New Peoples Bank Mortgage Rates, Fees & Info

Honaker, VA

LEI: 549300GIR2ODBIF9VF65

Tax ID: 54-1880861

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    New Peoples Bank is a smaller bank specializing in Home Purchase and Refi loans. New Peoples Bank has a high proportion of conventional loans. Their top markets by origination volume include: Kingsport, Bluefield, Big Stone Gap, Blacksburg, and Sevierville among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    New Peoples 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. New Peoples 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 relatively high 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.83% 5/4/24
    30 Year Conventional Refi 6.94% 5/4/24
    30 Year Cash-out Refi 6.98% 5/4/24
    30 Year FHA Purchase 6.27% 5/4/24
    30 Year FHA Refi 6.27% 5/4/24
    30 Year USDA Purchase 6.27% 5/4/24
    15 Year Conventional Purchase 7.11% 5/4/24
    15 Year Conventional Refi 6.45% 5/4/24
    15 Year Cash-out Refi 6.45% 5/4/24
    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.

    New Peoples Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from New Peoples 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

    285

    Origination Dollar Volume (All Markets)

    $36,225,000

    Employee count

    229

    Awards

    New Peoples Bank 30 Year Conventional Loans gold New Peoples Bank 30 Year Conventional Loans bronze
    Show all (2) 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
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 100 $16,710,000 $167,100 $2,501 5.55%
    Outside of Metro Areas 93 $8,305,000 $89,301 $2,015 5.81%
    Bluefield, WV-VA (FHA|USDA|VA) 51 $7,685,000 $150,686 $2,202 5.60%
    Big Stone Gap, VA (FHA|USDA|VA) 34 $2,350,000 $69,118 $1,984 6.06%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $445,000 $445,000 $0 5.50%
    Sevierville, TN (FHA|USDA|VA) 2 $370,000 $185,000 $0 5.50%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $0 5.50%
    JOHNSON CITY, TN (FHA|USDA|VA) 3 $165,000 $55,000 $1,861 5.46%
    New Peoples Bank's top markets include Kingsport, Bluefield, Big Stone Gap, Blacksburg, and Sevierville among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against New Peoples Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    City National Bank of West Virginia
    Similarity Rank: 117
    Kingsport Press Credit Union
    Similarity Rank: 135
    First Community Bank
    Similarity Rank: 222
    New Peoples Bank, Inc.
    Similarity Rank: 272
    Summit Community Bank, Inc.
    Similarity Rank: 320
    KNOXVILLE TVA EMPLOYEES CREDIT UNION
    Similarity Rank: 325
    HomeTrust Bank
    Similarity Rank: 1050
    FIRST BANCORP
    Similarity Rank: 1728
    CLEARPATH LENDING
    Similarity Rank: 1820
    Bank of Tennessee
    Similarity Rank: 1827

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 285 $36,225,000 $127,105 $2,176 5.70%

    For 2019, New Peoples Bank's most frequently originated type of loan was Conventional, with 285 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 150 $21,470,000 $143,133 $2,388 5.69%
    Refi 95 $12,435,000 $130,895 $2,127 5.67%
    Home Improvement 23 $1,465,000 $63,696 $1,644 5.62%
    Other 17 $855,000 $50,294 $1,758 6.13%

    For 2019, New Peoples Bank's most frequently cited loan purpose was Home Purchase, with 150 originations. The 2nd most popular reason was Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 75 $5,545,000 $73,933 $1,881 5.85%
    20 Year 73 $12,265,000 $168,014 $1,965 5.66%
    30 Year 32 $4,750,000 $148,438 $2,579 5.25%
    5 Year 28 $3,530,000 $126,071 $1,690 5.90%
    Other 26 $1,810,000 $69,615 $1,902 6.25%
    10 Year 26 $1,790,000 $68,846 $1,940 5.74%
    30+ year 16 $4,720,000 $295,000 $3,511 4.93%
    1 Year 9 $1,815,000 $201,667 $0 5.61%

