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 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, Norwich, and Barnstable Town among others. We have data for 4 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% 4/14/24
    30 Year Conventional Purchase 5.68% 4/14/24
    30 Year Conventional Refi 5.93% 4/14/24
    30 Year Cash-out Refi 5.88% 4/14/24
    15 Year Conventional Purchase 5.09% 4/14/24
    15 Year Conventional Refi 5.53% 4/14/24
    15 Year Cash-out Refi 5.53% 4/14/24
    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

    450

    Origination Dollar Volume (All Markets)

    $99,570,000

    Employee count

    205

    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) 444 $94,350,000 $212,500 $2,880 3.87%
    WORCESTER, MA-CT (FHA|USDA|VA) 4 $3,280,000 $820,000 $2,509 4.23%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $0 4.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $455,000 $455,000 $3,579 4.38%
    Florence Bank's top markets include Springfield, Worcester, Norwich, and Barnstable Town 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: 48
    Florence Bank
    Similarity Rank: 96
    HOLYOKE
    Similarity Rank: 132
    LUSO
    Similarity Rank: 164
    PeoplesBank
    Similarity Rank: 168
    Westfield Bank
    Similarity Rank: 204
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 304
    Workers Credit Union
    Similarity Rank: 308
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 345
    Shamrock Home Loans, Inc.
    Similarity Rank: 357

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 448 $99,170,000 $221,362 $2,868 3.87%
    USDA 2 $400,000 $200,000 $5,190 3.88%

    For 2019, Florence Bank's most frequently originated type of loan was Conventional, with 448 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 223 $59,105,000 $265,045 $3,701 3.97%
    Refi 147 $28,855,000 $196,293 $2,085 3.68%
    Cash Out Refi 44 $8,960,000 $203,636 $3,550 3.84%
    Home Improvement 22 $1,680,000 $76,364 $715 4.15%
    Other 14 $970,000 $69,286 $594 3.94%

    For 2019, Florence Bank's most frequently cited loan purpose was Home Purchase, with 223 originations. The 2nd most popular reason was Refi, with 147 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 215 $50,865,000 $236,581 $3,663 3.75%
    20 Year 93 $20,035,000 $215,430 $2,256 4.05%
    10 Year 52 $10,150,000 $195,192 $1,602 3.61%
    15 Year 39 $7,185,000 $184,231 $2,033 3.51%
    Other 31 $8,155,000 $263,065 $2,455 4.72%
    5 Year 11 $385,000 $35,000 $32 3.75%
    30+ year 5 $1,645,000 $329,000 $3,703 4.20%
    1 Year 4 $1,150,000 $287,500 $0 6.13%

    For 2019, Florence Bank's most frequently cited loan duration was 30 Year, with 215 originations. The 2nd most popular length was 20 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 287 $52,295,000 $182,213
    $1k-2k 70 $17,730,000 $253,286
    $2k-3k 25 $6,595,000 $263,800
    $3k-4k 7 $2,235,000 $319,286
    $4k-5k 6 $1,760,000 $293,333
    $5k+ 3 $895,000 $298,333

    Florence Bank's average total fees were $3,663, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 287 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 287 $64,855,000 $225,976
    4-5% 108 $22,930,000 $212,315
    5-6% 28 $7,070,000 $252,500
    2.5-3% 24 $4,000,000 $166,667
    6-7% 3 $715,000 $238,333

    During 2019, Florence Bank's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 3-4%, with 287 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 205 $55,995,000 $273,146 $3,638 3.79%
    $100k-200k 150 $22,930,000 $152,867 $2,679 3.85%
    $100,000 or less 70 $4,040,000 $57,714 $798 4.00%
    $400k-600k 18 $7,870,000 $437,222 $4,251 4.13%
    $600k-1MM 4 $2,980,000 $745,000 $1,423 4.76%
    $1MM+ 3 $5,755,000 $1,918,333 $0 4.56%

