Smartbank Mortgage Rates, Fees & Info

Pigeon Forge, TN

LEI: 549300GZY55UGMUMI322

Tax ID: 20-4091629

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Smartbank is a smaller bank specializing in Home Purchase and Refi loans. Smartbank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Chattanooga, Knoxville, Pensacola, Panama City, and Cleveland among others. Smartbank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Smartbank is typically an average fee lendor.


Originations

901

Origination Dollar Volume (All Markets)

$304,535,000

Employee count

549 Show all (8) awards

Relative Rate

Smartbank's average 30 year fixed rate mortgage of loans were 3.05%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.1%.

Relative Fees

Smartbank's average total fees for a 30 year fixed rate mortgage are $3,888.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CHATTANOOGA, TN-GA (FHA|USDA|VA) 141 $73,315,000 $519,965 $5,131 3.72%
KNOXVILLE, TN (FHA|USDA|VA) 162 $40,390,000 $249,321 $4,474 3.36%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 16 $35,970,000 $2,248,125 $6,534 4.03%
PANAMA CITY, FL (FHA|USDA|VA) 89 $25,255,000 $283,764 $6,023 3.19%
CLEVELAND, TN (FHA|USDA|VA) 78 $20,330,000 $260,641 $3,119 3.32%
TUSCALOOSA, AL (FHA|USDA|VA) 63 $18,295,000 $290,397 $3,969 3.34%
Sevierville, TN (FHA|USDA|VA) 50 $12,060,000 $241,200 $4,647 3.39%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 27 $11,775,000 $436,111 $4,023 3.46%
Outside of Metro Areas 50 $10,660,000 $213,200 $3,802 3.58%
Tullahoma-Manchester, TN (FHA|USDA|VA) 44 $9,180,000 $208,636 $3,465 2.95%
Crossville, TN (FHA|USDA|VA) 42 $6,970,000 $165,952 $2,983 3.18%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 15 $6,465,000 $431,000 $6,154 3.43%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 8 $4,860,000 $607,500 $3,583 3.72%
Shelbyville, TN (FHA|USDA|VA) 8 $4,270,000 $533,750 $3,397 3.23%
Cookeville, TN (FHA|USDA|VA) 24 $4,210,000 $175,417 $2,939 3.22%
TALLAHASSEE, FL (FHA|USDA|VA) 9 $3,655,000 $406,111 $6,411 2.88%
HUNTSVILLE, AL (FHA|USDA|VA) 19 $3,555,000 $187,105 $4,101 3.87%
MOBILE, AL (FHA|USDA|VA) 15 $3,425,000 $228,333 $2,889 3.50%
MORRISTOWN, TN (FHA|USDA|VA) 5 $1,645,000 $329,000 $6,238 3.66%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 9 $1,635,000 $181,667 $3,292 3.54%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $1,520,000 $760,000 $0 4.00%
Athens, TN (FHA|USDA|VA) 4 $770,000 $192,500 $3,710 3.09%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $685,000 $228,333 $5,467 4.05%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $550,000 $275,000 $5,439 2.44%
JOHNSON CITY, TN (FHA|USDA|VA) 2 $490,000 $245,000 $0 3.77%
Summerville, GA (FHA|USDA|VA) 1 $405,000 $405,000 $0 3.50%
Albertville, AL (FHA|USDA|VA) 1 $395,000 $395,000 $2,609 2.50%
Dayton, TN (FHA|USDA|VA) 1 $365,000 $365,000 $2,663 3.13%
GADSDEN, AL (FHA|USDA|VA) 1 $245,000 $245,000 $2,663 2.63%
DALTON, GA (FHA|USDA|VA) 2 $200,000 $100,000 $7,059 4.15%
DOTHAN, AL (FHA|USDA|VA) 2 $190,000 $95,000 $2,459 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.40%
COLUMBIA, SC (FHA|USDA|VA) 1 $175,000 $175,000 $3,042 3.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,667 4.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,338 2.25%
Newport, TN (FHA|USDA|VA) 1 $115,000 $115,000 $3,875 3.00%
ALBANY, GA (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.40%

Smartbank's top markets include Chattanooga, Knoxville, Pensacola, Panama City, and Cleveland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 842 $290,690,000 $345,238 $4,069 3.46%
FHA 30 $6,360,000 $212,000 $7,063 2.62%
VA 20 $6,120,000 $306,000 $7,498 2.78%
USDA 9 $1,365,000 $151,667 $4,468 2.61%

For the 2021 period, Smartbank's most frequently originated loan type of loans were Conventional, with 842 originations. Their 2nd most popular type is FHA, with 30 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 465 $186,505,000 $401,086 $5,627 3.58%
Refi 266 $79,560,000 $299,098 $3,070 3.18%
Cash Out Refi 150 $36,300,000 $242,000 $3,395 3.19%
Home Improvement 14 $1,500,000 $107,143 $2,481 4.28%
Other 6 $670,000 $111,667 $2,470 3.64%

