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. They have a low ratio of USDA 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

    492

    Origination Dollar Volume (All Markets)

    $81,650,000

    Employee count

    131

    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 348 $52,490,000 $150,833 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 89 $16,355,000 $183,764 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 19 $7,875,000 $414,474 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 27 $3,755,000 $139,074 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 9 $1,175,000 $130,556 $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 475 $79,725,000 $167,842 $0 0.00%
    USDA 17 $1,925,000 $113,235 $0 0.00%

    For 2020, Skowhegan Savings Bank's most frequently originated type of loan was Conventional, with 475 originations. Their 2nd most popular type was USDA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 235 $41,865,000 $178,149 $0 0.00%
    Refi 235 $37,655,000 $160,234 $0 0.00%
    Other 15 $1,285,000 $85,667 $0 0.00%
    Home Improvement 7 $845,000 $120,714 $0 0.00%

    For 2020, Skowhegan Savings Bank's most frequently cited loan purpose was Home Purchase, with 235 originations. The 2nd most popular reason was Refi, with 235 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 492 $81,650,000 $165,955 $0 0.00%

    For 2020, Skowhegan Savings Bank's most frequently cited loan duration was Other, with 492 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 214 $31,230,000 $145,935 $0 0.00%
    $100,000 or less 156 $10,610,000 $68,013 $0 0.00%
    $200k-400k 102 $27,390,000 $268,529 $0 0.00%
    $400k-600k 15 $6,935,000 $462,333 $0 0.00%
    $600k-1MM 3 $2,435,000 $811,667 $0 0.00%
    $1MM+ 2 $3,050,000 $1,525,000 $0 0.00%

    2020 saw Skowhegan Savings Bank place emphasis on $100k-200k loans with 214 originations, totaling $31,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 108 $15,100,000 $139,815 $0 0.00%
    $100k-150k 104 $16,340,000 $157,115 $0 0.00%
    $75k-100k 73 $10,385,000 $142,260 $0 0.00%
    $50k or less 71 $6,225,000 $87,676 $0 0.00%
    $150k-250k 70 $16,110,000 $230,143 $0 0.00%
    $250k+ 51 $15,075,000 $295,588 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 108 originations. The second most popular income band? $100k-150k, with 104 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 492 $81,650,000 $165,955 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 492 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 444 $73,560,000 $165,676 $0 0.00%
    Not provided 28 $4,590,000 $163,929 $0 0.00%
    Not applicable 13 $2,335,000 $179,615 $0 0.00%
    American Indian 3 $545,000 $181,667 $0 0.00%
    Asian 3 $525,000 $175,000 $0 0.00%
    Black 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.08%

    Skowhegan Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.83%

    Skowhegan Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 492 $81,650,000 $165,955

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $460,000 $230,000
    Single Family (1-4 Units):Manufactured 14 $850,000 $60,714
    Single Family (1-4 Units):Site-Built 476 $80,340,000 $168,782

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Skowhegan Savings Bank 92 Main Street Fairfield, ME 4937 Full Service B&M $35,680
    Skowhegan Savings Bank 13 Elm Street Skowhegan, ME 4976 Full Service B&M $178,588
    Skowhegan Savings Bank 134 Hannaford Drive Farmington, ME 4938 Full Service B&M $44,382
    Skowhegan Savings Bank 188 Main Street Madison, ME 4950 Full Service B&M $45,645
    Skowhegan Savings Bank 2484 Main Street Rangeley, ME 4970 Full Service B&M $23,838
    Skowhegan Savings Bank 284 Main Street Bingham, ME 4920 Full Service B&M $19,056
    Skowhegan Savings Bank 450 Civic Center Drive Augusta, ME 4330 Full Service B&M $37,908
    Skowhegan Savings Bank 613 Main Street Jackman, ME 4945 Full Service B&M $32,110
    Skowhegan Savings Bank 7 Depot Street Kingfield, ME 4947 Full Service B&M $52,433
    Skowhegan Savings Bank 81-83 Church Street Dexter, ME 4930 Full Service B&M $48,758
    Skowhegan Savings Bank 9 Main Street Norridgewock, ME 4957 Full Service B&M $29,345

