Piedmont Federal Savings Bank Mortgage Rates, Fees & Info

Winston Salem, NC

LEI: 549300DD6DH8XAGW3A86

Tax ID: 56-0358476

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Piedmont Federal Savings Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Piedmont Federal Savings Bank has a high proportion of conventional loans. Their top markets include Winston, Greensboro, North Wilkesboro, Myrtle Beach, and Boone among others. Piedmont Federal Savings Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Piedmont Federal Savings Bank is typically a low fee lendor.


Originations

556

Origination Dollar Volume (All Markets)

$126,100,000

Employee count

125 Show all (6) awards

Relative Rate

Piedmont Federal Savings 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

Piedmont Federal Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,188.

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
WINSTON-SALEM, NC (FHA|USDA|VA) 389 $84,045,000 $216,054 $3,055 2.78%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 61 $14,885,000 $244,016 $3,594 2.71%
North Wilkesboro, NC (FHA|USDA|VA) 49 $8,895,000 $181,531 $3,406 2.67%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 6 $3,790,000 $631,667 $6,244 2.85%
Boone, NC (FHA|USDA|VA) 13 $2,825,000 $217,308 $3,503 2.67%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $2,620,000 $327,500 $3,657 2.94%
Outside of Metro Areas 12 $2,490,000 $207,500 $3,125 2.82%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $1,540,000 $770,000 $2,899 2.75%
ASHEVILLE, NC (FHA|USDA|VA) 2 $1,520,000 $760,000 $11,264 3.00%
Mount Airy, NC (FHA|USDA|VA) 4 $1,350,000 $337,500 $4,918 3.00%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 5 $1,175,000 $235,000 $4,431 2.70%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 4 $860,000 $215,000 $2,857 2.88%
GREENVILLE, NC (FHA|USDA|VA) 1 $105,000 $105,000 $2,166 3.13%

Piedmont Federal Savings Bank's top markets include Winston, Greensboro, North Wilkesboro, Myrtle Beach, and Boone among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 556 $126,100,000 $226,799 $3,247 2.77%

For the 2021 period, Piedmont Federal Savings Bank's most frequently originated loan type of loans were Conventional, with 556 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 184 $37,270,000 $202,554 $3,109 2.76%
Refi 177 $34,845,000 $196,864 $3,005 2.63%
Home Purchase 173 $47,595,000 $275,116 $3,620 2.92%
Other 14 $5,140,000 $367,143 $3,866 2.77%
Home Improvement 8 $1,250,000 $156,250 $2,920 2.88%

For the 2021, Piedmont Federal Savings Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 184 originations. The 2nd most popular reason of loans were Refi, with 177 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 267 $61,165,000 $229,082 $3,188 2.98%
15 Year 183 $34,885,000 $190,628 $2,973 2.43%
20 Year 51 $10,015,000 $196,373 $2,847 2.82%
10 Year 22 $7,220,000 $328,182 $2,333 2.63%
30+ year 19 $8,485,000 $446,579 $7,702 3.02%
Other 12 $3,180,000 $265,000 $5,304 2.83%
3 Year 1 $985,000 $985,000 $0 2.88%
5 Year 1 $165,000 $165,000 $0 4.35%

For the 2021, Piedmont Federal Savings Bank's most frequently cited loan length of loans were 30 Year, with 267 originations. The 2nd most popular length of loans were 15 Year, with 183 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 236 $43,880,000 $185,932
$1k-2k 164 $24,310,000 $148,232
$2k-3k 79 $19,755,000 $250,063
$3k-4k 51 $19,555,000 $383,431
$5k+ 18 $12,180,000 $676,667

$3,188 of loans were Piedmont Federal Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 236 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 258 $57,990,000 $224,767
<2.5% 196 $39,610,000 $202,092
3-4% 101 $28,335,000 $280,545
4-5% 1 $165,000 $165,000

During 2021, Piedmont Federal Savings Bank's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 258 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 231 $33,695,000 $145,866 $2,598 2.72%
$200k-400k 197 $52,815,000 $268,096 $3,528 2.84%
$100,000 or less 72 $5,430,000 $75,417 $2,020 2.67%
$400k-600k 37 $17,605,000 $475,811 $5,836 2.81%
$600k-1MM 16 $11,320,000 $707,500 $8,207 2.82%
$1MM+ 3 $5,235,000 $1,745,000 $20,433 3.31%

