First Bancorp Mortgage Rates, Fees & Info
LEBANON, VALEI: 549300V6LKROCIL7OI49
Tax ID: 54-1116387
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Review & Overview
First Bancorp is a smaller mortgage company specializing in Home Purchase loans. First Bancorp has a high proportion of conventional loans. Their top markets by origination volume include: Kingsport, Lynchburg, Staunton, Roanoke, and Johnson City among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)First Bancorp 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. First Bancorp is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 6.85% | 11/21/24 |
30 Year Conventional Refi | 6.63% | 11/21/24 |
30 Year Cash-out Refi | 6.85% | 11/21/24 |
15 Year Conventional Purchase | 6.39% | 11/21/24 |
15 Year Conventional Refi | 6.45% | 11/21/24 |
15 Year Cash-out Refi | 6.45% | 11/21/24 |
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. |
First Bancorp Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
657Origination Dollar Volume (All Markets)
$117,805,000Employee count
360 Show all (3) awardsFIRST BANCORP - 2018
FIRST BANCORP is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
---|---|---|---|---|---|
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 211 | $35,245,000 | $167,038 | $2,683 | 5.19% |
LYNCHBURG, VA (FHA|USDA|VA) | 88 | $21,970,000 | $249,659 | $2,642 | 5.16% |
Outside of Metro Areas | 93 | $10,835,000 | $116,505 | $2,474 | 5.38% |
STAUNTON, VA (FHA|USDA|VA) | 57 | $8,965,000 | $157,281 | $1,994 | 5.40% |
ROANOKE, VA (FHA|USDA|VA) | 35 | $6,395,000 | $182,714 | $2,760 | 5.31% |
JOHNSON CITY, TN (FHA|USDA|VA) | 36 | $6,310,000 | $175,278 | $2,854 | 5.10% |
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 32 | $5,690,000 | $177,813 | $2,789 | 5.26% |
CHARLOTTESVILLE, VA (FHA|USDA|VA) | 10 | $4,240,000 | $424,000 | $3,566 | 5.02% |
HARRISONBURG, VA (FHA|USDA|VA) | 23 | $3,955,000 | $171,957 | $2,423 | 5.32% |
Big Stone Gap, VA (FHA|USDA|VA) | 25 | $2,705,000 | $108,200 | $2,113 | 5.24% |
RICHMOND, VA (FHA|USDA|VA) | 6 | $2,210,000 | $368,333 | $3,245 | 5.60% |
Morehead City, NC (FHA|USDA|VA) | 1 | $1,545,000 | $1,545,000 | $3,735 | 5.25% |
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $2,997 | 5.65% |
SAVANNAH, GA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 5.15% |
Mount Airy, NC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $3,833 | 4.94% |
WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $4,359 | 4.79% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $4,590 | 5.50% |
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $2,567 | 5.30% |
KNOXVILLE, TN (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,493 | 4.94% |
Bluefield, WV-VA (FHA|USDA|VA) | 4 | $400,000 | $100,000 | $2,124 | 5.51% |
Martinsville, VA (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $0 | 5.58% |
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,069 | 4.88% |
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,849 | 5.13% |
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,884 | 5.99% |
WINCHESTER, VA-WV (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,514 | 4.81% |
Washington, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 4.90% |
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,541 | 5.99% |
ASHEVILLE, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 5.10% |
Kalispell, MT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,812 | 5.50% |
Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,859 | 6.40% |
North Wilkesboro, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,215 | 4.50% |
Greeneville, TN (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $1,170 | 5.75% |
Newport, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,387 | 5.99% |
MORRISTOWN, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.00% |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
Sevierville, TN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,429 | 5.99% |
Similar Lenders
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 657 | $117,805,000 | $179,307 | $2,620 | 5.25% |
For 2018, First Bancorp's most frequently originated type of loan was Conventional, with 657 originations.
Loan Reason
For 2018, First Bancorp's most frequently cited loan purpose was Home Purchase, with 478 originations. The 2nd most popular reason was Refi, with 75 originations.
Loan Duration/Length
For 2018, First Bancorp's most frequently cited loan duration was 30 Year, with 340 originations. The 2nd most popular length was 20 Year, with 100 originations.
Origination Fees/Closing Costs
First Bancorp's average total fees were $2,897, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 388 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 332 | $59,530,000 | $179,307 |
4-5% | 274 | $53,520,000 | $195,328 |
6-7% | 43 | $2,995,000 | $69,651 |
3-4% | 8 | $1,760,000 | $220,000 |
During 2018, First Bancorp's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 5-6%, with 332 originations.
Loan Sizing
2018 saw First Bancorp place emphasis on $100,000 or less loans with 238 originations, totaling $14,660,000 in origination value.
