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

268

Origination Dollar Volume (All Markets)

$84,210,000

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) 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.

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 268 $84,210,000 $314,216 $0 0.00%

    For 2021, First Metro Bank's most frequently originated type of loan was Conventional, with 268 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, First Metro Bank's most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was 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 2021, First Metro Bank's most frequently cited loan duration was 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
    93.67%

    First Metro Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.15%

    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 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 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
    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

    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