Skowhegan Savings Bank Mortgage Rates, Fees & Info

Skowhegan, ME

LEI: 54930083VRKEK3SXZJ31

Tax ID: 01-0160050

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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

    Skowhegan Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Skowhegan Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Augusta, Portland, Bangor, and Lewiston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Skowhegan Savings 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

    227

    Origination Dollar Volume (All Markets)

    $31,675,000

    Employee count

    132

    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
    Outside of Metro Areas 162 $22,190,000 $136,975 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 39 $5,085,000 $130,385 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 7 $2,035,000 $290,714 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 15 $1,835,000 $122,333 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 4 $530,000 $132,500 $0 0.00%
    Skowhegan Savings Bank's top markets include Augusta, Portland, Bangor, and Lewiston among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 208 $29,730,000 $142,933 $0 0.00%
    USDA 19 $1,945,000 $102,368 $0 0.00%

    For 2018, Skowhegan Savings Bank's most frequently originated type of loan was Conventional, with 208 originations. Their 2nd most popular type was USDA, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 129 $18,155,000 $140,736 $0 0.00%
    Refi 76 $11,600,000 $152,632 $0 0.00%
    Other 18 $1,460,000 $81,111 $0 0.00%
    Home Improvement 4 $460,000 $115,000 $0 0.00%

    For 2018, Skowhegan Savings Bank's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 227 $31,675,000 $139,537 $0 0.00%

    For 2018, Skowhegan Savings Bank's most frequently cited loan duration was Other, with 227 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 115 $6,815,000 $59,261 $0 0.00%
    $100k-200k 85 $11,665,000 $137,235 $0 0.00%
    $200k-400k 22 $6,000,000 $272,727 $0 0.00%
    $1MM+ 2 $5,300,000 $2,650,000 $0 0.00%
    $400k-600k 2 $990,000 $495,000 $0 0.00%
    $600k-1MM 1 $905,000 $905,000 $0 0.00%

    2018 saw Skowhegan Savings Bank place emphasis on $100,000 or less loans with 115 originations, totaling $6,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 59 $4,445,000 $75,339 $0 0.00%
    $50k-75k 55 $6,605,000 $120,091 $0 0.00%
    $100k-150k 38 $5,190,000 $136,579 $0 0.00%
    $75k-100k 29 $2,835,000 $97,759 $0 0.00%
    $150k-250k 23 $3,475,000 $151,087 $0 0.00%
    $250k+ 5 $1,105,000 $221,000 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with incomes in the $50k or less range, with 59 originations. The second most popular income band? $50k-75k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 227 $31,675,000 $139,537 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 227 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 191 $21,415,000 $112,120 $0 0.00%
    Not applicable 16 $7,900,000 $493,750 $0 0.00%
    Not provided 19 $2,275,000 $119,737 $0 0.00%
    Asian 1 $85,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    81.54%

    Skowhegan Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.69%

    Skowhegan Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 227 $31,675,000 $139,537

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $65,000 $65,000
    Multifamily:Site-Built 2 $4,010,000 $2,005,000
    Single Family (1-4 Units):Manufactured 9 $485,000 $53,889
    Single Family (1-4 Units):Site-Built 215 $27,115,000 $126,116

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Skowhegan Savings Bank 13 Elm Street Skowhegan, ME 4976 Full Service B&M $179,917
    Skowhegan Savings Bank 134 Hannaford Drive Farmington, ME 4938 Full Service B&M $36,500
    Skowhegan Savings Bank 188 Main Street Madison, ME 4950 Full Service B&M $37,956
    Skowhegan Savings Bank 2484 Main Street Rangeley, ME 4970 Full Service B&M $22,561
    Skowhegan Savings Bank 284 Main Street Bingham, ME 4920 Full Service B&M $16,957
    Skowhegan Savings Bank 450 Civic Center Drive Augusta, ME 4330 Full Service B&M $28,425
    Skowhegan Savings Bank 613 Main Street Jackman, ME 4945 Full Service B&M $26,268
    Skowhegan Savings Bank 7 Depot Street Kingfield, ME 4947 Full Service B&M $44,918
    Skowhegan Savings Bank 81-83 Church Street Dexter, ME 4930 Full Service B&M $36,342
    Skowhegan Savings Bank 9 Main Street Norridgewock, ME 4957 Full Service B&M $24,088
    Skowhegan Savings Bank 92 Main Street Fairfield, ME 4937 Full Service B&M $31,253

