First National Bank Of Pennsylvania

GREENVILLE, PA 16125

LEI: N8T7HW55LK5D2ORCKP39

Tax ID: 25-1255405

2019 Data | 2018 Data


Overview

First National Bank Of Pennsylvania is a small mortgage company specializing in Home Purchase and Refi loans. First National Bank Of Pennsylvania has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Pittsburgh, Baltimore, Cleveland, Washington, and Charlotte among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. First National Bank Of Pennsylvania is typically a low fee lendor.


Originations

14,851

Origination Dollar Volume (All Markets)

$2,910,155,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 14,398 $2,834,100,000 $196,840
FHA 282 $43,740,000 $155,106
VA 90 $21,540,000 $239,333
USDA 81 $10,775,000 $133,025

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 4,773 $1,436,975,000 $301,063
Home Improvement 2,663 $216,995,000 $81,485
Other 1,830 $166,960,000 $91,235
Refi 5,109 $956,285,000 $187,177
Cash Out Refi 476 $132,940,000 $279,286

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
PITTSBURGH, PA 3,347 $537,045,000 $160,456
BALTIMORE-COLUMBIA-TOWSON, MD 1,220 $412,520,000 $338,131
Outside of Metro Areas 2,137 $264,775,000 $123,900
CLEVELAND-ELYRIA, OH 979 $200,695,000 $205,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 375 $187,745,000 $500,653
CHARLOTTE-CONCORD-GASTONIA, NC-SC 605 $149,575,000 $247,231
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 216 $90,190,000 $417,546
HARRISBURG-CARLISLE, PA 455 $86,525,000 $190,165
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 842 $80,130,000 $95,166
WINSTON-SALEM, NC 494 $78,950,000 $159,818
RALEIGH-CARY, NC 310 $74,720,000 $241,032
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 270 $69,140,000 $256,074
STATE COLLEGE, PA 243 $58,305,000 $239,938
DURHAM-CHAPEL HILL, NC 200 $56,800,000 $284,000
WILMINGTON, NC 176 $52,130,000 $296,193
LANCASTER, PA 163 $47,595,000 $291,994
GREENSBORO-HIGH POINT, NC 258 $41,860,000 $162,248
ERIE, PA 268 $32,620,000 $121,716
AKRON, OH 209 $31,195,000 $149,258
SCRANTON--WILKES-BARRE, PA 225 $30,015,000 $133,400
ALTOONA, PA 242 $27,310,000 $112,851
YORK-HANOVER, PA 198 $26,590,000 $134,293
READING, PA 179 $25,105,000 $140,251
JOHNSTOWN, PA 313 $23,835,000 $76,150
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 58 $18,500,000 $318,966
SAVANNAH, GA 1 $12,005,000 $12,005,000
WEIRTON-STEUBENVILLE, WV-OH 144 $11,610,000 $80,625
CHARLESTON-NORTH CHARLESTON, SC 25 $11,085,000 $443,400
LEBANON, PA 54 $10,930,000 $202,407
SALISBURY, MD-DE 36 $10,740,000 $298,333
GREENVILLE, NC 58 $10,300,000 $177,586
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 26 $9,090,000 $349,615
WILLIAMSPORT, PA 72 $8,960,000 $124,444
PHILADELPHIA, PA 22 $8,720,000 $396,364
HICKORY-LENOIR-MORGANTON, NC 32 $8,170,000 $255,313
RICHMOND, VA 17 $6,685,000 $393,235
HILTON HEAD ISLAND-BLUFFTON, SC 17 $6,425,000 $377,941
COLUMBIA, SC 25 $5,965,000 $238,600
WILMINGTON, DE-MD-NJ 20 $5,140,000 $257,000
FAYETTEVILLE, NC 22 $4,900,000 $222,727
GETTYSBURG, PA 18 $4,670,000 $259,444
ROANOKE, VA 9 $4,655,000 $517,222
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 10 $4,250,000 $425,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 5 $3,795,000 $759,000
NAPLES-MARCO ISLAND, FL 5 $3,755,000 $751,000
BURLINGTON, NC 25 $3,575,000 $143,000
EAST STROUDSBURG, PA 24 $3,420,000 $142,500
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 4 $3,170,000 $792,500
JACKSONVILLE, NC 11 $2,965,000 $269,545
ASHEVILLE, NC 11 $2,925,000 $265,909
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 12 $2,740,000 $228,333
BLOOMSBURG-BERWICK, PA 13 $2,645,000 $203,462
CHAMBERSBURG-WAYNESBORO, PA 6 $2,460,000 $410,000
COLUMBUS, OH 11 $2,225,000 $202,273
MORGANTOWN, WV 10 $2,080,000 $208,000
SUMTER, SC 5 $1,775,000 $355,000
GREENVILLE-ANDERSON, SC 9 $1,705,000 $189,444
TOLEDO, OH 7 $1,445,000 $206,429
CALIFORNIA-LEXINGTON PARK, MD 3 $1,385,000 $461,667
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 3 $1,315,000 $438,333
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 3 $1,295,000 $431,667
SPARTANBURG, SC 4 $1,150,000 $287,500
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $1,115,000 $223,000
NORTH PORT-SARASOTA-BRADENTON, FL 3 $1,075,000 $358,333
DAYTON-KETTERING, OH 3 $1,065,000 $355,000
OCEAN CITY, NJ 1 $985,000 $985,000
WHEELING, WV-OH 21 $975,000 $46,429
NEW BERN, NC 4 $910,000 $227,500
WINCHESTER, VA-WV 3 $885,000 $295,000
CHATTANOOGA, TN-GA 3 $805,000 $268,333
CHARLOTTESVILLE, VA 2 $790,000 $395,000
CANTON-MASSILLON, OH 11 $725,000 $65,909
LYNCHBURG, VA 3 $705,000 $235,000
VALDOSTA, GA 1 $665,000 $665,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $560,000 $280,000
ROCKY MOUNT, NC 2 $470,000 $235,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 3 $435,000 $145,000
CAPE CORAL-FORT MYERS, FL 2 $430,000 $215,000
MEMPHIS, TN-MS-AR 1 $385,000 $385,000
NEWARK, NJ-PA 3 $325,000 $108,333
CLARKSVILLE, TN-KY 1 $325,000 $325,000
ORLANDO-KISSIMMEE-SANFORD, FL 2 $320,000 $160,000
NEW BRUNSWICK-LAKEWOOD, NJ 1 $305,000 $305,000
GAINESVILLE, GA 1 $275,000 $275,000
JACKSONVILLE, FL 1 $275,000 $275,000
PUNTA GORDA, FL 2 $260,000 $130,000
CINCINNATI, OH-KY-IN 2 $250,000 $125,000
SEBASTIAN-VERO BEACH, FL 1 $175,000 $175,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $165,000 $165,000
PORT ST. LUCIE, FL 1 $165,000 $165,000
HAGERSTOWN-MARTINSBURG, MD-WV 2 $160,000 $80,000
KINGSPORT-BRISTOL, TN-VA 1 $105,000 $105,000
Outside of Metro Areas 1 $75,000 $75,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 11 $55,000 $5,000
2.5-3% 54 $19,160,000 $354,815
3-4% 5,558 $1,493,030,000 $268,627
4-5% 7,419 $1,272,715,000 $171,548
5-6% 1,591 $108,985,000 $68,501
6-7% 197 $14,515,000 $73,680
7-8% 20 $1,580,000 $79,000
Over 8% 1 $115,000 $115,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 6,496 $330,840,000 $50,930
$100k-200k 3,832 $541,950,000 $141,427
$200k-400k 2,631 $733,335,000 $278,729
$400k-600k 1,036 $507,730,000 $490,087
$600k-1000k 696 $512,100,000 $735,776
$Over $1MM 160 $284,200,000 $1,776,250

