Southern Bancorp Bank Mortgage Rates, Fees & Info

Arkadelphia, AR

LEI: 549300JQEF6V2RNWCC75

Tax ID: 71-0051510

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Southern Bancorp Bank is a smaller bank specializing in Refi and Home Purchase loans. Southern Bancorp Bank has a high proportion of conventional loans. Their top markets include Hot Springs, Little Rock, Arkadelphia, Jackson, and Memphis among others. Southern Bancorp Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

841

Origination Dollar Volume (All Markets)

$104,465,000

Employee count

385

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
HOT SPRINGS, AR (FHA|USDA|VA) 87 $17,995,000 $206,839 $1,673 4.18%
Outside of Metro Areas 185 $15,485,000 $83,703 $948 4.51%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 34 $11,060,000 $325,294 $2,748 3.37%
Arkadelphia, AR (FHA|USDA|VA) 76 $7,290,000 $95,921 $1,320 3.68%
JACKSON, MS (FHA|USDA|VA) 26 $6,110,000 $235,000 $1,650 3.95%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 31 $5,605,000 $180,806 $1,387 3.84%
JONESBORO, AR (FHA|USDA|VA) 45 $5,555,000 $123,444 $1,264 3.66%
Blytheville, AR (FHA|USDA|VA) 66 $4,660,000 $70,606 $1,370 4.01%
Malvern, AR (FHA|USDA|VA) 50 $4,460,000 $89,200 $1,579 4.17%
El Dorado, AR (FHA|USDA|VA) 44 $4,390,000 $99,773 $1,408 4.05%
HATTIESBURG, MS (FHA|USDA|VA) 19 $3,435,000 $180,789 $1,677 3.87%
Helena-West Helena, AR (FHA|USDA|VA) 45 $2,905,000 $64,556 $877 3.91%
Greenville, MS (FHA|USDA|VA) 25 $2,305,000 $92,200 $1,137 3.82%
Indianola, MS (FHA|USDA|VA) 40 $2,250,000 $56,250 $885 4.72%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 10 $1,910,000 $191,000 $2,611 4.31%
Oxford, MS (FHA|USDA|VA) 2 $1,210,000 $605,000 $544 5.02%
Cleveland, MS (FHA|USDA|VA) 8 $1,020,000 $127,500 $1,663 4.19%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 3.25%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 4 $790,000 $197,500 $1,602 1.88%
Camden, AR (FHA|USDA|VA) 3 $575,000 $191,667 $206 4.08%
Picayune, MS (FHA|USDA|VA) 5 $495,000 $99,000 $2,054 4.00%
PANAMA CITY, FL (FHA|USDA|VA) 2 $450,000 $225,000 $0 4.25%
Russellville, AR (FHA|USDA|VA) 2 $370,000 $185,000 $1,272 4.63%
Clarksdale, MS (FHA|USDA|VA) 6 $340,000 $56,667 $1,127 4.71%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $280,000 $140,000 $180 4.60%
BATON ROUGE, LA (FHA|USDA|VA) 1 $275,000 $275,000 $4,286 3.75%
Laurel, MS (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.85%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $225,000 $225,000 $2,657 1.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $205,000 $205,000 $2,663 4.25%
Magnolia, AR (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.95%
TEXARKANA, TX-AR (FHA|USDA|VA) 4 $170,000 $42,500 $467 4.73%
Sedalia, MO (FHA|USDA|VA) 1 $165,000 $165,000 $1,692 1.00%
PINE BLUFF, AR (FHA|USDA|VA) 3 $155,000 $51,667 $1,869 4.58%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $135,000 $135,000 $2,569 3.75%
Greenwood, MS (FHA|USDA|VA) 1 $125,000 $125,000 $1,030 3.75%
Martin, TN (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.25%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $95,000 $95,000 $1,880 4.25%
JACKSON, TN (FHA|USDA|VA) 2 $90,000 $45,000 $0 3.75%
McComb, MS (FHA|USDA|VA) 1 $75,000 $75,000 $2,036 5.75%
MONROE, LA (FHA|USDA|VA) 1 $55,000 $55,000 $2,314 3.75%
Starkville, MS (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.95%

