Maine Community Bank Mortgage Rates, Fees & Info

Biddeford, ME

LEI: 549300HK8HC6F50IC896

Tax ID: 01-0029610

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Maine Community Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Maine Community Bank has a high proportion of conventional loans. Their top markets include Portland, Lewiston, Augusta, and Bangor among others. Maine Community Bank 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. Maine Community Bank is typically an average fee lendor.


Originations

459

Origination Dollar Volume (All Markets)

$112,735,000

Employee count

162

Relative Rate

Maine Community Bank's average 30 year fixed rate mortgage of loans were 3.32%.

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

This yields a difference of 0.17%.

Relative Fees

Maine Community Bank's average total fees for a 30 year fixed rate mortgage are $4,063.

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
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 316 $83,200,000 $263,291 $3,641 3.17%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 107 $22,355,000 $208,925 $3,491 3.22%
Outside of Metro Areas 18 $3,810,000 $211,667 $3,962 3.26%
Augusta-Waterville, ME (FHA|USDA|VA) 14 $2,700,000 $192,857 $3,766 3.06%
BANGOR, ME (FHA|USDA|VA) 4 $670,000 $167,500 $4,525 2.94%

Maine Community Bank's top markets include Portland, Lewiston, Augusta, and Bangor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 459 $112,735,000 $245,610 $3,634 3.18%

For the 2021 period, Maine Community Bank's most frequently originated loan type of loans were Conventional, with 459 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 150 $49,130,000 $327,533 $4,495 3.44%
Cash Out Refi 146 $30,370,000 $208,014 $3,413 3.04%
Refi 138 $27,290,000 $197,754 $3,232 3.00%
Home Improvement 17 $3,725,000 $219,118 $3,152 3.47%
Other 8 $2,220,000 $277,500 $1,762 3.55%

For the 2021, Maine Community Bank's most frequently cited loan purpose of loans were Home Purchase, with 150 originations. The 2nd most popular reason of loans were Cash Out Refi, with 146 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 199 $53,415,000 $268,417 $4,063 3.32%
15 Year 116 $19,240,000 $165,862 $2,613 2.85%
10 Year 63 $13,675,000 $217,063 $1,574 3.13%
20 Year 45 $13,375,000 $297,222 $4,167 3.21%
30+ year 25 $8,875,000 $355,000 $6,983 3.58%
Other 11 $4,155,000 $377,727 $5,880 3.36%

For the 2021, Maine Community Bank's most frequently cited loan length of loans were 30 Year, with 199 originations. The 2nd most popular length of loans were 15 Year, with 116 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 281 $63,365,000 $225,498
$2k-3k 54 $12,170,000 $225,370
$3k-4k 40 $9,760,000 $244,000
$<1k 35 $6,305,000 $180,143
$5k+ 13 $4,205,000 $323,462

$4,063 of loans were Maine Community Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 281 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 228 $68,830,000 $301,886
2.5-3% 159 $30,715,000 $193,176
<2.5% 48 $8,540,000 $177,917
4-5% 23 $4,485,000 $195,000

During 2021, Maine Community Bank's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 228 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 198 $29,110,000 $147,020 $2,990 3.10%
$200k-400k 160 $43,510,000 $271,938 $4,490 3.20%
$100,000 or less 48 $3,150,000 $65,625 $1,607 3.18%
$400k-600k 29 $14,275,000 $492,241 $6,046 3.36%
$600k-1MM 18 $13,410,000 $745,000 $5,128 3.42%
$1MM+ 6 $9,280,000 $1,546,667 $5,346 3.62%

2021 saw Maine Community Bank place emphasis on $100k-200k loans with 198 originations, totaling $29,110,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 114 $27,010,000 $236,930 $3,944 3.08%
$150k-250k 85 $19,245,000 $226,412 $3,591 3.17%
$50k-75k 79 $12,315,000 $155,886 $3,255 3.14%
$75k-100k 62 $11,020,000 $177,742 $3,781 3.05%
$250k+ 50 $21,910,000 $438,200 $4,151 3.20%
$50k or less 27 $3,175,000 $117,593 $2,551 3.22%

