Harford Bank Mortgage Rates, Fees & Info

Aberdeen, MD

LEI: 254900W5FH4XO4DKJB28

Tax ID: 52-0799113

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Harford Bank is a smaller bank specializing in Refi and Home Purchase loans. Harford Bank has a high proportion of conventional loans. Their top markets by origination volume include: Baltimore, Philadelphia, Salisbury, Key West, and Boone among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Harford Bank has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

124

Origination Dollar Volume (All Markets)

$25,280,000

Employee count

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
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	69	$15,885,000	$230,217	$0	0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	44	$6,460,000	$146,818	$0	0.00%
SALISBURY, MD-DE (FHA\|USDA\|VA)	3	$1,265,000	$421,667	$0	0.00%
Key West, FL (FHA\|USDA\|VA)	1	$455,000	$455,000	$0	0.00%
Boone, NC (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	0.00%
YORK-HANOVER, PA (FHA\|USDA\|VA)	2	$280,000	$140,000	$0	0.00%
STATE COLLEGE, PA (FHA\|USDA\|VA)	1	$185,000	$185,000	$0	0.00%
LANCASTER, PA (FHA\|USDA\|VA)	1	$175,000	$175,000	$0	0.00%
Easton, MD (FHA\|USDA\|VA)	1	$175,000	$175,000	$0	0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$75,000	$75,000	$0	0.00%

Harford Bank's top markets include Baltimore, Philadelphia, Salisbury, Key West, and Boone among others.

Their top states include:

Maryland (FHA|USDA|VA)

Delaware (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Florida (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	124	$25,280,000	$203,871	$0	0.00%

For 2020, Harford Bank's most frequently originated type of loan was Conventional, with 124 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	75	$15,075,000	$201,000	$0	0.00%
Home Purchase	40	$9,580,000	$239,500	$0	0.00%
Home Improvement	6	$370,000	$61,667	$0	0.00%
Other	3	$255,000	$85,000	$0	0.00%

For 2020, Harford Bank's most frequently cited loan purpose was Refi, with 75 originations. The 2nd most popular reason was Home Purchase, with 40 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	124	$25,280,000	$203,871	$0	0.00%

For 2020, Harford Bank's most frequently cited loan duration was Other, with 124 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	48	$6,810,000	$141,875	$0	0.00%
$200k-400k	33	$9,595,000	$290,758	$0	0.00%
$100,000 or less	30	$1,960,000	$65,333	$0	0.00%
$400k-600k	11	$5,215,000	$474,091	$0	0.00%
$600k-1MM	2	$1,700,000	$850,000	$0	0.00%

2020 saw Harford Bank place emphasis on $100k-200k loans with 48 originations, totaling $6,810,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	19	$5,275,000	$277,632	$0	0.00%
$100k-150k	18	$5,320,000	$295,556	$0	0.00%
$50k-75k	15	$2,055,000	$137,000	$0	0.00%
$75k-100k	13	$2,115,000	$162,692	$0	0.00%
$250k+	9	$3,705,000	$411,667	$0	0.00%
$50k or less	6	$520,000	$86,667	$0	0.00%

Harford Bank lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $100k-150k, with 18 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	124	$25,280,000	$203,871	$0	0.00%

Harford Bank lent most frequently to those with DTI ratios of Exempt%, with 124 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	72	$17,250,000	$239,583	$0	0.00%
Not applicable	44	$6,290,000	$142,955	$0	0.00%
Asian	3	$635,000	$211,667	$0	0.00%
Asian Indian	1	$575,000	$575,000	$0	0.00%
Not provided	2	$280,000	$140,000	$0	0.00%
Black	2	$250,000	$125,000	$0	0.00%

Approval Rates

Total approvals of all applications
79.27%

Harford Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
95.16%

Harford Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	124	$25,280,000	$203,871

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$680,000	$340,000
Single Family (1-4 Units):Manufactured	5	$555,000	$111,000
Single Family (1-4 Units):Site-Built	117	$24,045,000	$205,513

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
HARBORONE MORTGAGE, LLC	Conventional home mortgage	Trouble during payment process	2	66.7%
HARBORONE MORTGAGE, LLC	FHA mortgage	Trouble during payment process	1	33.3%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Harford Bank	133 N. Bridge Street Elkton, MD 21921	Full Service B&M	$24,491
Harford Bank	1610 Conowingo Road Bel Air, MD 21014	Full Service B&M	$29,642
Harford Bank	2905 Emmorton Road, Space #1 Abingdon, MD 21009	Full Service B&M	$17,739
Harford Bank	305 Augustine Herman Highway Elkton, MD 21921	Full Service B&M	$3,159
Harford Bank	501 Riviera Drive Joppatowne, MD 21085	Full Service B&M	$38,404
Harford Bank	505 South Main Street Bel Air, MD 21014	Full Service B&M	$89,714
Harford Bank	545 Marketplace Drive Bel Air, MD 21014	Full Service B&M	$33,327
Harford Bank	8 West Bel Air Avenue Aberdeen, MD 21001	Full Service B&M	$113,681
Harford Bank	960 Revolution Street Havre De Grace, MD 21078	Full Service B&M	$39,040

