Banknewport Mortgage Rates, Fees & Info
Newport, RILEI: 549300RYJCJ7JPQ4RF20
Tax ID: 20-2633950
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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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.08% | 11/21/24 |
| 30 Year Conventional Purchase | 6.01% | 11/21/24 |
| 30 Year Conventional Refi | 6.05% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 30 Year FHA Purchase | 6.91% | 11/21/24 |
| 30 Year FHA Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.50% | 11/21/24 |
| 15 Year Conventional Refi | 5.95% | 11/21/24 |
| 15 Year Cash-out Refi | 5.95% | 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
880Origination Dollar Volume (All Markets)
$309,360,000Employee count
338Top 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.
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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 | 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 |
| 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 |
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 |