First Palmetto Bank Mortgage Rates, Fees & Info

Camden, SC

LEI: 549300Z7EP1HO5CH1C36

Tax ID: 57-0921408

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Palmetto Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. First Palmetto Bank 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.) They have a low ratio of USDA loans. Their top markets include Columbia, Charleston, Greenville, Myrtle Beach, and Charlotte among others. First Palmetto 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. First Palmetto Bank is typically a low fee lendor.


Originations

1,479

Origination Dollar Volume (All Markets)

$428,275,000

Employee count

164 Show all (14) awards

Relative Rate

First Palmetto Bank's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

First Palmetto Bank's average total fees for a 30 year fixed rate mortgage are $3,246.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
COLUMBIA, SC (FHA|USDA|VA) 703 $178,965,000 $254,573 $3,133 2.92%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 208 $85,890,000 $412,933 $3,054 3.07%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 233 $77,805,000 $333,927 $3,059 2.97%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 78 $21,380,000 $274,103 $2,886 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 54 $12,320,000 $228,148 $2,994 2.94%
SPARTANBURG, SC (FHA|USDA|VA) 35 $8,585,000 $245,286 $3,117 2.97%
Outside of Metro Areas 25 $5,585,000 $223,400 $2,993 2.91%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 9 $5,365,000 $596,111 $3,163 3.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 18 $4,300,000 $238,889 $3,403 2.86%
Georgetown, SC (FHA|USDA|VA) 10 $3,050,000 $305,000 $3,427 2.97%
Seneca, SC (FHA|USDA|VA) 12 $3,030,000 $252,500 $2,823 2.96%
Newberry, SC (FHA|USDA|VA) 13 $3,025,000 $232,692 $3,779 2.65%
SUMTER, SC (FHA|USDA|VA) 16 $2,330,000 $145,625 $2,965 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $1,935,000 $387,000 $2,804 2.65%
Orangeburg, SC (FHA|USDA|VA) 12 $1,910,000 $159,167 $3,245 2.80%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $1,805,000 $257,857 $3,159 3.07%
FLORENCE, SC (FHA|USDA|VA) 7 $1,655,000 $236,429 $3,546 2.93%
RALEIGH-CARY, NC (FHA|USDA|VA) 4 $950,000 $237,500 $2,373 2.69%
ASHEVILLE, NC (FHA|USDA|VA) 4 $910,000 $227,500 $2,852 2.72%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 3 $865,000 $288,333 $2,960 2.41%
Brevard, NC (FHA|USDA|VA) 2 $650,000 $325,000 $3,693 3.13%
Albemarle, NC (FHA|USDA|VA) 1 $545,000 $545,000 $3,236 2.75%
Key West, FL (FHA|USDA|VA) 1 $535,000 $535,000 $4,526 3.25%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $515,000 $515,000 $0 4.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $445,000 $445,000 $4,762 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,616 3.50%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $375,000 $375,000 $3,581 3.25%
Bennettsville, SC (FHA|USDA|VA) 1 $365,000 $365,000 $3,421 3.00%
Greenwood, SC (FHA|USDA|VA) 1 $305,000 $305,000 $2,673 2.38%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $285,000 $285,000 $3,153 3.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $225,000 $225,000 $4,087 3.50%
Morehead City, NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,668 3.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $225,000 $225,000 $2,810 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,882 3.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $215,000 $215,000 $4,411 3.38%
WILMINGTON, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,154 2.88%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $205,000 $205,000 $1,977 3.38%
SAVANNAH, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,309 2.63%
BURLINGTON, NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,004 4.00%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,337 3.50%
MOBILE, AL (FHA|USDA|VA) 1 $125,000 $125,000 $2,655 3.13%
Sevierville, TN (FHA|USDA|VA) 1 $125,000 $125,000 $1,625 2.88%

First Palmetto Bank's top markets include Columbia, Charleston, Greenville, Myrtle Beach, and Charlotte among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,419 $413,605,000 $291,476 $2,979 2.97%
FHA 33 $6,575,000 $199,242 $6,475 2.85%
VA 19 $6,445,000 $339,211 $4,987 2.86%
USDA 8 $1,650,000 $206,250 $5,036 2.66%

