Priorityone Bank Mortgage Rates, Fees & Info

Magee, MS

LEI: 549300CYL5ZW4ISL7T55

Tax ID: 64-0560130

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Priorityone Bank is a smaller bank specializing in Home Purchase and Refi loans. Priorityone Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Jackson, Hattiesburg, Memphis, Greenville, and Greenwood among others. Priorityone Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Priorityone Bank is typically a low fee lendor.


Originations

746

Origination Dollar Volume (All Markets)

$164,940,000

Employee count

220

Relative Rate

Priorityone Bank'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%.

Relative Fees

Priorityone Bank's average total fees for a 30 year fixed rate mortgage are $2,975.

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
JACKSON, MS (FHA|USDA|VA) 312 $70,130,000 $224,776 $2,975 3.37%
HATTIESBURG, MS (FHA|USDA|VA) 191 $40,765,000 $213,429 $0 3.35%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 42 $9,850,000 $234,524 $0 2.78%
Outside of Metro Areas 45 $6,855,000 $152,333 $0 3.42%
Greenville, MS (FHA|USDA|VA) 29 $4,935,000 $170,172 $0 2.76%
Greenwood, MS (FHA|USDA|VA) 19 $3,995,000 $210,263 $0 2.80%
Cleveland, MS (FHA|USDA|VA) 17 $3,605,000 $212,059 $0 2.94%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 4 $3,150,000 $787,500 $0 4.25%
Indianola, MS (FHA|USDA|VA) 17 $2,835,000 $166,765 $0 2.82%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 11 $2,605,000 $236,818 $0 3.36%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 7 $2,595,000 $370,714 $0 2.84%
BATON ROUGE, LA (FHA|USDA|VA) 5 $2,025,000 $405,000 $0 2.73%
Oxford, MS (FHA|USDA|VA) 7 $1,675,000 $239,286 $0 3.20%
Laurel, MS (FHA|USDA|VA) 11 $1,325,000 $120,455 $0 3.48%
Clarksdale, MS (FHA|USDA|VA) 6 $1,230,000 $205,000 $0 3.02%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $0 3.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 2 $700,000 $350,000 $0 3.12%
Starkville, MS (FHA|USDA|VA) 3 $575,000 $191,667 $0 2.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $545,000 $545,000 $0 2.99%
RENO, NV (FHA|USDA|VA) 1 $465,000 $465,000 $0 2.50%
Brookhaven, MS (FHA|USDA|VA) 2 $450,000 $225,000 $0 2.87%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 4.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $385,000 $385,000 $0 2.88%
MONTGOMERY, AL (FHA|USDA|VA) 1 $355,000 $355,000 $0 2.50%
Tupelo, MS (FHA|USDA|VA) 1 $315,000 $315,000 $0 2.50%
Meridian, MS (FHA|USDA|VA) 1 $295,000 $295,000 $0 2.63%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.38%
Picayune, MS (FHA|USDA|VA) 1 $285,000 $285,000 $0 2.99%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $255,000 $255,000 $0 2.88%
Washington, NC (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.13%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.50%
SAVANNAH, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.88%
Grenada, MS (FHA|USDA|VA) 1 $175,000 $175,000 $0 2.25%
DOTHAN, AL (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.75%

Priorityone Bank's top markets include Jackson, Hattiesburg, Memphis, Greenville, and Greenwood among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 602 $136,990,000 $227,558 $2,975 3.41%
FHA 69 $13,495,000 $195,580 $0 2.64%
USDA 52 $8,470,000 $162,885 $0 2.60%
VA 23 $5,985,000 $260,217 $0 2.54%

For the 2021 period, Priorityone Bank's most frequently originated loan type of loans were Conventional, with 602 originations. Their 2nd most popular type is FHA, with 69 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 437 $97,635,000 $223,421 $0 3.36%
Refi 217 $46,135,000 $212,604 $2,975 3.13%
Cash Out Refi 78 $18,740,000 $240,256 $0 2.87%
Home Improvement 7 $825,000 $117,857 $0 5.32%
Other 7 $1,605,000 $229,286 $0 3.03%

For the 2021, Priorityone Bank's most frequently cited loan purpose of loans were Home Purchase, with 437 originations. The 2nd most popular reason of loans were Refi, with 217 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 436 $100,470,000 $230,436 $2,975 2.98%
15 Year 137 $27,905,000 $203,686 $0 3.22%
20 Year 82 $18,870,000 $230,122 $0 3.62%
1 Year 30 $4,940,000 $164,667 $0 4.46%
Other 26 $8,250,000 $317,308 $0 4.42%
10 Year 20 $3,310,000 $165,500 $0 3.29%
5 Year 13 $895,000 $68,846 $0 5.23%
3 Year 2 $300,000 $150,000 $0 5.00%

For the 2021, Priorityone Bank's most frequently cited loan length of loans were 30 Year, with 436 originations. The 2nd most popular length of loans were 15 Year, with 137 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 392 $84,260,000 $214,949
$1k-2k 130 $29,520,000 $227,077
$2k-3k 54 $10,830,000 $200,556
$3k-4k 46 $13,270,000 $288,478
$5k+ 6 $3,140,000 $523,333

