Progress Bank And Trust Mortgage Rates, Fees & Info

Huntsville, AL

LEI: 549300E2RDLPC5BL1Z93

Tax ID: 26-1740755

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Huntsville, Florence, Birmingham, Crestview, and Decatur among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Progress Bank And Trust has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Progress Bank And Trust is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.68% 3/24/24
30 Year Conventional Purchase 6.36% 3/24/24
30 Year Conventional Refi 6.22% 3/24/24
30 Year Cash-out Refi 6.55% 3/24/24
30 Year FHA Purchase 7.12% 3/24/24
30 Year VA Purchase 6.02% 3/24/24
30 Year VA Refi 5.61% 3/24/24
30 Year USDA Purchase 6.48% 3/24/24
15 Year Conventional Purchase 5.93% 3/24/24
15 Year Conventional Refi 5.99% 3/24/24
15 Year Cash-out Refi 5.99% 3/24/24
15 Year VA Purchase 5.71% 3/24/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Progress Bank And Trust Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Progress Bank And Trust. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

656

Origination Dollar Volume (All Markets)

$195,480,000

Employee count

179 Show all (10) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
HUNTSVILLE, AL (FHA|USDA|VA) 399 $86,705,000 $217,306 $4,710 4.00%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 53 $27,905,000 $526,509 $3,951 4.06%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 71 $20,235,000 $285,000 $3,647 4.34%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 22 $17,820,000 $810,000 $7,097 4.22%
DECATUR, AL (FHA|USDA|VA) 61 $12,005,000 $196,803 $4,616 3.85%
Outside of Metro Areas 7 $7,615,000 $1,087,857 $6,442 4.49%
SPARTANBURG, SC (FHA|USDA|VA) 1 $5,585,000 $5,585,000 $0 5.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $4,855,000 $4,855,000 $0 5.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $1,415,000 $283,000 $4,217 3.98%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,320,000 $330,000 $4,083 3.84%
Lewisburg, TN (FHA|USDA|VA) 1 $1,095,000 $1,095,000 $12,508 5.25%
PANAMA CITY, FL (FHA|USDA|VA) 4 $1,070,000 $267,500 $4,636 4.18%
Alexander City, AL (FHA|USDA|VA) 1 $1,065,000 $1,065,000 $0 5.50%
Albertville, AL (FHA|USDA|VA) 3 $1,005,000 $335,000 $4,871 3.88%
Fort Payne, AL (FHA|USDA|VA) 4 $690,000 $172,500 $3,286 3.66%
Scottsboro, AL (FHA|USDA|VA) 2 $640,000 $320,000 $6,361 4.93%
TUSCALOOSA, AL (FHA|USDA|VA) 3 $635,000 $211,667 $4,607 4.91%
Cullman, AL (FHA|USDA|VA) 2 $590,000 $295,000 $9,487 3.25%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $485,000 $485,000 $3,446 3.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $365,000 $365,000 $0 5.25%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $345,000 $345,000 $3,122 4.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $325,000 $325,000 $0 5.25%
GAINESVILLE, GA (FHA|USDA|VA) 1 $305,000 $305,000 $13,697 3.38%
Jasper, AL (FHA|USDA|VA) 1 $275,000 $275,000 $5,318 3.88%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $270,000 $135,000 $4,003 4.75%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.99%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $225,000 $225,000 $0 5.75%
GADSDEN, AL (FHA|USDA|VA) 1 $225,000 $225,000 $4,960 3.75%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $155,000 $155,000 $1,395 3.13%
Progress Bank And Trust's top markets include Huntsville, Florence, Birmingham, Crestview, and Decatur among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 525 $164,345,000 $313,038 $4,066 4.16%
    VA 66 $19,740,000 $299,091 $6,565 3.51%
    FHA 51 $9,315,000 $182,647 $6,671 3.80%
    USDA 14 $2,080,000 $148,571 $4,940 3.38%

