Essa Bank & Trust Mortgage Rates, Fees & Info

Stroudsburg, PA

LEI: 549300W5E3L00UZ6F777

Tax ID: 24-0568185

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Essa Bank & Trust is a smaller bank specializing in Home Purchase loans. Essa Bank & Trust has a high proportion of conventional loans. Their top markets include Allentown, Philadelphia, East Stroudsburg, Scranton, and Naples among others. Essa Bank & Trust 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. Essa Bank & Trust is typically an average fee lendor.


Originations

941

Origination Dollar Volume (All Markets)

$326,655,000

Employee count

234 Show all (6) awards

Relative Rate

Essa Bank & Trust's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

Essa Bank & Trust's average total fees for a 30 year fixed rate mortgage are $4,323.

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
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 319 $116,785,000 $366,097 $3,612 3.13%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 100 $83,600,000 $836,000 $6,696 3.34%
EAST STROUDSBURG, PA (FHA|USDA|VA) 346 $75,580,000 $218,439 $3,547 3.09%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 115 $29,905,000 $260,043 $4,216 2.98%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $6,005,000 $6,005,000 $28,778 2.60%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 28 $5,100,000 $182,143 $3,081 2.98%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $2,775,000 $925,000 $21,571 2.42%
READING, PA (FHA|USDA|VA) 6 $1,810,000 $301,667 $6,029 3.03%
Outside of Metro Areas 9 $1,735,000 $192,778 $3,866 2.87%
Pottsville, PA (FHA|USDA|VA) 8 $1,130,000 $141,250 $3,525 3.16%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 2 $1,000,000 $500,000 $3,985 3.35%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $900,000 $450,000 $3,552 2.93%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $175,000 $175,000 $3,445 2.95%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,099 3.05%

Essa Bank & Trust's top markets include Allentown, Philadelphia, East Stroudsburg, Scranton, and Naples among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 941 $326,655,000 $347,136 $3,989 3.11%

For the 2021 period, Essa Bank & Trust's most frequently originated loan type of loans were Conventional, with 941 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 388 $149,130,000 $384,356 $5,145 3.11%
Cash Out Refi 250 $63,690,000 $254,760 $3,268 3.10%
Refi 234 $62,670,000 $267,821 $3,678 2.88%
Home Improvement 41 $48,855,000 $1,191,585 $801 3.93%
Other 28 $2,310,000 $82,500 $1,124 3.72%

For the 2021, Essa Bank & Trust's most frequently cited loan purpose of loans were Home Purchase, with 388 originations. The 2nd most popular reason of loans were Cash Out Refi, with 250 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 328 $93,690,000 $285,640 $4,323 3.03%
15 Year 177 $39,505,000 $223,192 $3,607 2.84%
20 Year 163 $30,565,000 $187,515 $3,203 3.26%
30+ year 138 $58,280,000 $422,319 $5,897 3.11%
10 Year 69 $30,605,000 $443,551 $1,647 3.44%
Other 39 $65,165,000 $1,670,897 $3,980 3.31%
5 Year 26 $8,630,000 $331,923 $0 3.71%
1 Year 1 $215,000 $215,000 $0 3.95%

For the 2021, Essa Bank & Trust's most frequently cited loan length of loans were 30 Year, with 328 originations. The 2nd most popular length of loans were 15 Year, with 177 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 724 $173,590,000 $239,765
$1k-2k 98 $32,060,000 $327,143
$2k-3k 34 $6,650,000 $195,588
$3k-4k 23 $8,045,000 $349,783
$5k+ 13 $12,035,000 $925,769

$4,323 of loans were Essa Bank & Trust's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 724 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 452 $124,920,000 $276,372
3-4% 390 $172,910,000 $443,359
<2.5% 57 $15,965,000 $280,088
4-5% 39 $12,735,000 $326,538
5-6% 3 $125,000 $41,667

During 2021, Essa Bank & Trust's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 2.5-3%, with 452 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 320 $46,840,000 $146,375 $3,177 3.00%
$200k-400k 311 $85,795,000 $275,868 $4,348 2.99%
$100,000 or less 143 $8,555,000 $59,825 $1,516 3.44%
$400k-600k 81 $38,815,000 $479,198 $5,679 3.15%
$600k-1MM 53 $40,005,000 $754,811 $7,912 3.23%
$1MM+ 33 $106,645,000 $3,231,667 $16,749 3.46%

2021 saw Essa Bank & Trust place emphasis on $100k-200k loans with 320 originations, totaling $46,840,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 220 $49,240,000 $223,818 $3,733 3.02%
$150k-250k 179 $61,845,000 $345,503 $4,727 3.07%
$50k-75k 155 $23,245,000 $149,968 $3,029 3.10%
$75k-100k 137 $24,265,000 $177,117 $3,096 3.13%
$250k+ 113 $65,835,000 $582,611 $7,038 3.05%
$50k or less 92 $9,460,000 $102,826 $2,449 3.07%

