1st Summit Bank Mortgage Rates, Fees & Info

Johnstown, PA

LEI: 5493009HFRW3TN5NRR78

Tax ID: 25-0773370

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

1st Summit Bank is a smaller bank specializing in Refi and Home Purchase loans. 1st Summit Bank has a high proportion of conventional loans. Their top markets include Johnstown, Pittsburgh, Somerset, Indiana, and Altoona among others. 1st Summit Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

679

Origination Dollar Volume (All Markets)

$93,145,000

Employee count

208

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
JOHNSTOWN, PA (FHA|USDA|VA) 379 $42,815,000 $112,968 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 98 $17,330,000 $176,837 $0 0.00%
Somerset, PA (FHA|USDA|VA) 104 $12,410,000 $119,327 $0 0.00%
Indiana, PA (FHA|USDA|VA) 35 $6,235,000 $178,143 $0 0.00%
ALTOONA, PA (FHA|USDA|VA) 25 $3,135,000 $125,400 $0 0.00%
Outside of Metro Areas 9 $3,105,000 $345,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,345,000 $1,345,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $0 0.00%
Huntingdon, PA (FHA|USDA|VA) 5 $1,005,000 $201,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $885,000 $295,000 $0 0.00%
THE VILLAGES, FL (FHA|USDA|VA) 1 $495,000 $495,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Key West, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
DuBois, PA (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
New Castle, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Lewistown, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%

1st Summit Bank's top markets include Johnstown, Pittsburgh, Somerset, Indiana, and Altoona among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 679 $93,145,000 $137,180 $0 0.00%

For the 2021 period, 1st Summit Bank's most frequently originated loan type of loans were Conventional, with 679 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 321 $44,635,000 $139,050 $0 0.00%
Home Purchase 258 $43,070,000 $166,938 $0 0.00%
Home Improvement 67 $3,395,000 $50,672 $0 0.00%
Other 33 $2,045,000 $61,970 $0 0.00%

For the 2021, 1st Summit Bank's most frequently cited loan purpose of loans were Refi, with 321 originations. The 2nd most popular reason of loans were Home Purchase, with 258 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 679 $93,145,000 $137,180 $0 0.00%

For the 2021, 1st Summit Bank's most frequently cited loan length of loans were Other, with 679 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 377 $19,235,000 $51,021 $0 0.00%
$100k-200k 174 $24,610,000 $141,437 $0 0.00%
$200k-400k 97 $26,785,000 $276,134 $0 0.00%
$400k-600k 19 $8,655,000 $455,526 $0 0.00%
$1MM+ 6 $9,560,000 $1,593,333 $0 0.00%
$600k-1MM 6 $4,300,000 $716,667 $0 0.00%

2021 saw 1st Summit Bank place emphasis on $100,000 or less loans with 377 originations, totaling $19,235,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 140 $12,940,000 $92,429 $0 0.00%
$50k or less 139 $8,435,000 $60,683 $0 0.00%
$75k-100k 129 $14,535,000 $112,674 $0 0.00%
$100k-150k 107 $16,255,000 $151,916 $0 0.00%
$150k-250k 77 $16,045,000 $208,377 $0 0.00%
$250k+ 26 $10,560,000 $406,154 $0 0.00%

1st Summit Bank lent most frequently to those with incomes in the $50k-75k range, with 140 originations. The second most popular income band? $50k or less, with 139 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 679 $93,145,000 $137,180 $0 0.00%

1st Summit Bank lent most frequently to those with DTI ratios of Exempt%, with 679 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 629 $78,875,000 $125,397 $0 0.00%
Not applicable 42 $12,620,000 $300,476 $0 0.00%
Not provided 2 $760,000 $380,000 $0 0.00%
Asian 2 $520,000 $260,000 $0 0.00%
Black 4 $370,000 $92,500 $0 0.00%

Approval Rates

Total approvals of all applications
95.52%

1st Summit 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
89.73%

1st Summit Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 679 $93,145,000 $137,180

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
679 $93,145,000 $137,180

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
1st Summit Bank 200 Town Centre Drive Johnstown, PA 15904 Full Service B&M $35,634
1st Summit Bank 924 Main Street Portage, PA 15946 Full Service B&M $76,857
1st Summit Bank 1148 Forest Hills Drive Salix, PA 15952 Full Service B&M $39,164
1st Summit Bank 125 Donald Lane Johnstown, PA 15904 Full Service B&M $272,061
1st Summit Bank 1560 Menoher Boulevard Johnstown, PA 15905 Full Service B&M $122,826
1st Summit Bank 1825 Oakland Avenue Indiana, PA 15701 Full Service B&M $55,802
1st Summit Bank 2200 Greengate Center Boulevard Greensburg, PA 15601 Full Service B&M $33,695
1st Summit Bank 2600 Plank Road Commons Altoona, PA 16602 Full Service B&M $56,186
1st Summit Bank 332 Unity Plaza Latrobe, PA 15650 Full Service B&M $31,119
1st Summit Bank 367 Locust Street Sidman, PA 15955 Full Service B&M $58,903
1st Summit Bank 401 Cedar Street Sidman, PA 15955 Full Service B&M $11,019
1st Summit Bank 404 North Center Avenue Somerset, PA 15501 Full Service B&M $53,077
1st Summit Bank 4510 William Penn Highway Murrysville, PA 15668 Full Service B&M $7,212
1st Summit Bank 454 Park Hill Drive Johnstown, PA 15909 Full Service B&M $24,465
1st Summit Bank 512 West High Street Ebensburg, PA 15931 Full Service B&M $46,173
1st Summit Bank 600 Main Street Johnstown, PA 15901 Full Service B&M $145,601
1st Summit Bank 7538 Admiral Peary Highway Cresson, PA 16630 Full Service B&M $61,944

