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
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Mortgage Data
Bank 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
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Piedmont Federal Savings Bank - 2021
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For 2021, less than of lenders were eligible for this award.
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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
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.
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 |
