Orrstown Bank Mortgage Rates, Fees & Info

Shippensburg, PA

LEI: 54930060KLIQD8MMSB55

Tax ID: 23-0934350

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Orrstown Bank is a smaller bank specializing in Refi and Home Purchase loans. Orrstown 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 Harrisburg, Chambersburg, Lancaster, Baltimore, and York among others. Orrstown Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Orrstown Bank is typically an average fee lendor.


Originations

1,791

Origination Dollar Volume (All Markets)

$377,575,000

Employee count

421 Show all (6) awards

Relative Rate

Orrstown Bank's average 30 year fixed rate mortgage of loans were 2.25%.

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

This yields a difference of -0.9%.

Relative Fees

Orrstown Bank's average total fees for a 30 year fixed rate mortgage are $4,109.

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
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 601 $120,355,000 $200,258 $3,900 2.43%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 481 $69,605,000 $144,709 $3,381 2.31%
LANCASTER, PA (FHA|USDA|VA) 254 $65,480,000 $257,795 $4,329 2.51%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 170 $49,150,000 $289,118 $3,542 2.27%
YORK-HANOVER, PA (FHA|USDA|VA) 56 $12,170,000 $217,321 $4,595 2.67%
READING, PA (FHA|USDA|VA) 42 $11,020,000 $262,381 $5,146 2.73%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 25 $7,415,000 $296,600 $4,708 2.70%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 48 $6,470,000 $134,792 $2,958 2.59%
LEBANON, PA (FHA|USDA|VA) 27 $5,105,000 $189,074 $3,712 2.83%
Outside of Metro Areas 16 $4,610,000 $288,125 $4,116 2.99%
SALISBURY, MD-DE (FHA|USDA|VA) 11 $3,965,000 $360,455 $3,975 3.02%
GETTYSBURG, PA (FHA|USDA|VA) 12 $3,680,000 $306,667 $4,410 2.71%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 10 $3,310,000 $331,000 $2,961 3.10%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $2,115,000 $705,000 $4,709 3.04%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $2,055,000 $2,055,000 $0 3.40%
PITTSBURGH, PA (FHA|USDA|VA) 2 $1,730,000 $865,000 $0 3.83%
EAST STROUDSBURG, PA (FHA|USDA|VA) 4 $1,060,000 $265,000 $4,441 3.44%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $980,000 $245,000 $3,222 2.94%
Easton, MD (FHA|USDA|VA) 1 $945,000 $945,000 $5,471 3.63%
Huntingdon, PA (FHA|USDA|VA) 4 $880,000 $220,000 $4,287 3.47%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $775,000 $775,000 $6,946 3.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $755,000 $755,000 $0 4.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $675,000 $675,000 $5,107 3.63%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $445,000 $445,000 $3,246 2.50%
Fort Dodge, IA (FHA|USDA|VA) 1 $445,000 $445,000 $0 3.75%
Selinsgrove, PA (FHA|USDA|VA) 1 $315,000 $315,000 $4,797 3.75%
WILLIAMSPORT, PA (FHA|USDA|VA) 1 $315,000 $315,000 $4,041 2.50%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $265,000 $265,000 $0 3.25%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $255,000 $255,000 $3,122 2.63%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $215,000 $215,000 $2,947 3.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $210,000 $105,000 $3,514 2.56%
Lewisburg, PA (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,710 2.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,825 3.00%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.75%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,955 3.00%
Sunbury, PA (FHA|USDA|VA) 1 $55,000 $55,000 $2,674 3.63%
Lewistown, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.99%

Orrstown Bank's top markets include Harrisburg, Chambersburg, Lancaster, Baltimore, and York among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,756 $370,650,000 $211,076 $3,750 2.44%
FHA 21 $4,115,000 $195,952 $7,157 2.96%
USDA 9 $1,585,000 $176,111 $5,547 2.94%
VA 5 $1,225,000 $245,000 $6,077 2.60%

For the 2021 period, Orrstown Bank's most frequently originated loan type of loans were Conventional, with 1,756 originations. Their 2nd most popular type is FHA, with 21 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 694 $154,050,000 $221,974 $3,317 2.31%
Home Purchase 435 $120,665,000 $277,391 $4,679 3.18%
Cash Out Refi 248 $56,870,000 $229,315 $3,712 3.10%
Home Improvement 210 $21,200,000 $100,952 $2,534 1.48%
Other 204 $24,790,000 $121,520 $401 1.61%

