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
  • Complaints
  • 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Lewiston, Boston, Augusta, and San Francisco among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Northeast Bank has an 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

    178

    Origination Dollar Volume (All Markets)

    $43,150,000

    Employee count

    172

    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) 110 $29,900,000 $271,818 $0 0.00%
    Outside of Metro Areas 37 $5,385,000 $145,541 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 13 $2,155,000 $165,769 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $1,980,000 $495,000 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 11 $1,805,000 $164,091 $0 0.00%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 2 $420,000 $210,000 $0 0.00%
    Northeast Bank's top markets include Portland, Lewiston, Boston, Augusta, and San Francisco among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 136 $35,190,000 $258,750 $0 0.00%
    FHA 24 $3,560,000 $148,333 $0 0.00%
    VA 12 $3,150,000 $262,500 $0 0.00%
    USDA 6 $1,250,000 $208,333 $0 0.00%

    For 2019, Northeast Bank's most frequently originated type of loan was Conventional, with 136 originations. Their 2nd most popular type was FHA, with 24 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 144 $34,580,000 $240,139 $0 0.00%
    Cash Out Refi 19 $3,535,000 $186,053 $0 0.00%
    Refi 12 $4,830,000 $402,500 $0 0.00%
    Other 3 $205,000 $68,333 $0 0.00%

    For 2019, Northeast Bank's most frequently cited loan purpose was Home Purchase, with 144 originations. The 2nd most popular reason was Cash Out Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 178 $43,150,000 $242,416 $0 0.00%

    For 2019, Northeast Bank's most frequently cited loan duration was Other, with 178 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 81 $22,115,000 $273,025 $0 0.00%
    $100k-200k 67 $9,975,000 $148,881 $0 0.00%
    $400k-600k 16 $7,330,000 $458,125 $0 0.00%
    $100,000 or less 11 $735,000 $66,818 $0 0.00%
    $600k-1MM 2 $1,490,000 $745,000 $0 0.00%
    $1MM+ 1 $1,505,000 $1,505,000 $0 0.00%

    2019 saw Northeast Bank place emphasis on $200k-400k loans with 81 originations, totaling $22,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 43 $8,335,000 $193,837 $0 0.00%
    $100k-150k 37 $10,295,000 $278,243 $0 0.00%
    $75k-100k 34 $8,120,000 $238,824 $0 0.00%
    $50k or less 31 $3,745,000 $120,806 $0 0.00%
    $150k-250k 25 $7,805,000 $312,200 $0 0.00%
    $250k+ 7 $3,345,000 $477,857 $0 0.00%

    Northeast Bank lent most frequently to those with incomes in the $50k-75k range, with 43 originations. The second most popular income band? $100k-150k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 178 $43,150,000 $242,416 $0 0.00%

    Northeast Bank lent most frequently to those with DTI ratios of Exempt%, with 178 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 170 $40,030,000 $235,471 $0 0.00%
    Not applicable 1 $1,505,000 $1,505,000 $0 0.00%
    Not provided 4 $960,000 $240,000 $0 0.00%
    Black 1 $405,000 $405,000 $0 0.00%
    Asian 1 $145,000 $145,000 $0 0.00%
    American Indian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.97%

    Northeast Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.46%

    Northeast Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 178 $43,150,000 $242,416

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 16 $1,990,000 $124,375
    Single Family (1-4 Units):Site-Built 162 $41,160,000 $254,074

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Other type of mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northeast Bank 235 Western Avenue Augusta, ME 4330 Full Service B&M $37,506
    Northeast Bank 11 Main Street Bethel, ME 4217 Full Service B&M $51,243
    Northeast Bank 1399 Maine Street Poland, ME 4274 Full Service B&M $29,664
    Northeast Bank 186 Maine Street Brunswick, ME 4011 Full Service B&M $75,912
    Northeast Bank 2 Depot Street Buckfield, ME 4220 Full Service B&M $22,140
    Northeast Bank 232 Center Street Auburn, ME 4210 Full Service B&M $40,267
    Northeast Bank 235 Main Street South Paris, ME 4281 Full Service B&M $43,091
    Northeast Bank 27 Pearl Street Portland, ME 4101 Full Service B&M $35,215
    Northeast Bank 46 Main Street Harrison, ME 4040 Full Service B&M $26,267
    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 $297,787
    Northeast Bank 500 Canal Street Lewiston, ME 4240 Full Service Cyber Office $300,864

    For 2019, Northeast Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $83,479
    Net interest income $64,517
    Total noninterest income $5,362
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $252
    Trading account gains and fees $0
    Additional Noninterest Income $5,110
    Pre-tax net operating income $29,419
    Securities gains (or losses, -) $156
    Income before extraordinary items $20,921
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $20,921
    Minority interest net income $0
    Net income $20,921
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $20,797

