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 an above average pick rate when compared to similar lenders.

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Originations

230

Origination Dollar Volume (All Markets)

$37,770,000

Employee count

128

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) 158 $26,400,000 $167,089 $0 0.00%
Outside of Metro Areas 55 $7,115,000 $129,364 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 17 $4,255,000 $250,294 $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 230 $37,770,000 $164,217 $0 0.00%

    For 2020, First Metro Bank's most frequently originated type of loan was Conventional, with 230 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 106 $16,350,000 $154,245 $0 0.00%
    Refi 95 $18,585,000 $195,632 $0 0.00%
    Other 19 $2,205,000 $116,053 $0 0.00%
    Home Improvement 10 $630,000 $63,000 $0 0.00%

    For 2020, First Metro Bank's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 230 $37,770,000 $164,217 $0 0.00%

    For 2020, First Metro Bank's most frequently cited loan duration was Other, with 230 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 124 $6,300,000 $50,806 $0 0.00%
    $100k-200k 55 $7,665,000 $139,364 $0 0.00%
    $200k-400k 37 $10,055,000 $271,757 $0 0.00%
    $400k-600k 7 $3,325,000 $475,000 $0 0.00%
    $1MM+ 4 $8,140,000 $2,035,000 $0 0.00%
    $600k-1MM 3 $2,285,000 $761,667 $0 0.00%

    2020 saw First Metro Bank place emphasis on $100,000 or less loans with 124 originations, totaling $6,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 54 $2,950,000 $54,630 $0 0.00%
    $50k-75k 42 $3,970,000 $94,524 $0 0.00%
    $100k-150k 24 $3,470,000 $144,583 $0 0.00%
    $75k-100k 23 $2,965,000 $128,913 $0 0.00%
    $250k+ 21 $4,315,000 $205,476 $0 0.00%
    $150k-250k 14 $2,870,000 $205,000 $0 0.00%

    First Metro Bank lent most frequently to those with incomes in the $50k or less range, with 54 originations. The second most popular income band? $50k-75k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 230 $37,770,000 $164,217 $0 0.00%

    First Metro Bank lent most frequently to those with DTI ratios of Exempt%, with 230 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 179 $20,915,000 $116,844 $0 0.00%
    Not applicable 41 $15,915,000 $388,171 $0 0.00%
    Asian 2 $490,000 $245,000 $0 0.00%
    Black 6 $360,000 $60,000 $0 0.00%
    American Indian 2 $90,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.72%

    First Metro 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
    97.39%

    First Metro Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 230 $37,770,000 $164,217

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $8,470,000 $1,058,750
    Single Family (1-4 Units):Manufactured 17 $615,000 $36,176
    Single Family (1-4 Units):Site-Built 205 $28,685,000 $139,927

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 13.3%
    FIRST HORIZON BANK Other type of mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Metro Bank 7400 Highway 43 Florence, AL 35634 Full Service B&M $17,060
    First Metro Bank 2708 Hough Road Florence, AL 35630 Full Service B&M $24,718
    First Metro Bank 15315 Highway 43 Russellville, AL 35653 Full Service B&M $32,844
    First Metro Bank 2402 Avalon Avenue Muscle Shoals, AL 35661 Full Service B&M $595
    First Metro Bank 11277 Highway 101 Lexington, AL 35648 Full Service B&M $42,231
    First Metro Bank 301 North Main Street Tuscumbia, AL 35674 Full Service B&M $97,074
    First Metro Bank 309 West Washington Street Athens, AL 35611 Full Service B&M $28,651
    First Metro Bank 3121 Cloverdale Road Florence, AL 35633 Full Service B&M $17,722
    First Metro Bank 325 S Pine Street Florence, AL 35630 Full Service B&M $154,636
    First Metro Bank 406 West Avalon Avenue Muscle Shoals, AL 35661 Full Service B&M $294,539

    For 2020, First Metro Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,353
    Net interest income $22,728
    Total noninterest income $4,056
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,284
    Trading account gains and fees $0
    Additional Noninterest Income $2,772
    Pre-tax net operating income $13,368
    Securities gains (or losses, -) $0
    Income before extraordinary items $10,056
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,056
    Minority interest net income $0
    Net income $10,056
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,056

    First Metro Bank's gross interest income from loans was $27,353,000.
    First Metro Bank's net interest income from loans was $22,728,000.
    First Metro Bank's fee based income from loans was $1,284,000.
    First Metro Bank's net income from loans was $10,056,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,625
    Provision for credit losses $120
    Total noninterest expense $13,296
    Salaries and employee benefits $8,665
    Premises and equipment expense $1,771
    Additional noninterest expense $2,860
    Applicable income taxes $3,312
    Net charge-offs $132
    Cash dividends $4,037

    First Metro Bank's interest expense for loans was $4,625,000.
    First Metro Bank's payroll and benefits expense were $8,665,000.
    First Metro Bank's property, plant and equipment expenses $1,771,000.

