Saco & Biddeford Savings Institution Mortgage Rates, Fees & Info

Saco, ME

LEI: 5493008KJFFG6PYZ5914

Tax ID: 01-0153690

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Saco & Biddeford Savings Institution is a smaller mortgage company specializing in Refi and Home Purchase loans. Saco & Biddeford Savings Institution has a high proportion of conventional loans. Their top markets include Portland, Augusta, and Lewiston among others. Saco & Biddeford Savings Institution 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. Saco & Biddeford Savings Institution is typically an average fee lendor.


Originations

450

Origination Dollar Volume (All Markets)

$195,900,000

Employee count

192

Relative Rate

Saco & Biddeford Savings Institution's average 30 year fixed rate mortgage of loans were 3.48%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.33%.

Relative Fees

Saco & Biddeford Savings Institution's average total fees for a 30 year fixed rate mortgage are $3,557.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 441 $192,625,000 $436,791 $3,770 3.28%
Outside of Metro Areas 5 $2,355,000 $471,000 $5,266 3.50%
Augusta-Waterville, ME (FHA|USDA|VA) 2 $680,000 $340,000 $3,513 2.88%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 2 $240,000 $120,000 $2,798 3.60%

Saco & Biddeford Savings Institution's top markets include Portland, Augusta, and Lewiston among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 450 $195,900,000 $435,333 $3,786 3.28%

For the 2021 period, Saco & Biddeford Savings Institution's most frequently originated loan type of loans were Conventional, with 450 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 234 $85,220,000 $364,188 $2,933 3.08%
Home Purchase 195 $102,535,000 $525,821 $5,050 3.53%
Other 18 $7,640,000 $424,444 $3,289 3.30%
Home Improvement 3 $505,000 $168,333 $2,970 3.06%

For the 2021, Saco & Biddeford Savings Institution's most frequently cited loan purpose of loans were Refi, with 234 originations. The 2nd most popular reason of loans were Home Purchase, with 195 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 267 $122,145,000 $457,472 $3,557 3.48%
15 Year 69 $18,225,000 $264,130 $2,618 2.62%
30+ year 44 $28,010,000 $636,591 $7,312 3.49%
20 Year 29 $12,955,000 $446,724 $3,375 3.14%
Other 24 $11,030,000 $459,583 $4,329 3.24%
10 Year 14 $2,650,000 $189,286 $2,357 2.51%
5 Year 2 $480,000 $240,000 $1,643 3.07%
1 Year 1 $405,000 $405,000 $0 3.75%

For the 2021, Saco & Biddeford Savings Institution's most frequently cited loan length of loans were 30 Year, with 267 originations. The 2nd most popular length of loans were 15 Year, with 69 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 202 $102,960,000 $509,703
$<1k 136 $38,590,000 $283,750
$2k-3k 35 $21,995,000 $628,429
$3k-4k 1 $725,000 $725,000
$5k+ 1 $365,000 $365,000

$3,557 of loans were Saco & Biddeford Savings Institution's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 202 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 278 $137,800,000 $495,683
2.5-3% 101 $39,585,000 $391,931
<2.5% 54 $13,990,000 $259,074
4-5% 17 $4,525,000 $266,176

During 2021, Saco & Biddeford Savings Institution's average interest rate of loans were 3.48%, while their most frequently originated rate bucket of loans were 3-4%, with 278 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 189 $54,115,000 $286,323 $3,310 3.31%
$100k-200k 86 $13,030,000 $151,512 $2,385 3.17%
$600k-1MM 68 $51,830,000 $762,206 $5,162 3.31%
$400k-600k 63 $31,245,000 $495,952 $4,448 3.39%
$1MM+ 28 $44,340,000 $1,583,571 $7,134 3.30%
$100,000 or less 16 $1,340,000 $83,750 $2,017 3.04%

2021 saw Saco & Biddeford Savings Institution place emphasis on $200k-400k loans with 189 originations, totaling $54,115,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 114 $54,020,000 $473,860 $4,139 3.28%
$250k+ 97 $73,415,000 $756,856 $5,194 3.28%
$100k-150k 96 $28,920,000 $301,250 $3,221 3.27%
$50k-75k 54 $11,100,000 $205,556 $2,893 3.30%
$75k-100k 52 $13,100,000 $251,923 $3,139 3.21%
$50k or less 21 $3,585,000 $170,714 $2,014 3.35%

