Glens Falls National Bank And Trust Company Mortgage Rates, Fees & Info

Glens Falls, NY

LEI: 549300ERHDU3FCE3FA33

Tax ID: 14-0696635

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Glens Falls National Bank And Trust Company is a smaller bank specializing in Home Purchase loans. Glens Falls National Bank And Trust Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Glens Falls, Albany, Plattsburgh, Malone, and Seneca Falls among others. Glens Falls National Bank And Trust Company has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Glens Falls National Bank And Trust Company is typically an average fee lendor.


Originations

839

Origination Dollar Volume (All Markets)

$197,525,000

Employee count

461

Relative Rate

Glens Falls National Bank And Trust Company's average 30 year fixed rate mortgage of loans were 3.33%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.18%.

Relative Fees

Glens Falls National Bank And Trust Company's average total fees for a 30 year fixed rate mortgage are $4,071.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
GLENS FALLS, NY (FHA|USDA|VA) 534 $124,980,000 $234,045 $3,992 3.43%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 118 $26,940,000 $228,305 $4,431 3.35%
Plattsburgh, NY (FHA|USDA|VA) 96 $22,330,000 $232,604 $4,227 3.33%
Outside of Metro Areas 73 $18,855,000 $258,288 $4,449 3.29%
Malone, NY (FHA|USDA|VA) 6 $1,380,000 $230,000 $2,946 3.49%
Seneca Falls, NY (FHA|USDA|VA) 1 $1,245,000 $1,245,000 $0 3.75%
Bennington, VT (FHA|USDA|VA) 3 $785,000 $261,667 $4,645 3.21%
Amsterdam, NY (FHA|USDA|VA) 5 $465,000 $93,000 $2,856 3.30%
Gloversville, NY (FHA|USDA|VA) 2 $300,000 $150,000 $3,944 3.31%
Hudson, NY (FHA|USDA|VA) 1 $245,000 $245,000 $4,118 3.25%

Glens Falls National Bank And Trust Company's top markets include Glens Falls, Albany, Plattsburgh, Malone, and Seneca Falls among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 830 $196,050,000 $236,205 $4,088 3.39%
FHA 5 $825,000 $165,000 $6,580 3.83%
VA 2 $360,000 $180,000 $2,849 3.31%
USDA 2 $290,000 $145,000 $4,454 3.75%

For the 2021 period, Glens Falls National Bank And Trust Company's most frequently originated loan type of loans were Conventional, with 830 originations. Their 2nd most popular type is FHA, with 5 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 397 $127,355,000 $320,793 $4,231 3.41%
Home Improvement 150 $11,420,000 $76,133 $142 3.75%
Cash Out Refi 127 $33,195,000 $261,378 $4,689 3.33%
Refi 112 $21,690,000 $193,661 $4,105 2.88%
Other 53 $3,865,000 $72,925 $0 3.47%

For the 2021, Glens Falls National Bank And Trust Company's most frequently cited loan purpose of loans were Home Purchase, with 397 originations. The 2nd most popular reason of loans were Home Improvement, with 150 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 520 $99,280,000 $190,923 $4,071 3.33%
15 Year 135 $23,905,000 $177,074 $3,805 3.02%
20 Year 66 $20,970,000 $317,727 $3,223 3.99%
30+ year 56 $26,690,000 $476,607 $6,087 3.42%
Other 35 $21,525,000 $615,000 $6,154 4.38%
10 Year 20 $4,190,000 $209,500 $2,549 3.39%
5 Year 6 $170,000 $28,333 $48 4.49%
1 Year 1 $795,000 $795,000 $6,550 4.13%

For the 2021, Glens Falls National Bank And Trust Company's most frequently cited loan length of loans were 30 Year, with 520 originations. The 2nd most popular length of loans were 15 Year, with 135 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 284 $61,350,000 $216,021
$1k-2k 159 $41,005,000 $257,893
$3k-4k 73 $20,285,000 $277,877
$2k-3k 62 $22,970,000 $370,484
$5k+ 26 $7,300,000 $280,769

