The Andover Bank Mortgage Rates, Fees & Info

Roaming Shores, OH

LEI: 254900I3LJYL57NZ5H21

Tax ID: 34-1436056

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Mortgage Data

Bank Data

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.

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Originations

486

Origination Dollar Volume (All Markets)

$54,770,000

Employee count

86

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) 251 $25,845,000 $102,968 $0 0.00%
ERIE, PA (FHA|USDA|VA) 131 $16,635,000 $126,985 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 55 $7,305,000 $132,818 $0 0.00%
Meadville, PA (FHA|USDA|VA) 41 $3,975,000 $96,951 $0 0.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 7 $635,000 $90,714 $0 0.00%
AKRON, OH (FHA|USDA|VA) 1 $375,000 $375,000 $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 486 $54,770,000 $112,695 $0 0.00%

    For 2020, The Andover Bank's most frequently originated type of loan was Conventional, with 486 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 223 $25,665,000 $115,090 $0 0.00%
    Cash Out Refi 131 $15,725,000 $120,038 $0 0.00%
    Home Purchase 90 $11,720,000 $130,222 $0 0.00%
    Home Improvement 28 $960,000 $34,286 $0 0.00%
    Other 14 $700,000 $50,000 $0 0.00%

    For 2020, The Andover Bank's most frequently cited loan purpose was Refi, with 223 originations. The 2nd most popular reason was Cash Out Refi, with 131 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 486 $54,770,000 $112,695 $0 0.00%

    For 2020, The Andover Bank's most frequently cited loan duration was Other, with 486 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 237 $14,415,000 $60,823 $0 0.00%
    $100k-200k 199 $27,755,000 $139,472 $0 0.00%
    $200k-400k 47 $11,195,000 $238,191 $0 0.00%
    $400k-600k 3 $1,405,000 $468,333 $0 0.00%

    2020 saw The Andover Bank place emphasis on $100,000 or less loans with 237 originations, totaling $14,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 139 $12,565,000 $90,396 $0 0.00%
    $100k-150k 122 $16,660,000 $136,557 $0 0.00%
    $75k-100k 89 $9,945,000 $111,742 $0 0.00%
    $50k or less 79 $5,205,000 $65,886 $0 0.00%
    $150k-250k 41 $6,595,000 $160,854 $0 0.00%
    $250k+ 15 $3,645,000 $243,000 $0 0.00%

    The Andover Bank lent most frequently to those with incomes in the $50k-75k range, with 139 originations. The second most popular income band? $100k-150k, with 122 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 486 $54,770,000 $112,695 $0 0.00%

    The Andover Bank lent most frequently to those with DTI ratios of Exempt%, with 486 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 481 $53,695,000 $111,632 $0 0.00%
    Asian 2 $840,000 $420,000 $0 0.00%
    American Indian 1 $175,000 $175,000 $0 0.00%
    Black 2 $60,000 $30,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.48%

    The Andover Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.81%

    The Andover Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 486 $54,770,000 $112,695

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 20 $1,100,000 $55,000
    Single Family (1-4 Units):Site-Built 466 $53,670,000 $115,172

    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 $89,049
    The Andover Bank 1630 West 19th Street Ashtabula, OH 44004 Full Service B&M $34,509
    The Andover Bank 19 Public Square Andover, OH 44003 Full Service B&M $88,551
    The Andover Bank 212 Plum Street Edinboro, PA 16412 Full Service B&M $24,565
    The Andover Bank 2420 Zimmerly Road Erie, PA 16506 Full Service B&M $6,070
    The Andover Bank 339 State St Conneaut, OH 44030 Full Service B&M $26,343
    The Andover Bank 53 East State Street Albion, PA 16401 Full Service B&M $22,737
    The Andover Bank 6611 N Ridge Rd Madison, OH 44057 Full Service B&M $25,785
    The Andover Bank 665 South Broadway Geneva, OH 44041 Full Service B&M $48,759
    The Andover Bank State Route 45 And College Street Austinburg, OH 44010 Full Service B&M $51,194

    For 2020, The Andover Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,163
    Net interest income $12,595
    Total noninterest income $3,335
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,123
    Trading account gains and fees $0
    Additional Noninterest Income $2,212
    Pre-tax net operating income $4,533
    Securities gains (or losses, -) $185
    Income before extraordinary items $4,354
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,354
    Minority interest net income $0
    Net income $4,354
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,183

