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

    339

    Origination Dollar Volume (All Markets)

    $47,985,000

    Employee count

    129

    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 234 $30,700,000 $131,197 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 70 $11,170,000 $159,571 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 11 $3,105,000 $282,273 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 19 $2,445,000 $128,684 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 5 $565,000 $113,000 $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 308 $44,200,000 $143,506 $0 0.00%
    USDA 31 $3,785,000 $122,097 $0 0.00%

    For 2019, Skowhegan Savings Bank's most frequently originated type of loan was Conventional, with 308 originations. Their 2nd most popular type was USDA, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 190 $30,590,000 $161,000 $0 0.00%
    Refi 112 $14,460,000 $129,107 $0 0.00%
    Other 32 $2,810,000 $87,813 $0 0.00%
    Home Improvement 5 $125,000 $25,000 $0 0.00%

    For 2019, Skowhegan Savings Bank's most frequently cited loan purpose was Home Purchase, with 190 originations. The 2nd most popular reason was Refi, with 112 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 339 $47,985,000 $141,549 $0 0.00%

    For 2019, Skowhegan Savings Bank's most frequently cited loan duration was Other, with 339 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 157 $21,885,000 $139,395 $0 0.00%
    $100,000 or less 123 $7,565,000 $61,504 $0 0.00%
    $200k-400k 52 $14,230,000 $273,654 $0 0.00%
    $600k-1MM 5 $3,385,000 $677,000 $0 0.00%
    $400k-600k 2 $920,000 $460,000 $0 0.00%

    2019 saw Skowhegan Savings Bank place emphasis on $100k-200k loans with 157 originations, totaling $21,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 83 $7,335,000 $88,373 $0 0.00%
    $50k-75k 66 $7,460,000 $113,030 $0 0.00%
    $75k-100k 60 $8,070,000 $134,500 $0 0.00%
    $100k-150k 58 $9,390,000 $161,897 $0 0.00%
    $150k-250k 40 $7,430,000 $185,750 $0 0.00%
    $250k+ 21 $6,625,000 $315,476 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with incomes in the $50k or less range, with 83 originations. The second most popular income band? $50k-75k, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 339 $47,985,000 $141,549 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 339 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 316 $44,860,000 $141,962 $0 0.00%
    Not applicable 9 $1,365,000 $151,667 $0 0.00%
    Not provided 11 $1,215,000 $110,455 $0 0.00%
    American Indian 2 $390,000 $195,000 $0 0.00%
    Other Asian 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.80%

    Skowhegan Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.53%

    Skowhegan Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 339 $47,985,000 $141,549

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $85,000 $85,000
    Multifamily:Site-Built 5 $895,000 $179,000
    Single Family (1-4 Units):Manufactured 10 $710,000 $71,000
    Single Family (1-4 Units):Site-Built 323 $46,295,000 $143,328

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Skowhegan Savings Bank 9 Main Street Norridgewock, ME 4957 Full Service B&M $24,840
    Skowhegan Savings Bank 92 Main Street Fairfield, ME 4937 Full Service B&M $33,150
    Skowhegan Savings Bank 13 Elm Street Skowhegan, ME 4976 Full Service B&M $166,882
    Skowhegan Savings Bank 134 Hannaford Drive Farmington, ME 4938 Full Service B&M $36,945
    Skowhegan Savings Bank 188 Main Street Madison, ME 4950 Full Service B&M $40,746
    Skowhegan Savings Bank 2484 Main Street Rangeley, ME 4970 Full Service B&M $18,810
    Skowhegan Savings Bank 284 Main Street Bingham, ME 4920 Full Service B&M $16,635
    Skowhegan Savings Bank 450 Civic Center Drive Augusta, ME 4330 Full Service B&M $32,335
    Skowhegan Savings Bank 613 Main Street Jackman, ME 4945 Full Service B&M $28,818
    Skowhegan Savings Bank 7 Depot Street Kingfield, ME 4947 Full Service B&M $42,559
    Skowhegan Savings Bank 81-83 Church Street Dexter, ME 4930 Full Service B&M $47,489

