Northway Bank Mortgage Rates, Fees & Info
Berlin, NHLEI: 549300MKT4KNKP08CQ45
Tax ID: 02-0108854
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Bank Data
Review & Overview
Northway Bank is a smaller bank specializing in Home Purchase and Refi loans. Northway Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Laconia, Concord, Lebanon, Berlin, and Boston among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Northway 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. Northway 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 6.33% | 12/5/24 |
30 Year Conventional Refi | 6.61% | 12/5/24 |
30 Year Cash-out Refi | 6.40% | 12/5/24 |
15 Year Conventional Purchase | 7.71% | 12/5/24 |
15 Year Conventional Refi | 6.00% | 12/5/24 |
15 Year Cash-out Refi | 6.00% | 12/5/24 |
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. |
Northway Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
623Origination Dollar Volume (All Markets)
$151,305,000Employee count
204 Show all (4) awardsNorthway Bank - 2020
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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 |
---|---|---|---|---|---|
Outside of Metro Areas | 242 | $51,870,000 | $214,339 | $2,838 | 3.33% |
Laconia, NH (FHA|USDA|VA) | 88 | $25,190,000 | $286,250 | $3,038 | 3.26% |
Concord, NH (FHA|USDA|VA) | 38 | $18,280,000 | $481,053 | $2,653 | 3.47% |
Lebanon, NH-VT (FHA|USDA|VA) | 83 | $16,435,000 | $198,012 | $2,782 | 3.43% |
Berlin, NH (FHA|USDA|VA) | 101 | $13,235,000 | $131,040 | $2,624 | 3.66% |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 38 | $11,950,000 | $314,474 | $2,627 | 3.50% |
MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 25 | $10,195,000 | $407,800 | $2,733 | 3.87% |
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $1,925,000 | $1,925,000 | $0 | 4.00% |
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 5 | $1,585,000 | $317,000 | $3,452 | 3.18% |
Keene, NH (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $3,113 | 3.31% |
Similar Lenders
We use machine learning to identify the top lenders compared against Northway Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 619 | $150,765,000 | $243,562 | $2,797 | 3.43% |
USDA | 4 | $540,000 | $135,000 | $4,218 | 3.53% |
For 2020, Northway Bank's most frequently originated type of loan was Conventional, with 619 originations. Their 2nd most popular type was USDA, with 4 originations.
Loan Reason
For 2020, Northway Bank's most frequently cited loan purpose was Home Purchase, with 323 originations. The 2nd most popular reason was Refi, with 159 originations.
Loan Duration/Length
For 2020, Northway Bank's most frequently cited loan duration was 30 Year, with 405 originations. The 2nd most popular length was 15 Year, with 138 originations.
Origination Fees/Closing Costs
Northway Bank's average total fees were $2,947, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 475 originations.
Interest Rates
During 2020, Northway Bank's average interest rate for loans was 3.48%, while their most frequently originated rate bucket for loans was 3-4%, with 334 originations.
Loan Sizing
2020 saw Northway Bank place emphasis on $100k-200k loans with 245 originations, totaling $36,995,000 in origination value.
Applicant Income
Northway Bank lent most frequently to those with incomes in the $100k-150k range, with 141 originations. The second most popular income band? $150k-250k, with 123 originations.
Applicant Debt to Income Ratio
Northway Bank lent most frequently to those with DTI ratios of 20-30%, with 163 originations. The next most common DTI ratio? 30-36%, with 126 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.90%
Northway Bank has an average approval rate.
Pick Rate
Approvals leading to origination68.70%
Northway Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 623 | $151,305,000 | $242,865 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
Northway Bank | 34 West Main Street Conway, NH 3818 | Full Service B&M | $50,027 |
Northway Bank | 1-3 Highland Street Plymouth, NH 3264 | Full Service B&M | $42,473 |
Northway Bank | 1500 White Mountain Highway North Conway, NH 3860 | Full Service B&M | $54,875 |
Northway Bank | 260 Main Street Gorham, NH 3581 | Full Service B&M | $41,642 |
Northway Bank | 287 Highland Street Plymouth, NH 3264 | Full Service B&M | $50,742 |
Northway Bank | 29 Cilley Road Manchester, NH 3103 | Full Service B&M | $26,154 |
Northway Bank | 3424 White Mountain Highway North Conway, NH 3860 | Full Service B&M | $86,571 |
Northway Bank | 400 South Main Street Laconia, NH 3246 | Full Service B&M | $39,060 |
Northway Bank | 42 Upper Ladd Hill Road Meredith, NH 3253 | Full Service B&M | $29,619 |
Northway Bank | 5 Market Street Tilton, NH 3276 | Full Service B&M | $67,718 |
Northway Bank | 55 Main Street Pittsfield, NH 3263 | Full Service B&M | $33,916 |
Northway Bank | 66 North Main Street Concord, NH 3301 | Full Service B&M | $29,127 |
Northway Bank | 750 Lafayette Road Portsmouth, NH 3801 | Full Service B&M | $12,738 |
Northway Bank | 9 Main Street Berlin, NH 3570 | Full Service B&M | $161,201 |
Northway Bank | Route 49 Campton, NH 3223 | Full Service B&M | $42,345 |
Northway Bank | Routes 16 And 25 Ossipee, NH 3864 | Full Service B&M | $69,397 |
For 2020, Northway Bank had 16 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $32,045 |
Net interest income | $28,884 |
Total noninterest income | $7,309 |
Gross Fiduciary activities income | $0 |
Service charges on deposit accounts | $1,250 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $6,059 |
Pre-tax net operating income | $4,094 |
Securities gains (or losses, -) | $2,163 |
Income before extraordinary items | $5,298 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $5,298 |
Minority interest net income | $0 |
Net income | $5,298 |
Sale, conversion, retirement of capital stock, net | $0 |
Net operating income | $3,459 |
Northway Bank's gross interest income from loans was $32,045,000.