    For 2019, New Peoples Bank's most frequently cited loan duration was 15 Year, with 75 originations. The 2nd most popular length was 20 Year, with 73 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 147 $9,585,000 $65,204
    $1k-2k 20 $4,480,000 $224,000
    $2k-3k 5 $2,595,000 $519,000

    New Peoples Bank's average total fees were $2,579, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 147 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 193 $26,015,000 $134,793
    6-7% 43 $2,755,000 $64,070
    4-5% 41 $7,205,000 $175,732
    Over 8% 6 $100,000 $16,667
    7-8% 1 $25,000 $25,000

    During 2019, New Peoples Bank's average interest rate for loans was 5.25%, while their most frequently originated rate bucket for loans was 5-6%, with 193 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 191 $9,785,000 $51,230 $1,838 5.86%
    $100k-200k 52 $7,060,000 $135,769 $2,673 5.55%
    $200k-400k 28 $7,640,000 $272,857 $3,193 5.14%
    $400k-600k 7 $3,185,000 $455,000 $4,292 5.16%
    $600k-1MM 4 $3,080,000 $770,000 $7,406 5.28%
    $1MM+ 3 $5,475,000 $1,825,000 $0 5.48%

    2019 saw New Peoples Bank place emphasis on $100,000 or less loans with 191 originations, totaling $9,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 75 $4,145,000 $55,267 $1,957 5.89%
    $50k-75k 47 $2,765,000 $58,830 $1,926 5.80%
    $75k-100k 44 $4,210,000 $95,682 $2,269 5.74%
    $100k-150k 27 $4,075,000 $150,926 $2,773 5.44%
    $150k-250k 16 $4,300,000 $268,750 $2,735 5.58%
    $250k+ 14 $3,610,000 $257,857 $4,284 5.45%

    New Peoples Bank lent most frequently to those with incomes in the $50k or less range, with 75 originations. The second most popular income band? $50k-75k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $5,515,000 $104,057 $2,218 5.70%
    <20% 44 $2,950,000 $67,045 $1,925 5.73%
    30-36% 42 $3,930,000 $93,571 $2,206 5.77%
    42% 7 $655,000 $93,571 $2,347 5.52%
    38% 6 $520,000 $86,667 $2,208 6.38%
    39% 6 $930,000 $155,000 $2,581 5.33%
    37% 5 $675,000 $135,000 $2,136 5.75%
    40% 4 $220,000 $55,000 $2,054 5.97%
    36% 3 $135,000 $45,000 $2,107 7.38%
    >60% 2 $110,000 $55,000 $1,878 5.50%
    41% 2 $240,000 $120,000 $1,540 5.31%
    45% 2 $180,000 $90,000 $2,396 5.81%
    50-60% 2 $230,000 $115,000 $3,393 5.75%
    47% 1 $265,000 $265,000 $3,615 5.13%
    49% 1 $225,000 $225,000 $3,383 4.50%
    43% 1 $45,000 $45,000 $1,940 5.50%
    46% 1 $325,000 $325,000 $3,306 4.88%

    New Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? <20%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 228 $23,430,000 $102,763 $2,176 5.74%
    Not applicable 56 $12,390,000 $221,250 $0 5.59%
    Black 1 $405,000 $405,000 $0 4.74%

    Approval Rates

    Total approvals of all applications
    77.36%

    New Peoples Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.74%

    New Peoples Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 285 $36,225,000 $127,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 5 $975,000 $195,000
    Multifamily:Site-Built 14 $8,740,000 $624,286
    Single Family (1-4 Units):Manufactured 56 $2,750,000 $49,107
    Single Family (1-4 Units):Site-Built 210 $23,760,000 $113,143