    2019 saw Florence Bank place emphasis on $200k-400k loans with 205 originations, totaling $55,995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 96 $18,770,000 $195,521 $2,772 3.74%
    $100k-150k 91 $21,865,000 $240,275 $3,205 3.69%
    $50k-75k 84 $13,970,000 $166,310 $2,772 3.72%
    $150k-250k 64 $17,260,000 $269,688 $3,293 3.58%
    $50k or less 53 $6,275,000 $118,396 $2,197 3.94%
    $250k+ 11 $3,255,000 $295,909 $2,768 4.01%

    Florence Bank lent most frequently to those with incomes in the $75k-100k range, with 96 originations. The second most popular income band? $100k-150k, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $20,890,000 $200,865 $2,800 3.66%
    30-36% 82 $17,990,000 $219,390 $3,049 3.68%
    <20% 49 $8,685,000 $177,245 $2,747 3.61%
    41% 20 $3,470,000 $173,500 $2,503 4.06%
    38% 16 $3,470,000 $216,875 $2,677 3.79%
    40% 15 $3,295,000 $219,667 $3,249 3.78%
    36% 14 $2,890,000 $206,429 $3,250 3.83%
    47% 13 $2,835,000 $218,077 $2,835 3.56%
    45% 12 $2,380,000 $198,333 $2,579 3.77%
    39% 11 $2,425,000 $220,455 $2,772 3.85%
    43% 10 $2,460,000 $246,000 $4,173 3.55%
    44% 10 $1,870,000 $187,000 $2,306 3.75%
    37% 9 $2,165,000 $240,556 $3,322 3.57%
    42% 8 $1,460,000 $182,500 $2,026 3.87%
    48% 8 $1,610,000 $201,250 $3,066 3.42%
    49% 6 $1,250,000 $208,333 $3,180 3.58%
    46% 6 $1,060,000 $176,667 $2,852 3.70%
    50-60% 3 $1,175,000 $391,667 $4,491 4.02%
    >60% 2 $130,000 $65,000 $0 4.00%

    Florence Bank lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 394 $80,180,000 $203,503 $2,883 3.74%
    Not applicable 43 $16,695,000 $388,256 $0 5.15%
    Asian 8 $1,900,000 $237,500 $3,196 3.55%
    Not provided 3 $625,000 $208,333 $2,613 3.65%
    Black 1 $135,000 $135,000 $2,838 3.63%
    Other Asian 1 $35,000 $35,000 $0 3.75%

    Approval Rates

    Total approvals of all applications
    91.51%

    Florence Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.00%

    Florence Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 450 $99,570,000 $221,267

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $10,060,000 $838,333
    Single Family (1-4 Units):Site-Built 438 $89,510,000 $204,361

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 51 $5,255,000 $103,039 $1,734 3.70%
    40-60% 90 $19,800,000 $220,000 $2,647 3.83%
    60-80% 179 $47,515,000 $265,447 $3,347 3.93%
    80-100% 99 $25,785,000 $260,455 $3,838 3.83%
    Under 20% 31 $1,215,000 $39,194 $302 4.03%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Florence Bank 1 Main Street Williamsburg, MA 1096 Full Service B&M $91,774
    Florence Bank 1010 Union Street, Suite E West Springfield, MA 1089 Full Service B&M $24,316
    Florence Bank 1444 Allen Street Springfield, MA 1118 Full Service B&M $2,737
    Florence Bank 176 King Street Northampton, MA 1060 Full Service B&M $161,909
    Florence Bank 20 George Hannum Street Belchertown, MA 1007 Full Service B&M $35,379
    Florence Bank 377 Russell Street Hadley, MA 1035 Full Service B&M $168,132
    Florence Bank 385 College Street Amherst, MA 1002 Full Service B&M $93,389
    Florence Bank 5 Main Street Easthampton, MA 1027 Full Service B&M $120,782
    Florence Bank 58 Main Street Northampton, MA 1060 Full Service B&M $139,237
    Florence Bank 68 Pleasant Street Granby, MA 1033 Full Service B&M $31,248
    Florence Bank 69 Main Street Florence, MA 1062 Limited, Drive-thru $0
    Florence Bank 85 Main Street Florence, MA 1062 Full Service B&M $339,114

