Progress Bank And Trust Mortgage Rates, Fees & Info

Huntsville, AL

LEI: 549300E2RDLPC5BL1Z93

Tax ID: 26-1740755

4.8 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Progress Bank And Trust is a smaller bank specializing in Home Purchase loans. Progress Bank And Trust has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Crestview, Huntsville, Birmingham, Florence, and Decatur among others. Progress Bank And Trust 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. Progress Bank And Trust is typically an average fee lendor.


Originations

1,557

Origination Dollar Volume (All Markets)

$515,535,000

Employee count

244 Show all (10) awards

Relative Rate

Progress Bank And Trust's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Progress Bank And Trust's average total fees for a 30 year fixed rate mortgage are $5,310.

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
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 354 $172,010,000 $485,904 $7,964 3.39%
HUNTSVILLE, AL (FHA|USDA|VA) 556 $155,770,000 $280,162 $4,548 2.88%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 152 $51,460,000 $338,553 $3,184 3.21%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 169 $38,955,000 $230,503 $3,548 2.86%
DECATUR, AL (FHA|USDA|VA) 87 $18,275,000 $210,057 $4,048 2.93%
PANAMA CITY, FL (FHA|USDA|VA) 49 $16,595,000 $338,673 $6,253 3.87%
Outside of Metro Areas 23 $8,815,000 $383,261 $4,711 3.23%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 14 $7,520,000 $537,143 $3,387 3.27%
Albertville, AL (FHA|USDA|VA) 17 $7,475,000 $439,706 $4,958 3.03%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 24 $7,240,000 $301,667 $5,561 2.99%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 8 $2,620,000 $327,500 $3,772 2.55%
MONTGOMERY, AL (FHA|USDA|VA) 6 $2,580,000 $430,000 $5,607 2.92%
Cullman, AL (FHA|USDA|VA) 8 $2,360,000 $295,000 $4,916 2.89%
TUSCALOOSA, AL (FHA|USDA|VA) 8 $2,050,000 $256,250 $3,099 3.14%
MOBILE, AL (FHA|USDA|VA) 16 $1,850,000 $115,625 $0 4.00%
Scottsboro, AL (FHA|USDA|VA) 8 $1,730,000 $216,250 $3,685 2.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 6 $1,600,000 $266,667 $3,380 2.71%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,410,000 $352,500 $4,239 3.09%
Steamboat Springs, CO (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $0 4.50%
Alexander City, AL (FHA|USDA|VA) 3 $1,145,000 $381,667 $4,479 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,055,000 $351,667 $4,697 2.96%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 3 $935,000 $311,667 $8,179 3.34%
GADSDEN, AL (FHA|USDA|VA) 3 $885,000 $295,000 $3,240 3.04%
WARNER ROBINS, GA (FHA|USDA|VA) 2 $580,000 $290,000 $11,081 2.25%
Lake City, FL (FHA|USDA|VA) 1 $545,000 $545,000 $4,887 2.38%
Torrington, CT (FHA|USDA|VA) 1 $465,000 $465,000 $4,960 3.13%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $460,000 $230,000 $6,988 2.56%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $445,000 $445,000 $0 3.63%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $425,000 $425,000 $16,184 2.38%
JACKSON, MS (FHA|USDA|VA) 1 $425,000 $425,000 $6,440 2.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $420,000 $210,000 $4,718 2.25%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $405,000 $405,000 $2,273 3.25%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $405,000 $405,000 $3,804 2.75%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $405,000 $405,000 $9,165 2.25%
HATTIESBURG, MS (FHA|USDA|VA) 2 $400,000 $200,000 $6,145 2.75%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $375,000 $375,000 $0 4.50%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $355,000 $355,000 $12,826 2.38%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $345,000 $345,000 $0 2.25%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $335,000 $335,000 $2,414 3.00%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $330,000 $165,000 $4,187 3.31%
Lawrenceburg, TN (FHA|USDA|VA) 1 $315,000 $315,000 $13,383 2.75%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $305,000 $305,000 $1,136 2.13%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $265,000 $265,000 $8,454 2.38%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $235,000 $235,000 $5,474 2.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $235,000 $235,000 $2,362 3.25%
SAVANNAH, GA (FHA|USDA|VA) 1 $225,000 $225,000 $0 2.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $205,000 $205,000 $4,595 2.25%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,646 2.50%
Toccoa, GA (FHA|USDA|VA) 1 $195,000 $195,000 $2,652 2.50%
Oxford, MS (FHA|USDA|VA) 1 $175,000 $175,000 $2,613 3.25%
Starkville, MS (FHA|USDA|VA) 1 $175,000 $175,000 $5,491 3.50%
DOTHAN, AL (FHA|USDA|VA) 1 $105,000 $105,000 $4,258 2.25%
Columbus, MS (FHA|USDA|VA) 1 $85,000 $85,000 $3,452 2.25%

