Solvay Bank Mortgage Rates, Fees & Info

Solvay, NY

LEI: 549300BOYV1JVWTO8O89

Tax ID: 15-0454140

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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

    Solvay Bank is a smaller bank specializing in Home Purchase loans. Solvay Bank has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Auburn, Ithaca, Watertown, and Cortland among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Solvay Bank has an above average approval rate when compared to the average across all lenders. They have an above 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

    268

    Origination Dollar Volume (All Markets)

    $37,380,000

    Employee count

    160

    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
    SYRACUSE, NY (FHA|USDA|VA) 260 $36,230,000 $139,346 $0 6.75%
    Auburn, NY (FHA|USDA|VA) 4 $610,000 $152,500 $0 0.00%
    ITHACA, NY (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    Cortland, NY (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    Solvay Bank's top markets include Syracuse, Auburn, Ithaca, Watertown, and Cortland among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 266 $37,230,000 $139,962 $0 0.00%
    HELOC 2 $150,000 $75,000 n/a 6.75%

    For 2018, Solvay Bank's most frequently originated type of loan was Conventional, with 266 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 172 $29,610,000 $172,151 $0 0.00%
    Home Improvement 40 $2,180,000 $54,500 $0 6.75%
    Cash Out Refi 34 $3,310,000 $97,353 $0 0.00%
    Refi 22 $2,280,000 $103,636 $0 0.00%

    For 2018, Solvay Bank's most frequently cited loan purpose was Home Purchase, with 172 originations. The 2nd most popular reason was Home Improvement, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 268 $37,380,000 $139,478 $0 6.75%

    For 2018, Solvay Bank's most frequently cited loan duration was Other, with 268 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 1 $95,000 $95,000
    7-8% 1 $55,000 $55,000

    During 2018, Solvay Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 1 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 110 $15,220,000 $138,364 $0 0.00%
    $100,000 or less 105 $6,445,000 $61,381 $0 6.75%
    $200k-400k 46 $12,470,000 $271,087 $0 0.00%
    $400k-600k 6 $2,580,000 $430,000 $0 0.00%
    $600k-1MM 1 $665,000 $665,000 $0 0.00%

    2018 saw Solvay Bank place emphasis on $100k-200k loans with 110 originations, totaling $15,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 64 $6,660,000 $104,063 $0 0.00%
    $100k-150k 63 $9,555,000 $151,667 $0 0.00%
    $150k-250k 42 $8,840,000 $210,476 $0 0.00%
    $50k or less 41 $3,645,000 $88,902 $0 7.50%
    $75k-100k 29 $2,935,000 $101,207 $0 0.00%
    $250k+ 17 $4,075,000 $239,706 $0 0.00%

    Solvay Bank lent most frequently to those with incomes in the $50k-75k range, with 64 originations. The second most popular income band? $100k-150k, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 266 $37,230,000 $139,962 $0 0.00%

    Solvay Bank lent most frequently to those with DTI ratios of Exempt%, with 266 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 206 $29,080,000 $141,165 $0 7.50%
    Not provided 46 $6,250,000 $135,870 $0 0.00%
    Not applicable 7 $1,105,000 $157,857 $0 6.00%
    Asian 3 $385,000 $128,333 $0 0.00%
    Black 4 $370,000 $92,500 $0 0.00%
    Native Hawaiian or Islander 1 $115,000 $115,000 $0 0.00%
    American Indian 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.59%

    Solvay Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.30%

    Solvay Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 266 $37,230,000 $139,962
    NA 2 $150,000 $75,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $275,000 $275,000
    Single Family (1-4 Units):Site-Built 267 $37,105,000 $138,970

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    60-80% 2 $150,000 $75,000 $0 6.75%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Solvay Bank 109 South Warren Street Syracuse, NY 13202 Full Service B&M $96,864
    Solvay Bank 1537 Milton Avenue Solvay, NY 13209 Full Service B&M $348,737
    Solvay Bank 197 Downer Street Baldwinsville, NY 13027 Full Service B&M $6,581
    Solvay Bank 4131 West Genesee St Syracuse, NY 13219 Full Service B&M $68,419
    Solvay Bank 527 Charles Avenue Solvay, NY 13209 Full Service B&M $24,686
    Solvay Bank 56 Genesee Street Camillus, NY 13031 Full Service B&M $64,769
    Solvay Bank 628 South Main Street North Syracuse, NY 13212 Full Service B&M $57,188
    Solvay Bank 6828 E Genesee St Fayetteville, NY 13066 Full Service B&M $42,536
    Solvay Bank 7421 Oswego Road Liverpool, NY 13090 Full Service B&M $43,564
    Solvay Bank 7895 Brewerton Road Cicero, NY 13039 Full Service B&M $27,316