    For 2020, Skowhegan Savings Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,783
    Net interest income $20,607
    Total noninterest income $3,295
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $416
    Trading account gains and fees $0
    Additional Noninterest Income $2,879
    Pre-tax net operating income $4,801
    Securities gains (or losses, -) $4
    Income before extraordinary items $4,242
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,242
    Minority interest net income $0
    Net income $4,242
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,238

    Skowhegan Savings Bank's gross interest income from loans was $22,783,000.
    Skowhegan Savings Bank's net interest income from loans was $20,607,000.
    Skowhegan Savings Bank's fee based income from loans was $416,000.
    Skowhegan Savings Bank's net income from loans was $4,242,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,176
    Provision for credit losses $975
    Total noninterest expense $18,126
    Salaries and employee benefits $10,646
    Premises and equipment expense $2,438
    Additional noninterest expense $5,042
    Applicable income taxes $563
    Net charge-offs $109
    Cash dividends $0

    Skowhegan Savings Bank's interest expense for loans was $2,176,000.
    Skowhegan Savings Bank's payroll and benefits expense were $10,646,000.
    Skowhegan Savings Bank's property, plant and equipment expenses $2,438,000.

    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 $596,058
    Deposits held in domestic offices $596,058
    Deposits by Individuals, partnerships, and corporations $596,058
    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 $306,945
    Demand deposits $236,361
    Nontransaction accounts $289,113
    Money market deposit accounts (MMDAs) $65,744
    Other savings deposits (excluding MMDAs) $116,727
    Total time deposits $106,641
    Total time and savings deposits $359,697
    Noninterest-bearing deposits $236,361
    Interest-bearing deposits $359,697
    Retail deposits $578,177
    IRAs and Keogh plan accounts $35,506
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $722,304
    Cash & Balances due from depository institutions $79,688
    Interest-bearing balances $70,029
    Total securities $141,827
    Federal funds sold & reverse repurchase $0
    Net loans and leases $471,147
    Loan and leases loss allowance $5,661
    Trading account assets $0
    Bank premises and fixed assets $8,469
    Other real estate owned $108
    Goodwill and other intangibles $2,266
    All other assets $18,799

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $722,304
    Total Liabilities $621,936
    Total deposits $596,058
    Interest-bearing deposits $359,697
    Deposits held in domestic offices $596,058
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $17,604
    Subordinated debt $0
    All other liabilities $8,274

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $471,147
    Loan and leases loss allowance $5,661
    Total loans and leases (domestic) $476,808
    All real estate loans $399,865
    Real estate loans in domestic offices $399,865
    Construction and development loans $11,007
    Residential 1-4 family construction $2,404
    Other construction, all land development and other land $8,603
    Loans secured by nonfarm nonresidential properties $121,820
    Nonfarm nonresidential secured by owner-occupied properties $78,670
    Commercial real estate & other non-farm, non-residential $43,150
    Multifamily residential real estate $1,976
    1-4 family residential loans $263,571
    Farmland loans $1,491
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $20,407
    To non-U.S. addressees $0
    Loans to individuals $47,966
    Credit card loans $0
    Related Plans $193
    Consumer Auto Loans $43,874
    Other loans to individuals $3,899
    All other loans & leases $8,570
    Loans to foreign governments and official institutions $0
    Other loans $55
    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 $1,074
    Non 1-4 family restructured loans & leases $324
    Total loans and leases (foreign) $0

    Skowhegan Savings Bank had $471,147,000 of loans outstanding in 2020. $399,865,000 of loans were in real estate loans. $11,007,000 of loans were in development loans. $1,976,000 of loans were in multifamily mortgage loans. $263,571,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $43,874,000 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 263 $43,469 $165,281
    Nonfarm, nonresidential loans - <$100k 84 $2,334 $27,786
    Nonfarm, nonresidential loans - $100-250k 93 $10,229 $109,989
    Nonfarm, nonresidential loans - $250k-1MM 86 $30,906 $359,372
    Commercial & Industrial, US addressed loans - <$1MM 320 $12,476 $38,988
    Commercial & Industrial, US addressed loans - <$100k 257 $4,230 $16,459
    Commercial & Industrial, US addressed loans - $100-250k 47 $3,354 $71,362
    Commercial & Industrial, US addressed loans - $250k-1MM 16 $4,892 $305,750
    Farmland loans - <$1MM 2 $330 $165,000
    Farmland loans - $100-250k 1 $148 $148,000
    Farmland loans - $250k-1MM 1 $182 $182,000