Skowhegan Savings Bank Mortgage Rates, Fees & Info

Skowhegan, ME

LEI: 54930083VRKEK3SXZJ31

Tax ID: 01-0160050

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

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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, Manchester, and Lewiston among others. We have data for 6 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

    431

    Origination Dollar Volume (All Markets)

    $80,545,000

    Employee count

    139

    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 306 $52,540,000 $171,699 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 73 $16,865,000 $231,027 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 18 $6,080,000 $337,778 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 30 $4,220,000 $140,667 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $385,000 $128,333 $0 0.00%
    Skowhegan Savings Bank's top markets include Augusta, Portland, Bangor, Manchester, and Lewiston among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 415 $78,295,000 $188,663 $0 0.00%
    USDA 16 $2,250,000 $140,625 $0 0.00%

    For 2021, Skowhegan Savings Bank's most frequently originated type of loan was Conventional, with 415 originations. Their 2nd most popular type was USDA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 224 $45,860,000 $204,732 $0 0.00%
    Refi 184 $32,270,000 $175,380 $0 0.00%
    Other 12 $1,480,000 $123,333 $0 0.00%
    Home Improvement 11 $935,000 $85,000 $0 0.00%

    For 2021, Skowhegan Savings Bank's most frequently cited loan purpose was Home Purchase, with 224 originations. The 2nd most popular reason was Refi, with 184 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 431 $80,545,000 $186,879 $0 0.00%

    For 2021, Skowhegan Savings Bank's most frequently cited loan duration was Other, with 431 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 174 $24,880,000 $142,989 $0 0.00%
    $100,000 or less 119 $8,285,000 $69,622 $0 0.00%
    $200k-400k 111 $29,285,000 $263,829 $0 0.00%
    $400k-600k 16 $7,750,000 $484,375 $0 0.00%
    $600k-1MM 9 $6,405,000 $711,667 $0 0.00%
    $1MM+ 2 $3,940,000 $1,970,000 $0 0.00%

    2021 saw Skowhegan Savings Bank place emphasis on $100k-200k loans with 174 originations, totaling $24,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 88 $11,200,000 $127,273 $0 0.00%
    $100k-150k 86 $14,580,000 $169,535 $0 0.00%
    $50k or less 76 $7,860,000 $103,421 $0 0.00%
    $150k-250k 69 $17,395,000 $252,101 $0 0.00%
    $75k-100k 65 $10,005,000 $153,923 $0 0.00%
    $250k+ 36 $13,760,000 $382,222 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 88 originations. The second most popular income band? $100k-150k, with 86 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 431 $80,545,000 $186,879 $0 0.00%

    Skowhegan Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 431 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 396 $69,800,000 $176,263 $0 0.00%
    Not applicable 8 $5,430,000 $678,750 $0 0.00%
    Not provided 23 $4,685,000 $203,696 $0 0.00%
    Asian 3 $465,000 $155,000 $0 0.00%
    American Indian 1 $165,000 $165,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.89%

    Skowhegan Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.03%

    Skowhegan Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 431 $80,545,000 $186,879

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    431 $80,545,000 $186,879

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Skowhegan Savings Bank 92 Main Street Fairfield, ME 4937 Full Service B&M $40,644
    Skowhegan Savings Bank 13 Elm St Skowhegan, ME 4976 Full Service B&M $199,280
    Skowhegan Savings Bank 134 Hannaford Drive Farmington, ME 4938 Full Service B&M $49,074
    Skowhegan Savings Bank 188 Main Street Madison, ME 4950 Full Service B&M $52,440
    Skowhegan Savings Bank 2484 Main Street Rangeley, ME 4970 Full Service B&M $30,650
    Skowhegan Savings Bank 284 Main Street Bingham, ME 4920 Full Service B&M $22,019
    Skowhegan Savings Bank 287 Marginal Way Portland, ME 4101 Full Service B&M $118
    Skowhegan Savings Bank 450 Civic Center Drive Augusta, ME 4330 Full Service B&M $50,930
    Skowhegan Savings Bank 613 Main Street Jackman, ME 4945 Full Service B&M $38,630
    Skowhegan Savings Bank 7 Depot Street Kingfield, ME 4947 Full Service B&M $70,474
    Skowhegan Savings Bank 81-83 Church Street Dexter, ME 4930 Full Service B&M $50,634
    Skowhegan Savings Bank 9 Main Street Norridgewock, ME 4957 Full Service B&M $33,576

