Banknewport Mortgage Rates, Fees & Info
Newport, RILEI: 549300RYJCJ7JPQ4RF20
Tax ID: 20-2633950
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Bank Data
Review & Overview
Banknewport is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Banknewport has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Providence, Boston, Worcester, Barnstable Town, and Norwich among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Banknewport 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. Banknewport is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.38% | 3/19/23 |
| 30 Year Conventional Refi | 6.50% | 3/19/23 |
| 30 Year Cash-out Refi | 6.62% | 3/19/23 |
| 30 Year FHA Purchase | 7.12% | 3/19/23 |
| 30 Year FHA Refi | 6.90% | 3/19/23 |
| 15 Year Conventional Purchase | 5.94% | 3/19/23 |
| 15 Year Conventional Refi | 5.94% | 3/19/23 |
| 15 Year Cash-out Refi | 5.94% | 3/19/23 |
| 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. | ||
Originations
880Origination Dollar Volume (All Markets)
$309,360,000Employee count
338Relative Rate
Banknewport's average 30 year fixed mortgage rate was
3.18%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.03%.
Relative Fees (Closing Costs)
Banknewport's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,635.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 844 | $290,050,000 | $343,661 | $2,885 | 3.12% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 25 | $15,875,000 | $635,000 | $3,319 | 2.97% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $3,210 | 3.55% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $3,402 | 2.96% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $3,038 | 3.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $4,079 | 3.25% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against BankNewport based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 87
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 873 | $307,135,000 | $351,816 | $2,845 | 3.12% |
| FHA | 7 | $2,225,000 | $317,857 | $9,320 | 2.73% |
For 2021, Banknewport's most frequently originated type of loan was Conventional, with 873 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
For 2021, Banknewport's most frequently cited loan purpose was Refi, with 304 originations. The 2nd most popular reason was Cash Out Refi, with 267 originations.
Loan Duration/Length
For 2021, Banknewport's most frequently cited loan duration was 30 Year, with 452 originations. The 2nd most popular length was 15 Year, with 163 originations.
Origination Fees/Closing Costs
Banknewport's average total fees were $3,635, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 607 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 421 | $164,735,000 | $391,295 |
| 2.5-3% | 330 | $98,560,000 | $298,667 |
| <2.5% | 91 | $28,525,000 | $313,462 |
| 4-5% | 37 | $17,365,000 | $469,324 |
During 2021, Banknewport's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 421 originations.
Loan Sizing
2021 saw Banknewport place emphasis on $200k-400k loans with 371 originations, totaling $105,355,000 in origination value.
Applicant Income
Banknewport lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $150k-250k, with 193 originations.
Applicant Debt to Income Ratio
Banknewport lent most frequently to those with DTI ratios of 20-30%, with 217 originations. The next most common DTI ratio? 30-36%, with 160 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.70%
Banknewport has an average approval rate.
Pick Rate
Approvals leading to origination85.23%
Banknewport has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 880 | $309,360,000 | $351,545 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANC ONE MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Banknewport | 528 West Main Road Middletown, RI 2842 | Full Service B&M | $374,859 |
| Banknewport | 55 Dorrance St. Providence, RI 2903 | Full Service B&M | $27,536 |
| Banknewport | 6 Gooding Avenue Bristol, RI 2809 | Full Service B&M | $109,786 |
| Banknewport | 614 Main Road Tiverton, RI 2878 | Full Service B&M | $119,911 |
| Banknewport | 730 Centre Of New England Boulevard Coventry, RI 2816 | Full Service B&M | $30,633 |
| Banknewport | 90 Point Judith Road Narragansett, RI 2882 | Full Service B&M | $72,470 |
| Banknewport | 10 Washington Sq Newport, RI 2840 | Full Service B&M | $265,371 |
| Banknewport | 1000 Division Street East Greenwich, RI 2818 | Full Service B&M | $58,254 |
| Banknewport | 1350 Ten Rod Road North Kingstown, RI 2852 | Full Service B&M | $74,691 |
| Banknewport | 1423 Hartford Ave. Johnston, RI 2919 | Full Service B&M | $32,405 |
| Banknewport | 1740 Main Road Tiverton, RI 2878 | Full Service B&M | $109,404 |
| Banknewport | 2628 East Main Road Portsmouth, RI 2871 | Full Service B&M | $161,922 |
| Banknewport | 31 Conanicus Avenue Jamestown, RI 2835 | Full Service B&M | $125,786 |
| Banknewport | 323 Market Street Warren, RI 2885 | Full Service B&M | $79,120 |
| Banknewport | 330 County Road Barrington, RI 2806 | Full Service B&M | $106,229 |
| Banknewport | 4000 Chapel View Blvd Cranston, RI 2920 | Full Service B&M | $88,885 |
| Banknewport | 5 South Angell St. Providence, RI 2906 | Full Service B&M | $28,849 |
For 2021, Banknewport had 17 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $78,104 |
| Net interest income | $68,934 |
| Total noninterest income | $25,836 |
| Gross Fiduciary activities income | $425 |
| Service charges on deposit accounts | $2,761 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $22,650 |
| Pre-tax net operating income | $31,887 |
| Securities gains (or losses, -) | $-22 |
| Income before extraordinary items | $24,605 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $24,605 |
| Minority interest net income | $0 |
| Net income | $24,605 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $24,622 |
Banknewport's gross interest income from loans was $78,104,000.
