Shore United Bank Mortgage Rates, Fees & Info

Easton, MD

LEI: 54930009M8OIJWECQX81

Tax ID: 52-0267925

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Shore United Bank is a smaller bank specializing in Home Purchase and Refi loans. Shore United Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Baltimore, Easton, Washington, Salisbury, and Philadelphia among others. Shore United Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

424

Origination Dollar Volume (All Markets)

$182,500,000

Employee count

454

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 83 $43,655,000 $525,964 $0 0.00%
Easton, MD (FHA|USDA|VA) 78 $39,680,000 $508,718 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 67 $32,185,000 $480,373 $0 0.00%
SALISBURY, MD-DE (FHA|USDA|VA) 39 $16,655,000 $427,051 $0 0.00%
Outside of Metro Areas 59 $15,555,000 $263,644 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 8 $10,510,000 $1,313,750 $0 0.00%
DOVER, DE (FHA|USDA|VA) 45 $9,955,000 $221,222 $0 0.00%
Cambridge, MD (FHA|USDA|VA) 15 $3,635,000 $242,333 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 12 $3,200,000 $266,667 $0 0.00%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 6 $2,810,000 $468,333 $0 0.00%
YORK-HANOVER, PA (FHA|USDA|VA) 3 $975,000 $325,000 $0 0.00%
Key West, FL (FHA|USDA|VA) 1 $795,000 $795,000 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
KINGSTON, NY (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
GETTYSBURG, PA (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%

Shore United Bank's top markets include Baltimore, Easton, Washington, Salisbury, and Philadelphia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 394 $173,390,000 $440,076 $0 0.00%
FHA 20 $5,110,000 $255,500 $0 0.00%
VA 7 $3,265,000 $466,429 $0 0.00%
USDA 3 $735,000 $245,000 $0 0.00%

For the 2021 period, Shore United Bank's most frequently originated loan type of loans were Conventional, with 394 originations. Their 2nd most popular type is FHA, with 20 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 249 $106,225,000 $426,606 $0 0.00%
Refi 108 $49,080,000 $454,444 $0 0.00%
Cash Out Refi 36 $12,710,000 $353,056 $0 0.00%
Other 20 $5,080,000 $254,000 $0 0.00%
Home Improvement 11 $9,405,000 $855,000 $0 0.00%

For the 2021, Shore United Bank's most frequently cited loan purpose of loans were Home Purchase, with 249 originations. The 2nd most popular reason of loans were Refi, with 108 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 424 $182,500,000 $430,425 $0 0.00%

For the 2021, Shore United Bank's most frequently cited loan length of loans were Other, with 424 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 174 $50,010,000 $287,414 $0 0.00%
$100k-200k 88 $13,620,000 $154,773 $0 0.00%
$400k-600k 58 $29,030,000 $500,517 $0 0.00%
$600k-1MM 41 $31,015,000 $756,463 $0 0.00%
$100,000 or less 38 $2,440,000 $64,211 $0 0.00%
$1MM+ 25 $56,385,000 $2,255,400 $0 0.00%

2021 saw Shore United Bank place emphasis on $200k-400k loans with 174 originations, totaling $50,010,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 69 $53,865,000 $780,652 $0 0.00%
$100k-150k 66 $22,250,000 $337,121 $0 0.00%
$150k-250k 66 $26,680,000 $404,242 $0 0.00%
$50k-75k 61 $12,655,000 $207,459 $0 0.00%
$75k-100k 50 $14,420,000 $288,400 $0 0.00%
$50k or less 34 $5,230,000 $153,824 $0 0.00%

Shore United Bank lent most frequently to those with incomes in the $250k+ range, with 69 originations. The second most popular income band? $100k-150k, with 66 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 424 $182,500,000 $430,425 $0 0.00%

Shore United Bank lent most frequently to those with DTI ratios of Exempt%, with 424 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 293 $110,195,000 $376,092 $0 0.00%
Not applicable 61 $43,465,000 $712,541 $0 0.00%
Not provided 51 $19,565,000 $383,627 $0 0.00%
Black 11 $7,065,000 $642,273 $0 0.00%
Asian 4 $930,000 $232,500 $0 0.00%
Other Asian 2 $700,000 $350,000 $0 0.00%
American Indian 2 $580,000 $290,000 $0 0.00%

Approval Rates

Total approvals of all applications
86.03%

Shore United Bank has an average approval rate.

