Paragon Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300TGWKRP2P13MO72

Tax ID: 20-1022853

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Paragon Bank is a smaller bank specializing in Home Purchase and Refi loans. Paragon 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.) Their top markets by origination volume include: Memphis, Oxford, Austin, Pittsburgh, and Crestview among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Paragon 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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    187

    Origination Dollar Volume (All Markets)

    $37,185,000

    Employee count

    79

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 165 $30,735,000 $186,273 $2,976 4.53%
    Oxford, MS (FHA|USDA|VA) 6 $1,940,000 $323,333 $2,220 4.88%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $580,000 $290,000 $3,852 4.44%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $495,000 $495,000 $5,415 3.88%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $445,000 $445,000 $4,929 4.50%
    BOULDER, CO (FHA|USDA|VA) 1 $415,000 $415,000 $3,932 3.38%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $395,000 $395,000 $3,701 3.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $385,000 $385,000 $4,556 4.13%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $345,000 $345,000 $4,346 4.63%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $305,000 $305,000 $2,436 4.50%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $265,000 $265,000 $2,524 4.00%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $215,000 $215,000 $4,802 5.00%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $205,000 $205,000 $1,798 5.50%
    Outside of Metro Areas 2 $190,000 $95,000 $2,544 5.25%
    JACKSON, TN (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $85,000 $85,000 $2,886 5.00%
    Paragon Bank's top markets include Memphis, Oxford, Austin, Pittsburgh, and Crestview among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 184 $36,540,000 $198,587 $2,921 4.54%
    FHA 3 $645,000 $215,000 $7,405 4.23%

    For 2018, Paragon Bank's most frequently originated type of loan was Conventional, with 184 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 121 $26,175,000 $216,322 $3,445 4.42%
    Refi 55 $10,115,000 $183,909 $2,713 4.54%
    Cash Out Refi 5 $485,000 $97,000 $720 5.33%
    Home Improvement 3 $125,000 $41,667 $453 5.13%
    Other 3 $285,000 $95,000 $331 5.79%

    For 2018, Paragon Bank's most frequently cited loan purpose was Home Purchase, with 121 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 187 $37,185,000 $198,850 $3,028 4.53%

    For 2018, Paragon Bank's most frequently cited loan duration was Other, with 187 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 118 $29,010,000 $245,847
    $1k-2k 5 $855,000 $171,000
    $2k-3k 2 $240,000 $120,000
    $5k+ 1 $295,000 $295,000

    Paragon Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 118 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 78 $20,900,000 $267,949
    3-4% 29 $7,695,000 $265,345
    5-6% 21 $2,015,000 $95,952
    6-7% 2 $230,000 $115,000

    During 2018, Paragon Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 78 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 60 $3,090,000 $51,500 $1,844 5.15%
    $200k-400k 55 $15,525,000 $282,273 $3,396 4.43%
    $100k-200k 52 $7,730,000 $148,654 $2,692 4.48%
    $400k-600k 16 $7,230,000 $451,875 $3,740 4.21%
    $600k-1MM 3 $2,505,000 $835,000 $5,293 3.88%
    $1MM+ 1 $1,105,000 $1,105,000 $4,943 4.88%

    2018 saw Paragon Bank place emphasis on $100,000 or less loans with 60 originations, totaling $3,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $7,545,000 $243,387 $3,275 4.52%
    $250k+ 29 $9,045,000 $311,897 $3,049 4.48%
    $150k-250k 25 $6,395,000 $255,800 $2,904 4.57%
    $75k-100k 18 $3,950,000 $219,444 $2,943 4.60%
    $50k-75k 16 $2,670,000 $166,875 $3,055 4.40%
    $50k or less 11 $1,235,000 $112,273 $2,621 4.72%

    Paragon Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $250k+, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 130 $30,840,000 $237,231 $3,028 4.53%

    Paragon Bank lent most frequently to those with DTI ratios of Exempt%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 144 $30,210,000 $209,792 $3,025 4.53%
    Not applicable 36 $5,140,000 $142,778 $0 0.00%
    Black 4 $730,000 $182,500 $3,022 4.72%
    Other Asian 1 $555,000 $555,000 $3,495 4.13%
    Native Hawaiian 1 $365,000 $365,000 $3,057 4.88%
    Asian 1 $185,000 $185,000 $2,850 4.50%

    Approval Rates

    Total approvals of all applications
    97.57%

    Paragon 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
    92.51%

    Paragon Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 1 $85,000 $85,000
    NA 186 $37,100,000 $199,462

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 186 $37,060,000 $199,247

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,460,000 $182,500 $2,327 4.63%
    40-60% 12 $2,610,000 $217,500 $2,907 4.35%
    60-80% 42 $10,310,000 $245,476 $3,201 4.48%
    80-100% 37 $9,225,000 $249,324 $3,434 4.47%
    Over 100% 6 $2,280,000 $380,000 $3,884 3.88%
    Under 20% 10 $510,000 $51,000 $510 5.38%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Paris and Paris, LLP Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Paragon Bank 265 N Lamar Blvd Ste N Oxford, MS 38655 Full Service B&M $830
    Paragon Bank 4515 Poplar Avenue, Suite 108 Memphis, TN 38117 Full Service B&M $22,271
    Paragon Bank 5400 Poplar Avenue Memphis, TN 38119 Full Service B&M $239,606
    Paragon Bank 6300 Poplar Avenue Suite 117 Memphis, TN 38119 Full Service B&M $42,421
    Paragon Bank 7600 Poplar Avenue Germantown, TN 38138 Full Service B&M $17,206