Essa Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 220 originations. The second most popular income band? $150k-250k, with 179 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 243 $60,145,000 $247,510 $4,213 2.99%
30-36% 183 $45,555,000 $248,934 $3,803 3.06%
<20% 134 $38,670,000 $288,582 $4,197 2.95%
43% 36 $8,470,000 $235,278 $3,907 3.14%
42% 31 $7,945,000 $256,290 $3,415 3.31%
38% 31 $8,755,000 $282,419 $3,660 3.24%
40% 31 $6,205,000 $200,161 $3,113 3.10%
39% 29 $7,425,000 $256,034 $3,715 3.21%
41% 26 $5,850,000 $225,000 $3,510 3.21%
36% 24 $6,230,000 $259,583 $3,879 3.13%
44% 22 $8,430,000 $383,182 $4,570 3.10%
37% 22 $4,520,000 $205,455 $3,249 3.28%
45% 21 $4,255,000 $202,619 $3,152 3.29%
49% 18 $5,220,000 $290,000 $4,333 2.94%
46% 14 $6,570,000 $469,286 $6,132 2.96%
47% 13 $3,355,000 $258,077 $4,060 3.13%
48% 11 $3,235,000 $294,091 $4,967 3.00%
50-60% 7 $2,975,000 $425,000 $5,051 3.58%
>60% 2 $680,000 $340,000 $0 4.38%

Essa Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 243 originations. The next most common DTI ratio? 30-36%, with 183 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 660 $174,230,000 $263,985 $4,015 3.07%
Not applicable 42 $90,800,000 $2,161,905 $0 3.82%
Not provided 205 $53,755,000 $262,220 $3,836 3.07%
Asian 11 $3,615,000 $328,636 $6,543 3.07%
Black 15 $3,285,000 $219,000 $3,529 3.20%
American Indian 2 $310,000 $155,000 $2,356 2.93%
Other Asian 3 $275,000 $91,667 $2,832 2.85%
Chinese 1 $275,000 $275,000 $4,942 2.95%
Asian Indian 2 $110,000 $55,000 $3,073 3.45%

Approval Rates

Total approvals of all applications
91.72%

Essa Bank & Trust has an average approval rate.

Pick Rate

Approvals leading to origination
89.68%

Essa Bank & Trust has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 941 $326,655,000 $347,136

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
941 $326,655,000 $347,136

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 77 $10,935,000 $142,013 $2,297 3.03%
40-60% 189 $44,905,000 $237,593 $3,824 2.88%
60-80% 398 $181,530,000 $456,106 $4,314 3.15%
80-100% 222 $85,510,000 $385,180 $4,958 3.07%
Over 100% 3 $1,635,000 $545,000 $14,574 3.50%
Under 20% 52 $2,140,000 $41,154 $279 3.87%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Essa Bank & Trust 1065 Pa Hwy 315, Suite 101 Wilkes Barre, PA 18702 Full Service B&M $57,679
Essa Bank & Trust 75 Washington Street East Stroudsburg, PA 18301 Full Service B&M $112,434
Essa Bank & Trust 76 South Main Street Nazareth, PA 18064 Full Service B&M $24,882
Essa Bank & Trust 8045 West Chester Pike Upper Darby, PA 19082 Full Service B&M $68,349
Essa Bank & Trust 975 Route 390 Cresco, PA 18326 Full Service B&M $23,161
Essa Bank & Trust 2415 Park Avenue Easton, PA 18045 Full Service B&M $52,730
Essa Bank & Trust 249 Route 940, Blakeslee Corners Blakeslee, PA 18610 Full Service B&M $40,239
Essa Bank & Trust 2826 Route 611 Tannersville, PA 18372 Full Service B&M $114,334
Essa Bank & Trust 300 Mulberry Street Scranton, PA 18503 Full Service B&M $22,216
Essa Bank & Trust 354 West Lancaster Ave Haverford, PA 19041 Full Service B&M $30,498
Essa Bank & Trust 358 South Walnut Street Bath, PA 18014 Full Service B&M $64,188
Essa Bank & Trust 418 West Broad Street Bethlehem, PA 18018 Full Service B&M $82,802
Essa Bank & Trust 48 West Marshall Road Lansdowne, PA 19050 Full Service B&M $25,335
Essa Bank & Trust 5120 Milford Road East Stroudsburg, PA 18302 Full Service B&M $70,146
Essa Bank & Trust 5580 Crawford Drive Bethlehem, PA 18018 Full Service B&M $15,509
Essa Bank & Trust 600 Hamilton Street, Suite 100 Allentown, PA 18101 Full Service B&M $57,548
Essa Bank & Trust 6302 Route 309 New Tripoli, PA 18066 Full Service B&M $15,100
Essa Bank & Trust 11 North Main Street Alburtis, PA 18011 Full Service B&M $39,453
Essa Bank & Trust 1430 Jacobsburg Road Wind Gap, PA 18091 Full Service B&M $37,617
Essa Bank & Trust 1881 Route 209 Brodheadsville, PA 18322 Full Service B&M $124,175
Essa Bank & Trust 200 Palmer Street Stroudsburg, PA 18360 Limited, Administrative $0
Essa Bank & Trust 200 Palmer Street Stroudsburg, PA 18360 Full Service B&M $508,917
Essa Bank & Trust 227 West Lancaster Ave Devon, PA 19333 Full Service B&M $18,324

