Machias Savings Bank Mortgage Rates, Fees & Info

Machias, ME

LEI: 549300P0GXZAWI355052

Tax ID: 01-0111800

5 stars - out of 5 stars, based on 32 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Machias Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Machias Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Portland, Bangor, Manchester, Greenville, and Augusta among others. Machias Savings Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Machias Savings Bank is typically an average fee lendor.


Originations

1,031

Origination Dollar Volume (All Markets)

$266,325,000

Employee count

293

Awards

Machias Savings Bank USDA Loans silver Machias Savings Bank USDA Loans gold
Show all (2) awards

Relative Rate

Machias Savings Bank's average 30 year fixed rate mortgage of loans were 3.29%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.14%.

Relative Fees

Machias Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,642.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 771 $130,005,000 $168,619 $2,961 3.23%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 72 $54,740,000 $760,278 $3,654 3.58%
BANGOR, ME (FHA|USDA|VA) 170 $38,430,000 $226,059 $3,308 3.61%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $19,645,000 $6,548,333 $0 2.90%
GREENVILLE, NC (FHA|USDA|VA) 1 $17,605,000 $17,605,000 $0 3.30%
Augusta-Waterville, ME (FHA|USDA|VA) 10 $4,570,000 $457,000 $3,438 3.88%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 4 $1,330,000 $332,500 $0 3.86%

Machias Savings Bank's top markets include Portland, Bangor, Manchester, Greenville, and Augusta among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 947 $256,685,000 $271,051 $2,984 3.36%
USDA 84 $9,640,000 $114,762 $3,459 2.86%

For the 2021 period, Machias Savings Bank's most frequently originated loan type of loans were Conventional, with 947 originations. Their 2nd most popular type is USDA, with 84 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 578 $148,290,000 $256,557 $3,425 3.52%
Refi 287 $91,015,000 $317,125 $2,524 3.04%
Cash Out Refi 93 $20,065,000 $215,753 $3,646 2.98%
Home Improvement 45 $3,105,000 $69,000 $1,403 3.39%
Other 28 $3,850,000 $137,500 $1,932 3.09%

For the 2021, Machias Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 578 originations. The 2nd most popular reason of loans were Refi, with 287 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 460 $92,690,000 $201,500 $3,642 3.29%
15 Year 257 $40,915,000 $159,202 $2,276 3.11%
20 Year 158 $46,930,000 $297,025 $3,006 3.80%
10 Year 110 $33,050,000 $300,455 $1,843 3.00%
Other 40 $49,150,000 $1,228,750 $1,797 3.91%
5 Year 4 $3,400,000 $850,000 $1,284 3.32%
1 Year 2 $190,000 $95,000 $0 5.75%

For the 2021, Machias Savings Bank's most frequently cited loan length of loans were 30 Year, with 460 originations. The 2nd most popular length of loans were 15 Year, with 257 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 543 $85,305,000 $157,099
$1k-2k 187 $30,075,000 $160,829
$2k-3k 46 $9,570,000 $208,043
$3k-4k 41 $9,855,000 $240,366
$5k+ 18 $7,610,000 $422,778

$3,642 of loans were Machias Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 543 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 416 $129,160,000 $310,481
2.5-3% 334 $68,130,000 $203,982
4-5% 136 $40,440,000 $297,353
<2.5% 123 $20,825,000 $169,309
5-6% 18 $7,470,000 $415,000
6-7% 4 $300,000 $75,000

During 2021, Machias Savings Bank's average interest rate of loans were 3.29%, while their most frequently originated rate bucket of loans were 3-4%, with 416 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 389 $55,005,000 $141,401 $2,974 3.28%
$100,000 or less 311 $20,485,000 $65,868 $2,110 3.25%
$200k-400k 229 $62,375,000 $272,380 $3,807 3.31%
$400k-600k 53 $26,075,000 $491,981 $5,344 3.56%
$1MM+ 26 $85,990,000 $3,307,308 $5,019 3.86%
$600k-1MM 23 $16,395,000 $712,826 $7,850 4.01%

2021 saw Machias Savings Bank place emphasis on $100k-200k loans with 389 originations, totaling $55,005,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 196 $17,740,000 $90,510 $2,647 3.25%
$50k-75k 179 $22,645,000 $126,508 $2,843 3.12%
$100k-150k 174 $31,670,000 $182,011 $3,065 3.13%
$75k-100k 122 $17,270,000 $141,557 $2,715 3.16%
$150k-250k 120 $29,920,000 $249,333 $3,416 3.22%
$250k+ 62 $25,780,000 $415,806 $4,772 3.14%