Southern Bancorp Bank's top markets include Hot Springs, Little Rock, Arkadelphia, Jackson, and Memphis among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 841 $104,465,000 $124,215 $1,344 4.09%

For the 2021 period, Southern Bancorp Bank's most frequently originated loan type of loans were Conventional, with 841 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 428 $48,610,000 $113,575 $1,020 3.92%
Home Purchase 369 $54,275,000 $147,087 $2,039 4.23%
Home Improvement 32 $1,270,000 $39,688 $1,127 4.46%
Other 12 $310,000 $25,833 $721 4.96%

For the 2021, Southern Bancorp Bank's most frequently cited loan purpose of loans were Refi, with 428 originations. The 2nd most popular reason of loans were Home Purchase, with 369 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 278 $35,990,000 $129,460 $1,459 4.33%
15 Year 156 $20,640,000 $132,308 $1,446 4.02%
20 Year 142 $22,930,000 $161,479 $1,547 3.12%
5 Year 129 $15,945,000 $123,605 $721 4.64%
10 Year 92 $5,810,000 $63,152 $1,096 3.96%
1 Year 30 $2,600,000 $86,667 $834 4.65%
3 Year 14 $550,000 $39,286 $552 4.56%

For the 2021, Southern Bancorp Bank's most frequently cited loan length of loans were Other, with 278 originations. The 2nd most popular length of loans were 15 Year, with 156 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 437 $44,015,000 $100,721
$1k-2k 36 $9,740,000 $270,556
$2k-3k 4 $1,720,000 $430,000
$3k-4k 1 $905,000 $905,000
$5k+ 1 $1,005,000 $1,005,000

$0 of loans were Southern Bancorp Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 437 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 341 $54,575,000 $160,044
4-5% 311 $33,825,000 $108,762
5-6% 86 $3,850,000 $44,767
<2.5% 75 $11,055,000 $147,400
6-7% 19 $885,000 $46,579
7-8% 6 $220,000 $36,667
Over 8% 3 $55,000 $18,333

During 2021, Southern Bancorp Bank's average interest rate of loans were 0.00%, while their most frequently originated rate bucket of loans were 3-4%, with 341 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 504 $24,050,000 $47,718 $961 4.38%
$100k-200k 204 $28,810,000 $141,225 $1,547 3.75%
$200k-400k 95 $25,115,000 $264,368 $2,030 3.40%
$400k-600k 19 $8,895,000 $468,158 $3,343 3.80%
$600k-1MM 11 $8,055,000 $732,273 $3,194 3.73%
$1MM+ 8 $9,540,000 $1,192,500 $7,753 3.81%

2021 saw Southern Bancorp Bank place emphasis on $100,000 or less loans with 504 originations, totaling $24,050,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 181 $9,235,000 $51,022 $1,004 4.46%
$50k-75k 135 $9,945,000 $73,667 $1,130 4.54%
$100k-150k 124 $14,940,000 $120,484 $1,446 4.22%
$75k-100k 94 $9,220,000 $98,085 $1,253 4.43%
$150k-250k 62 $8,970,000 $144,677 $2,003 4.28%
$250k+ 55 $15,435,000 $280,636 $2,941 4.29%

Southern Bancorp Bank lent most frequently to those with incomes in the $50k or less range, with 181 originations. The second most popular income band? $50k-75k, with 135 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 170 $20,050,000 $117,941 $1,433 3.64%
<20% 130 $12,650,000 $97,308 $1,294 3.87%
30-36% 109 $12,605,000 $115,642 $1,282 3.84%
39% 26 $3,420,000 $131,538 $1,771 4.56%
36% 21 $2,015,000 $95,952 $1,208 3.62%
37% 15 $1,795,000 $119,667 $1,203 4.34%
38% 12 $950,000 $79,167 $1,223 4.04%
42% 8 $1,540,000 $192,500 $1,994 2.95%
40% 8 $490,000 $61,250 $877 5.51%
43% 5 $735,000 $147,000 $1,407 3.55%
>60% 4 $570,000 $142,500 $1,237 4.00%
41% 4 $240,000 $60,000 $819 4.18%
50-60% 3 $295,000 $98,333 $651 4.35%
45% 3 $215,000 $71,667 $1,016 3.75%
46% 2 $140,000 $70,000 $295 3.75%
48% 2 $60,000 $30,000 $705 3.77%
49% 2 $180,000 $90,000 $194 4.26%