$4,071 of loans were Glens Falls National Bank And Trust Company's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 284 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 404 $122,950,000 $304,332
2.5-3% 303 $49,765,000 $164,241
4-5% 54 $14,900,000 $275,926
<2.5% 37 $7,755,000 $209,595
5-6% 25 $1,245,000 $49,800
6-7% 12 $770,000 $64,167
7-8% 4 $140,000 $35,000

During 2021, Glens Falls National Bank And Trust Company's average interest rate of loans were 3.33%, while their most frequently originated rate bucket of loans were 3-4%, with 404 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 272 $39,520,000 $145,294 $3,658 3.29%
$100,000 or less 259 $14,895,000 $57,510 $2,047 3.62%
$200k-400k 210 $56,690,000 $269,952 $4,817 3.25%
$400k-600k 53 $25,305,000 $477,453 $5,729 3.26%
$600k-1MM 24 $17,480,000 $728,333 $5,081 3.58%
$1MM+ 21 $43,635,000 $2,077,857 $10,236 3.46%

2021 saw Glens Falls National Bank And Trust Company place emphasis on $100k-200k loans with 272 originations, totaling $39,520,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 169 $29,305,000 $173,402 $4,337 3.37%
$50k-75k 158 $20,460,000 $129,494 $3,454 3.46%
$75k-100k 143 $21,235,000 $148,497 $4,015 3.35%
$150k-250k 126 $30,040,000 $238,413 $4,582 3.42%
$50k or less 105 $10,905,000 $103,857 $2,740 3.31%
$250k+ 91 $55,255,000 $607,198 $5,851 3.24%

Glens Falls National Bank And Trust Company lent most frequently to those with incomes in the $100k-150k range, with 169 originations. The second most popular income band? $50k-75k, with 158 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 210 $42,850,000 $204,048 $4,047 3.29%
30-36% 170 $32,210,000 $189,471 $4,040 3.32%
<20% 65 $17,055,000 $262,385 $4,408 3.07%
39% 60 $8,950,000 $149,167 $3,775 3.54%
41% 45 $9,365,000 $208,111 $4,085 3.42%
37% 42 $8,180,000 $194,762 $4,402 3.27%
38% 42 $8,740,000 $208,095 $3,658 3.49%
42% 39 $10,205,000 $261,667 $3,903 3.69%
40% 39 $12,985,000 $332,949 $4,654 3.56%
36% 28 $6,880,000 $245,714 $4,903 3.28%
43% 17 $2,535,000 $149,118 $3,340 3.76%
44% 17 $2,825,000 $166,176 $4,451 3.83%
45% 11 $2,415,000 $219,545 $3,848 3.52%
46% 6 $1,560,000 $260,000 $3,986 3.00%
47% 3 $615,000 $205,000 $5,101 2.83%
48% 3 $975,000 $325,000 $4,158 3.37%
49% 3 $495,000 $165,000 $5,504 2.96%
50-60% 2 $190,000 $95,000 $3,643 2.81%
>60% 1 $55,000 $55,000 $0 4.13%

Glens Falls National Bank And Trust Company lent most frequently to those with DTI ratios of 20-30%, with 210 originations. The next most common DTI ratio? 30-36%, with 170 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 746 $152,300,000 $204,155 $4,095 3.38%
Not applicable 25 $24,575,000 $983,000 $0 4.06%
Not provided 53 $18,265,000 $344,623 $4,471 3.31%
Asian 7 $925,000 $132,143 $3,330 3.18%
Black 5 $635,000 $127,000 $2,934 3.70%
Asian Indian 1 $545,000 $545,000 $6,874 2.75%
American Indian 1 $145,000 $145,000 $5,664 3.88%
Filipino 1 $135,000 $135,000 $2,198 3.38%

Approval Rates

Total approvals of all applications
85.76%

Glens Falls National Bank And Trust Company has an average approval rate.

