Elmira Savings Bank Mortgage Rates, Fees & Info

Elmira, NY

LEI: 549300D2T1KWYCTPUZ21

Tax ID: 16-0422120

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Elmira Savings Bank is a smaller bank specializing in Home Purchase loans. Elmira Savings Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Ithaca, Elmira, Corning, Binghamton, and Rochester among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Elmira Savings Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Elmira Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.51% 4/18/24
    30 Year Conventional Refi 6.45% 4/18/24
    30 Year Cash-out Refi 6.30% 4/18/24
    30 Year FHA Purchase 7.41% 4/18/24
    30 Year VA Purchase 6.32% 4/18/24
    15 Year Conventional Purchase 6.07% 4/18/24
    15 Year Conventional Refi 5.92% 4/18/24
    15 Year Cash-out Refi 5.92% 4/18/24
    15 Year FHA Purchase 7.74% 4/18/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Elmira Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Elmira Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    898

    Origination Dollar Volume (All Markets)

    $134,000,000

    Employee count

    126 Show all (19) awards

    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
    ITHACA, NY (FHA|USDA|VA) 203 $50,165,000 $247,118 $2,630 3.98%
    ELMIRA, NY (FHA|USDA|VA) 344 $37,120,000 $107,907 $2,032 4.08%
    Outside of Metro Areas 98 $13,800,000 $140,816 $2,042 3.97%
    Corning, NY (FHA|USDA|VA) 96 $12,160,000 $126,667 $2,274 4.06%
    BINGHAMTON, NY (FHA|USDA|VA) 89 $11,075,000 $124,438 $1,533 3.93%
    ROCHESTER, NY (FHA|USDA|VA) 11 $2,555,000 $232,273 $2,951 3.99%
    Sayre, PA (FHA|USDA|VA) 15 $1,875,000 $125,000 $1,695 4.02%
    Cortland, NY (FHA|USDA|VA) 18 $1,840,000 $102,222 $1,933 3.96%
    Auburn, NY (FHA|USDA|VA) 12 $1,790,000 $149,167 $3,039 3.78%
    Seneca Falls, NY (FHA|USDA|VA) 10 $1,450,000 $145,000 $2,678 4.12%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $145,000 $145,000 $3,473 4.88%
    SYRACUSE, NY (FHA|USDA|VA) 1 $25,000 $25,000 $275 4.75%
    Elmira Savings Bank's top markets include Ithaca, Elmira, Corning, Binghamton, and Rochester among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Elmira Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Alternatives Federal Credit Union
    Similarity Rank: 35
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 117
    First Citizens Community Bank
    Similarity Rank: 175
    Five Star Bank
    Similarity Rank: 195
    Citizens & Northern Bank
    Similarity Rank: 203
    Chemung Canal Trust Company
    Similarity Rank: 276
    Meridian Bank Corporation
    Similarity Rank: 280
    SEFCU SERVICES, LLC
    Similarity Rank: 338
    The Lyons National Bank
    Similarity Rank: 399
    Elmira Savings Bank
    Similarity Rank: 468

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 738 $112,440,000 $152,358 $1,524 4.03%
    FHA 114 $14,220,000 $124,737 $4,695 4.01%
    VA 36 $6,110,000 $169,722 $4,702 3.97%
    USDA 10 $1,230,000 $123,000 $4,498 3.73%

    For 2019, Elmira Savings Bank's most frequently originated type of loan was Conventional, with 738 originations. Their 2nd most popular type was FHA, with 114 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 594 $96,230,000 $162,003 $2,595 4.01%
    Cash Out Refi 178 $24,120,000 $135,506 $1,269 4.02%
    Refi 62 $9,890,000 $159,516 $1,901 3.74%
    Home Improvement 55 $3,285,000 $59,727 $468 4.36%
    Other 9 $475,000 $52,778 $234 4.59%

    For 2019, Elmira Savings Bank's most frequently cited loan purpose was Home Purchase, with 594 originations. The 2nd most popular reason was Cash Out Refi, with 178 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 592 $91,420,000 $154,426 $2,593 3.94%
    15 Year 170 $14,280,000 $84,000 $763 4.28%
    20 Year 38 $5,640,000 $148,421 $2,064 4.06%
    Other 31 $6,605,000 $213,065 $864 4.18%
    30+ year 29 $7,085,000 $244,310 $3,124 3.81%
    10 Year 27 $7,805,000 $289,074 $1,015 4.10%
    5 Year 10 $510,000 $51,000 $171 3.82%
    1 Year 1 $655,000 $655,000 $0 5.75%

    For 2019, Elmira Savings Bank's most frequently cited loan duration was 30 Year, with 592 originations. The 2nd most popular length was 15 Year, with 170 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 690 $91,300,000 $132,319
    $1k-2k 80 $13,530,000 $169,125
    $2k-3k 21 $4,005,000 $190,714
    $3k-4k 6 $1,520,000 $253,333
    $4k-5k 4 $1,080,000 $270,000

