Florence Bank Mortgage Rates, Fees & Info

Northampton, MA

LEI: 549300JXIQJRQ1HME757

Tax ID: 04-1332530

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Florence Bank is a smaller bank specializing in Refi and Home Purchase loans. Florence Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Springfield, Hartford, Barnstable Town, Vineyard Haven, and Worcester among others. Florence Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Florence Bank is typically an average fee lendor.


Originations

595

Origination Dollar Volume (All Markets)

$159,285,000

Employee count

202

Awards

Florence Bank 30 Year Conventional Loans gold Florence Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Florence Bank's average 30 year fixed rate mortgage of loans were 2.89%.

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

This yields a difference of -0.26%.

Relative Fees

Florence Bank's average total fees for a 30 year fixed rate mortgage are $4,703.

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
SPRINGFIELD, MA (FHA|USDA|VA) 584 $151,430,000 $259,298 $3,391 2.84%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $3,965,000 $793,000 $0 4.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $2,135,000 $711,667 $4,467 2.81%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $12,596 2.88%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $710,000 $355,000 $3,702 3.44%

Florence Bank's top markets include Springfield, Hartford, Barnstable Town, Vineyard Haven, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 594 $159,100,000 $267,845 $3,413 2.86%
USDA 1 $185,000 $185,000 $4,064 2.75%

For the 2021 period, Florence Bank's most frequently originated loan type of loans were Conventional, with 594 originations. Their 2nd most popular type is USDA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 378 $92,270,000 $244,101 $2,760 2.71%
Home Purchase 140 $50,490,000 $360,643 $4,734 3.09%
Cash Out Refi 53 $13,025,000 $245,755 $5,187 2.92%
Home Improvement 13 $1,645,000 $126,538 $1,486 3.78%
Other 11 $1,855,000 $168,636 $2,349 3.44%

For the 2021, Florence Bank's most frequently cited loan purpose of loans were Refi, with 378 originations. The 2nd most popular reason of loans were Home Purchase, with 140 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 229 $59,545,000 $260,022 $4,703 2.89%
20 Year 193 $56,705,000 $293,808 $2,635 2.95%
15 Year 82 $16,250,000 $198,171 $2,497 2.54%
10 Year 60 $18,470,000 $307,833 $2,089 2.33%
Other 15 $4,275,000 $285,000 $2,765 4.10%
30+ year 7 $2,955,000 $422,143 $4,230 3.30%
5 Year 6 $240,000 $40,000 $83 3.58%
1 Year 3 $845,000 $281,667 $0 4.58%

For the 2021, Florence Bank's most frequently cited loan length of loans were 30 Year, with 229 originations. The 2nd most popular length of loans were 20 Year, with 193 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 365 $79,365,000 $217,438
$1k-2k 81 $21,105,000 $260,556
$2k-3k 57 $14,085,000 $247,105
$3k-4k 30 $7,980,000 $266,000
$5k+ 15 $6,935,000 $462,333

$4,703 of loans were Florence Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 365 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 347 $86,885,000 $250,389
<2.5% 146 $30,670,000 $210,068
3-4% 72 $34,210,000 $475,139
4-5% 24 $6,200,000 $258,333
5-6% 6 $1,320,000 $220,000

During 2021, Florence Bank's average interest rate of loans were 2.89%, while their most frequently originated rate bucket of loans were 2.5-3%, with 347 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 276 $73,170,000 $265,109 $3,721 2.82%
$100k-200k 212 $33,240,000 $156,792 $2,819 2.76%
$400k-600k 47 $22,075,000 $469,681 $4,954 3.02%
$100,000 or less 41 $2,795,000 $68,171 $1,687 3.04%
$1MM+ 11 $22,095,000 $2,008,636 $12,806 3.55%
$600k-1MM 8 $5,910,000 $738,750 $6,811 3.67%