For 2021, 1st Summit Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $38,754
Net interest income $32,483
Total noninterest income $6,051
Gross Fiduciary activities income $903
Service charges on deposit accounts $1,517
Trading account gains and fees $0
Additional Noninterest Income $3,631
Pre-tax net operating income $11,719
Securities gains (or losses, -) $581
Income before extraordinary items $10,831
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,831
Minority interest net income $0
Net income $10,831
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,319

1st Summit Bank's gross interest income from loans was $38,754,000.
1st Summit Bank's net interest income from loans was $32,483,000.
1st Summit Bank's fee based income from loans was $1,517,000.
1st Summit Bank's net income from loans was $10,831,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,271
Provision for credit losses $1,625
Total noninterest expense $25,190
Salaries and employee benefits $14,666
Premises and equipment expense $3,823
Additional noninterest expense $6,701
Applicable income taxes $1,469
Net charge-offs $569
Cash dividends $5,140

1st Summit Bank's interest expense for loans was $6,271,000.
1st Summit Bank's payroll and benefits expense were $14,666,000.
1st Summit Bank's property, plant and equipment expenses $3,823,000.

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 2.0%
Nonfarm, nonresidential loans 1.0%
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 $1,139,938
Deposits held in domestic offices $1,139,938
Deposits by Individuals, partnerships, and corporations $949,199
Deposits by U.S. Government $55
Deposits by States and political subdivisions in the U.S. $182,768
Deposits by Commercial banks and other depository institutions in U.S. $7,916
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $169,537
Demand deposits $60,357
Nontransaction accounts $970,401
Money market deposit accounts (MMDAs) $443,849
Other savings deposits (excluding MMDAs) $188,040
Total time deposits $338,513
Total time and savings deposits $1,079,581
Noninterest-bearing deposits $124,043
Interest-bearing deposits $1,015,895
Retail deposits $1,082,280
IRAs and Keogh plan accounts $101,217
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,303,961
Cash & Balances due from depository institutions $14,549
Interest-bearing balances $878
Total securities $581,429
Federal funds sold & reverse repurchase $0
Net loans and leases $663,306
Loan and leases loss allowance $7,261
Trading account assets $0
Bank premises and fixed assets $14,898
Other real estate owned $13
Goodwill and other intangibles $339
All other assets $29,427

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,303,961
Total Liabilities $1,180,676
Total deposits $1,139,938
Interest-bearing deposits $1,015,895
Deposits held in domestic offices $1,139,938
% insured (estimated) $68
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $30,400
Subordinated debt $2,000
All other liabilities $8,338

Issued Loan Types

Type Value (in 000's)
Net loans and leases $663,306
Loan and leases loss allowance $7,261
Total loans and leases (domestic) $670,567
All real estate loans $508,197
Real estate loans in domestic offices $508,197
Construction and development loans $34,220
Residential 1-4 family construction $7,173
Other construction, all land development and other land $27,047
Loans secured by nonfarm nonresidential properties $121,197
Nonfarm nonresidential secured by owner-occupied properties $54,891
Commercial real estate & other non-farm, non-residential $66,306
Multifamily residential real estate $8,497
1-4 family residential loans $342,229
Farmland loans $2,054
Loans held in foreign offices $0
Farm loans $498
Commercial and industrial loans $106,257
To non-U.S. addressees $0
Loans to individuals $30,498
Credit card loans $3,447
Related Plans $1,572
Consumer Auto Loans $15,348
Other loans to individuals $10,131
All other loans & leases $25,117
Loans to foreign governments and official institutions $0
Other loans $179
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 $1,010
Non 1-4 family restructured loans & leases $1,010
Total loans and leases (foreign) $0

1st Summit Bank had $663,306,000 of loans outstanding in 2021. $508,197,000 of loans were in real estate loans. $34,220,000 of loans were in development loans. $8,497,000 of loans were in multifamily mortgage loans. $342,229,000 of loans were in 1-4 family mortgage loans. $498,000 of loans were in farm loans. $3,447,000 of loans were in credit card loans. $15,348,000 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 244 $43,983 $180,258
Nonfarm, nonresidential loans - <$100k 68 $2,692 $39,588
Nonfarm, nonresidential loans - $100-250k 83 $10,456 $125,976
Nonfarm, nonresidential loans - $250k-1MM 93 $30,835 $331,559
Commercial & Industrial, US addressed loans - <$1MM 954 $51,180 $53,648
Commercial & Industrial, US addressed loans - <$100k 739 $11,947 $16,166
Commercial & Industrial, US addressed loans - $100-250k 119 $11,640 $97,815
Commercial & Industrial, US addressed loans - $250k-1MM 96 $27,593 $287,427
Farmland loans - <$1MM 7 $1,561 $223,000
Farmland loans - $100-250k 4 $520 $130,000
Farmland loans - $250k-1MM 3 $1,041 $347,000
Agriculture operations loans - <$1MM 9 $498 $55,333
Agriculture operations loans - <$100k 7 $168 $24,000
Agriculture operations loans - $100-250k 1 $145 $145,000
Agriculture operations loans - $250k-1MM 1 $185 $185,000