    The Andover Bank's gross interest income from loans was $14,163,000.
    The Andover Bank's net interest income from loans was $12,595,000.
    The Andover Bank's fee based income from loans was $1,123,000.
    The Andover Bank's net income from loans was $4,354,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,568
    Provision for credit losses $150
    Total noninterest expense $11,247
    Salaries and employee benefits $4,350
    Premises and equipment expense $1,744
    Additional noninterest expense $5,153
    Applicable income taxes $364
    Net charge-offs $-13
    Cash dividends $1,683

    The Andover Bank's interest expense for loans was $1,568,000.
    The Andover Bank's payroll and benefits expense were $4,350,000.
    The Andover Bank's property, plant and equipment expenses $1,744,000.

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

    Deposits

    Type Value (in 000's)
    Total deposits $456,286
    Deposits held in domestic offices $456,286
    Deposits by Individuals, partnerships, and corporations $416,031
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $40,255
    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 $226,629
    Demand deposits $123,394
    Nontransaction accounts $229,657
    Money market deposit accounts (MMDAs) $42,183
    Other savings deposits (excluding MMDAs) $118,600
    Total time deposits $68,874
    Total time and savings deposits $332,892
    Noninterest-bearing deposits $123,249
    Interest-bearing deposits $333,037
    Retail deposits $438,096
    IRAs and Keogh plan accounts $14,184
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $526,749
    Cash & Balances due from depository institutions $19,155
    Interest-bearing balances $11,079
    Total securities $229,460
    Federal funds sold & reverse repurchase $0
    Net loans and leases $254,465
    Loan and leases loss allowance $1,471
    Trading account assets $0
    Bank premises and fixed assets $7,933
    Other real estate owned $26
    Goodwill and other intangibles $2,883
    All other assets $12,827

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $526,749
    Total Liabilities $478,141
    Total deposits $456,286
    Interest-bearing deposits $333,037
    Deposits held in domestic offices $456,286
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $17,500
    Subordinated debt $0
    All other liabilities $4,355

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $254,465
    Loan and leases loss allowance $1,471
    Total loans and leases (domestic) $255,936
    All real estate loans $183,993
    Real estate loans in domestic offices $183,993
    Construction and development loans $2,153
    Residential 1-4 family construction $784
    Other construction, all land development and other land $1,369
    Loans secured by nonfarm nonresidential properties $16,944
    Nonfarm nonresidential secured by owner-occupied properties $14,875
    Commercial real estate & other non-farm, non-residential $2,069
    Multifamily residential real estate $588
    1-4 family residential loans $163,273
    Farmland loans $1,035
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $17,138
    To non-U.S. addressees $0
    Loans to individuals $3,506
    Credit card loans $0
    Related Plans $615
    Consumer Auto Loans $1,812
    Other loans to individuals $1,079
    All other loans & leases $51,298
    Loans to foreign governments and official institutions $0
    Other loans $161
    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 $597
    Non 1-4 family restructured loans & leases $134
    Total loans and leases (foreign) $0

    The Andover Bank had $254,465,000 of loans outstanding in 2020. $183,993,000 of loans were in real estate loans. $2,153,000 of loans were in development loans. $588,000 of loans were in multifamily mortgage loans. $163,273,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,812,000 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 88 $12,341 $140,239
    Nonfarm, nonresidential loans - <$100k 26 $688 $26,462
    Nonfarm, nonresidential loans - $100-250k 36 $3,793 $105,361
    Nonfarm, nonresidential loans - $250k-1MM 26 $7,860 $302,308
    Commercial & Industrial, US addressed loans - <$1MM 313 $14,305 $45,703
    Commercial & Industrial, US addressed loans - <$100k 265 $6,779 $25,581
    Commercial & Industrial, US addressed loans - $100-250k 34 $3,776 $111,059
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $3,750 $267,857
    Farmland loans - <$1MM 9 $1,034 $114,889
    Farmland loans - <$100k 3 $99 $33,000
    Farmland loans - $100-250k 5 $629 $125,800
    Farmland loans - $250k-1MM 1 $306 $306,000