Norway Savings Bank Mortgage Rates, Fees & Info
Norway, ME
LEI: 549300S32ZDD67D2FB46
Tax ID: 01-0130870
5 stars
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out of 5 stars, based on 24 reviews
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Mortgage Data
Bank Data
Overview
Norway Savings Bank is a
smaller
bank
specializing in
Home Purchase and Cash Out Refi loans.
Norway Savings Bank has a high proportion of conventional loans.
They have a low ratio of USDA loans.
Their top markets include Portland, Lewiston, Augusta, Bangor, and Berlin among others. Norway Savings Bank has
an average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Norway Savings Bank is typically
an average fee
lendor.
Originations
598
Origination Dollar Volume (All Markets)
$181,670,000
Employee count
302
Relative Rate
Norway Savings Bank's average 30 year fixed rate mortgage of loans were
3.41%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.26%.
Relative Fees
Norway Savings Bank's average total fees for a 30 year fixed rate
mortgage are $3,588.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)
|
366
|
$131,680,000 |
$359,781 |
$3,897 |
3.26% |
Outside of Metro Areas
|
156 |
$32,400,000 |
$207,692 |
$3,652 |
3.39% |
LEWISTON-AUBURN, ME (FHA|USDA|VA)
|
56
|
$13,410,000 |
$239,464 |
$3,539 |
3.73% |
Augusta-Waterville, ME (FHA|USDA|VA)
|
12
|
$2,800,000 |
$233,333 |
$4,374 |
3.41% |
BANGOR, ME (FHA|USDA|VA)
|
3
|
$425,000 |
$141,667 |
$3,344 |
3.08% |
Berlin, NH (FHA|USDA|VA)
|
3
|
$395,000 |
$131,667 |
$3,681 |
4.04% |
PUNTA GORDA, FL (FHA|USDA|VA)
|
1
|
$285,000 |
$285,000 |
$3,216 |
3.13% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
1
|
$275,000 |
$275,000 |
$3,943 |
3.50% |
Norway Savings Bank's top markets include Portland, Lewiston, Augusta, Bangor, and Berlin among others.
Product Mix
Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Conventional |
597 |
$181,535,000 |
$304,079 |
$3,807 |
3.34% |
USDA |
1 |
$135,000 |
$135,000 |
$4,469 |
2.88% |
For the 2021 period, Norway Savings Bank's most frequently
originated loan type
of loans were Conventional, with 597 originations.
Their 2nd most popular type is USDA,
with 1 originations.
Loan Reason
Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Home Purchase |
258 |
$89,880,000 |
$348,372 |
$4,365 |
3.66% |
Cash Out Refi |
174 |
$49,080,000 |
$282,069 |
$3,668 |
3.23% |
Refi |
137 |
$34,995,000 |
$255,438 |
$3,175 |
2.86% |
Home Improvement |
17 |
$2,895,000 |
$170,294 |
$3,773 |
3.91% |
Other |
12 |
$4,820,000 |
$401,667 |
$3,632 |
3.01% |
For the 2021, Norway Savings Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 258
originations.
The 2nd most popular reason of loans were Cash Out Refi,
with 174 originations.
Loan Duration/Length
Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
30 Year |
259 |
$69,325,000 |
$267,664 |
$3,588 |
3.41% |
15 Year |
143 |
$32,065,000 |
$224,231 |
$3,236 |
2.79% |
20 Year |
91 |
$22,905,000 |
$251,703 |
$3,209 |
3.74% |
30+ year |
63 |
$30,415,000 |
$482,778 |
$6,432 |
3.48% |
Other |
32 |
$25,420,000 |
$794,375 |
$4,756 |
3.77% |
10 Year |
9 |
$1,125,000 |
$125,000 |
$2,271 |
3.69% |
1 Year |
1 |
$415,000 |
$415,000 |
$0 |
4.75% |
For the 2021, Norway Savings Bank's most frequently cited loan
length
of loans were 30 Year, with 259 originations.
The 2nd most popular length of loans were 15 Year,
with 143 originations.
Origination Fees
Origination Fee |
Originations |
Total Value |
Average Loan |
$<1k |
325 |
$82,935,000 |
$255,185 |
$1k-2k |
147 |
$48,075,000 |
$327,041 |
$2k-3k |
28 |
$5,980,000 |
$213,571 |
$3k-4k |
17 |
$4,615,000 |
$271,471 |
$5k+ |
4 |
$1,800,000 |
$450,000 |
$3,588 of loans were Norway Savings Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 325 originations.
