Primesouth Bank Mortgage Rates, Fees & Info

Blackshear, GA

LEI: 549300C4YZ9QY31U5912

Tax ID: 58-0163257

1 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Primesouth Bank is a smaller bank specializing in Home Purchase and Refi loans. Primesouth Bank has a high proportion of conventional loans. Their top markets include Brunswick, Waycross, Jacksonville, St. Marys, and Savannah among others. Primesouth Bank 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. Primesouth Bank is typically a high fee lendor.


Originations

432

Origination Dollar Volume (All Markets)

$101,240,000

Employee count

141

Relative Rate

Primesouth Bank's average 30 year fixed rate mortgage of loans were 3.77%.

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

This yields a difference of 0.62%.

Relative Fees

Primesouth Bank's average total fees for a 30 year fixed rate mortgage are $8,470.

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
BRUNSWICK, GA (FHA|USDA|VA) 132 $50,050,000 $379,167 $6,280 4.18%
Waycross, GA (FHA|USDA|VA) 167 $17,045,000 $102,066 $1,660 4.77%
JACKSONVILLE, FL (FHA|USDA|VA) 15 $6,455,000 $430,333 $7,186 4.12%
St. Marys, GA (FHA|USDA|VA) 12 $6,060,000 $505,000 $2,316 4.33%
SAVANNAH, GA (FHA|USDA|VA) 7 $5,125,000 $732,143 $11,997 4.25%
Jesup, GA (FHA|USDA|VA) 57 $4,785,000 $83,947 $1,432 4.76%
HINESVILLE, GA (FHA|USDA|VA) 10 $2,710,000 $271,000 $734 4.37%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $2,470,000 $1,235,000 $14,872 3.38%
Outside of Metro Areas 15 $2,395,000 $159,667 $3,133 4.81%
Moultrie, GA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 3.90%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $755,000 $755,000 $11,218 3.25%
GAINESVILLE, GA (FHA|USDA|VA) 1 $615,000 $615,000 $7,777 3.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,668 3.25%
VALDOSTA, GA (FHA|USDA|VA) 3 $265,000 $88,333 $2,101 4.25%
Key West, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,562 2.99%
Douglas, GA (FHA|USDA|VA) 4 $190,000 $47,500 $584 4.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,894 4.25%
Milledgeville, GA (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.25%
ALBANY, GA (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.25%

Primesouth Bank's top markets include Brunswick, Waycross, Jacksonville, St. Marys, and Savannah among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 432 $101,240,000 $234,352 $4,328 4.51%

For the 2021 period, Primesouth Bank's most frequently originated loan type of loans were Conventional, with 432 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 242 $62,260,000 $257,273 $5,413 4.43%
Refi 164 $35,400,000 $215,854 $3,042 4.61%
Home Improvement 13 $775,000 $59,615 $1,898 4.83%
Other 11 $2,695,000 $245,000 $3,791 4.13%
Cash Out Refi 2 $110,000 $55,000 $1,013 5.47%

For the 2021, Primesouth Bank's most frequently cited loan purpose of loans were Home Purchase, with 242 originations. The 2nd most popular reason of loans were Refi, with 164 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 145 $19,405,000 $133,828 $1,656 4.89%
30 Year 71 $45,855,000 $645,845 $8,470 3.77%
15 Year 69 $12,805,000 $185,580 $4,475 4.40%
20 Year 63 $14,205,000 $225,476 $2,486 4.22%
5 Year 30 $3,080,000 $102,667 $736 4.87%
10 Year 28 $2,140,000 $76,429 $975 4.83%
1 Year 23 $3,115,000 $135,435 $268 4.60%
3 Year 2 $190,000 $95,000 $0 4.25%
30+ year 1 $445,000 $445,000 $9,880 3.99%

For the 2021, Primesouth Bank's most frequently cited loan length of loans were Other, with 145 originations. The 2nd most popular length of loans were 30 Year, with 71 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 99 $5,875,000 $59,343
$3k-4k 28 $13,580,000 $485,000
$5k+ 28 $29,410,000 $1,050,357
$2k-3k 15 $4,335,000 $289,000
$1k-2k 12 $2,680,000 $223,333

$8,470 of loans were Primesouth Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 99 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 244 $39,230,000 $160,779
3-4% 92 $51,110,000 $555,543
5-6% 67 $6,305,000 $94,104
6-7% 20 $730,000 $36,500
2.5-3% 7 $3,835,000 $547,857
7-8% 2 $30,000 $15,000

