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 and Cash Out Refi 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

497

Origination Dollar Volume (All Markets)

$53,815,000

Employee count

90

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) 272 $27,800,000 $102,206 $0 0.00%
ERIE, PA (FHA|USDA|VA) 144 $16,390,000 $113,819 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 40 $5,400,000 $135,000 $0 0.00%
Meadville, PA (FHA|USDA|VA) 33 $3,145,000 $95,303 $0 0.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 7 $935,000 $133,571 $0 0.00%
AKRON, OH (FHA|USDA|VA) 1 $145,000 $145,000 $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 497 $53,815,000 $108,280 $0 0.00%

    For 2021, The Andover Bank's most frequently originated type of loan was Conventional, with 497 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 221 $23,855,000 $107,941 $0 0.00%
    Cash Out Refi 155 $17,925,000 $115,645 $0 0.00%
    Home Purchase 71 $9,385,000 $132,183 $0 0.00%
    Other 27 $1,425,000 $52,778 $0 0.00%
    Home Improvement 23 $1,225,000 $53,261 $0 0.00%

    For 2021, The Andover Bank's most frequently cited loan purpose was Refi, with 221 originations. The 2nd most popular reason was Cash Out Refi, with 155 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 497 $53,815,000 $108,280 $0 0.00%

    For 2021, The Andover Bank's most frequently cited loan duration was Other, with 497 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 260 $16,510,000 $63,500 $0 0.00%
    $100k-200k 197 $27,315,000 $138,655 $0 0.00%
    $200k-400k 40 $9,990,000 $249,750 $0 0.00%

    2021 saw The Andover Bank place emphasis on $100,000 or less loans with 260 originations, totaling $16,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 120 $15,300,000 $127,500 $0 0.00%
    $50k or less 109 $7,365,000 $67,569 $0 0.00%
    $50k-75k 106 $9,380,000 $88,491 $0 0.00%
    $75k-100k 102 $11,950,000 $117,157 $0 0.00%
    $150k-250k 41 $6,175,000 $150,610 $0 0.00%
    $250k+ 11 $2,285,000 $207,727 $0 0.00%

    The Andover Bank lent most frequently to those with incomes in the $100k-150k range, with 120 originations. The second most popular income band? $50k or less, with 109 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 497 $53,815,000 $108,280 $0 0.00%

    The Andover Bank lent most frequently to those with DTI ratios of Exempt%, with 497 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 489 $52,515,000 $107,393 $0 0.00%
    Not applicable 4 $700,000 $175,000 $0 0.00%
    American Indian 3 $455,000 $151,667 $0 0.00%
    Black 1 $145,000 $145,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.82%

    The Andover Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.51%

    The Andover Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 497 $53,815,000 $108,280

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    497 $53,815,000 $108,280

    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 $104,380
    The Andover Bank 1630 West 19th Street Ashtabula, OH 44004 Full Service B&M $45,601
    The Andover Bank 19 Public Square Andover, OH 44003 Full Service B&M $100,809
    The Andover Bank 212 Plum Street Edinboro, PA 16412 Full Service B&M $27,429
    The Andover Bank 2420 Zimmerly Road Erie, PA 16506 Full Service B&M $5,472
    The Andover Bank 339 State St Conneaut, OH 44030 Full Service B&M $31,430
    The Andover Bank 53 East State Street Albion, PA 16401 Full Service B&M $24,765
    The Andover Bank 6611 N Ridge Rd Madison, OH 44057 Full Service B&M $39,752
    The Andover Bank 665 South Broadway Geneva, OH 44041 Full Service B&M $63,476
    The Andover Bank State Route 45 And College Street Austinburg, OH 44010 Full Service B&M $58,832

    For 2021, The Andover Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,405
    Net interest income $14,560
    Total noninterest income $3,503
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,220
    Trading account gains and fees $0
    Additional Noninterest Income $2,283
    Pre-tax net operating income $5,945
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,488
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,488
    Minority interest net income $0
    Net income $5,488
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,488

