Bankfirst Financial Services Mortgage Rates, Fees & Info

Columbus, MS

LEI: 549300BR7OTD25RTS027

Tax ID: 64-0202970

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bankfirst Financial Services is a smaller bank specializing in Home Purchase and Refi loans. Bankfirst Financial Services has a high proportion of conventional loans. Their top markets include Tuscaloosa, Jackson, Starkville, Columbus, and Hattiesburg among others. Bankfirst Financial Services has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

1,095

Origination Dollar Volume (All Markets)

$267,585,000

Employee count

341

Relative Rate

Bankfirst Financial Services's average 30 year fixed rate mortgage of loans were 2.98%.

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

This yields a difference of -0.17%.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
TUSCALOOSA, AL (FHA|USDA|VA) 256 $72,830,000 $284,492 $0 3.23%
JACKSON, MS (FHA|USDA|VA) 165 $44,995,000 $272,697 $0 3.30%
Starkville, MS (FHA|USDA|VA) 113 $40,055,000 $354,469 $0 3.56%
Outside of Metro Areas 206 $23,510,000 $114,126 $0 4.69%
Columbus, MS (FHA|USDA|VA) 113 $21,365,000 $189,071 $0 3.94%
HATTIESBURG, MS (FHA|USDA|VA) 45 $13,675,000 $303,889 $0 3.22%
Oxford, MS (FHA|USDA|VA) 50 $12,340,000 $246,800 $0 3.14%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 15 $6,685,000 $445,667 $0 3.56%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 8 $5,500,000 $687,500 $0 3.29%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 16 $3,940,000 $246,250 $0 3.14%
Cullman, AL (FHA|USDA|VA) 8 $3,470,000 $433,750 $0 3.45%
Tupelo, MS (FHA|USDA|VA) 7 $3,345,000 $477,857 $0 3.57%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 5 $2,435,000 $487,000 $0 2.97%
Laurel, MS (FHA|USDA|VA) 13 $2,035,000 $156,538 $0 4.34%
West Point, MS (FHA|USDA|VA) 18 $1,900,000 $105,556 $0 4.06%
Jasper, AL (FHA|USDA|VA) 14 $1,360,000 $97,143 $0 5.26%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 3 $995,000 $331,667 $0 2.96%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 5 $945,000 $189,000 $0 3.37%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 6 $800,000 $133,333 $0 4.46%
Meridian, MS (FHA|USDA|VA) 7 $585,000 $83,571 $0 5.49%
DECATUR, AL (FHA|USDA|VA) 2 $580,000 $290,000 $0 3.91%
Brookhaven, MS (FHA|USDA|VA) 2 $580,000 $290,000 $0 3.63%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $365,000 $365,000 $0 2.75%
Show Low, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $0 2.63%
Vicksburg, MS (FHA|USDA|VA) 1 $325,000 $325,000 $0 2.99%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 4.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $265,000 $265,000 $0 2.99%
ASHEVILLE, NC (FHA|USDA|VA) 1 $235,000 $235,000 $0 2.63%
Grenada, MS (FHA|USDA|VA) 1 $225,000 $225,000 $0 2.63%
MOBILE, AL (FHA|USDA|VA) 1 $225,000 $225,000 $0 2.75%
Lake City, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 2.88%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $200,000 $100,000 $0 2.88%
PANAMA CITY, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 4.05%
Sevierville, TN (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.88%
LUBBOCK, TX (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.88%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.25%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.13%
HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.50%

Bankfirst Financial Services's top markets include Tuscaloosa, Jackson, Starkville, Columbus, and Hattiesburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,095 $267,585,000 $244,370 $0 3.70%

For the 2021 period, Bankfirst Financial Services's most frequently originated loan type of loans were Conventional, with 1,095 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 492 $137,510,000 $279,492 $0 3.44%
Refi 477 $104,715,000 $219,528 $0 4.04%
Cash Out Refi 94 $21,100,000 $224,468 $0 3.02%
Home Improvement 20 $1,960,000 $98,000 $0 5.02%
Other 12 $2,300,000 $191,667 $0 3.91%

For the 2021, Bankfirst Financial Services's most frequently cited loan purpose of loans were Home Purchase, with 492 originations. The 2nd most popular reason of loans were Refi, with 477 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 491 $130,825,000 $266,446 $0 2.98%
5 Year 291 $57,215,000 $196,615 $0 4.72%
Other 117 $24,695,000 $211,068 $0 4.32%
15 Year 78 $15,230,000 $195,256 $0 2.70%
10 Year 50 $28,850,000 $577,000 $0 3.88%
1 Year 34 $4,930,000 $145,000 $0 4.89%
20 Year 25 $5,425,000 $217,000 $0 3.31%
3 Year 9 $415,000 $46,111 $0 5.94%

