Florence Bank Mortgage Rates, Fees & Info

Northampton, MA

LEI: 549300JXIQJRQ1HME757

Tax ID: 04-1332530

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Florence Bank is a smaller bank specializing in Home Purchase and Cash Out Refi 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, Worcester, Boston, Barnstable Town, and Hartford among others. We have data for 6 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 a low 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	3.75%	12/16/24
30 Year Conventional Purchase	5.68%	12/16/24
30 Year Conventional Refi	5.93%	12/16/24
30 Year Cash-out Refi	5.88%	12/16/24
15 Year Conventional Purchase	5.09%	12/16/24
15 Year Conventional Refi	5.53%	12/16/24
15 Year Cash-out Refi	5.53%	12/16/24
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.

Florence Bank Mortgage Calculator

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This is not an official calculator from Florence Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

433

Origination Dollar Volume (All Markets)

$100,455,000

Employee count

207

Awards

Florence Bank 30 Year Conventional Loans gold

Show all (2) awards

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)	424	$93,360,000	$220,189	$3,061	4.15%
Outside of Metro Areas	3	$3,995,000	$1,331,667	$13,993	4.75%
WORCESTER, MA-CT (FHA\|USDA\|VA)	3	$1,855,000	$618,333	$2,641	4.66%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	1	$935,000	$935,000	$3,832	3.25%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,093	2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	5.84%

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

Their top states include:

Massachusetts (FHA|USDA|VA)

Connecticut (FHA|USDA|VA)

Vermont (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: 48

Workers Credit Union
Similarity Rank: 168

Florence Bank
Similarity Rank: 168

PeoplesBank
Similarity Rank: 182

HOLYOKE
Similarity Rank: 228

Country Bank for Savings
Similarity Rank: 232

Westfield Bank
Similarity Rank: 247

LUSO
Similarity Rank: 256

MEMBERS MORTGAGE COMPANY, INC.
Similarity Rank: 368

UMASSFIVE COLLEGE Federal Credit Union
Similarity Rank: 670

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	432	$100,160,000	$231,852	$3,081	4.15%
USDA	1	$295,000	$295,000	$5,698	4.75%

For 2018, Florence Bank's most frequently originated type of loan was Conventional, with 432 originations. Their 2nd most popular type was USDA, with 1 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	255	$63,545,000	$249,196	$3,510	4.35%
Cash Out Refi	98	$20,580,000	$210,000	$2,530	3.56%
Refi	64	$13,180,000	$205,938	$2,215	4.13%
Home Improvement	9	$1,405,000	$156,111	$3,380	5.38%
Other	7	$1,745,000	$249,286	$3,578	3.98%

For 2018, Florence Bank's most frequently cited loan purpose was Home Purchase, with 255 originations. The 2nd most popular reason was Cash Out Refi, with 98 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	203	$47,095,000	$231,995	$3,593	4.13%
20 Year	84	$18,570,000	$221,071	$2,471	4.33%
Other	60	$13,340,000	$222,333	$2,411	4.59%
15 Year	49	$12,655,000	$258,265	$2,424	3.68%
10 Year	26	$5,200,000	$200,000	$2,169	3.08%
30+ year	6	$2,360,000	$393,333	$3,724	4.90%
1 Year	4	$1,180,000	$295,000	$0	6.63%
5 Year	1	$55,000	$55,000	$0	4.25%

For 2018, Florence Bank's most frequently cited loan duration was 30 Year, with 203 originations. The 2nd most popular length was 20 Year, with 84 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	261	$56,235,000	$215,460
$1k-2k	71	$16,865,000	$237,535
$2k-3k	15	$3,845,000	$256,333
$3k-4k	6	$1,210,000	$201,667
$4k-5k	6	$1,690,000	$281,667
$5k+	4	$1,250,000	$312,500

Florence Bank's average total fees were $3,593, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 261 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	181	$45,515,000	$251,464
3-4%	152	$33,550,000	$220,724
5-6%	51	$13,025,000	$255,392
2.5-3%	43	$7,385,000	$171,744
6-7%	6	$980,000	$163,333

