North State Bank Mortgage Rates, Fees & Info

Raleigh, NC

LEI: 549300EDXX36BJ0X7583

Tax ID: 56-2183599

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Mortgage Data

Bank Data

Review & Overview

North State Bank is a smaller bank specializing in Home Purchase loans. North State Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Raleigh, Durham, Winston, Wilmington, and Fayetteville among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)

North State Bank 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. North State Bank is typically a low 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) 6.31% 3/25/24
30 Year Conventional Purchase 6.34% 3/25/24
30 Year Conventional Refi 6.29% 3/25/24
30 Year Cash-out Refi 6.52% 3/25/24
30 Year FHA Purchase 7.02% 3/25/24
30 Year VA Purchase 6.05% 3/25/24
30 Year USDA Purchase 6.41% 3/25/24
15 Year Conventional Purchase 6.19% 3/25/24
15 Year Conventional Refi 6.11% 3/25/24
15 Year Cash-out Refi 6.11% 3/25/24
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.

North State Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from North State Bank. 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

2,035

Origination Dollar Volume (All Markets)

$455,785,000

Employee count

182 Show all (19) 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
RALEIGH-CARY, NC (FHA|USDA|VA) 932 $242,120,000 $259,785 $3,852 4.62%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 229 $52,025,000 $227,183 $3,471 4.66%
WINSTON-SALEM, NC (FHA|USDA|VA) 215 $33,855,000 $157,465 $3,638 4.56%
WILMINGTON, NC (FHA|USDA|VA) 121 $26,615,000 $219,959 $3,536 4.64%
FAYETTEVILLE, NC (FHA|USDA|VA) 152 $26,600,000 $175,000 $4,871 4.51%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 66 $14,160,000 $214,545 $3,332 4.56%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 72 $11,260,000 $156,389 $3,331 4.51%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 53 $9,315,000 $175,755 $3,386 4.57%
BURLINGTON, NC (FHA|USDA|VA) 23 $4,705,000 $204,565 $3,772 4.66%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 16 $4,130,000 $258,125 $5,681 4.59%
Outside of Metro Areas 20 $4,070,000 $203,500 $3,201 4.63%
Morehead City, NC (FHA|USDA|VA) 11 $2,795,000 $254,091 $4,496 4.56%
Martinsville, VA (FHA|USDA|VA) 16 $2,050,000 $128,125 $2,769 4.66%
OCALA, FL (FHA|USDA|VA) 1 $2,045,000 $2,045,000 $0 8.00%
Sanford, NC (FHA|USDA|VA) 12 $2,030,000 $169,167 $3,138 4.55%
Kill Devil Hills, NC (FHA|USDA|VA) 8 $2,030,000 $253,750 $3,068 4.34%
ROCKY MOUNT, NC (FHA|USDA|VA) 11 $1,715,000 $155,909 $3,422 5.02%
Wilson, NC (FHA|USDA|VA) 8 $1,650,000 $206,250 $2,915 4.61%
GREENVILLE, NC (FHA|USDA|VA) 12 $1,570,000 $130,833 $3,808 4.57%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 9 $1,465,000 $162,778 $3,423 4.75%
JACKSONVILLE, NC (FHA|USDA|VA) 7 $1,325,000 $189,286 $3,942 4.49%
Roanoke Rapids, NC (FHA|USDA|VA) 2 $830,000 $415,000 $5,181 4.44%
Henderson, NC (FHA|USDA|VA) 4 $750,000 $187,500 $2,792 4.31%
Boone, NC (FHA|USDA|VA) 4 $650,000 $162,500 $3,470 4.28%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $615,000 $615,000 $7,521 4.66%
Forest City, NC (FHA|USDA|VA) 2 $440,000 $220,000 $3,655 4.63%
Marion, NC (FHA|USDA|VA) 1 $425,000 $425,000 $3,397 4.45%
COLUMBIA, SC (FHA|USDA|VA) 2 $420,000 $210,000 $2,816 4.94%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $415,000 $138,333 $2,468 4.50%
Georgetown, SC (FHA|USDA|VA) 1 $405,000 $405,000 $3,944 4.00%
ASHEVILLE, NC (FHA|USDA|VA) 2 $400,000 $200,000 $3,059 4.25%
Shelby, NC (FHA|USDA|VA) 2 $350,000 $175,000 $3,020 4.31%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $335,000 $335,000 $3,881 4.63%
NEW BERN, NC (FHA|USDA|VA) 2 $290,000 $145,000 $2,572 4.75%
ROANOKE, VA (FHA|USDA|VA) 2 $280,000 $140,000 $3,142 4.75%
Laurinburg, NC (FHA|USDA|VA) 2 $280,000 $140,000 $3,989 4.44%
Lumberton, NC (FHA|USDA|VA) 1 $265,000 $265,000 $4,673 4.25%
GOLDSBORO, NC (FHA|USDA|VA) 2 $250,000 $125,000 $3,305 4.50%
Kinston, NC (FHA|USDA|VA) 2 $190,000 $95,000 $3,963 4.63%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $175,000 $175,000 $2,789 4.25%
Cullowhee, NC (FHA|USDA|VA) 1 $175,000 $175,000 $4,060 4.38%
KNOXVILLE, TN (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.75%
Albemarle, NC (FHA|USDA|VA) 1 $75,000 $75,000 $4,397 4.75%
Rockingham, NC (FHA|USDA|VA) 1 $65,000 $65,000 $2,439 4.50%
North State Bank's top markets include Raleigh, Durham, Winston, Wilmington, and Fayetteville among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,536 $355,380,000 $231,367 $3,304 4.66%
    VA 213 $50,655,000 $237,817 $5,593 4.34%
    FHA 187 $33,025,000 $176,604 $5,150 4.56%
    USDA 99 $16,725,000 $168,939 $3,900 4.42%

