Mercer County State Bank Mortgage Rates, Fees & Info

Sandy Lake, PA

LEI: 549300BR55JZCJBERC86

Tax ID: 25-0660450

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mercer County State Bank is a smaller bank specializing in Refi and Home Purchase loans. Mercer County State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Youngstown, Meadville, Jamestown, Oil City, and Erie among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mercer County State 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    264

    Origination Dollar Volume (All Markets)

    $28,770,000

    Employee count

    100

    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
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 155 $14,565,000 $93,968 $0 0.00%
    Meadville, PA (FHA|USDA|VA) 59 $5,555,000 $94,153 $0 0.00%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $2,925,000 $2,925,000 $0 0.00%
    Oil City, PA (FHA|USDA|VA) 28 $2,870,000 $102,500 $0 0.00%
    ERIE, PA (FHA|USDA|VA) 11 $1,685,000 $153,182 $0 0.00%
    PITTSBURGH, PA (FHA|USDA|VA) 6 $610,000 $101,667 $0 0.00%
    New Castle, PA (FHA|USDA|VA) 3 $305,000 $101,667 $0 0.00%
    Outside of Metro Areas 1 $255,000 $255,000 $0 0.00%
    Mercer County State Bank's top markets include Youngstown, Meadville, Jamestown, Oil City, and Erie among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 264 $28,770,000 $108,977 $0 0.00%

    For 2018, Mercer County State Bank's most frequently originated type of loan was Conventional, with 264 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 103 $10,675,000 $103,641 $0 0.00%
    Home Purchase 88 $14,870,000 $168,977 $0 0.00%
    Home Improvement 42 $1,420,000 $33,810 $0 0.00%
    Other 31 $1,805,000 $58,226 $0 0.00%

    For 2018, Mercer County State Bank's most frequently cited loan purpose was Refi, with 103 originations. The 2nd most popular reason was Home Purchase, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 264 $28,770,000 $108,977 $0 0.00%

    For 2018, Mercer County State Bank's most frequently cited loan duration was Other, with 264 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 179 $9,295,000 $51,927 $0 0.00%
    $100k-200k 54 $7,250,000 $134,259 $0 0.00%
    $200k-400k 25 $6,605,000 $264,200 $0 0.00%
    $400k-600k 3 $1,235,000 $411,667 $0 0.00%
    $600k-1MM 2 $1,460,000 $730,000 $0 0.00%
    $1MM+ 1 $2,925,000 $2,925,000 $0 0.00%

    2018 saw Mercer County State Bank place emphasis on $100,000 or less loans with 179 originations, totaling $9,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 73 $4,615,000 $63,219 $0 0.00%
    $50k-75k 68 $5,280,000 $77,647 $0 0.00%
    $75k-100k 45 $4,095,000 $91,000 $0 0.00%
    $100k-150k 34 $4,980,000 $146,471 $0 0.00%
    $150k-250k 17 $1,945,000 $114,412 $0 0.00%
    $250k+ 5 $1,745,000 $349,000 $0 0.00%

    Mercer County State Bank lent most frequently to those with incomes in the $50k or less range, with 73 originations. The second most popular income band? $50k-75k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 264 $28,770,000 $108,977 $0 0.00%

    Mercer County State Bank lent most frequently to those with DTI ratios of Exempt%, with 264 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 233 $22,235,000 $95,429 $0 0.00%
    Not applicable 22 $6,110,000 $277,727 $0 0.00%
    Not provided 7 $365,000 $52,143 $0 0.00%
    Black 2 $60,000 $30,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.04%

    Mercer County State Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.20%

    Mercer County State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 264 $28,770,000 $108,977

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $5,690,000 $474,167
    Single Family (1-4 Units):Manufactured 10 $590,000 $59,000
    Single Family (1-4 Units):Site-Built 242 $22,490,000 $92,934

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mercer County State Bank 101 Franklin Street Clintonville, PA 16372 Full Service B&M $19,710
    Mercer County State Bank 110 North Franklin Street Cochranton, PA 16314 Full Service B&M $21,829
    Mercer County State Bank 1353 North Hermitage Road Hermitage, PA 16148 Full Service B&M $9,588
    Mercer County State Bank 144 Venango Avenue Cambridge Springs, PA 16403 Full Service B&M $30,895
    Mercer County State Bank 16411 Conneaut Lake Road Meadville, PA 16335 Full Service B&M $22,931
    Mercer County State Bank 3279 South Main Street Sandy Lake, PA 16145 Full Service B&M $99,881
    Mercer County State Bank 3309 North Main Street Sandy Lake, PA 16145 Full Service B&M $7,208
    Mercer County State Bank 62 Lake Street Stoneboro, PA 16153 Limited, Drive-thru $18,803
    Mercer County State Bank 71 Main Street Fredonia, PA 16124 Full Service B&M $27,468
    Mercer County State Bank 712 West Main Street Grove City, PA 16127 Full Service B&M $39,585
    Mercer County State Bank 811 Franklin Road Mercer, PA 16137 Full Service B&M $29,715

