Providence Bank Mortgage Rates, Fees & Info
Rocky Mount, NCLEI: 54930084GJFEXBIOGU45
Tax ID: 20-4006556
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Mortgage Data
Bank Data
Review & Overview
Providence Bank is a smaller bank specializing in Home Purchase loans. Providence Bank has a high proportion of conventional loans. Their top markets by origination volume include: Rocky Mount, Durham, Raleigh, Morehead City, and Wilson among others. We have data for 9 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.
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Originations
81Origination Dollar Volume (All Markets)
$17,815,000Employee count
50Top 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) | 51 | $6,935,000 | $135,980 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 4 | $3,540,000 | $885,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 10 | $3,540,000 | $354,000 | $0 | 0.00% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $1,325,000 | $1,325,000 | $0 | 0.00% |
| Wilson, NC (FHA|USDA|VA) | 10 | $1,270,000 | $127,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 0.00% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $135,000 | $135,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 81 | $17,815,000 | $219,938 | $0 | 0.00% |
For 2020, Providence Bank's most frequently originated type of loan was Conventional, with 81 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 53 | $13,485,000 | $254,434 | $0 | 0.00% |
| Refi | 16 | $3,320,000 | $207,500 | $0 | 0.00% |
| Home Improvement | 12 | $1,010,000 | $84,167 | $0 | 0.00% |
For 2020, Providence Bank's most frequently cited loan purpose was Home Purchase, with 53 originations. The 2nd most popular reason was Refi, with 16 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 81 | $17,815,000 | $219,938 | $0 | 0.00% |
For 2020, Providence Bank's most frequently cited loan duration was Other, with 81 originations.
Loan Sizing
2020 saw Providence Bank place emphasis on $100,000 or less loans with 38 originations, totaling $2,080,000 in origination value.
Applicant Income
Providence Bank lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $250k+, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 81 | $17,815,000 | $219,938 | $0 | 0.00% |
Providence Bank lent most frequently to those with DTI ratios of Exempt%, with 81 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.43%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 81 | $17,815,000 | $219,938 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PROVIDENT FUNDING ASSOCIATES | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 9 | 31.0% |
| PROVIDENT FUNDING ASSOCIATES | Conventional home mortgage | Closing on a mortgage | 6 | 20.7% |
| PROVIDENT FUNDING ASSOCIATES | Conventional home mortgage | Struggling to pay mortgage | 4 | 13.8% |
| PROVIDENT FUNDING ASSOCIATES | Conventional home mortgage | Trouble during payment process | 9 | 31.0% |
| PROVIDENT FUNDING ASSOCIATES | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.4% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Providence Bank | 2401 Sunset Avenue Rocky Mount, NC 27804 | Full Service B&M | $64,961 |
| Providence Bank | 241 W. Washington Street Nashville, NC 27856 | Full Service B&M | $38,172 |
| Providence Bank | 325 Main Street Tarboro, NC 27886 | Full Service B&M | $63,704 |
| Providence Bank | 3710 West Nash Street Wilson, NC 27896 | Full Service B&M | $106,982 |
| Providence Bank | 450 N Winstead Ave Rocky Mount, NC 27804 | Full Service B&M | $157,881 |
For 2020, Providence Bank had 5 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $23,366 |
| Net interest income | $17,931 |
| Total noninterest income | $584 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $78 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $506 |
| Pre-tax net operating income | $9,037 |
| Securities gains (or losses, -) | $518 |
| Income before extraordinary items | $7,625 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $7,625 |
| Minority interest net income | $0 |
| Net income | $7,625 |
| Sale, conversion, retirement of capital stock, net | $119 |
| Net operating income | $7,210 |
Providence Bank's gross interest income from loans was $23,366,000.
Providence Bank's net interest income from loans was $17,931,000.
Providence Bank's fee based income from loans was $78,000.
Providence Bank's net income from loans was $7,625,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $5,435 |
| Provision for credit losses | $1,245 |
| Total noninterest expense | $8,233 |
| Salaries and employee benefits | $4,629 |
| Premises and equipment expense | $570 |
| Additional noninterest expense | $3,034 |
| Applicable income taxes | $1,930 |
| Net charge-offs | $255 |
| Cash dividends | $340 |
Providence Bank's interest expense for loans was $5,435,000.
Providence Bank's payroll and benefits expense were $4,629,000.
