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 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, Boston, and Pittsfield among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Florence Bank has an 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

    475

    Origination Dollar Volume (All Markets)

    $117,665,000

    Employee count

    200

    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) 473 $115,385,000 $243,943 $3,032 3.35%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $2,105,000 $2,105,000 $7,955 3.19%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $175,000 $175,000 $5,353 2.63%
    Florence Bank's top markets include Springfield, Boston, and Pittsfield among others.

    Their top states include:
  • Massachusetts (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.

    Florence Bank
    Similarity Rank: 174
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 259
    HOLYOKE
    Similarity Rank: 357
    LUSO
    Similarity Rank: 378
    POLISH NATIONAL
    Similarity Rank: 414
    Adams Community Bank
    Similarity Rank: 490
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 510
    GREYLOCK
    Similarity Rank: 705
    Westfield Bank
    Similarity Rank: 912
    WILLIAM RAVEIS MORTGAGE, LLC
    Similarity Rank: 986

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 473 $117,135,000 $247,643 $3,037 3.35%
    USDA 2 $530,000 $265,000 $5,514 2.75%

    For 2020, Florence Bank's most frequently originated type of loan was Conventional, with 473 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 222 $61,420,000 $276,667 $2,446 3.22%
    Home Purchase 158 $40,160,000 $254,177 $3,921 3.38%
    Cash Out Refi 60 $13,480,000 $224,667 $4,471 3.32%
    Home Improvement 18 $1,540,000 $85,556 $343 4.18%
    Other 17 $1,065,000 $62,647 $602 3.90%

    For 2020, Florence Bank's most frequently cited loan purpose was Refi, with 222 originations. The 2nd most popular reason was Home Purchase, with 158 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 245 $61,355,000 $250,429 $3,873 3.27%
    20 Year 95 $21,335,000 $224,579 $2,373 3.44%
    15 Year 50 $8,730,000 $174,600 $2,204 3.13%
    10 Year 45 $15,205,000 $337,889 $1,421 3.45%
    Other 24 $8,890,000 $370,417 $2,202 3.72%
    5 Year 11 $735,000 $66,818 $0 3.70%
    30+ year 4 $1,220,000 $305,000 $3,522 3.72%
    1 Year 1 $195,000 $195,000 $0 6.25%

    For 2020, Florence Bank's most frequently cited loan duration was 30 Year, with 245 originations. The 2nd most popular length was 20 Year, with 95 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 295 $58,265,000 $197,508
    $1k-2k 72 $17,800,000 $247,222
    $2k-3k 36 $9,230,000 $256,389
    $3k-4k 25 $6,845,000 $273,800
    $4k-5k 7 $1,915,000 $273,571
    $5k+ 7 $2,515,000 $359,286

    Florence Bank's average total fees were $3,873, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 295 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 338 $94,020,000 $278,166
    2.5-3% 89 $17,005,000 $191,067
    4-5% 45 $5,835,000 $129,667
    5-6% 2 $610,000 $305,000
    6-7% 1 $195,000 $195,000

    During 2020, Florence Bank's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 338 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 202 $54,920,000 $271,881 $3,567 3.28%
    $100k-200k 175 $26,695,000 $152,543 $2,798 3.28%
    $100,000 or less 64 $3,920,000 $61,250 $1,241 3.66%
    $400k-600k 23 $10,855,000 $471,957 $4,738 3.42%
    $600k-1MM 7 $4,915,000 $702,143 $5,269 3.46%
    $1MM+ 4 $16,360,000 $4,090,000 $7,955 3.73%

    2020 saw Florence Bank place emphasis on $200k-400k loans with 202 originations, totaling $54,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 111 $19,265,000 $173,559 $3,039 3.34%
    $100k-150k 105 $23,185,000 $220,810 $3,117 3.22%
    $75k-100k 88 $16,060,000 $182,500 $2,881 3.31%
    $150k-250k 86 $24,040,000 $279,535 $3,116 3.23%
    $50k or less 35 $4,435,000 $126,714 $2,682 3.44%
    $250k+ 17 $10,025,000 $589,706 $4,337 3.23%

