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, Refi, and Cash Out Refi 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 Sayre among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Elmira Savings 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. 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% 11/21/24
    30 Year Conventional Refi 6.45% 11/21/24
    30 Year Cash-out Refi 6.30% 11/21/24
    30 Year FHA Purchase 7.41% 11/21/24
    30 Year VA Purchase 6.32% 11/21/24
    15 Year Conventional Purchase 6.07% 11/21/24
    15 Year Conventional Refi 5.92% 11/21/24
    15 Year Cash-out Refi 5.92% 11/21/24
    15 Year FHA Purchase 7.74% 11/21/24
    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

    1,054

    Origination Dollar Volume (All Markets)

    $165,180,000

    Employee count

    114 Show all (8) 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) 281 $55,175,000 $196,352 $3,021 3.20%
    ELMIRA, NY (FHA|USDA|VA) 355 $46,045,000 $129,704 $2,549 3.30%
    Corning, NY (FHA|USDA|VA) 132 $18,960,000 $143,636 $2,988 3.10%
    BINGHAMTON, NY (FHA|USDA|VA) 93 $13,785,000 $148,226 $1,802 3.13%
    Outside of Metro Areas 82 $13,420,000 $163,659 $2,669 3.17%
    Sayre, PA (FHA|USDA|VA) 29 $4,215,000 $145,345 $3,133 3.13%
    Auburn, NY (FHA|USDA|VA) 27 $3,905,000 $144,630 $2,202 3.22%
    Cortland, NY (FHA|USDA|VA) 22 $3,380,000 $153,636 $2,730 3.23%
    Seneca Falls, NY (FHA|USDA|VA) 15 $2,445,000 $163,000 $2,442 3.25%
    ROCHESTER, NY (FHA|USDA|VA) 10 $1,880,000 $188,000 $3,167 3.11%
    Morehead City, NC (FHA|USDA|VA) 1 $955,000 $955,000 $2,561 3.38%
    SYRACUSE, NY (FHA|USDA|VA) 4 $560,000 $140,000 $2,290 3.31%
    DuBois, PA (FHA|USDA|VA) 2 $230,000 $115,000 $1,676 3.69%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $225,000 $225,000 $3,751 2.25%
    Elmira Savings Bank's top markets include Ithaca, Elmira, Corning, Binghamton, and Sayre among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (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: 55
    ESL Federal Credit Union
    Similarity Rank: 102
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 108
    GHS Federal Credit Union
    Similarity Rank: 112
    First Citizens Community Bank
    Similarity Rank: 124
    Premium Mortgage Corporation
    Similarity Rank: 450
    SEFCU SERVICES, LLC
    Similarity Rank: 486
    Five Star Bank
    Similarity Rank: 532
    Elmira Savings Bank
    Similarity Rank: 686
    Community Bank
    Similarity Rank: 705

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 931 $148,295,000 $159,286 $2,325 3.23%
    FHA 84 $11,240,000 $133,810 $5,183 3.07%
    VA 22 $3,680,000 $167,273 $5,020 3.13%
    USDA 17 $1,965,000 $115,588 $4,041 3.01%

    For 2020, Elmira Savings Bank's most frequently originated type of loan was Conventional, with 931 originations. Their 2nd most popular type was FHA, with 84 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 534 $84,690,000 $158,596 $3,088 3.24%
    Refi 249 $42,605,000 $171,104 $2,459 2.90%
    Cash Out Refi 235 $35,235,000 $149,936 $2,199 3.34%
    Home Improvement 33 $2,575,000 $78,030 $742 4.01%
    Other 3 $75,000 $25,000 $151 4.63%

    For 2020, Elmira Savings Bank's most frequently cited loan purpose was Home Purchase, with 534 originations. The 2nd most popular reason was Refi, with 249 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 572 $94,780,000 $165,699 $3,075 3.19%
    15 Year 265 $37,725,000 $142,358 $2,025 3.17%
    20 Year 112 $17,910,000 $159,911 $2,584 3.20%
    Other 38 $3,530,000 $92,895 $1,161 3.71%
    30+ year 32 $8,030,000 $250,938 $3,375 3.27%
    10 Year 30 $3,060,000 $102,000 $1,809 3.18%
    5 Year 5 $145,000 $29,000 $188 3.65%

    For 2020, Elmira Savings Bank's most frequently cited loan duration was 30 Year, with 572 originations. The 2nd most popular length was 15 Year, with 265 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 728 $108,470,000 $148,997
    $1k-2k 134 $22,250,000 $166,045
    $2k-3k 54 $10,510,000 $194,630
    $3k-4k 14 $4,400,000 $314,286
    $4k-5k 11 $3,725,000 $338,636
    $5k+ 4 $1,240,000 $310,000

