Patriot Bank Mortgage Rates, Fees & Info

Millington, TN

LEI: 549300KM0M1BH7LBWW77

Tax ID: 76-0714702

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Patriot Bank is a smaller bank specializing in Home Purchase loans. Patriot Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Memphis, Dyersburg, Jackson, Atlanta, and Knoxville among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Patriot Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Patriot Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.51%	12/16/24
30 Year Conventional Refi	6.52%	12/16/24
30 Year Cash-out Refi	6.78%	12/16/24
30 Year FHA Purchase	6.95%	12/16/24
30 Year FHA Refi	6.37%	12/16/24
30 Year VA Purchase	6.01%	12/16/24
30 Year VA Refi	6.27%	12/16/24
30 Year USDA Purchase	6.29%	12/16/24
15 Year Conventional Purchase	5.83%	12/16/24
15 Year Conventional Refi	5.95%	12/16/24
15 Year Cash-out Refi	5.95%	12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Patriot Bank Mortgage Calculator

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This is not an official calculator from Patriot Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

848

Origination Dollar Volume (All Markets)

$197,420,000

Employee count

Awards

Patriot Bank 30 Year Conventional Loans gold

Show all (7) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	806	$189,130,000	$234,653	$4,053	3.94%
Outside of Metro Areas	10	$1,190,000	$119,000	$3,765	4.09%
Dyersburg, TN (FHA\|USDA\|VA)	5	$1,025,000	$205,000	$2,656	4.43%
JACKSON, TN (FHA\|USDA\|VA)	4	$870,000	$217,500	$5,621	4.16%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	2	$840,000	$420,000	$3,563	3.56%
KNOXVILLE, TN (FHA\|USDA\|VA)	2	$720,000	$360,000	$4,725	3.56%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	3	$685,000	$228,333	$4,742	4.00%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA\|USDA\|VA)	2	$670,000	$335,000	$2,551	3.44%
CHATTANOOGA, TN-GA (FHA\|USDA\|VA)	2	$450,000	$225,000	$2,457	3.50%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$385,000	$385,000	$4,750	4.25%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	1	$235,000	$235,000	$2,362	4.38%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA\|USDA\|VA)	1	$215,000	$215,000	$4,659	3.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,403	4.38%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,357	3.75%
Martin, TN (FHA\|USDA\|VA)	1	$145,000	$145,000	$4,794	3.75%
Paris, TN (FHA\|USDA\|VA)	2	$130,000	$65,000	$2,202	5.19%
Brownsville, TN (FHA\|USDA\|VA)	1	$125,000	$125,000	$3,083	3.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	6.00%
Helena-West Helena, AR (FHA\|USDA\|VA)	1	$85,000	$85,000	$2,460	3.88%
Tupelo, MS (FHA\|USDA\|VA)	1	$65,000	$65,000	$2,585	4.00%

Patriot Bank's top markets include Memphis, Dyersburg, Jackson, Atlanta, and Knoxville among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Mississippi (FHA|USDA|VA)

Arkansas (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Patriot Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Financial Federal Bank
Similarity Rank: 1060

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First Citizens National Bank
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Patriot Bank
Similarity Rank: 2080

Leaders Credit Union
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HOPE FEDERAL CREDIT UNION
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KELLER MORTGAGE, LLC
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Community Bank of Mississippi
Similarity Rank: 3888

Independent Bank
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	589	$139,695,000	$237,173	$3,208	4.08%
FHA	105	$19,685,000	$187,476	$6,288	3.76%
VA	90	$27,760,000	$308,444	$6,295	3.51%
USDA	64	$10,280,000	$160,625	$4,470	3.63%

For 2019, Patriot Bank's most frequently originated type of loan was Conventional, with 589 originations. Their 2nd most popular type was FHA, with 105 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	634	$149,680,000	$236,088	$4,307	3.93%
Refi	114	$27,410,000	$240,439	$3,033	3.74%
Cash Out Refi	98	$20,210,000	$206,224	$3,365	4.20%
Home Improvement	2	$120,000	$60,000	$0	6.13%

For 2019, Patriot Bank's most frequently cited loan purpose was Home Purchase, with 634 originations. The 2nd most popular reason was Refi, with 114 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	708	$171,300,000	$241,949	$4,202	3.90%
15 Year	81	$17,295,000	$213,519	$3,174	3.67%
20 Year	23	$4,165,000	$181,087	$2,910	4.16%
5 Year	22	$2,640,000	$120,000	$2,439	5.78%
10 Year	7	$555,000	$79,286	$2,411	4.29%
Other	4	$960,000	$240,000	$2,275	4.50%
30+ year	1	$325,000	$325,000	$0	5.50%
3 Year	1	$35,000	$35,000	$0	6.50%
1 Year	1	$145,000	$145,000	$2,354	5.25%