For the 2021, Orrstown Bank's most frequently cited loan purpose of loans were Refi, with 694 originations. The 2nd most popular reason of loans were Home Purchase, with 435 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,251 $240,805,000 $192,490 $4,109 2.25%
15 Year 298 $61,760,000 $207,248 $3,323 2.57%
10 Year 93 $31,065,000 $334,032 $2,910 3.64%
20 Year 80 $16,680,000 $208,500 $3,345 2.87%
30+ year 33 $14,545,000 $440,758 $7,018 3.55%
Other 27 $6,735,000 $249,444 $3,712 3.16%
5 Year 7 $5,545,000 $792,143 $398 3.71%
1 Year 1 $175,000 $175,000 $0 4.75%
3 Year 1 $265,000 $265,000 $0 3.65%

For the 2021, Orrstown Bank's most frequently cited loan length of loans were 30 Year, with 1,251 originations. The 2nd most popular length of loans were 15 Year, with 298 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 833 $175,585,000 $210,786
$2k-3k 92 $44,620,000 $485,000
$1k-2k 81 $15,525,000 $191,667
$3k-4k 11 $2,845,000 $258,636
$5k+ 7 $3,675,000 $525,000

$4,109 of loans were Orrstown Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 833 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 895 $142,735,000 $159,480
3-4% 461 $136,265,000 $295,586
2.5-3% 359 $86,225,000 $240,181
4-5% 68 $11,800,000 $173,529
5-6% 7 $465,000 $66,429
7-8% 1 $85,000 $85,000

During 2021, Orrstown Bank's average interest rate of loans were 2.25%, while their most frequently originated rate bucket of loans were <2.5%, with 895 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 694 $99,070,000 $142,752 $3,340 2.47%
$200k-400k 509 $139,865,000 $274,784 $4,173 2.61%
$100,000 or less 408 $24,010,000 $58,848 $2,714 2.05%
$400k-600k 135 $63,665,000 $471,593 $5,216 2.68%
$600k-1MM 32 $24,860,000 $776,875 $7,701 3.32%
$1MM+ 13 $26,105,000 $2,008,077 $8,628 3.29%

2021 saw Orrstown Bank place emphasis on $100k-200k loans with 694 originations, totaling $99,070,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 404 $78,430,000 $194,134 $3,816 2.40%
$50k-75k 343 $52,165,000 $152,085 $3,549 2.44%
$75k-100k 286 $50,430,000 $176,329 $3,748 2.41%
$150k-250k 272 $66,670,000 $245,110 $4,103 2.35%
$50k or less 244 $27,270,000 $111,762 $3,389 2.36%
$250k+ 166 $69,640,000 $419,518 $5,391 2.36%

Orrstown Bank lent most frequently to those with incomes in the $100k-150k range, with 404 originations. The second most popular income band? $50k-75k, with 343 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 494 $92,300,000 $186,842 $3,667 2.39%
30-36% 307 $59,705,000 $194,479 $3,853 2.40%
<20% 282 $57,110,000 $202,518 $3,537 2.27%
42% 100 $15,620,000 $156,200 $4,031 1.96%
41% 67 $13,765,000 $205,448 $4,091 2.37%
40% 62 $11,760,000 $189,677 $4,067 2.45%
36% 58 $11,490,000 $198,103 $4,071 2.52%
38% 41 $10,115,000 $246,707 $4,160 2.47%
>60% 39 $8,305,000 $212,949 $3,589 1.77%
39% 39 $7,575,000 $194,231 $3,673 2.23%
37% 38 $8,130,000 $213,947 $4,117 2.44%
43% 38 $9,500,000 $250,000 $3,839 2.72%
44% 32 $7,720,000 $241,250 $4,088 2.92%
46% 24 $6,780,000 $282,500 $5,091 2.72%
47% 23 $5,545,000 $241,087 $3,890 2.59%
45% 22 $4,860,000 $220,909 $3,786 3.28%
50-60% 19 $4,115,000 $216,579 $5,491 1.90%
49% 15 $4,395,000 $293,000 $5,390 2.84%
48% 10 $3,300,000 $330,000 $4,116 3.00%

Orrstown Bank lent most frequently to those with DTI ratios of 20-30%, with 494 originations. The next most common DTI ratio? 30-36%, with 307 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,534 $306,210,000 $199,615 $3,822 2.39%
Not applicable 60 $29,500,000 $491,667 $0 4.07%
Not provided 127 $28,015,000 $220,591 $3,999 2.44%
Asian 41 $9,025,000 $220,122 $4,015 2.33%
Black 22 $3,540,000 $160,909 $4,162 2.76%
Asian Indian 3 $385,000 $128,333 $0 1.32%
Other Asian 1 $315,000 $315,000 $4,013 3.25%
American Indian 2 $300,000 $150,000 $0 2.43%
Chinese 1 $285,000 $285,000 $0 0.99%

