Main Street Bank Corp. Mortgage Rates, Fees & Info

Wheeling, WV

LEI: 549300N4D45V7JFCUS34

Tax ID: 55-0780787

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Main Street Bank Corp. is a smaller bank specializing in Home Purchase loans. Main Street Bank Corp. has a high proportion of conventional loans. Their top markets by origination volume include: Wheeling, Weirton, Canton, Cambridge, and Salem among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Main Street Bank Corp. has an above 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

276

Origination Dollar Volume (All Markets)

$39,480,000

Employee count

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
WHEELING, WV-OH (FHA\|USDA\|VA)	217	$28,145,000	$129,700	$0	0.00%
Outside of Metro Areas	19	$6,405,000	$337,105	$0	0.00%
WEIRTON-STEUBENVILLE, WV-OH (FHA\|USDA\|VA)	37	$4,105,000	$110,946	$0	0.00%
CANTON-MASSILLON, OH (FHA\|USDA\|VA)	1	$305,000	$305,000	$0	0.00%
Cambridge, OH (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	0.00%
Salem, OH (FHA\|USDA\|VA)	1	$225,000	$225,000	$0	0.00%

Main Street Bank Corp.'s top markets include Wheeling, Weirton, Canton, Cambridge, and Salem among others.

Their top states include:

West Virginia (FHA|USDA|VA)

Ohio (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Alabama (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	276	$39,480,000	$143,043	$0	0.00%

For 2018, Main Street Bank Corp.'s most frequently originated type of loan was Conventional, with 276 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	158	$23,150,000	$146,519	$0	0.00%
Cash Out Refi	43	$7,455,000	$173,372	$0	0.00%
Refi	39	$6,165,000	$158,077	$0	0.00%
Home Improvement	26	$1,260,000	$48,462	$0	0.00%
Other	10	$1,450,000	$145,000	$0	0.00%

For 2018, Main Street Bank Corp.'s most frequently cited loan purpose was Home Purchase, with 158 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	276	$39,480,000	$143,043	$0	0.00%

For 2018, Main Street Bank Corp.'s most frequently cited loan duration was Other, with 276 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	146	$7,770,000	$53,219	$0	0.00%
$100k-200k	64	$8,840,000	$138,125	$0	0.00%
$200k-400k	50	$13,110,000	$262,200	$0	0.00%
$400k-600k	11	$5,065,000	$460,455	$0	0.00%
$600k-1MM	3	$2,215,000	$738,333	$0	0.00%
$1MM+	2	$2,480,000	$1,240,000	$0	0.00%

2018 saw Main Street Bank Corp. place emphasis on $100,000 or less loans with 146 originations, totaling $7,770,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	43	$3,155,000	$73,372	$0	0.00%
$75k-100k	41	$4,275,000	$104,268	$0	0.00%
$100k-150k	38	$5,130,000	$135,000	$0	0.00%
$50k-75k	37	$4,205,000	$113,649	$0	0.00%
$150k-250k	29	$6,635,000	$228,793	$0	0.00%
$250k+	11	$2,595,000	$235,909	$0	0.00%

Main Street Bank Corp. lent most frequently to those with incomes in the $50k or less range, with 43 originations. The second most popular income band? $75k-100k, with 41 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	276	$39,480,000	$143,043	$0	0.00%

Main Street Bank Corp. lent most frequently to those with DTI ratios of Exempt%, with 276 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	198	$25,610,000	$129,343	$0	0.00%
Not applicable	74	$13,070,000	$176,622	$0	0.00%
Asian	2	$580,000	$290,000	$0	0.00%
Chinese	1	$115,000	$115,000	$0	0.00%
Black	1	$105,000	$105,000	$0	0.00%

Approval Rates

Total approvals of all applications
95.68%

Main Street Bank Corp. 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
88.04%

Main Street Bank Corp. has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	276	$39,480,000	$143,043

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	17	$5,065,000	$297,941
Single Family (1-4 Units):Manufactured	10	$710,000	$71,000
Single Family (1-4 Units):Site-Built	249	$33,705,000	$135,361

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Main Street Bank Corp.	1010 Commerce Street Wellsburg, WV 26070	Full Service B&M	$48,407
Main Street Bank Corp.	112 North Lafayette Avenue Moundsville, WV 26041	Full Service B&M	$33,390
Main Street Bank Corp.	2001 Main Street, Suite 100 Wheeling, WV 26003	Full Service B&M	$257,994
Main Street Bank Corp.	2088 National Road Wheeling, WV 26003	Full Service B&M	$32,386

