Palmetto State Bank Mortgage Rates, Fees & Info

Hampton, SC

LEI: 549300RV76T00EYJVR19

Tax ID: 57-0200135

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Mortgage Data

Review & Overview

Palmetto State Bank is a smaller bank specializing in Home Purchase loans. Palmetto State Bank has a high proportion of conventional loans. Palmetto State Bank has a low ratio of conventional loans. Their top markets by origination volume include: Hilton Head Island, Charleston, Orangeburg, and Savannah among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

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Originations

76

Origination Dollar Volume (All Markets)

$17,910,000

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
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 34 $11,500,000 $338,235 $0 0.00%
Outside of Metro Areas 37 $4,915,000 $132,838 $415 10.20%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $1,060,000 $530,000 $0 0.00%
Orangeburg, SC (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Palmetto State Bank's top markets include Hilton Head Island, Charleston, Orangeburg, and Savannah among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 75 $17,885,000 $238,467 $0 0.00%
    Conventional 1 $25,000 $25,000 $415 10.20%

    For 2023, Palmetto State Bank's most frequently originated type of loan was Conventional, with 75 originations. Their 2nd most popular type was Conventional, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 41 $12,855,000 $313,537 $0 0.00%
    Refi 11 $1,745,000 $158,636 $415 10.20%
    Cash Out Refi 10 $1,740,000 $174,000 $0 0.00%
    Home Improvement 8 $950,000 $118,750 $0 0.00%
    Other 6 $620,000 $103,333 $0 0.00%

    For 2023, Palmetto State Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 76 $17,910,000 $235,658 $415 10.20%

    For 2023, Palmetto State Bank's most frequently cited loan duration was Other, with 76 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1 $25,000 $25,000

    Palmetto State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1 $25,000 $25,000

    During 2023, Palmetto State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 1 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 26 $1,290,000 $49,615 $415 10.20%
    $100k-200k 21 $2,895,000 $137,857 $0 0.00%
    $200k-400k 16 $4,490,000 $280,625 $0 0.00%
    $400k-600k 7 $3,515,000 $502,143 $0 0.00%
    $600k-1MM 5 $3,715,000 $743,000 $0 0.00%
    $1MM+ 1 $2,005,000 $2,005,000 $0 0.00%

    2023 saw Palmetto State Bank place emphasis on $100,000 or less loans with 26 originations, totaling $1,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 19 $4,315,000 $227,105 $0 0.00%
    $50k or less 13 $1,105,000 $85,000 $0 0.00%
    $75k-100k 11 $1,585,000 $144,091 $415 10.20%
    $100k-150k 8 $1,780,000 $222,500 $0 0.00%
    $50k-75k 8 $940,000 $117,500 $0 0.00%
    $250k+ 7 $5,255,000 $750,714 $0 0.00%

    Palmetto State Bank lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $50k or less, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 75 $17,885,000 $238,467 $0 0.00%
    <20% 1 $25,000 $25,000 $415 10.20%

    Palmetto State Bank lent most frequently to those with DTI ratios of Exempt%, with 75 originations. The next most common DTI ratio? <20%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $13,270,000 $245,741 $415 10.20%
    Not applicable 10 $2,930,000 $293,000 $0 0.00%
    Asian 2 $1,050,000 $525,000 $0 0.00%
    Black 9 $615,000 $68,333 $0 0.00%
    Not provided 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.23%

    Palmetto State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.11%

    Palmetto State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 75 $17,885,000 $238,467
    NA 1 $25,000 $25,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    76 $17,910,000 $235,658

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $25,000 $25,000 $415 10.20%