Solvay Bank Mortgage Rates, Fees & Info

Solvay, NY

LEI: 549300BOYV1JVWTO8O89

Tax ID: 15-0454140

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

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, Utica, Watertown, and Cortland among others. We have data for 5 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 a below average pick rate when compared to similar lenders.

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Originations

223

Origination Dollar Volume (All Markets)

$44,855,000

Employee count

158

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)	211	$41,215,000	$195,332	$0	0.00%
Auburn, NY (FHA\|USDA\|VA)	5	$1,885,000	$377,000	$0	0.00%
UTICA-ROME, NY (FHA\|USDA\|VA)	4	$1,220,000	$305,000	$0	0.00%
WATERTOWN-FORT DRUM, NY (FHA\|USDA\|VA)	1	$305,000	$305,000	$0	0.00%
Cortland, NY (FHA\|USDA\|VA)	2	$230,000	$115,000	$0	0.00%

Solvay Bank's top markets include Syracuse, Auburn, Utica, 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	223	$44,855,000	$201,143	$0	0.00%

For 2020, Solvay Bank's most frequently originated type of loan was Conventional, with 223 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	137	$29,485,000	$215,219	$0	0.00%
Cash Out Refi	40	$8,020,000	$200,500	$0	0.00%
Refi	23	$3,225,000	$140,217	$0	0.00%
Home Improvement	15	$3,505,000	$233,667	$0	0.00%
Other	8	$620,000	$77,500	$0	0.00%

For 2020, Solvay Bank's most frequently cited loan purpose was Home Purchase, with 137 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	223	$44,855,000	$201,143	$0	0.00%

For 2020, Solvay Bank's most frequently cited loan duration was Other, with 223 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	89	$13,155,000	$147,809	$0	0.00%
$100,000 or less	60	$3,910,000	$65,167	$0	0.00%
$200k-400k	59	$15,885,000	$269,237	$0	0.00%
$400k-600k	9	$4,245,000	$471,667	$0	0.00%
$1MM+	3	$5,075,000	$1,691,667	$0	0.00%
$600k-1MM	3	$2,585,000	$861,667	$0	0.00%

2020 saw Solvay Bank place emphasis on $100k-200k loans with 89 originations, totaling $13,155,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	49	$5,505,000	$112,347	$0	0.00%
$100k-150k	47	$9,945,000	$211,596	$0	0.00%
$150k-250k	36	$9,640,000	$267,778	$0	0.00%
$75k-100k	27	$3,925,000	$145,370	$0	0.00%
$50k or less	25	$2,125,000	$85,000	$0	0.00%
$250k+	23	$7,425,000	$322,826	$0	0.00%

Solvay Bank lent most frequently to those with incomes in the $50k-75k range, with 49 originations. The second most popular income band? $100k-150k, with 47 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	223	$44,855,000	$201,143	$0	0.00%

Solvay Bank lent most frequently to those with DTI ratios of Exempt%, with 223 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	169	$28,715,000	$169,911	$0	0.00%
Not provided	34	$8,810,000	$259,118	$0	0.00%
Not applicable	11	$5,755,000	$523,182	$0	0.00%
Black	4	$590,000	$147,500	$0	0.00%
Asian	2	$440,000	$220,000	$0	0.00%
Asian Indian	2	$420,000	$210,000	$0	0.00%
Korean	1	$125,000	$125,000	$0	0.00%

Approval Rates

Total approvals of all applications
92.16%

Solvay Bank has an average approval rate.

Pick Rate

Approvals leading to origination
73.99%

Solvay Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	223	$44,855,000	$201,143

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$3,835,000	$1,278,333
Single Family (1-4 Units):Site-Built	220	$41,020,000	$186,455

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Solvay Bank	109 South Warren Street Syracuse, NY 13202	Full Service B&M	$151,881
Solvay Bank	1537 Milton Avenue Solvay, NY 13209	Full Service B&M	$370,175
Solvay Bank	197 Downer Street Baldwinsville, NY 13027	Full Service B&M	$30,933
Solvay Bank	3201 West Genesee Street Syracuse, NY 13219	Full Service B&M	$107,609
Solvay Bank	56 Genesee Street Camillus, NY 13031	Full Service B&M	$76,403
Solvay Bank	628 South Main Street North Syracuse, NY 13212	Full Service B&M	$64,138
Solvay Bank	6828 E Genesee St Fayetteville, NY 13066	Full Service B&M	$51,948
Solvay Bank	7421 Oswego Road Liverpool, NY 13090	Full Service B&M	$57,117
Solvay Bank	7895 Brewerton Road Cicero, NY 13039	Full Service B&M	$34,944