Southern Bancorp Bank lent most frequently to those with DTI ratios of 20-30%, with 170 originations. The next most common DTI ratio? <20%, with 130 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 562 $68,060,000 $121,103 $1,423 4.01%
Not applicable 112 $24,620,000 $219,821 $1,661 4.27%
Black 149 $9,475,000 $63,591 $1,067 4.21%
American Indian 7 $1,015,000 $145,000 $971 4.04%
Asian 6 $680,000 $113,333 $893 4.58%
Not provided 3 $455,000 $151,667 $1,714 4.60%
Native Hawaiian 2 $160,000 $80,000 $1,643 6.17%

Approval Rates

Total approvals of all applications
88.45%

Southern Bancorp Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.15%

Southern Bancorp Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
130.0 1 $35,000 $35,000
144.0 11 $245,000 $22,273
NA 829 $104,185,000 $125,676

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
841 $104,465,000 $124,215

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 96 $6,740,000 $70,208 $861 4.27%
40-60% 165 $20,065,000 $121,606 $1,033 3.98%
60-80% 337 $42,625,000 $126,484 $1,515 4.07%
80-100% 209 $33,975,000 $162,560 $1,781 4.07%
Over 100% 1 $105,000 $105,000 $194 6.49%
Under 20% 33 $955,000 $28,939 $434 4.47%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SOUTHERN TRUST MORTGAGE LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Southern Bancorp Bank 1012 South Division Street Blytheville, AR 72315 Limited, Drive-thru $3,074
Southern Bancorp Bank 120 South Second Street Blytheville, AR 72315 Full Service B&M $82,233
Southern Bancorp Bank 128 Main Street Elaine, AR 72333 Full Service B&M $11,066
Southern Bancorp Bank 1615 West Hillsboro El Dorado, AR 71730 Full Service B&M $14,098
Southern Bancorp Bank 1868 Martin Luther King Jr., Boulevard South Greenville, MS 38701 Full Service B&M $20,805
Southern Bancorp Bank 1888 Main Street Crossing, Suite D Madison, MS 39110 Full Service B&M $5,561
Southern Bancorp Bank 206 Airport Rd Hot Springs, AR 71913 Full Service B&M $27,032
Southern Bancorp Bank 208 Ash Street Malvern, AR 72104 Full Service B&M $44,080
Southern Bancorp Bank 210 North Main Hamburg, AR 71646 Full Service B&M $41,884
Southern Bancorp Bank 215 South Broadway Greenville, MS 38701 Full Service B&M $3,166
Southern Bancorp Bank 220 W Cross Street De Witt, AR 72042 Full Service B&M $117,570
Southern Bancorp Bank 2212 Malvern Avenue, Suite 1 Hot Springs, AR 71901 Full Service B&M $28,504
Southern Bancorp Bank 2421 North West Avenue El Dorado, AR 71730 Full Service B&M $111,306
Southern Bancorp Bank 2500 Pine St Arkadelphia, AR 71923 Full Service B&M $60,359
Southern Bancorp Bank 2943 S Highway 65 Eudora, AR 71640 Full Service B&M $9,093
Southern Bancorp Bank 599 Airbase Highway Blytheville, AR 72315 Limited, Drive-thru $3,599
