New Peoples Bank Mortgage Rates, Fees & Info
Honaker, VALEI: 549300GIR2ODBIF9VF65
Tax ID: 54-1880861
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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, Johnson City, and Mobile among others. We have data for 10 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.83% | 12/16/24 |
| 30 Year Conventional Refi | 6.94% | 12/16/24 |
| 30 Year Cash-out Refi | 6.98% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 7.11% | 12/16/24 |
| 15 Year Conventional Refi | 6.45% | 12/16/24 |
| 15 Year Cash-out Refi | 6.45% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
167Origination Dollar Volume (All Markets)
$28,585,000Employee count
197Top 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) | 64 | $13,170,000 | $205,781 | $3,216 | 4.44% |
| Outside of Metro Areas | 45 | $5,525,000 | $122,778 | $2,227 | 4.69% |
| Bluefield, WV-VA (FHA|USDA|VA) | 31 | $3,935,000 | $126,935 | $3,071 | 4.36% |
| Big Stone Gap, VA (FHA|USDA|VA) | 18 | $2,230,000 | $123,889 | $2,484 | 4.70% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $3,297 | 3.92% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $0 | 4.75% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 4.75% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 4.00% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 4.00% |
| Boone, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 3.95% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 166 | $28,490,000 | $171,627 | $2,682 | 4.50% |
| HELOC | 1 | $95,000 | $95,000 | n/a | 4.75% |
For 2020, New Peoples Bank's most frequently originated type of loan was Conventional, with 166 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2020, New Peoples Bank's most frequently cited loan purpose was Home Purchase, with 97 originations. The 2nd most popular reason was Refi, with 56 originations.
Loan Duration/Length
For 2020, New Peoples Bank's most frequently cited loan duration was 20 Year, with 53 originations. The 2nd most popular length was 15 Year, with 46 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 54 | $3,850,000 | $71,296 |
| $1k-2k | 16 | $3,360,000 | $210,000 |
| $2k-3k | 3 | $1,495,000 | $498,333 |
| $3k-4k | 1 | $565,000 | $565,000 |
New Peoples Bank's average total fees were $3,415, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 120 | $17,790,000 | $148,250 |
| 3-4% | 24 | $8,120,000 | $338,333 |
| 5-6% | 15 | $1,525,000 | $101,667 |
| 2.5-3% | 8 | $1,150,000 | $143,750 |
During 2020, New Peoples Bank's average interest rate for loans was 3.72%, while their most frequently originated rate bucket for loans was 4-5%, with 120 originations.
Loan Sizing
2020 saw New Peoples Bank place emphasis on $100,000 or less loans with 85 originations, totaling $4,485,000 in origination value.
Applicant Income
New Peoples Bank lent most frequently to those with incomes in the $50k or less range, with 36 originations. The second most popular income band? $50k-75k, with 24 originations.
Applicant Debt to Income Ratio
New Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? <20%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.19%
New Peoples Bank has a below average approval rate.
Pick Rate
Approvals leading to origination66.47%
New Peoples 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 |
|---|---|---|---|
| NA | 167 | $28,585,000 | $171,168 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| New Peoples Bank, Inc. | 20487 Riverside Drive Grundy, VA 24614 | Full Service B&M | $46,948 |
| New Peoples Bank, Inc. | 101 Linden Square Drive Bristol, VA 24202 | Full Service B&M | $20,472 |
| New Peoples Bank, Inc. | 111 Haysi Main Haysi, VA 24256 | Full Service B&M | $32,879 |
| New Peoples Bank, Inc. | 11241 Indian Creek Road Pound, VA 24279 | Full Service B&M | $11,717 |
| New Peoples Bank, Inc. | 1221 Stafford Drive Princeton, WV 24740 | Full Service B&M | $57,607 |
| New Peoples Bank, Inc. | 12602 Governor G C Peery Highway Pounding Mill, VA 24637 | Full Service B&M | $34,551 |
| New Peoples Bank, Inc. | 127 Chamber Drive Tazewell, VA 24651 | Full Service B&M | $23,333 |
| New Peoples Bank, Inc. | 1299 Us Hwy 23 S Weber City, VA 24290 | Full Service B&M | $29,335 |
| New Peoples Bank, Inc. | 1421 East Main Street Lebanon, VA 24266 | Full Service B&M | $38,216 |
| 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 | $21,323 |
| New Peoples Bank, Inc. | 180 Lyle Way Princeton, WV 24740 | Full Service B&M | $9,589 |
| New Peoples Bank, Inc. | 198 Colley Shopping Center Clintwood, VA 24228 | Full Service B&M | $32,968 |
| New Peoples Bank, Inc. | 2600 N. John B. Dennis Hwy Kingsport, TN 37660 | Full Service B&M | $24,972 |
| New Peoples Bank, Inc. | 350 West Main Street Abingdon, VA 24210 | Full Service B&M | $50,743 |
| New Peoples Bank, Inc. | 419 Shawnee Avenue East Big Stone Gap, VA 24219 | Full Service B&M | $18,725 |
| New Peoples Bank, Inc. | 514 Commerce Drive Bluefield, VA 24605 | Full Service B&M | $45,884 |
| New Peoples Bank, Inc. | 53 Commerce Drive Honaker, VA 24260 | Full Service B&M | $65,383 |
| New Peoples Bank, Inc. | 5448 Wise Norton Road Norton, VA 24273 | Full Service B&M | $33,042 |
| New Peoples Bank, Inc. | 663 East Jackson Street Gate City, VA 24251 | Full Service B&M | $36,816 |
| New Peoples Bank, Inc. | 67 Commerce Drive Honaker, VA 24260 | Limited, Administrative | $0 |
| New Peoples Bank, Inc. | 87 Miners Drive Castlewood, VA 24224 | Full Service B&M | $34,728 |
For 2020, New Peoples Bank had 22 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $30,130 |
| Net interest income | $25,778 |
| Total noninterest income | $8,147 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $3,103 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,044 |
| Pre-tax net operating income | $4,648 |
| Securities gains (or losses, -) | $4 |
| Income before extraordinary items | $3,452 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,452 |
| Minority interest net income | $0 |
| Net income | $3,452 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $3,448 |
New Peoples Bank's gross interest income from loans was $30,130,000.
