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

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, Boone, Johnson City, and North Port among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

New Peoples 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. 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.

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

Purchase Price:

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% Deposit:

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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

284

Origination Dollar Volume (All Markets)

$71,660,000

Employee count

197

Awards

New Peoples Bank 30 Year Conventional Loans gold

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)	94	$29,800,000	$317,021	$2,856	3.77%
Bluefield, WV-VA (FHA\|USDA\|VA)	61	$11,465,000	$187,951	$2,797	3.91%
Outside of Metro Areas	61	$8,665,000	$142,049	$2,731	3.64%
Boone, NC (FHA\|USDA\|VA)	27	$7,505,000	$277,963	$3,442	3.53%
JOHNSON CITY, TN (FHA\|USDA\|VA)	13	$4,755,000	$365,769	$3,183	3.60%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$1,985,000	$1,985,000	$0	3.49%
Big Stone Gap, VA (FHA\|USDA\|VA)	12	$1,860,000	$155,000	$2,652	3.86%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$1,385,000	$1,385,000	$0	3.50%
HICKORY-LENOIR-MORGANTON, NC (FHA\|USDA\|VA)	3	$1,085,000	$361,667	$2,414	3.38%
ASHEVILLE, NC (FHA\|USDA\|VA)	2	$790,000	$395,000	$5,551	3.51%
MORRISTOWN, TN (FHA\|USDA\|VA)	1	$605,000	$605,000	$0	3.99%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA\|USDA\|VA)	2	$400,000	$200,000	$0	4.75%
Sevierville, TN (FHA\|USDA\|VA)	2	$370,000	$185,000	$0	4.25%
RICHMOND, VA (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	3.75%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	1	$255,000	$255,000	$3,114	3.75%
North Wilkesboro, NC (FHA\|USDA\|VA)	1	$225,000	$225,000	$2,873	3.50%
KNOXVILLE, TN (FHA\|USDA\|VA)	1	$225,000	$225,000	$0	3.25%

New Peoples Bank's top markets include Kingsport, Bluefield, Boone, Johnson City, and North Port among others.

Their top states include:

Virginia (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

West Virginia (FHA|USDA|VA)

Florida (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.

Horizon Credit Union
Similarity Rank: 72

Kingsport Press Credit Union
Similarity Rank: 198

Summit Community Bank, Inc.
Similarity Rank: 756

KNOXVILLE TVA EMPLOYEES CREDIT UNION
Similarity Rank: 800

New Peoples Bank, Inc.
Similarity Rank: 952

First Community Bank
Similarity Rank: 984

FIRST BANCORP
Similarity Rank: 2200

ATLANTIC BAY MORTGAGE GROUP, L.L.C.
Similarity Rank: 4263

Bank of Tennessee
Similarity Rank: 4300

DHI MORTGAGE COMPANY, LTD.
Similarity Rank: 4485

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	284	$71,660,000	$252,324	$2,874	3.75%

For 2021, New Peoples Bank's most frequently originated type of loan was Conventional, with 284 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	154	$36,220,000	$235,195	$3,125	3.82%
Refi	94	$29,430,000	$313,085	$2,651	3.61%
Home Improvement	19	$3,115,000	$163,947	$2,189	4.21%
Cash Out Refi	14	$2,720,000	$194,286	$2,666	3.43%
Other	3	$175,000	$58,333	$1,960	2.92%

For 2021, New Peoples Bank's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Refi, with 94 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	83	$19,135,000	$230,542	$2,940	3.40%
15 Year	70	$8,660,000	$123,714	$2,448	3.60%
20 Year	68	$26,210,000	$385,441	$0	4.11%
Other	28	$7,160,000	$255,714	$2,764	3.94%
10 Year	15	$4,405,000	$293,667	$2,133	4.24%
30+ year	10	$3,370,000	$337,000	$4,524	3.26%
1 Year	7	$1,235,000	$176,429	$0	4.43%
5 Year	3	$1,485,000	$495,000	$0	4.25%

For 2021, New Peoples Bank's most frequently cited loan duration was 30 Year, with 83 originations. The 2nd most popular length was 15 Year, with 70 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	120	$21,760,000	$181,333
$1k-2k	18	$3,490,000	$193,889
$2k-3k	7	$2,745,000	$392,143
$3k-4k	1	$545,000	$545,000
$4k-5k	1	$785,000	$785,000

New Peoples Bank's average total fees were $2,940, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 120 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	169	$51,685,000	$305,828
4-5%	75	$12,615,000	$168,200
2.5-3%	27	$5,785,000	$214,259
<2.5%	7	$955,000	$136,429
5-6%	6	$620,000	$103,333

During 2021, New Peoples Bank's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 169 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	91	$12,985,000	$142,692	$2,697	3.77%
$200k-400k	80	$22,130,000	$276,625	$3,106	3.67%
$100,000 or less	79	$4,705,000	$59,557	$2,204	3.85%
$400k-600k	23	$10,945,000	$475,870	$4,288	3.60%
$600k-1MM	7	$5,845,000	$835,000	$5,802	3.67%
$1MM+	4	$15,050,000	$3,762,500	$0	3.68%

