First Metro Bank Mortgage Rates, Fees & Info

Muscle Shoals, AL

LEI: 549300W8Q4KZC8LMAV19

Tax ID: 63-0980487

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Metro Bank is a smaller bank specializing in Home Purchase and Refi loans. First Metro Bank has a high proportion of conventional loans. Their top markets include Florence and Huntsville among others. First Metro Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

268

Origination Dollar Volume (All Markets)

$84,210,000

Employee count

128

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 163 $53,995,000 $331,258 $0 0.00%
Outside of Metro Areas 72 $21,550,000 $299,306 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 33 $8,665,000 $262,576 $0 0.00%

First Metro Bank's top markets include Florence and Huntsville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 268 $84,210,000 $314,216 $0 0.00%

For the 2021 period, First Metro Bank's most frequently originated loan type of loans were Conventional, with 268 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 133 $52,955,000 $398,158 $0 0.00%
Refi 110 $28,500,000 $259,091 $0 0.00%
Other 16 $2,390,000 $149,375 $0 0.00%
Home Improvement 9 $365,000 $40,556 $0 0.00%

For the 2021, First Metro Bank's most frequently cited loan purpose of loans were Home Purchase, with 133 originations. The 2nd most popular reason of loans were Refi, with 110 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 268 $84,210,000 $314,216 $0 0.00%

For the 2021, First Metro Bank's most frequently cited loan length of loans were Other, with 268 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 84 $4,930,000 $58,690 $0 0.00%
$100k-200k 73 $10,425,000 $142,808 $0 0.00%
$200k-400k 70 $18,970,000 $271,000 $0 0.00%
$400k-600k 24 $11,580,000 $482,500 $0 0.00%
$600k-1MM 10 $7,130,000 $713,000 $0 0.00%
$1MM+ 7 $31,175,000 $4,453,571 $0 0.00%

2021 saw First Metro Bank place emphasis on $100,000 or less loans with 84 originations, totaling $4,930,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 44 $8,470,000 $192,500 $0 0.00%
$150k-250k 42 $10,870,000 $258,810 $0 0.00%
$250k+ 37 $17,695,000 $478,243 $0 0.00%
$50k or less 36 $2,600,000 $72,222 $0 0.00%
$50k-75k 35 $3,725,000 $106,429 $0 0.00%
$75k-100k 32 $5,980,000 $186,875 $0 0.00%

First Metro Bank lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $150k-250k, with 42 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 268 $84,210,000 $314,216 $0 0.00%

First Metro Bank lent most frequently to those with DTI ratios of Exempt%, with 268 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 218 $48,940,000 $224,495 $0 0.00%
Not applicable 38 $33,830,000 $890,263 $0 0.00%
Asian 6 $960,000 $160,000 $0 0.00%
Black 6 $480,000 $80,000 $0 0.00%

Approval Rates

Total approvals of all applications
94.09%

First Metro Bank has an average approval rate.

Pick Rate

Approvals leading to origination
91.08%

First Metro Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 268 $84,210,000 $314,216

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
268 $84,210,000 $314,216

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 6 17.6%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 5.9%
FIRST HORIZON BANK FHA mortgage Closing on a mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 10 29.4%
FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 2 5.9%
FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 2.9%
FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 5.9%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Metro Bank 2402 Avalon Avenue Muscle Shoals, AL 35661 Full Service B&M $1,811
First Metro Bank 2708 Hough Road Florence, AL 35630 Full Service B&M $30,040
First Metro Bank 301 North Main Street Tuscumbia, AL 35674 Full Service B&M $109,087
First Metro Bank 309 West Washington Street Athens, AL 35611 Full Service B&M $21,877
First Metro Bank 3121 Cloverdale Road Florence, AL 35633 Full Service B&M $22,820
First Metro Bank 325 S Pine Street Florence, AL 35630 Full Service B&M $160,817
First Metro Bank 406 West Avalon Avenue Muscle Shoals, AL 35661 Full Service B&M $331,537
First Metro Bank 7400 Highway 43 Florence, AL 35634 Full Service B&M $19,264
First Metro Bank 11277 Highway 101 Lexington, AL 35648 Full Service B&M $50,817
First Metro Bank 15315 Highway 43 Russellville, AL 35653 Full Service B&M $37,217

For 2021, First Metro Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $25,862
Net interest income $22,690
Total noninterest income $4,735
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,489
Trading account gains and fees $0
Additional Noninterest Income $3,246
Pre-tax net operating income $13,410
Securities gains (or losses, -) $0
Income before extraordinary items $10,182
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,182
Minority interest net income $0
Net income $10,182
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,182