During 2018, Florence Bank's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 4-5%, with 181 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	184	$49,060,000	$266,630	$3,448	4.10%
$100k-200k	177	$26,895,000	$151,949	$2,623	4.09%
$100,000 or less	40	$3,040,000	$76,000	$2,317	4.40%
$400k-600k	22	$10,280,000	$467,273	$3,883	4.35%
$600k-1MM	6	$4,690,000	$781,667	$4,329	4.80%
$1MM+	4	$6,490,000	$1,622,500	$13,993	5.09%

2018 saw Florence Bank place emphasis on $200k-400k loans with 184 originations, totaling $49,060,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	94	$20,820,000	$221,489	$3,038	3.82%
$50k-75k	91	$16,325,000	$179,396	$2,979	4.00%
$75k-100k	66	$14,060,000	$213,030	$2,997	3.91%
$50k or less	56	$8,030,000	$143,393	$3,065	4.37%
$150k-250k	52	$14,590,000	$280,577	$3,252	3.83%
$250k+	17	$8,945,000	$526,176	$4,025	3.80%

Florence Bank lent most frequently to those with incomes in the $100k-150k range, with 94 originations. The second most popular income band? $50k-75k, with 91 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	109	$24,815,000	$227,661	$3,108	3.88%
30-36%	77	$16,985,000	$220,584	$3,039	3.91%
<20%	30	$6,320,000	$210,667	$2,908	3.84%
36%	17	$4,145,000	$243,824	$3,473	3.93%
37%	14	$2,790,000	$199,286	$3,116	3.81%
38%	14	$2,520,000	$180,000	$3,368	3.99%
43%	13	$3,405,000	$261,923	$3,025	3.79%
49%	11	$2,385,000	$216,818	$2,701	3.78%
41%	11	$2,305,000	$209,545	$3,060	4.06%
42%	10	$2,040,000	$204,000	$3,266	4.21%
40%	10	$2,460,000	$246,000	$3,495	3.85%
46%	9	$1,895,000	$210,556	$2,666	4.27%
39%	9	$2,155,000	$239,444	$3,946	3.78%
45%	8	$1,630,000	$203,750	$2,747	3.78%
47%	7	$2,125,000	$303,571	$3,202	3.71%
44%	7	$1,845,000	$263,571	$2,916	3.91%
50-60%	4	$780,000	$195,000	$2,396	3.13%
48%	2	$230,000	$115,000	$2,251	3.69%
>60%	1	$265,000	$265,000	$2,721	2.88%

Florence Bank lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 77 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	361	$78,235,000	$216,717	$3,087	3.98%
Not applicable	52	$16,700,000	$321,154	$0	5.51%
Asian	11	$3,395,000	$308,636	$3,277	3.80%
Not provided	6	$1,260,000	$210,000	$2,530	3.64%
American Indian	2	$550,000	$275,000	$3,258	4.00%
Black	1	$315,000	$315,000	$4,567	4.38%

Approval Rates

Total approvals of all applications
91.43%

Florence Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.45%

Florence Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	433	$100,455,000	$231,998

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	14	$8,270,000	$590,714
Single Family (1-4 Units):Site-Built	419	$92,185,000	$220,012

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	38	$4,800,000	$126,316	$2,213	3.86%
40-60%	77	$14,325,000	$186,039	$2,402	4.00%
60-80%	195	$50,835,000	$260,692	$3,260	4.20%
80-100%	120	$30,220,000	$251,833	$3,540	4.30%
Under 20%	3	$275,000	$91,667	$2,316	3.42%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Florence Bank	1 Main Street Williamsburg, MA 1096	Full Service B&M	$91,006
Florence Bank	1010 Union Street West Springfield, MA 1089	Full Service B&M	$17,873
Florence Bank	176 King Street Northampton, MA 1060	Full Service B&M	$155,864
Florence Bank	20 George Hannum Street Belchertown, MA 1007	Full Service B&M	$32,500
Florence Bank	377 Russell Street Hadley, MA 1035	Full Service B&M	$164,789
Florence Bank	385 College Street Amherst, MA 1002	Full Service B&M	$93,327
Florence Bank	5 Main Street Easthampton, MA 1027	Full Service B&M	$111,274
Florence Bank	58 Main Street Northampton, MA 1060	Full Service B&M	$130,143
Florence Bank	68 Pleasant Street Granby, MA 1033	Full Service B&M	$26,417
Florence Bank	69 Main Street Florence, MA 1062	Limited, Drive-thru	$0
Florence Bank	85 Main Street Florence, MA 1062	Full Service B&M	$337,937

