Southern First Bank Mortgage Rates, Fees & Info

GREENVILLE, SC

LEI: 549300PP6R8WIOP60124

Tax ID: 56-2184826

5 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Southern First Bank is a small bank specializing in Home Purchase and Refi loans. Southern First 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 Greenville, Charleston, Atlanta, Columbia, and Spartanburg among others. Southern First Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Southern First Bank is typically an average fee lendor.


Originations

2,751

Origination Dollar Volume (All Markets)

$1,070,825,000

Employee count

278 Show all (14) awards

Relative Rate

Southern First Bank's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

Southern First Bank's average total fees for a 30 year fixed rate mortgage are $3,682.

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
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1,228 $415,230,000 $338,135 $3,493 3.06%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 339 $176,555,000 $520,811 $4,213 3.25%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 292 $160,570,000 $549,897 $4,353 3.12%
COLUMBIA, SC (FHA|USDA|VA) 260 $80,820,000 $310,846 $3,042 2.98%
SPARTANBURG, SC (FHA|USDA|VA) 118 $31,790,000 $269,407 $3,331 3.13%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 100 $29,330,000 $293,300 $3,031 3.22%
RALEIGH-CARY, NC (FHA|USDA|VA) 69 $23,135,000 $335,290 $2,640 3.06%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 52 $21,820,000 $419,615 $4,169 3.13%
Outside of Metro Areas 40 $18,820,000 $470,500 $4,253 3.13%
Seneca, SC (FHA|USDA|VA) 24 $11,960,000 $498,333 $3,567 2.99%
Georgetown, SC (FHA|USDA|VA) 11 $8,535,000 $775,909 $2,731 2.92%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 12 $8,460,000 $705,000 $4,738 3.36%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 29 $7,995,000 $275,690 $2,761 3.15%
ASHEVILLE, NC (FHA|USDA|VA) 18 $7,890,000 $438,333 $4,311 3.29%
WINSTON-SALEM, NC (FHA|USDA|VA) 30 $7,440,000 $248,000 $3,273 3.32%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 17 $7,405,000 $435,588 $3,475 3.39%
Morehead City, NC (FHA|USDA|VA) 10 $5,500,000 $550,000 $3,129 3.19%
Cullowhee, NC (FHA|USDA|VA) 4 $5,210,000 $1,302,500 $6,867 2.91%
BRUNSWICK, GA (FHA|USDA|VA) 4 $4,040,000 $1,010,000 $11,315 3.39%
Brevard, NC (FHA|USDA|VA) 4 $3,750,000 $937,500 $6,543 3.40%
WILMINGTON, NC (FHA|USDA|VA) 5 $3,095,000 $619,000 $3,200 3.20%
BURLINGTON, NC (FHA|USDA|VA) 4 $2,220,000 $555,000 $2,731 3.04%
GAINESVILLE, GA (FHA|USDA|VA) 6 $2,150,000 $358,333 $3,653 3.17%
Greenwood, SC (FHA|USDA|VA) 5 $2,085,000 $417,000 $3,059 3.55%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 3.75%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 4 $1,810,000 $452,500 $5,785 3.24%
SUMTER, SC (FHA|USDA|VA) 8 $1,700,000 $212,500 $3,270 2.97%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 6 $1,540,000 $256,667 $3,288 3.08%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 3 $1,465,000 $488,333 $4,578 3.29%
ROANOKE, VA (FHA|USDA|VA) 3 $1,425,000 $475,000 $2,029 2.54%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $1,170,000 $585,000 $3,656 3.13%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,140,000 $570,000 $0 3.38%
Forest City, NC (FHA|USDA|VA) 2 $1,070,000 $535,000 $3,775 3.00%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $965,000 $965,000 $3,931 3.25%
Newberry, SC (FHA|USDA|VA) 4 $930,000 $232,500 $2,730 3.71%
Orangeburg, SC (FHA|USDA|VA) 3 $815,000 $271,667 $3,198 3.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $805,000 $805,000 $4,234 3.25%
GOLDSBORO, NC (FHA|USDA|VA) 1 $755,000 $755,000 $0 3.95%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $745,000 $745,000 $4,699 3.25%
FLORENCE, SC (FHA|USDA|VA) 3 $735,000 $245,000 $3,143 3.02%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $730,000 $365,000 $3,882 3.06%
COLUMBUS, GA-AL (FHA|USDA|VA) 2 $650,000 $325,000 $3,908 2.94%
COLUMBUS, OH (FHA|USDA|VA) 1 $525,000 $525,000 $1,590 2.88%
SAVANNAH, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,922 3.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $355,000 $355,000 $0 3.25%
Shelby, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,302 2.88%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $305,000 $305,000 $3,282 2.63%
ROME, GA (FHA|USDA|VA) 1 $295,000 $295,000 $3,360 3.25%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $275,000 $275,000 $2,746 3.13%
Mount Airy, NC (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.25%
Boone, NC (FHA|USDA|VA) 1 $235,000 $235,000 $3,678 3.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $215,000 $215,000 $7,318 2.88%
CLEVELAND, TN (FHA|USDA|VA) 1 $205,000 $205,000 $3,082 3.00%
RICHMOND, VA (FHA|USDA|VA) 1 $205,000 $205,000 $2,463 2.88%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,577 2.25%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $170,000 $85,000 $2,272 3.43%
Milledgeville, GA (FHA|USDA|VA) 2 $160,000 $80,000 $0 3.75%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.50%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $135,000 $135,000 $2,237 3.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,196 2.88%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.25%