Northway Bank's net interest income from loans was $28,884,000.
Northway Bank's fee based income from loans was $1,250,000.
Northway Bank's net income from loans was $5,298,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $3,161 |
Provision for credit losses | $2,250 |
Total noninterest expense | $29,849 |
Salaries and employee benefits | $19,130 |
Premises and equipment expense | $3,921 |
Additional noninterest expense | $6,798 |
Applicable income taxes | $959 |
Net charge-offs | $19 |
Cash dividends | $2,400 |
Northway Bank's interest expense for loans was $3,161,000.
Northway Bank's payroll and benefits expense were $19,130,000.
Northway Bank's property, plant and equipment expenses $3,921,000.
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 | $887,978 |
Deposits held in domestic offices | $887,978 |
Deposits by Individuals, partnerships, and corporations | $760,169 |
Deposits by U.S. Government | $0 |
Deposits by States and political subdivisions in the U.S. | $127,802 |
Deposits by Commercial banks and other depository institutions in U.S. | $7 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $492,897 |
Demand deposits | $197,375 |
Nontransaction accounts | $395,081 |
Money market deposit accounts (MMDAs) | $163,898 |
Other savings deposits (excluding MMDAs) | $134,707 |
Total time deposits | $96,476 |
Total time and savings deposits | $690,603 |
Noninterest-bearing deposits | $197,377 |
Interest-bearing deposits | $690,601 |
Retail deposits | $872,232 |
IRAs and Keogh plan accounts | $19,649 |
Brokered deposits | $0 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $1,116,213 |
Cash & Balances due from depository institutions | $167,612 |
Interest-bearing balances | $150,988 |
Total securities | $190,018 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $722,809 |
Loan and leases loss allowance | $9,455 |
Trading account assets | $0 |
Bank premises and fixed assets | $15,138 |
Other real estate owned | $0 |
Goodwill and other intangibles | $10,621 |
All other assets | $10,015 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $1,116,213 |
Total Liabilities | $1,003,627 |
Total deposits | $887,978 |
Interest-bearing deposits | $690,601 |
Deposits held in domestic offices | $887,978 |
% insured (estimated) | $78 |
Federal funds purchased and repurchase agreements | $103,523 |
Trading liabilities | $0 |
Other borrowed funds | $0 |
Subordinated debt | $0 |
All other liabilities | $12,126 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $722,809 |
Loan and leases loss allowance | $9,455 |
Total loans and leases (domestic) | $732,264 |
All real estate loans | $565,568 |
Real estate loans in domestic offices | $565,568 |
Construction and development loans | $15,599 |
Residential 1-4 family construction | $1,345 |
Other construction, all land development and other land | $14,254 |
Loans secured by nonfarm nonresidential properties | $254,120 |
Nonfarm nonresidential secured by owner-occupied properties | $61,711 |
Commercial real estate & other non-farm, non-residential | $192,409 |
Multifamily residential real estate | $68,127 |
1-4 family residential loans | $227,722 |
Farmland loans | $0 |
Loans held in foreign offices | $0 |
Farm loans | $0 |
Commercial and industrial loans | $79,335 |
To non-U.S. addressees | $0 |
Loans to individuals | $14,026 |
Credit card loans | $0 |
Related Plans | $711 |
Consumer Auto Loans | $736 |
Other loans to individuals | $12,579 |
All other loans & leases | $74,525 |
Loans to foreign governments and official institutions | $0 |
Other loans | $10,793 |
Loans to depository institutions and acceptances of other banks | $0 |
Loans not secured by real estate | $7,863 |
Loans secured by real estate to non-U.S. addressees | $0 |
Restructured Loans & leases | $1,434 |
Non 1-4 family restructured loans & leases | $1,169 |
Total loans and leases (foreign) | $0 |
Northway Bank had $722,809,000 of loans outstanding in 2020. $565,568,000 of loans were in real estate loans. $15,599,000 of loans were in development loans. $68,127,000 of loans were in multifamily mortgage loans. $227,722,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $736,000 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 | 196 | $50,083 | $255,526 |
Nonfarm, nonresidential loans - <$100k | 19 | $650 | $34,211 |
Nonfarm, nonresidential loans - $100-250k | 62 | $8,049 | $129,823 |
Nonfarm, nonresidential loans - $250k-1MM | 115 | $41,384 | $359,861 |
Commercial & Industrial, US addressed loans - <$1MM | 703 | $32,806 | $46,666 |
Commercial & Industrial, US addressed loans - <$100k | 575 | $11,944 | $20,772 |
Commercial & Industrial, US addressed loans - $100-250k | 77 | $7,484 | $97,195 |
Commercial & Industrial, US addressed loans - $250k-1MM | 51 | $13,378 | $262,314 |