2021 saw Florence Bank place emphasis on $200k-400k loans with 276 originations, totaling $73,170,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 145 $35,785,000 $246,793 $3,232 2.74%
$50k-75k 139 $24,875,000 $178,957 $3,209 2.80%
$75k-100k 98 $21,090,000 $215,204 $3,371 2.74%
$150k-250k 75 $23,115,000 $308,200 $3,683 2.69%
$50k or less 56 $7,950,000 $141,964 $3,253 2.99%
$250k+ 34 $16,930,000 $497,941 $5,070 2.76%

Florence Bank lent most frequently to those with incomes in the $100k-150k range, with 145 originations. The second most popular income band? $50k-75k, with 139 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 159 $37,835,000 $237,956 $3,339 2.69%
30-36% 114 $24,750,000 $217,105 $3,265 2.79%
<20% 84 $21,650,000 $257,738 $3,677 2.70%
40% 26 $6,530,000 $251,154 $3,443 2.86%
38% 21 $4,575,000 $217,857 $3,036 2.77%
42% 19 $6,225,000 $327,632 $3,859 2.77%
37% 16 $3,460,000 $216,250 $2,936 2.76%
44% 15 $3,945,000 $263,000 $4,576 2.71%
39% 14 $2,830,000 $202,143 $3,786 2.70%
43% 14 $3,040,000 $217,143 $3,974 2.61%
47% 12 $3,080,000 $256,667 $3,259 2.72%
36% 11 $1,885,000 $171,364 $2,345 2.88%
45% 10 $2,270,000 $227,000 $3,438 2.74%
46% 8 $1,440,000 $180,000 $2,851 2.64%
41% 8 $1,820,000 $227,500 $3,362 2.92%
49% 8 $1,600,000 $200,000 $2,907 2.70%
48% 5 $1,295,000 $259,000 $3,422 2.83%
50-60% 4 $1,240,000 $310,000 $4,746 2.88%

Florence Bank lent most frequently to those with DTI ratios of 20-30%, with 159 originations. The next most common DTI ratio? 30-36%, with 114 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 492 $114,710,000 $233,150 $3,418 2.77%
Not applicable 35 $27,025,000 $772,143 $0 4.24%
Not provided 54 $13,570,000 $251,296 $3,422 2.75%
Asian 10 $3,230,000 $323,000 $3,190 2.67%
Black 3 $635,000 $211,667 $3,830 2.79%
American Indian 1 $115,000 $115,000 $2,376 2.38%

Approval Rates

Total approvals of all applications
90.32%

Florence Bank has an average approval rate.

Pick Rate

Approvals leading to origination
76.50%

Florence Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 595 $159,285,000 $267,706

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
595 $159,285,000 $267,706

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 75 $10,725,000 $143,000 $2,329 2.70%
40-60% 183 $41,435,000 $226,421 $2,870 2.77%
60-80% 254 $86,990,000 $342,480 $4,068 2.93%
80-100% 67 $19,345,000 $288,731 $4,261 2.86%
Under 20% 16 $790,000 $49,375 $822 3.40%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Florence Bank 1 Main Street Williamsburg, MA 1096 Full Service B&M $117,949
Florence Bank 1444 Allen Street Springfield, MA 1118 Full Service B&M $25,974
Florence Bank 176 King Street Northampton, MA 1060 Full Service B&M $203,454
Florence Bank 20 George Hannum Street Belchertown, MA 1007 Full Service B&M $51,126
Florence Bank 377 Russell Street Hadley, MA 1035 Full Service B&M $227,524
Florence Bank 385 College Street Amherst, MA 1002 Full Service B&M $123,598
Florence Bank 5 Main Street Easthampton, MA 1027 Full Service B&M $149,674
Florence Bank 58 Main Street Northampton, MA 1060 Full Service B&M $181,685
Florence Bank 68 Pleasant Street Granby, MA 1033 Full Service B&M $38,939
Florence Bank 69 Main Street Florence, MA 1062 Limited, Drive-thru $0
Florence Bank 705 Memorial Drive Chicopee, MA 1020 Full Service B&M $1,558
Florence Bank 85 Main St Florence, MA 1062 Full Service B&M $457,008
Florence Bank 1010 Union Street, Suite E West Springfield, MA 1089 Full Service B&M $59,261