Progress Bank And Trust's top markets include Crestview, Huntsville, Birmingham, Florence, and Decatur among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,278 $420,710,000 $329,194 $4,519 3.20%
VA 190 $75,180,000 $395,684 $7,754 2.55%
FHA 65 $15,015,000 $231,000 $7,065 2.52%
USDA 24 $4,630,000 $192,917 $4,725 2.46%

For the 2021 period, Progress Bank And Trust's most frequently originated loan type of loans were Conventional, with 1,278 originations. Their 2nd most popular type is VA, with 190 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,037 $363,345,000 $350,381 $5,977 3.19%
Refi 315 $92,015,000 $292,111 $3,387 2.77%
Cash Out Refi 205 $60,175,000 $293,537 $4,019 3.01%

For the 2021, Progress Bank And Trust's most frequently cited loan purpose of loans were Home Purchase, with 1,037 originations. The 2nd most popular reason of loans were Refi, with 315 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,244 $405,930,000 $326,310 $5,310 3.04%
15 Year 148 $42,280,000 $285,676 $3,995 2.41%
5 Year 70 $24,140,000 $344,857 $3,794 4.21%
1 Year 31 $5,555,000 $179,194 $4,252 4.82%
Other 30 $25,700,000 $856,667 $4,968 3.81%
20 Year 22 $5,500,000 $250,000 $3,041 2.65%
10 Year 7 $3,285,000 $469,286 $3,396 2.38%
3 Year 4 $2,040,000 $510,000 $9,072 4.06%
30+ year 1 $1,105,000 $1,105,000 $20,421 3.75%

For the 2021, Progress Bank And Trust's most frequently cited loan length of loans were 30 Year, with 1,244 originations. The 2nd most popular length of loans were 15 Year, with 148 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 649 $205,645,000 $316,864
$1k-2k 207 $42,635,000 $205,966
$2k-3k 191 $53,555,000 $280,393
$3k-4k 150 $53,100,000 $354,000
$5k+ 81 $66,355,000 $819,198

$5,310 of loans were Progress Bank And Trust's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 649 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 554 $166,510,000 $300,560
<2.5% 422 $118,620,000 $281,090
3-4% 372 $138,030,000 $371,048
4-5% 199 $91,125,000 $457,915
5-6% 10 $1,250,000 $125,000

During 2021, Progress Bank And Trust's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 554 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 730 $212,070,000 $290,507 $4,532 2.95%
$100k-200k 380 $57,460,000 $151,211 $3,427 3.06%
$400k-600k 245 $117,365,000 $479,041 $6,221 3.00%
$100,000 or less 93 $6,985,000 $75,108 $2,851 3.56%
$600k-1MM 70 $52,330,000 $747,571 $11,668 3.80%
$1MM+ 39 $69,325,000 $1,777,564 $20,211 3.87%

2021 saw Progress Bank And Trust place emphasis on $200k-400k loans with 730 originations, totaling $212,070,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 349 $107,635,000 $308,410 $5,096 2.99%
$150k-250k 259 $93,345,000 $360,405 $5,560 3.10%
$75k-100k 224 $63,260,000 $282,411 $4,817 2.82%
$50k-75k 223 $47,385,000 $212,489 $4,094 2.90%
$250k+ 194 $117,570,000 $606,031 $8,931 3.50%
$50k or less 159 $25,695,000 $161,604 $3,810 2.73%

