First Resource Bank Mortgage Rates, Fees & Info

Exton, PA

LEI: 549300YV3F7WA813QL95

Tax ID: 20-2139081

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Mortgage Data

Bank Data

Review & Overview

First Resource Bank is a smaller bank specializing in Home Purchase and Refi loans. First Resource Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Reading, Harrisburg, and Allentown among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Resource 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.

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Originations

85

Origination Dollar Volume (All Markets)

$28,945,000

Employee count

42

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 82 $27,700,000 $337,805 $8,611 5.97%
READING, PA (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 5.15%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.75%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.75%
First Resource Bank's top markets include Philadelphia, Reading, Harrisburg, and Allentown among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 85 $28,945,000 $340,529 $8,611 5.95%

    For 2018, First Resource Bank's most frequently originated type of loan was Conventional, with 85 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 62 $19,240,000 $310,323 $12,541 6.12%
    Refi 16 $7,140,000 $446,250 $7,491 5.36%
    Home Improvement 7 $2,565,000 $366,429 $8,188 5.84%

    For 2018, First Resource Bank's most frequently cited loan purpose was Home Purchase, with 62 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 39 $13,385,000 $343,205 $77 5.59%
    1 Year 34 $11,390,000 $335,000 $10,033 6.47%
    Other 7 $3,405,000 $486,429 $0 5.71%
    15 Year 3 $385,000 $128,333 $0 5.58%
    5 Year 2 $380,000 $190,000 $0 5.58%

    For 2018, First Resource Bank's most frequently cited loan duration was 10 Year, with 39 originations. The 2nd most popular length was 1 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 3 $2,455,000 $818,333
    $<1k 2 $170,000 $85,000
    $2k-3k 1 $535,000 $535,000
    $4k-5k 1 $485,000 $485,000

    First Resource Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 55 $20,365,000 $370,273
    6-7% 27 $7,815,000 $289,444
    4-5% 3 $765,000 $255,000

    During 2018, First Resource Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 29 $7,855,000 $270,862 $0 6.02%
    $100k-200k 24 $3,690,000 $153,750 $77 6.00%
    $100,000 or less 11 $705,000 $64,091 $1,321 5.95%
    $400k-600k 9 $4,195,000 $466,111 $7,986 5.96%
    $600k-1MM 8 $6,350,000 $793,750 $14,302 5.84%
    $1MM+ 4 $6,150,000 $1,537,500 $0 5.41%

    2018 saw First Resource Bank place emphasis on $200k-400k loans with 29 originations, totaling $7,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $4,830,000 $603,750 $11,776 5.41%
    $100k-150k 7 $2,295,000 $327,857 $1,321 6.21%
    $150k-250k 6 $1,460,000 $243,333 $77 5.85%
    $50k or less 3 $455,000 $151,667 $0 5.58%
    $75k-100k 3 $1,025,000 $341,667 $0 5.92%
    $50k-75k 2 $250,000 $125,000 $0 5.88%

    First Resource Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 8 $2,550,000 $318,750 $7,739 5.49%
    20-30% 6 $2,160,000 $360,000 $14,000 5.76%
    30-36% 5 $1,675,000 $335,000 $1,321 5.73%
    38% 3 $1,435,000 $478,333 $0 6.33%
    50-60% 2 $520,000 $260,000 $0 6.13%
    41% 1 $125,000 $125,000 $0 6.25%
    42% 1 $125,000 $125,000 $0 5.50%
    46% 1 $645,000 $645,000 $0 7.00%
    49% 1 $915,000 $915,000 $0 5.50%
    40% 1 $165,000 $165,000 $0 5.50%

    First Resource Bank lent most frequently to those with DTI ratios of <20%, with 8 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 56 $18,630,000 $332,679 $0 6.04%
    White 27 $10,035,000 $371,667 $8,611 5.79%
    Black 2 $280,000 $140,000 $0 5.88%

    Approval Rates

    Total approvals of all applications
    97.83%

    First Resource 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
    94.12%

    First Resource Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 85 $28,945,000 $340,529

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $4,735,000 $947,000
    Single Family (1-4 Units):Site-Built 80 $24,210,000 $302,625

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $295,000 $98,333 $77 5.94%
    40-60% 4 $1,520,000 $380,000 $0 5.73%
    60-80% 62 $17,580,000 $283,548 $11,597 6.04%
    80-100% 12 $6,390,000 $532,500 $12,043 5.62%
    Over 100% 2 $2,990,000 $1,495,000 $0 5.63%
    Under 20% 2 $170,000 $85,000 $1,321 6.00%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST REPUBLIC BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    FIRST REPUBLIC BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Resource Bank 800 N. Pottstown Pike Exton, PA 19341 Full Service B&M $158,463
    First Resource Bank 844 Paoli Pike West Chester, PA 19380 Full Service B&M $65,345