Maine Community Bank lent most frequently to those with incomes in the $100k-150k range, with 114 originations. The second most popular income band? $150k-250k, with 85 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 131 $28,315,000 $216,145 $3,724 3.05%
30-36% 102 $24,140,000 $236,667 $3,828 3.20%
<20% 74 $16,100,000 $217,568 $3,398 3.03%
39% 17 $4,355,000 $256,176 $2,914 3.21%
41% 15 $2,735,000 $182,333 $2,754 3.23%
40% 14 $3,000,000 $214,286 $3,810 3.35%
36% 14 $2,900,000 $207,143 $3,147 3.09%
38% 13 $2,915,000 $224,231 $4,053 3.14%
37% 13 $3,625,000 $278,846 $4,262 3.29%
42% 13 $2,565,000 $197,308 $3,361 3.03%
43% 6 $1,290,000 $215,000 $4,339 3.29%
44% 5 $2,375,000 $475,000 $4,313 3.13%
45% 2 $620,000 $310,000 $4,012 3.06%
48% 2 $440,000 $220,000 $3,754 3.19%
>60% 2 $270,000 $135,000 $1,000 2.88%
49% 1 $325,000 $325,000 $3,316 4.38%

Maine Community Bank lent most frequently to those with DTI ratios of 20-30%, with 131 originations. The next most common DTI ratio? 30-36%, with 102 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 392 $89,830,000 $229,158 $3,657 3.13%
Not applicable 35 $16,765,000 $479,000 $0 3.87%
Not provided 24 $4,780,000 $199,167 $3,451 3.09%
Asian 3 $645,000 $215,000 $3,932 3.21%
American Indian 3 $365,000 $121,667 $1,694 2.71%
Asian Indian 1 $205,000 $205,000 $3,232 4.25%
Black 1 $145,000 $145,000 $4,590 2.38%

Approval Rates

Total approvals of all applications
88.33%

Maine Community Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.30%

Maine Community Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 459 $112,735,000 $245,610

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
459 $112,735,000 $245,610

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 93 $14,885,000 $160,054 $2,636 3.07%
40-60% 121 $26,665,000 $220,372 $3,455 2.98%
60-80% 165 $50,825,000 $308,030 $4,470 3.31%
80-100% 52 $16,280,000 $313,077 $4,565 3.38%
Over 100% 2 $1,420,000 $710,000 $0 3.75%
Under 20% 26 $2,660,000 $102,308 $1,182 3.25%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Maine Community Bank 100 Minot Avenue Auburn, ME 4210 Full Service B&M $210,209
Maine Community Bank 16 Station Ave, Ste 103 Brunswick, ME 4011 Full Service B&M $26,144
Maine Community Bank 206 Us Route One Scarborough, ME 4074 Full Service B&M $73,527
Maine Community Bank 234 Main Street Biddeford, ME 4005 Full Service B&M $0
Maine Community Bank 254 Main St Biddeford, ME 4005 Full Service B&M $244,868
Maine Community Bank 3 Drive-In Lane Windham, ME 4062 Full Service B&M $27,033
Maine Community Bank 473 Alfred Street Biddeford, ME 4005 Full Service B&M $100,934
Maine Community Bank 65 Portland Road Kennebunk, ME 4043 Full Service B&M $49,600
Maine Community Bank 664 Main Street Lewiston, ME 4240 Full Service B&M $62,392
Maine Community Bank 846 Main Street Waterboro, ME 4087 Full Service B&M $60,097

For 2021, Maine Community Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $36,455
Net interest income $33,627
Total noninterest income $1,891
Gross Fiduciary activities income $0
Service charges on deposit accounts $329
Trading account gains and fees $0
Additional Noninterest Income $1,562
Pre-tax net operating income $11,061
Securities gains (or losses, -) $796
Income before extraordinary items $9,453
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $9,453
Minority interest net income $0
Net income $9,453
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,816

Maine Community Bank's gross interest income from loans was $36,455,000.
Maine Community Bank's net interest income from loans was $33,627,000.
Maine Community Bank's fee based income from loans was $329,000.
Maine Community Bank's net income from loans was $9,453,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,828
Provision for credit losses $647
Total noninterest expense $23,810
Salaries and employee benefits $13,999
Premises and equipment expense $2,712
Additional noninterest expense $7,099
Applicable income taxes $2,404
Net charge-offs $266
Cash dividends $0

Maine Community Bank's interest expense for loans was $2,828,000.
Maine Community Bank's payroll and benefits expense were $13,999,000.
Maine Community Bank's property, plant and equipment expenses $2,712,000.