Saco & Biddeford Savings Institution lent most frequently to those with incomes in the $150k-250k range, with 114 originations. The second most popular income band? $250k+, with 97 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 111 $50,115,000 $451,486 $4,056 3.25%
30-36% 86 $30,930,000 $359,651 $3,524 3.31%
<20% 57 $30,335,000 $532,193 $3,975 3.22%
38% 20 $8,250,000 $412,500 $3,772 3.59%
41% 18 $8,600,000 $477,778 $4,338 3.39%
37% 18 $6,180,000 $343,333 $3,545 3.23%
36% 17 $5,855,000 $344,412 $3,159 3.09%
39% 17 $7,845,000 $461,471 $3,230 3.25%
40% 16 $6,240,000 $390,000 $3,656 3.28%
45% 12 $3,020,000 $251,667 $3,452 3.05%
50-60% 10 $5,140,000 $514,000 $4,438 3.30%
>60% 9 $3,955,000 $439,444 $3,676 3.21%
42% 9 $2,675,000 $297,222 $3,848 3.48%
43% 8 $3,730,000 $466,250 $3,189 3.31%
46% 4 $1,040,000 $260,000 $2,835 2.76%
48% 4 $1,150,000 $287,500 $3,474 2.87%
49% 4 $1,550,000 $387,500 $5,964 3.53%
47% 3 $1,675,000 $558,333 $3,659 2.94%
44% 3 $2,635,000 $878,333 $6,273 3.47%

Saco & Biddeford Savings Institution lent most frequently to those with DTI ratios of 20-30%, with 111 originations. The next most common DTI ratio? 30-36%, with 86 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 376 $150,440,000 $400,106 $3,712 3.28%
Not provided 54 $26,070,000 $482,778 $4,222 3.22%
Not applicable 11 $10,435,000 $948,636 $0 3.62%
American Indian 2 $6,140,000 $3,070,000 $12,993 3.77%
Asian Indian 4 $1,840,000 $460,000 $3,879 3.67%
Asian 2 $650,000 $325,000 $3,195 3.44%
Black 1 $325,000 $325,000 $3,051 2.75%

Approval Rates

Total approvals of all applications
89.60%

Saco & Biddeford Savings Institution has an average approval rate.

Pick Rate

Approvals leading to origination
76.00%

Saco & Biddeford Savings Institution has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 450 $195,900,000 $435,333

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
450 $195,900,000 $435,333

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 48 $10,570,000 $220,208 $2,611 2.94%
40-60% 93 $31,305,000 $336,613 $3,447 3.04%
60-80% 199 $96,865,000 $486,759 $3,843 3.40%
80-100% 102 $56,310,000 $552,059 $4,590 3.47%
Under 20% 8 $850,000 $106,250 $2,430 2.87%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Saco & Biddeford Savings Institution 160 Shops Way Biddeford, ME 4005 Full Service B&M $47,992
Saco & Biddeford Savings Institution 136 Commercial Street Portland, ME 4101 Full Service B&M $31,578
Saco & Biddeford Savings Institution 2 Portland Avenue Old Orchard Beach, ME 4064 Full Service B&M $176,616
Saco & Biddeford Savings Institution 252 Main St Saco, ME 4072 Full Service B&M $406,384
Saco & Biddeford Savings Institution 41 Gorham Road Scarborough, ME 4074 Full Service B&M $100,032
Saco & Biddeford Savings Institution 601 Broadway South Portland, ME 4106 Full Service B&M $64,253
Saco & Biddeford Savings Institution Hannaford Drive, 2 Hannaford Drive Westbrook, ME 4092 Full Service B&M $43,948

For 2021, Saco & Biddeford Savings Institution had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,143
Net interest income $29,173
Total noninterest income $8,588
Gross Fiduciary activities income $0
Service charges on deposit accounts $208
Trading account gains and fees $0
Additional Noninterest Income $8,380
Pre-tax net operating income $6,501
Securities gains (or losses, -) $3,311
Income before extraordinary items $7,912
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,912
Minority interest net income $0
Net income $7,912
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,230

