Palmetto State Bank Mortgage Rates, Fees & Info

Hampton, SC

LEI: 549300RV76T00EYJVR19

Tax ID: 57-0200135

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Mortgage Data

Bank Data

Review & Overview

Palmetto State Bank is a smaller bank specializing in Home Purchase and Refi loans. Palmetto State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hilton Head Island, Columbia, Charleston, Augusta, and Savannah among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Palmetto State 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

139

Origination Dollar Volume (All Markets)

$20,375,000

Employee count

85

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) 57 $13,075,000 $229,386 $0 0.00%
Outside of Metro Areas 72 $5,660,000 $78,611 $0 0.00%
COLUMBIA, SC (FHA|USDA|VA) 4 $840,000 $210,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $535,000 $178,333 $0 0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $160,000 $80,000 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Palmetto State Bank's top markets include Hilton Head Island, Columbia, Charleston, Augusta, 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 139 $20,375,000 $146,583 $0 0.00%

    For 2018, Palmetto State Bank's most frequently originated type of loan was Conventional, with 139 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $8,850,000 $138,281 $0 0.00%
    Refi 54 $9,290,000 $172,037 $0 0.00%
    Cash Out Refi 10 $1,490,000 $149,000 $0 0.00%
    Other 8 $620,000 $77,500 $0 0.00%
    Home Improvement 3 $125,000 $41,667 $0 0.00%

    For 2018, Palmetto State Bank's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Refi, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 139 $20,375,000 $146,583 $0 0.00%

    For 2018, Palmetto State Bank's most frequently cited loan duration was Other, with 139 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 78 $4,070,000 $52,179 $0 0.00%
    $100k-200k 30 $4,270,000 $142,333 $0 0.00%
    $200k-400k 24 $6,810,000 $283,750 $0 0.00%
    $400k-600k 4 $1,750,000 $437,500 $0 0.00%
    $1MM+ 2 $2,760,000 $1,380,000 $0 0.00%
    $600k-1MM 1 $715,000 $715,000 $0 0.00%

    2018 saw Palmetto State Bank place emphasis on $100,000 or less loans with 78 originations, totaling $4,070,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 38 $2,800,000 $73,684 $0 0.00%
    $50k-75k 30 $3,180,000 $106,000 $0 0.00%
    $100k-150k 20 $3,540,000 $177,000 $0 0.00%
    $75k-100k 19 $2,605,000 $137,105 $0 0.00%
    $150k-250k 11 $2,385,000 $216,818 $0 0.00%
    $250k+ 9 $4,175,000 $463,889 $0 0.00%

    Palmetto State Bank lent most frequently to those with incomes in the $50k or less range, with 38 originations. The second most popular income band? $50k-75k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 139 $20,375,000 $146,583 $0 0.00%

    Palmetto State Bank lent most frequently to those with DTI ratios of Exempt%, with 139 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 115 $17,855,000 $155,261 $0 0.00%
    Black 15 $1,095,000 $73,000 $0 0.00%
    Not applicable 7 $1,045,000 $149,286 $0 0.00%
    Not provided 1 $245,000 $245,000 $0 0.00%
    Asian 1 $135,000 $135,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.21%

    Palmetto State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.84%

    Palmetto State 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 139 $20,375,000 $146,583

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $175,000 $175,000
    Multifamily:Site-Built 1 $305,000 $305,000
    Single Family (1-4 Units):Manufactured 13 $545,000 $41,923
    Single Family (1-4 Units):Site-Built 124 $19,350,000 $156,048

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PLANET HOME LENDING, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.9%
    PLANET HOME LENDING, LLC Conventional home mortgage Incorrect information on your report 1 1.9%
    PLANET HOME LENDING, LLC Conventional home mortgage Struggling to pay mortgage 14 26.9%
    PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 13 25.0%
    PLANET HOME LENDING, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 3.8%
    PLANET HOME LENDING, LLC FHA mortgage Struggling to pay mortgage 3 5.8%
    PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 4 7.7%
    PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 1.9%
    PLANET HOME LENDING, LLC Other type of mortgage Struggling to pay mortgage 1 1.9%
    PLANET HOME LENDING, LLC Other type of mortgage Trouble during payment process 1 1.9%
    PLANET HOME LENDING, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 3.8%
    PLANET HOME LENDING, LLC VA mortgage Closing on a mortgage 2 3.8%
    PLANET HOME LENDING, LLC VA mortgage Struggling to pay mortgage 3 5.8%
    PLANET HOME LENDING, LLC VA mortgage Trouble during payment process 4 7.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Palmetto State Bank 106 East 3rd Street Estill, SC 29918 Full Service B&M $68,463
    Palmetto State Bank 145 Lady's Island Drive Lady's Island, SC 29902 Full Service B&M $50,592
    Palmetto State Bank 194 Bluffton Road Bluffton, SC 29910 Full Service B&M $80,690
    Palmetto State Bank 230 Main Street N Allendale, SC 29810 Full Service B&M $65,730
    Palmetto State Bank 2347 Boundary Street Beaufort, SC 29902 Full Service B&M $28,683
    Palmetto State Bank 601 First Street, West Hampton, SC 29924 Full Service B&M $139,577
    Palmetto State Bank Bay Street Allendale, SC 29810 Limited, Drive-thru $0
    Palmetto State Bank Seventh Street And Charleston Avenue Fairfax, SC 29827 Full Service B&M $36,761