    The Andover Bank's gross interest income from loans was $15,405,000.
    The Andover Bank's net interest income from loans was $14,560,000.
    The Andover Bank's fee based income from loans was $1,220,000.
    The Andover Bank's net income from loans was $5,488,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $845
    Provision for credit losses $0
    Total noninterest expense $12,118
    Salaries and employee benefits $5,172
    Premises and equipment expense $1,718
    Additional noninterest expense $5,228
    Applicable income taxes $457
    Net charge-offs $10
    Cash dividends $1,633

    The Andover Bank's interest expense for loans was $845,000.
    The Andover Bank's payroll and benefits expense were $5,172,000.
    The Andover Bank's property, plant and equipment expenses $1,718,000.

    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 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 $510,848
    Deposits held in domestic offices $510,848
    Deposits by Individuals, partnerships, and corporations $473,384
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $37,464
    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 $258,481
    Demand deposits $138,862
    Nontransaction accounts $252,367
    Money market deposit accounts (MMDAs) $49,345
    Other savings deposits (excluding MMDAs) $146,064
    Total time deposits $56,958
    Total time and savings deposits $371,986
    Noninterest-bearing deposits $138,862
    Interest-bearing deposits $371,986
    Retail deposits $499,395
    IRAs and Keogh plan accounts $11,282
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $574,534
    Cash & Balances due from depository institutions $18,394
    Interest-bearing balances $11,394
    Total securities $272,513
    Federal funds sold & reverse repurchase $0
    Net loans and leases $260,308
    Loan and leases loss allowance $1,461
    Trading account assets $0
    Bank premises and fixed assets $7,627
    Other real estate owned $0
    Goodwill and other intangibles $2,791
    All other assets $12,901

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $574,534
    Total Liabilities $523,510
    Total deposits $510,848
    Interest-bearing deposits $371,986
    Deposits held in domestic offices $510,848
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $2,662

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $260,308
    Loan and leases loss allowance $1,461
    Total loans and leases (domestic) $261,769
    All real estate loans $194,634
    Real estate loans in domestic offices $194,634
    Construction and development loans $1,979
    Residential 1-4 family construction $706
    Other construction, all land development and other land $1,273
    Loans secured by nonfarm nonresidential properties $17,047
    Nonfarm nonresidential secured by owner-occupied properties $15,373
    Commercial real estate & other non-farm, non-residential $1,674
    Multifamily residential real estate $510
    1-4 family residential loans $174,453
    Farmland loans $645
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $5,578
    To non-U.S. addressees $0
    Loans to individuals $3,068
    Credit card loans $0
    Related Plans $568
    Consumer Auto Loans $1,489
    Other loans to individuals $1,011
    All other loans & leases $58,489
    Loans to foreign governments and official institutions $0
    Other loans $182
    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 $735
    Non 1-4 family restructured loans & leases $388
    Total loans and leases (foreign) $0

    The Andover Bank had $260,308,000 of loans outstanding in 2021. $194,634,000 of loans were in real estate loans. $1,979,000 of loans were in development loans. $510,000 of loans were in multifamily mortgage loans. $174,453,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,489,000 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 85 $12,867 $151,376
    Nonfarm, nonresidential loans - <$100k 21 $606 $28,857
    Nonfarm, nonresidential loans - $100-250k 36 $3,913 $108,694
    Nonfarm, nonresidential loans - $250k-1MM 28 $8,348 $298,143
    Commercial & Industrial, US addressed loans - <$1MM 105 $4,119 $39,229
    Commercial & Industrial, US addressed loans - <$100k 83 $1,521 $18,325
    Commercial & Industrial, US addressed loans - $100-250k 13 $1,037 $79,769
    Commercial & Industrial, US addressed loans - $250k-1MM 9 $1,561 $173,444
    Farmland loans - <$1MM 6 $645 $107,500
    Farmland loans - <$100k 2 $60 $30,000
    Farmland loans - $100-250k 3 $308 $102,667
    Farmland loans - $250k-1MM 1 $277 $277,000