Machias Savings Bank Mortgage Rates, Fees & Info

Machias, ME

LEI: 549300P0GXZAWI355052

Tax ID: 01-0111800

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  • SimulatedRates™
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    • Mortgage Data

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

    Machias Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Machias Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bangor, Portland, Lewiston, Boston, and Augusta among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Machias Savings 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. Machias Savings 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) 6.27% 4/21/24
    30 Year Conventional Purchase 6.92% 4/21/24
    30 Year Conventional Refi 6.71% 4/21/24
    30 Year Cash-out Refi 6.77% 4/21/24
    30 Year USDA Purchase 5.44% 4/21/24
    15 Year Conventional Purchase 6.23% 4/21/24
    15 Year Conventional Refi 6.24% 4/21/24
    15 Year Cash-out Refi 6.24% 4/21/24
    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.

    Machias Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Machias Savings 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

    592

    Origination Dollar Volume (All Markets)

    $87,680,000

    Employee count

    264 Show all (6) 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
    Outside of Metro Areas 422 $54,540,000 $129,242 $2,459 5.00%
    BANGOR, ME (FHA|USDA|VA) 115 $17,015,000 $147,957 $2,622 5.15%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 50 $15,190,000 $303,800 $3,417 5.39%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 3 $515,000 $171,667 $4,878 5.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $235,000 $235,000 $2,513 5.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $185,000 $185,000 $2,602 5.75%
    Machias Savings Bank's top markets include Bangor, Portland, Lewiston, Boston, and Augusta among others.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Machias Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First National Bank
    Similarity Rank: 60
    Saco Valley Credit Union
    Similarity Rank: 70
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 84
    CASCO
    Similarity Rank: 90
    CUMBERLAND COUNTY
    Similarity Rank: 120
    Maine Savings Federal Credit Union
    Similarity Rank: 190
    York County Federal Credit Union
    Similarity Rank: 190
    ATLANTIC REGIONAL FEDERAL CREDIT UNION
    Similarity Rank: 235
    FIVE COUNTY
    Similarity Rank: 248
    Bath Savings Institution
    Similarity Rank: 288

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 515 $80,075,000 $155,485 $2,424 5.22%
    USDA 77 $7,605,000 $98,766 $3,116 4.05%

    For 2018, Machias Savings Bank's most frequently originated type of loan was Conventional, with 515 originations. Their 2nd most popular type was USDA, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 385 $61,355,000 $159,364 $3,064 4.97%
    Refi 122 $18,540,000 $151,967 $1,695 5.15%
    Home Improvement 37 $2,915,000 $78,784 $1,031 5.51%
    Other 30 $1,630,000 $54,333 $899 5.53%
    Cash Out Refi 18 $3,240,000 $180,000 $3,545 4.86%

    For 2018, Machias Savings Bank's most frequently cited loan purpose was Home Purchase, with 385 originations. The 2nd most popular reason was Refi, with 122 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 272 $43,440,000 $159,706 $3,212 4.72%
    15 Year 154 $15,950,000 $103,571 $1,306 5.34%
    20 Year 94 $17,170,000 $182,660 $2,666 5.45%
    10 Year 42 $2,800,000 $66,667 $1,237 5.11%
    Other 20 $5,770,000 $288,500 $1,752 5.34%
    1 Year 6 $1,450,000 $241,667 $0 5.84%
    3 Year 3 $1,065,000 $355,000 $0 6.16%
    5 Year 1 $35,000 $35,000 $0 5.75%

    For 2018, Machias Savings Bank's most frequently cited loan duration was 30 Year, with 272 originations. The 2nd most popular length was 15 Year, with 154 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 323 $38,985,000 $120,697
    $1k-2k 82 $11,710,000 $142,805
    $2k-3k 27 $4,475,000 $165,741
    $3k-4k 13 $2,485,000 $191,154
    $4k-5k 7 $1,665,000 $237,857
    $5k+ 3 $975,000 $325,000

    Machias Savings Bank's average total fees were $3,212, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 323 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 311 $45,795,000 $147,251
    5-6% 183 $31,245,000 $170,738
    3-4% 48 $5,330,000 $111,042
    6-7% 32 $3,470,000 $108,438
    7-8% 12 $1,200,000 $100,000
    Over 8% 6 $640,000 $106,667

    During 2018, Machias Savings Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 311 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 263 $15,975,000 $60,741 $1,839 5.12%
    $100k-200k 208 $30,010,000 $144,279 $2,986 5.00%
    $200k-400k 96 $24,740,000 $257,708 $3,579 5.07%
    $400k-600k 15 $7,315,000 $487,667 $3,660 4.99%
    $600k-1MM 6 $4,450,000 $741,667 $3,717 5.33%
    $1MM+ 4 $5,190,000 $1,297,500 $0 5.38%