    Elmira Savings Bank's average total fees were $3,075, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 728 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 508 $84,130,000 $165,610
    2.5-3% 395 $64,795,000 $164,038
    4-5% 98 $7,080,000 $72,245
    <2.5% 42 $8,420,000 $200,476
    5-6% 11 $755,000 $68,636

    During 2020, Elmira Savings Bank's average interest rate for loans was 3.19%, 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
    $100k-200k 475 $68,725,000 $144,684 $2,723 3.07%
    $100,000 or less 326 $21,450,000 $65,798 $1,788 3.53%
    $200k-400k 226 $59,910,000 $265,088 $3,556 3.06%
    $400k-600k 21 $10,435,000 $496,905 $4,155 3.10%
    $600k-1MM 5 $3,455,000 $691,000 $3,515 3.25%
    $1MM+ 1 $1,205,000 $1,205,000 $4,943 3.63%

    2020 saw Elmira Savings Bank place emphasis on $100k-200k loans with 475 originations, totaling $68,725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 302 $38,960,000 $129,007 $2,595 3.16%
    $100k-150k 216 $36,660,000 $169,722 $2,655 3.20%
    $50k or less 191 $18,685,000 $97,827 $2,549 3.23%
    $75k-100k 135 $19,565,000 $144,926 $2,764 3.19%
    $150k-250k 119 $27,015,000 $227,017 $3,003 3.08%
    $250k+ 53 $19,125,000 $360,849 $3,214 3.16%

    Elmira Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 302 originations. The second most popular income band? $100k-150k, with 216 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 256 $41,230,000 $161,055 $2,525 3.12%
    30-36% 199 $27,835,000 $139,874 $2,543 3.22%
    <20% 84 $15,420,000 $183,571 $2,289 2.96%
    43% 52 $8,520,000 $163,846 $2,908 3.25%
    41% 44 $6,240,000 $141,818 $2,366 3.41%
    40% 41 $6,495,000 $158,415 $2,373 3.30%
    44% 40 $6,710,000 $167,750 $3,224 3.01%
    37% 36 $4,610,000 $128,056 $2,778 3.14%
    42% 34 $5,210,000 $153,235 $2,406 3.33%
    45% 34 $5,620,000 $165,294 $4,292 3.04%
    38% 33 $4,905,000 $148,636 $2,916 3.43%
    36% 32 $5,170,000 $161,563 $2,587 3.18%
    39% 32 $5,480,000 $171,250 $2,239 3.32%
    47% 27 $4,105,000 $152,037 $3,065 3.30%
    48% 20 $3,220,000 $161,000 $3,165 3.01%
    50-60% 18 $3,020,000 $167,778 $4,816 3.00%
    49% 16 $2,410,000 $150,625 $2,124 3.23%
    46% 15 $2,235,000 $149,000 $3,345 3.23%
    >60% 2 $1,390,000 $695,000 $2,559 3.81%

    Elmira Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 256 originations. The next most common DTI ratio? 30-36%, with 199 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 788 $118,910,000 $150,901 $2,668 3.19%
    Not provided 211 $37,385,000 $177,180 $2,632 3.14%
    Asian 13 $3,085,000 $237,308 $3,405 3.17%
    Not applicable 22 $2,760,000 $125,455 $0 4.78%
    Black 14 $2,110,000 $150,714 $2,925 3.05%
    American Indian 6 $930,000 $155,000 $2,869 2.85%

    Approval Rates

    Total approvals of all applications
    94.38%

    Elmira Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.04%

    Elmira Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,054 $165,180,000 $156,717

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $565,000 $565,000
    Single Family (1-4 Units):Manufactured 27 $2,675,000 $99,074
    Single Family (1-4 Units):Site-Built 1,026 $161,940,000 $157,836

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $3,905,000 $83,085 $1,195 3.75%
    40-60% 98 $12,480,000 $127,347 $2,242 3.08%
    60-80% 355 $61,385,000 $172,915 $2,730 3.09%
    80-100% 508 $85,180,000 $167,677 $2,963 3.18%
    Over 100% 4 $1,000,000 $250,000 $9,966 3.06%
    Under 20% 42 $1,230,000 $29,286 $169 4.37%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Elmira Savings Bank 142 Main Street Moravia, NY 13118 Full Service B&M $25,550
    Elmira Savings Bank 19 East Market Street Corning, NY 14830 Full Service B&M $37,255
    Elmira Savings Bank 2149 Grand Central Avenue Horseheads, NY 14845 Full Service B&M $75,883
    Elmira Savings Bank 1136 Pennsylvania Avenue Southport, NY 14904 Full Service B&M $60,058
    Elmira Savings Bank 2300 North Triphammer Road Ithaca, NY 14850 Full Service B&M $39,623
    Elmira Savings Bank 333 East Water Street Elmira, NY 14901 Full Service B&M $116,474
    Elmira Savings Bank 404 S. Hamilton Street Painted Post, NY 14870 Full Service B&M $20,175
    Elmira Savings Bank 602 West State Street Ithaca, NY 14850 Full Service B&M $40,894
    Elmira Savings Bank 702 South Meadow Street Ithaca, NY 14850 Full Service B&M $48,320
    Elmira Savings Bank 712 North Franklin Street Watkins Glen, NY 14891 Full Service B&M $17,601
    Elmira Savings Bank 930 West Church Street Elmira, NY 14905 Full Service B&M $35,650
    Elmira Savings Bank 971 Big Flats Road Elmira, NY 14903 Full Service B&M $34,892

