The Bank Of South Carolina Mortgage Rates, Fees & Info

Charleston, SC

LEI: 549300YQ763HO7N3CO68

Tax ID: 57-0825951

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Mortgage Data

Bank Data

Review & Overview

The Bank Of South Carolina is a smaller bank specializing in Refi and Home Purchase loans. The Bank Of South Carolina 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: Charleston, Hilton Head Island, Asheville, Columbia, and Charlotte among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Bank Of South Carolina 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.49% 3/28/24
30 Year Conventional Refi 6.43% 3/28/24
30 Year Cash-out Refi 6.74% 3/28/24
30 Year FHA Purchase 7.37% 3/28/24
30 Year VA Purchase 6.22% 3/28/24
15 Year Conventional Purchase 5.68% 3/28/24
15 Year Conventional Refi 5.87% 3/28/24
15 Year Cash-out Refi 5.87% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

The Bank Of South Carolina Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Bank Of South Carolina. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

603

Origination Dollar Volume (All Markets)

$201,245,000

Employee count

76

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
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 537 $183,325,000 $341,387 $0 0.00%
Outside of Metro Areas 9 $2,825,000 $313,889 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 4 $1,460,000 $365,000 $0 0.00%
ASHEVILLE, NC (FHA|USDA|VA) 3 $1,455,000 $485,000 $0 0.00%
COLUMBIA, SC (FHA|USDA|VA) 6 $1,400,000 $233,333 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $1,285,000 $257,000 $0 0.00%
Jackson, WY-ID (FHA|USDA|VA) 2 $1,030,000 $515,000 $0 0.00%
Georgetown, SC (FHA|USDA|VA) 4 $1,010,000 $252,500 $0 0.00%
FLORENCE, SC (FHA|USDA|VA) 2 $530,000 $265,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $510,000 $255,000 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $465,000 $465,000 $0 0.00%
Orangeburg, SC (FHA|USDA|VA) 2 $420,000 $210,000 $0 0.00%
Forest City, NC (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Seneca, SC (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
OCALA, FL (FHA|USDA|VA) 3 $295,000 $98,333 $0 0.00%
WILMINGTON, NC (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
Greenwood, SC (FHA|USDA|VA) 3 $215,000 $71,667 $0 0.00%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
SPARTANBURG, SC (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
The Bank Of South Carolina's top markets include Charleston, Hilton Head Island, Asheville, Columbia, and Charlotte among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 577 $193,695,000 $335,693 $0 0.00%
    FHA 16 $4,320,000 $270,000 $0 0.00%
    VA 10 $3,230,000 $323,000 $0 0.00%

    For 2020, The Bank Of South Carolina's most frequently originated type of loan was Conventional, with 577 originations. Their 2nd most popular type was FHA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 278 $89,010,000 $320,180 $0 0.00%
    Home Purchase 218 $76,060,000 $348,899 $0 0.00%
    Cash Out Refi 103 $34,785,000 $337,718 $0 0.00%
    Home Improvement 4 $1,390,000 $347,500 $0 0.00%

    For 2020, The Bank Of South Carolina's most frequently cited loan purpose was Refi, with 278 originations. The 2nd most popular reason was Home Purchase, with 218 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 603 $201,245,000 $333,740 $0 0.00%

    For 2020, The Bank Of South Carolina's most frequently cited loan duration was Other, with 603 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 309 $89,155,000 $288,528 $0 0.00%
    $400k-600k 134 $63,390,000 $473,060 $0 0.00%
    $100k-200k 111 $17,485,000 $157,523 $0 0.00%
    $100,000 or less 22 $1,780,000 $80,909 $0 0.00%
    $600k-1MM 19 $14,955,000 $787,105 $0 0.00%
    $1MM+ 8 $14,480,000 $1,810,000 $0 0.00%

    2020 saw The Bank Of South Carolina place emphasis on $200k-400k loans with 309 originations, totaling $89,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 138 $45,090,000 $326,739 $0 0.00%
    $50k-75k 116 $27,260,000 $235,000 $0 0.00%
    $150k-250k 98 $37,230,000 $379,898 $0 0.00%
    $75k-100k 98 $28,910,000 $295,000 $0 0.00%
    $250k+ 57 $34,555,000 $606,228 $0 0.00%
    $50k or less 52 $10,790,000 $207,500 $0 0.00%

    The Bank Of South Carolina lent most frequently to those with incomes in the $100k-150k range, with 138 originations. The second most popular income band? $50k-75k, with 116 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 603 $201,245,000 $333,740 $0 0.00%

    The Bank Of South Carolina lent most frequently to those with DTI ratios of Exempt%, with 603 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 543 $179,255,000 $330,120 $0 0.00%
    Not applicable 25 $11,235,000 $449,400 $0 0.00%
    Not provided 22 $7,030,000 $319,545 $0 0.00%
    Black 7 $1,955,000 $279,286 $0 0.00%
    Asian 4 $1,060,000 $265,000 $0 0.00%
    Native Hawaiian or Islander 1 $485,000 $485,000 $0 0.00%
    American Indian 1 $225,000 $225,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.25%

    The Bank Of South Carolina 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
    91.04%

    The Bank Of South Carolina has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 603 $201,245,000 $333,740

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $615,000 $615,000
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 601 $200,595,000 $333,769