For the 2021 period, First Palmetto Bank's most frequently originated loan type of loans were Conventional, with 1,419 originations. Their 2nd most popular type is FHA, with 33 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 653 $196,475,000 $300,881 $3,575 3.05%
Refi 459 $128,175,000 $279,248 $2,568 2.78%
Cash Out Refi 366 $100,990,000 $275,929 $2,954 3.05%
Other 1 $2,635,000 $2,635,000 $1,032 2.95%

For the 2021, First Palmetto Bank's most frequently cited loan purpose of loans were Home Purchase, with 653 originations. The 2nd most popular reason of loans were Refi, with 459 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,015 $286,055,000 $281,828 $3,246 3.04%
15 Year 251 $63,415,000 $252,649 $2,795 2.46%
20 Year 70 $17,970,000 $256,714 $2,731 2.79%
5 Year 62 $17,090,000 $275,645 $2,219 3.76%
10 Year 44 $14,810,000 $336,591 $2,831 2.74%
Other 35 $26,125,000 $746,429 $2,350 3.38%
3 Year 1 $1,605,000 $1,605,000 $0 3.75%
1 Year 1 $1,205,000 $1,205,000 $0 3.65%

For the 2021, First Palmetto Bank's most frequently cited loan length of loans were 30 Year, with 1,015 originations. The 2nd most popular length of loans were 15 Year, with 251 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,267 $349,525,000 $275,868
$1k-2k 81 $26,735,000 $330,062
$2k-3k 43 $9,995,000 $232,442
$3k-4k 23 $8,185,000 $355,870
$5k+ 5 $1,985,000 $397,000

$3,246 of loans were First Palmetto Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,267 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 671 $197,175,000 $293,852
3-4% 503 $158,875,000 $315,855
<2.5% 273 $64,295,000 $235,513
4-5% 32 $7,930,000 $247,813

During 2021, First Palmetto Bank's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 671 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 612 $171,940,000 $280,948 $3,243 2.94%
$100k-200k 477 $72,765,000 $152,547 $2,822 2.96%
$400k-600k 238 $116,450,000 $489,286 $3,407 2.93%
$100,000 or less 100 $7,910,000 $79,100 $2,558 2.99%
$600k-1MM 30 $23,350,000 $778,333 $3,412 3.27%
$1MM+ 22 $35,860,000 $1,630,000 $4,168 3.45%

2021 saw First Palmetto Bank place emphasis on $200k-400k loans with 612 originations, totaling $171,940,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 315 $80,195,000 $254,587 $3,135 2.89%
$150k-250k 267 $87,115,000 $326,273 $3,201 2.95%
$250k+ 248 $113,110,000 $456,089 $3,106 2.93%
$50k-75k 248 $50,410,000 $203,266 $3,081 2.95%
$75k-100k 205 $46,875,000 $228,659 $3,117 3.01%
$50k or less 144 $20,540,000 $142,639 $2,902 2.87%

First Palmetto Bank lent most frequently to those with incomes in the $100k-150k range, with 315 originations. The second most popular income band? $150k-250k, with 267 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 423 $115,345,000 $272,683 $3,097 2.90%
<20% 405 $112,635,000 $278,111 $2,881 2.89%
30-36% 229 $69,325,000 $302,729 $3,183 2.94%
36% 47 $13,655,000 $290,532 $3,195 2.89%
37% 35 $7,725,000 $220,714 $3,049 3.06%
38% 34 $9,360,000 $275,294 $2,892 3.11%
44% 33 $8,545,000 $258,939 $3,301 2.97%
40% 29 $7,375,000 $254,310 $3,477 3.01%
43% 27 $7,125,000 $263,889 $3,385 3.01%
39% 25 $5,625,000 $225,000 $3,805 2.96%
42% 24 $5,910,000 $246,250 $3,128 3.29%
41% 21 $4,865,000 $231,667 $3,577 2.97%
47% 19 $5,335,000 $280,789 $3,193 3.07%
50-60% 18 $6,290,000 $349,444 $3,506 2.98%
48% 17 $4,935,000 $290,294 $2,947 2.96%
45% 16 $4,140,000 $258,750 $3,812 3.02%
46% 13 $3,435,000 $264,231 $3,194 2.99%
49% 8 $1,900,000 $237,500 $4,087 2.94%
>60% 4 $4,960,000 $1,240,000 $2,713 3.03%

