First-citizens Bank & Trust Co

Raleigh, NC 27609

LEI: L9VVX1KT5TFTKS0MLF66

Tax ID: 56-0223230

2019 Data | 2018 Data


Overview

First-citizens Bank & Trust Co is a small mortgage company specializing in Home Purchase and Refi loans. First-citizens Bank & Trust Co 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 Charlotte, Raleigh, Charleston, Columbia, and Greenville among others. They have an average approval rate for mortages when compared nationally -- and they have an average pick rate when compared to the same sample of other lendors. First-citizens Bank & Trust Co is typically a normal fee lendor.


Originations

18,023

Origination Dollar Volume (All Markets)

$3,228,235,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 17,554 $3,147,620,000 $179,311
FHA 317 $51,265,000 $161,719
VA 97 $21,495,000 $221,598
USDA 55 $7,855,000 $142,818

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,126 $1,387,470,000 $270,673
Home Improvement 3,307 $325,175,000 $98,329
Other 4,891 $512,055,000 $104,693
Refi 3,782 $770,440,000 $203,712
Cash Out Refi 917 $233,095,000 $254,193

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
Outside of Metro Areas 3,161 $517,655,000 $163,763
CHARLOTTE-CONCORD-GASTONIA, NC-SC 2,452 $425,290,000 $173,446
RALEIGH-CARY, NC 1,937 $343,525,000 $177,349
CHARLESTON-NORTH CHARLESTON, SC 940 $238,480,000 $253,702
COLUMBIA, SC 1,158 $176,350,000 $152,288
GREENVILLE-ANDERSON, SC 906 $161,910,000 $178,709
ASHEVILLE, NC 837 $160,975,000 $192,324
DURHAM-CHAPEL HILL, NC 656 $159,890,000 $243,735
WILMINGTON, NC 516 $132,400,000 $256,589
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 455 $84,975,000 $186,758
GREENSBORO-HIGH POINT, NC 527 $83,275,000 $158,017
WINSTON-SALEM, NC 418 $67,260,000 $160,909
HICKORY-LENOIR-MORGANTON, NC 444 $56,320,000 $126,847
SPARTANBURG, SC 379 $53,145,000 $140,224
NEW BERN, NC 256 $44,490,000 $173,789
ROANOKE, VA 265 $44,135,000 $166,547
FAYETTEVILLE, NC 315 $35,985,000 $114,238
FLORENCE, SC 248 $32,070,000 $129,315
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 142 $30,760,000 $216,620
AUGUSTA-RICHMOND COUNTY, GA-SC 214 $29,030,000 $135,654
HILTON HEAD ISLAND-BLUFFTON, SC 131 $27,025,000 $206,298
GREENVILLE, NC 148 $25,270,000 $170,743
RICHMOND, VA 157 $25,015,000 $159,331
LYNCHBURG, VA 132 $20,880,000 $158,182
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 72 $19,370,000 $269,028
JACKSONVILLE, NC 124 $18,290,000 $147,500
CHARLOTTESVILLE, VA 85 $16,455,000 $193,588
SUMTER, SC 96 $11,780,000 $122,708
BLACKSBURG-CHRISTIANSBURG, VA 71 $11,175,000 $157,394
GOLDSBORO, NC 73 $10,835,000 $148,425
KNOXVILLE, TN 26 $10,510,000 $404,231
MILWAUKEE-WAUKESHA, WI 58 $10,080,000 $173,793
SAVANNAH, GA 41 $9,275,000 $226,220
HARRISONBURG, VA 31 $8,035,000 $259,194
LOS ANGELES-LONG BEACH-GLENDALE, CA 14 $7,680,000 $548,571
PHOENIX-MESA-CHANDLER, AZ 15 $7,495,000 $499,667
MIAMI-MIAMI BEACH-KENDALL, FL 8 $6,980,000 $872,500
BURLINGTON, NC 34 $6,080,000 $178,824
ATHENS-CLARKE COUNTY, GA 61 $5,725,000 $93,852
JACKSONVILLE, FL 32 $5,600,000 $175,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 27 $4,855,000 $179,815
STAUNTON, VA 41 $4,685,000 $114,268
DENVER-AURORA-LAKEWOOD, CO 9 $4,435,000 $492,778
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 13 $4,385,000 $337,308
BALTIMORE-COLUMBIA-TOWSON, MD 10 $4,240,000 $424,000
ROCKY MOUNT, NC 35 $4,005,000 $114,429
TAMPA-ST. PETERSBURG-CLEARWATER, FL 21 $3,845,000 $183,095
GAINESVILLE, GA 8 $3,070,000 $383,750
SEATTLE-BELLEVUE-KENT, WA 9 $2,765,000 $307,222
NAPLES-MARCO ISLAND, FL 13 $2,715,000 $208,846
ANAHEIM-SANTA ANA-IRVINE, CA 8 $2,480,000 $310,000
CHATTANOOGA, TN-GA 5 $2,425,000 $485,000
ORLANDO-KISSIMMEE-SANFORD, FL 12 $2,380,000 $198,333
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 14 $2,360,000 $168,571
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 6 $2,250,000 $375,000
PORT ST. LUCIE, FL 9 $2,245,000 $249,444
AUSTIN-ROUND ROCK-GEORGETOWN, TX 3 $1,755,000 $585,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 4 $1,730,000 $432,500
WINCHESTER, VA-WV 11 $1,545,000 $140,455
DALLAS-PLANO-IRVING, TX 4 $1,520,000 $380,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 11 $1,505,000 $136,818
RACINE, WI 8 $1,330,000 $166,250
CAPE CORAL-FORT MYERS, FL 9 $1,265,000 $140,556
ALBUQUERQUE, NM 3 $1,255,000 $418,333
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 8 $1,180,000 $147,500
KANSAS CITY, MO-KS 5 $1,125,000 $225,000
GAINESVILLE, FL 2 $1,090,000 $545,000
JOHNSON CITY, TN 5 $1,065,000 $213,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 2 $1,040,000 $520,000
SANTA FE, NM 2 $970,000 $485,000
TACOMA-LAKEWOOD, WA 5 $905,000 $181,000
PANAMA CITY, FL 3 $875,000 $291,667
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 2 $860,000 $430,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 5 $835,000 $167,000
BRUNSWICK, GA 3 $755,000 $251,667
INDIANAPOLIS-CARMEL-ANDERSON, IN 2 $680,000 $340,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 4 $680,000 $170,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 5 $675,000 $135,000
MEMPHIS, TN-MS-AR 1 $655,000 $655,000
PITTSBURGH, PA 1 $615,000 $615,000
OAKLAND-BERKELEY-LIVERMORE, CA 1 $605,000 $605,000
KINGSPORT-BRISTOL, TN-VA 2 $560,000 $280,000
NORTH PORT-SARASOTA-BRADENTON, FL 4 $550,000 $137,500
WENATCHEE, WA 1 $485,000 $485,000
SHEBOYGAN, WI 1 $465,000 $465,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $455,000 $455,000
TUCSON, AZ 2 $450,000 $225,000
OLYMPIA-LACEY-TUMWATER, WA 2 $430,000 $215,000
MORGANTOWN, WV 3 $415,000 $138,333
PUNTA GORDA, FL 1 $315,000 $315,000
BEND, OR 1 $275,000 $275,000
WARNER ROBINS, GA 1 $265,000 $265,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $255,000 $255,000
LAS CRUCES, NM 1 $255,000 $255,000
HUNTINGTON-ASHLAND, WV-KY-OH 1 $205,000 $205,000
THE VILLAGES, FL 1 $195,000 $195,000
OCALA, FL 1 $195,000 $195,000
LAKELAND-WINTER HAVEN, FL 1 $175,000 $175,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 2 $150,000 $75,000
COLORADO SPRINGS, CO 1 $135,000 $135,000
MADISON, WI 1 $135,000 $135,000
LAWRENCE, KS 1 $125,000 $125,000
JOPLIN, MO 1 $105,000 $105,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 1 $95,000 $95,000
CHARLESTON, WV 1 $75,000 $75,000
BOULDER, CO 1 $75,000 $75,000
GADSDEN, AL 1 $65,000 $65,000
PARKERSBURG-VIENNA, WV 1 $65,000 $65,000
HINESVILLE, GA 1 $65,000 $65,000
WAUSAU-WESTON, WI 1 $45,000 $45,000
MORRISTOWN, TN 1 $25,000 $25,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 12 $2,690,000 $224,167
2.5-3% 100 $19,220,000 $192,200
3-4% 5,196 $1,446,920,000 $278,468
4-5% 7,426 $1,302,120,000 $175,346
5-6% 5,181 $445,635,000 $86,013
6-7% 91 $10,385,000 $114,121
7-8% 14 $370,000 $26,429
Over 8% 3 $895,000 $298,333

