First Reliance Bank Mortgage Rates, Fees & Info
Florence, SCLEI: 549300SLZFPDLWNB0O94
Tax ID: 58-2463842
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Mortgage Data
Bank Data
Review & Overview
First Reliance Bank is a smaller bank specializing in Refi and Home Purchase loans. First Reliance Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Greenville, Florence, Columbia, Charlotte, and Roanoke among others. We have data for 57 markets. (Some data included below & more in-depth data is available with an active subscription.)First Reliance 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. First Reliance Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 4/21/24 |
| 30 Year Conventional Refi | 6.36% | 4/21/24 |
| 30 Year Cash-out Refi | 6.62% | 4/21/24 |
| 30 Year FHA Purchase | 7.10% | 4/21/24 |
| 30 Year FHA Refi | 6.85% | 4/21/24 |
| 30 Year VA Purchase | 6.15% | 4/21/24 |
| 30 Year USDA Purchase | 6.48% | 4/21/24 |
| 30 Year USDA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.06% | 4/21/24 |
| 15 Year Conventional Refi | 6.09% | 4/21/24 |
| 15 Year Cash-out Refi | 6.09% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
First Reliance Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,126Origination Dollar Volume (All Markets)
$688,750,000Employee count
167Awards
First Reliance Bank - 2020
First Reliance Bank is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 786 | $169,630,000 | $215,814 | $2,926 | 3.20% |
| Outside of Metro Areas | 502 | $94,700,000 | $188,645 | $3,811 | 3.29% |
| FLORENCE, SC (FHA|USDA|VA) | 324 | $64,920,000 | $200,370 | $3,305 | 3.12% |
| COLUMBIA, SC (FHA|USDA|VA) | 252 | $55,790,000 | $221,389 | $4,233 | 3.24% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 158 | $47,340,000 | $299,620 | $3,197 | 3.17% |
| ROANOKE, VA (FHA|USDA|VA) | 211 | $45,045,000 | $213,483 | $2,744 | 3.27% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 182 | $43,030,000 | $236,429 | $3,728 | 3.26% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 104 | $41,980,000 | $403,654 | $4,123 | 3.23% |
| LYNCHBURG, VA (FHA|USDA|VA) | 99 | $17,425,000 | $176,010 | $3,199 | 3.36% |
| Mount Airy, NC (FHA|USDA|VA) | 64 | $14,370,000 | $224,531 | $4,077 | 2.91% |
| SPARTANBURG, SC (FHA|USDA|VA) | 61 | $11,745,000 | $192,541 | $2,883 | 3.16% |
| RICHMOND, VA (FHA|USDA|VA) | 49 | $10,385,000 | $211,939 | $2,933 | 3.31% |
| Georgetown, SC (FHA|USDA|VA) | 28 | $8,840,000 | $315,714 | $4,156 | 2.95% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 35 | $5,735,000 | $163,857 | $4,060 | 4.36% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 19 | $4,615,000 | $242,895 | $3,488 | 2.97% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 16 | $4,210,000 | $263,125 | $2,997 | 3.26% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 25 | $3,915,000 | $156,600 | $3,978 | 3.16% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 11 | $3,305,000 | $300,455 | $3,710 | 3.34% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 17 | $3,265,000 | $192,059 | $4,164 | 3.32% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 11 | $2,885,000 | $262,273 | $4,830 | 2.99% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 14 | $2,780,000 | $198,571 | $3,615 | 3.15% |
| ASHEVILLE, NC (FHA|USDA|VA) | 9 | $2,625,000 | $291,667 | $6,224 | 2.85% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 12 | $2,600,000 | $216,667 | $2,919 | 3.08% |
| Henderson, NC (FHA|USDA|VA) | 12 | $2,370,000 | $197,500 | $3,459 | 3.27% |
| Statesboro, GA (FHA|USDA|VA) | 14 | $2,200,000 | $157,143 | $3,922 | 3.23% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 9 | $2,075,000 | $230,556 | $2,808 | 3.18% |
| SUMTER, SC (FHA|USDA|VA) | 8 | $1,880,000 | $235,000 | $4,097 | 3.27% |
| Dublin, GA (FHA|USDA|VA) | 9 | $1,805,000 | $200,556 | $3,922 | 3.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $3,129 | 2.90% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 5 | $1,255,000 | $251,000 | $3,794 | 2.98% |
| BURLINGTON, NC (FHA|USDA|VA) | 6 | $1,170,000 | $195,000 | $2,921 | 2.90% |
| North Wilkesboro, NC (FHA|USDA|VA) | 10 | $1,150,000 | $115,000 | $4,031 | 2.96% |
| Seneca, SC (FHA|USDA|VA) | 5 | $1,115,000 | $223,000 | $2,710 | 3.18% |
| Danville, VA (FHA|USDA|VA) | 8 | $1,070,000 | $133,750 | $3,565 | 3.02% |
| Newberry, SC (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $3,082 | 3.96% |
| Brevard, NC (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $8,326 | 3.00% |
| Martinsville, VA (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $3,398 | 3.00% |
| GAINESVILLE, GA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $5,792 | 2.94% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $4,767 | 4.63% |
| Greenwood, SC (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $3,829 | 3.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $3,902 | 3.25% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $4,284 | 3.71% |
| HARRISONBURG, VA (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $6,280 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $4,104 | 3.25% |
| Orangeburg, SC (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $2,944 | 4.17% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $2,431 | 3.56% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,906 | 4.75% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,943 | 2.63% |
| Bennettsville, SC (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $2,762 | 3.56% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,513 | 3.00% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,341 | 2.63% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,439 | 2.25% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,205 | 2.88% |
| Waycross, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,190 | 3.38% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,232 | 3.88% |
| Bluefield, WV-VA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,851 | 3.63% |
| Shelby, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,864 | 4.25% |
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Product Mix
For 2020, First Reliance Bank's most frequently originated type of loan was Conventional, with 2,980 originations. Their 2nd most popular type was USDA, with 114 originations.