For 2020, Solvay Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$30,703
Net interest income	$25,213
Total noninterest income	$4,935
Gross Fiduciary activities income	$1,125
Service charges on deposit accounts	$1,035
Trading account gains and fees	$0
Additional Noninterest Income	$2,775
Pre-tax net operating income	$8,679
Securities gains (or losses, -)	$215
Income before extraordinary items	$7,298
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,298
Minority interest net income	$0
Net income	$7,298
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,121

Solvay Bank's gross interest income from loans was $30,703,000.
Solvay Bank's net interest income from loans was $25,213,000.
Solvay Bank's fee based income from loans was $1,035,000.
Solvay Bank's net income from loans was $7,298,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$5,490
Provision for credit losses	$1,950
Total noninterest expense	$19,519
Salaries and employee benefits	$11,699
Premises and equipment expense	$3,105
Additional noninterest expense	$4,715
Applicable income taxes	$1,596
Net charge-offs	$183
Cash dividends	$3,312

Solvay Bank's interest expense for loans was $5,490,000.
Solvay Bank's payroll and benefits expense were $11,699,000.
Solvay Bank's property, plant and equipment expenses $3,105,000.

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	0.7%
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	$906,713
Deposits held in domestic offices	$906,713
Deposits by Individuals, partnerships, and corporations	$765,315
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$141,398
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	$392,860
Demand deposits	$291,504
Nontransaction accounts	$513,853
Money market deposit accounts (MMDAs)	$186,404
Other savings deposits (excluding MMDAs)	$137,772
Total time deposits	$189,677
Total time and savings deposits	$615,209
Noninterest-bearing deposits	$291,504
Interest-bearing deposits	$615,209
Retail deposits	$840,071
IRAs and Keogh plan accounts	$29,342
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,041,470
Cash & Balances due from depository institutions	$84,155
Interest-bearing balances	$70,106
Total securities	$294,482
Federal funds sold & reverse repurchase	$280
Net loans and leases	$621,800
Loan and leases loss allowance	$7,456
Trading account assets	$0
Bank premises and fixed assets	$12,720
Other real estate owned	$0
Goodwill and other intangibles	$41
All other assets	$27,992

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,041,470
Total Liabilities	$942,677
Total deposits	$906,713
Interest-bearing deposits	$615,209
Deposits held in domestic offices	$906,713
% insured (estimated)	$68
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$29,000
Subordinated debt	$0
All other liabilities	$6,964

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$621,800
Loan and leases loss allowance	$7,456
Total loans and leases (domestic)	$629,256
All real estate loans	$433,022
Real estate loans in domestic offices	$433,022
Construction and development loans	$18,094
Residential 1-4 family construction	$5,089
Other construction, all land development and other land	$13,005
Loans secured by nonfarm nonresidential properties	$108,480
Nonfarm nonresidential secured by owner-occupied properties	$44,012
Commercial real estate & other non-farm, non-residential	$64,468
Multifamily residential real estate	$11,961
1-4 family residential loans	$294,487
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$121,265
To non-U.S. addressees	$0
Loans to individuals	$71,431
Credit card loans	$2,581
Related Plans	$433
Consumer Auto Loans	$65,321
Other loans to individuals	$3,096
All other loans & leases	$3,538
Loans to foreign governments and official institutions	$0
Other loans	$94
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$1,916
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$2,141
Non 1-4 family restructured loans & leases	$752
Total loans and leases (foreign)	$0

Solvay Bank had $621,800,000 of loans outstanding in 2020. $433,022,000 of loans were in real estate loans. $18,094,000 of loans were in development loans. $11,961,000 of loans were in multifamily mortgage loans. $294,487,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,581,000 of loans were in credit card loans. $65,321,000 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	126	$23,280	$184,762
Nonfarm, nonresidential loans - <$100k	13	$675	$51,923
Nonfarm, nonresidential loans - $100-250k	64	$7,180	$112,188
Nonfarm, nonresidential loans - $250k-1MM	49	$15,425	$314,796
Commercial & Industrial, US addressed loans - <$1MM	1,027	$80,584	$78,465
Commercial & Industrial, US addressed loans - <$100k	722	$19,564	$27,097
Commercial & Industrial, US addressed loans - $100-250k	185	$22,345	$120,784
Commercial & Industrial, US addressed loans - $250k-1MM	120	$38,675	$322,292