Northeast Bank Mortgage Rates, Fees & Info

Lewiston, ME

LEI: 549300F0LV9TSW34E306

Tax ID: 01-0029040

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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

    Northeast Bank is a smaller bank specializing in Home Purchase loans. Northeast Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Portland, Bangor, Lewiston, Augusta, and Boston among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Northeast 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.

    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

    231

    Origination Dollar Volume (All Markets)

    $44,225,000

    Employee count

    176

    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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 92 $22,560,000 $245,217 $0 0.00%
    Outside of Metro Areas 52 $8,120,000 $156,154 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 28 $4,420,000 $157,857 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 30 $4,040,000 $134,667 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 19 $2,855,000 $150,263 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $1,755,000 $250,714 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
    Berlin, NH (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    Northeast Bank's top markets include Portland, Bangor, Lewiston, Augusta, and Boston among others.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 144 $30,450,000 $211,458 $0 0.00%
    FHA 44 $6,460,000 $146,818 $0 0.00%
    VA 24 $4,400,000 $183,333 $0 0.00%
    USDA 19 $2,915,000 $153,421 $0 0.00%

    For 2018, Northeast Bank's most frequently originated type of loan was Conventional, with 144 originations. Their 2nd most popular type was FHA, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 201 $38,765,000 $192,861 $0 0.00%
    Cash Out Refi 23 $4,135,000 $179,783 $0 0.00%
    Refi 5 $1,155,000 $231,000 $0 0.00%
    Home Improvement 1 $75,000 $75,000 $0 0.00%
    Other 1 $95,000 $95,000 $0 0.00%

    For 2018, Northeast Bank's most frequently cited loan purpose was Home Purchase, with 201 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 231 $44,225,000 $191,450 $0 0.00%

    For 2018, Northeast Bank's most frequently cited loan duration was Other, with 231 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 108 $15,740,000 $145,741 $0 0.00%
    $200k-400k 90 $24,080,000 $267,556 $0 0.00%
    $100,000 or less 28 $2,260,000 $80,714 $0 0.00%
    $400k-600k 5 $2,145,000 $429,000 $0 0.00%

    2018 saw Northeast Bank place emphasis on $100k-200k loans with 108 originations, totaling $15,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 57 $9,705,000 $170,263 $0 0.00%
    $100k-150k 49 $11,755,000 $239,898 $0 0.00%
    $50k or less 49 $6,085,000 $124,184 $0 0.00%
    $75k-100k 46 $8,560,000 $186,087 $0 0.00%
    $150k-250k 25 $6,835,000 $273,400 $0 0.00%
    $250k+ 5 $1,285,000 $257,000 $0 0.00%

    Northeast Bank lent most frequently to those with incomes in the $50k-75k range, with 57 originations. The second most popular income band? $100k-150k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 231 $44,225,000 $191,450 $0 0.00%

    Northeast Bank lent most frequently to those with DTI ratios of Exempt%, with 231 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 217 $41,545,000 $191,452 $0 0.00%
    Not provided 10 $2,020,000 $202,000 $0 0.00%
    Asian 2 $340,000 $170,000 $0 0.00%
    Black 2 $320,000 $160,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.19%

    Northeast Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.46%

    Northeast Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 231 $44,225,000 $191,450

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 21 $2,315,000 $110,238
    Single Family (1-4 Units):Site-Built 210 $41,910,000 $199,571

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northeast Bank 11 Main Street Bethel, ME 4217 Full Service B&M $50,336
    Northeast Bank 1399 Maine Street Poland, ME 4274 Full Service B&M $28,862
    Northeast Bank 186 Maine Street Brunswick, ME 4011 Full Service B&M $77,384
    Northeast Bank 2 Depot Street Buckfield, ME 4220 Full Service B&M $21,180
    Northeast Bank 232 Center Street Auburn, ME 4210 Full Service B&M $43,192
    Northeast Bank 235 Main Street South Paris, ME 4281 Full Service B&M $48,998
    Northeast Bank 235 Western Avenue Augusta, ME 4330 Full Service B&M $39,875
    Northeast Bank 27 Pearl Street Portland, ME 4101 Full Service B&M $42,691
    Northeast Bank 46 Main Street Harrison, ME 4040 Full Service B&M $25,730
    Northeast Bank 500 Canal Street Lewiston, ME 4240 Full Service B&M $0
    Northeast Bank 500 Canal Street Lewiston, ME 4240 Full Service B&M $270,085
    Northeast Bank 500 Canal Street Lewiston, ME 4240 Full Service Cyber Office $323,765

    For 2018, Northeast Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $73,564
    Net interest income $59,807
    Total noninterest income $6,896
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $283
    Trading account gains and fees $0
    Additional Noninterest Income $6,613
    Pre-tax net operating income $28,881
    Securities gains (or losses, -) $10
    Income before extraordinary items $20,685
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $20,685
    Minority interest net income $0
    Net income $20,685
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $20,677

