Solvay Bank Mortgage Rates, Fees & Info

Solvay, NY

LEI: 549300BOYV1JVWTO8O89

Tax ID: 15-0454140

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Solvay Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Solvay Bank has a high proportion of conventional loans. Their top markets include Syracuse, Utica, Auburn, Cortland, and Ogdensburg among others. Solvay Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

348

Origination Dollar Volume (All Markets)

$91,400,000

Employee count

153

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SYRACUSE, NY (FHA|USDA|VA) 332 $86,430,000 $260,331 $0 0.00%
UTICA-ROME, NY (FHA|USDA|VA) 5 $2,085,000 $417,000 $0 0.00%
Auburn, NY (FHA|USDA|VA) 8 $2,040,000 $255,000 $0 0.00%
Cortland, NY (FHA|USDA|VA) 2 $710,000 $355,000 $0 0.00%
Ogdensburg-Massena, NY (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%

Solvay Bank's top markets include Syracuse, Utica, Auburn, Cortland, and Ogdensburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 348 $91,400,000 $262,644 $0 0.00%

For the 2021 period, Solvay Bank's most frequently originated loan type of loans were Conventional, with 348 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 135 $33,515,000 $248,259 $0 0.00%
Refi 97 $23,575,000 $243,041 $0 0.00%
Cash Out Refi 93 $30,625,000 $329,301 $0 0.00%
Home Improvement 15 $2,915,000 $194,333 $0 0.00%
Other 8 $770,000 $96,250 $0 0.00%

For the 2021, Solvay Bank's most frequently cited loan purpose of loans were Home Purchase, with 135 originations. The 2nd most popular reason of loans were Refi, with 97 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 348 $91,400,000 $262,644 $0 0.00%

For the 2021, Solvay Bank's most frequently cited loan length of loans were Other, with 348 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 152 $22,090,000 $145,329 $0 0.00%
$200k-400k 99 $27,835,000 $281,162 $0 0.00%
$100,000 or less 63 $3,945,000 $62,619 $0 0.00%
$400k-600k 20 $9,310,000 $465,500 $0 0.00%
$600k-1MM 9 $6,755,000 $750,556 $0 0.00%
$1MM+ 5 $21,465,000 $4,293,000 $0 0.00%

2021 saw Solvay Bank place emphasis on $100k-200k loans with 152 originations, totaling $22,090,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 88 $18,390,000 $208,977 $0 0.00%
$150k-250k 61 $14,985,000 $245,656 $0 0.00%
$50k-75k 55 $7,415,000 $134,818 $0 0.00%
$75k-100k 53 $8,435,000 $159,151 $0 0.00%
$50k or less 38 $3,570,000 $93,947 $0 0.00%
$250k+ 31 $11,115,000 $358,548 $0 0.00%

Solvay Bank lent most frequently to those with incomes in the $100k-150k range, with 88 originations. The second most popular income band? $150k-250k, with 61 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 348 $91,400,000 $262,644 $0 0.00%

Solvay Bank lent most frequently to those with DTI ratios of Exempt%, with 348 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 286 $55,880,000 $195,385 $0 0.00%
Not applicable 16 $26,410,000 $1,650,625 $0 0.00%
Not provided 40 $7,980,000 $199,500 $0 0.00%
Asian 2 $630,000 $315,000 $0 0.00%
American Indian 2 $270,000 $135,000 $0 0.00%
Black 2 $230,000 $115,000 $0 0.00%

Approval Rates

Total approvals of all applications
92.17%

Solvay Bank has an average approval rate.

Pick Rate

Approvals leading to origination
84.75%

Solvay Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 348 $91,400,000 $262,644

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
348 $91,400,000 $262,644

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Solvay Bank 7895 Brewerton Road Cicero, NY 13039 Full Service B&M $35,736
Solvay Bank 109 South Warren Street Syracuse, NY 13202 Full Service B&M $161,293
Solvay Bank 1537 Milton Avenue Solvay, NY 13209 Full Service B&M $381,678
Solvay Bank 197 Downer Street Baldwinsville, NY 13027 Full Service B&M $37,803
Solvay Bank 3201 West Genesee Street Syracuse, NY 13219 Full Service B&M $113,609
Solvay Bank 56 Genesee Street Camillus, NY 13031 Full Service B&M $79,276
Solvay Bank 628 South Main Street North Syracuse, NY 13212 Full Service B&M $72,470
Solvay Bank 6828 E Genesee St Fayetteville, NY 13066 Full Service B&M $57,700
Solvay Bank 7421 Oswego Road Liverpool, NY 13090 Full Service B&M $60,584

