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

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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

    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 by origination volume include: Portland, Bangor, Manchester, Greenville, and Augusta among others. We have data for 7 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% 11/22/24
    30 Year Conventional Purchase 6.92% 11/22/24
    30 Year Conventional Refi 6.71% 11/22/24
    30 Year Cash-out Refi 6.77% 11/22/24
    30 Year USDA Purchase 5.44% 11/22/24
    15 Year Conventional Purchase 6.23% 11/22/24
    15 Year Conventional Refi 6.24% 11/22/24
    15 Year Cash-out Refi 6.24% 11/22/24
    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

    1,031

    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

    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 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.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • North Carolina (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.

    INFINITY Federal Credit Union
    Similarity Rank: 136
    MAINE HIGHLANDS FEDERAL CREDIT UNION
    Similarity Rank: 138
    CASCO
    Similarity Rank: 226
    TOWN & COUNTRY FEDERAL CREDIT UNION
    Similarity Rank: 240
    Piscataqua Savings Bank
    Similarity Rank: 252
    CUMBERLAND COUNTY
    Similarity Rank: 464
    Kennebec Savings Bank
    Similarity Rank: 535
    Saco & Biddeford Savings Institution
    Similarity Rank: 556
    Cambridge Trust Company
    Similarity Rank: 585
    Bath Savings Institution
    Similarity Rank: 648

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Machias Savings Bank's most frequently cited loan purpose was Home Purchase, with 578 originations. The 2nd most popular reason was 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 2021, Machias Savings Bank's most frequently cited loan duration was 30 Year, with 460 originations. The 2nd most popular length was 15 Year, with 257 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 26 $5,710,000 $219,615
    $5k+ 18 $7,610,000 $422,778
    $4k-5k 15 $4,145,000 $276,333

    Machias Savings Bank's average total fees were $3,642, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.29%, while their most frequently originated rate bucket for loans was 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
    87.06%

    Machias Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.70%

    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 3 Glen Street Rockland, ME 4841 Full Service B&M $59,047
    Machias Savings Bank 357 Us Highway 1 Columbia, ME 4623 Full Service B&M $75,098
    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 581 Wilson Street Brewer, ME 4412 Full Service B&M $115,578
    Machias Savings Bank 1126 Hammond Street Bangor, ME 4401 Full Service B&M $220,475
    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
    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

    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