The Andover Bank Mortgage Rates, Fees & Info

Roaming Shores, OH

LEI: 254900I3LJYL57NZ5H21

Tax ID: 34-1436056

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    The Andover Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. The Andover Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ashtabula, Erie, Cleveland, Meadville, and Youngstown among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Andover 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.

    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

    406

    Origination Dollar Volume (All Markets)

    $37,870,000

    Employee count

    87

    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
    Ashtabula, OH (FHA|USDA|VA) 247 $20,565,000 $83,259 $0 0.00%
    ERIE, PA (FHA|USDA|VA) 78 $7,650,000 $98,077 $0 0.00%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 50 $7,190,000 $143,800 $0 0.00%
    Meadville, PA (FHA|USDA|VA) 26 $1,870,000 $71,923 $0 0.00%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 4 $460,000 $115,000 $0 0.00%
    AKRON, OH (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    The Andover Bank's top markets include Ashtabula, Erie, Cleveland, Meadville, and Youngstown among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 406 $37,870,000 $93,276 $0 0.00%

    For 2019, The Andover Bank's most frequently originated type of loan was Conventional, with 406 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 131 $14,745,000 $112,557 $0 0.00%
    Cash Out Refi 115 $10,315,000 $89,696 $0 0.00%
    Home Purchase 82 $9,340,000 $113,902 $0 0.00%
    Other 45 $2,345,000 $52,111 $0 0.00%
    Home Improvement 33 $1,125,000 $34,091 $0 0.00%

    For 2019, The Andover Bank's most frequently cited loan purpose was Refi, with 131 originations. The 2nd most popular reason was Cash Out Refi, with 115 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 406 $37,870,000 $93,276 $0 0.00%

    For 2019, The Andover Bank's most frequently cited loan duration was Other, with 406 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 264 $14,160,000 $53,636 $0 0.00%
    $100k-200k 115 $15,615,000 $135,783 $0 0.00%
    $200k-400k 26 $5,890,000 $226,538 $0 0.00%
    $1MM+ 1 $2,205,000 $2,205,000 $0 0.00%

    2019 saw The Andover Bank place emphasis on $100,000 or less loans with 264 originations, totaling $14,160,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 117 $8,895,000 $76,026 $0 0.00%
    $50k or less 86 $5,090,000 $59,186 $0 0.00%
    $100k-150k 82 $8,840,000 $107,805 $0 0.00%
    $75k-100k 80 $6,890,000 $86,125 $0 0.00%
    $150k-250k 30 $4,310,000 $143,667 $0 0.00%
    $250k+ 8 $1,440,000 $180,000 $0 0.00%

    The Andover Bank lent most frequently to those with incomes in the $50k-75k range, with 117 originations. The second most popular income band? $50k or less, with 86 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 406 $37,870,000 $93,276 $0 0.00%

    The Andover Bank lent most frequently to those with DTI ratios of Exempt%, with 406 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 402 $35,370,000 $87,985 $0 0.00%
    Not applicable 1 $2,205,000 $2,205,000 $0 0.00%
    Asian Indian 1 $135,000 $135,000 $0 0.00%
    Black 1 $85,000 $85,000 $0 0.00%
    Asian 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.60%

    The Andover Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.28%

    The Andover Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 406 $37,870,000 $93,276

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $2,205,000 $2,205,000
    Single Family (1-4 Units):Manufactured 27 $1,595,000 $59,074
    Single Family (1-4 Units):Site-Built 378 $34,070,000 $90,132

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Andover Bank 150 North Chestnut Street Jefferson, OH 44047 Full Service B&M $72,579
    The Andover Bank 1630 West 19th Street Ashtabula, OH 44004 Full Service B&M $27,668
    The Andover Bank 19 Public Square Andover, OH 44003 Full Service B&M $81,054
    The Andover Bank 212 Plum Street Edinboro, PA 16412 Full Service B&M $19,961
    The Andover Bank 2420 Zimmerly Road Erie, PA 16506 Full Service B&M $4,390
    The Andover Bank 339 State St Conneaut, OH 44030 Full Service B&M $22,194
    The Andover Bank 53 East State Street Albion, PA 16401 Full Service B&M $24,111
    The Andover Bank 6611 N Ridge Rd Madison, OH 44057 Full Service B&M $22,370
    The Andover Bank 665 South Broadway Geneva, OH 44041 Full Service B&M $38,814
    The Andover Bank State Route 45 And College Street Austinburg, OH 44010 Full Service B&M $46,831