2021 saw New Peoples Bank place emphasis on $100k-200k loans with 91 originations, totaling $12,985,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	45	$5,825,000	$129,444	$2,495	3.67%
$100k-150k	40	$9,700,000	$242,500	$3,095	3.52%
$150k-250k	38	$12,580,000	$331,053	$3,640	3.64%
$50k or less	33	$3,095,000	$93,788	$2,484	3.55%
$75k-100k	28	$4,360,000	$155,714	$2,772	3.66%
$250k+	24	$7,480,000	$311,667	$3,274	3.78%

New Peoples Bank lent most frequently to those with incomes in the $50k-75k range, with 45 originations. The second most popular income band? $100k-150k, with 40 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	40	$7,320,000	$183,000	$2,765	3.32%
30-36%	40	$7,860,000	$196,500	$2,819	3.37%
<20%	27	$5,035,000	$186,481	$2,753	3.26%
36%	8	$2,200,000	$275,000	$2,865	3.36%
38%	6	$2,080,000	$346,667	$2,797	3.21%
37%	6	$1,040,000	$173,333	$3,004	3.67%
46%	5	$785,000	$157,000	$3,242	3.80%
39%	4	$850,000	$212,500	$3,241	3.19%
41%	3	$415,000	$138,333	$2,544	3.83%
42%	3	$715,000	$238,333	$3,530	2.88%
50-60%	2	$430,000	$215,000	$3,404	3.75%
40%	2	$810,000	$405,000	$5,503	3.13%
45%	1	$155,000	$155,000	$1,876	3.13%
48%	1	$185,000	$185,000	$3,078	3.00%
43%	1	$105,000	$105,000	$2,663	3.38%

New Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 40 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	200	$41,600,000	$208,000	$2,862	3.63%
Not applicable	74	$28,260,000	$381,892	$0	4.11%
Not provided	3	$975,000	$325,000	$3,741	2.92%
Asian Indian	3	$325,000	$108,333	$0	4.17%
Vietnamese	1	$215,000	$215,000	$2,625	3.00%
Other Asian	1	$135,000	$135,000	$3,012	3.25%
Japanese	1	$125,000	$125,000	$0	3.99%
Black	1	$25,000	$25,000	$2,133	3.63%

Approval Rates

Total approvals of all applications
90.91%

New Peoples Bank has an average approval rate.

Pick Rate

Approvals leading to origination
78.52%

New Peoples Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	284	$71,660,000	$252,324

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	284	$71,660,000	$252,324

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	14	$1,960,000	$140,000	$2,542	3.48%
40-60%	44	$6,820,000	$155,000	$2,617	3.67%
60-80%	140	$45,950,000	$328,214	$3,007	3.84%
80-100%	81	$16,655,000	$205,617	$2,952	3.64%
Under 20%	5	$275,000	$55,000	$1,693	4.18%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
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	$39,677
New Peoples Bank, Inc.	127 Chamber Drive Tazewell, VA 24651	Full Service B&M	$24,429
New Peoples Bank, Inc.	1421 East Main Street Lebanon, VA 24266	Full Service B&M	$36,072
New Peoples Bank, Inc.	111 Haysi Main Haysi, VA 24256	Full Service B&M	$34,829
New Peoples Bank, Inc.	1221 Stafford Drive Princeton, WV 24740	Full Service B&M	$69,487
New Peoples Bank, Inc.	12602 Governor G C Peery Highway Pounding Mill, VA 24637	Full Service B&M	$40,245
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	$20,353
New Peoples Bank, Inc.	180 Lyle Way Princeton, WV 24740	Full Service B&M	$9,942
New Peoples Bank, Inc.	198 Colley Shopping Center Clintwood, VA 24228	Full Service B&M	$45,096
New Peoples Bank, Inc.	1999 E. Stone Drive Kingsport, TN 37660	Full Service B&M	$32,316
New Peoples Bank, Inc.	20487 Riverside Drive Grundy, VA 24614	Full Service B&M	$54,530
New Peoples Bank, Inc.	271 Linden Square Dr Bristol, VA 24202	Full Service B&M	$24,706
New Peoples Bank, Inc.	350 West Main Street Abingdon, VA 24210	Full Service B&M	$49,574
New Peoples Bank, Inc.	419 Shawnee Avenue East Big Stone Gap, VA 24219	Full Service B&M	$19,371
New Peoples Bank, Inc.	514 Commerce Drive Bluefield, VA 24605	Full Service B&M	$46,309
New Peoples Bank, Inc.	53 Commerce Drive Honaker, VA 24260	Full Service B&M	$71,341
New Peoples Bank, Inc.	5448 Wise Norton Road Norton, VA 24273	Full Service B&M	$34,550
New Peoples Bank, Inc.	663 East Jackson Street Gate City, VA 24251	Full Service B&M	$59,392