Loan Reason
For 2020, First Reliance Bank's most frequently cited loan purpose was Refi, with 1,360 originations. The 2nd most popular reason was Home Purchase, with 1,153 originations.
Loan Duration/Length
For 2020, First Reliance Bank's most frequently cited loan duration was 30 Year, with 1,942 originations. The 2nd most popular length was 15 Year, with 688 originations.
Origination Fees/Closing Costs
First Reliance Bank's average total fees were $3,604, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,750 originations.
Interest Rates
During 2020, First Reliance Bank's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 1,624 originations.
Loan Sizing
2020 saw First Reliance Bank place emphasis on $100k-200k loans with 1,316 originations, totaling $197,420,000 in origination value.
Applicant Income
First Reliance Bank lent most frequently to those with incomes in the $50k-75k range, with 725 originations. The second most popular income band? $100k-150k, with 658 originations.
Applicant Debt to Income Ratio
First Reliance Bank lent most frequently to those with DTI ratios of 20-30%, with 937 originations. The next most common DTI ratio? 30-36%, with 559 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.28%
First Reliance Bank has an average approval rate.
Pick Rate
Approvals leading to origination91.17%
First Reliance Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,126 | $688,750,000 | $220,329 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST REPUBLIC BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 60.0% |
| FIRST REPUBLIC BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 20.0% |
| FIRST REPUBLIC BANK | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Reliance Bank | 150 Highway 14 Simpsonville, SC 29681 | Full Service B&M | $20,189 |
| First Reliance Bank | 2170 West Palmetto Street Florence, SC 29501 | Full Service B&M | $251,090 |
| First Reliance Bank | 249 Williamson Rd, Suite 101-B Mooresville, NC 28117 | Full Service B&M | $948 |
| First Reliance Bank | 2801b Wade Hampton Boulevard Taylors, SC 29687 | Full Service B&M | $26,367 |
| First Reliance Bank | 2805 A Sunset Blvd West Columbia, SC 29169 | Full Service B&M | $29,943 |
| First Reliance Bank | 411 Second Loop Road Florence, SC 29501 | Full Service B&M | $51,346 |
| First Reliance Bank | 500 East Washington Street Greenville, SC 29601 | Full Service B&M | $31,010 |
| First Reliance Bank | 507 21st Avenue North Myrtle Beach, SC 29577 | Full Service B&M | $19,756 |
| First Reliance Bank | 536 S Stratford Rd Winston Salem, NC 27103 | Full Service B&M | $9,238 |
| First Reliance Bank | 800 South Shelmore Boulevard Mount Pleasant, SC 29464 | Full Service B&M | $78,482 |
| First Reliance Bank | 801 N Lake Dr Lexington, SC 29072 | Full Service B&M | $70,038 |
For 2020, First Reliance Bank had 11 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $28,111 |
| Net interest income | $24,768 |
| Total noninterest income | $24,331 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,442 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $22,889 |
| Pre-tax net operating income | $15,967 |
| Securities gains (or losses, -) | $-211 |
| Income before extraordinary items | $12,102 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $12,102 |
| Minority interest net income | $0 |
| Net income | $12,102 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $12,268 |
First Reliance Bank's gross interest income from loans was $28,111,000.
First Reliance Bank's net interest income from loans was $24,768,000.
First Reliance Bank's fee based income from loans was $1,442,000.
