Patriot Bank Mortgage Rates, Fees & Info

Millington, TN

LEI: 549300KM0M1BH7LBWW77

Tax ID: 76-0714702

5 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Patriot Bank is a smaller bank specializing in Home Purchase and Refi loans. Patriot 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 Memphis, Atlanta, Nashville, Jackson, and Daphne among others. Patriot Bank 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. Patriot Bank is typically an average fee lendor.


Originations

1,506

Origination Dollar Volume (All Markets)

$387,980,000

Employee count

93 Show all (9) awards

Relative Rate

Patriot Bank's average 30 year fixed rate mortgage of loans were 2.85%.

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

This yields a difference of -0.3%.

Relative Fees

Patriot Bank's average total fees for a 30 year fixed rate mortgage are $4,031.

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
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1,391 $355,075,000 $255,266 $3,852 2.80%
Outside of Metro Areas 34 $7,940,000 $233,529 $3,260 2.92%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 8 $5,360,000 $670,000 $2,943 3.72%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 12 $3,850,000 $320,833 $3,345 2.61%
JACKSON, TN (FHA|USDA|VA) 6 $1,500,000 $250,000 $3,164 3.06%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $1,235,000 $247,000 $2,514 2.78%
KNOXVILLE, TN (FHA|USDA|VA) 3 $885,000 $295,000 $4,060 2.62%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $850,000 $425,000 $2,961 2.94%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $820,000 $410,000 $4,448 3.13%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 5 $795,000 $159,000 $2,823 3.30%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $650,000 $162,500 $4,497 3.47%
Brownsville, TN (FHA|USDA|VA) 3 $635,000 $211,667 $9,036 2.67%
Brainerd, MN (FHA|USDA|VA) 1 $545,000 $545,000 $2,733 2.50%
DECATUR, AL (FHA|USDA|VA) 1 $525,000 $525,000 $2,760 2.13%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $500,000 $250,000 $3,370 2.93%
Paris, TN (FHA|USDA|VA) 2 $490,000 $245,000 $3,500 2.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $475,000 $475,000 $12,832 2.00%
Greeneville, TN (FHA|USDA|VA) 1 $425,000 $425,000 $3,309 3.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $385,000 $385,000 $7,222 2.88%
Oxford, MS (FHA|USDA|VA) 1 $355,000 $355,000 $3,583 2.75%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $345,000 $345,000 $3,486 3.25%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $335,000 $335,000 $3,419 2.50%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $325,000 $325,000 $3,369 2.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $325,000 $325,000 $4,229 2.38%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $285,000 $285,000 $3,217 2.75%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $285,000 $285,000 $2,497 2.63%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $275,000 $275,000 $2,798 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $2,727 2.75%
LYNCHBURG, VA (FHA|USDA|VA) 1 $255,000 $255,000 $3,723 2.75%
Dyersburg, TN (FHA|USDA|VA) 2 $250,000 $125,000 $1,993 2.44%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $195,000 $195,000 $3,060 2.63%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,053 2.75%
JACKSON, MS (FHA|USDA|VA) 1 $185,000 $185,000 $2,554 2.63%
Starkville, MS (FHA|USDA|VA) 1 $175,000 $175,000 $2,320 2.13%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $165,000 $165,000 $2,145 2.38%
COLUMBIA, SC (FHA|USDA|VA) 1 $155,000 $155,000 $2,219 2.75%
LAFAYETTE, LA (FHA|USDA|VA) 1 $125,000 $125,000 $3,332 2.88%
Cookeville, TN (FHA|USDA|VA) 1 $115,000 $115,000 $3,165 3.38%
Batesville, AR (FHA|USDA|VA) 1 $115,000 $115,000 $1,885 3.00%

Patriot Bank's top markets include Memphis, Atlanta, Nashville, Jackson, and Daphne among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,237 $319,675,000 $258,428 $3,273 2.88%
VA 113 $36,945,000 $326,947 $6,183 2.36%
FHA 88 $19,190,000 $218,068 $6,888 2.58%
USDA 68 $12,170,000 $178,971 $4,917 2.52%

For the 2021 period, Patriot Bank's most frequently originated loan type of loans were Conventional, with 1,237 originations. Their 2nd most popular type is VA, with 113 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 862 $232,090,000 $269,246 $4,321 2.85%
Refi 350 $79,810,000 $228,029 $2,977 2.63%
Cash Out Refi 275 $75,435,000 $274,309 $3,343 2.96%
Home Improvement 18 $240,000 $13,333 $734 1.54%
Other 1 $405,000 $405,000 $0 3.25%

For the 2021, Patriot Bank's most frequently cited loan purpose of loans were Home Purchase, with 862 originations. The 2nd most popular reason of loans were Refi, with 350 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,177 $313,425,000 $266,291 $4,031 2.85%
15 Year 186 $38,230,000 $205,538 $2,932 2.39%
20 Year 64 $14,730,000 $230,156 $2,985 2.79%
5 Year 38 $8,390,000 $220,789 $3,110 4.32%
Other 25 $11,515,000 $460,600 $3,875 1.74%
10 Year 15 $1,575,000 $105,000 $2,539 2.48%
3 Year 1 $115,000 $115,000 $0 5.25%