Approval Rates

Total approvals of all applications
83.89%

Orrstown Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
88.67%

Orrstown Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,791 $377,575,000 $210,818

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,791 $377,575,000 $210,818

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 272 $34,430,000 $126,581 $2,905 1.74%
40-60% 341 $72,525,000 $212,683 $3,332 2.36%
60-80% 657 $176,205,000 $268,196 $3,894 2.83%
80-100% 314 $82,110,000 $261,497 $4,505 2.88%
Over 100% 1 $325,000 $325,000 $5,535 3.38%
Under 20% 205 $11,815,000 $57,634 $1,300 1.66%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Orrstown Bank 1725 Lincoln Highway East Chambersburg, PA 17202 Full Service B&M $63,102
Orrstown Bank 1 Giant Lane Carlisle, PA 17013 Full Service B&M $188,184
Orrstown Bank 1020 Professional Court Hagerstown, MD 21740 Full Service B&M $48,550
Orrstown Bank 10283 York Road Cockeysville, MD 21030 Full Service B&M $225,656
Orrstown Bank 1110 East Simpson Street Mechanicsburg, PA 17055 Full Service B&M $55,648
Orrstown Bank 12 South Main Street Mercersburg, PA 17236 Full Service B&M $104,591
Orrstown Bank 121 Lurgan Avenue Shippensburg, PA 17257 Full Service B&M $76,296
Orrstown Bank 1324 Main Street, Suite 1 East Earl, PA 17519 Full Service B&M $19,235
Orrstown Bank 1355 Orchard Drive Chambersburg, PA 17201 Full Service B&M $88,579
Orrstown Bank 15 N 2nd St, Center Square Newport, PA 17074 Full Service B&M $102,992
Orrstown Bank 16400 Path Valley Road Spring Run, PA 17262 Full Service B&M $40,110
Orrstown Bank 8108 Jumpers Hole Road Pasadena, MD 21122 Full Service B&M $67,330
Orrstown Bank 8216 Philadelphia Road Baltimore, MD 21237 Full Service B&M $102,063
Orrstown Bank 9050 Baltimore National Pike Ellicott City, MD 21042 Full Service B&M $32,203
Orrstown Bank 920 Lititz Pike Lititz, PA 17543 Full Service B&M $17,814
Orrstown Bank 3 Baden Powell Lane Mechanicsburg, PA 17050 Full Service B&M $133,002
Orrstown Bank 301 West Main Street New Holland, PA 17557 Full Service B&M $50,887
Orrstown Bank 308 Carolle Street Greencastle, PA 17225 Full Service B&M $109,883
Orrstown Bank 3580 Orrstown Road Orrstown, PA 17244 Full Service B&M $66,017
Orrstown Bank 4075 Market Street Camp Hill, PA 17011 Full Service B&M $204,930
Orrstown Bank 427 Village Drive Carlisle, PA 17015 Full Service B&M $172,140
Orrstown Bank 4750 Lindle Road Harrisburg, PA 17111 Full Service B&M $85,360
Orrstown Bank 500 Olde Hickory Road Lancaster, PA 17601 Full Service B&M $30,274
Orrstown Bank 566 Lausch Lane Lancaster, PA 17601 Full Service B&M $142,040
Orrstown Bank 625 Norland Avenue Chambersburg, PA 17201 Full Service B&M $101,925
Orrstown Bank 77 East King Street Shippensburg, PA 17257 Full Service B&M $182,374

For 2021, Orrstown Bank had 26 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $93,693
Net interest income $88,953
Total noninterest income $28,488
Gross Fiduciary activities income $7,896
Service charges on deposit accounts $2,876
Trading account gains and fees $281
Additional Noninterest Income $17,435
Pre-tax net operating income $44,396
Securities gains (or losses, -) $609
Income before extraordinary items $36,128
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $36,128
Minority interest net income $0
Net income $36,128
Sale, conversion, retirement of capital stock, net $0
Net operating income $35,640

Orrstown Bank's gross interest income from loans was $93,693,000.
Orrstown Bank's net interest income from loans was $88,953,000.
Orrstown Bank's fee based income from loans was $2,876,000.
Orrstown Bank's net income from loans was $36,128,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,740
Provision for credit losses $1,090
Total noninterest expense $71,955
Salaries and employee benefits $44,002
Premises and equipment expense $9,755
Additional noninterest expense $18,198
Applicable income taxes $8,877
Net charge-offs $61
Cash dividends $16,000

Orrstown Bank's interest expense for loans was $4,740,000.
Orrstown Bank's payroll and benefits expense were $44,002,000.
Orrstown Bank's property, plant and equipment expenses $9,755,000.