Banknewport's net interest income from loans was $68,934,000.
Banknewport's fee based income from loans was $2,761,000.
Banknewport's net income from loans was $24,605,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $9,170 |
| Provision for credit losses | $500 |
| Total noninterest expense | $62,383 |
| Salaries and employee benefits | $37,515 |
| Premises and equipment expense | $6,968 |
| Additional noninterest expense | $17,900 |
| Applicable income taxes | $7,260 |
| Net charge-offs | $1,538 |
| Cash dividends | $0 |
Banknewport's interest expense for loans was $9,170,000.
Banknewport's payroll and benefits expense were $37,515,000.
Banknewport's property, plant and equipment expenses $6,968,000.
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 | 2.0% |
| 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 | 2.0% |
| 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 | $2,031,406 |
| Deposits held in domestic offices | $2,031,406 |
| Deposits by Individuals, partnerships, and corporations | $1,983,511 |
| Deposits by U.S. Government | $760 |
| Deposits by States and political subdivisions in the U.S. | $44,481 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,654 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $362,843 |
| Demand deposits | $328,855 |
| Nontransaction accounts | $1,668,563 |
| Money market deposit accounts (MMDAs) | $621,120 |
| Other savings deposits (excluding MMDAs) | $741,701 |
| Total time deposits | $305,742 |
| Total time and savings deposits | $1,702,551 |
| Noninterest-bearing deposits | $565,131 |
| Interest-bearing deposits | $1,466,275 |
| Retail deposits | $1,970,648 |
| IRAs and Keogh plan accounts | $59,799 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $2,352,320 |
| Cash & Balances due from depository institutions | $150,653 |
| Interest-bearing balances | $135,440 |
| Total securities | $437,638 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,675,321 |
| Loan and leases loss allowance | $16,141 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $33,568 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $7,819 |
| All other assets | $47,321 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $2,352,320 |
| Total Liabilities | $2,113,600 |
| Total deposits | $2,031,406 |
| Interest-bearing deposits | $1,466,275 |
| Deposits held in domestic offices | $2,031,406 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $64,935 |
| Subordinated debt | $0 |
| All other liabilities | $17,259 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,675,321 |
| Loan and leases loss allowance | $16,141 |
| Total loans and leases (domestic) | $1,691,462 |
| All real estate loans | $1,359,243 |
| Real estate loans in domestic offices | $1,359,243 |
| Construction and development loans | $87,396 |
| Residential 1-4 family construction | $17,589 |
| Other construction, all land development and other land | $69,807 |
| Loans secured by nonfarm nonresidential properties | $516,541 |
| Nonfarm nonresidential secured by owner-occupied properties | $146,641 |
| Commercial real estate & other non-farm, non-residential | $369,900 |
| Multifamily residential real estate | $83,909 |
| 1-4 family residential loans | $671,397 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $185 |
| Commercial and industrial loans | $233,147 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $85,753 |
| Credit card loans | $0 |
| Related Plans | $354 |
| Consumer Auto Loans | $188 |
| Other loans to individuals | $85,211 |
| All other loans & leases | $13,134 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $13,134 |
| 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 | $12,129 |
| Non 1-4 family restructured loans & leases | $11,266 |
| Total loans and leases (foreign) | $0 |
BankNewport had $1,675,321,000 of loans outstanding in 2021. $1,359,243,000 of loans were in real estate loans. $87,396,000 of loans were in development loans. $83,909,000 of loans were in multifamily mortgage loans. $671,397,000 of loans were in 1-4 family mortgage loans. $185,000 of loans were in farm loans. $0 of loans were in credit card loans. $188,000 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 | 570 | $143,585 | $251,904 |
| Nonfarm, nonresidential loans - <$100k | 58 | $1,676 | $28,897 |
| Nonfarm, nonresidential loans - $100-250k | 213 | $26,819 | $125,911 |
| Nonfarm, nonresidential loans - $250k-1MM | 299 | $115,090 | $384,916 |
| Commercial & Industrial, US addressed loans - <$1MM | 901 | $58,680 | $65,128 |
| Commercial & Industrial, US addressed loans - <$100k | 618 | $11,964 | $19,359 |
| Commercial & Industrial, US addressed loans - $100-250k | 152 | $14,755 | $97,072 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 131 | $31,961 | $243,977 |
| Agriculture operations loans - <$1MM | 3 | $185 | $61,667 |
| Agriculture operations loans - <$100k | 3 | $185 | $61,667 |