For the 2021, Patriot Bank's most frequently cited loan length of loans were 30 Year, with 1,177 originations. The 2nd most popular length of loans were 15 Year, with 186 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,096 $291,510,000 $265,976
$1k-2k 283 $64,885,000 $229,276
$2k-3k 4 $1,200,000 $300,000
$3k-4k 3 $915,000 $305,000
$5k+ 1 $415,000 $415,000

$4,031 of loans were Patriot Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,096 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 684 $180,120,000 $263,333
<2.5% 486 $116,560,000 $239,835
3-4% 274 $78,100,000 $285,036
4-5% 60 $13,010,000 $216,833
5-6% 2 $190,000 $95,000

During 2021, Patriot Bank's average interest rate of loans were 2.85%, while their most frequently originated rate bucket of loans were 2.5-3%, with 684 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 768 $213,750,000 $278,320 $3,967 2.79%
$100k-200k 430 $66,750,000 $155,233 $3,328 2.82%
$400k-600k 167 $78,695,000 $471,228 $4,547 2.79%
$100,000 or less 126 $7,920,000 $62,857 $2,720 2.85%
$600k-1MM 12 $8,630,000 $719,167 $7,720 3.04%
$1MM+ 3 $12,235,000 $4,078,333 $4,540 3.33%

2021 saw Patriot Bank place emphasis on $200k-400k loans with 768 originations, totaling $213,750,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 383 $106,255,000 $277,428 $3,880 2.85%
$50k-75k 320 $63,020,000 $196,938 $3,804 2.77%
$75k-100k 281 $68,185,000 $242,651 $3,899 2.78%
$150k-250k 218 $72,630,000 $333,165 $3,849 2.87%
$50k or less 177 $24,965,000 $141,045 $3,712 2.69%
$250k+ 75 $28,165,000 $375,533 $4,008 2.94%

Patriot Bank lent most frequently to those with incomes in the $100k-150k range, with 383 originations. The second most popular income band? $50k-75k, with 320 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 406 $108,330,000 $266,823 $3,756 2.72%
30-36% 299 $76,005,000 $254,197 $3,861 2.87%
<20% 191 $40,955,000 $214,424 $3,074 2.68%
36% 64 $16,210,000 $253,281 $4,721 2.74%
44% 54 $14,930,000 $276,481 $4,693 2.75%
42% 53 $13,595,000 $256,509 $3,825 2.87%
38% 53 $13,415,000 $253,113 $4,272 2.83%
39% 44 $11,380,000 $258,636 $4,067 2.77%
41% 40 $10,110,000 $252,750 $4,011 2.89%
40% 39 $9,085,000 $232,949 $3,707 2.85%
37% 35 $8,225,000 $235,000 $3,954 2.74%
45% 30 $7,510,000 $250,333 $3,946 2.71%
43% 27 $6,825,000 $252,778 $3,705 2.86%
48% 25 $6,875,000 $275,000 $4,279 2.76%
47% 24 $5,420,000 $225,833 $3,594 2.93%
46% 22 $6,190,000 $281,364 $4,678 2.83%
49% 18 $5,160,000 $286,667 $4,472 2.65%
50-60% 9 $2,205,000 $245,000 $4,220 2.65%
>60% 1 $5,000 $5,000 $0 1.00%

Patriot Bank lent most frequently to those with DTI ratios of 20-30%, with 406 originations. The next most common DTI ratio? 30-36%, with 299 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,177 $299,215,000 $254,218 $3,776 2.79%
Not provided 121 $30,865,000 $255,083 $3,810 2.82%
Black 136 $24,920,000 $183,235 $4,341 2.74%
Asian 49 $15,585,000 $318,061 $3,939 2.88%
Not applicable 14 $14,580,000 $1,041,429 $0 4.18%
Asian Indian 8 $2,520,000 $315,000 $3,632 2.69%
American Indian 1 $295,000 $295,000 $3,042 3.00%

Approval Rates

Total approvals of all applications
98.24%

Patriot Bank 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
87.73%

Patriot Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 16 $80,000 $5,000
NA 1,490 $387,900,000 $260,336

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,506 $387,980,000 $257,623

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 51 $6,885,000 $135,000 $2,613 2.65%
40-60% 199 $38,075,000 $191,332 $2,929 2.69%
60-80% 566 $158,560,000 $280,141 $3,422 2.91%
80-100% 626 $173,040,000 $276,422 $4,314 2.81%
Over 100% 39 $10,885,000 $279,103 $7,892 2.67%
Under 20% 25 $535,000 $21,400 $1,493 1.80%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Patriot Bank 101 East Pleasant Avenue Covington, TN 38019 Full Service B&M $123,348
Patriot Bank 11529 Highway 51 South Atoka, TN 38004 Full Service B&M $39,896
Patriot Bank 279 Market Boulevard Collierville, TN 38017 Full Service B&M $42,687
Patriot Bank 3535 Austin Peay Highway Memphis, TN 38128 Full Service B&M $465
Patriot Bank 5340 Airline Road Arlington, TN 38002 Full Service B&M $2,991
Patriot Bank 8370 Hwy 51, Suite 106 Millington, TN 38053 Limited, Drive-thru $0
Patriot Bank 8376 Highway 51 North Millington, TN 38053 Full Service B&M $148,940
Patriot Bank 8637 Rosemark Road Millington, TN 38053 Full Service B&M $25,628
Patriot Bank 9105 Barret Road Millington, TN 38053 Full Service B&M $0