    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 $735,496
    Deposits held in domestic offices $735,496
    Deposits by Individuals, partnerships, and corporations $564,537
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $168,173
    Deposits by Commercial banks and other depository institutions in U.S. $2,786
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $40,019
    Demand deposits $29,558
    Nontransaction accounts $695,477
    Money market deposit accounts (MMDAs) $444,329
    Other savings deposits (excluding MMDAs) $69,811
    Total time deposits $181,337
    Total time and savings deposits $705,938
    Noninterest-bearing deposits $20,844
    Interest-bearing deposits $714,653
    Retail deposits $660,120
    IRAs and Keogh plan accounts $18,332
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $822,233
    Cash & Balances due from depository institutions $143,811
    Interest-bearing balances $111,210
    Total securities $201,904
    Federal funds sold & reverse repurchase $20,698
    Net loans and leases $437,071
    Loan and leases loss allowance $4,190
    Trading account assets $0
    Bank premises and fixed assets $14,445
    Other real estate owned $171
    Goodwill and other intangibles $0
    All other assets $4,133

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $822,233
    Total Liabilities $737,878
    Total deposits $735,496
    Interest-bearing deposits $714,653
    Deposits held in domestic offices $735,496
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,382

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $437,071
    Loan and leases loss allowance $4,190
    Total loans and leases (domestic) $441,261
    All real estate loans $326,867
    Real estate loans in domestic offices $326,867
    Construction and development loans $29,537
    Residential 1-4 family construction $17,483
    Other construction, all land development and other land $12,054
    Loans secured by nonfarm nonresidential properties $128,515
    Nonfarm nonresidential secured by owner-occupied properties $101,521
    Commercial real estate & other non-farm, non-residential $26,994
    Multifamily residential real estate $28,930
    1-4 family residential loans $131,570
    Farmland loans $8,315
    Loans held in foreign offices $0
    Farm loans $4,750
    Commercial and industrial loans $86,276
    To non-U.S. addressees $0
    Loans to individuals $17,509
    Credit card loans $1,564
    Related Plans $155
    Consumer Auto Loans $8,166
    Other loans to individuals $7,624
    All other loans & leases $5,859
    Loans to foreign governments and official institutions $0
    Other loans $72
    Loans to depository institutions and acceptances of other banks $500
    Loans not secured by real estate $2,420
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $321
    Non 1-4 family restructured loans & leases $314
    Total loans and leases (foreign) $0

    First Metro Bank had $437,071,000 of loans outstanding in 2020. $326,867,000 of loans were in real estate loans. $29,537,000 of loans were in development loans. $28,930,000 of loans were in multifamily mortgage loans. $131,570,000 of loans were in 1-4 family mortgage loans. $4,750,000 of loans were in farm loans. $1,564,000 of loans were in credit card loans. $8,166,000 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 525 $91,171 $173,659
    Nonfarm, nonresidential loans - <$100k 286 $15,944 $55,748
    Nonfarm, nonresidential loans - $100-250k 127 $20,814 $163,890
    Nonfarm, nonresidential loans - $250k-1MM 112 $54,413 $485,830
    Commercial & Industrial, US addressed loans - <$1MM 1,458 $78,272 $53,684
    Commercial & Industrial, US addressed loans - <$100k 1,338 $48,495 $36,244
    Commercial & Industrial, US addressed loans - $100-250k 80 $12,350 $154,375
    Commercial & Industrial, US addressed loans - $250k-1MM 40 $17,427 $435,675
    Farmland loans - <$1MM 60 $6,329 $105,483
    Farmland loans - <$100k 33 $791 $23,970
    Farmland loans - $100-250k 21 $3,333 $158,714
    Farmland loans - $250k-1MM 6 $2,205 $367,500
    Agriculture operations loans - <$1MM 147 $4,453 $30,293
    Agriculture operations loans - <$100k 143 $3,831 $26,790
    Agriculture operations loans - $100-250k 4 $622 $155,500