    For 2018, North State Bank's most frequently originated type of loan was Conventional, with 1,536 originations. Their 2nd most popular type was VA, with 213 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,602 $353,220,000 $220,487 $3,927 4.59%
    Cash Out Refi 205 $44,015,000 $214,707 $3,366 4.70%
    Refi 193 $52,725,000 $273,187 $3,154 4.57%
    Other 32 $5,480,000 $171,250 $2,976 4.66%
    Home Improvement 3 $345,000 $115,000 $3,276 5.29%

    For 2018, North State Bank's most frequently cited loan purpose was Home Purchase, with 1,602 originations. The 2nd most popular reason was Cash Out Refi, with 205 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,754 $396,580,000 $226,100 $3,856 4.62%
    15 Year 148 $29,690,000 $200,608 $3,253 4.16%
    20 Year 52 $10,360,000 $199,231 $2,824 4.59%
    5 Year 45 $9,525,000 $211,667 $0 5.07%
    Other 23 $6,275,000 $272,826 $3,660 5.33%
    10 Year 9 $2,065,000 $229,444 $2,315 4.20%
    1 Year 3 $1,125,000 $375,000 $7,521 5.22%
    3 Year 1 $165,000 $165,000 $0 5.25%

    For 2018, North State Bank's most frequently cited loan duration was 30 Year, with 1,754 originations. The 2nd most popular length was 15 Year, with 148 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,380 $316,950,000 $229,674
    $1k-2k 302 $59,930,000 $198,444
    $2k-3k 66 $15,840,000 $240,000
    $3k-4k 27 $7,265,000 $269,074
    $4k-5k 15 $4,865,000 $324,333
    $5k+ 15 $6,015,000 $401,000

    North State Bank's average total fees were $3,856, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,380 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,534 $348,830,000 $227,399
    5-6% 283 $54,395,000 $192,208
    3-4% 211 $49,975,000 $236,848
    <2.5% 2 $230,000 $115,000
    6-7% 2 $300,000 $150,000
    7-8% 1 $2,045,000 $2,045,000

    During 2018, North State Bank's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 4-5%, with 1,534 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 835 $226,825,000 $271,647 $4,167 4.56%
    $100k-200k 826 $125,570,000 $152,022 $3,452 4.62%
    $100,000 or less 205 $15,155,000 $73,927 $2,676 4.75%
    $400k-600k 140 $64,390,000 $459,929 $4,256 4.52%
    $600k-1MM 25 $17,465,000 $698,600 $5,109 4.63%
    $1MM+ 4 $6,380,000 $1,595,000 $21,807 5.97%