    Elmira Savings Bank's average total fees were $2,593, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 690 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 508 $80,560,000 $158,583
    4-5% 330 $37,620,000 $114,000
    5-6% 45 $13,455,000 $299,000
    2.5-3% 15 $2,365,000 $157,667

    During 2019, Elmira Savings Bank's average interest rate for loans was 3.94%, while their most frequently originated rate bucket for loans was 3-4%, with 508 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 371 $23,075,000 $62,197 $1,330 4.17%
    $100k-200k 350 $49,550,000 $141,571 $2,397 3.95%
    $200k-400k 152 $40,100,000 $263,816 $3,393 3.78%
    $400k-600k 17 $8,385,000 $493,235 $3,292 3.89%
    $600k-1MM 5 $3,655,000 $731,000 $4,077 4.54%
    $1MM+ 3 $9,235,000 $3,078,333 $6,676 5.46%

    2019 saw Elmira Savings Bank place emphasis on $100,000 or less loans with 371 originations, totaling $23,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 260 $30,160,000 $116,000 $2,247 4.04%
    $50k or less 196 $16,850,000 $85,969 $1,912 4.06%
    $100k-150k 174 $28,450,000 $163,506 $2,136 3.93%
    $75k-100k 140 $20,430,000 $145,929 $2,183 3.96%
    $150k-250k 62 $13,080,000 $210,968 $2,590 3.95%
    $250k+ 34 $11,780,000 $346,471 $2,802 3.95%

    Elmira Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 260 originations. The second most popular income band? $50k or less, with 196 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 190 $26,000,000 $136,842 $1,892 4.01%
    30-36% 175 $21,715,000 $124,086 $1,979 3.99%
    <20% 58 $7,220,000 $124,483 $1,388 3.89%
    42% 52 $8,550,000 $164,423 $2,350 4.01%
    41% 43 $5,315,000 $123,605 $2,086 4.18%
    36% 37 $5,595,000 $151,216 $2,600 3.96%
    44% 34 $4,970,000 $146,176 $2,031 4.08%
    40% 34 $5,100,000 $150,000 $2,392 4.04%
    43% 33 $4,585,000 $138,939 $1,937 4.19%
    39% 32 $4,770,000 $149,063 $1,918 3.90%
    50-60% 28 $3,930,000 $140,357 $4,300 4.01%
    37% 24 $3,130,000 $130,417 $1,806 3.88%
    38% 24 $2,660,000 $110,833 $1,195 4.00%
    48% 22 $4,180,000 $190,000 $3,737 4.15%
    45% 22 $3,380,000 $153,636 $1,717 3.85%
    47% 20 $3,680,000 $184,000 $2,807 4.01%
    46% 20 $2,770,000 $138,500 $2,900 3.76%
    49% 17 $2,615,000 $153,824 $4,595 3.86%

    Elmira Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 190 originations. The next most common DTI ratio? 30-36%, with 175 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 707 $92,385,000 $130,672 $2,161 4.04%
    Not provided 136 $23,800,000 $175,000 $2,111 3.80%
    Not applicable 19 $11,615,000 $611,316 $0 5.27%
    Asian 15 $3,625,000 $241,667 $2,744 3.71%
    Black 17 $1,945,000 $114,412 $1,720 3.96%
    American Indian 2 $400,000 $200,000 $1,677 4.00%
    Asian Indian 1 $135,000 $135,000 $2,448 3.75%
    Native Hawaiian or Islander 1 $95,000 $95,000 $4,182 4.25%

    Approval Rates

    Total approvals of all applications
    89.80%

    Elmira Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.20%

    Elmira Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 898 $134,000,000 $149,220

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $10,215,000 $1,135,000
    Single Family (1-4 Units):Manufactured 24 $2,510,000 $104,583
    Single Family (1-4 Units):Site-Built 865 $121,275,000 $140,202

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 69 $4,195,000 $60,797 $313 4.44%
    40-60% 56 $5,750,000 $102,679 $1,472 3.91%
    60-80% 209 $35,755,000 $171,077 $2,223 3.91%
    80-100% 504 $84,230,000 $167,123 $2,491 3.99%
    Over 100% 12 $2,590,000 $215,833 $7,262 4.02%
    Under 20% 48 $1,480,000 $30,833 $180 4.34%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Elmira Savings Bank 2075 Lake Road Elmira, NY 14903 Full Service B&M $10,821
    Elmira Savings Bank 2149 Grand Central Avenue Horseheads, NY 14845 Full Service B&M $71,109
    Elmira Savings Bank 1136 Pennsylvania Avenue Southport, NY 14904 Full Service B&M $56,608
    Elmira Savings Bank 142 Main Street Moravia, NY 13118 Full Service B&M $24,551
    Elmira Savings Bank 19 East Market Street Corning, NY 14830 Full Service B&M $39,074
    Elmira Savings Bank 2300 North Triphammer Road Ithaca, NY 14850 Full Service B&M $38,540
    Elmira Savings Bank 333 East Water Street Elmira, NY 14901 Full Service B&M $96,662
    Elmira Savings Bank 404 S. Hamilton Street Painted Post, NY 14870 Full Service B&M $21,291
    Elmira Savings Bank 602 West State Street Ithaca, NY 14850 Full Service B&M $38,357
    Elmira Savings Bank 702 South Meadow Street Ithaca, NY 14850 Full Service B&M $41,352
    Elmira Savings Bank 712 North Franklin Street Watkins Glen, NY 14891 Full Service B&M $17,761
    Elmira Savings Bank 930 West Church Street Elmira, NY 14905 Full Service B&M $32,633
    Elmira Savings Bank 971 Big Flats Road Elmira, NY 14903 Full Service B&M $29,077

