South State Bank

COLUMBIA, SC 29201

LEI: 549300K7EA6G6K9GYL80

Tax ID: 57-0219408

2019 Data | 2018 Data


Overview

South State Bank is a small mortgage company specializing in Home Purchase loans. South State Bank 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 Charleston, Charlotte, Greenville, Hilton Head Island, and Augusta among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. South State Bank is typically a lendor.


Originations

8,107

Origination Dollar Volume (All Markets)

$2,193,395,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 7,629 $2,083,685,000 $273,127
FHA 191 $35,795,000 $187,408
VA 247 $67,515,000 $273,340
USDA 40 $6,400,000 $160,000

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 4,376 $1,438,390,000 $328,700
Home Improvement 993 $120,145,000 $120,992
Other 776 $98,960,000 $127,526
Refi 1,245 $352,435,000 $283,080
Cash Out Refi 717 $183,465,000 $255,879

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
CHARLESTON-NORTH CHARLESTON, SC 1,109 $355,005,000 $320,113
CHARLOTTE-CONCORD-GASTONIA, NC-SC 1,252 $354,630,000 $283,251
GREENVILLE-ANDERSON, SC 1,050 $253,510,000 $241,438
HILTON HEAD ISLAND-BLUFFTON, SC 561 $216,555,000 $386,016
Outside of Metro Areas 1,082 $184,170,000 $170,213
AUGUSTA-RICHMOND COUNTY, GA-SC 752 $171,100,000 $227,527
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 710 $139,520,000 $196,507
WILMINGTON, NC 118 $95,810,000 $811,949
COLUMBIA, SC 393 $84,625,000 $215,331
SAVANNAH, GA 225 $74,095,000 $329,311
Outside of Metro Areas 56 $72,470,000 $1,294,107
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 66 $43,440,000 $658,182
RICHMOND, VA 100 $21,640,000 $216,400
HICKORY-LENOIR-MORGANTON, NC 12 $21,630,000 $1,802,500
SPARTANBURG, SC 87 $20,605,000 $236,839
RALEIGH-CARY, NC 82 $19,710,000 $240,366
FLORENCE, SC 155 $17,345,000 $111,903
ATHENS-CLARKE COUNTY, GA 63 $14,805,000 $235,000
DURHAM-CHAPEL HILL, NC 22 $5,360,000 $243,636
GAINESVILLE, GA 28 $4,370,000 $156,071
ASHEVILLE, NC 21 $3,815,000 $181,667
SUMTER, SC 29 $2,815,000 $97,069
JACKSONVILLE, NC 11 $2,315,000 $210,455
BRUNSWICK, GA 6 $1,420,000 $236,667
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 4 $1,400,000 $350,000
JACKSONVILLE, FL 16 $1,350,000 $84,375
GREENSBORO-HIGH POINT, NC 6 $1,020,000 $170,000
HINESVILLE, GA 5 $845,000 $169,000
WINSTON-SALEM, NC 5 $785,000 $157,000
BIRMINGHAM-HOOVER, AL 6 $550,000 $91,667
NASSAU COUNTY-SUFFOLK COUNTY, NY 1 $505,000 $505,000
GREENVILLE, NC 1 $505,000 $505,000
FAYETTEVILLE, NC 4 $490,000 $122,500
VALDOSTA, GA 2 $450,000 $225,000
COLUMBUS, GA-AL 4 $450,000 $112,500
ANNISTON-OXFORD, AL 8 $440,000 $55,000
NEW BERN, NC 2 $400,000 $200,000
ROANOKE, VA 1 $245,000 $245,000
HATTIESBURG, MS 5 $245,000 $49,000
ORLANDO-KISSIMMEE-SANFORD, FL 5 $205,000 $41,000
DECATUR, AL 4 $190,000 $47,500
MEMPHIS, TN-MS-AR 2 $190,000 $95,000
CHARLOTTESVILLE, VA 2 $190,000 $95,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 3 $175,000 $58,333
MONTGOMERY, AL 3 $155,000 $51,667
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $155,000 $155,000
ROCKY MOUNT, NC 1 $145,000 $145,000
MOBILE, AL 2 $140,000 $70,000
GULFPORT-BILOXI, MS 2 $120,000 $60,000
GAINESVILLE, FL 3 $115,000 $38,333
BURLINGTON, NC 1 $115,000 $115,000
AUBURN-OPELIKA, AL 2 $110,000 $55,000
GOLDSBORO, NC 2 $110,000 $55,000
TUSCALOOSA, AL 1 $105,000 $105,000
THE VILLAGES, FL 2 $100,000 $50,000
HUNTSVILLE, AL 2 $100,000 $50,000
DOTHAN, AL 1 $95,000 $95,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $85,000 $85,000
OCALA, FL 1 $75,000 $75,000
WARNER ROBINS, GA 2 $70,000 $35,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $65,000 $65,000
LAKELAND-WINTER HAVEN, FL 1 $55,000 $55,000
KINGSPORT-BRISTOL, TN-VA 1 $55,000 $55,000
SEBRING-AVON PARK, FL 1 $35,000 $35,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 2 $10,000 $5,000
2.5-3% 43 $13,595,000 $316,163
3-4% 3,787 $1,145,805,000 $302,563
4-5% 2,473 $850,905,000 $344,078
5-6% 1,140 $132,720,000 $116,421
6-7% 487 $37,915,000 $77,854
7-8% 152 $10,900,000 $71,711
Over 8% 23 $1,545,000 $67,174