    For 2019, Progress Bank And Trust's most frequently originated type of loan was Conventional, with 525 originations. Their 2nd most popular type was VA, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 504 $152,480,000 $302,540 $4,843 4.06%
    Refi 105 $30,655,000 $291,952 $3,918 4.01%
    Cash Out Refi 41 $11,295,000 $275,488 $4,228 3.94%
    Home Improvement 5 $945,000 $189,000 $2,664 5.45%
    Other 1 $105,000 $105,000 $1,451 5.25%

    For 2019, Progress Bank And Trust's most frequently cited loan purpose was Home Purchase, with 504 originations. The 2nd most popular reason was Refi, with 105 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 477 $112,085,000 $234,979 $4,751 3.89%
    15 Year 57 $13,685,000 $240,088 $4,146 3.36%
    5 Year 48 $14,840,000 $309,167 $4,402 5.32%
    1 Year 22 $9,880,000 $449,091 $2,125 5.71%
    Other 21 $35,135,000 $1,673,095 $4,406 4.99%
    20 Year 16 $9,270,000 $579,375 $4,002 3.83%
    10 Year 15 $585,000 $39,000 $3,380 4.30%

    For 2019, Progress Bank And Trust's most frequently cited loan duration was 30 Year, with 477 originations. The 2nd most popular length was 15 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 154 $39,000,000 $253,247
    $1k-2k 152 $26,170,000 $172,171
    $2k-3k 148 $31,620,000 $213,649
    $3k-4k 53 $16,985,000 $320,472
    $4k-5k 25 $9,605,000 $384,200
    $5k+ 13 $10,195,000 $784,231

    Progress Bank And Trust's average total fees were $4,751, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 154 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 386 $91,500,000 $237,047
    4-5% 161 $58,795,000 $365,186
    5-6% 73 $20,695,000 $283,493
    2.5-3% 26 $7,030,000 $270,385
    6-7% 10 $17,460,000 $1,746,000

    During 2019, Progress Bank And Trust's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 386 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 261 $71,975,000 $275,766 $4,902 3.88%
    $100k-200k 227 $34,315,000 $151,167 $4,107 4.00%
    $100,000 or less 88 $5,660,000 $64,318 $3,188 4.66%
    $400k-600k 60 $27,510,000 $458,500 $5,301 3.76%
    $1MM+ 15 $52,505,000 $3,500,333 $13,033 5.15%
    $600k-1MM 5 $3,515,000 $703,000 $13,373 4.69%

    2019 saw Progress Bank And Trust place emphasis on $200k-400k loans with 261 originations, totaling $71,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 139 $34,975,000 $251,619 $4,791 3.86%
    $50k-75k 119 $20,835,000 $175,084 $4,678 3.84%
    $150k-250k 96 $32,380,000 $337,292 $5,099 4.07%
    $50k or less 92 $11,810,000 $128,370 $4,000 3.92%
    $75k-100k 90 $20,390,000 $226,556 $4,704 3.82%
    $250k+ 40 $18,880,000 $472,000 $5,701 4.32%

    Progress Bank And Trust lent most frequently to those with incomes in the $100k-150k range, with 139 originations. The second most popular income band? $50k-75k, with 119 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 149 $34,395,000 $230,839 $4,459 3.85%
    30-36% 133 $30,065,000 $226,053 $4,480 3.88%
    <20% 88 $17,320,000 $196,818 $3,892 3.84%
    39% 21 $5,315,000 $253,095 $4,825 3.91%
    36% 19 $4,695,000 $247,105 $5,117 3.77%
    44% 18 $3,500,000 $194,444 $4,783 4.09%
    42% 17 $3,965,000 $233,235 $4,966 3.89%
    43% 17 $4,165,000 $245,000 $4,222 3.87%
    46% 17 $4,065,000 $239,118 $4,518 3.70%
    50-60% 17 $5,965,000 $350,882 $7,580 4.27%
    45% 13 $2,855,000 $219,615 $5,335 4.18%
    >60% 13 $9,515,000 $731,923 $6,372 4.81%
    38% 13 $2,575,000 $198,077 $4,011 4.22%
    37% 12 $3,510,000 $292,500 $4,913 3.69%
    40% 11 $2,585,000 $235,000 $6,020 3.89%
    41% 11 $2,875,000 $261,364 $4,333 3.86%
    49% 10 $3,650,000 $365,000 $5,270 3.95%
    48% 8 $1,590,000 $198,750 $5,137 4.12%
    47% 7 $2,005,000 $286,429 $5,647 3.52%

