Florence Bank Mortgage Rates, Fees & Info

Northampton, MA

LEI: 549300JXIQJRQ1HME757

Tax ID: 04-1332530

5 stars

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

Review & 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 by origination volume include: Springfield, Hartford, Barnstable Town, Vineyard Haven, and Worcester among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Florence Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Florence Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.29%	3/19/23
30 Year Conventional Refi	6.28%	3/19/23
30 Year Cash-out Refi	6.36%	3/19/23
30 Year USDA Refi	6.19%	3/19/23
15 Year Conventional Purchase	5.86%	3/19/23
15 Year Conventional Refi	5.95%	3/19/23
15 Year Cash-out Refi	5.95%	3/19/23
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Originations

595

Origination Dollar Volume (All Markets)

$159,285,000

Employee count

202

Awards

Florence Bank 30 Year Conventional Loans gold

Show all (2) awards

Relative Rate

Florence Bank's average 30 year fixed mortgage rate was 2.89%.

The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

This yields a difference of -0.26%.

Relative Fees (Closing Costs)

Florence Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,703.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
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.

Their top states include:

Massachusetts (FHA|USDA|VA)

Connecticut (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Florence Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

POLISH NATIONAL
Similarity Rank: 192

Freedom Credit Union
Similarity Rank: 266

GREATER SPRINGFIELD CREDIT UNION
Similarity Rank: 336

ATHOL CREDIT UNION
Similarity Rank: 368

Florence Bank
Similarity Rank: 400

MEMBERS MORTGAGE COMPANY, INC.
Similarity Rank: 464

Greenfield Savings Bank
Similarity Rank: 522

PeoplesBank
Similarity Rank: 525

Westfield Bank
Similarity Rank: 595

Cornerstone Bank
Similarity Rank: 646

Product Mix

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

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

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Florence Bank's most frequently cited loan purpose was Refi, with 378 originations. The 2nd most popular reason was 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 2021, Florence Bank's most frequently cited loan duration was 30 Year, with 229 originations. The 2nd most popular length was 20 Year, with 193 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	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	16	$4,220,000	$263,750
$5k+	15	$6,935,000	$462,333
$4k-5k	14	$3,760,000	$268,571

Florence Bank's average total fees were $4,703, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.89%, while their most frequently originated rate bucket for loans was 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
90.49%

Florence Bank has an average approval rate.

Pick Rate

Approvals leading to origination
71.43%

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