    For 2019, Florence Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $52,728
    Net interest income $45,633
    Total noninterest income $7,257
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,554
    Trading account gains and fees $0
    Additional Noninterest Income $4,703
    Pre-tax net operating income $14,720
    Securities gains (or losses, -) $171
    Income before extraordinary items $10,989
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,989
    Minority interest net income $0
    Net income $10,989
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,853

    Florence Bank's gross interest income from loans was $52,728,000.
    Florence Bank's net interest income from loans was $45,633,000.
    Florence Bank's fee based income from loans was $2,554,000.
    Florence Bank's net income from loans was $10,989,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,095
    Provision for credit losses $84
    Total noninterest expense $38,086
    Salaries and employee benefits $23,441
    Premises and equipment expense $3,308
    Additional noninterest expense $11,337
    Applicable income taxes $3,902
    Net charge-offs $748
    Cash dividends $0

    Florence Bank's interest expense for loans was $7,095,000.
    Florence Bank's payroll and benefits expense were $23,441,000.
    Florence Bank's property, plant and equipment expenses $3,308,000.

    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 $1,252,114
    Deposits held in domestic offices $1,252,114
    Deposits by Individuals, partnerships, and corporations $1,216,089
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $36,025
    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 $122,593
    Demand deposits $81,315
    Nontransaction accounts $1,129,521
    Money market deposit accounts (MMDAs) $184,018
    Other savings deposits (excluding MMDAs) $608,475
    Total time deposits $337,029
    Total time and savings deposits $1,170,799
    Noninterest-bearing deposits $303,791
    Interest-bearing deposits $948,323
    Retail deposits $1,173,457
    IRAs and Keogh plan accounts $76,355
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,451,182
    Cash & Balances due from depository institutions $43,974
    Interest-bearing balances $29,089
    Total securities $307,438
    Federal funds sold & reverse repurchase $19,943
    Net loans and leases $1,015,948
    Loan and leases loss allowance $4,372
    Trading account assets $0
    Bank premises and fixed assets $13,898
    Other real estate owned $96
    Goodwill and other intangibles $6
    All other assets $49,879

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,451,182
    Total Liabilities $1,293,707
    Total deposits $1,252,114
    Interest-bearing deposits $948,323
    Deposits held in domestic offices $1,252,114
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $5,000
    Subordinated debt $0
    All other liabilities $36,593

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,015,948
    Loan and leases loss allowance $4,372
    Total loans and leases (domestic) $1,020,320
    All real estate loans $984,193
    Real estate loans in domestic offices $984,193
    Construction and development loans $21,628
    Residential 1-4 family construction $6,625
    Other construction, all land development and other land $15,003
    Loans secured by nonfarm nonresidential properties $217,425
    Nonfarm nonresidential secured by owner-occupied properties $51,310
    Commercial real estate & other non-farm, non-residential $166,115
    Multifamily residential real estate $40,093
    1-4 family residential loans $705,047
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $35,658
    To non-U.S. addressees $0
    Loans to individuals $258
    Credit card loans $0
    Related Plans $258
    Consumer Auto Loans $0
    Other loans to individuals $0
    All other loans & leases $211
    Loans to foreign governments and official institutions $0
    Other loans $211
    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 $124
    Non 1-4 family restructured loans & leases $124
    Total loans and leases (foreign) $0

    Florence Bank had $1,015,948,000 of loans outstanding in 2019. $984,193,000 of loans were in real estate loans. $21,628,000 of loans were in development loans. $40,093,000 of loans were in multifamily mortgage loans. $705,047,000 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 200 $48,554 $242,770
    Nonfarm, nonresidential loans - <$100k 16 $586 $36,625
    Nonfarm, nonresidential loans - $100-250k 74 $8,592 $116,108
    Nonfarm, nonresidential loans - $250k-1MM 110 $39,376 $357,964
    Commercial & Industrial, US addressed loans - <$1MM 428 $20,691 $48,343
    Commercial & Industrial, US addressed loans - <$100k 301 $4,922 $16,352
    Commercial & Industrial, US addressed loans - $100-250k 67 $3,632 $54,209
    Commercial & Industrial, US addressed loans - $250k-1MM 60 $12,137 $202,283