First Piedmont Federal Savings And Loan Association Of Gaffney Mortgage Rates, Fees & Info

Gaffney, SC

LEI: 549300JH8TVR84H1BL45

Tax ID: 57-0226455

3.3 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Piedmont Federal Savings And Loan Association Of Gaffney is a smaller mortgage company specializing in Home Purchase loans. First Piedmont Federal Savings And Loan Association Of Gaffney has a high proportion of conventional loans. Their top markets include Spartanburg, Gaffney, Greenville, Seneca, and Columbia among others. First Piedmont Federal Savings And Loan Association Of Gaffney has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. First Piedmont Federal Savings And Loan Association Of Gaffney is typically an average fee lendor.


Originations

371

Origination Dollar Volume (All Markets)

$91,815,000

Employee count

87

Relative Rate

First Piedmont Federal Savings And Loan Association Of Gaffney's average 30 year fixed rate mortgage of loans were 3.52%.

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

This yields a difference of 0.37%.

Relative Fees

First Piedmont Federal Savings And Loan Association Of Gaffney's average total fees for a 30 year fixed rate mortgage are $5,370.

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
SPARTANBURG, SC (FHA|USDA|VA) 231 $59,955,000 $259,545 $5,196 3.53%
Gaffney, SC (FHA|USDA|VA) 100 $17,490,000 $174,900 $3,770 3.27%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 31 $11,925,000 $384,677 $7,059 3.65%
Seneca, SC (FHA|USDA|VA) 4 $1,030,000 $257,500 $5,848 4.22%
COLUMBIA, SC (FHA|USDA|VA) 2 $450,000 $225,000 $4,846 3.19%
Newberry, SC (FHA|USDA|VA) 1 $425,000 $425,000 $8,260 3.88%
Union, SC (FHA|USDA|VA) 1 $355,000 $355,000 $5,415 3.88%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $185,000 $185,000 $4,206 2.63%

First Piedmont Federal Savings And Loan Association Of Gaffney's top markets include Spartanburg, Gaffney, Greenville, Seneca, and Columbia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 371 $91,815,000 $247,480 $4,959 3.47%

For the 2021 period, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently originated loan type of loans were Conventional, with 371 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 211 $64,025,000 $303,436 $5,905 3.77%
Cash Out Refi 90 $15,440,000 $171,556 $3,831 3.26%
Refi 68 $11,790,000 $173,382 $3,592 2.84%
Home Improvement 1 $255,000 $255,000 $0 4.50%
Other 1 $305,000 $305,000 $4,400 2.50%

For the 2021, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan purpose of loans were Home Purchase, with 211 originations. The 2nd most popular reason of loans were Cash Out Refi, with 90 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 254 $71,580,000 $281,811 $5,370 3.52%
15 Year 67 $11,275,000 $168,284 $3,921 3.01%
20 Year 14 $2,650,000 $189,286 $4,094 2.88%
Other 13 $1,895,000 $145,769 $2,426 4.05%
10 Year 10 $1,810,000 $181,000 $2,159 4.39%
5 Year 9 $2,175,000 $241,667 $973 4.06%
3 Year 4 $430,000 $107,500 $6,182 5.03%

For the 2021, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan length of loans were 30 Year, with 254 originations. The 2nd most popular length of loans were 15 Year, with 67 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 107 $36,785,000 $343,785
$2k-3k 99 $21,445,000 $216,616
$1k-2k 79 $10,155,000 $128,544
$5k+ 30 $15,490,000 $516,333
$<1k 23 $1,785,000 $77,609

$5,370 of loans were First Piedmont Federal Savings And Loan Association Of Gaffney's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 107 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 176 $53,570,000 $304,375
2.5-3% 85 $18,245,000 $214,647
4-5% 54 $10,440,000 $193,333
<2.5% 49 $8,595,000 $175,408
5-6% 5 $395,000 $79,000
6-7% 1 $185,000 $185,000
7-8% 1 $385,000 $385,000

During 2021, First Piedmont Federal Savings And Loan Association Of Gaffney's average interest rate of loans were 3.52%, while their most frequently originated rate bucket of loans were 3-4%, with 176 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 140 $40,410,000 $288,643 $5,436 3.47%
$100k-200k 126 $18,960,000 $150,476 $3,693 3.32%
$400k-600k 50 $23,400,000 $468,000 $7,499 3.65%
$100,000 or less 49 $3,185,000 $65,000 $2,958 3.67%
$600k-1MM 4 $2,830,000 $707,500 $9,723 3.75%
$1MM+ 2 $3,030,000 $1,515,000 $15,795 3.44%