First Palmetto Bank lent most frequently to those with DTI ratios of 20-30%, with 423 originations. The next most common DTI ratio? <20%, with 405 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,231 $346,585,000 $281,548 $3,063 2.95%
Not applicable 45 $28,605,000 $635,667 $0 3.83%
Not provided 91 $27,265,000 $299,615 $3,429 2.94%
Black 45 $10,115,000 $224,778 $3,658 2.95%
Asian 35 $8,825,000 $252,143 $3,174 2.79%
Asian Indian 25 $5,815,000 $232,600 $2,468 2.50%
American Indian 5 $785,000 $157,000 $3,399 2.88%
Other Asian 2 $280,000 $140,000 $2,949 2.69%

Approval Rates

Total approvals of all applications
96.76%

First Palmetto 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
93.33%

First Palmetto Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
3255.12 1 $85,000 $85,000
NA 1,478 $428,190,000 $289,709

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,479 $428,275,000 $289,571

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 102 $22,580,000 $221,373 $2,602 2.74%
40-60% 259 $78,305,000 $302,336 $2,774 2.77%
60-80% 619 $183,295,000 $296,115 $2,913 3.02%
80-100% 479 $140,265,000 $292,829 $3,560 3.03%
Over 100% 4 $1,240,000 $310,000 $12,663 2.75%
Under 20% 16 $2,590,000 $161,875 $2,043 3.06%

Complaints

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

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Palmetto Bank 10540 Two Notch Road Elgin, SC 29045 Full Service B&M $31,630
First Palmetto Bank 301 North Hampton Street Kershaw, SC 29067 Full Service B&M $27,917
First Palmetto Bank 3932 Forest Drive Columbia, SC 29204 Full Service B&M $38,378
First Palmetto Bank 407 Dekalb Street Camden, SC 29020 Full Service B&M $138,749
First Palmetto Bank 409 N. Main Street Lancaster, SC 29720 Full Service B&M $32,922
First Palmetto Bank 4311 Main Street Loris, SC 29569 Full Service B&M $29,754
First Palmetto Bank 5 Sumar Street Charleston, SC 29407 Full Service B&M $11,934
First Palmetto Bank 501 Highway 17 North Myrtle Beach, SC 29582 Full Service B&M $8,795
First Palmetto Bank 5321 Sunset Boulevard Lexington, SC 29072 Full Service B&M $40,677
First Palmetto Bank 7327 Saint Andrews Road Irmo, SC 29063 Full Service B&M $24,627
First Palmetto Bank 788 Highway 1 South Lugoff, SC 29078 Full Service B&M $74,488
First Palmetto Bank 111 N Brooks St Manning, SC 29102 Full Service B&M $18,074
First Palmetto Bank 1204 48th Ave N Myrtle Beach, SC 29578 Full Service B&M $55,642
First Palmetto Bank 1376 Highway 17 Little River, SC 29566 Full Service B&M $29,953
First Palmetto Bank 1636 Highway 17, North Mount Pleasant, SC 29464 Full Service B&M $17,958
First Palmetto Bank 201 E Church St Bishopville, SC 29010 Full Service B&M $17,974
First Palmetto Bank 201 North Pearl Street Pageland, SC 29728 Full Service B&M $34,212
First Palmetto Bank 206 Cashua Street Darlington, SC 29532 Full Service B&M $19,606
First Palmetto Bank 211 N. Main Street Summerville, SC 29483 Full Service B&M $14,262
First Palmetto Bank 2293 Glenn's Bay Road Surfside Beach, SC 29575 Full Service B&M $18,724
First Palmetto Bank 2310 N. Broad Street Camden, SC 29020 Full Service B&M $20,624
First Palmetto Bank 2530 Devine Street Columbia, SC 29205 Full Service B&M $46,294
First Palmetto Bank 300 King Street East Bethune, SC 29009 Full Service B&M $21,834

