Paragon Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300TGWKRP2P13MO72

Tax ID: 20-1022853

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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, Denver, and Kill Devil Hills among others. We have data for 20 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 a below 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.

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    Originations

    297

    Origination Dollar Volume (All Markets)

    $80,985,000

    Employee count

    95

    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) 261 $69,725,000 $267,146 $0 0.00%
    Outside of Metro Areas 9 $3,415,000 $379,444 $0 0.00%
    Oxford, MS (FHA|USDA|VA) 5 $1,185,000 $237,000 $0 0.00%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $830,000 $415,000 $0 0.00%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $715,000 $715,000 $0 0.00%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $670,000 $335,000 $0 0.00%
    JACKSON, MS (FHA|USDA|VA) 3 $575,000 $191,667 $0 0.00%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
    WILMINGTON, NC (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
    Clarksdale, MS (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    MOBILE, AL (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    JACKSON, TN (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
    Dyersburg, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Paragon Bank's top markets include Memphis, Oxford, Austin, Denver, and Kill Devil Hills among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 296 $80,730,000 $272,736 $0 0.00%
    FHA 1 $255,000 $255,000 $0 0.00%

    For 2021, Paragon Bank's most frequently originated type of loan was Conventional, with 296 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 145 $39,195,000 $270,310 $0 0.00%
    Refi 128 $35,410,000 $276,641 $0 0.00%
    Cash Out Refi 24 $6,380,000 $265,833 $0 0.00%

    For 2021, Paragon Bank's most frequently cited loan purpose was Home Purchase, with 145 originations. The 2nd most popular reason was Refi, with 128 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 297 $80,985,000 $272,677 $0 0.00%

    For 2021, Paragon Bank's most frequently cited loan duration was Other, with 297 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 120 $33,660,000 $280,500 $0 0.00%
    $100k-200k 89 $13,435,000 $150,955 $0 0.00%
    $400k-600k 38 $18,650,000 $490,789 $0 0.00%
    $100,000 or less 37 $2,575,000 $69,595 $0 0.00%
    $600k-1MM 11 $8,185,000 $744,091 $0 0.00%
    $1MM+ 2 $4,480,000 $2,240,000 $0 0.00%

    2021 saw Paragon Bank place emphasis on $200k-400k loans with 120 originations, totaling $33,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 101 $28,185,000 $279,059 $0 0.00%
    $100k-150k 33 $8,825,000 $267,424 $0 0.00%
    $50k-75k 28 $6,180,000 $220,714 $0 0.00%
    $75k-100k 28 $6,020,000 $215,000 $0 0.00%
    $250k+ 25 $9,595,000 $383,800 $0 0.00%
    $150k-250k 23 $8,395,000 $365,000 $0 0.00%

    Paragon Bank lent most frequently to those with incomes in the $50k or less range, with 101 originations. The second most popular income band? $100k-150k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 297 $80,985,000 $272,677 $0 0.00%

    Paragon Bank lent most frequently to those with DTI ratios of Exempt%, with 297 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $55,930,000 $291,302 $0 0.00%
    Not applicable 54 $12,800,000 $237,037 $0 0.00%
    Black 40 $8,340,000 $208,500 $0 0.00%
    Not provided 3 $1,645,000 $548,333 $0 0.00%
    Asian 4 $1,340,000 $335,000 $0 0.00%
    Asian Indian 3 $545,000 $181,667 $0 0.00%
    American Indian 1 $385,000 $385,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.52%

    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
    86.53%

    Paragon Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 297 $80,985,000 $272,677

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    297 $80,985,000 $272,677

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Personal Finance Center Conventional home mortgage Struggling to pay mortgage 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 $8,644
    Paragon Bank 4515 Poplar Avenue, Suite 108 Memphis, TN 38117 Full Service B&M $21,070
    Paragon Bank 5400 Poplar Avenue Memphis, TN 38119 Full Service B&M $326,714
    Paragon Bank 6300 Poplar Avenue Suite 117 Memphis, TN 38119 Full Service B&M $39,182
    Paragon Bank 7600 Poplar Avenue Germantown, TN 38138 Full Service B&M $25,014