Interest Rates
Loan Rate |
Originations |
Total Value |
Average Loan |
3-4% |
219 |
$75,035,000 |
$342,626 |
2.5-3% |
184 |
$59,200,000 |
$321,739 |
4-5% |
95 |
$18,705,000 |
$196,895 |
<2.5% |
90 |
$27,890,000 |
$309,889 |
5-6% |
6 |
$550,000 |
$91,667 |
6-7% |
4 |
$290,000 |
$72,500 |
During 2021, Norway Savings Bank's average interest
rate of loans were 3.41%, while their
most frequently originated rate bucket of loans were 3-4%,
with 219 originations.
Loan Sizing
Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$200k-400k |
222 |
$61,610,000 |
$277,523 |
$3,915 |
3.30% |
$100k-200k |
199 |
$29,935,000 |
$150,427 |
$3,208 |
3.31% |
$100,000 or less |
71 |
$5,275,000 |
$74,296 |
$2,867 |
3.81% |
$400k-600k |
63 |
$30,505,000 |
$484,206 |
$5,004 |
3.19% |
$600k-1MM |
25 |
$18,825,000 |
$753,000 |
$5,846 |
3.22% |
$1MM+ |
18 |
$35,520,000 |
$1,973,333 |
$7,220 |
3.10% |
2021 saw Norway Savings Bank place emphasis on
$200k-400k loans
with 222 originations, totaling
$61,610,000 in origination value.
Applicant Income
Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$100k-150k |
128 |
$34,570,000 |
$270,078 |
$3,929 |
3.21% |
$50k-75k |
106 |
$18,920,000 |
$178,491 |
$3,274 |
3.26% |
$150k-250k |
83 |
$28,795,000 |
$346,928 |
$4,189 |
3.14% |
$75k-100k |
76 |
$15,410,000 |
$202,763 |
$3,754 |
3.28% |
$50k or less |
73 |
$10,295,000 |
$141,027 |
$3,307 |
3.60% |
$250k+ |
63 |
$36,775,000 |
$583,730 |
$4,631 |
3.03% |
Norway Savings Bank lent most frequently to those with incomes in the
$100k-150k range, with
128 originations.
The second most popular income band? $50k-75k,
with 106 originations.
Applicant Debt to Income Ratio
DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
20-30% |
122 |
$30,350,000 |
$248,770 |
$3,618 |
3.19% |
30-36% |
99 |
$25,865,000 |
$261,263 |
$3,858 |
3.18% |
<20% |
83 |
$23,325,000 |
$281,024 |
$3,533 |
2.93% |
45% |
23 |
$6,145,000 |
$267,174 |
$4,367 |
3.51% |
44% |
20 |
$6,760,000 |
$338,000 |
$4,461 |
3.24% |
38% |
19 |
$3,985,000 |
$209,737 |
$3,922 |
3.56% |
36% |
18 |
$4,390,000 |
$243,889 |
$3,994 |
3.39% |
40% |
18 |
$3,600,000 |
$200,000 |
$3,736 |
3.86% |
42% |
17 |
$6,635,000 |
$390,294 |
$3,884 |
3.07% |
37% |
17 |
$4,805,000 |
$282,647 |
$3,923 |
3.32% |
43% |
17 |
$5,845,000 |
$343,824 |
$4,296 |
3.60% |
41% |
16 |
$5,490,000 |
$343,125 |
$4,139 |
3.11% |
39% |
15 |
$4,745,000 |
$316,333 |
$3,525 |
3.51% |
48% |
11 |
$2,835,000 |
$257,727 |
$3,555 |
3.60% |
49% |
8 |
$2,380,000 |
$297,500 |
$4,677 |
3.39% |
47% |
7 |
$2,335,000 |
$333,571 |
$4,313 |
3.11% |
46% |
7 |
$985,000 |
$140,714 |
$3,107 |
3.29% |
50-60% |
7 |
$2,775,000 |
$396,429 |
$3,528 |
3.29% |
>60% |
3 |
$645,000 |
$215,000 |
$3,722 |
3.46% |
Norway Savings Bank lent most frequently to those with DTI ratios
of 20-30%, with
122 originations.
The next most common DTI ratio? 30-36%,
with 99 originations.
