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 and Refi 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, Lewiston, San Francisco, Augusta, and Boston among others. We have data for 6 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

    76

    Origination Dollar Volume (All Markets)

    $16,100,000

    Employee count

    165

    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) 29 $6,895,000 $237,759 $0 0.00%
    Outside of Metro Areas 26 $3,950,000 $151,923 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 15 $2,445,000 $163,000 $0 0.00%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $2,135,000 $2,135,000 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 4 $550,000 $137,500 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
    Northeast Bank's top markets include Portland, Lewiston, San Francisco, Augusta, and Boston among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 58 $12,300,000 $212,069 $0 0.00%
    FHA 9 $1,645,000 $182,778 $0 0.00%
    VA 5 $1,305,000 $261,000 $0 0.00%
    USDA 4 $850,000 $212,500 $0 0.00%

    For 2020, Northeast Bank's most frequently originated type of loan was Conventional, with 58 originations. Their 2nd most popular type was FHA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $9,585,000 $245,769 $0 0.00%
    Refi 21 $4,015,000 $191,190 $0 0.00%
    Cash Out Refi 15 $2,475,000 $165,000 $0 0.00%
    Home Improvement 1 $25,000 $25,000 $0 0.00%

    For 2020, Northeast Bank's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 76 $16,100,000 $211,842 $0 0.00%

    For 2020, Northeast Bank's most frequently cited loan duration was Other, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 32 $4,590,000 $143,438 $0 0.00%
    $200k-400k 30 $7,970,000 $265,667 $0 0.00%
    $100,000 or less 12 $900,000 $75,000 $0 0.00%
    $1MM+ 1 $2,135,000 $2,135,000 $0 0.00%
    $400k-600k 1 $505,000 $505,000 $0 0.00%

    2020 saw Northeast Bank place emphasis on $100k-200k loans with 32 originations, totaling $4,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $4,605,000 $184,200 $0 0.00%
    $100k-150k 13 $2,845,000 $218,846 $0 0.00%
    $150k-250k 10 $2,420,000 $242,000 $0 0.00%
    $50k or less 10 $1,290,000 $129,000 $0 0.00%
    $75k-100k 10 $1,890,000 $189,000 $0 0.00%
    $250k+ 3 $615,000 $205,000 $0 0.00%

    Northeast Bank lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 76 $16,100,000 $211,842 $0 0.00%

    Northeast Bank lent most frequently to those with DTI ratios of Exempt%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 67 $12,645,000 $188,731 $0 0.00%
    Not applicable 1 $2,135,000 $2,135,000 $0 0.00%
    Not provided 8 $1,320,000 $165,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.22%

    Northeast Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.00%

    Northeast Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 76 $16,100,000 $211,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $675,000 $135,000
    Single Family (1-4 Units):Site-Built 71 $15,425,000 $217,254

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northeast Bank 235 Western Avenue Augusta, ME 4330 Full Service B&M $42,750
    Northeast Bank 232 Center Street Auburn, ME 4210 Full Service B&M $359,095
    Northeast Bank 235 Main Street South Paris, ME 4281 Full Service B&M $48,069
    Northeast Bank 2 Depot Street Buckfield, ME 4220 Full Service B&M $24,090
    Northeast Bank 11 Main Street Bethel, ME 4217 Full Service B&M $57,909
    Northeast Bank 1399 Maine Street Poland, ME 4274 Full Service B&M $34,724
    Northeast Bank 186 Maine Street Brunswick, ME 4011 Full Service B&M $84,524
    Northeast Bank 27 Pearl Street Portland, ME 4101 Full Service B&M $0
    Northeast Bank 27 Pearl Street Portland, ME 4101 Full Service B&M $43,051
    Northeast Bank 46 Main Street Harrison, ME 4040 Full Service B&M $28,561
    Northeast Bank 500 Canal Street Lewiston, ME 4240 Full Service Cyber Office $304,242

    For 2020, Northeast Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $79,770
    Net interest income $64,085
    Total noninterest income $23,553
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $192
    Trading account gains and fees $0
    Additional Noninterest Income $23,361
    Pre-tax net operating income $41,807
    Securities gains (or losses, -) $118
    Income before extraordinary items $29,064
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $29,064
    Minority interest net income $0
    Net income $29,064
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $28,970