Southern First Bank's top markets include Greenville, Charleston, Atlanta, Columbia, and Spartanburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,698 $1,056,180,000 $391,468 $3,534 3.12%
VA 25 $8,185,000 $327,400 $5,346 2.53%
FHA 24 $5,740,000 $239,167 $7,179 2.74%
USDA 4 $720,000 $180,000 $4,820 2.53%

For the 2021 period, Southern First Bank's most frequently originated loan type of loans were Conventional, with 2,698 originations. Their 2nd most popular type is VA, with 25 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,065 $481,425,000 $452,042 $4,434 3.17%
Refi 948 $390,160,000 $411,561 $2,951 2.99%
Other 299 $63,585,000 $212,659 $2,950 3.31%
Cash Out Refi 296 $99,990,000 $337,804 $3,057 2.93%
Home Improvement 143 $35,665,000 $249,406 $4,069 3.36%

For the 2021, Southern First Bank's most frequently cited loan purpose of loans were Home Purchase, with 1,065 originations. The 2nd most popular reason of loans were Refi, with 948 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,585 $670,625,000 $423,107 $3,682 3.03%
15 Year 749 $196,595,000 $262,477 $3,064 3.08%
Other 152 $78,290,000 $515,066 $3,681 3.66%
10 Year 111 $47,275,000 $425,901 $3,971 3.47%
20 Year 81 $29,245,000 $361,049 $3,181 3.03%
5 Year 30 $23,630,000 $787,667 $5,771 3.82%
30+ year 25 $17,815,000 $712,600 $4,366 3.11%
1 Year 15 $5,945,000 $396,333 $3,772 3.66%
3 Year 3 $1,405,000 $468,333 $0 4.03%

For the 2021, Southern First Bank's most frequently cited loan length of loans were 30 Year, with 1,585 originations. The 2nd most popular length of loans were 15 Year, with 749 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,460 $524,100,000 $358,973
$<1k 243 $122,015,000 $502,119
$2k-3k 128 $68,650,000 $536,328
$3k-4k 103 $73,265,000 $711,311
$5k+ 33 $45,675,000 $1,384,091

$3,682 of loans were Southern First Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,460 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,453 $610,835,000 $420,396
2.5-3% 922 $346,110,000 $375,390
<2.5% 313 $94,465,000 $301,805
4-5% 63 $19,415,000 $308,175

During 2021, Southern First Bank's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 3-4%, with 1,453 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,020 $287,640,000 $282,000 $3,162 3.02%
$100k-200k 584 $87,520,000 $149,863 $2,522 3.11%
$400k-600k 510 $246,170,000 $482,686 $3,658 3.02%
$600k-1MM 285 $217,075,000 $761,667 $5,089 3.23%
$100,000 or less 213 $13,735,000 $64,484 $2,095 3.42%
$1MM+ 139 $218,685,000 $1,573,273 $7,597 3.33%

2021 saw Southern First Bank place emphasis on $200k-400k loans with 1,020 originations, totaling $287,640,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 729 $423,795,000 $581,337 $4,618 3.15%
$150k-250k 559 $214,155,000 $383,104 $3,693 3.08%
$100k-150k 502 $154,900,000 $308,566 $3,334 3.01%
$50k-75k 285 $58,975,000 $206,930 $3,037 2.96%
$75k-100k 273 $70,965,000 $259,945 $3,107 3.04%
$50k or less 147 $22,805,000 $155,136 $2,686 2.95%