For 2021, Solvay Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $31,014
Net interest income $27,826
Total noninterest income $5,838
Gross Fiduciary activities income $1,240
Service charges on deposit accounts $1,030
Trading account gains and fees $0
Additional Noninterest Income $3,568
Pre-tax net operating income $13,013
Securities gains (or losses, -) $18
Income before extraordinary items $10,439
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,439
Minority interest net income $0
Net income $10,439
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,424

Solvay Bank's gross interest income from loans was $31,014,000.
Solvay Bank's net interest income from loans was $27,826,000.
Solvay Bank's fee based income from loans was $1,030,000.
Solvay Bank's net income from loans was $10,439,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,188
Provision for credit losses $600
Total noninterest expense $20,051
Salaries and employee benefits $11,505
Premises and equipment expense $3,303
Additional noninterest expense $5,243
Applicable income taxes $2,592
Net charge-offs $467
Cash dividends $3,403

Solvay Bank's interest expense for loans was $3,188,000.
Solvay Bank's payroll and benefits expense were $11,505,000.
Solvay Bank's property, plant and equipment expenses $3,303,000.

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 0.3%
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 $987,673
Deposits held in domestic offices $987,673
Deposits by Individuals, partnerships, and corporations $821,180
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $166,493
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 $442,269
Demand deposits $321,434
Nontransaction accounts $545,404
Money market deposit accounts (MMDAs) $214,618
Other savings deposits (excluding MMDAs) $155,577
Total time deposits $175,209
Total time and savings deposits $666,239
Noninterest-bearing deposits $321,434
Interest-bearing deposits $666,239
Retail deposits $917,664
IRAs and Keogh plan accounts $27,233
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,097,571
Cash & Balances due from depository institutions $10,893
Interest-bearing balances $656
Total securities $426,844
Federal funds sold & reverse repurchase $32
Net loans and leases $617,596
Loan and leases loss allowance $7,589
Trading account assets $0
Bank premises and fixed assets $12,132
Other real estate owned $0
Goodwill and other intangibles $24
All other assets $30,050

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,097,571
Total Liabilities $997,886
Total deposits $987,673
Interest-bearing deposits $666,239
Deposits held in domestic offices $987,673
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $3,700
Subordinated debt $0
All other liabilities $6,513

Issued Loan Types

Type Value (in 000's)
Net loans and leases $617,596
Loan and leases loss allowance $7,589
Total loans and leases (domestic) $625,185
All real estate loans $466,576
Real estate loans in domestic offices $466,576
Construction and development loans $15,129
Residential 1-4 family construction $5,407
Other construction, all land development and other land $9,722
Loans secured by nonfarm nonresidential properties $120,346
Nonfarm nonresidential secured by owner-occupied properties $47,157
Commercial real estate & other non-farm, non-residential $73,189
Multifamily residential real estate $24,917
1-4 family residential loans $306,184
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $93,950
To non-U.S. addressees $0
Loans to individuals $59,492
Credit card loans $2,403
Related Plans $417
Consumer Auto Loans $54,466
Other loans to individuals $2,206
All other loans & leases $5,167
Loans to foreign governments and official institutions $0
Other loans $406
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $2,423
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,724
Non 1-4 family restructured loans & leases $470
Total loans and leases (foreign) $0

Solvay Bank had $617,596,000 of loans outstanding in 2021. $466,576,000 of loans were in real estate loans. $15,129,000 of loans were in development loans. $24,917,000 of loans were in multifamily mortgage loans. $306,184,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,403,000 of loans were in credit card loans. $54,466,000 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 123 $22,012 $178,959
Nonfarm, nonresidential loans - <$100k 12 $636 $53,000
Nonfarm, nonresidential loans - $100-250k 61 $6,713 $110,049
Nonfarm, nonresidential loans - $250k-1MM 50 $14,663 $293,260
Commercial & Industrial, US addressed loans - <$1MM 606 $63,456 $104,713
Commercial & Industrial, US addressed loans - <$100k 372 $9,531 $25,621
Commercial & Industrial, US addressed loans - $100-250k 130 $13,891 $106,854
Commercial & Industrial, US addressed loans - $250k-1MM 104 $40,034 $384,942