For the 2021, Bankfirst Financial Services's most frequently cited loan length of loans were 30 Year, with 491 originations. The 2nd most popular length of loans were 5 Year, with 291 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 570 $136,230,000 $239,000
$1k-2k 124 $23,900,000 $192,742
$2k-3k 40 $8,930,000 $223,250
$3k-4k 27 $7,795,000 $288,704
$5k+ 3 $1,645,000 $548,333

$0 of loans were Bankfirst Financial Services's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 570 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 370 $118,420,000 $320,054
2.5-3% 360 $99,360,000 $276,000
4-5% 136 $20,120,000 $147,941
5-6% 78 $5,590,000 $71,667
<2.5% 76 $20,980,000 $276,053
6-7% 37 $1,765,000 $47,703
7-8% 29 $1,095,000 $37,759
Over 8% 9 $255,000 $28,333

During 2021, Bankfirst Financial Services's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 3-4%, with 370 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 334 $92,940,000 $278,263 $0 3.10%
$100k-200k 318 $47,440,000 $149,182 $0 3.39%
$100,000 or less 290 $14,970,000 $51,621 $0 5.04%
$400k-600k 111 $53,935,000 $485,901 $0 2.98%
$1MM+ 22 $43,400,000 $1,972,727 $0 3.53%
$600k-1MM 20 $14,900,000 $745,000 $0 3.34%

2021 saw Bankfirst Financial Services place emphasis on $200k-400k loans with 334 originations, totaling $92,940,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 178 $43,090,000 $242,079 $0 3.36%
$50k-75k 169 $26,415,000 $156,302 $0 3.86%
$75k-100k 150 $29,150,000 $194,333 $0 3.40%
$50k or less 148 $13,890,000 $93,851 $0 4.38%
$150k-250k 124 $39,650,000 $319,758 $0 3.08%
$250k+ 94 $33,640,000 $357,872 $0 3.39%

Bankfirst Financial Services lent most frequently to those with incomes in the $100k-150k range, with 178 originations. The second most popular income band? $50k-75k, with 169 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 230 $54,230,000 $235,783 $0 3.32%
30-36% 149 $35,665,000 $239,362 $0 3.27%
<20% 133 $31,425,000 $236,278 $0 3.39%
37% 24 $6,870,000 $286,250 $0 3.25%
43% 24 $5,750,000 $239,583 $0 3.21%
39% 21 $5,425,000 $258,333 $0 3.27%
41% 21 $3,785,000 $180,238 $0 3.16%
38% 18 $4,770,000 $265,000 $0 3.13%
42% 17 $4,245,000 $249,706 $0 3.05%
36% 17 $3,615,000 $212,647 $0 3.65%
40% 17 $4,955,000 $291,471 $0 3.15%
44% 16 $3,710,000 $231,875 $0 3.12%
45% 12 $3,730,000 $310,833 $0 3.12%
49% 11 $1,755,000 $159,545 $0 3.59%
47% 9 $2,215,000 $246,111 $0 2.93%
48% 8 $2,040,000 $255,000 $0 3.44%
46% 7 $1,615,000 $230,714 $0 3.03%
50-60% 7 $295,000 $42,143 $0 5.78%
>60% 7 $845,000 $120,714 $0 5.33%

Bankfirst Financial Services lent most frequently to those with DTI ratios of 20-30%, with 230 originations. The next most common DTI ratio? 30-36%, with 149 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 807 $180,745,000 $223,971 $0 3.57%
Not applicable 208 $75,700,000 $363,942 $0 4.05%
Black 65 $7,665,000 $117,923 $0 4.22%
Asian 12 $3,220,000 $268,333 $0 3.26%
American Indian 2 $190,000 $95,000 $0 4.80%
Not provided 1 $65,000 $65,000 $0 4.90%

Approval Rates

Total approvals of all applications
93.70%

Bankfirst Financial Services has an average approval rate.