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 $2,485,625
Deposits held in domestic offices $2,485,625
Deposits by Individuals, partnerships, and corporations $2,132,406
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $347,166
Deposits by Commercial banks and other depository institutions in U.S. $6,053
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $371,696
Demand deposits $371,696
Nontransaction accounts $2,113,929
Money market deposit accounts (MMDAs) $1,586,723
Other savings deposits (excluding MMDAs) $216,943
Total time deposits $310,264
Total time and savings deposits $2,113,929
Noninterest-bearing deposits $558,933
Interest-bearing deposits $1,926,692
Retail deposits $2,440,604
IRAs and Keogh plan accounts $59,819
Brokered deposits $1,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,834,012
Cash & Balances due from depository institutions $208,959
Interest-bearing balances $187,742
Total securities $472,039
Federal funds sold & reverse repurchase $0
Net loans and leases $1,967,674
Loan and leases loss allowance $21,180
Trading account assets $764
Bank premises and fixed assets $44,561
Other real estate owned $321
Goodwill and other intangibles $26,943
All other assets $112,751

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,834,012
Total Liabilities $2,549,436
Total deposits $2,485,625
Interest-bearing deposits $1,926,692
Deposits held in domestic offices $2,485,625
% insured (estimated) $78
Federal funds purchased and repurchase agreements $23,301
Trading liabilities $758
Other borrowed funds $1,896
Subordinated debt $0
All other liabilities $37,856

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,967,674
Loan and leases loss allowance $21,180
Total loans and leases (domestic) $1,988,854
All real estate loans $1,495,338
Real estate loans in domestic offices $1,495,338
Construction and development loans $107,855
Residential 1-4 family construction $13,930
Other construction, all land development and other land $93,925
Loans secured by nonfarm nonresidential properties $790,451
Nonfarm nonresidential secured by owner-occupied properties $238,668
Commercial real estate & other non-farm, non-residential $551,783
Multifamily residential real estate $93,255
1-4 family residential loans $478,946
Farmland loans $24,831
Loans held in foreign offices $0
Farm loans $1,195
Commercial and industrial loans $421,149
To non-U.S. addressees $0
Loans to individuals $17,513
Credit card loans $0
Related Plans $5,865
Consumer Auto Loans $10,114
Other loans to individuals $1,534
All other loans & leases $53,659
Loans to foreign governments and official institutions $0
Other loans $37,257
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 $713
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Orrstown Bank had $1,967,674,000 of loans outstanding in 2021. $1,495,338,000 of loans were in real estate loans. $107,855,000 of loans were in development loans. $93,255,000 of loans were in multifamily mortgage loans. $478,946,000 of loans were in 1-4 family mortgage loans. $1,195,000 of loans were in farm loans. $0 of loans were in credit card loans. $10,114,000 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 449 $122,668 $273,203
Nonfarm, nonresidential loans - <$100k 48 $2,149 $44,771
Nonfarm, nonresidential loans - $100-250k 139 $16,541 $119,000
Nonfarm, nonresidential loans - $250k-1MM 262 $103,978 $396,863
Commercial & Industrial, US addressed loans - <$1MM 2,290 $118,997 $51,964
Commercial & Industrial, US addressed loans - <$100k 1,918 $35,855 $18,694
Commercial & Industrial, US addressed loans - $100-250k 198 $26,859 $135,652
Commercial & Industrial, US addressed loans - $250k-1MM 174 $56,283 $323,466
Farmland loans - <$1MM 50 $7,231 $144,620
Farmland loans - <$100k 8 $373 $46,625
Farmland loans - $100-250k 20 $2,166 $108,300
Farmland loans - $250k-1MM 22 $4,692 $213,273
Agriculture operations loans - <$1MM 26 $1,195 $45,962
Agriculture operations loans - <$100k 22 $606 $27,545
Agriculture operations loans - $100-250k 3 $232 $77,333
Agriculture operations loans - $250k-1MM 1 $357 $357,000