First Metro Bank's gross interest income from loans was $25,862,000.
First Metro Bank's net interest income from loans was $22,690,000.
First Metro Bank's fee based income from loans was $1,489,000.
First Metro Bank's net income from loans was $10,182,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,172
Provision for credit losses $50
Total noninterest expense $13,965
Salaries and employee benefits $8,928
Premises and equipment expense $1,808
Additional noninterest expense $3,229
Applicable income taxes $3,228
Net charge-offs $100
Cash dividends $4,015

First Metro Bank's interest expense for loans was $3,172,000.
First Metro Bank's payroll and benefits expense were $8,928,000.
First Metro Bank's property, plant and equipment expenses $1,808,000.

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 0.5%
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 $856,242
Deposits held in domestic offices $856,242
Deposits by Individuals, partnerships, and corporations $649,012
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $203,858
Deposits by Commercial banks and other depository institutions in U.S. $3,372
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $66,651
Demand deposits $52,533
Nontransaction accounts $789,591
Money market deposit accounts (MMDAs) $529,715
Other savings deposits (excluding MMDAs) $97,486
Total time deposits $162,390
Total time and savings deposits $803,709
Noninterest-bearing deposits $43,241
Interest-bearing deposits $813,001
Retail deposits $788,340
IRAs and Keogh plan accounts $18,160
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $944,541
Cash & Balances due from depository institutions $194,501
Interest-bearing balances $170,151
Total securities $245,116
Federal funds sold & reverse repurchase $22,089
Net loans and leases $463,287
Loan and leases loss allowance $4,140
Trading account assets $0
Bank premises and fixed assets $14,350
Other real estate owned $119
Goodwill and other intangibles $0
All other assets $5,079

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $944,541
Total Liabilities $858,962
Total deposits $856,242
Interest-bearing deposits $813,001
Deposits held in domestic offices $856,242
% insured (estimated) $57
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $2,720

Issued Loan Types

Type Value (in 000's)
Net loans and leases $463,287
Loan and leases loss allowance $4,140
Total loans and leases (domestic) $467,427
All real estate loans $382,604
Real estate loans in domestic offices $382,604
Construction and development loans $30,883
Residential 1-4 family construction $13,719
Other construction, all land development and other land $17,164
Loans secured by nonfarm nonresidential properties $152,202
Nonfarm nonresidential secured by owner-occupied properties $106,407
Commercial real estate & other non-farm, non-residential $45,795
Multifamily residential real estate $43,838
1-4 family residential loans $145,915
Farmland loans $9,766
Loans held in foreign offices $0
Farm loans $4,212
Commercial and industrial loans $57,813
To non-U.S. addressees $0
Loans to individuals $15,341
Credit card loans $1,526
Related Plans $91
Consumer Auto Loans $7,774
Other loans to individuals $5,950
All other loans & leases $7,457
Loans to foreign governments and official institutions $0
Other loans $42
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $2,219
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $414
Non 1-4 family restructured loans & leases $414
Total loans and leases (foreign) $0

First Metro Bank had $463,287,000 of loans outstanding in 2021. $382,604,000 of loans were in real estate loans. $30,883,000 of loans were in development loans. $43,838,000 of loans were in multifamily mortgage loans. $145,915,000 of loans were in 1-4 family mortgage loans. $4,212,000 of loans were in farm loans. $1,526,000 of loans were in credit card loans. $7,774,000 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 669 $100,134 $149,677
Nonfarm, nonresidential loans - <$100k 417 $17,911 $42,952
Nonfarm, nonresidential loans - $100-250k 132 $21,413 $162,220
Nonfarm, nonresidential loans - $250k-1MM 120 $60,810 $506,750
Commercial & Industrial, US addressed loans - <$1MM 1,517 $47,603 $31,380
Commercial & Industrial, US addressed loans - <$100k 1,405 $22,734 $16,181
Commercial & Industrial, US addressed loans - $100-250k 72 $9,695 $134,653
Commercial & Industrial, US addressed loans - $250k-1MM 40 $15,174 $379,350
Farmland loans - <$1MM 63 $6,516 $103,429
Farmland loans - <$100k 38 $2,231 $58,711
Farmland loans - $100-250k 22 $3,330 $151,364
Farmland loans - $250k-1MM 3 $955 $318,333
Agriculture operations loans - <$1MM 162 $3,426 $21,148
Agriculture operations loans - <$100k 155 $1,740 $11,226
Agriculture operations loans - $100-250k 2 $309 $154,500
Agriculture operations loans - $250k-1MM 5 $1,377 $275,400