Southern First Bank lent most frequently to those with incomes in the $250k+ range, with 729 originations. The second most popular income band? $150k-250k, with 559 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 805 $299,715,000 $372,317 $3,635 3.06%
<20% 767 $310,485,000 $404,804 $3,615 3.09%
30-36% 403 $143,565,000 $356,241 $3,653 3.05%
37% 61 $21,665,000 $355,164 $3,488 3.04%
36% 59 $22,525,000 $381,780 $3,632 3.09%
39% 53 $20,575,000 $388,208 $3,304 3.01%
38% 52 $20,660,000 $397,308 $3,739 3.04%
42% 46 $15,370,000 $334,130 $2,992 2.92%
40% 44 $14,270,000 $324,318 $3,240 2.93%
43% 38 $10,830,000 $285,000 $3,717 3.02%
44% 37 $13,995,000 $378,243 $3,337 2.94%
41% 35 $15,655,000 $447,286 $3,781 3.01%
45% 25 $6,535,000 $261,400 $3,247 2.94%
46% 21 $6,065,000 $288,810 $3,241 2.89%
47% 20 $5,830,000 $291,500 $3,830 3.02%
49% 20 $6,630,000 $331,500 $3,619 2.98%
50-60% 19 $5,805,000 $305,526 $4,796 3.27%
48% 15 $5,155,000 $343,667 $2,974 2.93%
>60% 9 $3,495,000 $388,333 $4,473 3.32%

Southern First Bank lent most frequently to those with DTI ratios of 20-30%, with 805 originations. The next most common DTI ratio? <20%, with 767 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,089 $783,035,000 $374,837 $3,529 3.02%
Not provided 357 $137,235,000 $384,412 $4,139 3.26%
Not applicable 200 $110,270,000 $551,350 $0 3.75%
Black 50 $16,830,000 $336,600 $3,613 3.01%
Asian 39 $16,065,000 $411,923 $4,110 3.05%
Asian Indian 7 $3,665,000 $523,571 $4,023 3.14%
American Indian 6 $2,840,000 $473,333 $3,726 3.04%
Native Hawaiian 1 $475,000 $475,000 $2,474 2.75%
Other Pacific Islander 2 $410,000 $205,000 $3,385 3.55%

Approval Rates

Total approvals of all applications
99.09%

Southern First 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
90.34%

Southern First Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,751 $1,070,825,000 $389,249

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,751 $1,070,825,000 $389,249

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 319 $92,185,000 $288,981 $2,785 3.10%
40-60% 440 $193,280,000 $439,273 $3,247 2.98%
60-80% 1,070 $488,090,000 $456,159 $3,582 3.13%
80-100% 676 $264,200,000 $390,828 $4,018 3.07%
Over 100% 8 $5,330,000 $666,250 $7,730 3.24%
Under 20% 237 $27,635,000 $116,603 $2,020 3.34%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SOUTHERN TRUST MORTGAGE LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Southern First Bank 100 South Elm Street, Suite 100 Greensboro, NC 27401 Full Service B&M $57,177
Southern First Bank 100 Verdae Boulevard, Suite 100 Greenville, SC 29607 Full Service B&M $730,110
Southern First Bank 105 Front Street Summerville, SC 29486 Full Service B&M $39,547
Southern First Bank 190 Knox Abbott Drive Cayce, SC 29033 Full Service B&M $270,625
Southern First Bank 1900 Woodruff Rd Greenville, SC 29607 Full Service B&M $111,423
Southern First Bank 2125 Augusta Street Greenville, SC 29605 Full Service B&M $171,259
Southern First Bank 307 The Parkway Greer, SC 29650 Full Service B&M $119,173
Southern First Bank 309 East Paces Ferry Road Ne Atlanta, GA 30305 Full Service B&M $210,717
Southern First Bank 5444 Wade Park Boulevard, Suite 100 Raleigh, NC 27607 Full Service B&M $94,362
Southern First Bank 691 Johnnie Dodds Boulevard Mount Pleasant, SC 29464 Full Service Retail $159,660
Southern First Bank 80 Calhoun Street Charleston, SC 29401 Full Service B&M $365,445