Applicant Income
First Bancorp lent most frequently to those with incomes in the $50k or less range, with 157 originations. The second most popular income band? $50k-75k, with 125 originations.
Applicant Debt to Income Ratio
First Bancorp lent most frequently to those with DTI ratios of 20-30%, with 164 originations. The next most common DTI ratio? 30-36%, with 92 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.85%
First Bancorp has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination77.63%
First Bancorp has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 657 | $117,805,000 | $179,307 |
Occupancy Type Mix
LTV Distribution
Complaints
Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
FIRST MIDWEST BANCORP, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 33.3% |
FIRST MIDWEST BANCORP, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
FIRST MIDWEST BANCORP, INC. | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
The First Bank and Trust Company | 1026 Park Avenue Norton, VA 24273 | Full Service B&M | $31,629 |
The First Bank and Trust Company | 1030 Richmond Road Staunton, VA 24401 | Full Service B&M | $113,456 |
The First Bank and Trust Company | 1063 Old Abingdon Highway Bristol, VA 24201 | Limited, Administrative | $0 |
The First Bank and Trust Company | 1108 East Stone Drive Kingsport, TN 37660 | Full Service B&M | $17,735 |
The First Bank and Trust Company | 1185 North State Of Franklin Road Johnson City, TN 37604 | Full Service B&M | $78,277 |
The First Bank and Trust Company | 120 University Boulevard Harrisonburg, VA 22801 | Full Service B&M | $46,468 |
The First Bank and Trust Company | 1290 N. 4th Street Wytheville, VA 24382 | Full Service B&M | $75,098 |
The First Bank and Trust Company | 1314 Volunteer Parkway Bristol, TN 37620 | Full Service B&M | $51,878 |
The First Bank and Trust Company | 1419 West State Street Bristol, VA 24201 | Full Service B&M | $40,930 |
The First Bank and Trust Company | 150 Peppers Ferry Road, Ne Christiansburg, VA 24073 | Full Service B&M | $65,385 |
The First Bank and Trust Company | 1563 Commerce Road Verona, VA 24482 | Full Service B&M | $80,515 |
The First Bank and Trust Company | 17011 Forest Rd. Forest, VA 24551 | Full Service B&M | $49,544 |
The First Bank and Trust Company | 2030 East Main Street Lebanon, VA 24266 | Full Service B&M | $41,857 |
The First Bank and Trust Company | 2100 Forest Drive Gray, TN 37615 | Full Service B&M | $24,064 |
The First Bank and Trust Company | 303 West Main Street Wise, VA 24293 | Full Service B&M | $102,894 |
The First Bank and Trust Company | 359 West Main Street Lebanon, VA 24266 | Full Service B&M | $175,328 |
The First Bank and Trust Company | 38 East Valley Drive Bristol, VA 24201 | Full Service B&M | $103,879 |
The First Bank and Trust Company | 610 North Main Street Bridgewater, VA 22812 | Full Service B&M | $24,207 |
The First Bank and Trust Company | 667 West Main Street Abingdon, VA 24210 | Full Service B&M | $205,551 |
The First Bank and Trust Company | 7305 Peppers Ferry Boulevard Fairlawn, VA 24141 | Full Service B&M | $15,674 |
The First Bank and Trust Company | 851 Lew Dewitt Boulevard Waynesboro, VA 22980 | Full Service B&M | $64,101 |
The First Bank and Trust Company | 933 East Main Street Abingdon, VA 24210 | Full Service B&M | $81,117 |
For 2018, First Bancorp had 22 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $76,224 |
Net interest income | $63,972 |
Total noninterest income | $13,734 |
Gross Fiduciary activities income | $1,058 |
Service charges on deposit accounts | $3,624 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $9,052 |
Pre-tax net operating income | $33,892 |
Securities gains (or losses, -) | $0 |
Income before extraordinary items | $27,106 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $27,106 |
Minority interest net income | $0 |
Net income | $27,106 |
Sale, conversion, retirement of capital stock, net | $0 |
Net operating income | $27,106 |
First Bancorp's gross interest income from loans was $76,224,000.
First Bancorp's net interest income from loans was $63,972,000.
First Bancorp's fee based income from loans was $3,624,000.
First Bancorp's net income from loans was $27,106,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $12,252 |
Provision for credit losses | $1,033 |
Total noninterest expense | $42,781 |
Salaries and employee benefits | $27,152 |
Premises and equipment expense | $3,499 |
Additional noninterest expense | $12,130 |
Applicable income taxes | $6,786 |
Net charge-offs | $-76 |
Cash dividends | $11,540 |
First Bancorp's interest expense for loans was $12,252,000.
First Bancorp's payroll and benefits expense were $27,152,000.
First Bancorp's property, plant and equipment expenses $3,499,000.