    Progress Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 30-36%, with 133 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 538 $131,220,000 $243,903 $4,648 3.88%
    Not applicable 61 $50,765,000 $832,213 $0 5.49%
    Black 35 $7,815,000 $223,286 $4,903 4.15%
    Not provided 10 $3,740,000 $374,000 $4,495 4.31%
    Asian 11 $1,815,000 $165,000 $3,062 4.02%
    American Indian 1 $125,000 $125,000 $3,818 3.88%

    Approval Rates

    Total approvals of all applications
    98.70%

    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
    84.15%

    Progress Bank And Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 656 $195,480,000 $297,988

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $35,400,000 $4,425,000
    Single Family (1-4 Units):Site-Built 648 $160,080,000 $247,037

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $2,625,000 $138,158 $2,892 4.30%
    40-60% 50 $10,230,000 $204,600 $3,552 3.93%
    60-80% 213 $75,395,000 $353,967 $4,185 4.23%
    80-100% 335 $96,315,000 $287,507 $4,876 3.95%
    Over 100% 23 $10,445,000 $454,130 $9,137 3.78%
    Under 20% 16 $470,000 $29,375 $1,994 4.40%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Progress Bank and Trust 12805 Us Highway 98 E, Building A Inlet Beach, FL 32461 Full Service B&M $16,311
    Progress Bank and Trust 1360 Montgomery Highway Birmingham, AL 35216 Full Service B&M $72,013
    Progress Bank and Trust 201 Williams Avenue Huntsville, AL 35801 Full Service B&M $411,971
    Progress Bank and Trust 2121 Highland Avenue South Birmingham, AL 35205 Full Service B&M $82,239
    Progress Bank and Trust 230 East Tennessee Street Florence, AL 35630 Full Service B&M $133,576
    Progress Bank and Trust 255 Grant Street Decatur, AL 35601 Full Service B&M $171,281
    Progress Bank and Trust 2746 Carl T. Jones Drive Huntsville, AL 35802 Full Service B&M $52,989
    Progress Bank and Trust 35008 Emerald Coast Parkway Destin, FL 32541 Full Service B&M $19,015
    Progress Bank and Trust 8337 Highway 72 Madison, AL 35758 Full Service B&M $58,397

    For 2019, Progress Bank And Trust had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $52,665
    Net interest income $37,156
    Total noninterest income $11,481
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $520
    Trading account gains and fees $431
    Additional Noninterest Income $10,530
    Pre-tax net operating income $14,783
    Securities gains (or losses, -) $13
    Income before extraordinary items $11,630
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,630
    Minority interest net income $0
    Net income $11,630
    Sale, conversion, retirement of capital stock, net $384
    Net operating income $11,619

    Progress Bank And Trust's gross interest income from loans was $52,665,000.
    Progress Bank And Trust's net interest income from loans was $37,156,000.
    Progress Bank And Trust's fee based income from loans was $520,000.
    Progress Bank And Trust's net income from loans was $11,630,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $15,509
    Provision for credit losses $2,216
    Total noninterest expense $31,638
    Salaries and employee benefits $20,834
    Premises and equipment expense $3,933
    Additional noninterest expense $6,871
    Applicable income taxes $3,166
    Net charge-offs $1,027
    Cash dividends $1,100

    Progress Bank And Trust's interest expense for loans was $15,509,000.
    Progress Bank And Trust's payroll and benefits expense were $20,834,000.
    Progress Bank And Trust's property, plant and equipment expenses $3,933,000.

