First Century Bank Mortgage Rates, Fees & Info

Tazewell, TN

LEI: 549300F1D8U51K67LV24

Tax ID: 62-0161420

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

Review & Overview

First Century Bank is a smaller bank specializing in Home Purchase loans. First Century Bank has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Sevierville, Morristown, Nashville, and Kingsport among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Century 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

206

Origination Dollar Volume (All Markets)

$38,480,000

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
KNOXVILLE, TN (FHA\|USDA\|VA)	140	$26,020,000	$185,857	$0	0.00%
Outside of Metro Areas	48	$8,510,000	$177,292	$0	0.00%
Sevierville, TN (FHA\|USDA\|VA)	5	$1,605,000	$321,000	$0	0.00%
MORRISTOWN, TN (FHA\|USDA\|VA)	7	$1,065,000	$152,143	$0	0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	1	$395,000	$395,000	$0	0.00%
KINGSPORT-BRISTOL, TN-VA (FHA\|USDA\|VA)	2	$340,000	$170,000	$0	0.00%
Newport, TN (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	0.00%
JOHNSON CITY, TN (FHA\|USDA\|VA)	1	$95,000	$95,000	$0	0.00%

First Century Bank's top markets include Knoxville, Sevierville, Morristown, Nashville, and Kingsport among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	206	$38,480,000	$186,796	$0	0.00%

For 2019, First Century Bank's most frequently originated type of loan was Conventional, with 206 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	163	$31,255,000	$191,748	$0	0.00%
Refi	34	$6,750,000	$198,529	$0	0.00%
Home Improvement	5	$285,000	$57,000	$0	0.00%
Other	4	$190,000	$47,500	$0	0.00%

For 2019, First Century Bank's most frequently cited loan purpose was Home Purchase, with 163 originations. The 2nd most popular reason was Refi, with 34 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	206	$38,480,000	$186,796	$0	0.00%

For 2019, First Century Bank's most frequently cited loan duration was Other, with 206 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	75	$10,835,000	$144,467	$0	0.00%
$100,000 or less	66	$4,300,000	$65,152	$0	0.00%
$200k-400k	49	$13,435,000	$274,184	$0	0.00%
$600k-1MM	9	$6,425,000	$713,889	$0	0.00%
$400k-600k	7	$3,485,000	$497,857	$0	0.00%

2019 saw First Century Bank place emphasis on $100k-200k loans with 75 originations, totaling $10,835,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	43	$9,845,000	$228,953	$0	0.00%
$100k-150k	32	$6,590,000	$205,938	$0	0.00%
$250k+	31	$6,415,000	$206,935	$0	0.00%
$50k or less	29	$2,525,000	$87,069	$0	0.00%
$75k-100k	25	$4,045,000	$161,800	$0	0.00%
$50k-75k	24	$3,320,000	$138,333	$0	0.00%

First Century Bank lent most frequently to those with incomes in the $150k-250k range, with 43 originations. The second most popular income band? $100k-150k, with 32 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	206	$38,480,000	$186,796	$0	0.00%

First Century Bank lent most frequently to those with DTI ratios of Exempt%, with 206 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	189	$32,985,000	$174,524	$0	0.00%
Not applicable	15	$4,175,000	$278,333	$0	0.00%
Asian	1	$805,000	$805,000	$0	0.00%
Black	1	$515,000	$515,000	$0	0.00%

Approval Rates

Total approvals of all applications
89.89%

First Century Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.50%

First Century Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	206	$38,480,000	$186,796

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	2	$600,000	$300,000
Multifamily:Site-Built	7	$3,055,000	$436,429
Single Family (1-4 Units):Manufactured	14	$820,000	$58,571
Single Family (1-4 Units):Site-Built	183	$34,005,000	$185,820

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Conventional home mortgage	Struggling to pay mortgage	1	6.7%
FIRST HORIZON BANK	FHA mortgage	Trouble during payment process	2	13.3%
FIRST HORIZON BANK	FHA mortgage	Struggling to pay mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	4	26.7%
FIRST HORIZON BANK	VA mortgage	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	1	6.7%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	3	20.0%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Closing on a mortgage	1	6.7%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Century Bank	108 Main Street Sneedville, TN 37869	Full Service B&M	$35,799
First Century Bank	1522 West Broadway Avenue Maryville, TN 37801	Full Service B&M	$23,471
First Century Bank	1771 North Broad St Tazewell, TN 37879	Limited, Drive-thru	$0
First Century Bank	1780 North Broad Street Tazewell, TN 37879	Full Service B&M	$133,694
First Century Bank	2969 Maynardville Hwy Maynardville, TN 37807	Full Service B&M	$36,463
First Century Bank	301 North Broad Street New Tazewell, TN 37825	Full Service B&M	$50,573
First Century Bank	600 East Emory Powell, TN 37849	Full Service B&M	$49,067
First Century Bank	625 Market Street Knoxville, TN 37902	Full Service B&M	$11,896
First Century Bank	6946 Cumberland Gap Parkway Harrogate, TN 37752	Full Service B&M	$21,682