During 2021, Primesouth Bank's average interest rate of loans were 3.77%, while their most frequently originated rate bucket of loans were 4-5%, with 244 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 219 $10,615,000 $48,470 $1,227 4.89%
$100k-200k 86 $11,790,000 $137,093 $2,621 4.41%
$200k-400k 50 $14,330,000 $286,600 $5,269 4.08%
$600k-1MM 33 $26,145,000 $792,273 $9,385 3.73%
$400k-600k 29 $14,245,000 $491,207 $6,998 3.85%
$1MM+ 15 $24,115,000 $1,607,667 $15,398 3.86%

2021 saw Primesouth Bank place emphasis on $100,000 or less loans with 219 originations, totaling $10,615,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 87 $7,515,000 $86,379 $1,442 4.89%
$50k-75k 76 $5,810,000 $76,447 $1,679 4.83%
$250k+ 66 $39,390,000 $596,818 $8,360 3.90%
$100k-150k 44 $8,340,000 $189,545 $4,803 4.36%
$150k-250k 40 $11,230,000 $280,750 $5,683 4.16%
$75k-100k 35 $5,335,000 $152,429 $4,051 4.80%

Primesouth Bank lent most frequently to those with incomes in the $50k or less range, with 87 originations. The second most popular income band? $50k-75k, with 76 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
<20% 82 $19,340,000 $235,854 $4,474 4.39%
20-30% 63 $11,475,000 $182,143 $2,666 4.73%
30-36% 52 $12,920,000 $248,462 $5,158 4.53%
>60% 23 $2,145,000 $93,261 $0 4.90%
50-60% 12 $2,350,000 $195,833 $5,421 4.88%
36% 9 $2,595,000 $288,333 $6,304 4.48%
43% 9 $1,695,000 $188,333 $3,510 4.46%
39% 9 $5,095,000 $566,111 $12,753 4.12%
40% 9 $1,885,000 $209,444 $4,028 4.23%
41% 8 $1,270,000 $158,750 $3,028 4.62%
48% 8 $780,000 $97,500 $2,345 4.70%
38% 7 $1,395,000 $199,286 $694 4.42%
45% 7 $815,000 $116,429 $1,068 4.71%
49% 6 $680,000 $113,333 $3,232 4.50%
42% 6 $420,000 $70,000 $1,160 4.92%
44% 5 $1,235,000 $247,000 $5,182 4.30%
46% 4 $370,000 $92,500 $610 4.69%
47% 3 $145,000 $48,333 $659 5.42%
37% 3 $205,000 $68,333 $2,200 4.92%

Primesouth Bank lent most frequently to those with DTI ratios of <20%, with 82 originations. The next most common DTI ratio? 20-30%, with 63 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 309 $73,735,000 $238,625 $4,466 4.52%
Not applicable 83 $23,585,000 $284,157 $0 4.40%
American Indian 11 $1,315,000 $119,545 $0 4.43%
Black 21 $1,225,000 $58,333 $1,949 4.77%
Not provided 6 $1,150,000 $191,667 $0 4.33%
Asian 1 $125,000 $125,000 $3,209 4.25%
Asian Indian 1 $105,000 $105,000 $734 4.25%

Approval Rates

Total approvals of all applications
94.08%

Primesouth Bank has an average approval rate.

Pick Rate

Approvals leading to origination
88.43%

Primesouth Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 432 $101,240,000 $234,352

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
432 $101,240,000 $234,352

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 50 $4,550,000 $91,000 $1,366 4.57%
40-60% 66 $10,690,000 $161,970 $2,951 4.62%
60-80% 161 $54,845,000 $340,652 $6,070 4.53%
80-100% 124 $27,470,000 $221,532 $4,897 4.42%
Over 100% 1 $45,000 $45,000 $0 5.75%
Under 20% 30 $3,640,000 $121,333 $2,254 4.34%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Prime Choice Funding Inc. Conventional home mortgage Closing on a mortgage 1 50.0%
Prime Choice Funding Inc. VA mortgage Trouble during payment process 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Primesouth Bank 530 Memorial Drive Waycross, GA 31501 Full Service B&M $187,381
Primesouth Bank 101 Hyde Park Commons Brunswick, GA 31523 Full Service B&M $66,142
Primesouth Bank 710 Gloucester Street Brunswick, GA 31520 Full Service B&M $101,778
Primesouth Bank 128 Altama Connector Brunswick, GA 31525 Full Service B&M $38,516
Primesouth Bank 1500 Sadler Rd Fernandina Beach, FL 32034 Full Service B&M $42,373
Primesouth Bank 1663 Frederica Road St. Simons Island, GA 31522 Full Service B&M $75,440
Primesouth Bank 3473 Us Hwy 84 Blackshear, GA 31516 Full Service B&M $170,279
Primesouth Bank 375 W. Cherry Street Jesup, GA 31545 Full Service B&M $176,338

