First Resource Bank Mortgage Rates, Fees & Info

Exton, PA

LEI: 549300YV3F7WA813QL95

Tax ID: 20-2139081

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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 Scranton among others. We have data for 5 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.

    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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    Originations

    125

    Origination Dollar Volume (All Markets)

    $52,275,000

    Employee count

    47

    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) 118 $50,360,000 $426,780 $1,833 5.82%
    Outside of Metro Areas 1 $755,000 $755,000 $0 5.75%
    READING, PA (FHA|USDA|VA) 4 $670,000 $167,500 $0 7.03%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $335,000 $335,000 $0 5.75%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.75%
    First Resource Bank's top markets include Philadelphia, Reading, Harrisburg, and Scranton among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 125 $52,275,000 $418,200 $1,833 5.85%

    For 2019, First Resource Bank's most frequently originated type of loan was Conventional, with 125 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 85 $32,995,000 $388,176 $2,762 5.92%
    Refi 29 $17,025,000 $587,069 $0 5.53%
    Home Improvement 8 $1,880,000 $235,000 $0 6.50%
    Cash Out Refi 2 $350,000 $175,000 $2,655 5.53%
    Other 1 $25,000 $25,000 $82 5.10%

    For 2019, First Resource Bank's most frequently cited loan purpose was Home Purchase, with 85 originations. The 2nd most popular reason was Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 78 $32,170,000 $412,436 $0 5.59%
    1 Year 34 $9,740,000 $286,471 $0 6.60%
    15 Year 7 $5,075,000 $725,000 $1,833 5.11%
    Other 5 $4,035,000 $807,000 $0 5.90%
    5 Year 1 $1,255,000 $1,255,000 $0 6.00%

    For 2019, First Resource Bank's most frequently cited loan duration was 10 Year, with 78 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
    $<1k 3 $565,000 $188,333

    First Resource Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 74 $30,340,000 $410,000
    6-7% 29 $8,445,000 $291,207
    4-5% 21 $13,415,000 $638,810
    Over 8% 1 $75,000 $75,000

    During 2019, 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 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 41 $12,195,000 $297,439 $2,709 5.99%
    $100k-200k 30 $4,660,000 $155,333 $0 5.87%
    $100,000 or less 19 $1,375,000 $72,368 $82 5.98%
    $400k-600k 15 $7,065,000 $471,000 $0 5.74%
    $1MM+ 10 $19,370,000 $1,937,000 $0 5.39%
    $600k-1MM 10 $7,610,000 $761,000 $0 5.66%

    2019 saw First Resource Bank place emphasis on $200k-400k loans with 41 originations, totaling $12,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 9 $3,925,000 $436,111 $2,762 5.53%
    $100k-150k 7 $1,305,000 $186,429 $0 6.28%
    $150k-250k 6 $1,800,000 $300,000 $0 5.88%
    $50k-75k 4 $870,000 $217,500 $2,655 5.83%
    $50k or less 4 $530,000 $132,500 $82 5.19%

    First Resource Bank lent most frequently to those with incomes in the $250k+ range, with 9 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
    30-36% 6 $2,500,000 $416,667 $0 5.79%
    40% 4 $690,000 $172,500 $0 5.66%
    20-30% 4 $1,130,000 $282,500 $82 5.40%
    50-60% 4 $890,000 $222,500 $2,655 5.44%
    <20% 3 $1,355,000 $451,667 $2,762 5.22%
    43% 2 $240,000 $120,000 $0 5.75%
    37% 2 $410,000 $205,000 $0 5.75%
    >60% 2 $700,000 $350,000 $0 5.88%
    39% 1 $205,000 $205,000 $0 6.50%
    49% 1 $235,000 $235,000 $0 5.65%

    First Resource Bank lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 40%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 95 $43,845,000 $461,526 $0 5.88%
    White 28 $8,090,000 $288,929 $1,833 5.81%
    Asian 1 $285,000 $285,000 $0 5.00%
    Black 1 $55,000 $55,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    99.24%

    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
    96.00%

    First Resource Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 125 $52,275,000 $418,200

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 24 $21,530,000 $897,083
    Single Family (1-4 Units):Manufactured 1 $55,000 $55,000
    Single Family (1-4 Units):Site-Built 100 $30,690,000 $306,900

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $2,895,000 $413,571 $2,655 5.59%
    40-60% 18 $6,030,000 $335,000 $0 5.84%
    60-80% 78 $32,730,000 $419,615 $2,762 5.91%
    80-100% 16 $9,250,000 $578,125 $0 5.63%
    Over 100% 2 $1,130,000 $565,000 $0 4.88%
    Under 20% 3 $165,000 $55,000 $82 5.62%