    For 2019, The Andover Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,905
    Net interest income $11,659
    Total noninterest income $3,260
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,375
    Trading account gains and fees $0
    Additional Noninterest Income $1,885
    Pre-tax net operating income $3,739
    Securities gains (or losses, -) $435
    Income before extraordinary items $3,777
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,777
    Minority interest net income $0
    Net income $3,777
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,385

    The Andover Bank's gross interest income from loans was $13,905,000.
    The Andover Bank's net interest income from loans was $11,659,000.
    The Andover Bank's fee based income from loans was $1,375,000.
    The Andover Bank's net income from loans was $3,777,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,246
    Provision for credit losses $0
    Total noninterest expense $11,180
    Salaries and employee benefits $4,405
    Premises and equipment expense $1,632
    Additional noninterest expense $5,143
    Applicable income taxes $397
    Net charge-offs $35
    Cash dividends $1,738

    The Andover Bank's interest expense for loans was $2,246,000.
    The Andover Bank's payroll and benefits expense were $4,405,000.
    The Andover Bank's property, plant and equipment expenses $1,632,000.

    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 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $365,989
    Deposits held in domestic offices $365,989
    Deposits by Individuals, partnerships, and corporations $328,769
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $37,220
    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 $162,662
    Demand deposits $87,878
    Nontransaction accounts $203,327
    Money market deposit accounts (MMDAs) $32,883
    Other savings deposits (excluding MMDAs) $94,614
    Total time deposits $75,830
    Total time and savings deposits $278,111
    Noninterest-bearing deposits $87,878
    Interest-bearing deposits $278,111
    Retail deposits $345,572
    IRAs and Keogh plan accounts $15,816
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $427,157
    Cash & Balances due from depository institutions $12,789
    Interest-bearing balances $6,504
    Total securities $170,021
    Federal funds sold & reverse repurchase $0
    Net loans and leases $220,224
    Loan and leases loss allowance $1,308
    Trading account assets $0
    Bank premises and fixed assets $8,322
    Other real estate owned $0
    Goodwill and other intangibles $2,975
    All other assets $12,826

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $427,157
    Total Liabilities $384,575
    Total deposits $365,989
    Interest-bearing deposits $278,111
    Deposits held in domestic offices $365,989
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,000
    Subordinated debt $0
    All other liabilities $3,586

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $220,224
    Loan and leases loss allowance $1,308
    Total loans and leases (domestic) $221,532
    All real estate loans $174,923
    Real estate loans in domestic offices $174,923
    Construction and development loans $1,887
    Residential 1-4 family construction $627
    Other construction, all land development and other land $1,260
    Loans secured by nonfarm nonresidential properties $23,330
    Nonfarm nonresidential secured by owner-occupied properties $15,701
    Commercial real estate & other non-farm, non-residential $7,629
    Multifamily residential real estate $863
    1-4 family residential loans $147,660
    Farmland loans $1,183
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $1,393
    To non-U.S. addressees $0
    Loans to individuals $4,119
    Credit card loans $0
    Related Plans $718
    Consumer Auto Loans $2,164
    Other loans to individuals $1,237
    All other loans & leases $41,097
    Loans to foreign governments and official institutions $0
    Other loans $228
    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 $638
    Non 1-4 family restructured loans & leases $142
    Total loans and leases (foreign) $0

    The Andover Bank had $220,224,000 of loans outstanding in 2019. $174,923,000 of loans were in real estate loans. $1,887,000 of loans were in development loans. $863,000 of loans were in multifamily mortgage loans. $147,660,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,164,000 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 96 $13,065 $136,094
    Nonfarm, nonresidential loans - <$100k 28 $847 $30,250
    Nonfarm, nonresidential loans - $100-250k 41 $4,389 $107,049
    Nonfarm, nonresidential loans - $250k-1MM 27 $7,829 $289,963
    Commercial & Industrial, US addressed loans - <$1MM 39 $1,393 $35,718
    Commercial & Industrial, US addressed loans - <$100k 26 $339 $13,038
    Commercial & Industrial, US addressed loans - $100-250k 9 $412 $45,778
    Commercial & Industrial, US addressed loans - $250k-1MM 4 $642 $160,500
    Farmland loans - <$1MM 10 $1,182 $118,200
    Farmland loans - <$100k 3 $113 $37,667
    Farmland loans - $100-250k 5 $669 $133,800
    Farmland loans - $250k-1MM 2 $400 $200,000