    2018 saw Machias Savings Bank place emphasis on $100,000 or less loans with 263 originations, totaling $15,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 166 $14,710,000 $88,614 $2,367 4.95%
    $50k-75k 111 $10,995,000 $99,054 $2,458 4.97%
    $75k-100k 76 $10,080,000 $132,632 $2,708 4.90%
    $100k-150k 72 $12,670,000 $175,972 $2,638 5.08%
    $150k-250k 42 $7,240,000 $172,381 $2,728 5.02%
    $250k+ 25 $7,835,000 $313,400 $3,297 4.89%

    Machias Savings Bank lent most frequently to those with incomes in the $50k or less range, with 166 originations. The second most popular income band? $50k-75k, with 111 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 129 $15,155,000 $117,481 $2,495 4.82%
    30-36% 105 $13,415,000 $127,762 $2,501 4.96%
    <20% 41 $6,225,000 $151,829 $2,134 4.88%
    37% 25 $3,455,000 $138,200 $2,457 4.85%
    38% 23 $2,755,000 $119,783 $2,828 4.78%
    36% 22 $2,660,000 $120,909 $2,678 4.94%
    39% 19 $2,035,000 $107,105 $2,265 4.73%
    40% 19 $2,895,000 $152,368 $2,539 5.07%
    41% 17 $3,425,000 $201,471 $3,218 4.60%
    42% 15 $3,045,000 $203,000 $2,768 4.78%
    43% 11 $1,345,000 $122,273 $2,773 4.67%
    44% 8 $930,000 $116,250 $2,633 5.27%
    47% 6 $790,000 $131,667 $3,258 4.77%
    45% 4 $910,000 $227,500 $4,312 4.22%
    48% 4 $440,000 $110,000 $2,090 5.69%
    50-60% 3 $325,000 $108,333 $2,007 6.21%
    49% 2 $210,000 $105,000 $1,803 5.56%
    46% 1 $85,000 $85,000 $2,566 4.75%
    >60% 1 $195,000 $195,000 $2,423 6.00%

    Machias Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 129 originations. The next most common DTI ratio? 30-36%, with 105 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 495 $64,595,000 $130,495 $2,519 4.99%
    Not applicable 75 $19,195,000 $255,933 $0 5.62%
    Not provided 17 $3,495,000 $205,588 $3,028 4.84%
    Asian 4 $360,000 $90,000 $3,285 5.13%
    American Indian 1 $35,000 $35,000 $2,032 4.25%

    Approval Rates

    Total approvals of all applications
    81.29%

    Machias Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.18%

    Machias Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 592 $87,680,000 $148,108

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $380,000 $190,000
    Multifamily:Site-Built 26 $7,850,000 $301,923
    Single Family (1-4 Units):Manufactured 28 $1,600,000 $57,143
    Single Family (1-4 Units):Site-Built 536 $77,850,000 $145,243

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $3,975,000 $67,373 $994 5.33%
    40-60% 76 $11,700,000 $153,947 $1,729 5.25%
    60-80% 226 $40,880,000 $180,885 $2,715 5.26%
    80-100% 208 $29,920,000 $143,846 $3,141 4.66%
    Over 100% 2 $400,000 $200,000 $3,191 5.63%
    Under 20% 21 $805,000 $38,333 $685 5.56%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Massachusetts Housing Finance Agency (MassHousing) Conventional home mortgage Struggling to pay mortgage 1 50.0%
    Massachusetts Housing Finance Agency (MassHousing) Conventional home mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Machias Savings Bank 1126 Hammond Street Bangor, ME 4401 Full Service B&M $157,821
    Machias Savings Bank 127 Main Street Princeton, ME 4668 Full Service B&M $28,320
    Machias Savings Bank 138 North Street Houlton, ME 4730 Full Service B&M $59,904
    Machias Savings Bank 142 Bennett Drive Caribou, ME 4736 Full Service B&M $35,917
    Machias Savings Bank 193 Middle Street Portland, ME 4101 Full Service B&M $107,319
    Machias Savings Bank 2 Union Street Suite 301 Portland, ME 4101 Full Service B&M $0
    Machias Savings Bank 210 North Street Calais, ME 4619 Full Service B&M $69,256
    Machias Savings Bank 248 State Street Ellsworth, ME 4605 Full Service B&M $8,562
    Machias Savings Bank 3 Glen Street Rockland, ME 4841 Full Service B&M $45,584
    Machias Savings Bank 357 Us Highway 1 Columbia, ME 4623 Full Service B&M $56,384
    Machias Savings Bank 38 Depot Street Danforth, ME 4424 Full Service B&M $23,146
    Machias Savings Bank 4 Center Street Machias, ME 4654 Full Service B&M $153,422
    Machias Savings Bank 581 Wilson Street Brewer, ME 4412 Full Service B&M $78,214
    Machias Savings Bank 6 Penobscot Valley Avenue Lincoln, ME 4457 Full Service B&M $85,167
    Machias Savings Bank 9 Dyer Street Presque Isle, ME 4769 Full Service B&M $56,686
    Machias Savings Bank 93 High Street Ellsworth, ME 4605 Full Service B&M $133,845
    Machias Savings Bank 96 Cottage Street Bar Harbor, ME 4609 Full Service B&M $50,900