    For 2020, Elmira Savings Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,480
    Net interest income $16,580
    Total noninterest income $7,111
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $730
    Trading account gains and fees $0
    Additional Noninterest Income $6,381
    Pre-tax net operating income $5,252
    Securities gains (or losses, -) $0
    Income before extraordinary items $4,159
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,159
    Minority interest net income $0
    Net income $4,159
    Sale, conversion, retirement of capital stock, net $272
    Net operating income $4,159

    Elmira Savings Bank's gross interest income from loans was $22,480,000.
    Elmira Savings Bank's net interest income from loans was $16,580,000.
    Elmira Savings Bank's fee based income from loans was $730,000.
    Elmira Savings Bank's net income from loans was $4,159,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,900
    Provision for credit losses $1,450
    Total noninterest expense $16,989
    Salaries and employee benefits $8,965
    Premises and equipment expense $3,283
    Additional noninterest expense $4,741
    Applicable income taxes $1,093
    Net charge-offs $271
    Cash dividends $2,394

    Elmira Savings Bank's interest expense for loans was $5,900,000.
    Elmira Savings Bank's payroll and benefits expense were $8,965,000.
    Elmira Savings Bank's property, plant and equipment expenses $3,283,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    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 1.0%
    HELOC loans 3.0%
    All other family 1.0%
    Commercial & industrial loans 2.0%
    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 $547,852
    Deposits held in domestic offices $547,852
    Deposits by Individuals, partnerships, and corporations $547,850
    Deposits by U.S. Government $1
    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 $44,204
    Demand deposits $33,747
    Nontransaction accounts $503,647
    Money market deposit accounts (MMDAs) $35,920
    Other savings deposits (excluding MMDAs) $248,839
    Total time deposits $218,889
    Total time and savings deposits $514,104
    Noninterest-bearing deposits $110,312
    Interest-bearing deposits $437,540
    Retail deposits $510,837
    IRAs and Keogh plan accounts $30,848
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $644,777
    Cash & Balances due from depository institutions $89,099
    Interest-bearing balances $80,458
    Total securities $12,722
    Federal funds sold & reverse repurchase $88
    Net loans and leases $483,612
    Loan and leases loss allowance $5,755
    Trading account assets $0
    Bank premises and fixed assets $17,518
    Other real estate owned $162
    Goodwill and other intangibles $13,775
    All other assets $27,801

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $644,777
    Total Liabilities $584,017
    Total deposits $547,852
    Interest-bearing deposits $437,540
    Deposits held in domestic offices $547,852
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $30,688
    Subordinated debt $0
    All other liabilities $5,477

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $483,612
    Loan and leases loss allowance $5,755
    Total loans and leases (domestic) $489,367
    All real estate loans $413,413
    Real estate loans in domestic offices $413,413
    Construction and development loans $11,829
    Residential 1-4 family construction $858
    Other construction, all land development and other land $10,971
    Loans secured by nonfarm nonresidential properties $60,506
    Nonfarm nonresidential secured by owner-occupied properties $30,359
    Commercial real estate & other non-farm, non-residential $30,147
    Multifamily residential real estate $38,530
    1-4 family residential loans $302,548
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $42,984
    To non-U.S. addressees $0
    Loans to individuals $32,779
    Credit card loans $0
    Related Plans $204
    Consumer Auto Loans $16,276
    Other loans to individuals $16,299
    All other loans & leases $191
    Loans to foreign governments and official institutions $0
    Other loans $191
    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 $441
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Elmira Savings Bank had $483,612,000 of loans outstanding in 2020. $413,413,000 of loans were in real estate loans. $11,829,000 of loans were in development loans. $38,530,000 of loans were in multifamily mortgage loans. $302,548,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $16,276,000 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 171 $30,027 $175,596
    Nonfarm, nonresidential loans - <$100k 57 $2,929 $51,386
    Nonfarm, nonresidential loans - $100-250k 65 $8,288 $127,508
    Nonfarm, nonresidential loans - $250k-1MM 49 $18,810 $383,878
    Commercial & Industrial, US addressed loans - <$1MM 501 $29,766 $59,413
    Commercial & Industrial, US addressed loans - <$100k 381 $8,875 $23,294
    Commercial & Industrial, US addressed loans - $100-250k 81 $8,154 $100,667
    Commercial & Industrial, US addressed loans - $250k-1MM 39 $12,737 $326,590