$2,975 of loans were Priorityone Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 392 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 286 $69,440,000 $242,797
<2.5% 165 $35,065,000 $212,515
3-4% 139 $35,765,000 $257,302
4-5% 104 $17,160,000 $165,000
5-6% 51 $7,495,000 $146,961
7-8% 1 $15,000 $15,000

During 2021, Priorityone Bank's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 286 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 284 $77,640,000 $273,380 $0 2.97%
$100k-200k 280 $42,230,000 $150,821 $2,975 3.17%
$100,000 or less 121 $8,105,000 $66,983 $0 4.17%
$400k-600k 50 $23,920,000 $478,400 $0 2.99%
$600k-1MM 6 $4,780,000 $796,667 $0 3.83%
$1MM+ 5 $8,265,000 $1,653,000 $0 3.45%

2021 saw Priorityone Bank place emphasis on $200k-400k loans with 284 originations, totaling $77,640,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 155 $27,375,000 $176,613 $2,975 3.10%
$75k-100k 127 $25,955,000 $204,370 $0 3.04%
$100k-150k 124 $32,520,000 $262,258 $0 2.98%
$50k or less 111 $13,665,000 $123,108 $0 3.12%
$150k-250k 79 $24,945,000 $315,759 $0 3.09%
$250k+ 32 $12,920,000 $403,750 $0 3.13%

Priorityone Bank lent most frequently to those with incomes in the $50k-75k range, with 155 originations. The second most popular income band? $75k-100k, with 127 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 160 $34,110,000 $213,188 $0 3.01%
30-36% 124 $26,330,000 $212,339 $0 3.03%
<20% 71 $15,535,000 $218,803 $0 3.18%
37% 31 $7,305,000 $235,645 $0 3.21%
40% 29 $5,165,000 $178,103 $0 3.11%
50-60% 26 $6,170,000 $237,308 $0 2.80%
39% 25 $5,955,000 $238,200 $0 3.19%
41% 22 $7,000,000 $318,182 $2,975 2.94%
36% 21 $4,105,000 $195,476 $0 2.91%
42% 21 $4,525,000 $215,476 $0 2.90%
45% 21 $5,055,000 $240,714 $0 2.81%
43% 17 $3,685,000 $216,765 $0 3.05%
44% 15 $3,545,000 $236,333 $0 2.85%
38% 13 $2,455,000 $188,846 $0 3.06%
46% 13 $2,545,000 $195,769 $0 2.84%
49% 13 $2,985,000 $229,615 $0 2.77%
48% 11 $2,695,000 $245,000 $0 2.97%
47% 4 $880,000 $220,000 $0 3.15%

Priorityone Bank lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 124 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 580 $130,620,000 $225,207 $2,975 3.03%
Not applicable 88 $20,230,000 $229,886 $0 4.71%
Black 41 $6,035,000 $147,195 $0 3.42%
Not provided 25 $5,295,000 $211,800 $0 2.92%
Asian 5 $975,000 $195,000 $0 3.39%
Asian Indian 2 $840,000 $420,000 $0 3.50%
American Indian 3 $445,000 $148,333 $0 5.13%
Native Hawaiian 1 $315,000 $315,000 $0 2.38%
Filipino 1 $185,000 $185,000 $0 3.00%

Approval Rates

Total approvals of all applications
96.06%

Priorityone 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
90.87%

Priorityone Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 746 $164,940,000 $221,099

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
746 $164,940,000 $221,099

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 36 $4,640,000 $128,889 $0 3.27%
40-60% 87 $21,065,000 $242,126 $0 3.36%
60-80% 291 $70,025,000 $240,636 $2,975 3.40%
80-100% 318 $66,500,000 $209,119 $0 3.08%
Over 100% 9 $2,155,000 $239,444 $0 2.81%
Under 20% 5 $555,000 $111,000 $0 4.25%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Priority Financial Services Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Priorityone Bank 1021 Hwy, 49 South Richland, MS 39218 Full Service B&M $55,742
Priorityone Bank 1193 Highway 42e Sumrall, MS 39482 Full Service B&M $642
Priorityone Bank 1400 West Government Street Brandon, MS 39042 Full Service B&M $121,733
Priorityone Bank 1596 Simpson Highway 49 Magee, MS 39111 Full Service B&M $51,588
Priorityone Bank 164 Hwy 481 South Morton, MS 39117 Full Service B&M $51,758
Priorityone Bank 200 Civic Boulevard Collins, MS 39428 Full Service B&M $3,914
Priorityone Bank 215 Main Street Collins, MS 39428 Full Service B&M $98,179
Priorityone Bank 217 W Main Street Seminary, MS 39479 Full Service B&M $39,412
Priorityone Bank 220 North Main Avenue Magee, MS 39111 Full Service B&M $52,844
Priorityone Bank 3066 Simpson Highway 13 Mendenhall, MS 39114 Full Service B&M $65,444
Priorityone Bank 3500 Lakeland Drive, Suite 501 Flowood, MS 39232 Full Service B&M $33,615
Priorityone Bank 528 Second Street Pelahatchie, MS 39145 Full Service B&M $37,930
Priorityone Bank 6276 Highway 98 West Hattiesburg, MS 39402 Full Service B&M $65,773
Priorityone Bank 661 Sunnybrook Road Ridgeland, MS 39157 Full Service B&M $40,204
Priorityone Bank 7144 Highway 98 West Hattiesburg, MS 39402 Full Service B&M $13,120