For 2019, First Century Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$19,571
Net interest income	$15,734
Total noninterest income	$3,701
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,232
Trading account gains and fees	$0
Additional Noninterest Income	$2,469
Pre-tax net operating income	$7,264
Securities gains (or losses, -)	$0
Income before extraordinary items	$5,514
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$5,514
Minority interest net income	$0
Net income	$5,514
Sale, conversion, retirement of capital stock, net	$2,100
Net operating income	$5,514

First Century Bank's gross interest income from loans was $19,571,000.
First Century Bank's net interest income from loans was $15,734,000.
First Century Bank's fee based income from loans was $1,232,000.
First Century Bank's net income from loans was $5,514,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,837
Provision for credit losses	$350
Total noninterest expense	$11,821
Salaries and employee benefits	$6,977
Premises and equipment expense	$2,342
Additional noninterest expense	$2,502
Applicable income taxes	$1,750
Net charge-offs	$-5
Cash dividends	$7,470

First Century Bank's interest expense for loans was $3,837,000.
First Century Bank's payroll and benefits expense were $6,977,000.
First Century Bank's property, plant and equipment expenses $2,342,000.

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	$377,081
Deposits held in domestic offices	$377,081
Deposits by Individuals, partnerships, and corporations	$339,996
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$34,632
Deposits by Commercial banks and other depository institutions in U.S.	$2,453
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$164,551
Demand deposits	$71,580
Nontransaction accounts	$212,530
Money market deposit accounts (MMDAs)	$40,645
Other savings deposits (excluding MMDAs)	$55,706
Total time deposits	$116,178
Total time and savings deposits	$305,501
Noninterest-bearing deposits	$71,580
Interest-bearing deposits	$305,501
Retail deposits	$342,172
IRAs and Keogh plan accounts	$14,059
Brokered deposits	$22,759
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$419,729
Cash & Balances due from depository institutions	$16,340
Interest-bearing balances	$8,952
Total securities	$6,812
Federal funds sold & reverse repurchase	$21,363
Net loans and leases	$355,056
Loan and leases loss allowance	$4,572
Trading account assets	$0
Bank premises and fixed assets	$7,507
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$12,651

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$419,729
Total Liabilities	$381,008
Total deposits	$377,081
Interest-bearing deposits	$305,501
Deposits held in domestic offices	$377,081
% insured (estimated)	$85
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$3,927

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$355,056
Loan and leases loss allowance	$4,572
Total loans and leases (domestic)	$359,628
All real estate loans	$322,398
Real estate loans in domestic offices	$322,398
Construction and development loans	$41,200
Residential 1-4 family construction	$25,460
Other construction, all land development and other land	$15,740
Loans secured by nonfarm nonresidential properties	$120,888
Nonfarm nonresidential secured by owner-occupied properties	$57,793
Commercial real estate & other non-farm, non-residential	$63,095
Multifamily residential real estate	$14,686
1-4 family residential loans	$135,162
Farmland loans	$10,462
Loans held in foreign offices	$0
Farm loans	$182
Commercial and industrial loans	$30,840
To non-U.S. addressees	$0
Loans to individuals	$5,852
Credit card loans	$0
Related Plans	$416
Consumer Auto Loans	$594
Other loans to individuals	$4,842
All other loans & leases	$356
Loans to foreign governments and official institutions	$0
Other loans	$97
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$1,616
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$448
Non 1-4 family restructured loans & leases	$119
Total loans and leases (foreign)	$0

First Century Bank had $355,056,000 of loans outstanding in 2019. $322,398,000 of loans were in real estate loans. $41,200,000 of loans were in development loans. $14,686,000 of loans were in multifamily mortgage loans. $135,162,000 of loans were in 1-4 family mortgage loans. $182,000 of loans were in farm loans. $0 of loans were in credit card loans. $594,000 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	180	$50,398	$279,989
Nonfarm, nonresidential loans - <$100k	27	$1,372	$50,815
Nonfarm, nonresidential loans - $100-250k	73	$10,277	$140,781
Nonfarm, nonresidential loans - $250k-1MM	80	$38,749	$484,363
Commercial & Industrial, US addressed loans - <$1MM	453	$22,968	$50,702
Commercial & Industrial, US addressed loans - <$100k	354	$6,821	$19,268
Commercial & Industrial, US addressed loans - $100-250k	60	$5,997	$99,950
Commercial & Industrial, US addressed loans - $250k-1MM	39	$10,150	$260,256
Farmland loans - <$1MM	93	$9,289	$99,882
Farmland loans - <$100k	51	$2,485	$48,725
Farmland loans - $100-250k	35	$4,009	$114,543
Farmland loans - $250k-1MM	7	$2,795	$399,286
Agriculture operations loans - <$1MM	11	$182	$16,545
Agriculture operations loans - <$100k	11	$182	$16,545