24 $3,026 $126,083
    Farmland loans - <$100k 11 $348 $31,636
    Farmland loans - $100-250k 6 $842 $140,333
    Farmland loans - $250k-1MM 7 $1,836 $262,286
    Agriculture operations loans - <$1MM 16 $806 $50,375
    Agriculture operations loans - <$100k 12 $221 $18,417
    Agriculture operations loans - $100-250k 3 $185 $61,667
    Agriculture operations loans - $250k-1MM 1 $400 $400,000