    For 2018, Mercer County State Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,657
    Net interest income $13,074
    Total noninterest income $2,862
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $912
    Trading account gains and fees $0
    Additional Noninterest Income $1,950
    Pre-tax net operating income $4,061
    Securities gains (or losses, -) $-94
    Income before extraordinary items $3,490
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,490
    Minority interest net income $0
    Net income $3,490
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,572

    Mercer County State Bank's gross interest income from loans was $15,657,000.
    Mercer County State Bank's net interest income from loans was $13,074,000.
    Mercer County State Bank's fee based income from loans was $912,000.
    Mercer County State Bank's net income from loans was $3,490,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,583
    Provision for credit losses $435
    Total noninterest expense $11,440
    Salaries and employee benefits $6,766
    Premises and equipment expense $1,516
    Additional noninterest expense $3,158
    Applicable income taxes $477
    Net charge-offs $149
    Cash dividends $3,200

    Mercer County State Bank's interest expense for loans was $2,583,000.
    Mercer County State Bank's payroll and benefits expense were $6,766,000.
    Mercer County State Bank's property, plant and equipment expenses $1,516,000.

    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 2.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 2.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $336,265
    Deposits held in domestic offices $336,265
    Deposits by Individuals, partnerships, and corporations $301,682
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $34,583
    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 $140,379
    Demand deposits $99,060
    Nontransaction accounts $195,886
    Money market deposit accounts (MMDAs) $38,606
    Other savings deposits (excluding MMDAs) $55,816
    Total time deposits $101,463
    Total time and savings deposits $237,205
    Noninterest-bearing deposits $99,060
    Interest-bearing deposits $237,205
    Retail deposits $326,460
    IRAs and Keogh plan accounts $22,218
    Brokered deposits $1,168
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $404,107
    Cash & Balances due from depository institutions $10,668
    Interest-bearing balances $4,476
    Total securities $118,552
    Federal funds sold & reverse repurchase $0
    Net loans and leases $248,721
    Loan and leases loss allowance $2,873
    Trading account assets $0
    Bank premises and fixed assets $8,280
    Other real estate owned $145
    Goodwill and other intangibles $2,336
    All other assets $15,405

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $404,107
    Total Liabilities $364,352
    Total deposits $336,265
    Interest-bearing deposits $237,205
    Deposits held in domestic offices $336,265
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $25,408
    Subordinated debt $0
    All other liabilities $2,679

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $248,721
    Loan and leases loss allowance $2,873
    Total loans and leases (domestic) $251,594
    All real estate loans $211,593
    Real estate loans in domestic offices $211,593
    Construction and development loans $2,650
    Residential 1-4 family construction $2,650
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $77,504
    Nonfarm nonresidential secured by owner-occupied properties $76,933
    Commercial real estate & other non-farm, non-residential $571
    Multifamily residential real estate $5,313
    1-4 family residential loans $104,991
    Farmland loans $21,135
    Loans held in foreign offices $0
    Farm loans $6,731
    Commercial and industrial loans $26,576
    To non-U.S. addressees $0
    Loans to individuals $4,069
    Credit card loans $0
    Related Plans $656
    Consumer Auto Loans $1,083
    Other loans to individuals $2,330
    All other loans & leases $2,646
    Loans to foreign governments and official institutions $0
    Other loans $709
    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 $4,873
    Non 1-4 family restructured loans & leases $4,873
    Total loans and leases (foreign) $0

    Mercer County State Bank had $248,721,000 of loans outstanding in 2018. $211,593,000 of loans were in real estate loans. $2,650,000 of loans were in development loans. $5,313,000 of loans were in multifamily mortgage loans. $104,991,000 of loans were in 1-4 family mortgage loans. $6,731,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,083,000 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 606 $66,737 $110,127
    Nonfarm, nonresidential loans - <$100k 335 $13,222 $39,469
    Nonfarm, nonresidential loans - $100-250k 179 $20,675 $115,503
    Nonfarm, nonresidential loans - $250k-1MM 92 $32,840 $356,957
    Commercial & Industrial, US addressed loans - <$1MM 458 $23,411 $51,116
    Commercial & Industrial, US addressed loans - <$100k 368 $9,338 $25,375
    Commercial & Industrial, US addressed loans - $100-250k 70 $7,783 $111,186
    Commercial & Industrial, US addressed loans - $250k-1MM 20 $6,290 $314,500
    Farmland loans - <$1MM 118 $18,528 $157,017
    Farmland loans - <$100k 29 $1,258 $43,379
    Farmland loans - $100-250k 54 $6,003 $111,167
    Farmland loans - $250k-1MM 35 $11,267 $321,914
    Agriculture operations loans - <$1MM 128 $5,435 $42,461
    Agriculture operations loans - <$100k 117 $3,149 $26,915
    Agriculture operations loans - $100-250k 6 $599 $99,833
    Agriculture operations loans - $250k-1MM 5 $1,687 $337,400