First Shore Federal Savings And Loan Association Mortgage Rates, Fees & Info

Salisbury, MD

LEI: 549300HJP2WLL8KDCA15

Tax ID: 52-0633253

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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

    First Shore Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase loans. First Shore Federal Savings And Loan Association has a high proportion of conventional loans. Their top markets by origination volume include: Salisbury, Dover, Cambridge, and Easton among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Shore Federal Savings And Loan Association 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

    266

    Origination Dollar Volume (All Markets)

    $32,330,000

    Employee count

    70

    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
    SALISBURY, MD-DE (FHA|USDA|VA) 252 $30,660,000 $121,667 $0 0.00%
    Outside of Metro Areas 5 $1,025,000 $205,000 $0 0.00%
    DOVER, DE (FHA|USDA|VA) 6 $450,000 $75,000 $0 0.00%
    Cambridge, MD (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
    Easton, MD (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
    First Shore Federal Savings And Loan Association's top markets include Salisbury, Dover, Cambridge, and Easton among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 266 $32,330,000 $121,541 $0 0.00%

    For 2020, First Shore Federal Savings And Loan Association's most frequently originated type of loan was Conventional, with 266 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 211 $26,855,000 $127,275 $0 0.00%
    Refi 19 $2,895,000 $152,368 $0 0.00%
    Cash Out Refi 16 $1,030,000 $64,375 $0 0.00%
    Home Improvement 14 $1,250,000 $89,286 $0 0.00%
    Other 6 $300,000 $50,000 $0 0.00%

    For 2020, First Shore Federal Savings And Loan Association's most frequently cited loan purpose was Home Purchase, with 211 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 266 $32,330,000 $121,541 $0 0.00%

    For 2020, First Shore Federal Savings And Loan Association's most frequently cited loan duration was Other, with 266 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 164 $8,940,000 $54,512 $0 0.00%
    $100k-200k 74 $10,300,000 $139,189 $0 0.00%
    $200k-400k 16 $4,600,000 $287,500 $0 0.00%
    $400k-600k 8 $3,800,000 $475,000 $0 0.00%
    $1MM+ 3 $3,945,000 $1,315,000 $0 0.00%
    $600k-1MM 1 $745,000 $745,000 $0 0.00%

    2020 saw First Shore Federal Savings And Loan Association place emphasis on $100,000 or less loans with 164 originations, totaling $8,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 54 $7,990,000 $147,963 $0 0.00%
    $50k-75k 52 $3,360,000 $64,615 $0 0.00%
    $100k-150k 51 $5,865,000 $115,000 $0 0.00%
    $50k or less 42 $2,450,000 $58,333 $0 0.00%
    $75k-100k 35 $2,845,000 $81,286 $0 0.00%
    $250k+ 31 $9,535,000 $307,581 $0 0.00%

    First Shore Federal Savings And Loan Association lent most frequently to those with incomes in the $150k-250k range, with 54 originations. The second most popular income band? $50k-75k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 266 $32,330,000 $121,541 $0 0.00%

    First Shore Federal Savings And Loan Association lent most frequently to those with DTI ratios of Exempt%, with 266 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 242 $29,810,000 $123,182 $0 0.00%
    Not provided 14 $1,270,000 $90,714 $0 0.00%
    Asian 2 $440,000 $220,000 $0 0.00%
    Black 5 $335,000 $67,000 $0 0.00%
    Not applicable 1 $285,000 $285,000 $0 0.00%
    American Indian 2 $190,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.36%

    First Shore Federal Savings And Loan Association has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.65%

    First Shore Federal Savings And Loan Association has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 266 $32,330,000 $121,541

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 195 $15,295,000 $78,436
    Single Family (1-4 Units):Site-Built 71 $17,035,000 $239,930

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Shore Federal Savings and Loan Association 106 S. Division Street Salisbury, MD 21801 Full Service B&M $41,444
    First Shore Federal Savings and Loan Association 107 Green Street Snow Hill, MD 21863 Full Service B&M $12,339
    First Shore Federal Savings and Loan Association 11029 Racetrack Road Berlin, MD 21811 Full Service B&M $35,363
    First Shore Federal Savings and Loan Association 1116 Mt. Hermon Road Salisbury, MD 21804 Full Service B&M $92,080
    First Shore Federal Savings and Loan Association 1315 Market Street Pocomoke City, MD 21851 Full Service B&M $51,759
    First Shore Federal Savings and Loan Association 220 Washington St Millsboro, DE 19966 Full Service B&M $4,262
    First Shore Federal Savings and Loan Association 310 Franklin Avenue Berlin, MD 21811 Full Service B&M $14,765
    First Shore Federal Savings and Loan Association Rt 26 Atlantic Avenue Ocean View, DE 19970 Full Service B&M $18,376