For 2021, Florence Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $50,829
Net interest income $46,760
Total noninterest income $7,283
Gross Fiduciary activities income $0
Service charges on deposit accounts $2,101
Trading account gains and fees $0
Additional Noninterest Income $5,182
Pre-tax net operating income $19,008
Securities gains (or losses, -) $-54
Income before extraordinary items $14,041
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,041
Minority interest net income $0
Net income $14,041
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,083

Florence Bank's gross interest income from loans was $50,829,000.
Florence Bank's net interest income from loans was $46,760,000.
Florence Bank's fee based income from loans was $2,101,000.
Florence Bank's net income from loans was $14,041,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,069
Provision for credit losses $58
Total noninterest expense $34,977
Salaries and employee benefits $21,326
Premises and equipment expense $3,305
Additional noninterest expense $10,346
Applicable income taxes $4,913
Net charge-offs $272
Cash dividends $0

Florence Bank's interest expense for loans was $4,069,000.
Florence Bank's payroll and benefits expense were $21,326,000.
Florence Bank's property, plant and equipment expenses $3,305,000.

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 3.0%
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 $1,721,702
Deposits held in domestic offices $1,721,702
Deposits by Individuals, partnerships, and corporations $1,668,001
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $53,701
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $822,653
Demand deposits $515,201
Nontransaction accounts $899,049
Money market deposit accounts (MMDAs) $271,764
Other savings deposits (excluding MMDAs) $302,072
Total time deposits $325,213
Total time and savings deposits $1,206,501
Noninterest-bearing deposits $486,002
Interest-bearing deposits $1,235,700
Retail deposits $1,637,539
IRAs and Keogh plan accounts $80,581
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,925,745
Cash & Balances due from depository institutions $292,567
Interest-bearing balances $270,105
Total securities $556,440
Federal funds sold & reverse repurchase $0
Net loans and leases $1,005,132
Loan and leases loss allowance $7,367
Trading account assets $0
Bank premises and fixed assets $14,674
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $56,932

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,925,745
Total Liabilities $1,743,404
Total deposits $1,721,702
Interest-bearing deposits $1,235,700
Deposits held in domestic offices $1,721,702
% insured (estimated) $77
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $21,702

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,005,132
Loan and leases loss allowance $7,367
Total loans and leases (domestic) $1,012,499
All real estate loans $980,389
Real estate loans in domestic offices $980,389
Construction and development loans $26,010
Residential 1-4 family construction $4,735
Other construction, all land development and other land $21,275
Loans secured by nonfarm nonresidential properties $251,325
Nonfarm nonresidential secured by owner-occupied properties $68,261
Commercial real estate & other non-farm, non-residential $183,064
Multifamily residential real estate $33,208
1-4 family residential loans $669,846
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $31,821
To non-U.S. addressees $0
Loans to individuals $154
Credit card loans $0
Related Plans $154
Consumer Auto Loans $0
Other loans to individuals $0
All other loans & leases $135
Loans to foreign governments and official institutions $0
Other loans $135
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 $101
Non 1-4 family restructured loans & leases $101
Total loans and leases (foreign) $0

Florence Bank had $1,005,132,000 of loans outstanding in 2021. $980,389,000 of loans were in real estate loans. $26,010,000 of loans were in development loans. $33,208,000 of loans were in multifamily mortgage loans. $669,846,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $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 203 $52,317 $257,719
Nonfarm, nonresidential loans - <$100k 14 $591 $42,214
Nonfarm, nonresidential loans - $100-250k 67 $7,941 $118,522
Nonfarm, nonresidential loans - $250k-1MM 122 $43,785 $358,893
Commercial & Industrial, US addressed loans - <$1MM 374 $20,500 $54,813
Commercial & Industrial, US addressed loans - <$100k 238 $3,586 $15,067
Commercial & Industrial, US addressed loans - $100-250k 69 $4,858 $70,406
Commercial & Industrial, US addressed loans - $250k-1MM 67 $12,056 $179,940