Southeastern Bank Mortgage Rates, Fees & Info

Darien, GA

LEI: 549300LG7IO23TN5LR98

Tax ID: 58-0214350

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Mortgage Data

Bank Data

Review & Overview

Southeastern Bank is a smaller bank specializing in Refi and Home Purchase loans. Southeastern Bank has a high proportion of conventional loans. Their top markets by origination volume include: Brunswick, Savannah, St. Marys, Jacksonville, and Hinesville among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southeastern Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

186

Origination Dollar Volume (All Markets)

$26,600,000

Employee count

109

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
BRUNSWICK, GA (FHA|USDA|VA) 129 $15,545,000 $120,504 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 11 $4,755,000 $432,273 $0 0.00%
St. Marys, GA (FHA|USDA|VA) 16 $2,330,000 $145,625 $0 0.00%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $990,000 $247,500 $0 0.00%
HINESVILLE, GA (FHA|USDA|VA) 5 $715,000 $143,000 $0 0.00%
Outside of Metro Areas 13 $655,000 $50,385 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $655,000 $655,000 $0 0.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 3 $505,000 $168,333 $0 0.00%
SUMTER, SC (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
Tifton, GA (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Waycross, GA (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
Douglas, GA (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
Southeastern Bank's top markets include Brunswick, Savannah, St. Marys, Jacksonville, and Hinesville among others.

Their top states include:
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $26,600,000 $143,011 $0 0.00%

    For 2019, Southeastern Bank's most frequently originated type of loan was Conventional, with 186 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 104 $14,120,000 $135,769 $0 0.00%
    Home Purchase 62 $10,910,000 $175,968 $0 0.00%
    Home Improvement 10 $460,000 $46,000 $0 0.00%
    Other 6 $240,000 $40,000 $0 0.00%
    Cash Out Refi 4 $870,000 $217,500 $0 0.00%

    For 2019, Southeastern Bank's most frequently cited loan purpose was Refi, with 104 originations. The 2nd most popular reason was Home Purchase, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 186 $26,600,000 $143,011 $0 0.00%

    For 2019, Southeastern Bank's most frequently cited loan duration was Other, with 186 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 122 $5,150,000 $42,213 $0 0.00%
    $100k-200k 33 $4,605,000 $139,545 $0 0.00%
    $200k-400k 20 $5,770,000 $288,500 $0 0.00%
    $1MM+ 5 $7,795,000 $1,559,000 $0 0.00%
    $400k-600k 4 $1,830,000 $457,500 $0 0.00%
    $600k-1MM 2 $1,450,000 $725,000 $0 0.00%

    2019 saw Southeastern Bank place emphasis on $100,000 or less loans with 122 originations, totaling $5,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 45 $1,705,000 $37,889 $0 0.00%
    $100k-150k 28 $2,250,000 $80,357 $0 0.00%
    $50k-75k 28 $1,600,000 $57,143 $0 0.00%
    $150k-250k 16 $2,450,000 $153,125 $0 0.00%
    $75k-100k 16 $1,590,000 $99,375 $0 0.00%
    $250k+ 10 $2,930,000 $293,000 $0 0.00%

    Southeastern Bank lent most frequently to those with incomes in the $50k or less range, with 45 originations. The second most popular income band? $100k-150k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 186 $26,600,000 $143,011 $0 0.00%

    Southeastern Bank lent most frequently to those with DTI ratios of Exempt%, with 186 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 41 $13,885,000 $338,659 $0 0.00%
    White 117 $10,595,000 $90,556 $0 0.00%
    Black 26 $1,200,000 $46,154 $0 0.00%
    Not provided 2 $920,000 $460,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.57%

    Southeastern Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.77%

    Southeastern Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 186 $26,600,000 $143,011

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $7,885,000 $876,111
    Single Family (1-4 Units):Manufactured 40 $1,610,000 $40,250
    Single Family (1-4 Units):Site-Built 137 $17,105,000 $124,854

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SOUTHSTATE BANK, N.A. - 520 GERVAIS STREET BRANCH Home equity loan or line of credit (HELOC) Trouble during payment process 1 25.0%
    SOUTHSTATE BANK, N.A. - 520 GERVAIS STREET BRANCH Other type of mortgage Struggling to pay mortgage 1 25.0%
    SOUTHSTATE BANK, N.A. - 520 GERVAIS STREET BRANCH Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    SOUTHSTATE BANK, N.A. - 520 GERVAIS STREET BRANCH Conventional home mortgage Trouble during payment process 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Southeastern Bank 1010 North Way Darien, GA 31305 Full Service B&M $74,089
    Southeastern Bank 105 Bacon Street Nahunta, GA 31553 Full Service B&M $67,831
    Southeastern Bank 15 Trade Street Brunswick, GA 31525 Full Service B&M $25,278
    Southeastern Bank 1501 Ga Highway 40 East Kingsland, GA 31548 Full Service B&M $26,560
    Southeastern Bank 15039 U.S. Hwy 17, 15039 Us Highway 17 Townsend, GA 31331 Full Service B&M $20,295
    Southeastern Bank 15885 County Road 108 Hilliard, FL 32046 Full Service B&M $24,572
    Southeastern Bank 2004 Highway 17 Richmond Hill, GA 31324 Full Service B&M $22,510
    Southeastern Bank 21 Market Street Saint Simons Island, GA 31522 Full Service B&M $3,682
    Southeastern Bank 414 Bedell Avenue Woodbine, GA 31569 Full Service B&M $22,794
    Southeastern Bank 4233 2nd Street North, 4233 North Second Street Folkston, GA 31537 Full Service B&M $45,956
    Southeastern Bank 542238 U.S. Highway 1 Callahan, FL 32011 Full Service B&M $38,325