2021 saw First Piedmont Federal Savings And Loan Association Of Gaffney place emphasis on $200k-400k loans with 140 originations, totaling $40,410,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 83 $23,165,000 $279,096 $5,667 3.49%
$75k-100k 81 $19,355,000 $238,951 $4,970 3.39%
$50k-75k 73 $13,375,000 $183,219 $3,935 3.30%
$50k or less 53 $7,425,000 $140,094 $3,554 3.28%
$150k-250k 50 $17,790,000 $355,800 $6,266 3.57%
$250k+ 10 $5,690,000 $569,000 $7,798 3.46%

First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with incomes in the $100k-150k range, with 83 originations. The second most popular income band? $75k-100k, with 81 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 116 $27,660,000 $238,448 $4,670 3.23%
30-36% 60 $16,490,000 $274,833 $5,286 3.37%
<20% 50 $8,500,000 $170,000 $4,032 3.19%
45% 18 $6,010,000 $333,889 $5,947 3.67%
39% 15 $4,565,000 $304,333 $5,780 3.48%
36% 11 $2,645,000 $240,455 $5,501 3.67%
43% 11 $2,835,000 $257,727 $5,235 3.60%
42% 8 $1,850,000 $231,250 $4,874 3.92%
37% 8 $2,700,000 $337,500 $5,977 3.48%
41% 8 $2,160,000 $270,000 $5,279 3.52%
44% 7 $1,945,000 $277,857 $6,090 3.61%
40% 7 $1,915,000 $273,571 $5,749 3.75%
38% 6 $1,810,000 $301,667 $5,626 3.77%
48% 6 $1,540,000 $256,667 $4,966 3.81%
50-60% 5 $525,000 $105,000 $3,214 3.85%
46% 5 $1,325,000 $265,000 $4,337 3.48%
47% 3 $1,055,000 $351,667 $6,083 3.54%
49% 3 $705,000 $235,000 $5,063 4.58%
>60% 1 $175,000 $175,000 $4,060 2.88%

First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with DTI ratios of 20-30%, with 116 originations. The next most common DTI ratio? 30-36%, with 60 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 332 $81,890,000 $246,657 $4,925 3.39%
Not applicable 20 $4,710,000 $235,500 $0 4.64%
Black 15 $4,075,000 $271,667 $5,428 3.90%
Asian 4 $1,140,000 $285,000 $5,852 3.28%

Approval Rates

Total approvals of all applications
96.82%

First Piedmont Federal Savings And Loan Association Of Gaffney has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
93.19%

First Piedmont Federal Savings And Loan Association Of Gaffney has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 371 $91,815,000 $247,480

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
371 $91,815,000 $247,480

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 28 $2,610,000 $93,214 $2,898 3.25%
40-60% 69 $13,885,000 $201,232 $4,146 3.02%
60-80% 161 $42,795,000 $265,807 $5,230 3.63%
80-100% 106 $32,190,000 $303,679 $5,640 3.56%
Under 20% 7 $335,000 $47,857 $4,316 4.02%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Closing on a mortgage 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 2 28.6%
First Technology Federal Credit Union FHA mortgage Struggling to pay mortgage 1 14.3%
First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Piedmont Federal Savings and Loan Association of Gaffney 1229 W Floyd Baker Blvd Gaffney, SC 29341 Full Service B&M $149,009
First Piedmont Federal Savings and Loan Association of Gaffney 503 N Granard St Gaffney, SC 29340 Full Service B&M $47,383
First Piedmont Federal Savings and Loan Association of Gaffney 901 E Main St Spartanburg, SC 29304 Full Service B&M $24,835
First Piedmont Federal Savings and Loan Association of Gaffney 1510 John B White Blvd. Spartanburg, SC 29301 Full Service B&M $53,732
First Piedmont Federal Savings and Loan Association of Gaffney 1908 E. Main St. Duncan, SC 29334 Full Service B&M $2,113
First Piedmont Federal Savings and Loan Association of Gaffney 210 S Limestone St Gaffney, SC 29340 Full Service B&M $64,613
First Piedmont Federal Savings and Loan Association of Gaffney 2101 Boiling Springs Rd Boiling Springs, SC 29316 Full Service B&M $49,966