    Northeast Bank's gross interest income from loans was $83,479,000.
    Northeast Bank's net interest income from loans was $64,517,000.
    Northeast Bank's fee based income from loans was $252,000.
    Northeast Bank's net income from loans was $20,921,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $18,962
    Provision for credit losses $789
    Total noninterest expense $39,671
    Salaries and employee benefits $23,935
    Premises and equipment expense $3,321
    Additional noninterest expense $12,415
    Applicable income taxes $8,654
    Net charge-offs $692
    Cash dividends $184

    Northeast Bank's interest expense for loans was $18,962,000.
    Northeast Bank's payroll and benefits expense were $23,935,000.
    Northeast Bank's property, plant and equipment expenses $3,321,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 1.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 6.0%
    Personal loans 3.0%
    Credit card loans 0.0%
    Other individual loans 3.0%
    Auto loans 0.0%
    Other consumer loans 3.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $956,407
    Deposits held in domestic offices $956,407
    Deposits by Individuals, partnerships, and corporations $709,002
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $11,865
    Deposits by Commercial banks and other depository institutions in U.S. $235,541
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $28,594
    Demand deposits $21,876
    Nontransaction accounts $927,814
    Money market deposit accounts (MMDAs) $269,057
    Other savings deposits (excluding MMDAs) $147,072
    Total time deposits $511,685
    Total time and savings deposits $934,532
    Noninterest-bearing deposits $67,313
    Interest-bearing deposits $889,094
    Retail deposits $954,150
    IRAs and Keogh plan accounts $16,772
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,208,005
    Cash & Balances due from depository institutions $86,341
    Interest-bearing balances $82,265
    Total securities $78,322
    Federal funds sold & reverse repurchase $0
    Net loans and leases $997,704
    Loan and leases loss allowance $5,405
    Trading account assets $0
    Bank premises and fixed assets $10,309
    Other real estate owned $2,505
    Goodwill and other intangibles $2,641
    All other assets $30,183

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,208,005
    Total Liabilities $1,044,605
    Total deposits $956,407
    Interest-bearing deposits $889,094
    Deposits held in domestic offices $956,407
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $65,196
    Subordinated debt $14,884
    All other liabilities $8,118

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $997,704
    Loan and leases loss allowance $5,405
    Total loans and leases (domestic) $1,003,109
    All real estate loans $766,432
    Real estate loans in domestic offices $766,432
    Construction and development loans $4,744
    Residential 1-4 family construction $0
    Other construction, all land development and other land $4,744
    Loans secured by nonfarm nonresidential properties $535,414
    Nonfarm nonresidential secured by owner-occupied properties $226,756
    Commercial real estate & other non-farm, non-residential $308,658
    Multifamily residential real estate $139,802
    1-4 family residential loans $86,416
    Farmland loans $56
    Loans held in foreign offices $0
    Farm loans $10
    Commercial and industrial loans $14,746
    To non-U.S. addressees $0
    Loans to individuals $1,840
    Credit card loans $0
    Related Plans $59
    Consumer Auto Loans $1
    Other loans to individuals $1,780
    All other loans & leases $220,081
    Loans to foreign governments and official institutions $0
    Other loans $219,873
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $86,921
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $16,050
    Non 1-4 family restructured loans & leases $14,543
    Total loans and leases (foreign) $0

    Northeast Bank had $997,704,000 of loans outstanding in 2019. $766,432,000 of loans were in real estate loans. $4,744,000 of loans were in development loans. $139,802,000 of loans were in multifamily mortgage loans. $86,416,000 of loans were in 1-4 family mortgage loans. $10,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,000 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 620 $178,116 $287,284
    Nonfarm, nonresidential loans - <$100k 31 $1,128 $36,387
    Nonfarm, nonresidential loans - $100-250k 153 $17,324 $113,229
    Nonfarm, nonresidential loans - $250k-1MM 436 $159,664 $366,202
    Commercial & Industrial, US addressed loans - <$1MM 96 $10,866 $113,188
    Commercial & Industrial, US addressed loans - <$100k 47 $1,232 $26,213
    Commercial & Industrial, US addressed loans - $100-250k 24 $2,546 $106,083
    Commercial & Industrial, US addressed loans - $250k-1MM 25 $7,088 $283,520
    Farmland loans - <$1MM 1 $56 $56,000
    Farmland loans - $100-250k 1 $56 $56,000
    Agriculture operations loans - <$1MM 6 $10 $1,667
    Agriculture operations loans - <$100k 4 $7 $1,750
    Agriculture operations loans - $100-250k 2 $3 $1,500