Saco & Biddeford Savings Institution's gross interest income from loans was $37,143,000.
Saco & Biddeford Savings Institution's net interest income from loans was $29,173,000.
Saco & Biddeford Savings Institution's fee based income from loans was $208,000.
Saco & Biddeford Savings Institution's net income from loans was $7,912,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $7,970
Provision for credit losses $0
Total noninterest expense $31,260
Salaries and employee benefits $20,490
Premises and equipment expense $3,407
Additional noninterest expense $7,363
Applicable income taxes $1,900
Net charge-offs $-35
Cash dividends $0

Saco & Biddeford Savings Institution's interest expense for loans was $7,970,000.
Saco & Biddeford Savings Institution's payroll and benefits expense were $20,490,000.
Saco & Biddeford Savings Institution's property, plant and equipment expenses $3,407,000.

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 1.0%
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 $895,029
Deposits held in domestic offices $895,029
Deposits by Individuals, partnerships, and corporations $812,048
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $34,008
Deposits by Commercial banks and other depository institutions in U.S. $48,972
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $223,780
Demand deposits $175,095
Nontransaction accounts $671,248
Money market deposit accounts (MMDAs) $340,787
Other savings deposits (excluding MMDAs) $13,330
Total time deposits $317,130
Total time and savings deposits $719,933
Noninterest-bearing deposits $175,100
Interest-bearing deposits $719,929
Retail deposits $782,276
IRAs and Keogh plan accounts $46,453
Brokered deposits $72,173
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,156,620
Cash & Balances due from depository institutions $21,440
Interest-bearing balances $15,187
Total securities $175,635
Federal funds sold & reverse repurchase $3,438
Net loans and leases $913,541
Loan and leases loss allowance $4,991
Trading account assets $0
Bank premises and fixed assets $14,895
Other real estate owned $0
Goodwill and other intangibles $4,587
All other assets $23,084

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,156,620
Total Liabilities $1,024,639
Total deposits $895,029
Interest-bearing deposits $719,929
Deposits held in domestic offices $895,029
% insured (estimated) $81
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $116,326
Subordinated debt $0
All other liabilities $13,284

Issued Loan Types

Type Value (in 000's)
Net loans and leases $913,541
Loan and leases loss allowance $4,991
Total loans and leases (domestic) $918,532
All real estate loans $873,327
Real estate loans in domestic offices $873,327
Construction and development loans $71,108
Residential 1-4 family construction $26,593
Other construction, all land development and other land $44,515
Loans secured by nonfarm nonresidential properties $163,116
Nonfarm nonresidential secured by owner-occupied properties $34,569
Commercial real estate & other non-farm, non-residential $128,547
Multifamily residential real estate $36,702
1-4 family residential loans $602,401
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $26,341
To non-U.S. addressees $0
Loans to individuals $5,236
Credit card loans $0
Related Plans $19
Consumer Auto Loans $505
Other loans to individuals $4,712
All other loans & leases $13,629
Loans to foreign governments and official institutions $0
Other loans $357
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $3,697
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,845
Non 1-4 family restructured loans & leases $16
Total loans and leases (foreign) $0

Saco & Biddeford Savings Institution had $913,541,000 of loans outstanding in 2021. $873,327,000 of loans were in real estate loans. $71,108,000 of loans were in development loans. $36,702,000 of loans were in multifamily mortgage loans. $602,401,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $505,000 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 202 $53,745 $266,064
Nonfarm, nonresidential loans - <$100k 30 $1,153 $38,433
Nonfarm, nonresidential loans - $100-250k 50 $5,359 $107,180
Nonfarm, nonresidential loans - $250k-1MM 122 $47,233 $387,156
Commercial & Industrial, US addressed loans - <$1MM 176 $11,551 $65,631
Commercial & Industrial, US addressed loans - <$100k 116 $1,846 $15,914
Commercial & Industrial, US addressed loans - $100-250k 39 $4,122 $105,692
Commercial & Industrial, US addressed loans - $250k-1MM 21 $5,583 $265,857