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 | $1,518,051 |
Deposits held in domestic offices | $1,518,051 |
Deposits by Individuals, partnerships, and corporations | $1,308,802 |
Deposits by U.S. Government | $7 |
Deposits by States and political subdivisions in the U.S. | $208,914 |
Deposits by Commercial banks and other depository institutions in U.S. | $328 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $120,660 |
Demand deposits | $84,315 |
Nontransaction accounts | $1,397,391 |
Money market deposit accounts (MMDAs) | $399,859 |
Other savings deposits (excluding MMDAs) | $649,615 |
Total time deposits | $347,917 |
Total time and savings deposits | $1,433,736 |
Noninterest-bearing deposits | $346,497 |
Interest-bearing deposits | $1,171,554 |
Retail deposits | $1,417,996 |
IRAs and Keogh plan accounts | $41,788 |
Brokered deposits | $0 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $1,809,023 |
Cash & Balances due from depository institutions | $177,080 |
Interest-bearing balances | $165,566 |
Total securities | $40,254 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $1,495,299 |
Loan and leases loss allowance | $16,884 |
Trading account assets | $0 |
Bank premises and fixed assets | $25,877 |
Other real estate owned | $6,669 |
Goodwill and other intangibles | $5,894 |
All other assets | $57,950 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $1,809,023 |
Total Liabilities | $1,600,223 |
Total deposits | $1,518,051 |
Interest-bearing deposits | $1,171,554 |
Deposits held in domestic offices | $1,518,051 |
% insured (estimated) | $84 |
Federal funds purchased and repurchase agreements | $0 |
Trading liabilities | $0 |
Other borrowed funds | $74,920 |
Subordinated debt | $0 |
All other liabilities | $7,252 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $1,495,299 |
Loan and leases loss allowance | $16,884 |
Total loans and leases (domestic) | $1,512,183 |
All real estate loans | $1,168,308 |
Real estate loans in domestic offices | $1,168,308 |
Construction and development loans | $115,248 |
Residential 1-4 family construction | $14,638 |
Other construction, all land development and other land | $100,610 |
Loans secured by nonfarm nonresidential properties | $360,228 |
Nonfarm nonresidential secured by owner-occupied properties | $114,781 |
Commercial real estate & other non-farm, non-residential | $245,447 |
Multifamily residential real estate | $68,870 |
1-4 family residential loans | $310,692 |
Farmland loans | $313,270 |
Loans held in foreign offices | $0 |
Farm loans | $108,872 |
Commercial and industrial loans | $137,788 |
To non-U.S. addressees | $0 |
Loans to individuals | $49,336 |
Credit card loans | $0 |
Related Plans | $0 |
Consumer Auto Loans | $9,529 |
Other loans to individuals | $39,807 |
All other loans & leases | $47,879 |
Loans to foreign governments and official institutions | $0 |
Other loans | $10,818 |
Loans to depository institutions and acceptances of other banks | $793 |
Loans not secured by real estate | $0 |
Loans secured by real estate to non-U.S. addressees | $0 |
Restructured Loans & leases | $3,179 |
Non 1-4 family restructured loans & leases | $2,923 |
Total loans and leases (foreign) | $0 |
FIRST BANCORP had $1,495,299,000 of loans outstanding in 2018. $1,168,308,000 of loans were in real estate loans. $115,248,000 of loans were in development loans. $68,870,000 of loans were in multifamily mortgage loans. $310,692,000 of loans were in 1-4 family mortgage loans. $108,872,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,529,000 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 | 569 | $133,964 | $235,438 |
Nonfarm, nonresidential loans - <$100k | 117 | $4,918 | $42,034 |
Nonfarm, nonresidential loans - $100-250k | 188 | $24,306 | $129,287 |
Nonfarm, nonresidential loans - $250k-1MM | 264 | $104,740 | $396,742 |
Commercial & Industrial, US addressed loans - <$1MM | 880 | $55,258 | $62,793 |
Commercial & Industrial, US addressed loans - <$100k | 617 | $13,994 | $22,681 |
Commercial & Industrial, US addressed loans - $100-250k | 150 | $14,345 | $95,633 |
Commercial & Industrial, US addressed loans - $250k-1MM | 113 | $26,919 | $238,221 |
Farmland loans - <$1MM | 693 | $101,080 | $145,859 |
Farmland loans - <$100k | 219 | $10,593 | $48,370 |
Farmland loans - $100-250k | 281 | $36,252 | $129,011 |
Farmland loans - $250k-1MM | 193 | $54,235 | $281,010 |
Agriculture operations loans - <$1MM | 841 | $50,892 | $60,514 |
Agriculture operations loans - <$100k | 603 | $15,714 | $26,060 |
Agriculture operations loans - $100-250k | 170 | $18,631 | $109,594 |
Agriculture operations loans - $250k-1MM | 68 | $16,547 | $243,338 |