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $1,625,000 $52,419 $1,713 5.65%
    40-60% 43 $4,705,000 $109,419 $1,883 5.85%
    60-80% 114 $15,650,000 $137,281 $2,103 5.70%
    80-100% 83 $13,395,000 $161,386 $2,710 5.65%
    Over 100% 4 $410,000 $102,500 $2,061 6.25%
    Under 20% 9 $315,000 $35,000 $1,644 5.49%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    New Peoples Bank, Inc. 87 Miners Drive Castlewood, VA 24224 Full Service B&M $30,602
    New Peoples Bank, Inc. 101 Linden Square Drive Bristol, VA 24202 Full Service B&M $13,351
    New Peoples Bank, Inc. 111 Haysi Main Haysi, VA 24256 Full Service B&M $29,141
    New Peoples Bank, Inc. 11241 Indian Creek Road Pound, VA 24279 Full Service B&M $10,678
    New Peoples Bank, Inc. 1221 Stafford Drive Princeton, WV 24740 Full Service B&M $80,090
    New Peoples Bank, Inc. 12602 Governor G C Peery Highway Pounding Mill, VA 24637 Full Service B&M $29,110
    New Peoples Bank, Inc. 127 Chamber Drive Tazewell, VA 24651 Full Service B&M $18,944
    New Peoples Bank, Inc. 1299 Us Hwy 23 S Weber City, VA 24290 Full Service B&M $25,661
    New Peoples Bank, Inc. 1421 East Main Street Lebanon, VA 24266 Full Service B&M $31,618
    New Peoples Bank, Inc. 15050 Lee Hwy Bristol, VA 24202 Limited, Administrative $0
    New Peoples Bank, Inc. 155 East Lee Hwy. Chilhowie, VA 24319 Full Service B&M $17,820
    New Peoples Bank, Inc. 180 Lyle Way Princeton, WV 24740 Full Service B&M $7,380
    New Peoples Bank, Inc. 198 Colley Shopping Center Clintwood, VA 24228 Full Service B&M $30,499
    New Peoples Bank, Inc. 20487 Riverside Drive Grundy, VA 24614 Full Service B&M $42,703
    New Peoples Bank, Inc. 2600 N. John B. Dennis Hwy Kingsport, TN 37660 Full Service B&M $20,617
    New Peoples Bank, Inc. 350 West Main Street Abingdon, VA 24210 Full Service B&M $40,204
    New Peoples Bank, Inc. 419 Shawnee Avenue East Big Stone Gap, VA 24219 Full Service B&M $17,227
    New Peoples Bank, Inc. 514 Commerce Drive Bluefield, VA 24605 Full Service B&M $45,401
    New Peoples Bank, Inc. 53 Commerce Drive Honaker, VA 24260 Full Service B&M $61,206
    New Peoples Bank, Inc. 5448 Wise Norton Road Norton, VA 24273 Full Service B&M $33,503
    New Peoples Bank, Inc. 663 East Jackson Street Gate City, VA 24251 Full Service B&M $34,338
    New Peoples Bank, Inc. 67 Commerce Drive Honaker, VA 24260 Limited, Administrative $0

    For 2019, New Peoples Bank had 22 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $31,022
    Net interest income $25,839
    Total noninterest income $8,502
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3,384
    Trading account gains and fees $0
    Additional Noninterest Income $5,118
    Pre-tax net operating income $3,565
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,836
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,836
    Minority interest net income $0
    Net income $2,836
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,836

    New Peoples Bank's gross interest income from loans was $31,022,000.
    New Peoples Bank's net interest income from loans was $25,839,000.
    New Peoples Bank's fee based income from loans was $3,384,000.
    New Peoples Bank's net income from loans was $2,836,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,183
    Provision for credit losses $2,050
    Total noninterest expense $28,726
    Salaries and employee benefits $14,106
    Premises and equipment expense $4,091
    Additional noninterest expense $10,529
    Applicable income taxes $729
    Net charge-offs $2,018
    Cash dividends $760