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 0.0%
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 $853,581
Deposits held in domestic offices $853,581
Deposits by Individuals, partnerships, and corporations $806,016
Deposits by U.S. Government $3
Deposits by States and political subdivisions in the U.S. $38,274
Deposits by Commercial banks and other depository institutions in U.S. $9,288
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $364,993
Demand deposits $167,683
Nontransaction accounts $488,588
Money market deposit accounts (MMDAs) $188,089
Other savings deposits (excluding MMDAs) $135,835
Total time deposits $164,665
Total time and savings deposits $685,898
Noninterest-bearing deposits $167,688
Interest-bearing deposits $685,893
Retail deposits $791,394
IRAs and Keogh plan accounts $32,066
Brokered deposits $46,339
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,020,986
Cash & Balances due from depository institutions $89,739
Interest-bearing balances $81,473
Total securities $99,947
Federal funds sold & reverse repurchase $0
Net loans and leases $784,877
Loan and leases loss allowance $7,665
Trading account assets $0
Bank premises and fixed assets $23,526
Other real estate owned $0
Goodwill and other intangibles $469
All other assets $22,428

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,020,986
Total Liabilities $888,365
Total deposits $853,581
Interest-bearing deposits $685,893
Deposits held in domestic offices $853,581
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $27,744
Subordinated debt $0
All other liabilities $7,040

Issued Loan Types

Type Value (in 000's)
Net loans and leases $784,877
Loan and leases loss allowance $7,665
Total loans and leases (domestic) $792,542
All real estate loans $741,513
Real estate loans in domestic offices $741,513
Construction and development loans $30,127
Residential 1-4 family construction $18,070
Other construction, all land development and other land $12,057
Loans secured by nonfarm nonresidential properties $246,415
Nonfarm nonresidential secured by owner-occupied properties $103,327
Commercial real estate & other non-farm, non-residential $143,088
Multifamily residential real estate $41,950
1-4 family residential loans $421,099
Farmland loans $1,922
Loans held in foreign offices $0
Farm loans $1,471
Commercial and industrial loans $43,930
To non-U.S. addressees $0
Loans to individuals $3,413
Credit card loans $0
Related Plans $43
Consumer Auto Loans $1,339
Other loans to individuals $2,031
All other loans & leases $3,247
Loans to foreign governments and official institutions $0
Other loans $1,063
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 $4,592
Non 1-4 family restructured loans & leases $508
Total loans and leases (foreign) $0

Maine Community Bank had $784,877,000 of loans outstanding in 2021. $741,513,000 of loans were in real estate loans. $30,127,000 of loans were in development loans. $41,950,000 of loans were in multifamily mortgage loans. $421,099,000 of loans were in 1-4 family mortgage loans. $1,471,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,339,000 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 400 $94,722 $236,805
Nonfarm, nonresidential loans - <$100k 54 $2,511 $46,500
Nonfarm, nonresidential loans - $100-250k 150 $20,639 $137,593
Nonfarm, nonresidential loans - $250k-1MM 196 $71,572 $365,163
Commercial & Industrial, US addressed loans - <$1MM 468 $31,620 $67,564
Commercial & Industrial, US addressed loans - <$100k 322 $8,659 $26,891
Commercial & Industrial, US addressed loans - $100-250k 98 $10,209 $104,173
Commercial & Industrial, US addressed loans - $250k-1MM 48 $12,752 $265,667
Farmland loans - <$1MM 5 $860 $172,000
Farmland loans - <$100k 2 $172 $86,000
Farmland loans - $100-250k 2 $371 $185,500
Farmland loans - $250k-1MM 1 $317 $317,000
Agriculture operations loans - <$1MM 7 $1,466 $209,429
Agriculture operations loans - <$100k 4 $181 $45,250
Agriculture operations loans - $250k-1MM 3 $1,285 $428,333