Machias Savings Bank Mortgage Rates, Fees & Info

Machias, ME

LEI: 549300P0GXZAWI355052

Tax ID: 01-0111800

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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, Augusta, Concord, and Lewiston 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/21/24
    30 Year Conventional Purchase 6.92% 11/21/24
    30 Year Conventional Refi 6.71% 11/21/24
    30 Year Cash-out Refi 6.77% 11/21/24
    30 Year USDA Purchase 5.44% 11/21/24
    15 Year Conventional Purchase 6.23% 11/21/24
    15 Year Conventional Refi 6.24% 11/21/24
    15 Year Cash-out Refi 6.24% 11/21/24
    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

    1,034

    Origination Dollar Volume (All Markets)

    $191,310,000

    Employee count

    296

    Awards

    Machias Savings Bank USDA Loans silver Machias Savings Bank USDA Loans silver
    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
    Outside of Metro Areas 778 $118,010,000 $151,684 $2,786 3.52%
    BANGOR, ME (FHA|USDA|VA) 158 $29,000,000 $183,544 $3,214 3.80%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 83 $26,235,000 $316,084 $3,653 3.68%
    Augusta-Waterville, ME (FHA|USDA|VA) 7 $9,575,000 $1,367,857 $3,628 4.05%
    Concord, NH (FHA|USDA|VA) 1 $6,865,000 $6,865,000 $0 3.25%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 7 $1,625,000 $232,143 $4,067 4.19%
    Machias Savings Bank's top markets include Bangor, Portland, Augusta, Concord, and Lewiston among others.

    Their top states include:
  • Maine (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.

    Piscataqua Savings Bank
    Similarity Rank: 136
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 148
    CUMBERLAND COUNTY
    Similarity Rank: 176
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 222
    CASCO
    Similarity Rank: 324
    FIVE COUNTY
    Similarity Rank: 484
    Kennebec Savings Bank
    Similarity Rank: 490
    Maine Savings Federal Credit Union
    Similarity Rank: 560
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 570
    Bath Savings Institution
    Similarity Rank: 615

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 934 $180,000,000 $192,719 $2,849 3.63%
    USDA 100 $11,310,000 $113,100 $3,396 3.16%

    For 2020, Machias Savings Bank's most frequently originated type of loan was Conventional, with 934 originations. Their 2nd most popular type was USDA, with 100 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 539 $91,955,000 $170,603 $3,428 3.69%
    Refi 340 $73,870,000 $217,265 $2,147 3.43%
    Cash Out Refi 108 $21,730,000 $201,204 $3,675 3.36%
    Home Improvement 28 $1,730,000 $61,786 $968 4.01%
    Other 19 $2,025,000 $106,579 $1,747 3.76%

    For 2020, Machias Savings Bank's most frequently cited loan purpose was Home Purchase, with 539 originations. The 2nd most popular reason was Refi, with 340 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 512 $95,730,000 $186,973 $3,500 3.43%
    15 Year 230 $31,290,000 $136,043 $1,788 3.64%
    20 Year 185 $37,095,000 $200,514 $3,005 3.92%
    10 Year 81 $7,255,000 $89,568 $1,654 3.47%
    Other 21 $19,485,000 $927,857 $2,041 3.89%
    1 Year 4 $420,000 $105,000 $0 4.81%
    5 Year 1 $35,000 $35,000 $743 3.38%

    For 2020, Machias Savings Bank's most frequently cited loan duration was 30 Year, with 512 originations. The 2nd most popular length was 15 Year, with 230 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 500 $71,510,000 $143,020
    $1k-2k 254 $40,090,000 $157,835
    $2k-3k 82 $16,090,000 $196,220
    $3k-4k 30 $8,210,000 $273,667
    $5k+ 19 $6,655,000 $350,263
    $4k-5k 17 $4,385,000 $257,941

    Machias Savings Bank's average total fees were $3,500, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 500 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 624 $124,820,000 $200,032
    2.5-3% 200 $32,880,000 $164,400
    4-5% 155 $25,365,000 $163,645
    5-6% 38 $6,290,000 $165,526
    <2.5% 8 $1,240,000 $155,000
    7-8% 5 $345,000 $69,000
    6-7% 4 $370,000 $92,500

    During 2020, Machias Savings Bank's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 3-4%, with 624 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 426 $60,370,000 $141,714 $2,838 3.52%
    $100,000 or less 333 $22,685,000 $68,123 $2,068 3.71%
    $200k-400k 219 $58,495,000 $267,100 $3,989 3.49%
    $400k-600k 33 $16,385,000 $496,515 $4,619 3.62%
    $600k-1MM 16 $12,360,000 $772,500 $5,807 3.79%
    $1MM+ 7 $21,015,000 $3,002,143 $4,766 3.32%

    2020 saw Machias Savings Bank place emphasis on $100k-200k loans with 426 originations, totaling $60,370,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 214 $21,390,000 $99,953 $2,500 3.49%
    $50k-75k 199 $23,945,000 $120,327 $2,780 3.55%
    $100k-150k 169 $30,745,000 $181,923 $3,243 3.38%
    $75k-100k 157 $21,975,000 $139,968 $2,820 3.58%
    $150k-250k 119 $29,775,000 $250,210 $3,531 3.42%
    $250k+ 51 $17,955,000 $352,059 $3,392 3.37%