    Florence Bank lent most frequently to those with incomes in the $50k-75k range, with 111 originations. The second most popular income band? $100k-150k, with 105 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 148 $31,850,000 $215,203 $3,101 3.23%
    30-36% 94 $19,040,000 $202,553 $3,081 3.32%
    <20% 62 $12,470,000 $201,129 $2,657 3.23%
    40% 19 $3,815,000 $200,789 $2,264 3.35%
    39% 17 $4,415,000 $259,706 $3,604 3.25%
    42% 12 $2,280,000 $190,000 $2,397 3.40%
    36% 12 $1,570,000 $130,833 $2,100 3.49%
    37% 12 $2,810,000 $234,167 $3,797 3.36%
    43% 12 $3,350,000 $279,167 $2,903 3.13%
    44% 12 $3,400,000 $283,333 $4,287 3.28%
    41% 9 $3,615,000 $401,667 $3,565 3.26%
    38% 8 $1,900,000 $237,500 $3,431 3.19%
    50-60% 6 $1,270,000 $211,667 $2,717 3.31%
    45% 6 $1,710,000 $285,000 $3,907 3.31%
    48% 5 $1,225,000 $245,000 $4,031 3.10%
    46% 4 $1,050,000 $262,500 $2,788 3.34%
    47% 3 $625,000 $208,333 $3,842 3.25%
    49% 1 $155,000 $155,000 $1,668 3.22%
    >60% 1 $85,000 $85,000 $3,047 3.63%

    Florence Bank lent most frequently to those with DTI ratios of 20-30%, with 148 originations. The next most common DTI ratio? 30-36%, with 94 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 403 $85,655,000 $212,543 $3,011 3.31%
    Not applicable 22 $17,680,000 $803,636 $0 4.34%
    Not provided 32 $9,060,000 $283,125 $3,541 3.15%
    Asian 15 $4,835,000 $322,333 $3,110 3.27%
    Black 2 $310,000 $155,000 $2,334 3.38%
    American Indian 1 $125,000 $125,000 $2,442 3.25%

    Approval Rates

    Total approvals of all applications
    88.32%

    Florence Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.32%

    Florence Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 475 $117,665,000 $247,716

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $16,695,000 $1,855,000
    Single Family (1-4 Units):Site-Built 466 $100,970,000 $216,674

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $7,800,000 $125,806 $1,952 3.46%
    40-60% 100 $18,640,000 $186,400 $2,446 3.29%
    60-80% 196 $65,440,000 $333,878 $3,632 3.30%
    80-100% 93 $24,895,000 $267,688 $3,959 3.26%
    Under 20% 24 $890,000 $37,083 $104 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 $106,244
    Florence Bank 1010 Union Street, Suite E West Springfield, MA 1089 Full Service B&M $45,799
    Florence Bank 1444 Allen Street Springfield, MA 1118 Full Service B&M $12,181
    Florence Bank 176 King Street Northampton, MA 1060 Full Service B&M $183,539
    Florence Bank 20 George Hannum Street Belchertown, MA 1007 Full Service B&M $38,863
    Florence Bank 377 Russell Street Hadley, MA 1035 Full Service B&M $185,769
    Florence Bank 385 College Street Amherst, MA 1002 Full Service B&M $111,238
    Florence Bank 5 Main Street Easthampton, MA 1027 Full Service B&M $137,683
    Florence Bank 58 Main Street Northampton, MA 1060 Full Service B&M $165,982
    Florence Bank 68 Pleasant Street Granby, MA 1033 Full Service B&M $35,731
    Florence Bank 69 Main Street Florence, MA 1062 Limited, Drive-thru $0
    Florence Bank 85 Main Street Florence, MA 1062 Full Service B&M $402,849