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 8,151 $473,885,000 $58,138
$100k-200k 4,782 $669,480,000 $140,000
$200k-400k 3,304 $903,950,000 $273,593
$400k-600k 1,065 $507,905,000 $476,906
$600k-1000k 520 $380,600,000 $731,923
$Over $1MM 201 $292,415,000 $1,454,801

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 4,267 $457,875,000 $107,306
40-60% 2,490 $456,770,000 $183,442
60-80% 3,487 $921,065,000 $264,143
80-100% 3,971 $1,155,825,000 $291,066
Over 100% 24 $7,190,000 $299,583
Under 20% 3,784 $229,510,000 $60,653

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 3,432 $497,790,000 $145,044
$150k-250k 3,159 $636,545,000 $201,502
$50k-75k 2,887 $330,385,000 $114,439
$50k-or less 2,593 $239,345,000 $92,304
$75k-100k 2,446 $318,560,000 $130,237
$Over $250k 2,799 $1,064,135,000 $380,184

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 13,596 $2,473,500,000 $181,929
Not provided 2,726 $433,600,000 $159,061
Black 896 $133,700,000 $149,219
Not applicable 352 $96,900,000 $275,284
Asian 314 $69,550,000 $221,497
American Indian 53 $8,665,000 $163,491
Asian Indian 21 $3,785,000 $180,238
Other Asian 23 $2,305,000 $100,217
Native Hawaiian 14 $2,270,000 $162,143
Other Pacific Islander 15 $1,925,000 $128,333
Vietnamese 5 $685,000 $137,000
Filipino 3 $685,000 $228,333
Korean 1 $275,000 $275,000
Guamanian 1 $205,000 $205,000
Japanese 1 $75,000 $75,000
1 $55,000 $55,000
Chinese 1 $55,000 $55,000

Approval Rates

Total approvals of all applications
79.14%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
90.42%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 18,023 $3,228,235,000 $179,118

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 4,967 $1,216,655,000 $244,948
$1k-2k 2,360 $641,760,000 $271,932
$2k-3k 478 $150,650,000 $315,167
$3k-4k 203 $85,375,000 $420,567
$5k+ 64 $43,660,000 $682,188

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 5 $2,435,000 $487,000
Multifamily:Site-Built 54 $40,940,000 $758,148
Single Family (1-4 Units):Manufactured 68 $6,590,000 $96,912
Single Family (1-4 Units):Site-Built 17,896 $3,178,270,000 $177,597