For 2021, First Palmetto Bank had 23 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $29,497
Net interest income $28,095
Total noninterest income $12,067
Gross Fiduciary activities income $0
Service charges on deposit accounts $333
Trading account gains and fees $0
Additional Noninterest Income $11,734
Pre-tax net operating income $14,197
Securities gains (or losses, -) $0
Income before extraordinary items $10,789
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,789
Minority interest net income $0
Net income $10,789
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,789

First Palmetto Bank's gross interest income from loans was $29,497,000.
First Palmetto Bank's net interest income from loans was $28,095,000.
First Palmetto Bank's fee based income from loans was $333,000.
First Palmetto Bank's net income from loans was $10,789,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,402
Provision for credit losses $1,200
Total noninterest expense $24,765
Salaries and employee benefits $16,902
Premises and equipment expense $2,465
Additional noninterest expense $5,398
Applicable income taxes $3,408
Net charge-offs $-225
Cash dividends $9,500

First Palmetto Bank's interest expense for loans was $1,402,000.
First Palmetto Bank's payroll and benefits expense were $16,902,000.
First Palmetto Bank's property, plant and equipment expenses $2,465,000.

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 $790,298
Deposits held in domestic offices $790,298
Deposits by Individuals, partnerships, and corporations $768,619
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $21,679
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $361,646
Demand deposits $186,307
Nontransaction accounts $428,652
Money market deposit accounts (MMDAs) $152,746
Other savings deposits (excluding MMDAs) $65,502
Total time deposits $210,404
Total time and savings deposits $603,991
Noninterest-bearing deposits $187,363
Interest-bearing deposits $602,935
Retail deposits $747,543
IRAs and Keogh plan accounts $29,944
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $873,264
Cash & Balances due from depository institutions $184,835
Interest-bearing balances $174,230
Total securities $60,775
Federal funds sold & reverse repurchase $0
Net loans and leases $602,775
Loan and leases loss allowance $11,089
Trading account assets $0
Bank premises and fixed assets $17,979
Other real estate owned $0
Goodwill and other intangibles $1,541
All other assets $5,359

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $873,264
Total Liabilities $793,120
Total deposits $790,298
Interest-bearing deposits $602,935
Deposits held in domestic offices $790,298
% insured (estimated) $79
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $2,822

Issued Loan Types

Type Value (in 000's)
Net loans and leases $602,775
Loan and leases loss allowance $11,089
Total loans and leases (domestic) $613,864
All real estate loans $566,122
Real estate loans in domestic offices $566,122
Construction and development loans $49,000
Residential 1-4 family construction $20,345
Other construction, all land development and other land $28,655
Loans secured by nonfarm nonresidential properties $314,330
Nonfarm nonresidential secured by owner-occupied properties $137,391
Commercial real estate & other non-farm, non-residential $176,939
Multifamily residential real estate $6,056
1-4 family residential loans $193,743
Farmland loans $2,993
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $42,634
To non-U.S. addressees $0
Loans to individuals $6,238
Credit card loans $0
Related Plans $364
Consumer Auto Loans $1,822
Other loans to individuals $4,052
All other loans & leases $330
Loans to foreign governments and official institutions $0
Other loans $330
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $726
Non 1-4 family restructured loans & leases $187
Total loans and leases (foreign) $0

First Palmetto Bank had $602,775,000 of loans outstanding in 2021. $566,122,000 of loans were in real estate loans. $49,000,000 of loans were in development loans. $6,056,000 of loans were in multifamily mortgage loans. $193,743,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,822,000 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 537 $143,788 $267,762
Nonfarm, nonresidential loans - <$100k 103 $4,576 $44,427
Nonfarm, nonresidential loans - $100-250k 162 $21,184 $130,765
Nonfarm, nonresidential loans - $250k-1MM 272 $118,028 $433,926
Commercial & Industrial, US addressed loans - <$1MM 253 $18,794 $74,285
Commercial & Industrial, US addressed loans - <$100k 164 $4,336 $26,439
Commercial & Industrial, US addressed loans - $100-250k 58 $4,783 $82,466
Commercial & Industrial, US addressed loans - $250k-1MM 31 $9,675 $312,097
Farmland loans - <$1MM 12 $1,225 $102,083
Farmland loans - <$100k 4 $188 $47,000
Farmland loans - $100-250k 6 $759 $126,500
Farmland loans - $250k-1MM 2 $278 $139,000