For the 2021, Smartbank's most frequently cited loan purpose of loans were Home Purchase, with 465 originations. The 2nd most popular reason of loans were Refi, with 266 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 401 $106,275,000 $265,025 $3,888 3.05%
5 Year 154 $84,640,000 $549,610 $0 4.39%
15 Year 118 $23,550,000 $199,576 $3,146 2.65%
30+ year 72 $28,010,000 $389,028 $9,342 3.99%
Other 69 $33,025,000 $478,623 $4,786 3.79%
20 Year 38 $9,150,000 $240,789 $2,852 3.07%
10 Year 26 $11,710,000 $450,385 $2,425 3.69%
1 Year 16 $5,980,000 $373,750 $0 4.31%
3 Year 7 $2,195,000 $313,571 $0 4.14%

For the 2021, Smartbank's most frequently cited loan length of loans were 30 Year, with 401 originations. The 2nd most popular length of loans were 5 Year, with 154 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 419 $98,235,000 $234,451
$1k-2k 74 $14,450,000 $195,270
$2k-3k 63 $19,775,000 $313,889
$3k-4k 52 $20,390,000 $392,115
$5k+ 18 $12,280,000 $682,222

$3,888 of loans were Smartbank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 419 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 349 $147,965,000 $423,968
2.5-3% 209 $48,575,000 $232,416
4-5% 178 $74,240,000 $417,079
<2.5% 136 $30,060,000 $221,029
5-6% 26 $3,510,000 $135,000
6-7% 3 $185,000 $61,667

During 2021, Smartbank's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 3-4%, with 349 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 311 $86,245,000 $277,315 $4,654 3.27%
$100k-200k 277 $41,395,000 $149,440 $3,239 3.30%
$100,000 or less 146 $10,590,000 $72,534 $2,427 3.80%
$400k-600k 111 $53,195,000 $479,234 $6,092 3.39%
$1MM+ 30 $92,000,000 $3,066,667 $9,766 3.67%
$600k-1MM 26 $21,110,000 $811,923 $10,406 3.77%

2021 saw Smartbank place emphasis on $200k-400k loans with 311 originations, totaling $86,245,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 165 $41,305,000 $250,333 $4,323 3.39%
$50k-75k 156 $27,930,000 $179,038 $3,794 3.20%
$75k-100k 138 $30,600,000 $221,739 $4,351 3.26%
$150k-250k 122 $39,410,000 $323,033 $5,229 3.37%
$50k or less 112 $15,800,000 $141,071 $3,069 3.23%
$250k+ 64 $29,760,000 $465,000 $6,433 3.55%

Smartbank lent most frequently to those with incomes in the $100k-150k range, with 165 originations. The second most popular income band? $50k-75k, with 156 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 154 $39,180,000 $254,416 $4,008 3.04%
30-36% 139 $36,105,000 $259,748 $4,029 3.14%
<20% 86 $20,600,000 $239,535 $3,713 2.91%
39% 32 $7,760,000 $242,500 $4,669 3.38%
36% 30 $7,970,000 $265,667 $4,400 3.12%
38% 30 $8,720,000 $290,667 $5,880 3.29%
40% 26 $7,390,000 $284,231 $5,075 3.21%
41% 25 $7,785,000 $311,400 $4,948 3.22%
42% 23 $6,325,000 $275,000 $4,367 3.33%
44% 19 $4,815,000 $253,421 $5,173 3.39%
37% 17 $5,175,000 $304,412 $4,668 3.19%
45% 14 $3,180,000 $227,143 $4,510 2.96%
47% 12 $2,480,000 $206,667 $4,135 3.19%
43% 11 $2,845,000 $258,636 $4,317 3.00%
46% 9 $2,335,000 $259,444 $5,485 3.04%
50-60% 8 $2,340,000 $292,500 $6,335 2.69%
49% 5 $1,695,000 $339,000 $5,561 2.82%
48% 3 $865,000 $288,333 $5,451 3.15%
>60% 1 $125,000 $125,000 $940 4.25%

Smartbank lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 139 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 692 $172,370,000 $249,090 $4,299 3.31%
Not applicable 135 $113,725,000 $842,407 $0 3.88%
Not provided 36 $9,360,000 $260,000 $4,179 3.27%
Black 21 $5,505,000 $262,143 $5,967 3.77%
Asian 10 $2,290,000 $229,000 $5,201 3.63%
American Indian 4 $830,000 $207,500 $3,267 3.36%
Asian Indian 3 $455,000 $151,667 $2,429 3.55%

Approval Rates

Total approvals of all applications
93.49%

Smartbank has an average approval rate.