For 2018, Florence Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$50,699
Net interest income	$45,487
Total noninterest income	$7,627
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$2,476
Trading account gains and fees	$0
Additional Noninterest Income	$5,151
Pre-tax net operating income	$16,317
Securities gains (or losses, -)	$308
Income before extraordinary items	$12,322
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$12,322
Minority interest net income	$0
Net income	$12,322
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$12,078

Florence Bank's gross interest income from loans was $50,699,000.
Florence Bank's net interest income from loans was $45,487,000.
Florence Bank's fee based income from loans was $2,476,000.
Florence Bank's net income from loans was $12,322,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$5,212
Provision for credit losses	$80
Total noninterest expense	$36,717
Salaries and employee benefits	$22,795
Premises and equipment expense	$3,199
Additional noninterest expense	$10,723
Applicable income taxes	$4,303
Net charge-offs	$146
Cash dividends	$0

Florence Bank's interest expense for loans was $5,212,000.
Florence Bank's payroll and benefits expense were $22,795,000.
Florence Bank's property, plant and equipment expenses $3,199,000.

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	$1,165,938
Deposits held in domestic offices	$1,165,938
Deposits by Individuals, partnerships, and corporations	$1,139,689
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$26,248
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	$117,476
Demand deposits	$78,372
Nontransaction accounts	$1,048,461
Money market deposit accounts (MMDAs)	$155,593
Other savings deposits (excluding MMDAs)	$597,180
Total time deposits	$295,688
Total time and savings deposits	$1,087,565
Noninterest-bearing deposits	$284,788
Interest-bearing deposits	$881,150
Retail deposits	$1,102,558
IRAs and Keogh plan accounts	$74,474
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,347,893
Cash & Balances due from depository institutions	$23,584
Interest-bearing balances	$8,594
Total securities	$235,803
Federal funds sold & reverse repurchase	$5,499
Net loans and leases	$1,020,688
Loan and leases loss allowance	$5,036
Trading account assets	$0
Bank premises and fixed assets	$13,652
Other real estate owned	$0
Goodwill and other intangibles	$12
All other assets	$48,655

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,347,893
Total Liabilities	$1,201,944
Total deposits	$1,165,938
Interest-bearing deposits	$881,150
Deposits held in domestic offices	$1,165,938
% insured (estimated)	$83
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,016
Subordinated debt	$0
All other liabilities	$30,990

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,020,688
Loan and leases loss allowance	$5,036
Total loans and leases (domestic)	$1,025,724
All real estate loans	$983,089
Real estate loans in domestic offices	$983,089
Construction and development loans	$23,041
Residential 1-4 family construction	$8,632
Other construction, all land development and other land	$14,409
Loans secured by nonfarm nonresidential properties	$215,193
Nonfarm nonresidential secured by owner-occupied properties	$52,114
Commercial real estate & other non-farm, non-residential	$163,079
Multifamily residential real estate	$41,261
1-4 family residential loans	$703,594
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$41,983
To non-U.S. addressees	$0
Loans to individuals	$457
Credit card loans	$0
Related Plans	$273
Consumer Auto Loans	$0
Other loans to individuals	$184
All other loans & leases	$195
Loans to foreign governments and official institutions	$0
Other loans	$195
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	$854
Non 1-4 family restructured loans & leases	$854
Total loans and leases (foreign)	$0

Florence Bank had $1,020,688,000 of loans outstanding in 2018. $983,089,000 of loans were in real estate loans. $23,041,000 of loans were in development loans. $41,261,000 of loans were in multifamily mortgage loans. $703,594,000 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	185	$43,851	$237,032
Nonfarm, nonresidential loans - <$100k	14	$349	$24,929
Nonfarm, nonresidential loans - $100-250k	71	$8,520	$120,000
Nonfarm, nonresidential loans - $250k-1MM	100	$34,982	$349,820
Commercial & Industrial, US addressed loans - <$1MM	435	$21,350	$49,080
Commercial & Industrial, US addressed loans - <$100k	317	$5,960	$18,801
Commercial & Industrial, US addressed loans - $100-250k	67	$3,816	$56,955
Commercial & Industrial, US addressed loans - $250k-1MM	51	$11,574	$226,941