    Complaints

    Bank Name Product Issue 2019 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 Conventional home mortgage Closing on a 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 $155,219
    First Resource Bank 844 Paoli Pike West Chester, PA 19380 Full Service B&M $98,032

    For 2019, First Resource Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,402
    Net interest income $11,113
    Total noninterest income $862
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $81
    Trading account gains and fees $0
    Additional Noninterest Income $781
    Pre-tax net operating income $2,874
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,322
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,322
    Minority interest net income $0
    Net income $2,322
    Sale, conversion, retirement of capital stock, net $82
    Net operating income $2,322

    First Resource Bank's gross interest income from loans was $15,402,000.
    First Resource Bank's net interest income from loans was $11,113,000.
    First Resource Bank's fee based income from loans was $81,000.
    First Resource Bank's net income from loans was $2,322,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,289
    Provision for credit losses $786
    Total noninterest expense $8,315
    Salaries and employee benefits $4,826
    Premises and equipment expense $792
    Additional noninterest expense $2,697
    Applicable income taxes $552
    Net charge-offs $268
    Cash dividends $0

    First Resource Bank's interest expense for loans was $4,289,000.
    First Resource Bank's payroll and benefits expense were $4,826,000.
    First Resource Bank's property, plant and equipment expenses $792,000.

    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 3.0%
    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 $269,800
    Deposits held in domestic offices $269,800
    Deposits by Individuals, partnerships, and corporations $232,190
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $24,067
    Deposits by Commercial banks and other depository institutions in U.S. $13,543
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $62,414
    Demand deposits $50,616
    Nontransaction accounts $207,386
    Money market deposit accounts (MMDAs) $102,434
    Other savings deposits (excluding MMDAs) $0
    Total time deposits $104,952
    Total time and savings deposits $219,184
    Noninterest-bearing deposits $50,616
    Interest-bearing deposits $219,184
    Retail deposits $248,581
    IRAs and Keogh plan accounts $6,916
    Brokered deposits $5,675
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $336,419
    Cash & Balances due from depository institutions $3,116
    Interest-bearing balances $1,415
    Total securities $37,121
    Federal funds sold & reverse repurchase $0
    Net loans and leases $277,694
    Loan and leases loss allowance $2,508
    Trading account assets $0
    Bank premises and fixed assets $9,562
    Other real estate owned $0
    Goodwill and other intangibles $114
    All other assets $8,812

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $336,419
    Total Liabilities $308,442
    Total deposits $269,800
    Interest-bearing deposits $219,184
    Deposits held in domestic offices $269,800
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $31,942
    Subordinated debt $3,995
    All other liabilities $2,705

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $277,694
    Loan and leases loss allowance $2,508
    Total loans and leases (domestic) $280,202
    All real estate loans $254,972
    Real estate loans in domestic offices $254,972
    Construction and development loans $36,152
    Residential 1-4 family construction $27,032
    Other construction, all land development and other land $9,120
    Loans secured by nonfarm nonresidential properties $113,112
    Nonfarm nonresidential secured by owner-occupied properties $59,104
    Commercial real estate & other non-farm, non-residential $54,008
    Multifamily residential real estate $24,763
    1-4 family residential loans $80,120
    Farmland loans $825
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $24,336
    To non-U.S. addressees $0
    Loans to individuals $894
    Credit card loans $0
    Related Plans $176
    Consumer Auto Loans $15
    Other loans to individuals $703
    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 $1,061
    Non 1-4 family restructured loans & leases $908
    Total loans and leases (foreign) $0

    First Resource Bank had $277,694,000 of loans outstanding in 2019. $254,972,000 of loans were in real estate loans. $36,152,000 of loans were in development loans. $24,763,000 of loans were in multifamily mortgage loans. $80,120,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $15,000 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 149 $39,681 $266,315
    Nonfarm, nonresidential loans - <$100k 23 $995 $43,261
    Nonfarm, nonresidential loans - $100-250k 52 $7,324 $140,846
    Nonfarm, nonresidential loans - $250k-1MM 74 $31,362 $423,811
    Commercial & Industrial, US addressed loans - <$1MM 217 $20,224 $93,198
    Commercial & Industrial, US addressed loans - <$100k 121 $3,936 $32,529
    Commercial & Industrial, US addressed loans - $100-250k 61 $5,683 $93,164
    Commercial & Industrial, US addressed loans - $250k-1MM 35 $10,605 $303,000
    Farmland loans - <$1MM 1 $122 $122,000
    Farmland loans - $250k-1MM 1 $122 $122,000