Southern Bancorp Bank 600 East 22nd Street Stuttgart, AR 72160 Full Service B&M $38,896
Southern Bancorp Bank 600 Main Street Gurdon, AR 71743 Full Service B&M $12,398
Southern Bancorp Bank 601 Main St Arkadelphia, AR 71923 Full Service B&M $275,110
Southern Bancorp Bank 6140 Hwy 49 Barton, AR 72312 Full Service B&M $8,383
Southern Bancorp Bank 6764 Arkansas 7 Bismarck, AR 71929 Full Service B&M $28,706
Southern Bancorp Bank 807 North 6th Street Blytheville, AR 72315 Limited, Drive-thru $32,703
Southern Bancorp Bank 815 Darby Avenue Lambert, MS 38643 Full Service B&M $4,321
Southern Bancorp Bank 875 South State Street Clarksdale, MS 38614 Full Service B&M $26,966
Southern Bancorp Bank 9 Lakeshore Drive Carriere, MS 39426 Full Service B&M $8,779
Southern Bancorp Bank 911 Highway 49 Marvell, AR 72366 Full Service B&M $12,734
Southern Bancorp Bank 970 Byhalia Road Hernando, MS 38632 Full Service B&M $21,220
Southern Bancorp Bank Front Street Lula, MS 38644 Full Service B&M $7,053
Southern Bancorp Bank U. S. Highway 61 Mound Bayou, MS 38762 Limited, Drive-thru $0
Southern Bancorp Bank 117 West Floyce Street Ruleville, MS 38771 Full Service B&M $14,527
Southern Bancorp Bank 2nd And Forest Street Shelby, MS 38774 Full Service B&M $21,376
Southern Bancorp Bank 3 Caddo Crossing Glenwood, AR 71943 Full Service B&M $8,145
Southern Bancorp Bank 3002 Hardy St., Ste. 100 Hattiesburg, MS 39401 Full Service B&M $6,308
Southern Bancorp Bank 323 Hwy 82 East Leland, MS 38756 Full Service B&M $4,345
Southern Bancorp Bank 326 Highway 463 North Trumann, AR 72472 Full Service B&M $104,247
Southern Bancorp Bank 400 Hardin Rd, Ste 100 Little Rock, AR 72211 Limited, Drive-thru $0
Southern Bancorp Bank 403 Highway 18 South Manila, AR 72442 Limited, Drive-thru $26,432
Southern Bancorp Bank 4138 Central Avenue Hot Springs, AR 71913 Full Service B&M $83,757
Southern Bancorp Bank 425 East Plaza Street West Helena, AR 72390 Full Service B&M $117,994
Southern Bancorp Bank 432 N Sebastian West Helena, AR 72390 Full Service B&M $21,541
Southern Bancorp Bank 502 Cherry Street Helena, AR 72342 Full Service B&M $31,582
Southern Bancorp Bank 506 Highway 270 East Mount Ida, AR 71957 Full Service B&M $46,590
Southern Bancorp Bank 507 Highway 82 East Indianola, MS 38751 Full Service B&M $17,058
Southern Bancorp Bank 574 Second Street Friars Point, MS 38631 Full Service B&M $988
Southern Bancorp Bank 103 W. Main Lockesburg, AR 71846 Full Service B&M $18,066
Southern Bancorp Bank 104 Main Street Sledge, MS 38670 Full Service B&M $4,295
Southern Bancorp Bank 1040 East Main Street Blytheville, AR 72315 Limited, Drive-thru $22,432
Southern Bancorp Bank 108 North Main Street Drew, MS 38737 Full Service B&M $5,490
Southern Bancorp Bank 11288 Highway 49 East Webb, MS 38966 Full Service B&M $23,963

