First Exchange Bank Mortgage Rates, Fees & Info
Fairmont, WVLEI: 549300ZOW5Z4AZ36M223
Tax ID: 55-0170680
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Mortgage Data
Bank Data
Review & Overview
First Exchange Bank is a smaller bank specializing in Home Purchase and Refi loans. First Exchange Bank has a high proportion of conventional loans. First Exchange Bank has a low ratio of conventional loans. Their top markets by origination volume include: Morgantown, Fairmont, Clarksburg, Pittsburgh, and Charleston among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)First Exchange Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
179Origination Dollar Volume (All Markets)
$31,935,000Employee count
60Top 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 |
|---|---|---|---|---|---|
| MORGANTOWN, WV (FHA|USDA|VA) | 53 | $14,695,000 | $277,264 | $0 | 0.00% |
| Fairmont, WV (FHA|USDA|VA) | 80 | $11,960,000 | $149,500 | $2,096 | 4.00% |
| Clarksburg, WV (FHA|USDA|VA) | 19 | $2,635,000 | $138,684 | $0 | 0.00% |
| Outside of Metro Areas | 24 | $2,120,000 | $88,333 | $0 | 0.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 178 | $31,880,000 | $179,101 | $0 | 0.00% |
| Conventional | 1 | $55,000 | $55,000 | $2,096 | 4.00% |
For 2018, First Exchange Bank's most frequently originated type of loan was Conventional, with 178 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2018, First Exchange Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 75 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 178 | $31,880,000 | $179,101 | $0 | 0.00% |
| 20 Year | 1 | $55,000 | $55,000 | $2,096 | 4.00% |
For 2018, First Exchange Bank's most frequently cited loan duration was Other, with 178 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $55,000 | $55,000 |
First Exchange Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1 | $55,000 | $55,000 |
During 2018, First Exchange Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 1 originations.
Loan Sizing
2018 saw First Exchange Bank place emphasis on $100,000 or less loans with 76 originations, totaling $4,840,000 in origination value.
Applicant Income
First Exchange Bank lent most frequently to those with incomes in the $50k-75k range, with 48 originations. The second most popular income band? $50k or less, with 46 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 178 | $31,880,000 | $179,101 | $0 | 0.00% |
| <20% | 1 | $55,000 | $55,000 | $2,096 | 4.00% |
First Exchange Bank lent most frequently to those with DTI ratios of Exempt%, with 178 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.86%
First Exchange Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.15%
First Exchange Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 178 | $31,880,000 | $179,101 |
| NA | 1 | $55,000 | $55,000 |
Occupancy Type Mix
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 60-80% | 1 | $55,000 | $55,000 | $2,096 | 4.00% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 5 | 35.7% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.1% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Exchange Bank | 11 West Main Street Mannington, WV 26582 | Full Service B&M | $61,653 |
| First Exchange Bank | 211 Pike Street Barrackville, WV 26559 | Full Service B&M | $10,749 |
| First Exchange Bank | 216 Fairmont Avenue Fairmont, WV 26554 | Full Service B&M | $55,742 |
| First Exchange Bank | 3081 University Ave. Morgantown, WV 26505 | Full Service B&M | $25,343 |
| First Exchange Bank | 309 Main Street Fairview, WV 26570 | Full Service B&M | $18,618 |
| First Exchange Bank | Po Box 780 Rt 250 Hundred, WV 26575 | Full Service B&M | $30,953 |
For 2018, First Exchange Bank had 6 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $11,349 |
| Net interest income | $9,761 |
| Total noninterest income | $1,938 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $631 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,307 |
| Pre-tax net operating income | $3,203 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $3,203 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,203 |
| Minority interest net income | $0 |
| Net income | $3,203 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $3,203 |
First Exchange Bank's gross interest income from loans was $11,349,000.
First Exchange Bank's net interest income from loans was $9,761,000.
First Exchange Bank's fee based income from loans was $631,000.
First Exchange Bank's net income from loans was $3,203,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,588 |
| Provision for credit losses | $1,291 |
| Total noninterest expense | $7,205 |
| Salaries and employee benefits | $3,272 |
| Premises and equipment expense | $1,083 |
| Additional noninterest expense | $2,850 |
| Applicable income taxes | $0 |
| Net charge-offs | $861 |
| Cash dividends | $3,645 |
First Exchange Bank's interest expense for loans was $1,588,000.
