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, Refi, and Cash Out Refi loans. Palmetto State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hilton Head Island, Charleston, Georgetown, Columbia, and Asheville among others. We have data for 11 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

259

Origination Dollar Volume (All Markets)

$61,155,000

Employee count

82

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) 147 $44,065,000 $299,762 $0 0.00%
Outside of Metro Areas 93 $12,245,000 $131,667 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 9 $2,895,000 $321,667 $0 0.00%
Georgetown, SC (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
COLUMBIA, SC (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 2 $210,000 $105,000 $0 0.00%
Union, SC (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Orangeburg, SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Palmetto State Bank's top markets include Hilton Head Island, Charleston, Georgetown, Columbia, and Asheville among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 259 $61,155,000 $236,120 $0 0.00%

    For 2021, Palmetto State Bank's most frequently originated type of loan was Conventional, with 259 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 91 $24,445,000 $268,626 $0 0.00%
    Refi 76 $15,810,000 $208,026 $0 0.00%
    Cash Out Refi 71 $17,945,000 $252,746 $0 0.00%
    Other 17 $2,725,000 $160,294 $0 0.00%
    Home Improvement 4 $230,000 $57,500 $0 0.00%

    For 2021, Palmetto State Bank's most frequently cited loan purpose was Home Purchase, with 91 originations. The 2nd most popular reason was Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 259 $61,155,000 $236,120 $0 0.00%

    For 2021, Palmetto State Bank's most frequently cited loan duration was Other, with 259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 81 $21,795,000 $269,074 $0 0.00%
    $100k-200k 74 $10,320,000 $139,459 $0 0.00%
    $100,000 or less 63 $3,645,000 $57,857 $0 0.00%
    $400k-600k 34 $16,630,000 $489,118 $0 0.00%
    $600k-1MM 4 $3,150,000 $787,500 $0 0.00%
    $1MM+ 3 $5,615,000 $1,871,667 $0 0.00%

    2021 saw Palmetto State Bank place emphasis on $200k-400k loans with 81 originations, totaling $21,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 54 $11,020,000 $204,074 $0 0.00%
    $100k-150k 48 $9,670,000 $201,458 $0 0.00%
    $50k or less 47 $4,225,000 $89,894 $0 0.00%
    $150k-250k 40 $14,470,000 $361,750 $0 0.00%
    $75k-100k 34 $6,910,000 $203,235 $0 0.00%
    $250k+ 19 $7,655,000 $402,895 $0 0.00%

    Palmetto State Bank lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 259 $61,155,000 $236,120 $0 0.00%

    Palmetto State Bank lent most frequently to those with DTI ratios of Exempt%, with 259 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 208 $49,850,000 $239,663 $0 0.00%
    Not applicable 17 $7,205,000 $423,824 $0 0.00%
    Black 26 $2,900,000 $111,538 $0 0.00%
    Asian 4 $610,000 $152,500 $0 0.00%
    Not provided 2 $410,000 $205,000 $0 0.00%
    Native Hawaiian or Islander 1 $155,000 $155,000 $0 0.00%
    Asian Indian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.50%

    Palmetto State 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
    94.59%

    Palmetto State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 259 $61,155,000 $236,120

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    259 $61,155,000 $236,120

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    PLANET HOME LENDING, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 5.0%
    PLANET HOME LENDING, LLC Conventional home mortgage Closing on a mortgage 3 2.5%
    PLANET HOME LENDING, LLC Conventional home mortgage Incorrect information on your report 2 1.7%
    PLANET HOME LENDING, LLC Conventional home mortgage Struggling to pay mortgage 15 12.5%
    PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 35 29.2%
    PLANET HOME LENDING, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.7%
    PLANET HOME LENDING, LLC FHA mortgage Closing on a mortgage 2 1.7%
    PLANET HOME LENDING, LLC FHA mortgage Credit monitoring or identity theft protection services 1 0.8%
    PLANET HOME LENDING, LLC FHA mortgage Incorrect information on your report 2 1.7%
    PLANET HOME LENDING, LLC FHA mortgage Problem with a credit reporting company's investigation into an existing problem 2 1.7%
    PLANET HOME LENDING, LLC FHA mortgage Struggling to pay mortgage 7 5.8%
    PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 11 9.2%
    PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Closing on a mortgage 1 0.8%
    PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 4 3.3%
    PLANET HOME LENDING, LLC Other type of mortgage Incorrect information on your report 1 0.8%
    PLANET HOME LENDING, LLC Other type of mortgage Struggling to pay mortgage 3 2.5%
    PLANET HOME LENDING, LLC Other type of mortgage Trouble during payment process 4 3.3%
    PLANET HOME LENDING, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 7 5.8%
    PLANET HOME LENDING, LLC VA mortgage Closing on a mortgage 1 0.8%
    PLANET HOME LENDING, LLC VA mortgage Incorrect information on your report 2 1.7%
    PLANET HOME LENDING, LLC VA mortgage Trouble during payment process 9 7.5%