    Machias Savings Bank lent most frequently to those with incomes in the $50k or less range, with 214 originations. The second most popular income band? $50k-75k, with 199 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 264 $43,070,000 $163,144 $2,952 3.34%
    30-36% 208 $34,790,000 $167,260 $3,007 3.42%
    <20% 106 $15,580,000 $146,981 $2,417 3.32%
    39% 50 $8,500,000 $170,000 $3,018 3.46%
    41% 38 $5,910,000 $155,526 $2,841 3.57%
    42% 36 $6,490,000 $180,278 $3,220 3.64%
    37% 35 $5,175,000 $147,857 $2,358 3.81%
    40% 33 $5,915,000 $179,242 $3,383 3.56%
    38% 31 $4,235,000 $136,613 $2,947 3.52%
    36% 30 $4,710,000 $157,000 $2,464 3.58%
    43% 16 $2,940,000 $183,750 $4,103 3.37%
    45% 14 $2,610,000 $186,429 $2,588 3.22%
    47% 10 $1,950,000 $195,000 $4,354 3.08%
    44% 8 $850,000 $106,250 $2,600 3.33%
    49% 7 $1,445,000 $206,429 $3,012 3.18%
    48% 5 $615,000 $123,000 $2,960 3.68%
    46% 5 $1,035,000 $207,000 $2,895 4.25%
    50-60% 3 $495,000 $165,000 $1,707 3.83%
    >60% 3 $625,000 $208,333 $2,555 3.83%

    Machias Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 264 originations. The next most common DTI ratio? 30-36%, with 208 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 895 $145,845,000 $162,955 $2,914 3.48%
    Not applicable 94 $39,600,000 $421,277 $0 4.50%
    Not provided 38 $5,010,000 $131,842 $2,849 3.69%
    American Indian 3 $535,000 $178,333 $1,907 3.54%
    Black 3 $235,000 $78,333 $3,013 3.83%
    Asian 1 $85,000 $85,000 $2,858 3.00%

    Approval Rates

    Total approvals of all applications
    83.44%

    Machias Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.34%

    Machias Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,034 $191,310,000 $185,019

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 5 $1,105,000 $221,000
    Multifamily:Site-Built 32 $28,810,000 $900,313
    Single Family (1-4 Units):Manufactured 50 $4,310,000 $86,200
    Single Family (1-4 Units):Site-Built 947 $157,085,000 $165,876

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 79 $7,325,000 $92,722 $1,456 3.72%
    40-60% 152 $20,170,000 $132,697 $2,112 3.65%
    60-80% 421 $83,515,000 $198,373 $3,079 3.70%
    80-100% 361 $78,265,000 $216,801 $3,367 3.36%
    Over 100% 2 $450,000 $225,000 $2,726 3.25%
    Under 20% 19 $1,585,000 $83,421 $1,288 4.10%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Massachusetts Housing Finance Agency (MassHousing) Conventional home mortgage Incorrect information on your report 1 33.3%
    Massachusetts Housing Finance Agency (MassHousing) Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 2 66.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Machias Savings Bank 93 High Street Ellsworth, ME 4605 Full Service B&M $114,870
    Machias Savings Bank 1126 Hammond Street Bangor, ME 4401 Full Service B&M $185,811
    Machias Savings Bank 127 Main Street Princeton, ME 4668 Full Service B&M $36,553
    Machias Savings Bank 138 North Street Houlton, ME 4730 Full Service B&M $62,237
    Machias Savings Bank 142 Bennett Drive Caribou, ME 4736 Full Service B&M $47,479
    Machias Savings Bank 193 Middle Street Portland, ME 4101 Full Service B&M $296,599
    Machias Savings Bank 210 North Street Calais, ME 4619 Full Service B&M $76,380
    Machias Savings Bank 248 State Street, Suite 21 Ellsworth, ME 4605 Full Service B&M $11,033
    Machias Savings Bank 3 Glen Street Rockland, ME 4841 Full Service B&M $48,871
    Machias Savings Bank 357 Us Highway 1 Columbia, ME 4623 Full Service B&M $64,394
    Machias Savings Bank 38 Depot Street Danforth, ME 4424 Full Service B&M $22,237
    Machias Savings Bank 4 Center Street Machias, ME 4654 Full Service B&M $213,938
    Machias Savings Bank 581 Wilson Street Brewer, ME 4412 Full Service B&M $93,637
    Machias Savings Bank 6 Penobscot Valley Avenue Lincoln, ME 4457 Full Service B&M $85,032
    Machias Savings Bank 9 Dyer Street Presque Isle, ME 4769 Full Service B&M $60,977
    Machias Savings Bank 96 Cottage Street Bar Harbor, ME 4609 Full Service B&M $64,318