    For 2018, Solvay Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $29,445
    Net interest income $24,567
    Total noninterest income $5,261
    Gross Fiduciary activities income $869
    Service charges on deposit accounts $1,368
    Trading account gains and fees $0
    Additional Noninterest Income $3,024
    Pre-tax net operating income $10,448
    Securities gains (or losses, -) $8
    Income before extraordinary items $8,539
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,539
    Minority interest net income $0
    Net income $8,539
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,532

    Solvay Bank's gross interest income from loans was $29,445,000.
    Solvay Bank's net interest income from loans was $24,567,000.
    Solvay Bank's fee based income from loans was $1,368,000.
    Solvay Bank's net income from loans was $8,539,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,878
    Provision for credit losses $625
    Total noninterest expense $18,755
    Salaries and employee benefits $11,464
    Premises and equipment expense $2,847
    Additional noninterest expense $4,444
    Applicable income taxes $1,917
    Net charge-offs $783
    Cash dividends $2,950

    Solvay Bank's interest expense for loans was $4,878,000.
    Solvay Bank's payroll and benefits expense were $11,464,000.
    Solvay Bank's property, plant and equipment expenses $2,847,000.

    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 0.1%
    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 $786,223
    Deposits held in domestic offices $786,223
    Deposits by Individuals, partnerships, and corporations $638,442
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $143,043
    Deposits by Commercial banks and other depository institutions in U.S. $4,738
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $67,324
    Demand deposits $51,793
    Nontransaction accounts $718,899
    Money market deposit accounts (MMDAs) $171,478
    Other savings deposits (excluding MMDAs) $338,630
    Total time deposits $208,791
    Total time and savings deposits $734,430
    Noninterest-bearing deposits $200,913
    Interest-bearing deposits $585,310
    Retail deposits $719,887
    IRAs and Keogh plan accounts $30,585
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $908,130
    Cash & Balances due from depository institutions $17,535
    Interest-bearing balances $805
    Total securities $250,359
    Federal funds sold & reverse repurchase $0
    Net loans and leases $603,375
    Loan and leases loss allowance $5,492
    Trading account assets $0
    Bank premises and fixed assets $8,911
    Other real estate owned $0
    Goodwill and other intangibles $76
    All other assets $27,874

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $908,130
    Total Liabilities $826,432
    Total deposits $786,223
    Interest-bearing deposits $585,310
    Deposits held in domestic offices $786,223
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $36,900
    Subordinated debt $0
    All other liabilities $3,309

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $603,375
    Loan and leases loss allowance $5,492
    Total loans and leases (domestic) $608,867
    All real estate loans $424,970
    Real estate loans in domestic offices $424,970
    Construction and development loans $26,012
    Residential 1-4 family construction $6,340
    Other construction, all land development and other land $19,672
    Loans secured by nonfarm nonresidential properties $89,752
    Nonfarm nonresidential secured by owner-occupied properties $48,489
    Commercial real estate & other non-farm, non-residential $41,263
    Multifamily residential real estate $23,109
    1-4 family residential loans $286,097
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $86,805
    To non-U.S. addressees $0
    Loans to individuals $94,061
    Credit card loans $2,891
    Related Plans $678
    Consumer Auto Loans $85,200
    Other loans to individuals $5,292
    All other loans & leases $3,031
    Loans to foreign governments and official institutions $0
    Other loans $299
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,192
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,791
    Non 1-4 family restructured loans & leases $514
    Total loans and leases (foreign) $0

    Solvay Bank had $603,375,000 of loans outstanding in 2018. $424,970,000 of loans were in real estate loans. $26,012,000 of loans were in development loans. $23,109,000 of loans were in multifamily mortgage loans. $286,097,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,891,000 of loans were in credit card loans. $85,200,000 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 125 $23,895 $191,160
    Nonfarm, nonresidential loans - $100-250k 75 $8,522 $113,627
    Nonfarm, nonresidential loans - $250k-1MM 50 $15,373 $307,460
    Commercial & Industrial, US addressed loans - <$1MM 809 $57,906 $71,577
    Commercial & Industrial, US addressed loans - <$100k 571 $13,197 $23,112
    Commercial & Industrial, US addressed loans - $100-250k 122 $10,109 $82,861
    Commercial & Industrial, US addressed loans - $250k-1MM 116 $34,600 $298,276