    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 3.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,013,458
    Deposits held in domestic offices $1,013,458
    Deposits by Individuals, partnerships, and corporations $922,484
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $90,238
    Deposits by Commercial banks and other depository institutions in U.S. $736
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $316,117
    Demand deposits $316,117
    Nontransaction accounts $697,341
    Money market deposit accounts (MMDAs) $375,806
    Other savings deposits (excluding MMDAs) $7,837
    Total time deposits $313,697
    Total time and savings deposits $697,341
    Noninterest-bearing deposits $168,853
    Interest-bearing deposits $844,605
    Retail deposits $887,748
    IRAs and Keogh plan accounts $16,271
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,208,529
    Cash & Balances due from depository institutions $57,253
    Interest-bearing balances $29,628
    Total securities $55,752
    Federal funds sold & reverse repurchase $61,927
    Net loans and leases $956,888
    Loan and leases loss allowance $8,310
    Trading account assets $293
    Bank premises and fixed assets $10,325
    Other real estate owned $0
    Goodwill and other intangibles $19,002
    All other assets $47,089

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,208,529
    Total Liabilities $1,052,158
    Total deposits $1,013,458
    Interest-bearing deposits $844,605
    Deposits held in domestic offices $1,013,458
    % insured (estimated) $57
    Federal funds purchased and repurchase agreements $6,263
    Trading liabilities $293
    Other borrowed funds $30,000
    Subordinated debt $0
    All other liabilities $2,144

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $956,888
    Loan and leases loss allowance $8,310
    Total loans and leases (domestic) $965,198
    All real estate loans $703,910
    Real estate loans in domestic offices $703,910
    Construction and development loans $117,499
    Residential 1-4 family construction $34,014
    Other construction, all land development and other land $83,485
    Loans secured by nonfarm nonresidential properties $353,022
    Nonfarm nonresidential secured by owner-occupied properties $178,912
    Commercial real estate & other non-farm, non-residential $174,110
    Multifamily residential real estate $28,615
    1-4 family residential loans $200,676
    Farmland loans $4,098
    Loans held in foreign offices $0
    Farm loans $417
    Commercial and industrial loans $220,592
    To non-U.S. addressees $0
    Loans to individuals $24,128
    Credit card loans $0
    Related Plans $11,864
    Consumer Auto Loans $1,051
    Other loans to individuals $11,213
    All other loans & leases $16,151
    Loans to foreign governments and official institutions $0
    Other loans $71
    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 $2,965
    Non 1-4 family restructured loans & leases $2,965
    Total loans and leases (foreign) $0

    Progress Bank and Trust had $956,888,000 of loans outstanding in 2019. $703,910,000 of loans were in real estate loans. $117,499,000 of loans were in development loans. $28,615,000 of loans were in multifamily mortgage loans. $200,676,000 of loans were in 1-4 family mortgage loans. $417,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,051,000 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 343 $104,828 $305,621
    Nonfarm, nonresidential loans - <$100k 37 $2,022 $54,649
    Nonfarm, nonresidential loans - $100-250k 87 $12,354 $142,000
    Nonfarm, nonresidential loans - $250k-1MM 219 $90,452 $413,023
    Commercial & Industrial, US addressed loans - <$1MM 1,112 $103,279 $92,877
    Commercial & Industrial, US addressed loans - <$100k 632 $15,864 $25,101
    Commercial & Industrial, US addressed loans - $100-250k 248 $25,425 $102,520
    Commercial & Industrial, US addressed loans - $250k-1MM 232 $61,990 $267,198
    Farmland loans - <$1MM 17 $2,955 $173,824
    Farmland loans - <$100k 3 $109 $36,333
    Farmland loans - $100-250k 8 $1,156 $144,500
    Farmland loans - $250k-1MM 6 $1,690 $281,667
    Agriculture operations loans - <$1MM 1 $417 $417,000
    Agriculture operations loans - $250k-1MM 1 $417 $417,000