    2018 saw North State Bank place emphasis on $200k-400k loans with 835 originations, totaling $226,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 491 $89,985,000 $183,269 $3,900 4.55%
    $100k-150k 390 $102,670,000 $263,256 $3,825 4.61%
    $50k or less 378 $50,010,000 $132,302 $3,366 4.62%
    $75k-100k 334 $74,170,000 $222,066 $3,938 4.59%
    $150k-250k 254 $79,490,000 $312,953 $3,976 4.63%
    $250k+ 119 $41,755,000 $350,882 $3,710 4.56%

    North State Bank lent most frequently to those with incomes in the $50k-75k range, with 491 originations. The second most popular income band? $100k-150k, with 390 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 441 $100,045,000 $226,859 $3,549 4.58%
    30-36% 384 $87,060,000 $226,719 $3,704 4.60%
    <20% 162 $34,200,000 $211,111 $3,300 4.48%
    40% 87 $20,345,000 $233,851 $3,861 4.57%
    43% 81 $16,695,000 $206,111 $3,719 4.64%
    42% 77 $18,215,000 $236,558 $3,551 4.73%
    38% 77 $16,755,000 $217,597 $3,446 4.61%
    39% 74 $14,760,000 $199,459 $3,938 4.64%
    50-60% 71 $18,425,000 $259,507 $5,447 4.42%
    41% 71 $14,705,000 $207,113 $3,659 4.67%
    44% 70 $13,430,000 $191,857 $3,939 4.62%
    36% 64 $14,250,000 $222,656 $3,603 4.65%
    37% 61 $14,335,000 $235,000 $4,505 4.63%
    45% 56 $13,120,000 $234,286 $4,202 4.56%
    47% 50 $10,520,000 $210,400 $4,314 4.65%
    46% 48 $11,610,000 $241,875 $4,571 4.46%
    49% 45 $9,605,000 $213,444 $4,077 4.62%
    48% 45 $9,905,000 $220,111 $3,293 4.61%
    >60% 5 $1,825,000 $365,000 $4,831 4.36%

    North State Bank lent most frequently to those with DTI ratios of 20-30%, with 441 originations. The next most common DTI ratio? 30-36%, with 384 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,525 $347,765,000 $228,043 $3,726 4.58%
    Not provided 243 $49,695,000 $204,506 $4,076 4.64%
    Black 132 $26,950,000 $204,167 $4,151 4.62%
    Asian 69 $14,985,000 $217,174 $3,189 4.74%
    Not applicable 54 $14,220,000 $263,333 $0 5.08%
    American Indian 9 $1,455,000 $161,667 $2,668 4.74%
    Native Hawaiian or Islander 3 $715,000 $238,333 $6,157 4.33%

    Approval Rates

    Total approvals of all applications
    98.08%

    North State Bank 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
    74.89%

    North State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,035 $455,785,000 $223,973

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $125,000 $125,000
    Multifamily:Site-Built 6 $6,800,000 $1,133,333
    Single Family (1-4 Units):Manufactured 48 $4,360,000 $90,833
    Single Family (1-4 Units):Site-Built 1,980 $444,500,000 $224,495

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $9,745,000 $149,923 $2,926 4.40%
    40-60% 175 $36,085,000 $206,200 $2,906 4.48%
    60-80% 627 $144,005,000 $229,673 $3,188 4.70%
    80-100% 1,102 $252,700,000 $229,310 $4,049 4.59%
    Over 100% 55 $12,465,000 $226,636 $7,958 4.36%
    Under 20% 10 $780,000 $78,000 $1,867 4.83%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    North State Bank 14091 New Falls Of Neuse Raleigh, NC 27614 Full Service B&M $32,958
    North State Bank 1411 Commonwealth Drive Wilmington, NC 28403 Full Service B&M $104,600
    North State Bank 230 Fayetteville Street Raleigh, NC 27601 Full Service B&M $25,321
    North State Bank 2413 Blue Ridge Road Raleigh, NC 27607 Full Service B&M $40,156
    North State Bank 4270 The Circle At North Hills Raleigh, NC 27609 Full Service B&M $52,099
    North State Bank 6204 Falls Of The Neuse Road Raleigh, NC 27609 Full Service B&M $498,314
    North State Bank 835 Highway 70 West Garner, NC 27529 Full Service B&M $43,395

