First Bank Mortgage Rates, Fees & Info

Strasburg, VA

LEI: 25490047DXSX2HF6QY47

Tax ID: 54-1713356

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Mortgage Data

Bank Data

Review & Overview

First Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. First Bank has a high proportion of conventional loans. Their top markets by origination volume include: Winchester, Richmond, Staunton, Washington, and Harrisonburg among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

181

Origination Dollar Volume (All Markets)

$51,705,000

Employee count

154

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
WINCHESTER, VA-WV (FHA|USDA|VA) 58 $14,610,000 $251,897 $0 0.00%
Outside of Metro Areas 48 $10,600,000 $220,833 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 10 $9,630,000 $963,000 $0 0.00%
STAUNTON, VA (FHA|USDA|VA) 23 $6,415,000 $278,913 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 27 $3,975,000 $147,222 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 9 $2,925,000 $325,000 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 4 $2,340,000 $585,000 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 0.00%
Morehead City, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
First Bank's top markets include Winchester, Richmond, Staunton, Washington, and Harrisonburg among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $51,705,000 $285,663 $0 0.00%

    For 2019, First Bank's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 68 $20,540,000 $302,059 $0 0.00%
    Cash Out Refi 54 $16,600,000 $307,407 $0 0.00%
    Refi 28 $10,450,000 $373,214 $0 0.00%
    Home Improvement 17 $945,000 $55,588 $0 0.00%
    Other 14 $3,170,000 $226,429 $0 0.00%

    For 2019, First Bank's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Cash Out Refi, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 181 $51,705,000 $285,663 $0 0.00%

    For 2019, First Bank's most frequently cited loan duration was Other, with 181 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 60 $3,440,000 $57,333 $0 0.00%
    $100k-200k 50 $6,980,000 $139,600 $0 0.00%
    $200k-400k 41 $12,065,000 $294,268 $0 0.00%
    $400k-600k 13 $6,385,000 $491,154 $0 0.00%
    $600k-1MM 10 $7,280,000 $728,000 $0 0.00%
    $1MM+ 7 $15,555,000 $2,222,143 $0 0.00%

    2019 saw First Bank place emphasis on $100,000 or less loans with 60 originations, totaling $3,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 33 $6,215,000 $188,333 $0 0.00%
    $150k-250k 23 $5,605,000 $243,696 $0 0.00%
    $50k-75k 20 $2,600,000 $130,000 $0 0.00%
    $75k-100k 20 $3,020,000 $151,000 $0 0.00%
    $50k or less 16 $1,040,000 $65,000 $0 0.00%
    $250k+ 10 $6,790,000 $679,000 $0 0.00%

    First Bank lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $150k-250k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 181 $51,705,000 $285,663 $0 0.00%

    First Bank lent most frequently to those with DTI ratios of Exempt%, with 181 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 55 $25,695,000 $467,182 $0 0.00%
    White 117 $24,925,000 $213,034 $0 0.00%
    Not provided 7 $755,000 $107,857 $0 0.00%
    Black 2 $330,000 $165,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.36%

    First Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.93%

    First Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 181 $51,705,000 $285,663

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $18,830,000 $1,345,000
    Single Family (1-4 Units):Manufactured 5 $645,000 $129,000
    Single Family (1-4 Units):Site-Built 162 $32,230,000 $198,951

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRSTBANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Bank 1 West Frederick Street Staunton, VA 24401 Full Service B&M $36,553
    First Bank 112 West King Street Strasburg, VA 22657 Full Service B&M $104,494
    First Bank 1415 West Main Street Waynesboro, VA 22980 Full Service B&M $41,395
    First Bank 1717 Shenandoah Avenue Front Royal, VA 22630 Full Service B&M $57,899
    First Bank 1835 Valley Avenue Winchester, VA 22601 Full Service B&M $143,496
    First Bank 201 South Main Street Farmville, VA 23901 Full Service B&M $21,182
    First Bank 208 Crock Wells Mill Drive Winchester, VA 22603 Full Service B&M $30,673
    First Bank 301 West Spotswood Trail Elkton, VA 22827 Full Service B&M $31,981
    First Bank 3474 Rosney Road Dillwyn, VA 23936 Full Service B&M $22,373
    First Bank 508 North Commerce Avenue Front Royal, VA 22630 Limited, Drive-thru $0
    First Bank 5304 Main Street Mount Jackson, VA 22842 Full Service B&M $46,412
    First Bank 5601 Patterson Avenue Richmond, VA 23226 Full Service B&M $22,951
    First Bank 695 Fairfax Pike Stephens City, VA 22655 Full Service B&M $38,357
    First Bank 860 South Main Street Woodstock, VA 22664 Full Service B&M $100,706

