First Southern Bank Mortgage Rates, Fees & Info

Columbia, MS

LEI: 549300E3YGSOYL74CF74

Tax ID: 64-0386262

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First Southern Bank is a smaller bank specializing in Refi loans. First Southern Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hattiesburg, Laurel, Picayune, and Gulfport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Southern Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

Origination Dollar Volume (All Markets)

$10,910,000

Employee count

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
HATTIESBURG, MS (FHA\|USDA\|VA)	33	$3,225,000	$97,727	$0	0.00%
Outside of Metro Areas	30	$2,850,000	$95,000	$0	0.00%
Laurel, MS (FHA\|USDA\|VA)	4	$2,360,000	$590,000	$0	0.00%
Picayune, MS (FHA\|USDA\|VA)	24	$2,150,000	$89,583	$0	0.00%
GULFPORT-BILOXI, MS (FHA\|USDA\|VA)	3	$325,000	$108,333	$0	0.00%

First Southern Bank's top markets include Hattiesburg, Laurel, Picayune, and Gulfport among others.

Their top states include:

Mississippi (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	94	$10,910,000	$116,064	$0	0.00%

For 2020, First Southern Bank's most frequently originated type of loan was Conventional, with 94 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	72	$8,390,000	$116,528	$0	0.00%
Home Purchase	16	$2,090,000	$130,625	$0	0.00%
Other	5	$365,000	$73,000	$0	0.00%
Home Improvement	1	$65,000	$65,000	$0	0.00%

For 2020, First Southern Bank's most frequently cited loan purpose was Refi, with 72 originations. The 2nd most popular reason was Home Purchase, with 16 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	94	$10,910,000	$116,064	$0	0.00%

For 2020, First Southern Bank's most frequently cited loan duration was Other, with 94 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	58	$2,570,000	$44,310	$0	0.00%
$100k-200k	23	$3,185,000	$138,478	$0	0.00%
$200k-400k	11	$2,665,000	$242,273	$0	0.00%
$1MM+	1	$2,035,000	$2,035,000	$0	0.00%
$400k-600k	1	$455,000	$455,000	$0	0.00%

2020 saw First Southern Bank place emphasis on $100,000 or less loans with 58 originations, totaling $2,570,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	26	$2,340,000	$90,000	$0	0.00%
$50k or less	24	$1,300,000	$54,167	$0	0.00%
$100k-150k	22	$2,290,000	$104,091	$0	0.00%
$150k-250k	4	$470,000	$117,500	$0	0.00%
$75k-100k	4	$430,000	$107,500	$0	0.00%
$250k+	2	$140,000	$70,000	$0	0.00%

First Southern Bank lent most frequently to those with incomes in the $50k-75k range, with 26 originations. The second most popular income band? $50k or less, with 24 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	94	$10,910,000	$116,064	$0	0.00%

First Southern Bank lent most frequently to those with DTI ratios of Exempt%, with 94 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	80	$7,300,000	$91,250	$0	0.00%
Not applicable	10	$3,430,000	$343,000	$0	0.00%
Black	4	$180,000	$45,000	$0	0.00%

Approval Rates

Total approvals of all applications
85.35%

First Southern Bank has an average approval rate.

Pick Rate

Approvals leading to origination
59.57%

First Southern Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	94	$10,910,000	$116,064

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	1	$2,035,000	$2,035,000
Single Family (1-4 Units):Manufactured	3	$315,000	$105,000
Single Family (1-4 Units):Site-Built	90	$8,560,000	$95,111

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Other type of mortgage	Closing on a mortgage	2	13.3%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	2	13.3%
FIRST HORIZON BANK	Conventional home mortgage	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	4	26.7%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	3	20.0%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Struggling to pay mortgage	1	6.7%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Southern Bank	1048 Highway 42 Petal, MS 39465	Full Service B&M	$19,241
First Southern Bank	1075 Highway 98 Columbia, MS 39429	Full Service B&M	$113,255
First Southern Bank	1321 Highway43 North Picayune, MS 39466	Full Service B&M	$24,491
First Southern Bank	3000 Hwy 589 Hattiesburg, MS 39402	Full Service B&M	$5,480
First Southern Bank	340 Second Street Columbia, MS 39429	Full Service B&M	$8,846
First Southern Bank	502 North Front Street Richton, MS 39476	Full Service B&M	$28,567