For 2018, Main Street Bank Corp. had 4 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$21,118
Net interest income	$17,849
Total noninterest income	$263
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$176
Trading account gains and fees	$0
Additional Noninterest Income	$87
Pre-tax net operating income	$7,199
Securities gains (or losses, -)	$0
Income before extraordinary items	$5,466
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$5,466
Minority interest net income	$0
Net income	$5,466
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$5,466

Main Street Bank Corp.'s gross interest income from loans was $21,118,000.
Main Street Bank Corp.'s net interest income from loans was $17,849,000.
Main Street Bank Corp.'s fee based income from loans was $176,000.
Main Street Bank Corp.'s net income from loans was $5,466,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,269
Provision for credit losses	$1,240
Total noninterest expense	$9,673
Salaries and employee benefits	$5,082
Premises and equipment expense	$1,140
Additional noninterest expense	$3,451
Applicable income taxes	$1,733
Net charge-offs	$446
Cash dividends	$950

Main Street Bank Corp.'s interest expense for loans was $3,269,000.
Main Street Bank Corp.'s payroll and benefits expense were $5,082,000.
Main Street Bank Corp.'s property, plant and equipment expenses $1,140,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	2.0%
Real Estate loans	1.0%
Construction & Land Development loans	1.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	2.0%
HELOC loans	1.0%
All other family	2.0%
Commercial & industrial loans	3.0%
Personal loans	2.0%
Credit card loans	0.0%
Other individual loans	2.0%
Auto loans	2.0%
Other consumer loans	2.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$375,232
Deposits held in domestic offices	$375,232
Deposits by Individuals, partnerships, and corporations	$352,754
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$20,884
Deposits by Commercial banks and other depository institutions in U.S.	$1,594
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$82,028
Demand deposits	$68,525
Nontransaction accounts	$293,204
Money market deposit accounts (MMDAs)	$26,226
Other savings deposits (excluding MMDAs)	$120,740
Total time deposits	$146,238
Total time and savings deposits	$306,707
Noninterest-bearing deposits	$68,525
Interest-bearing deposits	$306,707
Retail deposits	$300,297
IRAs and Keogh plan accounts	$19,742
Brokered deposits	$33,279
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$453,411
Cash & Balances due from depository institutions	$27,548
Interest-bearing balances	$20,830
Total securities	$34,690
Federal funds sold & reverse repurchase	$0
Net loans and leases	$375,828
Loan and leases loss allowance	$5,400
Trading account assets	$0
Bank premises and fixed assets	$2,375
Other real estate owned	$614
Goodwill and other intangibles	$0
All other assets	$12,356

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$453,411
Total Liabilities	$411,289
Total deposits	$375,232
Interest-bearing deposits	$306,707
Deposits held in domestic offices	$375,232
% insured (estimated)	$84
Federal funds purchased and repurchase agreements	$9,571
Trading liabilities	$0
Other borrowed funds	$24,000
Subordinated debt	$0
All other liabilities	$2,486

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$375,828
Loan and leases loss allowance	$5,400
Total loans and leases (domestic)	$381,228
All real estate loans	$310,979
Real estate loans in domestic offices	$310,979
Construction and development loans	$1,911
Residential 1-4 family construction	$1,911
Other construction, all land development and other land	$0
Loans secured by nonfarm nonresidential properties	$96,865
Nonfarm nonresidential secured by owner-occupied properties	$95,612
Commercial real estate & other non-farm, non-residential	$1,253
Multifamily residential real estate	$13,064
1-4 family residential loans	$199,139
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$54,058
To non-U.S. addressees	$0
Loans to individuals	$15,960
Credit card loans	$0
Related Plans	$40
Consumer Auto Loans	$7,707
Other loans to individuals	$8,213
All other loans & leases	$233
Loans to foreign governments and official institutions	$0
Other loans	$233
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$31,502
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$641
Non 1-4 family restructured loans & leases	$450
Total loans and leases (foreign)	$0

Main Street Bank Corp. had $375,828,000 of loans outstanding in 2018. $310,979,000 of loans were in real estate loans. $1,911,000 of loans were in development loans. $13,064,000 of loans were in multifamily mortgage loans. $199,139,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $7,707,000 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	457	$96,865	$211,958
Nonfarm, nonresidential loans - <$100k	200	$11,653	$58,265
Nonfarm, nonresidential loans - $100-250k	127	$15,796	$124,378
Nonfarm, nonresidential loans - $250k-1MM	130	$69,416	$533,969
Commercial & Industrial, US addressed loans - <$1MM	694	$54,058	$77,893
Commercial & Industrial, US addressed loans - <$100k	565	$26,117	$46,225
Commercial & Industrial, US addressed loans - $100-250k	85	$9,139	$107,518
Commercial & Industrial, US addressed loans - $250k-1MM	44	$18,802	$427,318