    For 2020, Florence Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $51,445
    Net interest income $45,094
    Total noninterest income $6,711
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,988
    Trading account gains and fees $0
    Additional Noninterest Income $4,723
    Pre-tax net operating income $13,997
    Securities gains (or losses, -) $1,360
    Income before extraordinary items $12,386
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,386
    Minority interest net income $0
    Net income $12,386
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,284

    Florence Bank's gross interest income from loans was $51,445,000.
    Florence Bank's net interest income from loans was $45,094,000.
    Florence Bank's fee based income from loans was $1,988,000.
    Florence Bank's net income from loans was $12,386,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,351
    Provision for credit losses $3,243
    Total noninterest expense $34,565
    Salaries and employee benefits $20,901
    Premises and equipment expense $3,139
    Additional noninterest expense $10,525
    Applicable income taxes $2,971
    Net charge-offs $34
    Cash dividends $0

    Florence Bank's interest expense for loans was $6,351,000.
    Florence Bank's payroll and benefits expense were $20,901,000.
    Florence Bank's property, plant and equipment expenses $3,139,000.

    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 4.0%
    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 2.0%
    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 $1,514,501
    Deposits held in domestic offices $1,514,501
    Deposits by Individuals, partnerships, and corporations $1,471,439
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $43,062
    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 $159,785
    Demand deposits $105,011
    Nontransaction accounts $1,354,716
    Money market deposit accounts (MMDAs) $227,276
    Other savings deposits (excluding MMDAs) $791,818
    Total time deposits $335,622
    Total time and savings deposits $1,409,490
    Noninterest-bearing deposits $402,227
    Interest-bearing deposits $1,112,274
    Retail deposits $1,432,534
    IRAs and Keogh plan accounts $80,846
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,710,853
    Cash & Balances due from depository institutions $215,241
    Interest-bearing balances $192,175
    Total securities $402,279
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,020,347
    Loan and leases loss allowance $7,581
    Trading account assets $0
    Bank premises and fixed assets $15,429
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $57,557

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,710,853
    Total Liabilities $1,540,212
    Total deposits $1,514,501
    Interest-bearing deposits $1,112,274
    Deposits held in domestic offices $1,514,501
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $25,711

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,020,347
    Loan and leases loss allowance $7,581
    Total loans and leases (domestic) $1,027,928
    All real estate loans $986,566
    Real estate loans in domestic offices $986,566
    Construction and development loans $23,992
    Residential 1-4 family construction $17,143
    Other construction, all land development and other land $6,849
    Loans secured by nonfarm nonresidential properties $248,771
    Nonfarm nonresidential secured by owner-occupied properties $67,903
    Commercial real estate & other non-farm, non-residential $180,868
    Multifamily residential real estate $39,345
    1-4 family residential loans $674,458
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $41,081
    To non-U.S. addressees $0
    Loans to individuals $177
    Credit card loans $0
    Related Plans $177
    Consumer Auto Loans $0
    Other loans to individuals $0
    All other loans & leases $104
    Loans to foreign governments and official institutions $0
    Other loans $104
    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 $112
    Non 1-4 family restructured loans & leases $112
    Total loans and leases (foreign) $0

    Florence Bank had $1,020,347,000 of loans outstanding in 2020. $986,566,000 of loans were in real estate loans. $23,992,000 of loans were in development loans. $39,345,000 of loans were in multifamily mortgage loans. $674,458,000 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 193 $49,433 $256,130
    Nonfarm, nonresidential loans - <$100k 11 $473 $43,000
    Nonfarm, nonresidential loans - $100-250k 66 $7,893 $119,591
    Nonfarm, nonresidential loans - $250k-1MM 116 $41,067 $354,026
    Commercial & Industrial, US addressed loans - <$1MM 452 $23,639 $52,299
    Commercial & Industrial, US addressed loans - <$100k 299 $5,060 $16,923
    Commercial & Industrial, US addressed loans - $100-250k 80 $5,401 $67,513
    Commercial & Industrial, US addressed loans - $250k-1MM 73 $13,178 $180,521