First Metro Bank Mortgage Rates, Fees & Info

Muscle Shoals, AL

LEI: 549300W8Q4KZC8LMAV19

Tax ID: 63-0980487

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Mortgage Data

Bank Data

Review & 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 two markets are Florence and Huntsville .

First Metro 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.

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Originations

201

Origination Dollar Volume (All Markets)

$28,905,000

Employee count

121

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
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 136 $21,290,000 $156,544 $0 0.00%
Outside of Metro Areas 45 $4,915,000 $109,222 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 20 $2,700,000 $135,000 $0 0.00%
First Metro Bank's top markets include Florence and Huntsville among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $28,905,000 $143,806 $0 0.00%

    For 2019, First Metro Bank's most frequently originated type of loan was Conventional, with 201 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 111 $18,745,000 $168,874 $0 0.00%
    Refi 61 $8,895,000 $145,820 $0 0.00%
    Home Improvement 15 $605,000 $40,333 $0 0.00%
    Other 14 $660,000 $47,143 $0 0.00%

    For 2019, First Metro Bank's most frequently cited loan purpose was Home Purchase, with 111 originations. The 2nd most popular reason was Refi, with 61 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 201 $28,905,000 $143,806 $0 0.00%

    For 2019, First Metro Bank's most frequently cited loan duration was Other, with 201 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 126 $6,480,000 $51,429 $0 0.00%
    $100k-200k 41 $5,745,000 $140,122 $0 0.00%
    $200k-400k 26 $6,860,000 $263,846 $0 0.00%
    $1MM+ 4 $7,840,000 $1,960,000 $0 0.00%
    $400k-600k 4 $1,980,000 $495,000 $0 0.00%

    2019 saw First Metro Bank place emphasis on $100,000 or less loans with 126 originations, totaling $6,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 41 $2,505,000 $61,098 $0 0.00%
    $100k-150k 32 $4,080,000 $127,500 $0 0.00%
    $50k-75k 26 $2,940,000 $113,077 $0 0.00%
    $150k-250k 20 $2,810,000 $140,500 $0 0.00%
    $75k-100k 19 $1,645,000 $86,579 $0 0.00%
    $250k+ 9 $3,005,000 $333,889 $0 0.00%

    First Metro Bank lent most frequently to those with incomes in the $50k or less range, with 41 originations. The second most popular income band? $100k-150k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 201 $28,905,000 $143,806 $0 0.00%

    First Metro Bank lent most frequently to those with DTI ratios of Exempt%, with 201 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 147 $17,065,000 $116,088 $0 0.00%
    Not applicable 44 $10,910,000 $247,955 $0 0.00%
    Asian 2 $690,000 $345,000 $0 0.00%
    Black 6 $130,000 $21,667 $0 0.00%
    American Indian 2 $110,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.58%

    First Metro Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.07%

    First Metro Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 201 $28,905,000 $143,806

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $6,620,000 $827,500
    Single Family (1-4 Units):Manufactured 10 $420,000 $42,000
    Single Family (1-4 Units):Site-Built 183 $21,865,000 $119,481

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Metro Bank 11277 Highway 101 Lexington, AL 35648 Full Service B&M $35,151
    First Metro Bank 15315 Highway 43 Russellville, AL 35653 Full Service B&M $26,224
    First Metro Bank 2708 Hough Road Florence, AL 35630 Full Service B&M $20,213
    First Metro Bank 301 North Main Street Tuscumbia, AL 35674 Full Service B&M $85,258
    First Metro Bank 309 West Washington Street Athens, AL 35611 Full Service B&M $15,631
    First Metro Bank 3121 Cloverdale Road Florence, AL 35633 Full Service B&M $13,097
    First Metro Bank 325 S Pine Street Florence, AL 35630 Full Service B&M $113,753
    First Metro Bank 406 West Avalon Avenue Muscle Shoals, AL 35661 Full Service B&M $246,405
    First Metro Bank 7400 Highway 43 Florence, AL 35634 Full Service B&M $15,128

    For 2019, First Metro Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,385
    Net interest income $22,711
    Total noninterest income $3,896
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,689
    Trading account gains and fees $0
    Additional Noninterest Income $2,207
    Pre-tax net operating income $13,364
    Securities gains (or losses, -) $0
    Income before extraordinary items $10,127
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,127
    Minority interest net income $0
    Net income $10,127
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,127

    First Metro Bank's gross interest income from loans was $27,385,000.
    First Metro Bank's net interest income from loans was $22,711,000.
    First Metro Bank's fee based income from loans was $1,689,000.
    First Metro Bank's net income from loans was $10,127,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,674
    Provision for credit losses $379
    Total noninterest expense $12,864
    Salaries and employee benefits $8,288
    Premises and equipment expense $1,675
    Additional noninterest expense $2,901
    Applicable income taxes $3,237
    Net charge-offs $318
    Cash dividends $5,155

    First Metro Bank's interest expense for loans was $4,674,000.
    First Metro Bank's payroll and benefits expense were $8,288,000.
    First Metro Bank's property, plant and equipment expenses $1,675,000.