Providence Bank's property, plant and equipment expenses $570,000.
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 | $459,321 |
| Deposits held in domestic offices | $459,321 |
| Deposits by Individuals, partnerships, and corporations | $438,627 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $19,730 |
| Deposits by Commercial banks and other depository institutions in U.S. | $964 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $40,113 |
| Demand deposits | $14,135 |
| Nontransaction accounts | $419,208 |
| Money market deposit accounts (MMDAs) | $38,873 |
| Other savings deposits (excluding MMDAs) | $208,596 |
| Total time deposits | $171,740 |
| Total time and savings deposits | $445,186 |
| Noninterest-bearing deposits | $81,541 |
| Interest-bearing deposits | $377,780 |
| Retail deposits | $408,274 |
| IRAs and Keogh plan accounts | $10,533 |
| Brokered deposits | $27,953 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $587,241 |
| Cash & Balances due from depository institutions | $60,227 |
| Interest-bearing balances | $53,374 |
| Total securities | $32,551 |
| Federal funds sold & reverse repurchase | $2,927 |
| Net loans and leases | $459,629 |
| Loan and leases loss allowance | $4,592 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,466 |
| Other real estate owned | $1,895 |
| Goodwill and other intangibles | $4,501 |
| All other assets | $23,045 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $587,241 |
| Total Liabilities | $514,975 |
| Total deposits | $459,321 |
| Interest-bearing deposits | $377,780 |
| Deposits held in domestic offices | $459,321 |
| % insured (estimated) | $78 |
| Federal funds purchased and repurchase agreements | $3,362 |
| Trading liabilities | $0 |
| Other borrowed funds | $49,000 |
| Subordinated debt | $0 |
| All other liabilities | $3,292 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $459,629 |
| Loan and leases loss allowance | $4,592 |
| Total loans and leases (domestic) | $464,221 |
| All real estate loans | $395,733 |
| Real estate loans in domestic offices | $395,733 |
| Construction and development loans | $59,500 |
| Residential 1-4 family construction | $21,664 |
| Other construction, all land development and other land | $37,836 |
| Loans secured by nonfarm nonresidential properties | $214,746 |
| Nonfarm nonresidential secured by owner-occupied properties | $60,649 |
| Commercial real estate & other non-farm, non-residential | $154,097 |
| Multifamily residential real estate | $45,415 |
| 1-4 family residential loans | $68,340 |
| Farmland loans | $7,732 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,167 |
| Commercial and industrial loans | $59,864 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $6,764 |
| Credit card loans | $0 |
| Related Plans | $225 |
| Consumer Auto Loans | $285 |
| Other loans to individuals | $6,254 |
| All other loans & leases | $693 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $454 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $519 |
| 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 $459,629,000 of loans outstanding in 2020. $395,733,000 of loans were in real estate loans. $59,500,000 of loans were in development loans. $45,415,000 of loans were in multifamily mortgage loans. $68,340,000 of loans were in 1-4 family mortgage loans. $1,167,000 of loans were in farm loans. $0 of loans were in credit card loans. $285,000 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 | 202 | $47,882 | $237,040 |
| Nonfarm, nonresidential loans - <$100k | 58 | $2,588 | $44,621 |
| Nonfarm, nonresidential loans - $100-250k | 61 | $9,521 | $156,082 |
| Nonfarm, nonresidential loans - $250k-1MM | 83 | $35,773 | $431,000 |
| Commercial & Industrial, US addressed loans - <$1MM | 414 | $27,326 | $66,005 |
| Commercial & Industrial, US addressed loans - <$100k | 301 | $7,665 | $25,465 |
| Commercial & Industrial, US addressed loans - $100-250k | 69 | $8,962 | $129,884 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 44 | $10,699 | $243,159 |
| Farmland loans - <$1MM | 16 | $3,323 | $207,688 |
| Farmland loans - <$100k | 4 | $274 | $68,500 |
| Farmland loans - $100-250k | 6 | $878 | $146,333 |
| Farmland loans - $250k-1MM | 6 | $2,171 | $361,833 |
| Agriculture operations loans - <$1MM | 13 | $762 | $58,615 |
| Agriculture operations loans - <$100k | 9 | $248 | $27,556 |
| Agriculture operations loans - $100-250k | 3 | $414 | $138,000 |
| Agriculture operations loans - $250k-1MM | 1 | $100 | $100,000 |