    For 2019, Southeastern Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,755
    Net interest income $16,748
    Total noninterest income $3,623
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,142
    Trading account gains and fees $0
    Additional Noninterest Income $2,481
    Pre-tax net operating income $8,367
    Securities gains (or losses, -) $-48
    Income before extraordinary items $6,649
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,649
    Minority interest net income $0
    Net income $6,649
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,687

    Southeastern Bank's gross interest income from loans was $17,755,000.
    Southeastern Bank's net interest income from loans was $16,748,000.
    Southeastern Bank's fee based income from loans was $1,142,000.
    Southeastern Bank's net income from loans was $6,649,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,007
    Provision for credit losses $-375
    Total noninterest expense $12,379
    Salaries and employee benefits $7,455
    Premises and equipment expense $2,298
    Additional noninterest expense $2,626
    Applicable income taxes $1,670
    Net charge-offs $-1,008
    Cash dividends $8,320

    Southeastern Bank's interest expense for loans was $1,007,000.
    Southeastern Bank's payroll and benefits expense were $7,455,000.
    Southeastern Bank's property, plant and equipment expenses $2,298,000.

    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 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 2.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $401,812
    Deposits held in domestic offices $401,812
    Deposits by Individuals, partnerships, and corporations $313,676
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $88,136
    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 $250,345
    Demand deposits $94,108
    Nontransaction accounts $151,467
    Money market deposit accounts (MMDAs) $38,105
    Other savings deposits (excluding MMDAs) $71,854
    Total time deposits $41,509
    Total time and savings deposits $307,704
    Noninterest-bearing deposits $94,108
    Interest-bearing deposits $307,704
    Retail deposits $398,186
    IRAs and Keogh plan accounts $8,821
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $455,282
    Cash & Balances due from depository institutions $67,888
    Interest-bearing balances $58,086
    Total securities $114,690
    Federal funds sold & reverse repurchase $12,030
    Net loans and leases $234,262
    Loan and leases loss allowance $4,436
    Trading account assets $0
    Bank premises and fixed assets $12,342
    Other real estate owned $1,598
    Goodwill and other intangibles $0
    All other assets $12,472

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $455,282
    Total Liabilities $403,128
    Total deposits $401,812
    Interest-bearing deposits $307,704
    Deposits held in domestic offices $401,812
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,316

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $234,262
    Loan and leases loss allowance $4,436
    Total loans and leases (domestic) $238,698
    All real estate loans $194,460
    Real estate loans in domestic offices $194,460
    Construction and development loans $40,187
    Residential 1-4 family construction $27,015
    Other construction, all land development and other land $13,172
    Loans secured by nonfarm nonresidential properties $73,220
    Nonfarm nonresidential secured by owner-occupied properties $34,567
    Commercial real estate & other non-farm, non-residential $38,653
    Multifamily residential real estate $7,167
    1-4 family residential loans $69,509
    Farmland loans $4,377
    Loans held in foreign offices $0
    Farm loans $10,706
    Commercial and industrial loans $22,107
    To non-U.S. addressees $0
    Loans to individuals $8,734
    Credit card loans $999
    Related Plans $215
    Consumer Auto Loans $2,514
    Other loans to individuals $5,006
    All other loans & leases $2,722
    Loans to foreign governments and official institutions $0
    Other loans $1,133
    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 $352
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Southeastern Bank had $234,262,000 of loans outstanding in 2019. $194,460,000 of loans were in real estate loans. $40,187,000 of loans were in development loans. $7,167,000 of loans were in multifamily mortgage loans. $69,509,000 of loans were in 1-4 family mortgage loans. $10,706,000 of loans were in farm loans. $999,000 of loans were in credit card loans. $2,514,000 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 223 $41,502 $186,108
    Nonfarm, nonresidential loans - <$100k 101 $4,506 $44,614
    Nonfarm, nonresidential loans - $100-250k 60 $9,683 $161,383
    Nonfarm, nonresidential loans - $250k-1MM 62 $27,313 $440,532
    Commercial & Industrial, US addressed loans - <$1MM 478 $19,507 $40,810
    Commercial & Industrial, US addressed loans - <$100k 435 $9,248 $21,260
    Commercial & Industrial, US addressed loans - $100-250k 27 $3,860 $142,963
    Commercial & Industrial, US addressed loans - $250k-1MM 16 $6,399 $399,938
    Farmland loans - <$1MM 29 $1,955 $67,414
    Farmland loans - <$100k 24 $828 $34,500
    Farmland loans - $100-250k 3 $520 $173,333
    Farmland loans - $250k-1MM 2 $607 $303,500
    Agriculture operations loans - <$1MM 45 $5,769 $128,200
    Agriculture operations loans - <$100k 20 $773 $38,650
    Agriculture operations loans - $100-250k 19 $3,219 $169,421
    Agriculture operations loans - $250k-1MM 6 $1,777 $296,167