    For 2021, Paragon Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $18,314
    Net interest income $17,464
    Total noninterest income $3,788
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $386
    Trading account gains and fees $0
    Additional Noninterest Income $3,402
    Pre-tax net operating income $5,311
    Securities gains (or losses, -) $131
    Income before extraordinary items $4,086
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,086
    Minority interest net income $0
    Net income $4,086
    Sale, conversion, retirement of capital stock, net $397
    Net operating income $3,982

    Paragon Bank's gross interest income from loans was $18,314,000.
    Paragon Bank's net interest income from loans was $17,464,000.
    Paragon Bank's fee based income from loans was $386,000.
    Paragon Bank's net income from loans was $4,086,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $850
    Provision for credit losses $973
    Total noninterest expense $14,968
    Salaries and employee benefits $9,614
    Premises and equipment expense $1,901
    Additional noninterest expense $3,453
    Applicable income taxes $1,356
    Net charge-offs $-416
    Cash dividends $2,650

    Paragon Bank's interest expense for loans was $850,000.
    Paragon Bank's payroll and benefits expense were $9,614,000.
    Paragon Bank's property, plant and equipment expenses $1,901,000.

    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 1.0%
    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 $480,221
    Deposits held in domestic offices $480,221
    Deposits by Individuals, partnerships, and corporations $455,795
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $23,681
    Deposits by Commercial banks and other depository institutions in U.S. $745
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $312,483
    Demand deposits $165,864
    Nontransaction accounts $167,738
    Money market deposit accounts (MMDAs) $112,320
    Other savings deposits (excluding MMDAs) $9,063
    Total time deposits $46,355
    Total time and savings deposits $314,357
    Noninterest-bearing deposits $170,144
    Interest-bearing deposits $310,077
    Retail deposits $454,809
    IRAs and Keogh plan accounts $1,462
    Brokered deposits $19,624
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $538,832
    Cash & Balances due from depository institutions $70,881
    Interest-bearing balances $68,510
    Total securities $67,009
    Federal funds sold & reverse repurchase $0
    Net loans and leases $386,667
    Loan and leases loss allowance $7,096
    Trading account assets $0
    Bank premises and fixed assets $4,202
    Other real estate owned $102
    Goodwill and other intangibles $801
    All other assets $9,170

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $538,832
    Total Liabilities $488,613
    Total deposits $480,221
    Interest-bearing deposits $310,077
    Deposits held in domestic offices $480,221
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $3,335
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $5,057

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $386,667
    Loan and leases loss allowance $7,096
    Total loans and leases (domestic) $393,763
    All real estate loans $263,038
    Real estate loans in domestic offices $263,038
    Construction and development loans $26,707
    Residential 1-4 family construction $10,041
    Other construction, all land development and other land $16,666
    Loans secured by nonfarm nonresidential properties $98,287
    Nonfarm nonresidential secured by owner-occupied properties $57,940
    Commercial real estate & other non-farm, non-residential $40,347
    Multifamily residential real estate $407
    1-4 family residential loans $105,144
    Farmland loans $32,493
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $118,169
    To non-U.S. addressees $0
    Loans to individuals $9,982
    Credit card loans $0
    Related Plans $7,755
    Consumer Auto Loans $577
    Other loans to individuals $1,650
    All other loans & leases $2,573
    Loans to foreign governments and official institutions $0
    Other loans $2,573
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,776
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $266
    Non 1-4 family restructured loans & leases $266
    Total loans and leases (foreign) $0

    Paragon Bank had $386,667,000 of loans outstanding in 2021. $263,038,000 of loans were in real estate loans. $26,707,000 of loans were in development loans. $407,000 of loans were in multifamily mortgage loans. $105,144,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $577,000 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 87 $22,464 $258,207
    Nonfarm, nonresidential loans - <$100k 5 $314 $62,800
    Nonfarm, nonresidential loans - $100-250k 33 $4,524 $137,091
    Nonfarm, nonresidential loans - $250k-1MM 49 $17,626 $359,714
    Commercial & Industrial, US addressed loans - <$1MM 336 $33,620 $100,060
    Commercial & Industrial, US addressed loans - <$100k 137 $4,143 $30,241
    Commercial & Industrial, US addressed loans - $100-250k 69 $6,149 $89,116
    Commercial & Industrial, US addressed loans - $250k-1MM 130 $23,328 $179,446
    Farmland loans - <$1MM 15 $3,972 $264,800
    Farmland loans - $100-250k 5 $576 $115,200
    Farmland loans - $250k-1MM 10 $3,396 $339,600