For 2021, Southern Bancorp Bank had 49 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $66,229
Net interest income $61,135
Total noninterest income $11,048
Gross Fiduciary activities income $89
Service charges on deposit accounts $4,277
Trading account gains and fees $0
Additional Noninterest Income $6,682
Pre-tax net operating income $24,345
Securities gains (or losses, -) $37
Income before extraordinary items $18,432
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $18,432
Minority interest net income $0
Net income $18,432
Sale, conversion, retirement of capital stock, net $0
Net operating income $18,402

Southern Bancorp Bank's gross interest income from loans was $66,229,000.
Southern Bancorp Bank's net interest income from loans was $61,135,000.
Southern Bancorp Bank's fee based income from loans was $4,277,000.
Southern Bancorp Bank's net income from loans was $18,432,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,094
Provision for credit losses $0
Total noninterest expense $47,838
Salaries and employee benefits $26,101
Premises and equipment expense $6,127
Additional noninterest expense $15,610
Applicable income taxes $5,950
Net charge-offs $734
Cash dividends $12,000

Southern Bancorp Bank's interest expense for loans was $5,094,000.
Southern Bancorp Bank's payroll and benefits expense were $26,101,000.
Southern Bancorp Bank's property, plant and equipment expenses $6,127,000.

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 5.0%
All other family 0.0%
Commercial & industrial loans 1.0%
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 $1,723,734
Deposits held in domestic offices $1,723,734
Deposits by Individuals, partnerships, and corporations $1,417,420
Deposits by U.S. Government $2
Deposits by States and political subdivisions in the U.S. $299,044
Deposits by Commercial banks and other depository institutions in U.S. $7,267
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $124,059
Demand deposits $73,795
Nontransaction accounts $1,599,674
Money market deposit accounts (MMDAs) $160,590
Other savings deposits (excluding MMDAs) $1,187,167
Total time deposits $251,918
Total time and savings deposits $1,649,938
Noninterest-bearing deposits $73,795
Interest-bearing deposits $1,649,939
Retail deposits $1,665,233
IRAs and Keogh plan accounts $40,824
Brokered deposits $17,612
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,053,972
Cash & Balances due from depository institutions $114,723
Interest-bearing balances $83,527
Total securities $550,312
Federal funds sold & reverse repurchase $0
Net loans and leases $1,230,441
Loan and leases loss allowance $16,490
Trading account assets $0
Bank premises and fixed assets $42,788
Other real estate owned $1,020
Goodwill and other intangibles $44,983
All other assets $69,705

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,053,972
Total Liabilities $1,843,102
Total deposits $1,723,734
Interest-bearing deposits $1,649,939
Deposits held in domestic offices $1,723,734
% insured (estimated) $71
Federal funds purchased and repurchase agreements $31,155
Trading liabilities $0
Other borrowed funds $76,656
Subordinated debt $0
All other liabilities $11,557

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,230,441
Loan and leases loss allowance $16,490
Total loans and leases (domestic) $1,246,931
All real estate loans $964,397
Real estate loans in domestic offices $964,397
Construction and development loans $114,181
Residential 1-4 family construction $37,366
Other construction, all land development and other land $76,815
Loans secured by nonfarm nonresidential properties $296,308
Nonfarm nonresidential secured by owner-occupied properties $178,319
Commercial real estate & other non-farm, non-residential $117,989
Multifamily residential real estate $35,145
1-4 family residential loans $333,666
Farmland loans $185,097
Loans held in foreign offices $0
Farm loans $66,985
Commercial and industrial loans $164,518
To non-U.S. addressees $0
Loans to individuals $34,733
Credit card loans $0
Related Plans $313
Consumer Auto Loans $7,999
Other loans to individuals $26,421
All other loans & leases $16,297
Loans to foreign governments and official institutions $0
Other loans $4,113
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 $15,083
Non 1-4 family restructured loans & leases $14,234
Total loans and leases (foreign) $0

Southern Bancorp Bank had $1,230,441,000 of loans outstanding in 2021. $964,397,000 of loans were in real estate loans. $114,181,000 of loans were in development loans. $35,145,000 of loans were in multifamily mortgage loans. $333,666,000 of loans were in 1-4 family mortgage loans. $66,985,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,999,000 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 883 $130,780 $148,109
Nonfarm, nonresidential loans - <$100k 399 $15,989 $40,073
Nonfarm, nonresidential loans - $100-250k 252 $29,120 $115,556
Nonfarm, nonresidential loans - $250k-1MM 232 $85,671 $369,272
Commercial & Industrial, US addressed loans - <$1MM 1,470 $84,711 $57,627
Commercial & Industrial, US addressed loans - <$100k 1,153 $30,948 $26,841
Commercial & Industrial, US addressed loans - $100-250k 208 $22,431 $107,841
Commercial & Industrial, US addressed loans - $250k-1MM 109 $31,332 $287,450
Farmland loans - <$1MM 360 $38,712 $107,533
Farmland loans - <$100k 195 $8,163 $41,862
Farmland loans - $100-250k 107 $14,118 $131,944
Farmland loans - $250k-1MM 58 $16,431 $283,293
Agriculture operations loans - <$1MM 415 $32,967 $79,439
Agriculture operations loans - <$100k 317 $20,254 $63,893
Agriculture operations loans - $100-250k 66 $6,584 $99,758
Agriculture operations loans - $250k-1MM 32 $6,129 $191,531