Pick Rate

Approvals leading to origination
88.65%

Bankfirst Financial Services has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,095 $267,585,000 $244,370

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,095 $267,585,000 $244,370

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 115 $18,435,000 $160,304 $0 4.79%
40-60% 171 $36,175,000 $211,550 $0 3.93%
60-80% 405 $101,845,000 $251,469 $0 3.46%
80-100% 373 $109,345,000 $293,150 $0 3.35%
Over 100% 2 $100,000 $50,000 $0 4.80%
Under 20% 27 $1,545,000 $57,222 $0 5.70%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%
BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bankfirst Financial Services 1597 Highland Colony Parkway Madison, MS 39110 Full Service B&M $95,067
Bankfirst Financial Services 6141 County Road 41 Arley, AL 35541 Full Service B&M $24,055
Bankfirst Financial Services 7342 Highway 45 Alt North West Point, MS 39773 Full Service B&M $65,087
Bankfirst Financial Services 819 20th St Haleyville, AL 35565 Full Service B&M $155,363
Bankfirst Financial Services 900 Main St Columbus, MS 39701 Full Service B&M $219,573
Bankfirst Financial Services Elliott Street And Highway 17 Carrollton, AL 35447 Full Service B&M $26,207
Bankfirst Financial Services Highway 15 South (East Side) Louin, MS 39338 Full Service B&M $14,308
Bankfirst Financial Services Scanlan And Richardson Streets Newton, MS 39345 Limited, Drive-thru $0
Bankfirst Financial Services 10 Blake Drive Double Springs, AL 35553 Full Service B&M $80,414
Bankfirst Financial Services 1000 Highway 12 West Starkville, MS 39759 Full Service B&M $27,549
Bankfirst Financial Services 101 Heck St Lynn, AL 35575 Full Service B&M $8,611
Bankfirst Financial Services 101 Russell Street Starkville, MS 39759 Full Service B&M $58,828
Bankfirst Financial Services 106 Second Avenue Northwest Gordo, AL 35466 Full Service B&M $51,906
Bankfirst Financial Services 110 Lehmberg Road Columbus, MS 39702 Full Service B&M $17,144
Bankfirst Financial Services 110 South Jefferson Street Macon, MS 39341 Full Service B&M $163,913
Bankfirst Financial Services 1120 21st St Haleyville, AL 35565 Limited, Drive-thru $0
Bankfirst Financial Services 114 East Church Street Newton, MS 39345 Full Service B&M $118,486
Bankfirst Financial Services 201 Bank First Drive Flowood, MS 39232 Full Service B&M $52,435
Bankfirst Financial Services 2027 Highway 45 North Columbus, MS 39701 Full Service B&M $18,798
Bankfirst Financial Services 22 Millbranch Road Hattiesburg, MS 39402 Full Service B&M $2,459
Bankfirst Financial Services 2323 Paul W Bryant Drive Tuscaloosa, AL 35403 Full Service B&M $174,303
Bankfirst Financial Services 25 Third Street, N. E. Aliceville, AL 35442 Full Service B&M $44,809
Bankfirst Financial Services 292 Eastside Drive Newton, MS 39345 Full Service B&M $31,520
Bankfirst Financial Services 309 Main Street Bear Creek, AL 35543 Full Service B&M $11,430
Bankfirst Financial Services 30966 Hwy 278 Addison, AL 35540 Full Service B&M $23,694
Bankfirst Financial Services 42233 Highway 195 Haleyville, AL 35565 Limited, Drive-thru $0
Bankfirst Financial Services 4400 Old Canton Road, Suite 140 Jackson, MS 39211 Full Service B&M $17,649
Bankfirst Financial Services 5329 Curry Hwy Curry, AL 35503 Full Service B&M $25,110
Bankfirst Financial Services 54 Mcfarland Boulevard Northport, AL 35476 Full Service B&M $54,960

For 2021, Bankfirst Financial Services had 29 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $62,398
Net interest income $57,068
Total noninterest income $22,806
Gross Fiduciary activities income $0
Service charges on deposit accounts $6,515
Trading account gains and fees $0
Additional Noninterest Income $16,291
Pre-tax net operating income $25,287
Securities gains (or losses, -) $13
Income before extraordinary items $20,007
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $20,007
Minority interest net income $0
Net income $20,007
Sale, conversion, retirement of capital stock, net $558
Net operating income $19,996

