First Bank Mortgage Rates, Fees & Info

Hamilton, NJ

LEI: 549300YS4CB1171BRJ08

Tax ID: 20-8164471

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

Review & Overview

First Bank is a smaller bank specializing in Home Purchase and Refi loans. First Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, Ocean City, and Atlantic City among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bank has an above average approval rate when compared to the average across all lenders. They have an above 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

Originations

136

Origination Dollar Volume (All Markets)

$67,190,000

Employee count

216

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
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	59	$47,245,000	$800,763	$0	0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	47	$13,735,000	$292,234	$0	0.00%
TRENTON-PRINCETON, NJ (FHA\|USDA\|VA)	24	$4,800,000	$200,000	$0	0.00%
Outside of Metro Areas	1	$565,000	$565,000	$0	0.00%
OCEAN CITY, NJ (FHA\|USDA\|VA)	2	$540,000	$270,000	$0	0.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA\|USDA\|VA)	3	$305,000	$101,667	$0	0.00%

First Bank's top markets include New York, Philadelphia, Trenton, Ocean City, and Atlantic City among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	136	$67,190,000	$494,044	$0	0.00%

For 2019, First Bank's most frequently originated type of loan was Conventional, with 136 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	63	$31,395,000	$498,333	$0	0.00%
Refi	44	$29,980,000	$681,364	$0	0.00%
Home Improvement	17	$2,775,000	$163,235	$0	0.00%
Cash Out Refi	9	$2,785,000	$309,444	$0	0.00%
Other	3	$255,000	$85,000	$0	0.00%

For 2019, First Bank's most frequently cited loan purpose was Home Purchase, with 63 originations. The 2nd most popular reason was Refi, with 44 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	136	$67,190,000	$494,044	$0	0.00%

For 2019, First Bank's most frequently cited loan duration was Other, with 136 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	39	$5,695,000	$146,026	$0	0.00%
$200k-400k	33	$8,855,000	$268,333	$0	0.00%
$100,000 or less	26	$1,370,000	$52,692	$0	0.00%
$600k-1MM	15	$12,055,000	$803,667	$0	0.00%
$1MM+	14	$34,910,000	$2,493,571	$0	0.00%
$400k-600k	9	$4,305,000	$478,333	$0	0.00%

2019 saw First Bank place emphasis on $100k-200k loans with 39 originations, totaling $5,695,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	15	$2,085,000	$139,000	$0	0.00%
$150k-250k	13	$2,355,000	$181,154	$0	0.00%
$250k+	13	$4,335,000	$333,462	$0	0.00%
$50k-75k	12	$1,300,000	$108,333	$0	0.00%
$75k-100k	11	$1,625,000	$147,727	$0	0.00%
$50k or less	3	$175,000	$58,333	$0	0.00%

First Bank lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $150k-250k, with 13 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	136	$67,190,000	$494,044	$0	0.00%

First Bank lent most frequently to those with DTI ratios of Exempt%, with 136 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	68	$54,560,000	$802,353	$0	0.00%
White	65	$12,145,000	$186,846	$0	0.00%
Asian	2	$460,000	$230,000	$0	0.00%
Not provided	1	$25,000	$25,000	$0	0.00%

Approval Rates

Total approvals of all applications
96.75%

First 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
91.91%

First Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	136	$67,190,000	$494,044

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	1	$755,000	$755,000
Multifamily:Site-Built	27	$41,105,000	$1,522,407
Single Family (1-4 Units):Site-Built	108	$25,330,000	$234,537

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRSTBANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Bank	1020 North Blackhorse Pike Williamstown, NJ 8094	Full Service B&M	$72,092
First Bank	1206 Sussex Turnpike Randolph, NJ 7869	Full Service B&M	$103,203
First Bank	121 N. Walnut Street, Suite 302 West Chester, PA 19382	Full Service B&M	$25,243
First Bank	1340 Parkway Avenue Ewing, NJ 8628	Full Service B&M	$116,168
First Bank	200 S Main Street Doylestown, PA 18901	Full Service B&M	$122,589
First Bank	225 Demott Lane Somerset, NJ 8873	Full Service B&M	$94,099
First Bank	2465 Kuser Road Hamilton, NJ 8690	Full Service B&M	$171,787
First Bank	2664 Route 130 Cranbury, NJ 8512	Full Service B&M	$49,104
First Bank	3 Tree Farm Road Pennington, NJ 8534	Full Service B&M	$15,044
First Bank	334 Route 31 Flemington, NJ 8822	Full Service B&M	$105,060
First Bank	356 York Road Warminster, PA 18974	Full Service B&M	$27,481
First Bank	4956-4966 Old Street Road Trevose, PA 19053	Full Service B&M	$75,454
First Bank	506 Route 130 N Cinnaminson, NJ 8077	Full Service B&M	$34,380
First Bank	530 East Main Street Denville, NJ 7834	Full Service B&M	$84,990
First Bank	590 Lawrence Square Blvd. South Lawrenceville, NJ 8648	Full Service B&M	$268,108
First Bank	615 Burlington Ave Delanco, NJ 8075	Full Service B&M	$78,695