    New Peoples Bank's interest expense for loans was $5,183,000.
    New Peoples Bank's payroll and benefits expense were $14,106,000.
    New Peoples Bank's property, plant and equipment expenses $4,091,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $622,283
    Deposits held in domestic offices $622,283
    Deposits by Individuals, partnerships, and corporations $589,612
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $31,630
    Deposits by Commercial banks and other depository institutions in U.S. $1,040
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $61,011
    Demand deposits $49,393
    Nontransaction accounts $561,271
    Money market deposit accounts (MMDAs) $57,831
    Other savings deposits (excluding MMDAs) $246,056
    Total time deposits $257,384
    Total time and savings deposits $572,889
    Noninterest-bearing deposits $171,587
    Interest-bearing deposits $450,696
    Retail deposits $588,074
    IRAs and Keogh plan accounts $28,207
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $705,233
    Cash & Balances due from depository institutions $49,895
    Interest-bearing balances $35,760
    Total securities $50,649
    Federal funds sold & reverse repurchase $252
    Net loans and leases $557,178
    Loan and leases loss allowance $5,368
    Trading account assets $0
    Bank premises and fixed assets $21,992
    Other real estate owned $3,393
    Goodwill and other intangibles $0
    All other assets $21,874

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $705,232
    Total Liabilities $635,769
    Total deposits $622,283
    Interest-bearing deposits $450,696
    Deposits held in domestic offices $622,283
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $5,000
    Subordinated debt $0
    All other liabilities $8,486

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $557,178
    Loan and leases loss allowance $5,368
    Total loans and leases (domestic) $562,546
    All real estate loans $478,918
    Real estate loans in domestic offices $478,918
    Construction and development loans $31,130
    Residential 1-4 family construction $5,701
    Other construction, all land development and other land $25,429
    Loans secured by nonfarm nonresidential properties $170,436
    Nonfarm nonresidential secured by owner-occupied properties $108,898
    Commercial real estate & other non-farm, non-residential $61,538
    Multifamily residential real estate $13,638
    1-4 family residential loans $242,924
    Farmland loans $20,790
    Loans held in foreign offices $0
    Farm loans $4,797
    Commercial and industrial loans $53,994
    To non-U.S. addressees $0
    Loans to individuals $23,127
    Credit card loans $848
    Related Plans $738
    Consumer Auto Loans $5,365
    Other loans to individuals $16,176
    All other loans & leases $1,710
    Loans to foreign governments and official institutions $0
    Other loans $1,184
    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 $3,317
    Non 1-4 family restructured loans & leases $2,321
    Total loans and leases (foreign) $0

    New Peoples Bank had $557,178,000 of loans outstanding in 2019. $478,918,000 of loans were in real estate loans. $31,130,000 of loans were in development loans. $13,638,000 of loans were in multifamily mortgage loans. $242,924,000 of loans were in 1-4 family mortgage loans. $4,797,000 of loans were in farm loans. $848,000 of loans were in credit card loans. $5,365,000 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 577 $89,603 $155,291
    Nonfarm, nonresidential loans - <$100k 155 $5,110 $32,968
    Nonfarm, nonresidential loans - $100-250k 208 $21,075 $101,322
    Nonfarm, nonresidential loans - $250k-1MM 214 $63,418 $296,346
    Commercial & Industrial, US addressed loans - <$1MM 678 $34,879 $51,444
    Commercial & Industrial, US addressed loans - <$100k 500 $9,984 $19,968
    Commercial & Industrial, US addressed loans - $100-250k 110 $9,063 $82,391
    Commercial & Industrial, US addressed loans - $250k-1MM 68 $15,832 $232,824
    Farmland loans - <$1MM 164 $15,040 $91,707
    Farmland loans - <$100k 70 $2,015 $28,786
    Farmland loans - $100-250k 63 $6,664 $105,778
    Farmland loans - $250k-1MM 31 $6,361 $205,194
    Agriculture operations loans - <$1MM 273 $4,787 $17,535
    Agriculture operations loans - <$100k 255 $2,669 $10,467
    Agriculture operations loans - $100-250k 11 $989 $89,909
    Agriculture operations loans - $250k-1MM 7 $1,129 $161,286