    Northeast Bank's gross interest income from loans was $73,564,000.
    Northeast Bank's net interest income from loans was $59,807,000.
    Northeast Bank's fee based income from loans was $283,000.
    Northeast Bank's net income from loans was $20,685,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $13,757
    Provision for credit losses $1,254
    Total noninterest expense $36,568
    Salaries and employee benefits $21,275
    Premises and equipment expense $4,431
    Additional noninterest expense $10,862
    Applicable income taxes $8,206
    Net charge-offs $301
    Cash dividends $0

    Northeast Bank's interest expense for loans was $13,757,000.
    Northeast Bank's payroll and benefits expense were $21,275,000.
    Northeast Bank's property, plant and equipment expenses $4,431,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 1.0%
    1-4 family residential loans 2.0%
    HELOC loans 2.0%
    All other family 2.0%
    Commercial & industrial loans 10.0%
    Personal loans 8.0%
    Credit card loans 0.0%
    Other individual loans 8.0%
    Auto loans 0.0%
    Other consumer loans 8.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,003,873
    Deposits held in domestic offices $1,003,873
    Deposits by Individuals, partnerships, and corporations $750,996
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $21,341
    Deposits by Commercial banks and other depository institutions in U.S. $231,536
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $49,465
    Demand deposits $41,658
    Nontransaction accounts $954,408
    Money market deposit accounts (MMDAs) $345,149
    Other savings deposits (excluding MMDAs) $148,756
    Total time deposits $460,503
    Total time and savings deposits $962,215
    Noninterest-bearing deposits $76,801
    Interest-bearing deposits $927,072
    Retail deposits $1,003,873
    IRAs and Keogh plan accounts $15,583
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,193,608
    Cash & Balances due from depository institutions $137,166
    Interest-bearing balances $132,537
    Total securities $83,279
    Federal funds sold & reverse repurchase $0
    Net loans and leases $934,637
    Loan and leases loss allowance $5,308
    Trading account assets $0
    Bank premises and fixed assets $5,393
    Other real estate owned $1,463
    Goodwill and other intangibles $2,934
    All other assets $28,736

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,193,608
    Total Liabilities $1,026,746
    Total deposits $1,003,873
    Interest-bearing deposits $927,072
    Deposits held in domestic offices $1,003,873
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,466
    Subordinated debt $0
    All other liabilities $7,407

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $934,637
    Loan and leases loss allowance $5,308
    Total loans and leases (domestic) $939,945
    All real estate loans $727,534
    Real estate loans in domestic offices $727,534
    Construction and development loans $2,735
    Residential 1-4 family construction $0
    Other construction, all land development and other land $2,735
    Loans secured by nonfarm nonresidential properties $529,586
    Nonfarm nonresidential secured by owner-occupied properties $236,291
    Commercial real estate & other non-farm, non-residential $293,295
    Multifamily residential real estate $101,323
    1-4 family residential loans $93,818
    Farmland loans $72
    Loans held in foreign offices $0
    Farm loans $36
    Commercial and industrial loans $17,484
    To non-U.S. addressees $0
    Loans to individuals $2,869
    Credit card loans $0
    Related Plans $72
    Consumer Auto Loans $2
    Other loans to individuals $2,795
    All other loans & leases $192,023
    Loans to foreign governments and official institutions $0
    Other loans $191,903
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $35,131
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $10,425
    Non 1-4 family restructured loans & leases $8,224
    Total loans and leases (foreign) $0

    Northeast Bank had $934,637,000 of loans outstanding in 2018. $727,534,000 of loans were in real estate loans. $2,735,000 of loans were in development loans. $101,323,000 of loans were in multifamily mortgage loans. $93,818,000 of loans were in 1-4 family mortgage loans. $36,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,000 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 608 $136,844 $225,072
    Nonfarm, nonresidential loans - <$100k 32 $430 $13,438
    Nonfarm, nonresidential loans - $100-250k 146 $13,313 $91,185
    Nonfarm, nonresidential loans - $250k-1MM 430 $123,101 $286,281
    Commercial & Industrial, US addressed loans - <$1MM 108 $9,873 $91,417
    Commercial & Industrial, US addressed loans - <$100k 54 $1,490 $27,593
    Commercial & Industrial, US addressed loans - $100-250k 26 $2,235 $85,962
    Commercial & Industrial, US addressed loans - $250k-1MM 28 $6,148 $219,571
    Farmland loans - <$1MM 2 $72 $36,000
    Farmland loans - <$100k 1 $5 $5,000
    Farmland loans - $100-250k 1 $67 $67,000
    Agriculture operations loans - <$1MM 8 $35 $4,375
    Agriculture operations loans - <$100k 6 $28 $4,667
    Agriculture operations loans - $100-250k 2 $7 $3,500