Patriot Bank Mortgage Rates, Fees & Info

Millington, TN

LEI: 549300KM0M1BH7LBWW77

Tax ID: 76-0714702

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Memphis, Atlanta, Nashville, Jackson, and Daphne among others. We have data for 40 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% 4/18/24
30 Year Conventional Refi 6.52% 4/18/24
30 Year Cash-out Refi 6.78% 4/18/24
30 Year FHA Purchase 6.95% 4/18/24
30 Year FHA Refi 6.37% 4/18/24
30 Year VA Purchase 6.01% 4/18/24
30 Year VA Refi 6.27% 4/18/24
30 Year USDA Purchase 6.29% 4/18/24
15 Year Conventional Purchase 5.83% 4/18/24
15 Year Conventional Refi 5.95% 4/18/24
15 Year Cash-out Refi 5.95% 4/18/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

1,506

Origination Dollar Volume (All Markets)

$387,980,000

Employee count

93 Show all (9) 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) 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.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Patriot Bank's most frequently originated type of loan was Conventional, with 1,237 originations. Their 2nd most popular type was VA, with 113 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Patriot Bank's most frequently cited loan purpose was Home Purchase, with 862 originations. The 2nd most popular reason was 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 2021, Patriot Bank's most frequently cited loan duration was 30 Year, with 1,177 originations. The 2nd most popular length was 15 Year, with 186 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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
    $4k-5k 2 $700,000 $350,000
    $3k-4k 1 $215,000 $215,000
    $5k+ 1 $415,000 $415,000

    Patriot Bank's average total fees were $4,031, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.85%, while their most frequently originated rate bucket for loans was 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
    98.20%

    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
    85.26%

    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