    For 2018, Skowhegan Savings Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,391
    Net interest income $19,696
    Total noninterest income $2,110
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $534
    Trading account gains and fees $0
    Additional Noninterest Income $1,576
    Pre-tax net operating income $5,112
    Securities gains (or losses, -) $267
    Income before extraordinary items $4,561
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,561
    Minority interest net income $0
    Net income $4,561
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,334

    Skowhegan Savings Bank's gross interest income from loans was $22,391,000.
    Skowhegan Savings Bank's net interest income from loans was $19,696,000.
    Skowhegan Savings Bank's fee based income from loans was $534,000.
    Skowhegan Savings Bank's net income from loans was $4,561,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,695
    Provision for credit losses $150
    Total noninterest expense $16,544
    Salaries and employee benefits $9,210
    Premises and equipment expense $2,389
    Additional noninterest expense $4,945
    Applicable income taxes $818
    Net charge-offs $131
    Cash dividends $0

    Skowhegan Savings Bank's interest expense for loans was $2,695,000.
    Skowhegan Savings Bank's payroll and benefits expense were $9,210,000.
    Skowhegan Savings Bank's property, plant and equipment expenses $2,389,000.

    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 0.0%
    Multifamily residential loans 45.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $487,404
    Deposits held in domestic offices $487,404
    Deposits by Individuals, partnerships, and corporations $487,404
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    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 $204,837
    Demand deposits $149,457
    Nontransaction accounts $282,567
    Money market deposit accounts (MMDAs) $57,195
    Other savings deposits (excluding MMDAs) $99,391
    Total time deposits $125,981
    Total time and savings deposits $337,947
    Noninterest-bearing deposits $149,600
    Interest-bearing deposits $337,804
    Retail deposits $446,510
    IRAs and Keogh plan accounts $36,345
    Brokered deposits $34,683
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $593,199
    Cash & Balances due from depository institutions $17,378
    Interest-bearing balances $7,920
    Total securities $83,835
    Federal funds sold & reverse repurchase $0
    Net loans and leases $462,181
    Loan and leases loss allowance $4,663
    Trading account assets $0
    Bank premises and fixed assets $7,783
    Other real estate owned $669
    Goodwill and other intangibles $2,266
    All other assets $19,087

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $593,199
    Total Liabilities $505,945
    Total deposits $487,404
    Interest-bearing deposits $337,804
    Deposits held in domestic offices $487,404
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $12,088
    Subordinated debt $0
    All other liabilities $6,453

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $462,181
    Loan and leases loss allowance $4,663
    Total loans and leases (domestic) $466,844
    All real estate loans $362,236
    Real estate loans in domestic offices $362,236
    Construction and development loans $9,345
    Residential 1-4 family construction $1,316
    Other construction, all land development and other land $8,029
    Loans secured by nonfarm nonresidential properties $99,214
    Nonfarm nonresidential secured by owner-occupied properties $69,341
    Commercial real estate & other non-farm, non-residential $29,873
    Multifamily residential real estate $4,115
    1-4 family residential loans $247,828
    Farmland loans $1,734
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $32,259
    To non-U.S. addressees $0
    Loans to individuals $62,046
    Credit card loans $0
    Related Plans $336
    Consumer Auto Loans $57,765
    Other loans to individuals $3,945
    All other loans & leases $10,302
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $2,139
    Non 1-4 family restructured loans & leases $1,241
    Total loans and leases (foreign) $0

    Skowhegan Savings Bank had $462,181,000 of loans outstanding in 2018. $362,236,000 of loans were in real estate loans. $9,345,000 of loans were in development loans. $4,115,000 of loans were in multifamily mortgage loans. $247,828,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $57,765,000 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 255 $36,044 $141,349
    Nonfarm, nonresidential loans - <$100k 101 $3,080 $30,495
    Nonfarm, nonresidential loans - $100-250k 88 $9,131 $103,761
    Nonfarm, nonresidential loans - $250k-1MM 66 $23,833 $361,106
    Commercial & Industrial, US addressed loans - <$1MM 218 $15,354 $70,431
    Commercial & Industrial, US addressed loans - <$100k 157 $2,901 $18,478
    Commercial & Industrial, US addressed loans - $100-250k 31 $2,417 $77,968
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $10,036 $334,533
    Farmland loans - <$1MM 3 $417 $139,000
    Farmland loans - <$100k 1 $40 $40,000
    Farmland loans - $100-250k 1 $171 $171,000
    Farmland loans - $250k-1MM 1 $206 $206,000