    For 2018, Machias Savings Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $65,238
    Net interest income $55,900
    Total noninterest income $10,470
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,088
    Trading account gains and fees $0
    Additional Noninterest Income $9,382
    Pre-tax net operating income $17,977
    Securities gains (or losses, -) $-72
    Income before extraordinary items $14,422
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,422
    Minority interest net income $0
    Net income $14,422
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,480

    Machias Savings Bank's gross interest income from loans was $65,238,000.
    Machias Savings Bank's net interest income from loans was $55,900,000.
    Machias Savings Bank's fee based income from loans was $1,088,000.
    Machias Savings Bank's net income from loans was $14,422,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,338
    Provision for credit losses $2,882
    Total noninterest expense $45,511
    Salaries and employee benefits $22,670
    Premises and equipment expense $6,047
    Additional noninterest expense $16,794
    Applicable income taxes $3,483
    Net charge-offs $6,667
    Cash dividends $0

    Machias Savings Bank's interest expense for loans was $9,338,000.
    Machias Savings Bank's payroll and benefits expense were $22,670,000.
    Machias Savings Bank's property, plant and equipment expenses $6,047,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 2.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $1,305,693
    Deposits held in domestic offices $1,305,693
    Deposits by Individuals, partnerships, and corporations $1,112,995
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $182,410
    Deposits by Commercial banks and other depository institutions in U.S. $10,288
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $281,184
    Demand deposits $281,184
    Nontransaction accounts $1,024,509
    Money market deposit accounts (MMDAs) $199,090
    Other savings deposits (excluding MMDAs) $571,866
    Total time deposits $253,553
    Total time and savings deposits $1,024,509
    Noninterest-bearing deposits $191,394
    Interest-bearing deposits $1,114,299
    Retail deposits $1,089,292
    IRAs and Keogh plan accounts $69,013
    Brokered deposits $155,473
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,498,661
    Cash & Balances due from depository institutions $191,563
    Interest-bearing balances $170,411
    Total securities $77,025
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,166,219
    Loan and leases loss allowance $17,106
    Trading account assets $0
    Bank premises and fixed assets $24,431
    Other real estate owned $396
    Goodwill and other intangibles $2,361
    All other assets $36,666

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,498,661
    Total Liabilities $1,318,067
    Total deposits $1,305,693
    Interest-bearing deposits $1,114,299
    Deposits held in domestic offices $1,305,693
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $984
    Subordinated debt $0
    All other liabilities $11,390

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,166,219
    Loan and leases loss allowance $17,106
    Total loans and leases (domestic) $1,183,325
    All real estate loans $859,451
    Real estate loans in domestic offices $859,451
    Construction and development loans $40,595
    Residential 1-4 family construction $10,244
    Other construction, all land development and other land $30,351
    Loans secured by nonfarm nonresidential properties $375,050
    Nonfarm nonresidential secured by owner-occupied properties $174,338
    Commercial real estate & other non-farm, non-residential $200,712
    Multifamily residential real estate $29,358
    1-4 family residential loans $405,215
    Farmland loans $9,233
    Loans held in foreign offices $0
    Farm loans $59,584
    Commercial and industrial loans $219,899
    To non-U.S. addressees $0
    Loans to individuals $15,902
    Credit card loans $0
    Related Plans $1,091
    Consumer Auto Loans $1,662
    Other loans to individuals $13,149
    All other loans & leases $29,492
    Loans to foreign governments and official institutions $0
    Other loans $101
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,916
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $20,478
    Non 1-4 family restructured loans & leases $14,853
    Total loans and leases (foreign) $0

    Machias Savings Bank had $1,166,219,000 of loans outstanding in 2018. $859,451,000 of loans were in real estate loans. $40,595,000 of loans were in development loans. $29,358,000 of loans were in multifamily mortgage loans. $405,215,000 of loans were in 1-4 family mortgage loans. $59,584,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,662,000 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 1,063 $203,898 $191,814
    Nonfarm, nonresidential loans - <$100k 308 $12,353 $40,107
    Nonfarm, nonresidential loans - $100-250k 373 $48,841 $130,941
    Nonfarm, nonresidential loans - $250k-1MM 382 $142,704 $373,571
    Commercial & Industrial, US addressed loans - <$1MM 2,237 $111,097 $49,663
    Commercial & Industrial, US addressed loans - <$100k 1,687 $32,318 $19,157
    Commercial & Industrial, US addressed loans - $100-250k 348 $28,888 $83,011
    Commercial & Industrial, US addressed loans - $250k-1MM 202 $49,891 $246,985
    Farmland loans - <$1MM 40 $4,499 $112,475
    Farmland loans - <$100k 20 $726 $36,300
    Farmland loans - $100-250k 12 $1,675 $139,583
    Farmland loans - $250k-1MM 8 $2,098 $262,250
    Agriculture operations loans - <$1MM 1,012 $54,709 $54,060
    Agriculture operations loans - <$100k 746 $16,175 $21,682
    Agriculture operations loans - $100-250k 209 $25,300 $121,053
    Agriculture operations loans - $250k-1MM 57 $13,234 $232,175