For 2021, Essa Bank & Trust had 23 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $58,437
Net interest income $53,505
Total noninterest income $10,349
Gross Fiduciary activities income $1,108
Service charges on deposit accounts $1,462
Trading account gains and fees $0
Additional Noninterest Income $7,779
Pre-tax net operating income $20,325
Securities gains (or losses, -) $460
Income before extraordinary items $17,142
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $17,142
Minority interest net income $0
Net income $17,142
Sale, conversion, retirement of capital stock, net $0
Net operating income $16,764

Essa Bank & Trust's gross interest income from loans was $58,437,000.
Essa Bank & Trust's net interest income from loans was $53,505,000.
Essa Bank & Trust's fee based income from loans was $1,462,000.
Essa Bank & Trust's net income from loans was $17,142,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,932
Provision for credit losses $1,800
Total noninterest expense $41,729
Salaries and employee benefits $24,874
Premises and equipment expense $4,422
Additional noninterest expense $12,433
Applicable income taxes $3,643
Net charge-offs $-269
Cash dividends $6,500

Essa Bank & Trust's interest expense for loans was $4,932,000.
Essa Bank & Trust's payroll and benefits expense were $24,874,000.
Essa Bank & Trust's property, plant and equipment expenses $4,422,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 3.0%
Multifamily residential loans 3.0%
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 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,643,590
Deposits held in domestic offices $1,643,590
Deposits by Individuals, partnerships, and corporations $1,342,711
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $281,777
Deposits by Commercial banks and other depository institutions in U.S. $19,103
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $779,080
Demand deposits $779,080
Nontransaction accounts $864,511
Money market deposit accounts (MMDAs) $458,741
Other savings deposits (excluding MMDAs) $206,116
Total time deposits $199,654
Total time and savings deposits $864,511
Noninterest-bearing deposits $288,485
Interest-bearing deposits $1,355,105
Retail deposits $1,375,340
IRAs and Keogh plan accounts $38,594
Brokered deposits $240,031
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,865,581
Cash & Balances due from depository institutions $196,088
Interest-bearing balances $186,887
Total securities $227,900
Federal funds sold & reverse repurchase $0
Net loans and leases $1,339,689
Loan and leases loss allowance $18,210
Trading account assets $1,726
Bank premises and fixed assets $19,843
Other real estate owned $193
Goodwill and other intangibles $15,088
All other assets $65,054

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,865,581
Total Liabilities $1,661,885
Total deposits $1,643,590
Interest-bearing deposits $1,355,105
Deposits held in domestic offices $1,643,590
% insured (estimated) $69
Federal funds purchased and repurchase agreements $0
Trading liabilities $1,735
Other borrowed funds $6,864
Subordinated debt $0
All other liabilities $9,696

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,339,689
Loan and leases loss allowance $18,210
Total loans and leases (domestic) $1,357,899
All real estate loans $1,252,609
Real estate loans in domestic offices $1,252,609
Construction and development loans $121,006
Residential 1-4 family construction $23,219
Other construction, all land development and other land $97,787
Loans secured by nonfarm nonresidential properties $343,411
Nonfarm nonresidential secured by owner-occupied properties $126,747
Commercial real estate & other non-farm, non-residential $216,664
Multifamily residential real estate $126,737
1-4 family residential loans $661,455
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $55,746
To non-U.S. addressees $0
Loans to individuals $11,703
Credit card loans $0
Related Plans $0
Consumer Auto Loans $10,321
Other loans to individuals $1,382
All other loans & leases $37,841
Loans to foreign governments and official institutions $0
Other loans $60
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $745
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $4,882
Non 1-4 family restructured loans & leases $437
Total loans and leases (foreign) $0

ESSA Bank & Trust had $1,339,689,000 of loans outstanding in 2021. $1,252,609,000 of loans were in real estate loans. $121,006,000 of loans were in development loans. $126,737,000 of loans were in multifamily mortgage loans. $661,455,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $10,321,000 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 332 $76,378 $230,054
Nonfarm, nonresidential loans - <$100k 72 $2,526 $35,083
Nonfarm, nonresidential loans - $100-250k 97 $12,766 $131,608
Nonfarm, nonresidential loans - $250k-1MM 163 $61,086 $374,761
Commercial & Industrial, US addressed loans - <$1MM 310 $36,022 $116,200
Commercial & Industrial, US addressed loans - <$100k 145 $3,451 $23,800
Commercial & Industrial, US addressed loans - $100-250k 80 $9,540 $119,250
Commercial & Industrial, US addressed loans - $250k-1MM 85 $23,031 $270,953