For 2021, Patriot Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $14,352
Net interest income $13,109
Total noninterest income $11,330
Gross Fiduciary activities income $0
Service charges on deposit accounts $342
Trading account gains and fees $0
Additional Noninterest Income $10,988
Pre-tax net operating income $8,013
Securities gains (or losses, -) $618
Income before extraordinary items $7,040
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,040
Minority interest net income $0
Net income $7,040
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,533

Patriot Bank's gross interest income from loans was $14,352,000.
Patriot Bank's net interest income from loans was $13,109,000.
Patriot Bank's fee based income from loans was $342,000.
Patriot Bank's net income from loans was $7,040,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,243
Provision for credit losses $425
Total noninterest expense $16,001
Salaries and employee benefits $9,904
Premises and equipment expense $1,603
Additional noninterest expense $4,494
Applicable income taxes $1,591
Net charge-offs $70
Cash dividends $3,000

Patriot Bank's interest expense for loans was $1,243,000.
Patriot Bank's payroll and benefits expense were $9,904,000.
Patriot Bank's property, plant and equipment expenses $1,603,000.

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 $393,716
Deposits held in domestic offices $393,716
Deposits by Individuals, partnerships, and corporations $296,466
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $97,249
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $178,737
Demand deposits $98,090
Nontransaction accounts $214,978
Money market deposit accounts (MMDAs) $78,348
Other savings deposits (excluding MMDAs) $41,807
Total time deposits $94,823
Total time and savings deposits $295,625
Noninterest-bearing deposits $98,090
Interest-bearing deposits $295,626
Retail deposits $365,767
IRAs and Keogh plan accounts $10,797
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $471,428
Cash & Balances due from depository institutions $12,461
Interest-bearing balances $5,402
Total securities $185,911
Federal funds sold & reverse repurchase $14,413
Net loans and leases $234,837
Loan and leases loss allowance $3,168
Trading account assets $0
Bank premises and fixed assets $13,631
Other real estate owned $0
Goodwill and other intangibles $363
All other assets $9,812

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $471,428
Total Liabilities $425,861
Total deposits $393,716
Interest-bearing deposits $295,626
Deposits held in domestic offices $393,716
% insured (estimated) $64
Federal funds purchased and repurchase agreements $29,099
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $3,046

Issued Loan Types

Type Value (in 000's)
Net loans and leases $234,837
Loan and leases loss allowance $3,168
Total loans and leases (domestic) $238,005
All real estate loans $193,574
Real estate loans in domestic offices $193,574
Construction and development loans $39,109
Residential 1-4 family construction $28,413
Other construction, all land development and other land $10,696
Loans secured by nonfarm nonresidential properties $73,540
Nonfarm nonresidential secured by owner-occupied properties $3,775
Commercial real estate & other non-farm, non-residential $69,765
Multifamily residential real estate $8,568
1-4 family residential loans $67,218
Farmland loans $5,139
Loans held in foreign offices $0
Farm loans $6,205
Commercial and industrial loans $31,144
To non-U.S. addressees $0
Loans to individuals $6,326
Credit card loans $0
Related Plans $27
Consumer Auto Loans $2,102
Other loans to individuals $4,197
All other loans & leases $756
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Patriot Bank had $234,837,000 of loans outstanding in 2021. $193,574,000 of loans were in real estate loans. $39,109,000 of loans were in development loans. $8,568,000 of loans were in multifamily mortgage loans. $67,218,000 of loans were in 1-4 family mortgage loans. $6,205,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,102,000 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 183 $33,262 $181,760
Nonfarm, nonresidential loans - <$100k 75 $3,157 $42,093
Nonfarm, nonresidential loans - $100-250k 49 $6,652 $135,755
Nonfarm, nonresidential loans - $250k-1MM 59 $23,453 $397,508
Commercial & Industrial, US addressed loans - <$1MM 292 $21,196 $72,589
Commercial & Industrial, US addressed loans - <$100k 221 $5,828 $26,371
Commercial & Industrial, US addressed loans - $100-250k 44 $4,728 $107,455
Commercial & Industrial, US addressed loans - $250k-1MM 27 $10,640 $394,074
Farmland loans - <$1MM 31 $3,126 $100,839
Farmland loans - <$100k 15 $594 $39,600
Farmland loans - $100-250k 13 $1,500 $115,385
Farmland loans - $250k-1MM 3 $1,032 $344,000
Agriculture operations loans - <$1MM 51 $2,696 $52,863
Agriculture operations loans - <$100k 35 $913 $26,086
Agriculture operations loans - $100-250k 11 $752 $68,364
Agriculture operations loans - $250k-1MM 5 $1,031 $206,200