Progress Bank And Trust lent most frequently to those with incomes in the $100k-150k range, with 349 originations. The second most popular income band? $150k-250k, with 259 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 380 $120,320,000 $316,632 $4,540 2.91%
30-36% 265 $83,605,000 $315,491 $4,893 3.02%
<20% 190 $57,930,000 $304,895 $4,126 2.93%
37% 54 $16,970,000 $314,259 $4,755 3.15%
42% 53 $20,035,000 $378,019 $6,811 3.24%
40% 49 $15,995,000 $326,429 $5,850 3.10%
44% 49 $17,965,000 $366,633 $5,040 3.03%
41% 48 $19,750,000 $411,458 $7,970 3.22%
38% 48 $14,960,000 $311,667 $5,001 3.12%
39% 44 $16,670,000 $378,864 $7,347 3.18%
36% 42 $12,370,000 $294,524 $5,225 3.00%
43% 39 $11,055,000 $283,462 $4,848 3.22%
50-60% 37 $13,815,000 $373,378 $7,991 2.82%
49% 28 $9,790,000 $349,643 $5,912 3.12%
47% 27 $7,475,000 $276,852 $5,689 2.84%
46% 25 $9,035,000 $361,400 $5,830 3.00%
48% 22 $6,200,000 $281,818 $6,273 2.84%
45% 20 $5,310,000 $265,500 $5,479 2.93%
>60% 11 $4,615,000 $419,545 $8,903 3.45%

Progress Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 380 originations. The next most common DTI ratio? 30-36%, with 265 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,270 $412,520,000 $324,819 $5,057 2.98%
Not applicable 98 $44,150,000 $450,510 $0 4.37%
Not provided 64 $24,110,000 $376,719 $6,527 3.29%
Black 76 $20,980,000 $276,053 $5,493 2.89%
Asian 38 $10,440,000 $274,737 $4,788 3.08%
American Indian 9 $2,475,000 $275,000 $4,006 3.08%
Asian Indian 2 $860,000 $430,000 $2,174 3.06%

Approval Rates

Total approvals of all applications
98.86%

Progress Bank And Trust 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
82.43%

Progress Bank And Trust has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,557 $515,535,000 $331,108

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,557 $515,535,000 $331,108

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 67 $16,975,000 $253,358 $3,756 2.85%
40-60% 196 $55,850,000 $284,949 $4,062 2.95%
60-80% 609 $209,555,000 $344,097 $4,793 3.23%
80-100% 642 $216,740,000 $337,601 $5,201 3.03%
Over 100% 35 $14,005,000 $400,143 $16,084 2.54%
Under 20% 8 $2,410,000 $301,250 $4,082 3.09%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Progress Bank and Trust 2121 Highland Avenue South Birmingham, AL 35205 Full Service B&M $161,173
Progress Bank and Trust 12805 Us Highway 98 E, Unit A100 Inlet Beach, FL 32461 Full Service B&M $76,071
Progress Bank and Trust 1360 Montgomery Highway Birmingham, AL 35216 Full Service B&M $84,171
Progress Bank and Trust 201 Williams Avenue Huntsville, AL 35801 Full Service B&M $492,327
Progress Bank and Trust 230 East Tennessee Street Florence, AL 35630 Full Service B&M $168,409
Progress Bank and Trust 255 Grant Street Decatur, AL 35601 Full Service B&M $238,486
Progress Bank and Trust 2746 Carl T. Jones Drive Huntsville, AL 35802 Full Service B&M $66,248
Progress Bank and Trust 3063 Highway 98 Santa Rosa Beach, FL 32459 Full Service B&M $12,212
Progress Bank and Trust 35008 Emerald Coast Parkway Destin, FL 32541 Full Service B&M $58,102
Progress Bank and Trust 8337 Highway 72 Madison, AL 35758 Full Service B&M $94,178

For 2021, Progress Bank And Trust had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $59,663
Net interest income $53,376
Total noninterest income $20,760
Gross Fiduciary activities income $0
Service charges on deposit accounts $377
Trading account gains and fees $178
Additional Noninterest Income $20,205
Pre-tax net operating income $26,184
Securities gains (or losses, -) $677
Income before extraordinary items $20,980
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $20,980
Minority interest net income $0
Net income $20,980
Sale, conversion, retirement of capital stock, net $557
Net operating income $20,445

Progress Bank And Trust's gross interest income from loans was $59,663,000.
Progress Bank And Trust's net interest income from loans was $53,376,000.
Progress Bank And Trust's fee based income from loans was $377,000.
Progress Bank And Trust's net income from loans was $20,980,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,287
Provision for credit losses $925
Total noninterest expense $47,027
Salaries and employee benefits $33,015
Premises and equipment expense $4,506
Additional noninterest expense $9,506
Applicable income taxes $5,881
Net charge-offs $-114
Cash dividends $7,770

Progress Bank And Trust's interest expense for loans was $6,287,000.
Progress Bank And Trust's payroll and benefits expense were $33,015,000.
Progress Bank And Trust's property, plant and equipment expenses $4,506,000.

