First Exchange Bank Mortgage Rates, Fees & Info

Fairmont, WV

LEI: 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. Their top markets by origination volume include: Fairmont, Morgantown, Clarksburg, Hagerstown, and Pittsburgh among others. We have data for 9 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

175

Origination Dollar Volume (All Markets)

$32,205,000

Employee count

59

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
Fairmont, WV (FHA|USDA|VA) 90 $12,570,000 $139,667 $0 0.00%
MORGANTOWN, WV (FHA|USDA|VA) 40 $10,760,000 $269,000 $0 0.00%
Clarksburg, WV (FHA|USDA|VA) 24 $4,800,000 $200,000 $0 0.00%
Outside of Metro Areas 13 $1,575,000 $121,154 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $1,190,000 $595,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 3 $755,000 $251,667 $0 0.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
Georgetown, SC (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
WHEELING, WV-OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
First Exchange Bank's top markets include Fairmont, Morgantown, Clarksburg, Hagerstown, and Pittsburgh among others.

Their top states include:
  • West Virginia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 175 $32,205,000 $184,029 $0 0.00%

    For 2021, First Exchange Bank's most frequently originated type of loan was Conventional, with 175 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 98 $15,980,000 $163,061 $0 0.00%
    Refi 65 $14,865,000 $228,692 $0 0.00%
    Home Improvement 6 $840,000 $140,000 $0 0.00%
    Other 6 $520,000 $86,667 $0 0.00%

    For 2021, First Exchange Bank's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 175 $32,205,000 $184,029 $0 0.00%

    For 2021, First Exchange Bank's most frequently cited loan duration was Other, with 175 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 65 $3,995,000 $61,462 $0 0.00%
    $100k-200k 62 $8,950,000 $144,355 $0 0.00%
    $200k-400k 36 $9,760,000 $271,111 $0 0.00%
    $600k-1MM 6 $4,710,000 $785,000 $0 0.00%
    $400k-600k 4 $1,830,000 $457,500 $0 0.00%
    $1MM+ 2 $2,960,000 $1,480,000 $0 0.00%

    2021 saw First Exchange Bank place emphasis on $100,000 or less loans with 65 originations, totaling $3,995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 47 $5,995,000 $127,553 $0 0.00%
    $50k or less 38 $3,340,000 $87,895 $0 0.00%
    $75k-100k 25 $3,115,000 $124,600 $0 0.00%
    $100k-150k 18 $3,790,000 $210,556 $0 0.00%
    $150k-250k 11 $3,135,000 $285,000 $0 0.00%
    $250k+ 8 $2,960,000 $370,000 $0 0.00%

    First Exchange Bank lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $50k or less, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 175 $32,205,000 $184,029 $0 0.00%

    First Exchange Bank lent most frequently to those with DTI ratios of Exempt%, with 175 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 139 $19,615,000 $141,115 $0 0.00%
    Not applicable 27 $9,825,000 $363,889 $0 0.00%
    Black 7 $1,165,000 $166,429 $0 0.00%
    Asian 1 $995,000 $995,000 $0 0.00%
    Not provided 1 $605,000 $605,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    72.11%

    First Exchange Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.14%

    First Exchange Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 175 $32,205,000 $184,029

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    175 $32,205,000 $184,029

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK FHA mortgage Closing on a mortgage 1 2.9%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
    FIRST HORIZON BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 6 17.6%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.9%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 5.9%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 5.9%
    FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 2 5.9%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 2.9%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 10 29.4%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 2.9%
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 5.9%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Exchange Bank 1 Heritage Way White Hall, WV 26554 Full Service B&M $22,119
    First Exchange Bank 11 West Main Street Mannington, WV 26582 Full Service B&M $0
    First Exchange Bank 11 West Main Street Mannington, WV 26582 Full Service B&M $67,663
    First Exchange Bank 216 Fairmont Avenue Fairmont, WV 26554 Full Service B&M $92,371
    First Exchange Bank 3081 University Ave. Morgantown, WV 26505 Full Service B&M $36,789
    First Exchange Bank 309 Main Street Fairview, WV 26570 Full Service B&M $22,647
    First Exchange Bank 3128 Hornet Hwy Hundred, WV 26575 Full Service B&M $42,332

    For 2021, First Exchange Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,967
    Net interest income $10,970
    Total noninterest income $1,652
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $697
    Trading account gains and fees $0
    Additional Noninterest Income $955
    Pre-tax net operating income $2,612
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,612
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,612
    Minority interest net income $0
    Net income $2,612
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,612