    For 2018, First Resource Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,962
    Net interest income $9,927
    Total noninterest income $586
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $59
    Trading account gains and fees $0
    Additional Noninterest Income $527
    Pre-tax net operating income $2,665
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,165
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,165
    Minority interest net income $0
    Net income $2,165
    Sale, conversion, retirement of capital stock, net $69
    Net operating income $2,165

    First Resource Bank's gross interest income from loans was $12,962,000.
    First Resource Bank's net interest income from loans was $9,927,000.
    First Resource Bank's fee based income from loans was $59,000.
    First Resource Bank's net income from loans was $2,165,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,035
    Provision for credit losses $513
    Total noninterest expense $7,335
    Salaries and employee benefits $4,294
    Premises and equipment expense $700
    Additional noninterest expense $2,341
    Applicable income taxes $500
    Net charge-offs $275
    Cash dividends $0

    First Resource Bank's interest expense for loans was $3,035,000.
    First Resource Bank's payroll and benefits expense were $4,294,000.
    First Resource Bank's property, plant and equipment expenses $700,000.

    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 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 3.0%
    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 $236,202
    Deposits held in domestic offices $236,202
    Deposits by Individuals, partnerships, and corporations $208,251
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,912
    Deposits by Commercial banks and other depository institutions in U.S. $9,039
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $42,858
    Demand deposits $31,788
    Nontransaction accounts $193,344
    Money market deposit accounts (MMDAs) $101,888
    Other savings deposits (excluding MMDAs) $0
    Total time deposits $91,456
    Total time and savings deposits $204,414
    Noninterest-bearing deposits $31,788
    Interest-bearing deposits $204,414
    Retail deposits $213,653
    IRAs and Keogh plan accounts $6,313
    Brokered deposits $5,947
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $302,447
    Cash & Balances due from depository institutions $6,334
    Interest-bearing balances $3,903
    Total securities $37,762
    Federal funds sold & reverse repurchase $0
    Net loans and leases $242,708
    Loan and leases loss allowance $1,990
    Trading account assets $0
    Bank premises and fixed assets $6,637
    Other real estate owned $0
    Goodwill and other intangibles $135
    All other assets $8,871

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $302,447
    Total Liabilities $277,170
    Total deposits $236,202
    Interest-bearing deposits $204,414
    Deposits held in domestic offices $236,202
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $35,516
    Subordinated debt $3,986
    All other liabilities $1,466

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $242,708
    Loan and leases loss allowance $1,990
    Total loans and leases (domestic) $244,698
    All real estate loans $220,750
    Real estate loans in domestic offices $220,750
    Construction and development loans $27,786
    Residential 1-4 family construction $20,426
    Other construction, all land development and other land $7,360
    Loans secured by nonfarm nonresidential properties $102,459
    Nonfarm nonresidential secured by owner-occupied properties $58,413
    Commercial real estate & other non-farm, non-residential $44,046
    Multifamily residential real estate $18,718
    1-4 family residential loans $70,940
    Farmland loans $847
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $23,265
    To non-U.S. addressees $0
    Loans to individuals $683
    Credit card loans $0
    Related Plans $190
    Consumer Auto Loans $1
    Other loans to individuals $492
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $1,308
    Non 1-4 family restructured loans & leases $1,148
    Total loans and leases (foreign) $0

    First Resource Bank had $242,708,000 of loans outstanding in 2018. $220,750,000 of loans were in real estate loans. $27,786,000 of loans were in development loans. $18,718,000 of loans were in multifamily mortgage loans. $70,940,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,000 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 156 $43,643 $279,763
    Nonfarm, nonresidential loans - <$100k 26 $1,168 $44,923
    Nonfarm, nonresidential loans - $100-250k 47 $6,629 $141,043
    Nonfarm, nonresidential loans - $250k-1MM 83 $35,846 $431,880
    Commercial & Industrial, US addressed loans - <$1MM 201 $21,113 $105,040
    Commercial & Industrial, US addressed loans - <$100k 114 $3,653 $32,044
    Commercial & Industrial, US addressed loans - $100-250k 53 $6,443 $121,566
    Commercial & Industrial, US addressed loans - $250k-1MM 34 $11,017 $324,029
    Farmland loans - <$1MM 1 $129 $129,000
    Farmland loans - $250k-1MM 1 $129 $129,000