For 2019, Patriot Bank's most frequently cited loan duration was 30 Year, with 708 originations. The 2nd most popular length was 15 Year, with 81 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	672	$163,300,000	$243,006
$1k-2k	143	$29,255,000	$204,580
$2k-3k	3	$845,000	$281,667
$3k-4k	3	$955,000	$318,333
$5k+	3	$1,225,000	$408,333

Patriot Bank's average total fees were $4,202, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 672 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	524	$126,390,000	$241,202
4-5%	256	$60,130,000	$234,883
5-6%	28	$3,160,000	$112,857
2.5-3%	26	$7,010,000	$269,615
6-7%	14	$730,000	$52,143

During 2019, Patriot Bank's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 524 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	390	$109,270,000	$280,179	$4,311	3.84%
$100k-200k	304	$46,660,000	$153,487	$3,741	3.92%
$100,000 or less	76	$4,910,000	$64,605	$2,871	4.77%
$400k-600k	73	$33,295,000	$456,096	$4,270	3.77%
$600k-1MM	5	$3,285,000	$657,000	$10,254	3.89%

2019 saw Patriot Bank place emphasis on $200k-400k loans with 390 originations, totaling $109,270,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	211	$57,025,000	$270,261	$3,966	3.93%
$50k-75k	195	$35,255,000	$180,795	$4,160	3.92%
$75k-100k	162	$35,690,000	$220,309	$4,276	3.91%
$150k-250k	111	$34,955,000	$314,910	$3,861	3.95%
$50k or less	104	$12,910,000	$124,135	$3,869	4.05%
$250k+	50	$16,910,000	$338,200	$4,092	4.05%

Patriot Bank lent most frequently to those with incomes in the $100k-150k range, with 211 originations. The second most popular income band? $50k-75k, with 195 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	213	$47,325,000	$222,183	$3,830	3.88%
30-36%	160	$37,380,000	$233,625	$3,891	3.99%
<20%	75	$16,955,000	$226,067	$3,177	3.83%
36%	39	$9,415,000	$241,410	$4,133	3.93%
44%	34	$8,380,000	$246,471	$4,202	3.91%
42%	32	$8,000,000	$250,000	$4,376	3.98%
41%	32	$7,940,000	$248,125	$3,966	3.81%
39%	31	$8,195,000	$264,355	$4,110	3.73%
37%	30	$6,840,000	$228,000	$3,704	4.01%
43%	29	$6,875,000	$237,069	$4,461	3.79%
38%	28	$7,400,000	$264,286	$5,248	3.82%
40%	27	$6,355,000	$235,370	$5,056	3.74%
45%	24	$6,390,000	$266,250	$4,278	3.91%
46%	18	$4,080,000	$226,667	$4,707	4.00%
49%	17	$4,115,000	$242,059	$5,004	4.15%
47%	10	$2,450,000	$245,000	$3,791	3.88%
50-60%	10	$2,320,000	$232,000	$5,850	3.81%
48%	9	$1,885,000	$209,444	$4,947	4.10%

Patriot Bank lent most frequently to those with DTI ratios of 20-30%, with 213 originations. The next most common DTI ratio? 30-36%, with 160 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	736	$170,960,000	$232,283	$3,960	3.95%
Black	56	$12,590,000	$224,821	$4,820	4.04%
Asian	27	$7,385,000	$273,519	$3,757	3.77%
Not provided	24	$5,730,000	$238,750	$4,959	3.62%
Not applicable	3	$445,000	$148,333	$0	6.08%
American Indian	2	$310,000	$155,000	$2,683	3.06%

Approval Rates

Total approvals of all applications
97.94%

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
88.09%

Patriot Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	848	$197,420,000	$232,807

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	3	$325,000	$108,333
Single Family (1-4 Units):Site-Built	845	$197,095,000	$233,249

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	21	$2,475,000	$117,857	$2,810	3.89%
40-60%	64	$12,460,000	$194,688	$2,800	3.92%
60-80%	247	$58,595,000	$237,227	$3,326	4.09%
80-100%	488	$116,970,000	$239,693	$4,381	3.88%
Over 100%	24	$6,230,000	$259,583	$8,545	3.57%
Under 20%	3	$245,000	$81,667	$173	5.92%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
Peter T. Roach and Associates, P.C.	Conventional home mortgage	Struggling to pay mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Patriot Bank	101 East Pleasant Avenue Covington, TN 38019	Full Service B&M	$78,490
Patriot Bank	11529 Highway 51 South Atoka, TN 38004	Full Service B&M	$27,110
Patriot Bank	279 Market Boulevard Collierville, TN 38017	Full Service B&M	$26,425
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	$137,101
Patriot Bank	8637 Rosemark Road Millington, TN 38053	Full Service B&M	$20,311
Patriot Bank	9105 Barret Road Millington, TN 38053	Full Service B&M	$0