    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 $603,143
    Deposits held in domestic offices $603,143
    Deposits by Individuals, partnerships, and corporations $448,683
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $151,395
    Deposits by Commercial banks and other depository institutions in U.S. $3,065
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $34,382
    Demand deposits $22,709
    Nontransaction accounts $568,761
    Money market deposit accounts (MMDAs) $331,395
    Other savings deposits (excluding MMDAs) $54,400
    Total time deposits $182,965
    Total time and savings deposits $580,434
    Noninterest-bearing deposits $15,473
    Interest-bearing deposits $587,670
    Retail deposits $527,595
    IRAs and Keogh plan accounts $16,678
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $684,430
    Cash & Balances due from depository institutions $54,448
    Interest-bearing balances $42,248
    Total securities $151,861
    Federal funds sold & reverse repurchase $34,620
    Net loans and leases $417,521
    Loan and leases loss allowance $2,671
    Trading account assets $0
    Bank premises and fixed assets $14,862
    Other real estate owned $214
    Goodwill and other intangibles $0
    All other assets $10,904

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $684,430
    Total Liabilities $605,919
    Total deposits $603,143
    Interest-bearing deposits $587,670
    Deposits held in domestic offices $603,143
    % insured (estimated) $64
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,776

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $417,521
    Loan and leases loss allowance $2,671
    Total loans and leases (domestic) $420,192
    All real estate loans $332,405
    Real estate loans in domestic offices $332,405
    Construction and development loans $25,106
    Residential 1-4 family construction $9,997
    Other construction, all land development and other land $15,109
    Loans secured by nonfarm nonresidential properties $144,155
    Nonfarm nonresidential secured by owner-occupied properties $124,785
    Commercial real estate & other non-farm, non-residential $19,370
    Multifamily residential real estate $24,595
    1-4 family residential loans $131,053
    Farmland loans $7,496
    Loans held in foreign offices $0
    Farm loans $4,949
    Commercial and industrial loans $58,541
    To non-U.S. addressees $0
    Loans to individuals $16,763
    Credit card loans $1,656
    Related Plans $106
    Consumer Auto Loans $7,606
    Other loans to individuals $7,395
    All other loans & leases $7,534
    Loans to foreign governments and official institutions $0
    Other loans $268
    Loans to depository institutions and acceptances of other banks $800
    Loans not secured by real estate $1,789
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $328
    Non 1-4 family restructured loans & leases $328
    Total loans and leases (foreign) $0

    First Metro Bank had $417,521,000 of loans outstanding in 2019. $332,405,000 of loans were in real estate loans. $25,106,000 of loans were in development loans. $24,595,000 of loans were in multifamily mortgage loans. $131,053,000 of loans were in 1-4 family mortgage loans. $4,949,000 of loans were in farm loans. $1,656,000 of loans were in credit card loans. $7,606,000 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 548 $92,724 $169,204
    Nonfarm, nonresidential loans - <$100k 289 $14,155 $48,979
    Nonfarm, nonresidential loans - $100-250k 146 $23,856 $163,397
    Nonfarm, nonresidential loans - $250k-1MM 113 $54,713 $484,186
    Commercial & Industrial, US addressed loans - <$1MM 1,165 $47,586 $40,846
    Commercial & Industrial, US addressed loans - <$100k 1,061 $23,691 $22,329
    Commercial & Industrial, US addressed loans - $100-250k 68 $10,136 $149,059
    Commercial & Industrial, US addressed loans - $250k-1MM 36 $13,759 $382,194
    Farmland loans - <$1MM 61 $5,381 $88,213
    Farmland loans - <$100k 38 $1,345 $35,395
    Farmland loans - $100-250k 20 $3,064 $153,200
    Farmland loans - $250k-1MM 3 $972 $324,000
    Agriculture operations loans - <$1MM 151 $4,399 $29,132
    Agriculture operations loans - <$100k 141 $2,102 $14,908
    Agriculture operations loans - $100-250k 7 $927 $132,429
    Agriculture operations loans - $250k-1MM 3 $1,370 $456,667