New Peoples Bank's net interest income from loans was $25,778,000.
New Peoples Bank's fee based income from loans was $3,103,000.
New Peoples Bank's net income from loans was $3,452,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,352 |
| Provision for credit losses | $2,300 |
| Total noninterest expense | $26,977 |
| Salaries and employee benefits | $13,229 |
| Premises and equipment expense | $4,171 |
| Additional noninterest expense | $9,577 |
| Applicable income taxes | $1,200 |
| Net charge-offs | $478 |
| Cash dividends | $610 |
New Peoples Bank's interest expense for loans was $4,352,000.
New Peoples Bank's payroll and benefits expense were $13,229,000.
New Peoples Bank's property, plant and equipment expenses $4,171,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 1.0% |
| 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 | $668,892 |
| Deposits held in domestic offices | $668,892 |
| Deposits by Individuals, partnerships, and corporations | $635,192 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $33,369 |
| Deposits by Commercial banks and other depository institutions in U.S. | $331 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $81,975 |
| Demand deposits | $69,063 |
| Nontransaction accounts | $586,917 |
| Money market deposit accounts (MMDAs) | $40,148 |
| Other savings deposits (excluding MMDAs) | $312,320 |
| Total time deposits | $234,449 |
| Total time and savings deposits | $599,829 |
| Noninterest-bearing deposits | $228,987 |
| Interest-bearing deposits | $439,905 |
| Retail deposits | $637,816 |
| IRAs and Keogh plan accounts | $27,136 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $755,298 |
| Cash & Balances due from depository institutions | $92,128 |
| Interest-bearing balances | $75,925 |
| Total securities | $48,406 |
| Federal funds sold & reverse repurchase | $222 |
| Net loans and leases | $568,764 |
| Loan and leases loss allowance | $7,191 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $21,855 |
| Other real estate owned | $3,334 |
| Goodwill and other intangibles | $0 |
| All other assets | $20,589 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $755,298 |
| Total Liabilities | $682,308 |
| Total deposits | $668,892 |
| Interest-bearing deposits | $439,905 |
| Deposits held in domestic offices | $668,892 |
| % insured (estimated) | $90 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $5,000 |
| Subordinated debt | $0 |
| All other liabilities | $8,416 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $568,764 |
| Loan and leases loss allowance | $7,191 |
| Total loans and leases (domestic) | $575,955 |
| All real estate loans | $462,718 |
| Real estate loans in domestic offices | $462,718 |
| Construction and development loans | $25,031 |
| Residential 1-4 family construction | $4,513 |
| Other construction, all land development and other land | $20,518 |
| Loans secured by nonfarm nonresidential properties | $179,381 |
| Nonfarm nonresidential secured by owner-occupied properties | $115,382 |
| Commercial real estate & other non-farm, non-residential | $63,999 |
| Multifamily residential real estate | $16,569 |
| 1-4 family residential loans | $223,369 |
| Farmland loans | $18,368 |
| Loans held in foreign offices | $0 |
| Farm loans | $4,450 |
| Commercial and industrial loans | $86,010 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $20,632 |
| Credit card loans | $888 |
| Related Plans | $690 |
| Consumer Auto Loans | $4,081 |
| Other loans to individuals | $14,973 |
| All other loans & leases | $2,144 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,693 |
| 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 | $1,560 |
| Non 1-4 family restructured loans & leases | $632 |
| Total loans and leases (foreign) | $0 |
New Peoples Bank had $568,764,000 of loans outstanding in 2020. $462,718,000 of loans were in real estate loans. $25,031,000 of loans were in development loans. $16,569,000 of loans were in multifamily mortgage loans. $223,369,000 of loans were in 1-4 family mortgage loans. $4,450,000 of loans were in farm loans. $888,000 of loans were in credit card loans. $4,081,000 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 | 556 | $94,669 | $170,268 |
| Nonfarm, nonresidential loans - <$100k | 143 | $4,745 | $33,182 |
| Nonfarm, nonresidential loans - $100-250k | 196 | $20,880 | $106,531 |
| Nonfarm, nonresidential loans - $250k-1MM | 217 | $69,044 | $318,175 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,233 | $64,942 | $52,670 |
| Commercial & Industrial, US addressed loans - <$100k | 987 | $22,191 | $22,483 |
| Commercial & Industrial, US addressed loans - $100-250k | 151 | $14,974 | $99,166 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 95 | $27,777 | $292,389 |
| Farmland loans - <$1MM | 149 | $13,458 | $90,322 |
| Farmland loans - <$100k | 61 | $1,609 | $26,377 |
| Farmland loans - $100-250k | 57 | $6,001 | $105,281 |
| Farmland loans - $250k-1MM | 31 | $5,848 | $188,645 |
| Agriculture operations loans - <$1MM | 259 | $3,919 | $15,131 |
| Agriculture operations loans - <$100k | 242 | $2,206 | $9,116 |
| Agriculture operations loans - $100-250k | 11 | $910 | $82,727 |
| Agriculture operations loans - $250k-1MM | 6 | $803 | $133,833 |