    For 2018, North State Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $35,749
    Net interest income $34,269
    Total noninterest income $14,287
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $531
    Trading account gains and fees $0
    Additional Noninterest Income $13,756
    Pre-tax net operating income $11,860
    Securities gains (or losses, -) $0
    Income before extraordinary items $11,860
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,860
    Minority interest net income $0
    Net income $11,860
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,860

    North State Bank's gross interest income from loans was $35,749,000.
    North State Bank's net interest income from loans was $34,269,000.
    North State Bank's fee based income from loans was $531,000.
    North State Bank's net income from loans was $11,860,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,480
    Provision for credit losses $700
    Total noninterest expense $35,996
    Salaries and employee benefits $20,840
    Premises and equipment expense $3,444
    Additional noninterest expense $11,712
    Applicable income taxes $0
    Net charge-offs $487
    Cash dividends $7,190

    North State Bank's interest expense for loans was $1,480,000.
    North State Bank's payroll and benefits expense were $20,840,000.
    North State Bank's property, plant and equipment expenses $3,444,000.

    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 $812,100
    Deposits held in domestic offices $812,100
    Deposits by Individuals, partnerships, and corporations $801,791
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $8,346
    Deposits by Commercial banks and other depository institutions in U.S. $1,963
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $61,981
    Demand deposits $57,101
    Nontransaction accounts $750,119
    Money market deposit accounts (MMDAs) $396,754
    Other savings deposits (excluding MMDAs) $314,527
    Total time deposits $38,836
    Total time and savings deposits $754,999
    Noninterest-bearing deposits $309,876
    Interest-bearing deposits $502,225
    Retail deposits $799,622
    IRAs and Keogh plan accounts $1,850
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $895,358
    Cash & Balances due from depository institutions $61,330
    Interest-bearing balances $48,302
    Total securities $28,081
    Federal funds sold & reverse repurchase $0
    Net loans and leases $751,055
    Loan and leases loss allowance $4,164
    Trading account assets $0
    Bank premises and fixed assets $24,189
    Other real estate owned $0
    Goodwill and other intangibles $1,848
    All other assets $28,855

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $895,358
    Total Liabilities $817,355
    Total deposits $812,100
    Interest-bearing deposits $502,225
    Deposits held in domestic offices $812,100
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $405
    Trading liabilities $0
    Other borrowed funds $604
    Subordinated debt $0
    All other liabilities $4,246

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $751,055
    Loan and leases loss allowance $4,164
    Total loans and leases (domestic) $755,219
    All real estate loans $667,692
    Real estate loans in domestic offices $667,692
    Construction and development loans $73,625
    Residential 1-4 family construction $34,866
    Other construction, all land development and other land $38,759
    Loans secured by nonfarm nonresidential properties $329,801
    Nonfarm nonresidential secured by owner-occupied properties $199,922
    Commercial real estate & other non-farm, non-residential $129,879
    Multifamily residential real estate $36,489
    1-4 family residential loans $225,651
    Farmland loans $2,126
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $78,742
    To non-U.S. addressees $0
    Loans to individuals $3,573
    Credit card loans $0
    Related Plans $624
    Consumer Auto Loans $244
    Other loans to individuals $2,705
    All other loans & leases $5,211
    Loans to foreign governments and official institutions $0
    Other loans $192
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,421
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $297
    Non 1-4 family restructured loans & leases $297
    Total loans and leases (foreign) $0

    North State Bank had $751,055,000 of loans outstanding in 2018. $667,692,000 of loans were in real estate loans. $73,625,000 of loans were in development loans. $36,489,000 of loans were in multifamily mortgage loans. $225,651,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $244,000 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 432 $139,763 $323,525
    Nonfarm, nonresidential loans - <$100k 48 $2,179 $45,396
    Nonfarm, nonresidential loans - $100-250k 129 $18,619 $144,333
    Nonfarm, nonresidential loans - $250k-1MM 255 $118,965 $466,529
    Commercial & Industrial, US addressed loans - <$1MM 565 $75,779 $134,122
    Commercial & Industrial, US addressed loans - <$100k 266 $8,335 $31,335
    Commercial & Industrial, US addressed loans - $100-250k 157 $19,101 $121,662
    Commercial & Industrial, US addressed loans - $250k-1MM 142 $48,343 $340,444
    Farmland loans - <$1MM 5 $474 $94,800
    Farmland loans - <$100k 3 $102 $34,000
    Farmland loans - $100-250k 2 $372 $186,000