First Reliance Bank's net income from loans was $12,102,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,343 |
| Provision for credit losses | $2,904 |
| Total noninterest expense | $30,228 |
| Salaries and employee benefits | $17,702 |
| Premises and equipment expense | $2,983 |
| Additional noninterest expense | $9,543 |
| Applicable income taxes | $3,654 |
| Net charge-offs | $265 |
| Cash dividends | $0 |
First Reliance Bank's interest expense for loans was $3,343,000.
First Reliance Bank's payroll and benefits expense were $17,702,000.
First Reliance Bank's property, plant and equipment expenses $2,983,000.
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 | $599,361 |
| Deposits held in domestic offices | $599,361 |
| Deposits by Individuals, partnerships, and corporations | $586,144 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $12,979 |
| Deposits by Commercial banks and other depository institutions in U.S. | $238 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $293,526 |
| Demand deposits | $293,526 |
| Nontransaction accounts | $305,835 |
| Money market deposit accounts (MMDAs) | $119,716 |
| Other savings deposits (excluding MMDAs) | $46,688 |
| Total time deposits | $139,431 |
| Total time and savings deposits | $305,835 |
| Noninterest-bearing deposits | $172,635 |
| Interest-bearing deposits | $426,726 |
| Retail deposits | $555,237 |
| IRAs and Keogh plan accounts | $13,574 |
| Brokered deposits | $10,021 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $707,626 |
| Cash & Balances due from depository institutions | $99,009 |
| Interest-bearing balances | $93,423 |
| Total securities | $32,730 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $507,406 |
| Loan and leases loss allowance | $6,187 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $23,851 |
| Other real estate owned | $164 |
| Goodwill and other intangibles | $13,078 |
| All other assets | $31,388 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $707,626 |
| Total Liabilities | $625,658 |
| Total deposits | $599,361 |
| Interest-bearing deposits | $426,726 |
| Deposits held in domestic offices | $599,361 |
| % insured (estimated) | $75 |
| Federal funds purchased and repurchase agreements | $5,523 |
| Trading liabilities | $0 |
| Other borrowed funds | $10,000 |
| Subordinated debt | $0 |
| All other liabilities | $10,774 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $507,406 |
| Loan and leases loss allowance | $6,187 |
| Total loans and leases (domestic) | $513,593 |
| All real estate loans | $388,105 |
| Real estate loans in domestic offices | $388,105 |
| Construction and development loans | $43,434 |
| Residential 1-4 family construction | $14,335 |
| Other construction, all land development and other land | $29,099 |
| Loans secured by nonfarm nonresidential properties | $182,566 |
| Nonfarm nonresidential secured by owner-occupied properties | $103,415 |
| Commercial real estate & other non-farm, non-residential | $79,151 |
| Multifamily residential real estate | $5,300 |
| 1-4 family residential loans | $152,738 |
| Farmland loans | $4,067 |
| Loans held in foreign offices | $0 |
| Farm loans | $70 |
| Commercial and industrial loans | $57,174 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $68,329 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $60,568 |
| Other loans to individuals | $7,761 |
| All other loans & leases | $468 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $468 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $137 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $1,584 |
| Non 1-4 family restructured loans & leases | $808 |
| Total loans and leases (foreign) | $0 |
First Reliance Bank had $507,406,000 of loans outstanding in 2020. $388,105,000 of loans were in real estate loans. $43,434,000 of loans were in development loans. $5,300,000 of loans were in multifamily mortgage loans. $152,738,000 of loans were in 1-4 family mortgage loans. $70,000 of loans were in farm loans. $0 of loans were in credit card loans. $60,568,000 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 | 304 | $78,640 | $258,684 |
| Nonfarm, nonresidential loans - <$100k | 40 | $1,803 | $45,075 |
| Nonfarm, nonresidential loans - $100-250k | 91 | $11,179 | $122,846 |
| Nonfarm, nonresidential loans - $250k-1MM | 173 | $65,658 | $379,526 |
| Commercial & Industrial, US addressed loans - <$1MM | 521 | $33,310 | $63,935 |
| Commercial & Industrial, US addressed loans - <$100k | 363 | $6,866 | $18,915 |
| Commercial & Industrial, US addressed loans - $100-250k | 84 | $7,516 | $89,476 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 74 | $18,928 | $255,784 |
| Farmland loans - <$1MM | 17 | $809 | $47,588 |
| Farmland loans - <$100k | 11 | $531 | $48,273 |
| Farmland loans - $100-250k | 6 | $278 | $46,333 |
| Agriculture operations loans - <$1MM | 1 | $69 | $69,000 |
| Agriculture operations loans - $100-250k | 1 | $69 | $69,000 |