Machias Savings Bank lent most frequently to those with incomes in the $50k or less range, with 196 originations. The second most popular income band? $50k-75k, with 179 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 234 $38,020,000 $162,479 $2,997 3.11%
30-36% 186 $31,680,000 $170,323 $3,067 3.13%
<20% 103 $17,055,000 $165,583 $2,927 3.00%
38% 36 $6,050,000 $168,056 $2,983 3.16%
36% 35 $5,365,000 $153,286 $2,994 3.04%
37% 34 $6,560,000 $192,941 $3,050 3.33%
39% 33 $5,135,000 $155,606 $3,140 3.17%
40% 33 $6,125,000 $185,606 $2,957 3.08%
41% 31 $4,205,000 $135,645 $3,060 3.10%
42% 24 $5,690,000 $237,083 $2,931 3.40%
44% 17 $3,055,000 $179,706 $3,808 3.07%
43% 16 $3,420,000 $213,750 $3,045 2.99%
45% 14 $2,710,000 $193,571 $3,557 3.06%
48% 12 $2,760,000 $230,000 $3,190 3.09%
49% 8 $1,770,000 $221,250 $2,972 3.27%
47% 6 $1,080,000 $180,000 $2,932 2.77%
46% 6 $930,000 $155,000 $2,778 3.21%
50-60% 5 $555,000 $111,000 $2,652 2.93%
>60% 2 $250,000 $125,000 $1,430 3.38%

Machias Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 234 originations. The next most common DTI ratio? 30-36%, with 186 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 806 $135,400,000 $167,990 $3,007 3.16%
Not applicable 161 $118,395,000 $735,373 $0 4.12%
Not provided 55 $11,355,000 $206,455 $3,306 3.32%
Asian 2 $610,000 $305,000 $7,309 3.44%
Black 4 $290,000 $72,500 $2,269 3.03%
American Indian 3 $275,000 $91,667 $2,818 3.00%

Approval Rates

Total approvals of all applications
83.67%

Machias Savings Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
77.16%

Machias Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,031 $266,325,000 $258,317

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,031 $266,325,000 $258,317

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 82 $26,890,000 $327,927 $1,881 3.02%
40-60% 182 $39,210,000 $215,440 $2,561 3.18%
60-80% 417 $137,405,000 $329,508 $3,472 3.47%
80-100% 315 $60,595,000 $192,365 $3,306 3.29%
Over 100% 1 $535,000 $535,000 $0 5.00%
Under 20% 34 $1,690,000 $49,706 $1,261 3.15%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Machias Savings Bank 357 Us Highway 1 Columbia, ME 4623 Full Service B&M $75,098
Machias Savings Bank 3 Glen Street Rockland, ME 4841 Full Service B&M $59,047
Machias Savings Bank 38 Depot Street Danforth, ME 4424 Full Service B&M $26,478
Machias Savings Bank 4 Center St Machias, ME 4654 Full Service B&M $231,741
Machias Savings Bank 1126 Hammond Street Bangor, ME 4401 Full Service B&M $220,475
Machias Savings Bank 581 Wilson Street Brewer, ME 4412 Full Service B&M $115,578
Machias Savings Bank 6 Penobscot Valley Avenue Lincoln, ME 4457 Full Service B&M $94,327
Machias Savings Bank 9 Dyer Street Presque Isle, ME 4769 Full Service B&M $77,327
Machias Savings Bank 93 High Street Ellsworth, ME 4605 Full Service B&M $157,278
Machias Savings Bank 96 Cottage Street Bar Harbor, ME 4609 Full Service B&M $84,610
Machias Savings Bank 127 Main Street Princeton, ME 4668 Full Service B&M $57,813
Machias Savings Bank 138 North Street Houlton, ME 4730 Full Service B&M $71,453
Machias Savings Bank 142 Bennett Drive Caribou, ME 4736 Full Service B&M $59,131
Machias Savings Bank 193 Middle Street Portland, ME 4101 Full Service B&M $319,627
Machias Savings Bank 210 North Street Calais, ME 4619 Full Service B&M $84,709

For 2021, Machias Savings Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $79,967
Net interest income $76,379
Total noninterest income $11,878
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,023
Trading account gains and fees $0
Additional Noninterest Income $10,855
Pre-tax net operating income $31,230
Securities gains (or losses, -) $7,695
Income before extraordinary items $30,833
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $30,833
Minority interest net income $0
Net income $30,833
Sale, conversion, retirement of capital stock, net $0
Net operating income $24,753

Machias Savings Bank's gross interest income from loans was $79,967,000.
Machias Savings Bank's net interest income from loans was $76,379,000.
Machias Savings Bank's fee based income from loans was $1,023,000.
Machias Savings Bank's net income from loans was $30,833,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,588
Provision for credit losses $13
Total noninterest expense $57,014
Salaries and employee benefits $30,881
Premises and equipment expense $6,866
Additional noninterest expense $19,267
Applicable income taxes $8,092
Net charge-offs $952
Cash dividends $0

Machias Savings Bank's interest expense for loans was $3,588,000.
Machias Savings Bank's payroll and benefits expense were $30,881,000.
Machias Savings Bank's property, plant and equipment expenses $6,866,000.