Pick Rate

Approvals leading to origination
75.78%

Shore United Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 424 $182,500,000 $430,425

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
424 $182,500,000 $430,425

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Shore United Bank 1013 S. Talbot Street St. Michaels, MD 21663 Full Service B&M $129,515
Shore United Bank 109 N. Commerce Street Centreville, MD 21617 Full Service B&M $165,475
Shore United Bank 1101 Maiden Choice Lane Baltimore, MD 21229 Full Service B&M $143,597
Shore United Bank 120 Main Street Felton, DE 19943 Full Service B&M $66,410
Shore United Bank 12905b Ocean Gateway Ocean City, MD 21842 Full Service B&M $30,223
Shore United Bank 18 Dover Street Easton, MD 21601 Full Service B&M $447,741
Shore United Bank 202 Pullman Crossing Grasonville, MD 21638 Full Service B&M $28,839
Shore United Bank 210 Marlboro Road Easton, MD 21601 Full Service B&M $128,028
Shore United Bank 22151 Wes Street Ridgely, MD 21660 Full Service B&M $40,397
Shore United Bank 25306 Lankford Hwy Onley, VA 23418 Full Service B&M $10,860
Shore United Bank 2609 Centreville Road Centreville, MD 21617 Full Service B&M $46,896
Shore United Bank 300 Castle Marina Road Chester, MD 21619 Full Service B&M $38,154
Shore United Bank 408 Thompson Creek Road Stevensville, MD 21666 Full Service B&M $104,966
Shore United Bank 424 Dorchester Avenue Cambridge, MD 21613 Full Service B&M $39,174
Shore United Bank 4580 S Dupont Hwy Camden, DE 19934 Full Service B&M $31,094
Shore United Bank 6050 Marshalee Drive Elkridge, MD 21075 Full Service B&M $44,834
Shore United Bank 698a North Dupont Highway Milford, DE 19963 Full Service B&M $41,686
Shore United Bank 800 S. Governors Avenue Dover, DE 19904 Full Service B&M $52,851
Shore United Bank 8275 Elliott Road Easton, MD 21601 Full Service B&M $95,299
Shore United Bank 850 South 5th Ave Denton, MD 21629 Full Service B&M $73,898
Shore United Bank 899 Washington Avenue Chestertown, MD 21620 Full Service B&M $77,328
Shore United Bank 9612 Reisterstown Road Owings Mills, MD 21117 Full Service B&M $54,226

For 2021, Shore United Bank had 22 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $70,169
Net interest income $65,690
Total noninterest income $13,231
Gross Fiduciary activities income $1,215
Service charges on deposit accounts $3,638
Trading account gains and fees $0
Additional Noninterest Income $8,378
Pre-tax net operating income $25,833
Securities gains (or losses, -) $-38
Income before extraordinary items $18,764
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $18,764
Minority interest net income $0
Net income $18,764
Sale, conversion, retirement of capital stock, net $0
Net operating income $18,794

Shore United Bank's gross interest income from loans was $70,169,000.
Shore United Bank's net interest income from loans was $65,690,000.
Shore United Bank's fee based income from loans was $3,638,000.
Shore United Bank's net income from loans was $18,764,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,479
Provision for credit losses $-358
Total noninterest expense $53,446
Salaries and employee benefits $31,121
Premises and equipment expense $5,566
Additional noninterest expense $16,759
Applicable income taxes $7,031
Net charge-offs $-414
Cash dividends $25,000

Shore United Bank's interest expense for loans was $4,479,000.
Shore United Bank's payroll and benefits expense were $31,121,000.
Shore United Bank's property, plant and equipment expenses $5,566,000.

