Community Profile: Pike County, PA

Executive Summary

Demographics

According to the 2000 census, Pike County had a population of 46,302, representing a 65.6 percent increase from 1990. The state of Pennsylvania’s population increased 3.4 percent during the same period.
The racial composition in 2000 was 93.1 percent white, 3.3 percent black, 5 percent of Hispanic origin, 0.6 percent Asian, 1.5 percent of other races, and 1.5 percent of people who reported two or more races.
The number of households was 17,433, and the number of families was 13,026.
The median age of county residents was 39.6 years in 2000. The median age of the state of Pennsylvania’s residents was 38 years.
According to the 2000 census, in Pike County 84.8 percent of the housing units were owner-occupied, compared with 71.3 percent for the state of Pennsylvania.
In 2000, 15.2 percent of the population of Pike County was at least 65 years old, compared with 15.6 percent in the entire state.
While the white population declined 0.34 percent between 1990 and 2000 in Pennsylvania, it rose 57.2 percent in Pike County.
The most dramatic demographic changes in Pike County were the 491 percent increase in black population, the 452 percent increase in the other race category, and the over 255 percent increase in Hispanic population.
The year-round vacancy rate in Pike County was 5.4 percent in 2000, compared with 9 percent for Pennsylvania.

HMDA and CRA Loan Data

In 2001, the approval rates for home-purchase applications for conventional one- to four-unit residential mortgages increased by applicant income. Conventional approval rates were 59.8 percent for low-income applicants, 64.2 percent for moderate-income applicants, 65.5 percent for middle-income applicants, and 72.4 percent for upper-income applicants.
In 2001, the approval rates for home-purchase applications for conventional one- to four-unit residential mortgages were lowest for upper-income applicants. Approval rates for conventional one- to four-unit residential mortgages were 66.7 percent for low-income applicants, 69 percent for moderate-income applicants, 81.4 percent for middle-income applicants, and 64.3 percent for upper-income applicants.
In 2001, refinances of existing mortgages represented 52.8 percent of all HMDA-reportable applications. Approval rates for refinances increased as income category of applicant increased: low income was 32 percent, moderate income was 40.1 percent, middle income was 42 percent, and upper income was 45.1 percent
For all HMDA-reportable loans combined, the approval rates dipped in 2000 and rebounded in 2001. In 1999, the approval rate was 53 percent; in 2000, it was 50.2 percent; and in 2001, it was 52.1 percent. The approval rates for refinanced loans followed the same pattern: 41.3 percent in 1999, 29.5 percent in 2000, and 42 percent in 2001.
In 1999, 2000, and 2001, low- and moderate-income borrowers represented 29.4 percent, 26.3 percent, and 25.6 percent, respectively, of all reported HMDA originations for which borrower income was available.
For 1999, 2000, and 2001, financial institutions reported a total of 1,867 small-business loans originated in Pike County, PA. This represented $51,244,000 in financing. Approximately 49.3 percent of the loans over the three years were made to businesses and farms with gross annual revenues of $1 million or less, and 93.7 percent of the loans were for $100,000 or less.
The average small-business loan amount decreased from $38,998 in 1999, to $23,985 in 2000 to $23,639 in 2001.

Financial Institutions

In 2001, 195 lenders reported originating 3,023 HMDA-reportable loans totaling $287,384,000 in Pike County, PA. GMAC Mortgage, with 242 loans representing 8 percent of the market, had the most originations and also ranked first in total dollar amount with $24,168,000, representing 8.4 percent of the market.
In 2001, 100 lenders reported originating 607 HMDA-reportable loans totaling $55,920,000 in low- and moderate-income census tracts of the county. Wells Fargo Home Mortgage, with 83 loans representing 13.7 percent of the market, had the most originations and also ranked first in total dollar amount with $9,398,000, representing 16.8 of the market.
In 2001, 121 lenders reported originating 842 HMDA-reportable loans totaling $58,902,000 to low- and moderate-income borrowers in the county. First Horizon Home LOAN Corp., with 79 loans representing 9.4 percent of the market, had the most originations and also ranked first in total dollar amount with $6,315,000, representing 10.7 percent of the market.
In 2001, Capital One, F.S.B., with 127 loans representing 14.6 percent of the market, originated the most small-business loans in the county. Wayne Bank ranked first in total dollar amount with $6,197,000, representing 32.1 percent of the market.

Community Organizations

The MA has a number of nonprofit organizations devoted to affordable housing, economic development, and/or provision of social services to LMI households and families. Several of the organizations and their programs are outlined in CHAPTER IV.

Financing Programs

There are many public and private financing programs available for affordable housing and economic development that could be used in partnership to further goals for affordable housing and economic development. The programs are outlined more fully in CHAPTER V.

Chapter I: Demographics

Chapter II: HMDA and CRA Loan Data

Home Mortgage Disclosure Act (HMDA) Statement Data

An important source of information about financial institutions' lending patterns in a community is the Home Mortgage Disclosure Act (HMDA) statement. This report is submitted annually to the Federal Financial Institutions Examination Council (FFIEC) and is available to the public for each reporting institution. The types of loans that must be reported are home-purchase loans, for both owner-occupants and nonoccupants; refinancings; home-improvement loans; and loans for improvement and/or purchase of multifamily structures (five or more units). Depository institutions that had at least $32 million on December 31, 2001, and a home or branch office in an MA must file this report.

CRA Small-Business and Small-Farm Lending Data

Starting in 1996, the nation's financial institutions began reporting small-business and small-farm loans as part of their CRA disclosure statements required under the revised CRA regulations. While the information does not have the level of detail of the HMDA statements, it is an important source for understanding commercial lending activity in a community. The types of loans reported include all originations and purchases of commercial loans, lines of credit, and mortgages on nonresidential properties. The loans are reported by size, by geographic location, and for borrowers with annual revenues of $1 million or less. These categories of loans include those with guarantees, such as those provided by the SBA or USDA. Small-farm loans are reported in the same way.

Chapter III: Financial Institutions

Maps

Last update: February 2004