2021 saw Piedmont Federal Savings Bank place emphasis on $100k-200k loans with 231 originations, totaling $33,695,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 132 $30,590,000 $231,742 $3,509 2.77%
$50k-75k 105 $15,945,000 $151,857 $2,600 2.76%
$50k or less 96 $12,240,000 $127,500 $2,277 2.79%
$150k-250k 90 $26,790,000 $297,667 $3,752 2.73%
$75k-100k 89 $18,165,000 $204,101 $2,972 2.75%
$250k+ 37 $17,515,000 $473,378 $6,223 2.74%

Piedmont Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 132 originations. The second most popular income band? $50k-75k, with 105 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 193 $44,345,000 $229,767 $3,303 2.74%
<20% 128 $25,050,000 $195,703 $3,095 2.74%
30-36% 118 $25,860,000 $219,153 $3,385 2.76%
38% 32 $7,090,000 $221,563 $3,497 2.75%
39% 26 $6,380,000 $245,385 $3,348 2.92%
37% 17 $3,885,000 $228,529 $2,831 2.88%
40% 17 $3,635,000 $213,824 $1,814 2.66%
36% 15 $3,825,000 $255,000 $4,062 2.83%
42% 3 $1,195,000 $398,333 $3,998 3.13%
41% 1 $105,000 $105,000 $1,758 3.38%

Piedmont Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 193 originations. The next most common DTI ratio? <20%, with 128 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 487 $108,915,000 $223,645 $3,259 2.77%
Not provided 39 $8,455,000 $216,795 $3,345 2.76%
Not applicable 7 $4,875,000 $696,429 $2,859 3.39%
Black 19 $3,165,000 $166,579 $2,734 2.46%
American Indian 2 $300,000 $150,000 $3,113 2.94%
Asian 1 $255,000 $255,000 $4,369 2.75%
Asian Indian 1 $135,000 $135,000 $2,986 2.63%

Approval Rates

Total approvals of all applications
86.44%

Piedmont Federal Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.10%

Piedmont Federal Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 556 $126,100,000 $226,799

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
556 $126,100,000 $226,799

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 70 $9,940,000 $142,000 $2,633 2.62%
40-60% 148 $26,300,000 $177,703 $2,778 2.66%
60-80% 235 $58,105,000 $247,255 $3,666 2.80%
80-100% 97 $31,175,000 $321,392 $3,482 2.97%
Under 20% 6 $580,000 $96,667 $1,866 2.96%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Podium Mortgage Capital LLC Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Piedmont Federal Savings Bank 1399 Blowing Rock Road Boone, NC 28607 Full Service B&M $23,693
Piedmont Federal Savings Bank 16 West Third Street Winston Salem, NC 27101 Full Service B&M $8,372
Piedmont Federal Savings Bank 200 Wilkesboro Avenue North Wilkesboro, NC 28659 Full Service B&M $37,737
Piedmont Federal Savings Bank 1040 Southpark Boulevard Winston Salem, NC 27127 Full Service B&M $86,333
Piedmont Federal Savings Bank 201 South Stratford Road Winston Salem, NC 27103 Full Service B&M $177,190
Piedmont Federal Savings Bank 2095 Peace Haven Road Winston Salem, NC 27106 Full Service B&M $126,239
Piedmont Federal Savings Bank 3701 Clemmons Rd. Clemmons, NC 27012 Full Service B&M $66,484
Piedmont Federal Savings Bank 3870 John Gordon Lane High Point, NC 27265 Full Service B&M $10,743
Piedmont Federal Savings Bank 505 Pineview Drive Kernersville, NC 27284 Full Service B&M $122,311
Piedmont Federal Savings Bank 5189 Northern Quarters Drive Winston Salem, NC 27105 Full Service B&M $53,320