First Exchange Bank's payroll and benefits expense were $3,272,000.
First Exchange Bank's property, plant and equipment expenses $1,083,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 2.0% |
| Real Estate loans | 2.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 4.0% |
| Multifamily residential loans | 1.0% |
| 1-4 family residential loans | 2.0% |
| HELOC loans | 0.0% |
| All other family | 2.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 1.0% |
| Other consumer loans | 1.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $212,383 |
| Deposits held in domestic offices | $212,383 |
| Deposits by Individuals, partnerships, and corporations | $204,575 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $7,808 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $76,083 |
| Demand deposits | $40,100 |
| Nontransaction accounts | $136,300 |
| Money market deposit accounts (MMDAs) | $20,787 |
| Other savings deposits (excluding MMDAs) | $41,167 |
| Total time deposits | $74,346 |
| Total time and savings deposits | $172,283 |
| Noninterest-bearing deposits | $40,100 |
| Interest-bearing deposits | $172,283 |
| Retail deposits | $208,281 |
| IRAs and Keogh plan accounts | $6,073 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $269,091 |
| Cash & Balances due from depository institutions | $5,295 |
| Interest-bearing balances | $2,628 |
| Total securities | $20,585 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $230,172 |
| Loan and leases loss allowance | $3,098 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,220 |
| Other real estate owned | $118 |
| Goodwill and other intangibles | $0 |
| All other assets | $8,701 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $269,091 |
| Total Liabilities | $246,557 |
| Total deposits | $212,383 |
| Interest-bearing deposits | $172,283 |
| Deposits held in domestic offices | $212,383 |
| % insured (estimated) | $92 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $33,164 |
| Subordinated debt | $0 |
| All other liabilities | $1,010 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $230,172 |
| Loan and leases loss allowance | $3,098 |
| Total loans and leases (domestic) | $233,270 |
| All real estate loans | $201,607 |
| Real estate loans in domestic offices | $201,607 |
| Construction and development loans | $5,832 |
| Residential 1-4 family construction | $1,104 |
| Other construction, all land development and other land | $4,728 |
| Loans secured by nonfarm nonresidential properties | $50,450 |
| Nonfarm nonresidential secured by owner-occupied properties | $24,968 |
| Commercial real estate & other non-farm, non-residential | $25,482 |
| Multifamily residential real estate | $26,496 |
| 1-4 family residential loans | $118,376 |
| Farmland loans | $453 |
| Loans held in foreign offices | $0 |
| Farm loans | $1 |
| Commercial and industrial loans | $18,603 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $9,641 |
| Credit card loans | $5 |
| Related Plans | $347 |
| Consumer Auto Loans | $3,844 |
| Other loans to individuals | $5,445 |
| All other loans & leases | $3,418 |
| 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 | $2,119 |
| Non 1-4 family restructured loans & leases | $689 |
| Total loans and leases (foreign) | $0 |
First Exchange Bank had $230,172,000 of loans outstanding in 2018. $201,607,000 of loans were in real estate loans. $5,832,000 of loans were in development loans. $26,496,000 of loans were in multifamily mortgage loans. $118,376,000 of loans were in 1-4 family mortgage loans. $1,000 of loans were in farm loans. $5,000 of loans were in credit card loans. $3,844,000 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 | $24,746 | $158,628 |
| Nonfarm, nonresidential loans - <$100k | 54 | $1,978 | $36,630 |
| Nonfarm, nonresidential loans - $100-250k | 51 | $5,720 | $112,157 |
| Nonfarm, nonresidential loans - $250k-1MM | 51 | $17,048 | $334,275 |
| Commercial & Industrial, US addressed loans - <$1MM | 216 | $13,974 | $64,694 |
| Commercial & Industrial, US addressed loans - <$100k | 162 | $5,137 | $31,710 |
| Commercial & Industrial, US addressed loans - $100-250k | 44 | $4,558 | $103,591 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 10 | $4,279 | $427,900 |
| Farmland loans - <$1MM | 2 | $453 | $226,500 |
| Farmland loans - $250k-1MM | 2 | $453 | $226,500 |
| Agriculture operations loans - <$1MM | 1 | $1 | $1,000 |
| Agriculture operations loans - <$100k | 1 | $1 | $1,000 |