    For 2019, Elmira Savings Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $23,261
    Net interest income $16,428
    Total noninterest income $4,705
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $962
    Trading account gains and fees $0
    Additional Noninterest Income $3,743
    Pre-tax net operating income $4,085
    Securities gains (or losses, -) $90
    Income before extraordinary items $3,486
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,486
    Minority interest net income $0
    Net income $3,486
    Sale, conversion, retirement of capital stock, net $218
    Net operating income $3,411

    Elmira Savings Bank's gross interest income from loans was $23,261,000.
    Elmira Savings Bank's net interest income from loans was $16,428,000.
    Elmira Savings Bank's fee based income from loans was $962,000.
    Elmira Savings Bank's net income from loans was $3,486,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,833
    Provision for credit losses $744
    Total noninterest expense $16,304
    Salaries and employee benefits $8,537
    Premises and equipment expense $3,079
    Additional noninterest expense $4,688
    Applicable income taxes $689
    Net charge-offs $540
    Cash dividends $3,230

    Elmira Savings Bank's interest expense for loans was $6,833,000.
    Elmira Savings Bank's payroll and benefits expense were $8,537,000.
    Elmira Savings Bank's property, plant and equipment expenses $3,079,000.

    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 4.0%
    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 $512,586
    Deposits held in domestic offices $512,586
    Deposits by Individuals, partnerships, and corporations $512,585
    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 $38,295
    Demand deposits $29,583
    Nontransaction accounts $474,290
    Money market deposit accounts (MMDAs) $24,724
    Other savings deposits (excluding MMDAs) $202,494
    Total time deposits $247,073
    Total time and savings deposits $483,002
    Noninterest-bearing deposits $82,655
    Interest-bearing deposits $429,931
    Retail deposits $470,493
    IRAs and Keogh plan accounts $31,969
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $607,045
    Cash & Balances due from depository institutions $11,954
    Interest-bearing balances $5,265
    Total securities $18,820
    Federal funds sold & reverse repurchase $92
    Net loans and leases $515,866
    Loan and leases loss allowance $4,576
    Trading account assets $0
    Bank premises and fixed assets $18,068
    Other real estate owned $431
    Goodwill and other intangibles $13,327
    All other assets $28,487

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $607,045
    Total Liabilities $548,434
    Total deposits $512,586
    Interest-bearing deposits $429,931
    Deposits held in domestic offices $512,586
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $30,943
    Subordinated debt $0
    All other liabilities $4,905

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $515,866
    Loan and leases loss allowance $4,576
    Total loans and leases (domestic) $520,442
    All real estate loans $452,001
    Real estate loans in domestic offices $452,001
    Construction and development loans $16,780
    Residential 1-4 family construction $2,198
    Other construction, all land development and other land $14,582
    Loans secured by nonfarm nonresidential properties $62,022
    Nonfarm nonresidential secured by owner-occupied properties $62,022
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $43,452
    1-4 family residential loans $329,747
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $28,320
    To non-U.S. addressees $0
    Loans to individuals $39,905
    Credit card loans $0
    Related Plans $250
    Consumer Auto Loans $21,026
    Other loans to individuals $18,629
    All other loans & leases $216
    Loans to foreign governments and official institutions $0
    Other loans $216
    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 $239
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Elmira Savings Bank had $515,866,000 of loans outstanding in 2019. $452,001,000 of loans were in real estate loans. $16,780,000 of loans were in development loans. $43,452,000 of loans were in multifamily mortgage loans. $329,747,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $21,026,000 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 164 $30,975 $188,872
    Nonfarm, nonresidential loans - <$100k 43 $2,030 $47,209
    Nonfarm, nonresidential loans - $100-250k 71 $9,119 $128,437
    Nonfarm, nonresidential loans - $250k-1MM 50 $19,826 $396,520
    Commercial & Industrial, US addressed loans - <$1MM 268 $16,898 $63,052
    Commercial & Industrial, US addressed loans - <$100k 191 $4,406 $23,068
    Commercial & Industrial, US addressed loans - $100-250k 48 $4,472 $93,167
    Commercial & Industrial, US addressed loans - $250k-1MM 29 $8,020 $276,552