    For 2020, First Shore Federal Savings And Loan Association had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,094
    Net interest income $9,113
    Total noninterest income $604
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $84
    Trading account gains and fees $0
    Additional Noninterest Income $520
    Pre-tax net operating income $1,705
    Securities gains (or losses, -) $11
    Income before extraordinary items $1,301
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,301
    Minority interest net income $0
    Net income $1,301
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,292

    First Shore Federal Savings And Loan Association's gross interest income from loans was $12,094,000.
    First Shore Federal Savings And Loan Association's net interest income from loans was $9,113,000.
    First Shore Federal Savings And Loan Association's fee based income from loans was $84,000.
    First Shore Federal Savings And Loan Association's net income from loans was $1,301,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,981
    Provision for credit losses $50
    Total noninterest expense $7,962
    Salaries and employee benefits $5,200
    Premises and equipment expense $975
    Additional noninterest expense $1,787
    Applicable income taxes $415
    Net charge-offs $-48
    Cash dividends $0

    First Shore Federal Savings And Loan Association's interest expense for loans was $2,981,000.
    First Shore Federal Savings And Loan Association's payroll and benefits expense were $5,200,000.
    First Shore Federal Savings And Loan Association's property, plant and equipment expenses $975,000.

    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 0.0%
    Multifamily residential loans 61.0%
    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 $273,184
    Deposits held in domestic offices $273,184
    Deposits by Individuals, partnerships, and corporations $272,013
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $581
    Deposits by Commercial banks and other depository institutions in U.S. $590
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $51,648
    Demand deposits $14,898
    Nontransaction accounts $221,536
    Money market deposit accounts (MMDAs) $38,971
    Other savings deposits (excluding MMDAs) $38,818
    Total time deposits $143,748
    Total time and savings deposits $258,286
    Noninterest-bearing deposits $14,898
    Interest-bearing deposits $258,286
    Retail deposits $257,928
    IRAs and Keogh plan accounts $29,565
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $327,969
    Cash & Balances due from depository institutions $55,241
    Interest-bearing balances $53,290
    Total securities $11,103
    Federal funds sold & reverse repurchase $0
    Net loans and leases $243,699
    Loan and leases loss allowance $2,560
    Trading account assets $0
    Bank premises and fixed assets $5,776
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $12,150

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $327,969
    Total Liabilities $277,575
    Total deposits $273,184
    Interest-bearing deposits $258,286
    Deposits held in domestic offices $273,184
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,000
    Subordinated debt $0
    All other liabilities $391

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $243,699
    Loan and leases loss allowance $2,560
    Total loans and leases (domestic) $246,259
    All real estate loans $208,210
    Real estate loans in domestic offices $208,210
    Construction and development loans $21,886
    Residential 1-4 family construction $3,205
    Other construction, all land development and other land $18,681
    Loans secured by nonfarm nonresidential properties $22,462
    Nonfarm nonresidential secured by owner-occupied properties $8,567
    Commercial real estate & other non-farm, non-residential $13,895
    Multifamily residential real estate $2,365
    1-4 family residential loans $160,727
    Farmland loans $770
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $7,012
    To non-U.S. addressees $0
    Loans to individuals $31,008
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $78
    Other loans to individuals $30,930
    All other loans & leases $29
    Loans to foreign governments and official institutions $0
    Other loans $29
    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 $160
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First Shore Federal Savings and Loan Association had $243,699,000 of loans outstanding in 2020. $208,210,000 of loans were in real estate loans. $21,886,000 of loans were in development loans. $2,365,000 of loans were in multifamily mortgage loans. $160,727,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $78,000 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 41 $10,235 $249,634
    Nonfarm, nonresidential loans - <$100k 7 $369 $52,714
    Nonfarm, nonresidential loans - $100-250k 10 $1,284 $128,400
    Nonfarm, nonresidential loans - $250k-1MM 24 $8,582 $357,583
    Commercial & Industrial, US addressed loans - <$1MM 40 $1,878 $46,950
    Commercial & Industrial, US addressed loans - <$100k 28 $713 $25,464
    Commercial & Industrial, US addressed loans - $100-250k 9 $766 $85,111
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $399 $133,000
    Farmland loans - <$1MM 5 $770 $154,000
    Farmland loans - <$100k 1 $30 $30,000
    Farmland loans - $100-250k 4 $740 $185,000