Pick Rate

Approvals leading to origination
74.35%

Glens Falls National Bank And Trust Company has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 839 $197,525,000 $235,429

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
839 $197,525,000 $235,429

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 130 $14,350,000 $110,385 $2,878 3.50%
40-60% 101 $23,545,000 $233,119 $3,916 3.07%
60-80% 298 $100,030,000 $335,671 $4,713 3.33%
80-100% 201 $53,005,000 $263,706 $4,095 3.41%
Over 100% 1 $625,000 $625,000 $0 4.50%
Under 20% 108 $5,970,000 $55,278 $560 3.71%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Glens Falls National Bank and Trust Company 110 George Street Fort Ann, NY 12827 Full Service B&M $19,025
Glens Falls National Bank and Trust Company 212 Main Street Salem, NY 12865 Full Service B&M $41,234
Glens Falls National Bank and Trust Company 221 Corinth Rd Queensbury, NY 12804 Full Service B&M $31,748
Glens Falls National Bank and Trust Company 2252 State Route 9 Lake George, NY 12845 Full Service B&M $106,298
Glens Falls National Bank and Trust Company 25 West Main Street Cambridge, NY 12816 Full Service B&M $63,494
Glens Falls National Bank and Trust Company 250 Glen Street Glens Falls, NY 12801 Full Service B&M $786,681
Glens Falls National Bank and Trust Company 3019 State Route 4 Hudson Falls, NY 12839 Full Service B&M $111,597
Glens Falls National Bank and Trust Company 339 Aviation Road Queensbury, NY 12804 Full Service B&M $56,417
Glens Falls National Bank and Trust Company 343 Broadway Fort Edward, NY 12828 Full Service B&M $30,745
Glens Falls National Bank and Trust Company 3853 Main Street Warrensburg, NY 12885 Full Service B&M $90,527
Glens Falls National Bank and Trust Company 4 Broad Street Plaza Glens Falls, NY 12801 Full Service B&M $82,753
Glens Falls National Bank and Trust Company 402 Bay Road Queensbury, NY 12804 Full Service B&M $55,717
Glens Falls National Bank and Trust Company 4307 Main Street Port Henry, NY 12974 Full Service B&M $36,275
Glens Falls National Bank and Trust Company 5023 Us Avenue Plattsburgh, NY 12903 Full Service B&M $49,238
Glens Falls National Bank and Trust Company 6353 State Route 9 Chestertown, NY 12817 Full Service B&M $80,202
Glens Falls National Bank and Trust Company 696 Upper Glen Street Queensbury, NY 12804 Full Service B&M $248,181
Glens Falls National Bank and Trust Company 73 Broad Street Schuylerville, NY 12871 Full Service B&M $64,609
Glens Falls National Bank and Trust Company 8646 State Route 22 Granville, NY 12832 Full Service B&M $68,126
Glens Falls National Bank and Trust Company 93 Main Street Argyle, NY 12809 Full Service B&M $61,248
Glens Falls National Bank and Trust Company Route 9 Schroon Lake, NY 12870 Full Service B&M $71,695
Glens Falls National Bank and Trust Company Route 9 South Glens Falls, NY 12803 Full Service B&M $124,298
Glens Falls National Bank and Trust Company Wicker Street Ticonderoga, NY 12883 Full Service B&M $0
Glens Falls National Bank and Trust Company 1153 State Route 29 Greenwich, NY 12834 Full Service B&M $54,705
Glens Falls National Bank and Trust Company 123 Montcalm Street Ticonderoga, NY 12883 Full Service B&M $66,856
Glens Falls National Bank and Trust Company 14 Durkee Street Plattsburgh, NY 12901 Full Service B&M $89,465
Glens Falls National Bank and Trust Company 15 Main Street Lake Luzerne, NY 12846 Full Service B&M $54,708
Glens Falls National Bank and Trust Company 159 Broadway Fort Edward, NY 12828 Full Service B&M $37,964
Glens Falls National Bank and Trust Company 20 Smithfield Boulevard Plattsburgh, NY 12901 Full Service B&M $112,239

For 2021, Glens Falls National Bank And Trust Company had 28 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $88,384
Net interest income $85,057
Total noninterest income $31,334
Gross Fiduciary activities income $8,177
Service charges on deposit accounts $2,040
Trading account gains and fees $0
Additional Noninterest Income $21,117
Pre-tax net operating income $48,196
Securities gains (or losses, -) $0
Income before extraordinary items $37,447
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $37,447
Minority interest net income $0
Net income $37,447
Sale, conversion, retirement of capital stock, net $325
Net operating income $37,447