    Northeast Bank's gross interest income from loans was $79,770,000.
    Northeast Bank's net interest income from loans was $64,085,000.
    Northeast Bank's fee based income from loans was $192,000.
    Northeast Bank's net income from loans was $29,064,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $15,685
    Provision for credit losses $5,135
    Total noninterest expense $40,696
    Salaries and employee benefits $24,986
    Premises and equipment expense $3,814
    Additional noninterest expense $11,896
    Applicable income taxes $12,861
    Net charge-offs $614
    Cash dividends $338

    Northeast Bank's interest expense for loans was $15,685,000.
    Northeast Bank's payroll and benefits expense were $24,986,000.
    Northeast Bank's property, plant and equipment expenses $3,814,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 3.0%
    Real Estate loans 3.0%
    Construction & Land Development loans 3.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 1.0%
    1-4 family residential loans 10.0%
    HELOC loans 0.0%
    All other family 11.0%
    Commercial & industrial loans 29.0%
    Personal loans 2.0%
    Credit card loans 0.0%
    Other individual loans 2.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $999,126
    Deposits held in domestic offices $999,126
    Deposits by Individuals, partnerships, and corporations $831,774
    Deposits by U.S. Government $25,002
    Deposits by States and political subdivisions in the U.S. $4,021
    Deposits by Commercial banks and other depository institutions in U.S. $138,329
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $176,399
    Demand deposits $77,853
    Nontransaction accounts $822,727
    Money market deposit accounts (MMDAs) $309,658
    Other savings deposits (excluding MMDAs) $182,640
    Total time deposits $330,429
    Total time and savings deposits $921,273
    Noninterest-bearing deposits $129,292
    Interest-bearing deposits $869,834
    Retail deposits $988,914
    IRAs and Keogh plan accounts $16,388
    Brokered deposits $31,050
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,234,092
    Cash & Balances due from depository institutions $109,361
    Interest-bearing balances $104,675
    Total securities $67,793
    Federal funds sold & reverse repurchase $0
    Net loans and leases $991,812
    Loan and leases loss allowance $9,926
    Trading account assets $0
    Bank premises and fixed assets $12,497
    Other real estate owned $2,866
    Goodwill and other intangibles $2,036
    All other assets $47,727

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,234,092
    Total Liabilities $1,052,130
    Total deposits $999,126
    Interest-bearing deposits $869,834
    Deposits held in domestic offices $999,126
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $21,796
    Subordinated debt $14,995
    All other liabilities $16,213

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $991,812
    Loan and leases loss allowance $9,926
    Total loans and leases (domestic) $1,001,738
    All real estate loans $773,635
    Real estate loans in domestic offices $773,635
    Construction and development loans $4,210
    Residential 1-4 family construction $24
    Other construction, all land development and other land $4,186
    Loans secured by nonfarm nonresidential properties $578,123
    Nonfarm nonresidential secured by owner-occupied properties $243,318
    Commercial real estate & other non-farm, non-residential $334,805
    Multifamily residential real estate $118,075
    1-4 family residential loans $73,179
    Farmland loans $48
    Loans held in foreign offices $0
    Farm loans $76
    Commercial and industrial loans $7,539
    To non-U.S. addressees $0
    Loans to individuals $1,334
    Credit card loans $0
    Related Plans $41
    Consumer Auto Loans $0
    Other loans to individuals $1,293
    All other loans & leases $219,155
    Loans to foreign governments and official institutions $0
    Other loans $219,071
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $66,463
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $24,026
    Non 1-4 family restructured loans & leases $20,588
    Total loans and leases (foreign) $0

    Northeast Bank had $991,812,000 of loans outstanding in 2020. $773,635,000 of loans were in real estate loans. $4,210,000 of loans were in development loans. $118,075,000 of loans were in multifamily mortgage loans. $73,179,000 of loans were in 1-4 family mortgage loans. $76,000 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 753 $158,277 $210,195
    Nonfarm, nonresidential loans - <$100k 41 $617 $15,049
    Nonfarm, nonresidential loans - $100-250k 195 $16,247 $83,318
    Nonfarm, nonresidential loans - $250k-1MM 517 $141,413 $273,526
    Commercial & Industrial, US addressed loans - <$1MM 101 $6,040 $59,802
    Commercial & Industrial, US addressed loans - <$100k 54 $1,074 $19,889
    Commercial & Industrial, US addressed loans - $100-250k 26 $1,977 $76,038
    Commercial & Industrial, US addressed loans - $250k-1MM 21 $2,989 $142,333
    Farmland loans - <$1MM 1 $44 $44,000
    Farmland loans - $100-250k 1 $44 $44,000
    Agriculture operations loans - <$1MM 3 $76 $25,333
    Agriculture operations loans - <$100k 3 $76 $25,333