    For 2021, Skowhegan Savings Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,896
    Net interest income $21,658
    Total noninterest income $3,371
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $476
    Trading account gains and fees $0
    Additional Noninterest Income $2,895
    Pre-tax net operating income $5,712
    Securities gains (or losses, -) $1,940
    Income before extraordinary items $6,109
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,109
    Minority interest net income $0
    Net income $6,109
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,557

    Skowhegan Savings Bank's gross interest income from loans was $22,896,000.
    Skowhegan Savings Bank's net interest income from loans was $21,658,000.
    Skowhegan Savings Bank's fee based income from loans was $476,000.
    Skowhegan Savings Bank's net income from loans was $6,109,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,238
    Provision for credit losses $180
    Total noninterest expense $19,137
    Salaries and employee benefits $11,076
    Premises and equipment expense $2,563
    Additional noninterest expense $5,498
    Applicable income taxes $1,543
    Net charge-offs $-35
    Cash dividends $0

    Skowhegan Savings Bank's interest expense for loans was $1,238,000.
    Skowhegan Savings Bank's payroll and benefits expense were $11,076,000.
    Skowhegan Savings Bank's property, plant and equipment expenses $2,563,000.

    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 2.0%
    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 $658,204
    Deposits held in domestic offices $658,204
    Deposits by Individuals, partnerships, and corporations $658,204
    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 $334,076
    Demand deposits $255,454
    Nontransaction accounts $324,128
    Money market deposit accounts (MMDAs) $81,255
    Other savings deposits (excluding MMDAs) $139,874
    Total time deposits $102,999
    Total time and savings deposits $402,750
    Noninterest-bearing deposits $163,426
    Interest-bearing deposits $494,778
    Retail deposits $639,745
    IRAs and Keogh plan accounts $33,910
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $780,474
    Cash & Balances due from depository institutions $67,488
    Interest-bearing balances $57,197
    Total securities $183,593
    Federal funds sold & reverse repurchase $0
    Net loans and leases $495,767
    Loan and leases loss allowance $5,875
    Trading account assets $0
    Bank premises and fixed assets $10,232
    Other real estate owned $0
    Goodwill and other intangibles $2,266
    All other assets $21,128

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $780,474
    Total Liabilities $676,921
    Total deposits $658,204
    Interest-bearing deposits $494,778
    Deposits held in domestic offices $658,204
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,604
    Subordinated debt $0
    All other liabilities $11,113

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $495,767
    Loan and leases loss allowance $5,875
    Total loans and leases (domestic) $501,642
    All real estate loans $433,403
    Real estate loans in domestic offices $433,403
    Construction and development loans $10,785
    Residential 1-4 family construction $2,359
    Other construction, all land development and other land $8,426
    Loans secured by nonfarm nonresidential properties $142,262
    Nonfarm nonresidential secured by owner-occupied properties $76,779
    Commercial real estate & other non-farm, non-residential $65,483
    Multifamily residential real estate $2,487
    1-4 family residential loans $276,790
    Farmland loans $1,079
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $20,066
    To non-U.S. addressees $0
    Loans to individuals $40,500
    Credit card loans $0
    Related Plans $156
    Consumer Auto Loans $39,083
    Other loans to individuals $1,261
    All other loans & leases $7,673
    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 $189
    Non 1-4 family restructured loans & leases $46
    Total loans and leases (foreign) $0

    Skowhegan Savings Bank had $495,767,000 of loans outstanding in 2021. $433,403,000 of loans were in real estate loans. $10,785,000 of loans were in development loans. $2,487,000 of loans were in multifamily mortgage loans. $276,790,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $39,083,000 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 273 $48,422 $177,370
    Nonfarm, nonresidential loans - <$100k 78 $2,105 $26,987
    Nonfarm, nonresidential loans - $100-250k 99 $10,851 $109,606
    Nonfarm, nonresidential loans - $250k-1MM 96 $35,466 $369,438
    Commercial & Industrial, US addressed loans - <$1MM 135 $8,597 $63,681
    Commercial & Industrial, US addressed loans - <$100k 89 $1,418 $15,933
    Commercial & Industrial, US addressed loans - $100-250k 32 $2,771 $86,594
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $4,408 $314,857