For 2021, Priorityone Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $34,382
Net interest income $30,879
Total noninterest income $15,085
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,919
Trading account gains and fees $0
Additional Noninterest Income $11,166
Pre-tax net operating income $14,202
Securities gains (or losses, -) $0
Income before extraordinary items $14,202
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,202
Minority interest net income $0
Net income $14,202
Sale, conversion, retirement of capital stock, net $144
Net operating income $14,202

Priorityone Bank's gross interest income from loans was $34,382,000.
Priorityone Bank's net interest income from loans was $30,879,000.
Priorityone Bank's fee based income from loans was $3,919,000.
Priorityone Bank's net income from loans was $14,202,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,503
Provision for credit losses $2,200
Total noninterest expense $29,562
Salaries and employee benefits $17,992
Premises and equipment expense $3,044
Additional noninterest expense $8,526
Applicable income taxes $0
Net charge-offs $103
Cash dividends $8,628

Priorityone Bank's interest expense for loans was $3,503,000.
Priorityone Bank's payroll and benefits expense were $17,992,000.
Priorityone Bank's property, plant and equipment expenses $3,044,000.

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 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 1.0%
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 $758,456
Deposits held in domestic offices $758,456
Deposits by Individuals, partnerships, and corporations $677,127
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $81,329
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 $22,926
Demand deposits $22,689
Nontransaction accounts $735,530
Money market deposit accounts (MMDAs) $440,851
Other savings deposits (excluding MMDAs) $116,106
Total time deposits $178,573
Total time and savings deposits $735,767
Noninterest-bearing deposits $211,545
Interest-bearing deposits $546,911
Retail deposits $732,692
IRAs and Keogh plan accounts $25,506
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $895,997
Cash & Balances due from depository institutions $32,419
Interest-bearing balances $20,107
Total securities $181,515
Federal funds sold & reverse repurchase $0
Net loans and leases $630,297
Loan and leases loss allowance $9,599
Trading account assets $0
Bank premises and fixed assets $16,549
Other real estate owned $21
Goodwill and other intangibles $268
All other assets $34,928

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $895,997
Total Liabilities $811,395
Total deposits $758,456
Interest-bearing deposits $546,911
Deposits held in domestic offices $758,456
% insured (estimated) $77
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $49,000
Subordinated debt $0
All other liabilities $3,939

Issued Loan Types

Type Value (in 000's)
Net loans and leases $630,297
Loan and leases loss allowance $9,599
Total loans and leases (domestic) $639,896
All real estate loans $538,024
Real estate loans in domestic offices $538,024
Construction and development loans $67,901
Residential 1-4 family construction $40,447
Other construction, all land development and other land $27,454
Loans secured by nonfarm nonresidential properties $244,879
Nonfarm nonresidential secured by owner-occupied properties $105,916
Commercial real estate & other non-farm, non-residential $138,963
Multifamily residential real estate $14,605
1-4 family residential loans $162,406
Farmland loans $48,233
Loans held in foreign offices $0
Farm loans $878
Commercial and industrial loans $69,516
To non-U.S. addressees $0
Loans to individuals $27,258
Credit card loans $0
Related Plans $808
Consumer Auto Loans $8,162
Other loans to individuals $18,288
All other loans & leases $4,220
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 $2,771
Non 1-4 family restructured loans & leases $1,947
Total loans and leases (foreign) $0

PriorityOne Bank had $630,297,000 of loans outstanding in 2021. $538,024,000 of loans were in real estate loans. $67,901,000 of loans were in development loans. $14,605,000 of loans were in multifamily mortgage loans. $162,406,000 of loans were in 1-4 family mortgage loans. $878,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,162,000 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 366 $83,193 $227,303
Nonfarm, nonresidential loans - <$100k 108 $4,321 $40,009
Nonfarm, nonresidential loans - $100-250k 103 $13,215 $128,301
Nonfarm, nonresidential loans - $250k-1MM 155 $65,657 $423,594
Commercial & Industrial, US addressed loans - <$1MM 962 $48,583 $50,502
Commercial & Industrial, US addressed loans - <$100k 793 $17,875 $22,541
Commercial & Industrial, US addressed loans - $100-250k 105 $11,848 $112,838
Commercial & Industrial, US addressed loans - $250k-1MM 64 $18,860 $294,688
Farmland loans - <$1MM 431 $25,099 $58,234
Farmland loans - <$100k 312 $9,997 $32,042
Farmland loans - $100-250k 97 $9,684 $99,835
Farmland loans - $250k-1MM 22 $5,418 $246,273
Agriculture operations loans - <$1MM 45 $877 $19,489
Agriculture operations loans - <$100k 44 $769 $17,477
Agriculture operations loans - $100-250k 1 $108 $108,000