For 2021, Southern First Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $93,891
Net interest income $89,959
Total noninterest income $17,759
Gross Fiduciary activities income $0
Service charges on deposit accounts $757
Trading account gains and fees $0
Additional Noninterest Income $17,002
Pre-tax net operating income $62,596
Securities gains (or losses, -) $-3
Income before extraordinary items $48,125
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $48,125
Minority interest net income $0
Net income $48,125
Sale, conversion, retirement of capital stock, net $0
Net operating income $48,127

Southern First Bank's gross interest income from loans was $93,891,000.
Southern First Bank's net interest income from loans was $89,959,000.
Southern First Bank's fee based income from loans was $757,000.
Southern First Bank's net income from loans was $48,125,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,932
Provision for credit losses $-12,400
Total noninterest expense $57,522
Salaries and employee benefits $35,068
Premises and equipment expense $6,731
Additional noninterest expense $15,723
Applicable income taxes $14,468
Net charge-offs $1,341
Cash dividends $0

Southern First Bank's interest expense for loans was $3,932,000.
Southern First Bank's payroll and benefits expense were $35,068,000.
Southern First Bank's property, plant and equipment expenses $6,731,000.

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 1.0%
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 $2,581,680
Deposits held in domestic offices $2,581,680
Deposits by Individuals, partnerships, and corporations $2,229,484
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $279,970
Deposits by Commercial banks and other depository institutions in U.S. $72,226
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,175,912
Demand deposits $774,124
Nontransaction accounts $1,405,768
Money market deposit accounts (MMDAs) $1,213,479
Other savings deposits (excluding MMDAs) $39,696
Total time deposits $152,593
Total time and savings deposits $1,807,556
Noninterest-bearing deposits $774,124
Interest-bearing deposits $1,807,556
Retail deposits $2,503,766
IRAs and Keogh plan accounts $17,389
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,925,939
Cash & Balances due from depository institutions $143,373
Interest-bearing balances $120,289
Total securities $120,281
Federal funds sold & reverse repurchase $25,000
Net loans and leases $2,473,025
Loan and leases loss allowance $30,408
Trading account assets $0
Bank premises and fixed assets $92,339
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $71,921

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,925,939
Total Liabilities $2,624,462
Total deposits $2,581,680
Interest-bearing deposits $1,807,556
Deposits held in domestic offices $2,581,680
% insured (estimated) $55
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $28,013
Subordinated debt $0
All other liabilities $14,769

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,473,025
Loan and leases loss allowance $30,408
Total loans and leases (domestic) $2,503,433
All real estate loans $2,239,109
Real estate loans in domestic offices $2,239,109
Construction and development loans $193,744
Residential 1-4 family construction $67,134
Other construction, all land development and other land $126,610
Loans secured by nonfarm nonresidential properties $947,710
Nonfarm nonresidential secured by owner-occupied properties $459,734
Commercial real estate & other non-farm, non-residential $487,976
Multifamily residential real estate $21,534
1-4 family residential loans $1,057,325
Farmland loans $18,796
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $237,348
To non-U.S. addressees $0
Loans to individuals $26,889
Credit card loans $0
Related Plans $13,925
Consumer Auto Loans $1,243
Other loans to individuals $11,721
All other loans & leases $87
Loans to foreign governments and official institutions $0
Other loans $87
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $10
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,299
Non 1-4 family restructured loans & leases $1,227
Total loans and leases (foreign) $0

Southern First Bank had $2,473,025,000 of loans outstanding in 2021. $2,239,109,000 of loans were in real estate loans. $193,744,000 of loans were in development loans. $21,534,000 of loans were in multifamily mortgage loans. $1,057,325,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,243,000 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 626 $212,355 $339,225
Nonfarm, nonresidential loans - <$100k 49 $2,827 $57,694
Nonfarm, nonresidential loans - $100-250k 177 $26,603 $150,299
Nonfarm, nonresidential loans - $250k-1MM 400 $182,925 $457,313
Commercial & Industrial, US addressed loans - <$1MM 1,175 $130,945 $111,443
Commercial & Industrial, US addressed loans - <$100k 554 $12,666 $22,863
Commercial & Industrial, US addressed loans - $100-250k 300 $24,314 $81,047
Commercial & Industrial, US addressed loans - $250k-1MM 321 $93,965 $292,726
Farmland loans - <$1MM 29 $5,216 $179,862
Farmland loans - <$100k 6 $311 $51,833
Farmland loans - $100-250k 15 $2,422 $161,467
Farmland loans - $250k-1MM 8 $2,483 $310,375