For 2021, New Peoples Bank had 20 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$29,890
Net interest income	$27,609
Total noninterest income	$8,118
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$3,596
Trading account gains and fees	$0
Additional Noninterest Income	$4,522
Pre-tax net operating income	$9,194
Securities gains (or losses, -)	$322
Income before extraordinary items	$7,456
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,456
Minority interest net income	$0
Net income	$7,456
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,201

New Peoples Bank's gross interest income from loans was $29,890,000.
New Peoples Bank's net interest income from loans was $27,609,000.
New Peoples Bank's fee based income from loans was $3,596,000.
New Peoples Bank's net income from loans was $7,456,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,281
Provision for credit losses	$372
Total noninterest expense	$26,161
Salaries and employee benefits	$12,662
Premises and equipment expense	$4,053
Additional noninterest expense	$9,446
Applicable income taxes	$2,060
Net charge-offs	$828
Cash dividends	$430

New Peoples Bank's interest expense for loans was $2,281,000.
New Peoples Bank's payroll and benefits expense were $12,662,000.
New Peoples Bank's property, plant and equipment expenses $4,053,000.

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	$708,422
Deposits held in domestic offices	$708,422
Deposits by Individuals, partnerships, and corporations	$675,555
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$32,662
Deposits by Commercial banks and other depository institutions in U.S.	$204
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$317,966
Demand deposits	$258,886
Nontransaction accounts	$390,455
Money market deposit accounts (MMDAs)	$50,489
Other savings deposits (excluding MMDAs)	$143,623
Total time deposits	$196,342
Total time and savings deposits	$449,535
Noninterest-bearing deposits	$259,797
Interest-bearing deposits	$448,625
Retail deposits	$683,568
IRAs and Keogh plan accounts	$24,914
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$794,409
Cash & Balances due from depository institutions	$60,718
Interest-bearing balances	$45,766
Total securities	$107,358
Federal funds sold & reverse repurchase	$228
Net loans and leases	$587,010
Loan and leases loss allowance	$6,734
Trading account assets	$0
Bank premises and fixed assets	$20,367
Other real estate owned	$1,361
Goodwill and other intangibles	$0
All other assets	$17,367

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$794,409
Total Liabilities	$715,949
Total deposits	$708,422
Interest-bearing deposits	$448,625
Deposits held in domestic offices	$708,422
% insured (estimated)	$88
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$7,527

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$587,010
Loan and leases loss allowance	$6,734
Total loans and leases (domestic)	$593,744
All real estate loans	$514,800
Real estate loans in domestic offices	$514,800
Construction and development loans	$32,325
Residential 1-4 family construction	$6,509
Other construction, all land development and other land	$25,816
Loans secured by nonfarm nonresidential properties	$206,162
Nonfarm nonresidential secured by owner-occupied properties	$131,671
Commercial real estate & other non-farm, non-residential	$74,491
Multifamily residential real estate	$33,048
1-4 family residential loans	$224,530
Farmland loans	$18,735
Loans held in foreign offices	$0
Farm loans	$4,021
Commercial and industrial loans	$54,325
To non-U.S. addressees	$0
Loans to individuals	$18,756
Credit card loans	$928
Related Plans	$469
Consumer Auto Loans	$3,627
Other loans to individuals	$13,732
All other loans & leases	$1,842
Loans to foreign governments and official institutions	$0
Other loans	$1,467
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	$1,475
Non 1-4 family restructured loans & leases	$568
Total loans and leases (foreign)	$0

New Peoples Bank had $587,010,000 of loans outstanding in 2021. $514,800,000 of loans were in real estate loans. $32,325,000 of loans were in development loans. $33,048,000 of loans were in multifamily mortgage loans. $224,530,000 of loans were in 1-4 family mortgage loans. $4,021,000 of loans were in farm loans. $928,000 of loans were in credit card loans. $3,627,000 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	557	$100,350	$180,162
Nonfarm, nonresidential loans - <$100k	127	$4,135	$32,559
Nonfarm, nonresidential loans - $100-250k	195	$20,142	$103,292
Nonfarm, nonresidential loans - $250k-1MM	235	$76,073	$323,715
Commercial & Industrial, US addressed loans - <$1MM	707	$34,032	$48,136
Commercial & Industrial, US addressed loans - <$100k	531	$9,943	$18,725
Commercial & Industrial, US addressed loans - $100-250k	105	$8,331	$79,343
Commercial & Industrial, US addressed loans - $250k-1MM	71	$15,758	$221,944
Farmland loans - <$1MM	146	$13,257	$90,801
Farmland loans - <$100k	56	$1,458	$26,036
Farmland loans - $100-250k	62	$6,671	$107,597
Farmland loans - $250k-1MM	28	$5,128	$183,143
Agriculture operations loans - <$1MM	227	$3,373	$14,859
Agriculture operations loans - <$100k	209	$2,044	$9,780
Agriculture operations loans - $100-250k	12	$658	$54,833
Agriculture operations loans - $250k-1MM	6	$671	$111,833