For 2021, Piedmont Federal Savings Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $26,010
Net interest income $21,339
Total noninterest income $1,260
Gross Fiduciary activities income $0
Service charges on deposit accounts $76
Trading account gains and fees $0
Additional Noninterest Income $1,184
Pre-tax net operating income $2,085
Securities gains (or losses, -) $42
Income before extraordinary items $1,914
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $1,914
Minority interest net income $0
Net income $1,914
Sale, conversion, retirement of capital stock, net $0
Net operating income $1,876

Piedmont Federal Savings Bank's gross interest income from loans was $26,010,000.
Piedmont Federal Savings Bank's net interest income from loans was $21,339,000.
Piedmont Federal Savings Bank's fee based income from loans was $76,000.
Piedmont Federal Savings Bank's net income from loans was $1,914,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,671
Provision for credit losses $335
Total noninterest expense $20,179
Salaries and employee benefits $12,895
Premises and equipment expense $2,784
Additional noninterest expense $4,500
Applicable income taxes $213
Net charge-offs $10
Cash dividends $0

Piedmont Federal Savings Bank's interest expense for loans was $4,671,000.
Piedmont Federal Savings Bank's payroll and benefits expense were $12,895,000.
Piedmont Federal Savings Bank's property, plant and equipment expenses $2,784,000.

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 2.0%
Credit card loans 0.0%
Other individual loans 2.0%
Auto loans 0.0%
Other consumer loans 2.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $718,031
Deposits held in domestic offices $718,031
Deposits by Individuals, partnerships, and corporations $718,031
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $0
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 $88,118
Demand deposits $2,124
Nontransaction accounts $629,913
Money market deposit accounts (MMDAs) $177,055
Other savings deposits (excluding MMDAs) $100,795
Total time deposits $352,063
Total time and savings deposits $715,907
Noninterest-bearing deposits $6,131
Interest-bearing deposits $711,900
Retail deposits $648,271
IRAs and Keogh plan accounts $77,894
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $965,986
Cash & Balances due from depository institutions $33,745
Interest-bearing balances $31,735
Total securities $259,521
Federal funds sold & reverse repurchase $0
Net loans and leases $614,658
Loan and leases loss allowance $1,850
Trading account assets $0
Bank premises and fixed assets $18,743
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $39,319

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $965,986
Total Liabilities $732,873
Total deposits $718,031
Interest-bearing deposits $711,900
Deposits held in domestic offices $718,031
% insured (estimated) $89
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $10,303
Subordinated debt $0
All other liabilities $4,539

Issued Loan Types

Type Value (in 000's)
Net loans and leases $614,658
Loan and leases loss allowance $1,850
Total loans and leases (domestic) $616,508
All real estate loans $602,601
Real estate loans in domestic offices $602,601
Construction and development loans $1,182
Residential 1-4 family construction $948
Other construction, all land development and other land $234
Loans secured by nonfarm nonresidential properties $78,992
Nonfarm nonresidential secured by owner-occupied properties $12,664
Commercial real estate & other non-farm, non-residential $66,328
Multifamily residential real estate $8,936
1-4 family residential loans $513,491
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $13,857
To non-U.S. addressees $0
Loans to individuals $50
Credit card loans $0
Related Plans $50
Consumer Auto Loans $0
Other loans to individuals $0
All other loans & leases $0
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 $205
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Piedmont Federal Savings Bank had $614,658,000 of loans outstanding in 2021. $602,601,000 of loans were in real estate loans. $1,182,000 of loans were in development loans. $8,936,000 of loans were in multifamily mortgage loans. $513,491,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 32 $12,146 $379,563
Nonfarm, nonresidential loans - <$100k 7 $313 $44,714
Nonfarm, nonresidential loans - $100-250k 7 $1,028 $146,857
Nonfarm, nonresidential loans - $250k-1MM 18 $10,805 $600,278
Commercial & Industrial, US addressed loans - <$1MM 81 $10,432 $128,790
Commercial & Industrial, US addressed loans - <$100k 47 $1,709 $36,362
Commercial & Industrial, US addressed loans - $100-250k 20 $3,118 $155,900
Commercial & Industrial, US addressed loans - $250k-1MM 14 $5,605 $400,357