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 $3,040,485
Deposits held in domestic offices $3,040,485
Deposits by Individuals, partnerships, and corporations $2,976,362
Deposits by U.S. Government $132
Deposits by States and political subdivisions in the U.S. $63,991
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 $1,599,242
Demand deposits $1,599,242
Nontransaction accounts $1,441,243
Money market deposit accounts (MMDAs) $686,244
Other savings deposits (excluding MMDAs) $295,435
Total time deposits $459,565
Total time and savings deposits $1,441,243
Noninterest-bearing deposits $1,074,212
Interest-bearing deposits $1,966,273
Retail deposits $2,964,460
IRAs and Keogh plan accounts $90,310
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,458,367
Cash & Balances due from depository institutions $583,613
Interest-bearing balances $566,694
Total securities $522,949
Federal funds sold & reverse repurchase $0
Net loans and leases $2,141,658
Loan and leases loss allowance $13,944
Trading account assets $0
Bank premises and fixed assets $62,810
Other real estate owned $532
Goodwill and other intangibles $71,163
All other assets $75,642

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,458,367
Total Liabilities $3,083,251
Total deposits $3,040,485
Interest-bearing deposits $1,966,273
Deposits held in domestic offices $3,040,485
% insured (estimated) $68
Federal funds purchased and repurchase agreements $4,143
Trading liabilities $0
Other borrowed funds $21,522
Subordinated debt $0
All other liabilities $17,101

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,141,658
Loan and leases loss allowance $13,944
Total loans and leases (domestic) $2,155,602
All real estate loans $1,826,778
Real estate loans in domestic offices $1,826,778
Construction and development loans $240,708
Residential 1-4 family construction $80,648
Other construction, all land development and other land $160,060
Loans secured by nonfarm nonresidential properties $867,252
Nonfarm nonresidential secured by owner-occupied properties $318,232
Commercial real estate & other non-farm, non-residential $549,020
Multifamily residential real estate $86,318
1-4 family residential loans $603,522
Farmland loans $28,978
Loans held in foreign offices $0
Farm loans $902
Commercial and industrial loans $179,832
To non-U.S. addressees $0
Loans to individuals $125,447
Credit card loans $0
Related Plans $1,616
Consumer Auto Loans $50,286
Other loans to individuals $73,545
All other loans & leases $22,643
Loans to foreign governments and official institutions $0
Other loans $116
Loans to depository institutions and acceptances of other banks $20,000
Loans not secured by real estate $13,764
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $8,601
Non 1-4 family restructured loans & leases $1,956
Total loans and leases (foreign) $0

Shore United Bank had $2,141,658,000 of loans outstanding in 2021. $1,826,778,000 of loans were in real estate loans. $240,708,000 of loans were in development loans. $86,318,000 of loans were in multifamily mortgage loans. $603,522,000 of loans were in 1-4 family mortgage loans. $902,000 of loans were in farm loans. $0 of loans were in credit card loans. $50,286,000 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 591 $177,203 $299,836
Nonfarm, nonresidential loans - <$100k 66 $2,910 $44,091
Nonfarm, nonresidential loans - $100-250k 146 $18,219 $124,788
Nonfarm, nonresidential loans - $250k-1MM 379 $156,074 $411,805
Commercial & Industrial, US addressed loans - <$1MM 980 $64,104 $65,412
Commercial & Industrial, US addressed loans - <$100k 620 $10,451 $16,856
Commercial & Industrial, US addressed loans - $100-250k 208 $17,566 $84,452
Commercial & Industrial, US addressed loans - $250k-1MM 152 $36,087 $237,414
Farmland loans - <$1MM 26 $3,793 $145,885
Farmland loans - <$100k 9 $303 $33,667
Farmland loans - $100-250k 8 $1,025 $128,125
Farmland loans - $250k-1MM 9 $2,465 $273,889
Agriculture operations loans - <$1MM 11 $83 $7,545
Agriculture operations loans - <$100k 11 $83 $7,545