Glens Falls National Bank And Trust Company's gross interest income from loans was $88,384,000.
Glens Falls National Bank And Trust Company's net interest income from loans was $85,057,000.
Glens Falls National Bank And Trust Company's fee based income from loans was $2,040,000.
Glens Falls National Bank And Trust Company's net income from loans was $37,447,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,327
Provision for credit losses $-219
Total noninterest expense $68,414
Salaries and employee benefits $40,644
Premises and equipment expense $9,824
Additional noninterest expense $17,946
Applicable income taxes $10,749
Net charge-offs $750
Cash dividends $15,994

Glens Falls National Bank And Trust Company's interest expense for loans was $3,327,000.
Glens Falls National Bank And Trust Company's payroll and benefits expense were $40,644,000.
Glens Falls National Bank And Trust Company's property, plant and equipment expenses $9,824,000.

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 1.0%
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 0.0%
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 $2,804,440
Deposits held in domestic offices $2,804,440
Deposits by Individuals, partnerships, and corporations $2,275,683
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $523,541
Deposits by Commercial banks and other depository institutions in U.S. $5,216
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $807,340
Demand deposits $790,035
Nontransaction accounts $1,997,100
Money market deposit accounts (MMDAs) $1,535,362
Other savings deposits (excluding MMDAs) $316,972
Total time deposits $144,766
Total time and savings deposits $2,014,405
Noninterest-bearing deposits $637,453
Interest-bearing deposits $2,166,987
Retail deposits $2,770,133
IRAs and Keogh plan accounts $44,331
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,170,096
Cash & Balances due from depository institutions $416,017
Interest-bearing balances $396,249
Total securities $578,235
Federal funds sold & reverse repurchase $0
Net loans and leases $2,032,385
Loan and leases loss allowance $19,497
Trading account assets $0
Bank premises and fixed assets $39,510
Other real estate owned $0
Goodwill and other intangibles $22,047
All other assets $81,902

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,170,096
Total Liabilities $2,877,389
Total deposits $2,804,440
Interest-bearing deposits $2,166,987
Deposits held in domestic offices $2,804,440
% insured (estimated) $88
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $41,809
Subordinated debt $0
All other liabilities $31,140

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,032,385
Loan and leases loss allowance $19,497
Total loans and leases (domestic) $2,051,882
All real estate loans $1,164,175
Real estate loans in domestic offices $1,164,175
Construction and development loans $70,842
Residential 1-4 family construction $32,812
Other construction, all land development and other land $38,030
Loans secured by nonfarm nonresidential properties $312,216
Nonfarm nonresidential secured by owner-occupied properties $117,774
Commercial real estate & other non-farm, non-residential $194,442
Multifamily residential real estate $60,251
1-4 family residential loans $720,866
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $105,107
To non-U.S. addressees $0
Loans to individuals $751,889
Credit card loans $0
Related Plans $432
Consumer Auto Loans $748,219
Other loans to individuals $3,238
All other loans & leases $30,711
Loans to foreign governments and official institutions $0
Other loans $6,260
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 $32
Non 1-4 family restructured loans & leases $32
Total loans and leases (foreign) $0

Glens Falls National Bank and Trust Company had $2,032,385,000 of loans outstanding in 2021. $1,164,175,000 of loans were in real estate loans. $70,842,000 of loans were in development loans. $60,251,000 of loans were in multifamily mortgage loans. $720,866,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $748,219,000 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 337 $83,911 $248,994
Nonfarm, nonresidential loans - <$100k 48 $1,819 $37,896
Nonfarm, nonresidential loans - $100-250k 113 $13,629 $120,611
Nonfarm, nonresidential loans - $250k-1MM 176 $68,463 $388,994
Commercial & Industrial, US addressed loans - <$1MM 2,048 $79,044 $38,596
Commercial & Industrial, US addressed loans - <$100k 1,880 $44,618 $23,733
Commercial & Industrial, US addressed loans - $100-250k 116 $13,372 $115,276
Commercial & Industrial, US addressed loans - $250k-1MM 52 $21,054 $404,885