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 $1,585,849
Deposits held in domestic offices $1,585,849
Deposits by Individuals, partnerships, and corporations $1,482,027
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $103,077
Deposits by Commercial banks and other depository institutions in U.S. $745
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $717,345
Demand deposits $717,345
Nontransaction accounts $868,504
Money market deposit accounts (MMDAs) $579,477
Other savings deposits (excluding MMDAs) $36,014
Total time deposits $253,013
Total time and savings deposits $868,504
Noninterest-bearing deposits $423,928
Interest-bearing deposits $1,161,921
Retail deposits $1,460,784
IRAs and Keogh plan accounts $241
Brokered deposits $372
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,779,568
Cash & Balances due from depository institutions $81,540
Interest-bearing balances $29,614
Total securities $96,673
Federal funds sold & reverse repurchase $274,228
Net loans and leases $1,235,574
Loan and leases loss allowance $13,061
Trading account assets $572
Bank premises and fixed assets $15,986
Other real estate owned $113
Goodwill and other intangibles $18,593
All other assets $56,289

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,779,568
Total Liabilities $1,600,910
Total deposits $1,585,849
Interest-bearing deposits $1,161,921
Deposits held in domestic offices $1,585,849
% insured (estimated) $52
Federal funds purchased and repurchase agreements $12,945
Trading liabilities $572
Other borrowed funds $0
Subordinated debt $0
All other liabilities $1,544

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,235,574
Loan and leases loss allowance $13,061
Total loans and leases (domestic) $1,248,635
All real estate loans $963,334
Real estate loans in domestic offices $963,334
Construction and development loans $171,862
Residential 1-4 family construction $73,979
Other construction, all land development and other land $97,883
Loans secured by nonfarm nonresidential properties $476,071
Nonfarm nonresidential secured by owner-occupied properties $263,593
Commercial real estate & other non-farm, non-residential $212,478
Multifamily residential real estate $22,448
1-4 family residential loans $290,231
Farmland loans $2,722
Loans held in foreign offices $0
Farm loans $247
Commercial and industrial loans $248,094
To non-U.S. addressees $0
Loans to individuals $21,015
Credit card loans $0
Related Plans $10,258
Consumer Auto Loans $733
Other loans to individuals $10,024
All other loans & leases $15,945
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $25
Loans not secured by real estate $12,288
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,762
Non 1-4 family restructured loans & leases $3,331
Total loans and leases (foreign) $0

Progress Bank and Trust had $1,235,574,000 of loans outstanding in 2021. $963,334,000 of loans were in real estate loans. $171,862,000 of loans were in development loans. $22,448,000 of loans were in multifamily mortgage loans. $290,231,000 of loans were in 1-4 family mortgage loans. $247,000 of loans were in farm loans. $0 of loans were in credit card loans. $733,000 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 377 $126,571 $335,732
Nonfarm, nonresidential loans - <$100k 30 $1,449 $48,300
Nonfarm, nonresidential loans - $100-250k 97 $13,823 $142,505
Nonfarm, nonresidential loans - $250k-1MM 250 $111,299 $445,196
Commercial & Industrial, US addressed loans - <$1MM 1,283 $108,048 $84,215
Commercial & Industrial, US addressed loans - <$100k 782 $18,353 $23,469
Commercial & Industrial, US addressed loans - $100-250k 252 $23,401 $92,861
Commercial & Industrial, US addressed loans - $250k-1MM 249 $66,294 $266,241
Farmland loans - <$1MM 12 $2,208 $184,000
Farmland loans - <$100k 3 $109 $36,333
Farmland loans - $100-250k 4 $543 $135,750
Farmland loans - $250k-1MM 5 $1,556 $311,200
Agriculture operations loans - <$1MM 1 $247 $247,000
Agriculture operations loans - $250k-1MM 1 $247 $247,000