For 2020, Harford Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$17,769
Net interest income	$15,390
Total noninterest income	$1,737
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$538
Trading account gains and fees	$0
Additional Noninterest Income	$1,199
Pre-tax net operating income	$4,200
Securities gains (or losses, -)	$20
Income before extraordinary items	$3,197
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$3,197
Minority interest net income	$0
Net income	$3,197
Sale, conversion, retirement of capital stock, net	$214
Net operating income	$3,181

Harford Bank's gross interest income from loans was $17,769,000.
Harford Bank's net interest income from loans was $15,390,000.
Harford Bank's fee based income from loans was $538,000.
Harford Bank's net income from loans was $3,197,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,379
Provision for credit losses	$1,878
Total noninterest expense	$11,049
Salaries and employee benefits	$6,063
Premises and equipment expense	$1,376
Additional noninterest expense	$3,610
Applicable income taxes	$1,023
Net charge-offs	$16
Cash dividends	$743

Harford Bank's interest expense for loans was $2,379,000.
Harford Bank's payroll and benefits expense were $6,063,000.
Harford Bank's property, plant and equipment expenses $1,376,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	1.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	2.0%
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	1.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$437,817
Deposits held in domestic offices	$437,817
Deposits by Individuals, partnerships, and corporations	$414,768
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$23,049
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	$215,210
Demand deposits	$155,861
Nontransaction accounts	$222,607
Money market deposit accounts (MMDAs)	$48,116
Other savings deposits (excluding MMDAs)	$60,346
Total time deposits	$114,146
Total time and savings deposits	$281,956
Noninterest-bearing deposits	$125,518
Interest-bearing deposits	$312,299
Retail deposits	$387,227
IRAs and Keogh plan accounts	$12,600
Brokered deposits	$7,217
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$485,948
Cash & Balances due from depository institutions	$57,350
Interest-bearing balances	$49,677
Total securities	$47,781
Federal funds sold & reverse repurchase	$0
Net loans and leases	$361,181
Loan and leases loss allowance	$5,117
Trading account assets	$0
Bank premises and fixed assets	$8,851
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$10,785

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$485,948
Total Liabilities	$440,752
Total deposits	$437,817
Interest-bearing deposits	$312,299
Deposits held in domestic offices	$437,817
% insured (estimated)	$73
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$2,935

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$361,181
Loan and leases loss allowance	$5,117
Total loans and leases (domestic)	$366,298
All real estate loans	$292,037
Real estate loans in domestic offices	$292,037
Construction and development loans	$10,599
Residential 1-4 family construction	$1,735
Other construction, all land development and other land	$8,864
Loans secured by nonfarm nonresidential properties	$184,832
Nonfarm nonresidential secured by owner-occupied properties	$97,216
Commercial real estate & other non-farm, non-residential	$87,616
Multifamily residential real estate	$2,035
1-4 family residential loans	$89,208
Farmland loans	$5,363
Loans held in foreign offices	$0
Farm loans	$66
Commercial and industrial loans	$59,673
To non-U.S. addressees	$0
Loans to individuals	$8,603
Credit card loans	$0
Related Plans	$43
Consumer Auto Loans	$2,368
Other loans to individuals	$6,192
All other loans & leases	$5,919
Loans to foreign governments and official institutions	$0
Other loans	$247
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	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Harford Bank had $361,181,000 of loans outstanding in 2020. $292,037,000 of loans were in real estate loans. $10,599,000 of loans were in development loans. $2,035,000 of loans were in multifamily mortgage loans. $89,208,000 of loans were in 1-4 family mortgage loans. $66,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,368,000 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	249	$74,503	$299,209
Nonfarm, nonresidential loans - <$100k	32	$1,607	$50,219
Nonfarm, nonresidential loans - $100-250k	57	$7,306	$128,175
Nonfarm, nonresidential loans - $250k-1MM	160	$65,590	$409,938
Commercial & Industrial, US addressed loans - <$1MM	259	$14,668	$56,633
Commercial & Industrial, US addressed loans - <$100k	186	$5,800	$31,183
Commercial & Industrial, US addressed loans - $100-250k	55	$5,387	$97,945
Commercial & Industrial, US addressed loans - $250k-1MM	18	$3,481	$193,389
Farmland loans - <$1MM	5	$475	$95,000
Farmland loans - <$100k	2	$167	$83,500
Farmland loans - $100-250k	3	$308	$102,667
Agriculture operations loans - <$1MM	1	$66	$66,000
Agriculture operations loans - <$100k	1	$66	$66,000