    First Exchange Bank's gross interest income from loans was $12,967,000.
    First Exchange Bank's net interest income from loans was $10,970,000.
    First Exchange Bank's fee based income from loans was $697,000.
    First Exchange Bank's net income from loans was $2,612,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,997
    Provision for credit losses $1,548
    Total noninterest expense $8,462
    Salaries and employee benefits $3,812
    Premises and equipment expense $1,458
    Additional noninterest expense $3,192
    Applicable income taxes $0
    Net charge-offs $785
    Cash dividends $2,685

    First Exchange Bank's interest expense for loans was $1,997,000.
    First Exchange Bank's payroll and benefits expense were $3,812,000.
    First Exchange Bank's property, plant and equipment expenses $1,458,000.

    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 4.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 2.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $287,768
    Deposits held in domestic offices $287,768
    Deposits by Individuals, partnerships, and corporations $280,600
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $7,168
    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 $112,307
    Demand deposits $68,229
    Nontransaction accounts $175,461
    Money market deposit accounts (MMDAs) $31,583
    Other savings deposits (excluding MMDAs) $68,384
    Total time deposits $75,494
    Total time and savings deposits $219,539
    Noninterest-bearing deposits $68,229
    Interest-bearing deposits $219,540
    Retail deposits $279,218
    IRAs and Keogh plan accounts $6,829
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $329,836
    Cash & Balances due from depository institutions $24,054
    Interest-bearing balances $20,560
    Total securities $35,383
    Federal funds sold & reverse repurchase $0
    Net loans and leases $252,586
    Loan and leases loss allowance $5,063
    Trading account assets $0
    Bank premises and fixed assets $9,251
    Other real estate owned $85
    Goodwill and other intangibles $0
    All other assets $8,477

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $329,836
    Total Liabilities $299,679
    Total deposits $287,768
    Interest-bearing deposits $219,540
    Deposits held in domestic offices $287,768
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,600
    Subordinated debt $0
    All other liabilities $1,311

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $252,586
    Loan and leases loss allowance $5,063
    Total loans and leases (domestic) $257,649
    All real estate loans $220,225
    Real estate loans in domestic offices $220,225
    Construction and development loans $4,891
    Residential 1-4 family construction $573
    Other construction, all land development and other land $4,318
    Loans secured by nonfarm nonresidential properties $65,610
    Nonfarm nonresidential secured by owner-occupied properties $38,771
    Commercial real estate & other non-farm, non-residential $26,839
    Multifamily residential real estate $21,817
    1-4 family residential loans $127,726
    Farmland loans $181
    Loans held in foreign offices $0
    Farm loans $382
    Commercial and industrial loans $27,321
    To non-U.S. addressees $0
    Loans to individuals $9,087
    Credit card loans $5
    Related Plans $291
    Consumer Auto Loans $4,341
    Other loans to individuals $4,450
    All other loans & leases $634
    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 $2,187
    Non 1-4 family restructured loans & leases $215
    Total loans and leases (foreign) $0

    First Exchange Bank had $252,586,000 of loans outstanding in 2021. $220,225,000 of loans were in real estate loans. $4,891,000 of loans were in development loans. $21,817,000 of loans were in multifamily mortgage loans. $127,726,000 of loans were in 1-4 family mortgage loans. $382,000 of loans were in farm loans. $5,000 of loans were in credit card loans. $4,341,000 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 146 $24,695 $169,144
    Nonfarm, nonresidential loans - <$100k 52 $1,841 $35,404
    Nonfarm, nonresidential loans - $100-250k 42 $4,543 $108,167
    Nonfarm, nonresidential loans - $250k-1MM 52 $18,311 $352,135
    Commercial & Industrial, US addressed loans - <$1MM 213 $14,500 $68,075
    Commercial & Industrial, US addressed loans - <$100k 153 $4,023 $26,294
    Commercial & Industrial, US addressed loans - $100-250k 48 $5,329 $111,021
    Commercial & Industrial, US addressed loans - $250k-1MM 12 $5,148 $429,000
    Farmland loans - <$1MM 1 $181 $181,000
    Farmland loans - $250k-1MM 1 $181 $181,000
    Agriculture operations loans - <$1MM 1 $382 $382,000
    Agriculture operations loans - $250k-1MM 1 $382 $382,000