Pick Rate

Approvals leading to origination
85.16%

Smartbank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 901 $304,535,000 $337,997

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
901 $304,535,000 $337,997

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 66 $12,440,000 $188,485 $3,276 3.38%
40-60% 185 $48,645,000 $262,946 $3,177 3.32%
60-80% 391 $160,385,000 $410,192 $4,374 3.50%
80-100% 243 $80,335,000 $330,597 $5,225 3.34%
Over 100% 3 $965,000 $321,667 $10,164 2.42%
Under 20% 12 $1,560,000 $130,000 $3,091 3.58%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SI Mortgage Comapny Co. Conventional home mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Smartbank 2713 Highway 77 Panama City, FL 32405 Full Service B&M $47,748
Smartbank 158 Commerce Street Mcintosh, AL 36553 Full Service B&M $25,866
Smartbank 1600 College Avenue Jackson, AL 36545 Full Service B&M $67,707
Smartbank 16780 Jordan Street Chatom, AL 36518 Full Service B&M $36,321
Smartbank 1950 Old Fort Parkway Murfreesboro, TN 37129 Full Service B&M $41,020
Smartbank 2000 Lurleen B. Wallace Boulevard Northport, AL 35476 Full Service B&M $84,293
Smartbank 201 North Palafox Street Pensacola, FL 32502 Full Service B&M $41,289
Smartbank 202 Advantage Place Knoxville, TN 37922 Full Service B&M $73,288
Smartbank 2108 Medical Center Pkwy, Ste J Murfreesboro, TN 37129 Full Service B&M $17,943
Smartbank 214 Keller Lane Maryville, TN 37801 Full Service B&M $176,942
Smartbank 2280 Gunbarrel Road Chattanooga, TN 37421 Full Service B&M $62,058
Smartbank 230 Mcfarland Circle North Tuscaloosa, AL 35406 Full Service B&M $53,050
Smartbank 2301 University Boulevard Tuscaloosa, AL 35401 Full Service B&M $250,046
Smartbank 2430 Teaster Lane, Suite 205 Pigeon Forge, TN 37863 Full Service B&M $235,499
Smartbank 1011 Parkway Sevierville, TN 37862 Full Service B&M $204,019
Smartbank 106 Ecor Rouge Place Fairhope, AL 36532 Full Service B&M $56,752
Smartbank 1080 Interstate Dr Cookeville, TN 38501 Full Service B&M $54,115
Smartbank 109 Associates Boulevard Alcoa, TN 37701 Full Service B&M $24,878
Smartbank 11216 Kingston Pike Knoxville, TN 37934 Full Service B&M $45,336
Smartbank 1400 North Jackson Street Tullahoma, TN 37388 Full Service B&M $89,212
Smartbank 807 North Main Crossville, TN 38555 Full Service B&M $139,438
Smartbank 835 Georgia Ave Chattanooga, TN 37402 Full Service B&M $157,321
Smartbank 8966 Old Lee Highway Ooltewah, TN 37363 Full Service B&M $32,940
Smartbank 300 Clinton Avenue W. Huntsville, AL 35801 Full Service B&M $19,328
Smartbank 3200 Keith Street Northwest Cleveland, TN 37312 Full Service B&M $41,018
Smartbank 33219 Us Highway 43 Thomasville, AL 36784 Full Service Retail $24,811
Smartbank 4154 Ringgold Road East Ridge, TN 37412 Full Service B&M $117,319
Smartbank 4405 Commons Drive East Destin, FL 32541 Full Service B&M $148,278
Smartbank 4929 Peavine Road, Suite 108 Crossville, TN 38571 Full Service B&M $22,589
Smartbank 500 North Main Street Jamestown, TN 38556 Full Service B&M $75,176
Smartbank 5319 Highway 153 Hixson, TN 37343 Full Service B&M $96,579
Smartbank 5401 Kingston Pike, Suite 600 Knoxville, TN 37919 Full Service B&M $139,051
Smartbank 570 East Parkway Gatlinburg, TN 37738 Full Service B&M $162,981
Smartbank 705 Main St Wartburg, TN 37887 Full Service B&M $78,937
Smartbank 710 Dolly Parton Parkway Sevierville, TN 37862 Full Service B&M $207,791

For 2021, Smartbank had 35 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $125,232
Net interest income $115,906
Total noninterest income $23,742
Gross Fiduciary activities income $0
Service charges on deposit accounts $4,650
Trading account gains and fees $0
Additional Noninterest Income $19,092
Pre-tax net operating income $47,892
Securities gains (or losses, -) $45
Income before extraordinary items $37,521
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $37,521
Minority interest net income $0
Net income $37,521
Sale, conversion, retirement of capital stock, net $688
Net operating income $37,485

Smartbank's gross interest income from loans was $125,232,000.
Smartbank's net interest income from loans was $115,906,000.
Smartbank's fee based income from loans was $4,650,000.
Smartbank's net income from loans was $37,521,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $9,326
Provision for credit losses $1,633
Total noninterest expense $90,123
Salaries and employee benefits $51,268
Premises and equipment expense $9,923
Additional noninterest expense $28,932
Applicable income taxes $10,416
Net charge-offs $627
Cash dividends $0

Smartbank's interest expense for loans was $9,326,000.
Smartbank's payroll and benefits expense were $51,268,000.
Smartbank's property, plant and equipment expenses $9,923,000.