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 2,162 $123,950,000 $57,331
$100k-200k 2,314 $335,370,000 $144,931
$200k-400k 2,288 $634,780,000 $277,439
$400k-600k 831 $394,295,000 $474,483
$600k-1000k 364 $271,450,000 $745,742
$Over $1MM 148 $433,550,000 $2,929,392

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,074 $159,180,000 $148,212
40-60% 931 $232,275,000 $249,490
60-80% 2,086 $890,100,000 $426,702
80-100% 2,928 $826,100,000 $282,138
Over 100% 55 $14,355,000 $261,000
Under 20% 1,030 $69,760,000 $67,728

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,517 $344,355,000 $226,997
$150k-250k 1,273 $386,525,000 $303,633
$50k-75k 1,533 $227,395,000 $148,333
$50k-or less 1,304 $139,610,000 $107,063
$75k-100k 1,140 $214,470,000 $188,132
$Over $250k 1,089 $571,955,000 $525,211

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,607 $1,569,755,000 $237,590
Not applicable 106 $271,940,000 $2,565,472
Not provided 917 $263,325,000 $287,159
Black 338 $56,470,000 $167,071
Asian 85 $19,205,000 $225,941
American Indian 30 $4,380,000 $146,000
Asian Indian 9 $3,665,000 $407,222
Other Asian 9 $3,585,000 $398,333
Chinese 2 $400,000 $200,000
Other Pacific Islander 1 $275,000 $275,000
Native Hawaiian 1 $185,000 $185,000
Korean 1 $115,000 $115,000
Vietnamese 1 $95,000 $95,000

Approval Rates

Total approvals of all applications
79.93%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
71.98%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
10.0 21 $1,395,000 $66,429
102.65 1 $35,000 $35,000
108.11 1 $35,000 $35,000
110.0 1 $45,000 $45,000
113.13 1 $45,000 $45,000
115.26 1 $45,000 $45,000
115.82 1 $45,000 $45,000
117.99 1 $45,000 $45,000
126.83 1 $45,000 $45,000
128.79 1 $45,000 $45,000
133.18 1 $45,000 $45,000
133.89 1 $45,000 $45,000
135.47 1 $55,000 $55,000
140.31 1 $55,000 $55,000
145.8 1 $55,000 $55,000
152.14 1 $55,000 $55,000
154.54 1 $55,000 $55,000
155.15 1 $55,000 $55,000
156.32 1 $55,000 $55,000
157.92 1 $55,000 $55,000
161.9 1 $65,000 $65,000
162.36 1 $65,000 $65,000
165.37 1 $65,000 $65,000
170.01 1 $65,000 $65,000
170.89 1 $65,000 $65,000
175.62 1 $65,000 $65,000
176.87 1 $65,000 $65,000
178.14 1 $65,000 $65,000
182.64 1 $65,000 $65,000
188.59 1 $75,000 $75,000
193.58 1 $75,000 $75,000
197.91 1 $75,000 $75,000
201.82 1 $75,000 $75,000
202.01 1 $75,000 $75,000
206.06 1 $75,000 $75,000
218.15 1 $85,000 $85,000
225.05 1 $85,000 $85,000
226.78 1 $85,000 $85,000
243.23 1 $95,000 $95,000
263.95 1 $105,000 $105,000
287.16 1 $115,000 $115,000
320.66 1 $125,000 $125,000
335.17 1 $135,000 $135,000
367.64 1 $145,000 $145,000
409.0 328 $23,050,000 $70,274
70.85 1 $25,000 $25,000
73.7 1 $25,000 $25,000
79.75 1 $25,000 $25,000
NA 7,712 $2,165,950,000 $280,855

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 245 $58,955,000 $240,633
$1k-2k 652 $94,510,000 $144,954
$2k-3k 1,381 $229,815,000 $166,412
$3k-4k 1,477 $425,715,000 $288,230
$5k+ 1,104 $691,160,000 $626,051

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 2 $480,000 $240,000
Multifamily:Site-Built 21 $249,375,000 $11,875,000
Single Family (1-4 Units):Manufactured 446 $32,030,000 $71,816
Single Family (1-4 Units):Site-Built 7,638 $1,911,510,000 $250,263