For 2021, Primesouth Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,432
Net interest income $34,501
Total noninterest income $6,870
Gross Fiduciary activities income $0
Service charges on deposit accounts $822
Trading account gains and fees $0
Additional Noninterest Income $6,048
Pre-tax net operating income $15,211
Securities gains (or losses, -) $0
Income before extraordinary items $11,766
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,766
Minority interest net income $0
Net income $11,766
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,766

Primesouth Bank's gross interest income from loans was $37,432,000.
Primesouth Bank's net interest income from loans was $34,501,000.
Primesouth Bank's fee based income from loans was $822,000.
Primesouth Bank's net income from loans was $11,766,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,931
Provision for credit losses $1,080
Total noninterest expense $25,080
Salaries and employee benefits $12,900
Premises and equipment expense $2,596
Additional noninterest expense $9,584
Applicable income taxes $3,445
Net charge-offs $-337
Cash dividends $2,400

Primesouth Bank's interest expense for loans was $2,931,000.
Primesouth Bank's payroll and benefits expense were $12,900,000.
Primesouth Bank's property, plant and equipment expenses $2,596,000.

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 $967,820
Deposits held in domestic offices $967,820
Deposits by Individuals, partnerships, and corporations $864,469
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $103,351
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 $503,894
Demand deposits $503,894
Nontransaction accounts $463,926
Money market deposit accounts (MMDAs) $236,114
Other savings deposits (excluding MMDAs) $87,780
Total time deposits $140,032
Total time and savings deposits $463,926
Noninterest-bearing deposits $275,372
Interest-bearing deposits $692,449
Retail deposits $940,952
IRAs and Keogh plan accounts $24,353
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,064,683
Cash & Balances due from depository institutions $171,372
Interest-bearing balances $165,605
Total securities $113,057
Federal funds sold & reverse repurchase $1,290
Net loans and leases $750,126
Loan and leases loss allowance $11,071
Trading account assets $0
Bank premises and fixed assets $10,464
Other real estate owned $913
Goodwill and other intangibles $5,275
All other assets $12,186

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,064,683
Total Liabilities $969,917
Total deposits $967,820
Interest-bearing deposits $692,449
Deposits held in domestic offices $967,820
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $2,097

Issued Loan Types

Type Value (in 000's)
Net loans and leases $750,126
Loan and leases loss allowance $11,071
Total loans and leases (domestic) $761,197
All real estate loans $645,159
Real estate loans in domestic offices $645,159
Construction and development loans $111,030
Residential 1-4 family construction $44,437
Other construction, all land development and other land $66,593
Loans secured by nonfarm nonresidential properties $237,281
Nonfarm nonresidential secured by owner-occupied properties $148,393
Commercial real estate & other non-farm, non-residential $88,888
Multifamily residential real estate $24,734
1-4 family residential loans $225,479
Farmland loans $46,635
Loans held in foreign offices $0
Farm loans $2,261
Commercial and industrial loans $80,477
To non-U.S. addressees $0
Loans to individuals $24,585
Credit card loans $1,584
Related Plans $369
Consumer Auto Loans $12,633
Other loans to individuals $9,999
All other loans & leases $8,715
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $950
Non 1-4 family restructured loans & leases $420
Total loans and leases (foreign) $0

PrimeSouth Bank had $750,126,000 of loans outstanding in 2021. $645,159,000 of loans were in real estate loans. $111,030,000 of loans were in development loans. $24,734,000 of loans were in multifamily mortgage loans. $225,479,000 of loans were in 1-4 family mortgage loans. $2,261,000 of loans were in farm loans. $1,584,000 of loans were in credit card loans. $12,633,000 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 531 $109,379 $205,987
Nonfarm, nonresidential loans - <$100k 148 $5,605 $37,872
Nonfarm, nonresidential loans - $100-250k 185 $25,215 $136,297
Nonfarm, nonresidential loans - $250k-1MM 198 $78,559 $396,763
Commercial & Industrial, US addressed loans - <$1MM 1,042 $59,524 $57,125
Commercial & Industrial, US addressed loans - <$100k 828 $18,803 $22,709
Commercial & Industrial, US addressed loans - $100-250k 124 $11,999 $96,766
Commercial & Industrial, US addressed loans - $250k-1MM 90 $28,722 $319,133
Farmland loans - <$1MM 100 $10,548 $105,480
Farmland loans - <$100k 54 $2,388 $44,222
Farmland loans - $100-250k 36 $5,191 $144,194
Farmland loans - $250k-1MM 10 $2,969 $296,900
Agriculture operations loans - <$1MM 21 $1,489 $70,905
Agriculture operations loans - <$100k 14 $177 $12,643
Agriculture operations loans - $100-250k 3 $376 $125,333
Agriculture operations loans - $250k-1MM 4 $936 $234,000