    For 2018, Paragon Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,632
    Net interest income $14,803
    Total noninterest income $4,414
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $464
    Trading account gains and fees $0
    Additional Noninterest Income $3,950
    Pre-tax net operating income $4,139
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,144
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,144
    Minority interest net income $0
    Net income $3,144
    Sale, conversion, retirement of capital stock, net $580
    Net operating income $3,144

    Paragon Bank's gross interest income from loans was $17,632,000.
    Paragon Bank's net interest income from loans was $14,803,000.
    Paragon Bank's fee based income from loans was $464,000.
    Paragon Bank's net income from loans was $3,144,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,829
    Provision for credit losses $935
    Total noninterest expense $14,143
    Salaries and employee benefits $8,891
    Premises and equipment expense $1,829
    Additional noninterest expense $3,423
    Applicable income taxes $995
    Net charge-offs $910
    Cash dividends $0

    Paragon Bank's interest expense for loans was $2,829,000.
    Paragon Bank's payroll and benefits expense were $8,891,000.
    Paragon Bank's property, plant and equipment expenses $1,829,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    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 4.0%
    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 $343,898
    Deposits held in domestic offices $343,898
    Deposits by Individuals, partnerships, and corporations $337,263
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $6,151
    Deposits by Commercial banks and other depository institutions in U.S. $484
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $144,177
    Demand deposits $80,711
    Nontransaction accounts $199,721
    Money market deposit accounts (MMDAs) $86,346
    Other savings deposits (excluding MMDAs) $3,473
    Total time deposits $109,902
    Total time and savings deposits $263,187
    Noninterest-bearing deposits $80,711
    Interest-bearing deposits $263,187
    Retail deposits $267,740
    IRAs and Keogh plan accounts $1,610
    Brokered deposits $70,279
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $401,447
    Cash & Balances due from depository institutions $11,105
    Interest-bearing balances $9,151
    Total securities $51,362
    Federal funds sold & reverse repurchase $0
    Net loans and leases $326,602
    Loan and leases loss allowance $4,593
    Trading account assets $0
    Bank premises and fixed assets $1,814
    Other real estate owned $160
    Goodwill and other intangibles $1,302
    All other assets $9,102

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $401,447
    Total Liabilities $359,967
    Total deposits $343,898
    Interest-bearing deposits $263,187
    Deposits held in domestic offices $343,898
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $3,854
    Trading liabilities $0
    Other borrowed funds $8,500
    Subordinated debt $0
    All other liabilities $3,715

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $326,602
    Loan and leases loss allowance $4,593
    Total loans and leases (domestic) $331,195
    All real estate loans $239,010
    Real estate loans in domestic offices $239,010
    Construction and development loans $23,124
    Residential 1-4 family construction $8,389
    Other construction, all land development and other land $14,735
    Loans secured by nonfarm nonresidential properties $100,151
    Nonfarm nonresidential secured by owner-occupied properties $50,406
    Commercial real estate & other non-farm, non-residential $49,745
    Multifamily residential real estate $3,173
    1-4 family residential loans $94,877
    Farmland loans $17,685
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $73,497
    To non-U.S. addressees $0
    Loans to individuals $16,550
    Credit card loans $0
    Related Plans $7,003
    Consumer Auto Loans $2,108
    Other loans to individuals $7,439
    All other loans & leases $2,137
    Loans to foreign governments and official institutions $0
    Other loans $2,137
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,430
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $715
    Non 1-4 family restructured loans & leases $715
    Total loans and leases (foreign) $0

    Paragon Bank had $326,602,000 of loans outstanding in 2018. $239,010,000 of loans were in real estate loans. $23,124,000 of loans were in development loans. $3,173,000 of loans were in multifamily mortgage loans. $94,877,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,108,000 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 92 $21,990 $239,022
    Nonfarm, nonresidential loans - <$100k 5 $182 $36,400
    Nonfarm, nonresidential loans - $100-250k 35 $4,124 $117,829
    Nonfarm, nonresidential loans - $250k-1MM 52 $17,684 $340,077
    Commercial & Industrial, US addressed loans - <$1MM 285 $34,802 $122,112
    Commercial & Industrial, US addressed loans - <$100k 68 $2,134 $31,382
    Commercial & Industrial, US addressed loans - $100-250k 52 $3,550 $68,269
    Commercial & Industrial, US addressed loans - $250k-1MM 165 $29,118 $176,473
    Farmland loans - <$1MM 15 $3,085 $205,667
    Farmland loans - $100-250k 6 $799 $133,167
    Farmland loans - $250k-1MM 9 $2,286 $254,000