    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 $74,875
    Palmetto State Bank 145 Lady's Island Drive Lady's Island, SC 29902 Full Service B&M $63,114
    Palmetto State Bank 194 Bluffton Road Bluffton, SC 29910 Full Service B&M $101,254
    Palmetto State Bank 230 Main Street N Allendale, SC 29810 Full Service B&M $76,119
    Palmetto State Bank 2347 Boundary Street Beaufort, SC 29902 Full Service B&M $34,217
    Palmetto State Bank 601 First Street, West Hampton, SC 29924 Full Service B&M $164,807
    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 $46,974

    For 2021, Palmetto State Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,589
    Net interest income $19,944
    Total noninterest income $5,150
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,059
    Trading account gains and fees $0
    Additional Noninterest Income $4,091
    Pre-tax net operating income $10,567
    Securities gains (or losses, -) $0
    Income before extraordinary items $8,867
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,867
    Minority interest net income $0
    Net income $8,867
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,867

    Palmetto State Bank's gross interest income from loans was $20,589,000.
    Palmetto State Bank's net interest income from loans was $19,944,000.
    Palmetto State Bank's fee based income from loans was $1,059,000.
    Palmetto State Bank's net income from loans was $8,867,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $645
    Provision for credit losses $1,225
    Total noninterest expense $13,302
    Salaries and employee benefits $6,827
    Premises and equipment expense $1,133
    Additional noninterest expense $5,342
    Applicable income taxes $1,700
    Net charge-offs $1,040
    Cash dividends $3,000

    Palmetto State Bank's interest expense for loans was $645,000.
    Palmetto State Bank's payroll and benefits expense were $6,827,000.
    Palmetto State Bank's property, plant and equipment expenses $1,133,000.

    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 $602,445
    Deposits held in domestic offices $602,445
    Deposits by Individuals, partnerships, and corporations $551,361
    Deposits by U.S. Government $2,026
    Deposits by States and political subdivisions in the U.S. $49,058
    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 $342,908
    Demand deposits $342,908
    Nontransaction accounts $259,537
    Money market deposit accounts (MMDAs) $72,170
    Other savings deposits (excluding MMDAs) $109,091
    Total time deposits $78,276
    Total time and savings deposits $259,537
    Noninterest-bearing deposits $188,207
    Interest-bearing deposits $414,238
    Retail deposits $574,659
    IRAs and Keogh plan accounts $15,322
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $705,054
    Cash & Balances due from depository institutions $43,791
    Interest-bearing balances $25,233
    Total securities $399,411
    Federal funds sold & reverse repurchase $17,984
    Net loans and leases $227,013
    Loan and leases loss allowance $3,481
    Trading account assets $0
    Bank premises and fixed assets $1,621
    Other real estate owned $0
    Goodwill and other intangibles $1,502
    All other assets $13,732

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $705,054
    Total Liabilities $623,112
    Total deposits $602,445
    Interest-bearing deposits $414,238
    Deposits held in domestic offices $602,445
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $14,367
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,300

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $227,013
    Loan and leases loss allowance $3,481
    Total loans and leases (domestic) $230,494
    All real estate loans $171,571
    Real estate loans in domestic offices $171,571
    Construction and development loans $30,560
    Residential 1-4 family construction $14,494
    Other construction, all land development and other land $16,066
    Loans secured by nonfarm nonresidential properties $62,685
    Nonfarm nonresidential secured by owner-occupied properties $47,132
    Commercial real estate & other non-farm, non-residential $15,553
    Multifamily residential real estate $1,086
    1-4 family residential loans $58,935
    Farmland loans $18,305
    Loans held in foreign offices $0
    Farm loans $416
    Commercial and industrial loans $32,559
    To non-U.S. addressees $0
    Loans to individuals $17,653
    Credit card loans $879
    Related Plans $72
    Consumer Auto Loans $3,554
    Other loans to individuals $13,148
    All other loans & leases $8,295
    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 $506
    Non 1-4 family restructured loans & leases $118
    Total loans and leases (foreign) $0

    Palmetto State Bank had $227,013,000 of loans outstanding in 2021. $171,571,000 of loans were in real estate loans. $30,560,000 of loans were in development loans. $1,086,000 of loans were in multifamily mortgage loans. $58,935,000 of loans were in 1-4 family mortgage loans. $416,000 of loans were in farm loans. $879,000 of loans were in credit card loans. $3,554,000 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 200 $37,159 $185,795
    Nonfarm, nonresidential loans - <$100k 72 $2,599 $36,097
    Nonfarm, nonresidential loans - $100-250k 64 $8,034 $125,531
    Nonfarm, nonresidential loans - $250k-1MM 64 $26,526 $414,469
    Commercial & Industrial, US addressed loans - <$1MM 601 $30,119 $50,115
    Commercial & Industrial, US addressed loans - <$100k 490 $10,759 $21,957
    Commercial & Industrial, US addressed loans - $100-250k 79 $8,800 $111,392
    Commercial & Industrial, US addressed loans - $250k-1MM 32 $10,560 $330,000
    Farmland loans - <$1MM 65 $7,218 $111,046
    Farmland loans - <$100k 33 $1,192 $36,121
    Farmland loans - $100-250k 19 $2,320 $122,105
    Farmland loans - $250k-1MM 13 $3,706 $285,077
    Agriculture operations loans - <$1MM 10 $416 $41,600
    Agriculture operations loans - <$100k 9 $94 $10,444
    Agriculture operations loans - $250k-1MM 1 $322 $322,000