Bankfirst Financial Services's gross interest income from loans was $62,398,000.
Bankfirst Financial Services's net interest income from loans was $57,068,000.
Bankfirst Financial Services's fee based income from loans was $6,515,000.
Bankfirst Financial Services's net income from loans was $20,007,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,330
Provision for credit losses $1,112
Total noninterest expense $53,475
Salaries and employee benefits $30,153
Premises and equipment expense $4,570
Additional noninterest expense $18,752
Applicable income taxes $5,293
Net charge-offs $1,889
Cash dividends $10,000

Bankfirst Financial Services's interest expense for loans was $5,330,000.
Bankfirst Financial Services's payroll and benefits expense were $30,153,000.
Bankfirst Financial Services's property, plant and equipment expenses $4,570,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 4.0%
Nonfarm, nonresidential loans 1.0%
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 $1,609,840
Deposits held in domestic offices $1,609,840
Deposits by Individuals, partnerships, and corporations $1,463,124
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $146,199
Deposits by Commercial banks and other depository institutions in U.S. $518
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $247,288
Demand deposits $112,512
Nontransaction accounts $1,362,553
Money market deposit accounts (MMDAs) $847,772
Other savings deposits (excluding MMDAs) $219,934
Total time deposits $294,847
Total time and savings deposits $1,497,329
Noninterest-bearing deposits $502,391
Interest-bearing deposits $1,107,449
Retail deposits $1,538,053
IRAs and Keogh plan accounts $51,713
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,818,788
Cash & Balances due from depository institutions $59,098
Interest-bearing balances $22,475
Total securities $423,540
Federal funds sold & reverse repurchase $0
Net loans and leases $1,190,843
Loan and leases loss allowance $15,719
Trading account assets $0
Bank premises and fixed assets $43,043
Other real estate owned $953
Goodwill and other intangibles $38,459
All other assets $62,852

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,818,788
Total Liabilities $1,623,364
Total deposits $1,609,840
Interest-bearing deposits $1,107,449
Deposits held in domestic offices $1,609,840
% insured (estimated) $85
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $13,524

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,190,843
Loan and leases loss allowance $15,719
Total loans and leases (domestic) $1,206,562
All real estate loans $975,799
Real estate loans in domestic offices $975,799
Construction and development loans $110,417
Residential 1-4 family construction $42,504
Other construction, all land development and other land $67,913
Loans secured by nonfarm nonresidential properties $428,977
Nonfarm nonresidential secured by owner-occupied properties $197,425
Commercial real estate & other non-farm, non-residential $231,552
Multifamily residential real estate $81,494
1-4 family residential loans $283,964
Farmland loans $70,947
Loans held in foreign offices $0
Farm loans $22,585
Commercial and industrial loans $159,830
To non-U.S. addressees $0
Loans to individuals $19,201
Credit card loans $2,003
Related Plans $143
Consumer Auto Loans $4,341
Other loans to individuals $12,714
All other loans & leases $29,147
Loans to foreign governments and official institutions $0
Other loans $4,304
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $8
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,295
Non 1-4 family restructured loans & leases $747
Total loans and leases (foreign) $0

BankFirst Financial Services had $1,190,843,000 of loans outstanding in 2021. $975,799,000 of loans were in real estate loans. $110,417,000 of loans were in development loans. $81,494,000 of loans were in multifamily mortgage loans. $283,964,000 of loans were in 1-4 family mortgage loans. $22,585,000 of loans were in farm loans. $2,003,000 of loans were in credit card loans. $4,341,000 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 652 $131,930 $202,347
Nonfarm, nonresidential loans - <$100k 179 $6,968 $38,927
Nonfarm, nonresidential loans - $100-250k 191 $21,929 $114,812
Nonfarm, nonresidential loans - $250k-1MM 282 $103,033 $365,365
Commercial & Industrial, US addressed loans - <$1MM 1,971 $108,777 $55,189
Commercial & Industrial, US addressed loans - <$100k 1,513 $33,595 $22,204
Commercial & Industrial, US addressed loans - $100-250k 315 $30,123 $95,629
Commercial & Industrial, US addressed loans - $250k-1MM 143 $45,059 $315,098
Farmland loans - <$1MM 319 $28,675 $89,890
Farmland loans - <$100k 192 $6,486 $33,781
Farmland loans - $100-250k 75 $9,487 $126,493
Farmland loans - $250k-1MM 52 $12,702 $244,269
Agriculture operations loans - <$1MM 342 $15,928 $46,573
Agriculture operations loans - <$100k 250 $4,526 $18,104
Agriculture operations loans - $100-250k 61 $5,224 $85,639
Agriculture operations loans - $250k-1MM 31 $6,178 $199,290