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 2,866 $258,470,000 $90,185
40-60% 1,945 $319,525,000 $164,280
60-80% 3,299 $964,595,000 $292,390
80-100% 4,208 $1,249,470,000 $296,927
Over 100% 19 $5,215,000 $274,474
Under 20% 2,509 $104,855,000 $41,792

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,912 $505,990,000 $173,760
$150k-250k 2,344 $669,980,000 $285,828
$50k-75k 2,820 $289,450,000 $102,642
$50k-or less 2,133 $158,815,000 $74,456
$75k-100k 2,225 $299,405,000 $134,564
$Over $250k 1,663 $767,375,000 $461,440

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 12,304 $2,113,690,000 $171,789
Not provided 1,093 $381,735,000 $349,254
Not applicable 404 $165,360,000 $409,307
Asian 431 $137,865,000 $319,872
Black 289 $67,785,000 $234,550
American Indian 150 $19,950,000 $133,000
Native Hawaiian 136 $10,610,000 $78,015
Asian Indian 21 $8,135,000 $387,381
Other Asian 8 $2,830,000 $353,750
Vietnamese 7 $1,185,000 $169,286
Chinese 1 $425,000 $425,000
Other Pacific Islander 4 $410,000 $102,500
Filipino 3 $175,000 $58,333

Approval Rates

Total approvals of all applications
77.64%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
89.12%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 14,851 $2,910,155,000 $195,957

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 7,453 $1,034,655,000 $138,824
$1k-2k 1,620 $512,690,000 $316,475
$2k-3k 284 $105,770,000 $372,430
$3k-4k 1,061 $524,795,000 $494,623
$5k+ 161 $107,475,000 $667,547

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 3 $5,205,000 $1,735,000
Multifamily:Site-Built 86 $123,200,000 $1,432,558
Single Family (1-4 Units):Manufactured 215 $14,305,000 $66,535
Single Family (1-4 Units):Site-Built 14,547 $2,767,445,000 $190,242