For 2021, First Piedmont Federal Savings And Loan Association Of Gaffney had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $14,376
Net interest income $14,349
Total noninterest income $8,454
Gross Fiduciary activities income $0
Service charges on deposit accounts $943
Trading account gains and fees $0
Additional Noninterest Income $7,511
Pre-tax net operating income $8,102
Securities gains (or losses, -) $3
Income before extraordinary items $6,079
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,079
Minority interest net income $0
Net income $6,079
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,076

First Piedmont Federal Savings And Loan Association Of Gaffney's gross interest income from loans was $14,376,000.
First Piedmont Federal Savings And Loan Association Of Gaffney's net interest income from loans was $14,349,000.
First Piedmont Federal Savings And Loan Association Of Gaffney's fee based income from loans was $943,000.
First Piedmont Federal Savings And Loan Association Of Gaffney's net income from loans was $6,079,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $27
Provision for credit losses $12
Total noninterest expense $14,689
Salaries and employee benefits $8,052
Premises and equipment expense $1,276
Additional noninterest expense $5,361
Applicable income taxes $2,026
Net charge-offs $4
Cash dividends $0

First Piedmont Federal Savings And Loan Association Of Gaffney's interest expense for loans was $27,000.
First Piedmont Federal Savings And Loan Association Of Gaffney's payroll and benefits expense were $8,052,000.
First Piedmont Federal Savings And Loan Association Of Gaffney's property, plant and equipment expenses $1,276,000.

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 $398,087
Deposits held in domestic offices $398,087
Deposits by Individuals, partnerships, and corporations $398,038
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $0
Deposits by Commercial banks and other depository institutions in U.S. $49
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $218,016
Demand deposits $217,967
Nontransaction accounts $180,071
Money market deposit accounts (MMDAs) $28,888
Other savings deposits (excluding MMDAs) $105,023
Total time deposits $46,160
Total time and savings deposits $180,120
Noninterest-bearing deposits $162,894
Interest-bearing deposits $235,193
Retail deposits $390,629
IRAs and Keogh plan accounts $18,273
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $531,939
Cash & Balances due from depository institutions $199,296
Interest-bearing balances $193,661
Total securities $28
Federal funds sold & reverse repurchase $0
Net loans and leases $315,728
Loan and leases loss allowance $2,300
Trading account assets $0
Bank premises and fixed assets $7,531
Other real estate owned $0
Goodwill and other intangibles $202
All other assets $9,154

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $531,939
Total Liabilities $401,965
Total deposits $398,087
Interest-bearing deposits $235,193
Deposits held in domestic offices $398,087
% insured (estimated) $89
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $3,878

Issued Loan Types

Type Value (in 000's)
Net loans and leases $315,728
Loan and leases loss allowance $2,300
Total loans and leases (domestic) $318,028
All real estate loans $308,425
Real estate loans in domestic offices $308,425
Construction and development loans $65,016
Residential 1-4 family construction $30,104
Other construction, all land development and other land $34,912
Loans secured by nonfarm nonresidential properties $38,925
Nonfarm nonresidential secured by owner-occupied properties $20,752
Commercial real estate & other non-farm, non-residential $18,173
Multifamily residential real estate $3,766
1-4 family residential loans $200,597
Farmland loans $121
Loans held in foreign offices $0
Farm loans $6
Commercial and industrial loans $3,095
To non-U.S. addressees $0
Loans to individuals $6,502
Credit card loans $0
Related Plans $92
Consumer Auto Loans $5,392
Other loans to individuals $1,018
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $442
Non 1-4 family restructured loans & leases $442
Total loans and leases (foreign) $0

First Piedmont Federal Savings and Loan Association of Gaffney had $315,728,000 of loans outstanding in 2021. $308,425,000 of loans were in real estate loans. $65,016,000 of loans were in development loans. $3,766,000 of loans were in multifamily mortgage loans. $200,597,000 of loans were in 1-4 family mortgage loans. $6,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,392,000 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 89 $19,714 $221,506
Nonfarm, nonresidential loans - <$100k 14 $542 $38,714
Nonfarm, nonresidential loans - $100-250k 29 $3,413 $117,690
Nonfarm, nonresidential loans - $250k-1MM 46 $15,759 $342,587
Commercial & Industrial, US addressed loans - <$1MM 19 $1,121 $59,000
Commercial & Industrial, US addressed loans - <$100k 18 $501 $27,833
Commercial & Industrial, US addressed loans - $250k-1MM 1 $620 $620,000
Farmland loans - <$1MM 1 $121 $121,000
Farmland loans - $100-250k 1 $121 $121,000
Agriculture operations loans - <$1MM 1 $6 $6,000
Agriculture operations loans - <$100k 1 $6 $6,000