First Seacoast Bank Mortgage Rates, Fees & Info

Dover, NH

LEI: 549300QHFDNFAMLATM94

Tax ID: 02-0235380

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

Review & Overview

First Seacoast Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. First Seacoast Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Portland, Manchester, Laconia, and Lebanon among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Seacoast Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

243

Origination Dollar Volume (All Markets)

$80,955,000

Employee count

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
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	178	$59,720,000	$335,506	$0	0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	36	$12,240,000	$340,000	$0	0.00%
Outside of Metro Areas	18	$5,300,000	$294,444	$0	0.00%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	4	$1,450,000	$362,500	$0	0.00%
Laconia, NH (FHA\|USDA\|VA)	4	$990,000	$247,500	$0	0.00%
Lebanon, NH-VT (FHA\|USDA\|VA)	1	$675,000	$675,000	$0	0.00%
Keene, NH (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	0.00%
Concord, NH (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	0.00%

First Seacoast Bank's top markets include Boston, Portland, Manchester, Laconia, and Lebanon among others.

Their top states include:

New Hampshire (FHA|USDA|VA)

Maine (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	243	$80,955,000	$333,148	$0	0.00%

For 2020, First Seacoast Bank's most frequently originated type of loan was Conventional, with 243 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	104	$40,420,000	$388,654	$0	0.00%
Refi	71	$20,945,000	$295,000	$0	0.00%
Cash Out Refi	65	$18,405,000	$283,154	$0	0.00%
Home Improvement	2	$780,000	$390,000	$0	0.00%
Other	1	$405,000	$405,000	$0	0.00%

For 2020, First Seacoast Bank's most frequently cited loan purpose was Home Purchase, with 104 originations. The 2nd most popular reason was Refi, with 71 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	243	$80,955,000	$333,148	$0	0.00%

For 2020, First Seacoast Bank's most frequently cited loan duration was Other, with 243 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	124	$35,240,000	$284,194	$0	0.00%
$100k-200k	55	$8,565,000	$155,727	$0	0.00%
$400k-600k	31	$15,135,000	$488,226	$0	0.00%
$600k-1MM	22	$15,980,000	$726,364	$0	0.00%
$100,000 or less	7	$595,000	$85,000	$0	0.00%
$1MM+	4	$5,440,000	$1,360,000	$0	0.00%

2020 saw First Seacoast Bank place emphasis on $200k-400k loans with 124 originations, totaling $35,240,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	67	$21,055,000	$314,254	$0	0.00%
$75k-100k	44	$10,720,000	$243,636	$0	0.00%
$150k-250k	41	$16,745,000	$408,415	$0	0.00%
$250k+	34	$20,230,000	$595,000	$0	0.00%
$50k-75k	34	$6,940,000	$204,118	$0	0.00%
$50k or less	12	$1,680,000	$140,000	$0	0.00%

First Seacoast Bank lent most frequently to those with incomes in the $100k-150k range, with 67 originations. The second most popular income band? $75k-100k, with 44 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	243	$80,955,000	$333,148	$0	0.00%

First Seacoast Bank lent most frequently to those with DTI ratios of Exempt%, with 243 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	218	$71,410,000	$327,569	$0	0.00%
Not provided	13	$4,915,000	$378,077	$0	0.00%
Asian	6	$2,250,000	$375,000	$0	0.00%
Not applicable	5	$2,175,000	$435,000	$0	0.00%
Black	1	$205,000	$205,000	$0	0.00%

Approval Rates

Total approvals of all applications
92.21%

First Seacoast Bank has an average approval rate.

Pick Rate

Approvals leading to origination
64.20%

First Seacoast 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
Exempt	243	$80,955,000	$333,148

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$1,765,000	$588,333
Single Family (1-4 Units):Manufactured	7	$1,315,000	$187,857
Single Family (1-4 Units):Site-Built	233	$77,875,000	$334,227

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Other type of mortgage	Closing on a mortgage	2	13.3%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	2	13.3%
FIRST HORIZON BANK	Conventional home mortgage	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	4	26.7%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	3	20.0%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Struggling to pay mortgage	1	6.7%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Seacoast Bank	1650 Woodbury Avenue Portsmouth, NH 3801	Full Service B&M	$51,768
First Seacoast Bank	17 Wakefield Street Rochester, NH 3867	Full Service B&M	$38,519
First Seacoast Bank	633 Central Avenue Dover, NH 3820	Full Service B&M	$145,060
First Seacoast Bank	7a Mill Road Durham, NH 3824	Full Service B&M	$51,714
First Seacoast Bank	Rte. 125 Barrington, NH 3825	Full Service B&M	$56,092