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 $2,103,031
Deposits held in domestic offices $2,103,031
Deposits by Individuals, partnerships, and corporations $1,818,920
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $276,061
Deposits by Commercial banks and other depository institutions in U.S. $8,050
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $652,192
Demand deposits $652,186
Nontransaction accounts $1,450,839
Money market deposit accounts (MMDAs) $361,422
Other savings deposits (excluding MMDAs) $918,280
Total time deposits $171,137
Total time and savings deposits $1,450,845
Noninterest-bearing deposits $291,392
Interest-bearing deposits $1,811,639
Retail deposits $1,792,903
IRAs and Keogh plan accounts $61,198
Brokered deposits $279,942
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,365,991
Cash & Balances due from depository institutions $201,617
Interest-bearing balances $182,974
Total securities $468,439
Federal funds sold & reverse repurchase $0
Net loans and leases $1,622,519
Loan and leases loss allowance $23,653
Trading account assets $25
Bank premises and fixed assets $31,062
Other real estate owned $200
Goodwill and other intangibles $1,940
All other assets $40,189

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,365,991
Total Liabilities $2,122,252
Total deposits $2,103,031
Interest-bearing deposits $1,811,639
Deposits held in domestic offices $2,103,031
% insured (estimated) $86
Federal funds purchased and repurchase agreements $0
Trading liabilities $33
Other borrowed funds $1,354
Subordinated debt $0
All other liabilities $17,834

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,622,519
Loan and leases loss allowance $23,653
Total loans and leases (domestic) $1,646,172
All real estate loans $1,324,030
Real estate loans in domestic offices $1,324,030
Construction and development loans $124,300
Residential 1-4 family construction $13,028
Other construction, all land development and other land $111,272
Loans secured by nonfarm nonresidential properties $534,247
Nonfarm nonresidential secured by owner-occupied properties $176,345
Commercial real estate & other non-farm, non-residential $357,902
Multifamily residential real estate $106,848
1-4 family residential loans $546,430
Farmland loans $12,205
Loans held in foreign offices $0
Farm loans $55,359
Commercial and industrial loans $210,042
To non-U.S. addressees $0
Loans to individuals $13,741
Credit card loans $67
Related Plans $619
Consumer Auto Loans $2,115
Other loans to individuals $10,940
All other loans & leases $45,089
Loans to foreign governments and official institutions $0
Other loans $326
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $1,840
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $19,322
Non 1-4 family restructured loans & leases $14,955
Total loans and leases (foreign) $0

Machias Savings Bank had $1,622,519,000 of loans outstanding in 2021. $1,324,030,000 of loans were in real estate loans. $124,300,000 of loans were in development loans. $106,848,000 of loans were in multifamily mortgage loans. $546,430,000 of loans were in 1-4 family mortgage loans. $55,359,000 of loans were in farm loans. $67,000 of loans were in credit card loans. $2,115,000 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 1,029 $214,923 $208,866
Nonfarm, nonresidential loans - <$100k 252 $9,717 $38,560
Nonfarm, nonresidential loans - $100-250k 355 $46,454 $130,856
Nonfarm, nonresidential loans - $250k-1MM 422 $158,752 $376,190
Commercial & Industrial, US addressed loans - <$1MM 2,398 $118,316 $49,339
Commercial & Industrial, US addressed loans - <$100k 1,791 $32,638 $18,223
Commercial & Industrial, US addressed loans - $100-250k 369 $27,780 $75,285
Commercial & Industrial, US addressed loans - $250k-1MM 238 $57,898 $243,269
Farmland loans - <$1MM 43 $4,813 $111,930
Farmland loans - <$100k 20 $603 $30,150
Farmland loans - $100-250k 15 $1,950 $130,000
Farmland loans - $250k-1MM 8 $2,260 $282,500
Agriculture operations loans - <$1MM 836 $42,908 $51,325
Agriculture operations loans - <$100k 620 $19,196 $30,961
Agriculture operations loans - $100-250k 176 $10,017 $56,915
Agriculture operations loans - $250k-1MM 40 $13,695 $342,375