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 22 14.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 17 11.5%
    TD BANK US HOLDING COMPANY Conventional home mortgage Credit monitoring or identity theft protection services 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Improper use of your report 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Incorrect information on your report 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 4 2.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 51 34.5%
    TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 3 2.0%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 5 3.4%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 7 4.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 4 2.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 17 11.5%
    TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 8 5.4%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Bank of South Carolina 100 North Main Street Summerville, SC 29483 Full Service B&M $64,600
    The Bank of South Carolina 1337 Chuck Dawley Boulevard Mount Pleasant, SC 29464 Full Service B&M $107,380
    The Bank of South Carolina 2027 Sam Rittenberg Boulevard Charleston, SC 29407 Full Service B&M $95,590
    The Bank of South Carolina 256 Meeting Street Charleston, SC 29401 Full Service B&M $179,726
    The Bank of South Carolina 9403 Highway 78 North Charleston, SC 29456 Full Service B&M $28,350

    For 2020, The Bank Of South Carolina had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $18,693
    Net interest income $18,387
    Total noninterest income $3,707
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $523
    Trading account gains and fees $0
    Additional Noninterest Income $3,184
    Pre-tax net operating income $8,714
    Securities gains (or losses, -) $10
    Income before extraordinary items $6,715
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,715
    Minority interest net income $0
    Net income $6,715
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,707

    The Bank Of South Carolina's gross interest income from loans was $18,693,000.
    The Bank Of South Carolina's net interest income from loans was $18,387,000.
    The Bank Of South Carolina's fee based income from loans was $523,000.
    The Bank Of South Carolina's net income from loans was $6,715,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $306
    Provision for credit losses $240
    Total noninterest expense $13,140
    Salaries and employee benefits $8,774
    Premises and equipment expense $2,197
    Additional noninterest expense $2,169
    Applicable income taxes $2,009
    Net charge-offs $58
    Cash dividends $4,700

    The Bank Of South Carolina's interest expense for loans was $306,000.
    The Bank Of South Carolina's payroll and benefits expense were $8,774,000.
    The Bank Of South Carolina's property, plant and equipment expenses $2,197,000.

    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 $463,936
    Deposits held in domestic offices $463,936
    Deposits by Individuals, partnerships, and corporations $437,961
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $25,446
    Deposits by Commercial banks and other depository institutions in U.S. $529
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $92,885
    Demand deposits $48,842
    Nontransaction accounts $371,051
    Money market deposit accounts (MMDAs) $86,405
    Other savings deposits (excluding MMDAs) $263,947
    Total time deposits $20,699
    Total time and savings deposits $415,094
    Noninterest-bearing deposits $169,185
    Interest-bearing deposits $294,750
    Retail deposits $459,443
    IRAs and Keogh plan accounts $3,798
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $532,248
    Cash & Balances due from depository institutions $48,326
    Interest-bearing balances $42,348
    Total securities $134,820
    Federal funds sold & reverse repurchase $0
    Net loans and leases $329,583
    Loan and leases loss allowance $4,186
    Trading account assets $0
    Bank premises and fixed assets $16,711
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,808

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $532,248
    Total Liabilities $478,314
    Total deposits $463,936
    Interest-bearing deposits $294,750
    Deposits held in domestic offices $463,936
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $14,378

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $329,583
    Loan and leases loss allowance $4,186
    Total loans and leases (domestic) $333,769
    All real estate loans $245,592
    Real estate loans in domestic offices $245,592
    Construction and development loans $45,814
    Residential 1-4 family construction $16,863
    Other construction, all land development and other land $28,951
    Loans secured by nonfarm nonresidential properties $77,210
    Nonfarm nonresidential secured by owner-occupied properties $46,545
    Commercial real estate & other non-farm, non-residential $30,665
    Multifamily residential real estate $3,737
    1-4 family residential loans $118,447
    Farmland loans $384
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $51,230
    To non-U.S. addressees $0
    Loans to individuals $4,404
    Credit card loans $0
    Related Plans $557
    Consumer Auto Loans $327
    Other loans to individuals $3,520
    All other loans & leases $32,543
    Loans to foreign governments and official institutions $0
    Other loans $32,543
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $3,566
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,803
    Non 1-4 family restructured loans & leases $5,222
    Total loans and leases (foreign) $0

    The Bank of South Carolina had $329,583,000 of loans outstanding in 2020. $245,592,000 of loans were in real estate loans. $45,814,000 of loans were in development loans. $3,737,000 of loans were in multifamily mortgage loans. $118,447,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $327,000 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 93 $25,462 $273,785
    Nonfarm, nonresidential loans - <$100k 10 $689 $68,900
    Nonfarm, nonresidential loans - $100-250k 24 $2,718 $113,250
    Nonfarm, nonresidential loans - $250k-1MM 59 $22,055 $373,814
    Commercial & Industrial, US addressed loans - <$1MM 396 $39,525 $99,811
    Commercial & Industrial, US addressed loans - <$100k 249 $8,027 $32,237
    Commercial & Industrial, US addressed loans - $100-250k 84 $11,385 $135,536
    Commercial & Industrial, US addressed loans - $250k-1MM 63 $20,113 $319,254
    Farmland loans - <$1MM 3 $384 $128,000
    Farmland loans - $100-250k 1 $184 $184,000
    Farmland loans - $250k-1MM 2 $200 $100,000