For 2020, First Seacoast Bank had 5 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$16,100
Net interest income	$12,926
Total noninterest income	$1,386
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$233
Trading account gains and fees	$0
Additional Noninterest Income	$1,153
Pre-tax net operating income	$646
Securities gains (or losses, -)	$410
Income before extraordinary items	$1,080
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,080
Minority interest net income	$0
Net income	$1,080
Sale, conversion, retirement of capital stock, net	$-291
Net operating income	$670

First Seacoast Bank's gross interest income from loans was $16,100,000.
First Seacoast Bank's net interest income from loans was $12,926,000.
First Seacoast Bank's fee based income from loans was $233,000.
First Seacoast Bank's net income from loans was $1,080,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,174
Provision for credit losses	$480
Total noninterest expense	$13,186
Salaries and employee benefits	$8,027
Premises and equipment expense	$1,237
Additional noninterest expense	$3,922
Applicable income taxes	$-24
Net charge-offs	$13
Cash dividends	$0

First Seacoast Bank's interest expense for loans was $3,174,000.
First Seacoast Bank's payroll and benefits expense were $8,027,000.
First Seacoast Bank's property, plant and equipment expenses $1,237,000.

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	1.0%
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	$339,647
Deposits held in domestic offices	$339,647
Deposits by Individuals, partnerships, and corporations	$339,627
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$20
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$171,971
Demand deposits	$95,503
Nontransaction accounts	$167,676
Money market deposit accounts (MMDAs)	$69,320
Other savings deposits (excluding MMDAs)	$49,688
Total time deposits	$48,668
Total time and savings deposits	$244,144
Noninterest-bearing deposits	$76,837
Interest-bearing deposits	$262,810
Retail deposits	$329,528
IRAs and Keogh plan accounts	$5,938
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$443,496
Cash & Balances due from depository institutions	$8,484
Interest-bearing balances	$6,911
Total securities	$55,470
Federal funds sold & reverse repurchase	$0
Net loans and leases	$361,841
Loan and leases loss allowance	$3,342
Trading account assets	$0
Bank premises and fixed assets	$5,078
Other real estate owned	$0
Goodwill and other intangibles	$273
All other assets	$12,350

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$443,496
Total Liabilities	$394,850
Total deposits	$339,647
Interest-bearing deposits	$262,810
Deposits held in domestic offices	$339,647
% insured (estimated)	$80
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$52,322
Subordinated debt	$0
All other liabilities	$2,881

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$361,841
Loan and leases loss allowance	$3,342
Total loans and leases (domestic)	$365,183
All real estate loans	$318,985
Real estate loans in domestic offices	$318,985
Construction and development loans	$23,152
Residential 1-4 family construction	$14,899
Other construction, all land development and other land	$8,253
Loans secured by nonfarm nonresidential properties	$65,630
Nonfarm nonresidential secured by owner-occupied properties	$49,114
Commercial real estate & other non-farm, non-residential	$16,516
Multifamily residential real estate	$6,636
1-4 family residential loans	$223,567
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$42,842
To non-U.S. addressees	$0
Loans to individuals	$3,356
Credit card loans	$0
Related Plans	$13
Consumer Auto Loans	$163
Other loans to individuals	$3,180
All other loans & leases	$0
Loans to foreign governments and official institutions	$0
Other loans	$0
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

First Seacoast Bank had $361,841,000 of loans outstanding in 2020. $318,985,000 of loans were in real estate loans. $23,152,000 of loans were in development loans. $6,636,000 of loans were in multifamily mortgage loans. $223,567,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $163,000 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	173	$36,142	$208,913
Nonfarm, nonresidential loans - <$100k	26	$930	$35,769
Nonfarm, nonresidential loans - $100-250k	70	$8,495	$121,357
Nonfarm, nonresidential loans - $250k-1MM	77	$26,717	$346,974
Commercial & Industrial, US addressed loans - <$1MM	147	$10,671	$72,592
Commercial & Industrial, US addressed loans - <$100k	84	$1,902	$22,643
Commercial & Industrial, US addressed loans - $100-250k	34	$2,639	$77,618
Commercial & Industrial, US addressed loans - $250k-1MM	29	$6,130	$211,379