For 2019, First Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$84,169
Net interest income	$58,365
Total noninterest income	$4,188
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$515
Trading account gains and fees	$0
Additional Noninterest Income	$3,673
Pre-tax net operating income	$19,012
Securities gains (or losses, -)	$0
Income before extraordinary items	$13,445
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$13,445
Minority interest net income	$0
Net income	$13,445
Sale, conversion, retirement of capital stock, net	$19,450
Net operating income	$13,445

First Bank's gross interest income from loans was $84,169,000.
First Bank's net interest income from loans was $58,365,000.
First Bank's fee based income from loans was $515,000.
First Bank's net income from loans was $13,445,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$25,804
Provision for credit losses	$3,984
Total noninterest expense	$39,557
Salaries and employee benefits	$20,460
Premises and equipment expense	$5,222
Additional noninterest expense	$13,875
Applicable income taxes	$5,567
Net charge-offs	$1,874
Cash dividends	$2,299

First Bank's interest expense for loans was $25,804,000.
First Bank's payroll and benefits expense were $20,460,000.
First Bank's property, plant and equipment expenses $5,222,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
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	1.0%
All other family	0.0%
Commercial & industrial loans	5.0%
Personal loans	1.0%
Credit card loans	0.0%
Other individual loans	1.0%
Auto loans	0.0%
Other consumer loans	1.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,640,867
Deposits held in domestic offices	$1,640,867
Deposits by Individuals, partnerships, and corporations	$1,440,855
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$181,905
Deposits by Commercial banks and other depository institutions in U.S.	$18,107
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$98,912
Demand deposits	$61,661
Nontransaction accounts	$1,541,955
Money market deposit accounts (MMDAs)	$397,621
Other savings deposits (excluding MMDAs)	$471,460
Total time deposits	$672,874
Total time and savings deposits	$1,579,206
Noninterest-bearing deposits	$275,778
Interest-bearing deposits	$1,365,089
Retail deposits	$1,396,153
IRAs and Keogh plan accounts	$57,641
Brokered deposits	$70,676
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$2,011,588
Cash & Balances due from depository institutions	$47,879
Interest-bearing balances	$31,128
Total securities	$94,074
Federal funds sold & reverse repurchase	$40,000
Net loans and leases	$1,706,329
Loan and leases loss allowance	$17,245
Trading account assets	$0
Bank premises and fixed assets	$19,890
Other real estate owned	$1,363
Goodwill and other intangibles	$18,428
All other assets	$83,625

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$2,011,588
Total Liabilities	$1,785,195
Total deposits	$1,640,867
Interest-bearing deposits	$1,365,089
Deposits held in domestic offices	$1,640,867
% insured (estimated)	$67
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$105,476
Subordinated debt	$21,964
All other liabilities	$16,888

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,706,329
Loan and leases loss allowance	$17,245
Total loans and leases (domestic)	$1,723,574
All real estate loans	$1,450,483
Real estate loans in domestic offices	$1,450,483
Construction and development loans	$105,709
Residential 1-4 family construction	$6,390
Other construction, all land development and other land	$99,319
Loans secured by nonfarm nonresidential properties	$1,069,296
Nonfarm nonresidential secured by owner-occupied properties	$395,996
Commercial real estate & other non-farm, non-residential	$673,300
Multifamily residential real estate	$119,004
1-4 family residential loans	$156,474
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$239,090
To non-U.S. addressees	$0
Loans to individuals	$3,279
Credit card loans	$0
Related Plans	$1,615
Consumer Auto Loans	$54
Other loans to individuals	$1,610
All other loans & leases	$32,529
Loans to foreign governments and official institutions	$0
Other loans	$32,529
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$2,763
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$526
Non 1-4 family restructured loans & leases	$526
Total loans and leases (foreign)	$0

First Bank had $1,706,329,000 of loans outstanding in 2019. $1,450,483,000 of loans were in real estate loans. $105,709,000 of loans were in development loans. $119,004,000 of loans were in multifamily mortgage loans. $156,474,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $54,000 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	707	$224,561	$317,625
Nonfarm, nonresidential loans - <$100k	47	$1,591	$33,851
Nonfarm, nonresidential loans - $100-250k	168	$20,283	$120,732
Nonfarm, nonresidential loans - $250k-1MM	492	$202,687	$411,965
Commercial & Industrial, US addressed loans - <$1MM	706	$109,357	$154,897
Commercial & Industrial, US addressed loans - <$100k	237	$6,610	$27,890
Commercial & Industrial, US addressed loans - $100-250k	209	$20,354	$97,388
Commercial & Industrial, US addressed loans - $250k-1MM	260	$82,393	$316,896