For 2020, First Southern Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$8,530
Net interest income	$7,722
Total noninterest income	$2,506
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$704
Trading account gains and fees	$0
Additional Noninterest Income	$1,802
Pre-tax net operating income	$2,626
Securities gains (or losses, -)	$0
Income before extraordinary items	$2,626
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,626
Minority interest net income	$0
Net income	$2,626
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,626

First Southern Bank's gross interest income from loans was $8,530,000.
First Southern Bank's net interest income from loans was $7,722,000.
First Southern Bank's fee based income from loans was $704,000.
First Southern Bank's net income from loans was $2,626,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$808
Provision for credit losses	$50
Total noninterest expense	$7,552
Salaries and employee benefits	$4,666
Premises and equipment expense	$691
Additional noninterest expense	$2,195
Applicable income taxes	$0
Net charge-offs	$-74
Cash dividends	$1,525

First Southern Bank's interest expense for loans was $808,000.
First Southern Bank's payroll and benefits expense were $4,666,000.
First Southern Bank's property, plant and equipment expenses $691,000.

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	$199,937
Deposits held in domestic offices	$199,937
Deposits by Individuals, partnerships, and corporations	$186,695
Deposits by U.S. Government	$13,242
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	$138,137
Demand deposits	$48,622
Nontransaction accounts	$61,800
Money market deposit accounts (MMDAs)	$1,018
Other savings deposits (excluding MMDAs)	$23,564
Total time deposits	$37,217
Total time and savings deposits	$151,315
Noninterest-bearing deposits	$48,652
Interest-bearing deposits	$151,285
Retail deposits	$192,702
IRAs and Keogh plan accounts	$6,828
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$225,021
Cash & Balances due from depository institutions	$23,693
Interest-bearing balances	$16,710
Total securities	$40,825
Federal funds sold & reverse repurchase	$0
Net loans and leases	$142,738
Loan and leases loss allowance	$1,718
Trading account assets	$0
Bank premises and fixed assets	$10,460
Other real estate owned	$6
Goodwill and other intangibles	$0
All other assets	$7,299

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$225,021
Total Liabilities	$200,578
Total deposits	$199,937
Interest-bearing deposits	$151,285
Deposits held in domestic offices	$199,937
% insured (estimated)	$78
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$641

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$142,738
Loan and leases loss allowance	$1,718
Total loans and leases (domestic)	$144,456
All real estate loans	$108,334
Real estate loans in domestic offices	$108,334
Construction and development loans	$4,826
Residential 1-4 family construction	$4,826
Other construction, all land development and other land	$0
Loans secured by nonfarm nonresidential properties	$46,226
Nonfarm nonresidential secured by owner-occupied properties	$17,842
Commercial real estate & other non-farm, non-residential	$28,384
Multifamily residential real estate	$3,365
1-4 family residential loans	$32,271
Farmland loans	$21,646
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$23,736
To non-U.S. addressees	$0
Loans to individuals	$12,386
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$4,466
Other loans to individuals	$7,920
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	$168
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

First Southern Bank had $142,738,000 of loans outstanding in 2020. $108,334,000 of loans were in real estate loans. $4,826,000 of loans were in development loans. $3,365,000 of loans were in multifamily mortgage loans. $32,271,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,466,000 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	145	$20,323	$140,159
Nonfarm, nonresidential loans - <$100k	60	$2,312	$38,533
Nonfarm, nonresidential loans - $100-250k	51	$5,998	$117,608
Nonfarm, nonresidential loans - $250k-1MM	34	$12,013	$353,324
Commercial & Industrial, US addressed loans - <$1MM	261	$10,988	$42,100
Commercial & Industrial, US addressed loans - <$100k	223	$4,535	$20,336
Commercial & Industrial, US addressed loans - $100-250k	26	$2,844	$109,385
Commercial & Industrial, US addressed loans - $250k-1MM	12	$3,609	$300,750
Farmland loans - <$1MM	287	$15,072	$52,516
Farmland loans - <$100k	240	$8,045	$33,521
Farmland loans - $100-250k	34	$4,183	$123,029
Farmland loans - $250k-1MM	13	$2,844	$218,769