    For 2019, First Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $32,897
    Net interest income $28,792
    Total noninterest income $8,830
    Gross Fiduciary activities income $1,868
    Service charges on deposit accounts $2,926
    Trading account gains and fees $0
    Additional Noninterest Income $4,036
    Pre-tax net operating income $13,124
    Securities gains (or losses, -) $1
    Income before extraordinary items $10,610
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,610
    Minority interest net income $0
    Net income $10,610
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,609

    First Bank's gross interest income from loans was $32,897,000.
    First Bank's net interest income from loans was $28,792,000.
    First Bank's fee based income from loans was $2,926,000.
    First Bank's net income from loans was $10,610,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,105
    Provision for credit losses $450
    Total noninterest expense $24,048
    Salaries and employee benefits $13,567
    Premises and equipment expense $3,292
    Additional noninterest expense $7,189
    Applicable income taxes $2,515
    Net charge-offs $525
    Cash dividends $3,600

    First Bank's interest expense for loans was $4,105,000.
    First Bank's payroll and benefits expense were $13,567,000.
    First Bank's property, plant and equipment expenses $3,292,000.

    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 $716,284
    Deposits held in domestic offices $716,284
    Deposits by Individuals, partnerships, and corporations $671,682
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $44,602
    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 $277,231
    Demand deposits $172,371
    Nontransaction accounts $439,053
    Money market deposit accounts (MMDAs) $218,318
    Other savings deposits (excluding MMDAs) $103,171
    Total time deposits $117,564
    Total time and savings deposits $543,913
    Noninterest-bearing deposits $199,465
    Interest-bearing deposits $516,819
    Retail deposits $694,843
    IRAs and Keogh plan accounts $19,195
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $799,639
    Cash & Balances due from depository institutions $45,785
    Interest-bearing balances $36,110
    Total securities $138,610
    Federal funds sold & reverse repurchase $0
    Net loans and leases $569,579
    Loan and leases loss allowance $4,934
    Trading account assets $0
    Bank premises and fixed assets $19,861
    Other real estate owned $0
    Goodwill and other intangibles $170
    All other assets $25,634

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $799,639
    Total Liabilities $718,240
    Total deposits $716,284
    Interest-bearing deposits $516,819
    Deposits held in domestic offices $716,284
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,956

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $569,579
    Loan and leases loss allowance $4,934
    Total loans and leases (domestic) $574,513
    All real estate loans $509,323
    Real estate loans in domestic offices $509,323
    Construction and development loans $43,164
    Residential 1-4 family construction $14,611
    Other construction, all land development and other land $28,553
    Loans secured by nonfarm nonresidential properties $210,528
    Nonfarm nonresidential secured by owner-occupied properties $97,292
    Commercial real estate & other non-farm, non-residential $113,236
    Multifamily residential real estate $25,127
    1-4 family residential loans $229,604
    Farmland loans $900
    Loans held in foreign offices $0
    Farm loans $1,423
    Commercial and industrial loans $48,730
    To non-U.S. addressees $0
    Loans to individuals $10,774
    Credit card loans $0
    Related Plans $534
    Consumer Auto Loans $3,639
    Other loans to individuals $6,601
    All other loans & leases $4,263
    Loans to foreign governments and official institutions $0
    Other loans $138
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First Bank had $569,579,000 of loans outstanding in 2019. $509,323,000 of loans were in real estate loans. $43,164,000 of loans were in development loans. $25,127,000 of loans were in multifamily mortgage loans. $229,604,000 of loans were in 1-4 family mortgage loans. $1,423,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,639,000 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 314 $87,094 $277,369
    Nonfarm, nonresidential loans - <$100k 30 $1,410 $47,000
    Nonfarm, nonresidential loans - $100-250k 105 $14,205 $135,286
    Nonfarm, nonresidential loans - $250k-1MM 179 $71,479 $399,324
    Commercial & Industrial, US addressed loans - <$1MM 461 $34,910 $75,727
    Commercial & Industrial, US addressed loans - <$100k 291 $7,381 $25,364
    Commercial & Industrial, US addressed loans - $100-250k 103 $9,527 $92,495
    Commercial & Industrial, US addressed loans - $250k-1MM 67 $18,002 $268,687
    Farmland loans - <$1MM 6 $898 $149,667
    Farmland loans - <$100k 2 $121 $60,500
    Farmland loans - $100-250k 2 $195 $97,500
    Farmland loans - $250k-1MM 2 $582 $291,000
    Agriculture operations loans - <$1MM 12 $1,420 $118,333
    Agriculture operations loans - <$100k 6 $160 $26,667
    Agriculture operations loans - $100-250k 4 $583 $145,750
    Agriculture operations loans - $250k-1MM 2 $677 $338,500