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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 3.75% 4/19/24
    30 Year Conventional Purchase 5.68% 4/19/24
    30 Year Conventional Refi 5.93% 4/19/24
    30 Year Cash-out Refi 5.88% 4/19/24
    15 Year Conventional Purchase 5.09% 4/19/24
    15 Year Conventional Refi 5.53% 4/19/24
    15 Year Cash-out Refi 5.53% 4/19/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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 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