    For 2019, Skowhegan Savings Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $23,575
    Net interest income $20,095
    Total noninterest income $2,487
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $525
    Trading account gains and fees $0
    Additional Noninterest Income $1,962
    Pre-tax net operating income $5,335
    Securities gains (or losses, -) $2,985
    Income before extraordinary items $6,760
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,760
    Minority interest net income $0
    Net income $6,760
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,342

    Skowhegan Savings Bank's gross interest income from loans was $23,575,000.
    Skowhegan Savings Bank's net interest income from loans was $20,095,000.
    Skowhegan Savings Bank's fee based income from loans was $525,000.
    Skowhegan Savings Bank's net income from loans was $6,760,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,480
    Provision for credit losses $390
    Total noninterest expense $16,857
    Salaries and employee benefits $9,891
    Premises and equipment expense $2,234
    Additional noninterest expense $4,732
    Applicable income taxes $1,560
    Net charge-offs $258
    Cash dividends $0

    Skowhegan Savings Bank's interest expense for loans was $3,480,000.
    Skowhegan Savings Bank's payroll and benefits expense were $9,891,000.
    Skowhegan Savings Bank's property, plant and equipment expenses $2,234,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    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 $471,901
    Deposits held in domestic offices $471,901
    Deposits by Individuals, partnerships, and corporations $471,901
    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 $208,890
    Demand deposits $152,865
    Nontransaction accounts $263,011
    Money market deposit accounts (MMDAs) $57,439
    Other savings deposits (excluding MMDAs) $93,431
    Total time deposits $112,142
    Total time and savings deposits $319,036
    Noninterest-bearing deposits $152,940
    Interest-bearing deposits $318,961
    Retail deposits $453,856
    IRAs and Keogh plan accounts $35,476
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $606,333
    Cash & Balances due from depository institutions $15,248
    Interest-bearing balances $8,095
    Total securities $92,562
    Federal funds sold & reverse repurchase $0
    Net loans and leases $469,042
    Loan and leases loss allowance $4,795
    Trading account assets $0
    Bank premises and fixed assets $7,933
    Other real estate owned $313
    Goodwill and other intangibles $2,266
    All other assets $18,969

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $606,332
    Total Liabilities $511,400
    Total deposits $471,901
    Interest-bearing deposits $318,961
    Deposits held in domestic offices $471,901
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $32,409
    Subordinated debt $0
    All other liabilities $7,090

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $469,042
    Loan and leases loss allowance $4,795
    Total loans and leases (domestic) $473,837
    All real estate loans $367,906
    Real estate loans in domestic offices $367,906
    Construction and development loans $12,912
    Residential 1-4 family construction $2,854
    Other construction, all land development and other land $10,058
    Loans secured by nonfarm nonresidential properties $100,639
    Nonfarm nonresidential secured by owner-occupied properties $66,149
    Commercial real estate & other non-farm, non-residential $34,490
    Multifamily residential real estate $2,066
    1-4 family residential loans $250,640
    Farmland loans $1,649
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $41,547
    To non-U.S. addressees $0
    Loans to individuals $55,438
    Credit card loans $0
    Related Plans $296
    Consumer Auto Loans $51,071
    Other loans to individuals $4,071
    All other loans & leases $8,946
    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 $1,679
    Non 1-4 family restructured loans & leases $785
    Total loans and leases (foreign) $0

    Skowhegan Savings Bank had $469,042,000 of loans outstanding in 2019. $367,906,000 of loans were in real estate loans. $12,912,000 of loans were in development loans. $2,066,000 of loans were in multifamily mortgage loans. $250,640,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $51,071,000 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 258 $38,155 $147,888
    Nonfarm, nonresidential loans - <$100k 98 $3,151 $32,153
    Nonfarm, nonresidential loans - $100-250k 90 $9,762 $108,467
    Nonfarm, nonresidential loans - $250k-1MM 70 $25,242 $360,600
    Commercial & Industrial, US addressed loans - <$1MM 197 $15,203 $77,173
    Commercial & Industrial, US addressed loans - <$100k 133 $2,415 $18,158
    Commercial & Industrial, US addressed loans - $100-250k 38 $3,116 $82,000
    Commercial & Industrial, US addressed loans - $250k-1MM 26 $9,672 $372,000
    Farmland loans - <$1MM 2 $354 $177,000
    Farmland loans - $100-250k 1 $160 $160,000
    Farmland loans - $250k-1MM 1 $194 $194,000