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 $4,034,852
Deposits held in domestic offices $4,034,852
Deposits by Individuals, partnerships, and corporations $3,581,922
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $386,496
Deposits by Commercial banks and other depository institutions in U.S. $66,434
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,967,197
Demand deposits $1,450,190
Nontransaction accounts $2,067,655
Money market deposit accounts (MMDAs) $1,215,312
Other savings deposits (excluding MMDAs) $277,695
Total time deposits $574,648
Total time and savings deposits $2,584,662
Noninterest-bearing deposits $1,068,039
Interest-bearing deposits $2,966,813
Retail deposits $3,831,509
IRAs and Keogh plan accounts $74,319
Brokered deposits $52,141
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $4,606,198
Cash & Balances due from depository institutions $1,007,577
Interest-bearing balances $897,244
Total securities $559,422
Federal funds sold & reverse repurchase $37,500
Net loans and leases $2,679,149
Loan and leases loss allowance $19,352
Trading account assets $0
Bank premises and fixed assets $95,010
Other real estate owned $1,780
Goodwill and other intangibles $105,852
All other assets $119,908

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $4,606,198
Total Liabilities $4,143,410
Total deposits $4,034,852
Interest-bearing deposits $2,966,813
Deposits held in domestic offices $4,034,852
% insured (estimated) $61
Federal funds purchased and repurchase agreements $5,085
Trading liabilities $0
Other borrowed funds $84,881
Subordinated debt $0
All other liabilities $18,592

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,679,149
Loan and leases loss allowance $19,352
Total loans and leases (domestic) $2,698,501
All real estate loans $2,144,917
Real estate loans in domestic offices $2,144,917
Construction and development loans $278,386
Residential 1-4 family construction $74,941
Other construction, all land development and other land $203,445
Loans secured by nonfarm nonresidential properties $1,228,382
Nonfarm nonresidential secured by owner-occupied properties $572,218
Commercial real estate & other non-farm, non-residential $656,164
Multifamily residential real estate $137,928
1-4 family residential loans $482,375
Farmland loans $17,846
Loans held in foreign offices $0
Farm loans $622
Commercial and industrial loans $467,567
To non-U.S. addressees $0
Loans to individuals $10,291
Credit card loans $0
Related Plans $1,153
Consumer Auto Loans $2,413
Other loans to individuals $6,725
All other loans & leases $75,104
Loans to foreign governments and official institutions $0
Other loans $939
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $9,843
Loans secured by real estate to non-U.S. addressees $1,416
Restructured Loans & leases $6
Non 1-4 family restructured loans & leases $6
Total loans and leases (foreign) $0

SmartBank had $2,679,149,000 of loans outstanding in 2021. $2,144,917,000 of loans were in real estate loans. $278,386,000 of loans were in development loans. $137,928,000 of loans were in multifamily mortgage loans. $482,375,000 of loans were in 1-4 family mortgage loans. $622,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,413,000 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 1,155 $315,739 $273,367
Nonfarm, nonresidential loans - <$100k 165 $6,627 $40,164
Nonfarm, nonresidential loans - $100-250k 337 $42,875 $127,226
Nonfarm, nonresidential loans - $250k-1MM 653 $266,237 $407,714
Commercial & Industrial, US addressed loans - <$1MM 2,664 $217,649 $81,700
Commercial & Industrial, US addressed loans - <$100k 1,737 $35,948 $20,695
Commercial & Industrial, US addressed loans - $100-250k 487 $49,884 $102,431
Commercial & Industrial, US addressed loans - $250k-1MM 440 $131,817 $299,584
Farmland loans - <$1MM 76 $6,735 $88,618
Farmland loans - <$100k 37 $1,190 $32,162
Farmland loans - $100-250k 28 $2,607 $93,107
Farmland loans - $250k-1MM 11 $2,938 $267,091
Agriculture operations loans - <$1MM 6 $621 $103,500
Agriculture operations loans - <$100k 2 $34 $17,000
Agriculture operations loans - $100-250k 3 $377 $125,667
Agriculture operations loans - $250k-1MM 1 $210 $210,000