    For 2018, Palmetto State Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,303
    Net interest income $18,076
    Total noninterest income $3,516
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,283
    Trading account gains and fees $0
    Additional Noninterest Income $2,233
    Pre-tax net operating income $10,625
    Securities gains (or losses, -) $0
    Income before extraordinary items $8,225
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,225
    Minority interest net income $0
    Net income $8,225
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,225

    Palmetto State Bank's gross interest income from loans was $19,303,000.
    Palmetto State Bank's net interest income from loans was $18,076,000.
    Palmetto State Bank's fee based income from loans was $1,283,000.
    Palmetto State Bank's net income from loans was $8,225,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,227
    Provision for credit losses $0
    Total noninterest expense $10,967
    Salaries and employee benefits $6,700
    Premises and equipment expense $1,395
    Additional noninterest expense $2,872
    Applicable income taxes $2,400
    Net charge-offs $583
    Cash dividends $5,000

    Palmetto State Bank's interest expense for loans was $1,227,000.
    Palmetto State Bank's payroll and benefits expense were $6,700,000.
    Palmetto State Bank's property, plant and equipment expenses $1,395,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 8.0%
    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 $447,888
    Deposits held in domestic offices $447,888
    Deposits by Individuals, partnerships, and corporations $405,699
    Deposits by U.S. Government $680
    Deposits by States and political subdivisions in the U.S. $41,509
    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 $66,088
    Demand deposits $26,162
    Nontransaction accounts $381,800
    Money market deposit accounts (MMDAs) $72,027
    Other savings deposits (excluding MMDAs) $218,319
    Total time deposits $91,454
    Total time and savings deposits $421,726
    Noninterest-bearing deposits $26,162
    Interest-bearing deposits $421,726
    Retail deposits $424,322
    IRAs and Keogh plan accounts $16,477
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $546,144
    Cash & Balances due from depository institutions $17,072
    Interest-bearing balances $3,768
    Total securities $327,103
    Federal funds sold & reverse repurchase $5,336
    Net loans and leases $182,236
    Loan and leases loss allowance $3,986
    Trading account assets $0
    Bank premises and fixed assets $1,766
    Other real estate owned $119
    Goodwill and other intangibles $1,398
    All other assets $11,114

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $546,144
    Total Liabilities $457,916
    Total deposits $447,888
    Interest-bearing deposits $421,726
    Deposits held in domestic offices $447,888
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $6,707
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,321

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $182,236
    Loan and leases loss allowance $3,986
    Total loans and leases (domestic) $186,222
    All real estate loans $133,736
    Real estate loans in domestic offices $133,736
    Construction and development loans $14,323
    Residential 1-4 family construction $2,719
    Other construction, all land development and other land $11,604
    Loans secured by nonfarm nonresidential properties $50,246
    Nonfarm nonresidential secured by owner-occupied properties $44,620
    Commercial real estate & other non-farm, non-residential $5,626
    Multifamily residential real estate $794
    1-4 family residential loans $47,983
    Farmland loans $20,390
    Loans held in foreign offices $0
    Farm loans $1,326
    Commercial and industrial loans $27,947
    To non-U.S. addressees $0
    Loans to individuals $11,235
    Credit card loans $999
    Related Plans $123
    Consumer Auto Loans $5,084
    Other loans to individuals $5,029
    All other loans & leases $11,978
    Loans to foreign governments and official institutions $0
    Other loans $3,160
    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 $5,208
    Non 1-4 family restructured loans & leases $4,735
    Total loans and leases (foreign) $0

    Palmetto State Bank had $182,236,000 of loans outstanding in 2018. $133,736,000 of loans were in real estate loans. $14,323,000 of loans were in development loans. $794,000 of loans were in multifamily mortgage loans. $47,983,000 of loans were in 1-4 family mortgage loans. $1,326,000 of loans were in farm loans. $999,000 of loans were in credit card loans. $5,084,000 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 150 $25,700 $171,333
    Nonfarm, nonresidential loans - <$100k 55 $2,080 $37,818
    Nonfarm, nonresidential loans - $100-250k 40 $5,456 $136,400
    Nonfarm, nonresidential loans - $250k-1MM 55 $18,164 $330,255
    Commercial & Industrial, US addressed loans - <$1MM 463 $21,254 $45,905
    Commercial & Industrial, US addressed loans - <$100k 362 $6,783 $18,738
    Commercial & Industrial, US addressed loans - $100-250k 81 $8,321 $102,728
    Commercial & Industrial, US addressed loans - $250k-1MM 20 $6,150 $307,500
    Farmland loans - <$1MM 70 $6,354 $90,771
    Farmland loans - <$100k 40 $1,346 $33,650
    Farmland loans - $100-250k 20 $2,335 $116,750
    Farmland loans - $250k-1MM 10 $2,673 $267,300
    Agriculture operations loans - <$1MM 22 $1,326 $60,273
    Agriculture operations loans - <$100k 22 $1,326 $60,273