    For 2020, Machias Savings Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $74,515
    Net interest income $67,043
    Total noninterest income $12,145
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,008
    Trading account gains and fees $0
    Additional Noninterest Income $11,137
    Pre-tax net operating income $20,057
    Securities gains (or losses, -) $2,746
    Income before extraordinary items $18,176
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $18,176
    Minority interest net income $0
    Net income $18,176
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $15,979

    Machias Savings Bank's gross interest income from loans was $74,515,000.
    Machias Savings Bank's net interest income from loans was $67,043,000.
    Machias Savings Bank's fee based income from loans was $1,008,000.
    Machias Savings Bank's net income from loans was $18,176,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,472
    Provision for credit losses $8,322
    Total noninterest expense $50,809
    Salaries and employee benefits $26,520
    Premises and equipment expense $7,048
    Additional noninterest expense $17,241
    Applicable income taxes $4,627
    Net charge-offs $851
    Cash dividends $0

    Machias Savings Bank's interest expense for loans was $7,472,000.
    Machias Savings Bank's payroll and benefits expense were $26,520,000.
    Machias Savings Bank's property, plant and equipment expenses $7,048,000.

    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 $1,607,493
    Deposits held in domestic offices $1,607,493
    Deposits by Individuals, partnerships, and corporations $1,386,176
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $214,770
    Deposits by Commercial banks and other depository institutions in U.S. $6,548
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $376,382
    Demand deposits $376,371
    Nontransaction accounts $1,231,112
    Money market deposit accounts (MMDAs) $244,473
    Other savings deposits (excluding MMDAs) $789,926
    Total time deposits $196,712
    Total time and savings deposits $1,231,123
    Noninterest-bearing deposits $234,752
    Interest-bearing deposits $1,372,741
    Retail deposits $1,432,813
    IRAs and Keogh plan accounts $61,635
    Brokered deposits $138,036
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,843,300
    Cash & Balances due from depository institutions $68,202
    Interest-bearing balances $42,653
    Total securities $217,570
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,483,419
    Loan and leases loss allowance $24,594
    Trading account assets $0
    Bank premises and fixed assets $31,745
    Other real estate owned $210
    Goodwill and other intangibles $2,326
    All other assets $39,828

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,843,300
    Total Liabilities $1,624,318
    Total deposits $1,607,493
    Interest-bearing deposits $1,372,741
    Deposits held in domestic offices $1,607,493
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,354
    Subordinated debt $0
    All other liabilities $15,471

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,483,419
    Loan and leases loss allowance $24,594
    Total loans and leases (domestic) $1,508,013
    All real estate loans $1,097,133
    Real estate loans in domestic offices $1,097,133
    Construction and development loans $92,046
    Residential 1-4 family construction $13,411
    Other construction, all land development and other land $78,635
    Loans secured by nonfarm nonresidential properties $461,525
    Nonfarm nonresidential secured by owner-occupied properties $174,509
    Commercial real estate & other non-farm, non-residential $287,016
    Multifamily residential real estate $50,803
    1-4 family residential loans $482,809
    Farmland loans $9,950
    Loans held in foreign offices $0
    Farm loans $60,786
    Commercial and industrial loans $297,204
    To non-U.S. addressees $0
    Loans to individuals $17,684
    Credit card loans $0
    Related Plans $738
    Consumer Auto Loans $1,899
    Other loans to individuals $15,047
    All other loans & leases $38,460
    Loans to foreign governments and official institutions $0
    Other loans $93
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $3,887
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $20,882
    Non 1-4 family restructured loans & leases $16,243
    Total loans and leases (foreign) $0

    Machias Savings Bank had $1,483,419,000 of loans outstanding in 2020. $1,097,133,000 of loans were in real estate loans. $92,046,000 of loans were in development loans. $50,803,000 of loans were in multifamily mortgage loans. $482,809,000 of loans were in 1-4 family mortgage loans. $60,786,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,899,000 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 1,054 $215,105 $204,084
    Nonfarm, nonresidential loans - <$100k 283 $10,930 $38,622
    Nonfarm, nonresidential loans - $100-250k 348 $45,535 $130,848
    Nonfarm, nonresidential loans - $250k-1MM 423 $158,640 $375,035
    Commercial & Industrial, US addressed loans - <$1MM 7,576 $163,246 $21,548
    Commercial & Industrial, US addressed loans - <$100k 2,805 $56,412 $20,111
    Commercial & Industrial, US addressed loans - $100-250k 4,525 $40,928 $9,045
    Commercial & Industrial, US addressed loans - $250k-1MM 246 $65,906 $267,911
    Farmland loans - <$1MM 47 $4,715 $100,319
    Farmland loans - <$100k 26 $966 $37,154
    Farmland loans - $100-250k 13 $1,796 $138,154
    Farmland loans - $250k-1MM 8 $1,953 $244,125
    Agriculture operations loans - <$1MM 1,416 $55,395 $39,121
    Agriculture operations loans - <$100k 1,148 $19,499 $16,985
    Agriculture operations loans - $100-250k 214 $23,055 $107,734
    Agriculture operations loans - $250k-1MM 54 $12,841 $237,796