For 2019, Patriot Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$13,107
Net interest income	$9,686
Total noninterest income	$6,155
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$535
Trading account gains and fees	$0
Additional Noninterest Income	$5,620
Pre-tax net operating income	$4,480
Securities gains (or losses, -)	$219
Income before extraordinary items	$4,052
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,052
Minority interest net income	$0
Net income	$4,052
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$3,863

Patriot Bank's gross interest income from loans was $13,107,000.
Patriot Bank's net interest income from loans was $9,686,000.
Patriot Bank's fee based income from loans was $535,000.
Patriot Bank's net income from loans was $4,052,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,421
Provision for credit losses	$240
Total noninterest expense	$11,121
Salaries and employee benefits	$6,408
Premises and equipment expense	$1,301
Additional noninterest expense	$3,412
Applicable income taxes	$647
Net charge-offs	$159
Cash dividends	$2,000

Patriot Bank's interest expense for loans was $3,421,000.
Patriot Bank's payroll and benefits expense were $6,408,000.
Patriot Bank's property, plant and equipment expenses $1,301,000.

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	1.0%
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	$309,905
Deposits held in domestic offices	$309,905
Deposits by Individuals, partnerships, and corporations	$186,743
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$123,162
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	$93,745
Demand deposits	$48,802
Nontransaction accounts	$216,160
Money market deposit accounts (MMDAs)	$52,482
Other savings deposits (excluding MMDAs)	$22,716
Total time deposits	$140,962
Total time and savings deposits	$261,103
Noninterest-bearing deposits	$48,802
Interest-bearing deposits	$261,103
Retail deposits	$220,079
IRAs and Keogh plan accounts	$9,133
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$364,599
Cash & Balances due from depository institutions	$7,385
Interest-bearing balances	$1,222
Total securities	$161,886
Federal funds sold & reverse repurchase	$1,355
Net loans and leases	$175,167
Loan and leases loss allowance	$2,333
Trading account assets	$0
Bank premises and fixed assets	$8,841
Other real estate owned	$0
Goodwill and other intangibles	$378
All other assets	$9,587

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$364,599
Total Liabilities	$329,184
Total deposits	$309,905
Interest-bearing deposits	$261,103
Deposits held in domestic offices	$309,905
% insured (estimated)	$56
Federal funds purchased and repurchase agreements	$16,027
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$3,252

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$175,167
Loan and leases loss allowance	$2,333
Total loans and leases (domestic)	$177,500
All real estate loans	$151,479
Real estate loans in domestic offices	$151,479
Construction and development loans	$22,670
Residential 1-4 family construction	$14,874
Other construction, all land development and other land	$7,796
Loans secured by nonfarm nonresidential properties	$66,380
Nonfarm nonresidential secured by owner-occupied properties	$5,211
Commercial real estate & other non-farm, non-residential	$61,169
Multifamily residential real estate	$365
1-4 family residential loans	$54,463
Farmland loans	$7,601
Loans held in foreign offices	$0
Farm loans	$8,333
Commercial and industrial loans	$10,337
To non-U.S. addressees	$0
Loans to individuals	$6,536
Credit card loans	$0
Related Plans	$636
Consumer Auto Loans	$1,669
Other loans to individuals	$4,231
All other loans & leases	$815
Loans to foreign governments and official institutions	$0
Other loans	$206
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	$453
Non 1-4 family restructured loans & leases	$453
Total loans and leases (foreign)	$0

Patriot Bank had $175,167,000 of loans outstanding in 2019. $151,479,000 of loans were in real estate loans. $22,670,000 of loans were in development loans. $365,000 of loans were in multifamily mortgage loans. $54,463,000 of loans were in 1-4 family mortgage loans. $8,333,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,669,000 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	188	$28,965	$154,069
Nonfarm, nonresidential loans - <$100k	83	$3,315	$39,940
Nonfarm, nonresidential loans - $100-250k	56	$7,368	$131,571
Nonfarm, nonresidential loans - $250k-1MM	49	$18,282	$373,102
Commercial & Industrial, US addressed loans - <$1MM	170	$10,287	$60,512
Commercial & Industrial, US addressed loans - <$100k	126	$3,341	$26,516
Commercial & Industrial, US addressed loans - $100-250k	28	$2,596	$92,714
Commercial & Industrial, US addressed loans - $250k-1MM	16	$4,350	$271,875
Farmland loans - <$1MM	31	$3,147	$101,516
Farmland loans - <$100k	17	$840	$49,412
Farmland loans - $100-250k	11	$1,420	$129,091
Farmland loans - $250k-1MM	3	$887	$295,667
Agriculture operations loans - <$1MM	68	$3,522	$51,794
Agriculture operations loans - <$100k	48	$1,439	$29,979
Agriculture operations loans - $100-250k	15	$1,170	$78,000
Agriculture operations loans - $250k-1MM	5	$913	$182,600