Ethnicity Mix
Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
White |
487 |
$134,265,000 |
$275,698 |
$3,823 |
3.26% |
Not applicable |
65 |
$36,255,000 |
$557,769 |
$0 |
4.08% |
Not provided |
38 |
$9,340,000 |
$245,789 |
$3,606 |
3.28% |
Black |
3 |
$825,000 |
$275,000 |
$3,860 |
2.71% |
American Indian |
4 |
$750,000 |
$187,500 |
$3,996 |
3.34% |
Other Pacific Islander |
1 |
$235,000 |
$235,000 |
$3,415 |
2.75% |
Approval Rates
Total approvals of all applications
81.81%
Norway Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination
67.09%
Norway Savings 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 |
331.5 |
1 |
$95,000 |
$95,000 |
NA |
597 |
$181,575,000 |
$304,146 |
Occupancy Type Mix
Dwelling Type |
Originations |
Total Value |
Average Loan |
|
598 |
$181,670,000 |
$303,796 |
LTV Distribution
Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
20-40% |
83 |
$15,955,000 |
$192,229 |
$2,942 |
2.96% |
40-60% |
140 |
$32,380,000 |
$231,286 |
$3,340 |
3.11% |
60-80% |
215 |
$69,145,000 |
$321,605 |
$4,061 |
3.48% |
80-100% |
142 |
$56,440,000 |
$397,465 |
$4,533 |
3.56% |
Over 100% |
3 |
$2,715,000 |
$905,000 |
$0 |
3.88% |
Under 20% |
13 |
$3,045,000 |
$234,231 |
$2,209 |
3.42% |
Bank Details
Branches
Bank Name |
Branch |
Branch Type |
Deposits (000's) |
Norway Savings Bank |
557 Main Street, Suite A Fryeburg, ME 4037 |
Full Service B&M
|
$88,215 |
Norway Savings Bank |
1 Harrison Road Bridgton, ME 4009 |
Full Service B&M
|
$105,497 |
Norway Savings Bank |
569 Main Street Saco, ME 4072 |
Full Service B&M
|
$48,695 |
Norway Savings Bank |
621 Roosevelt Trail Naples, ME 4055 |
Full Service B&M
|
$59,604 |
Norway Savings Bank |
65 Main Street Gorham, ME 4038 |
Full Service B&M
|
$49,746 |
Norway Savings Bank |
68 Portland Road Kennebunk, ME 4043 |
Full Service B&M
|
$49,621 |
Norway Savings Bank |
688 Us Route 1 Yarmouth, ME 4096 |
Full Service B&M
|
$60,324 |
Norway Savings Bank |
7 High Street South Paris, ME 4281 |
Full Service B&M
|
$39,766 |
Norway Savings Bank |
8 Mallett Drive Freeport, ME 4032 |
Full Service B&M
|
$41,596 |
Norway Savings Bank |
83 Maine Street Brunswick, ME 4011 |
Full Service B&M
|
$76,656 |
Norway Savings Bank |
88 Ossippee Trail East Standish, ME 4084 |
Full Service B&M
|
$17,884 |
Norway Savings Bank |
One Parkway Road Bethel, ME 4217 |
Full Service B&M
|
$51,989 |
Norway Savings Bank |
1 Libby Hill Road Gray, ME 4039 |
Full Service B&M
|
$12,312 |
Norway Savings Bank |
10 Franklin Drive Windham, ME 4062 |
Full Service B&M
|
$104,445 |
Norway Savings Bank |
120 Exchange Street Portland, ME 4101 |
Full Service B&M
|
$54,107 |
Norway Savings Bank |
1200 Congress Street Portland, ME 4102 |
Full Service B&M
|
$67,710 |
Norway Savings Bank |
14 Gurnet Road Brunswick, ME 4011 |
Full Service B&M
|
$34,746 |
Norway Savings Bank |
158 U.S. 1 Scarborough, ME 4074 |
Full Service B&M
|
$49,551 |
Norway Savings Bank |
207 Waterman Drive South Portland, ME 4106 |
Full Service B&M
|
$52,918 |
Norway Savings Bank |
261 Main St Norway, ME 4268 |
Full Service B&M
|
$159,831 |
Norway Savings Bank |
266 Us Route 1 Falmouth, ME 4105 |
Full Service B&M
|
$91,661 |
Norway Savings Bank |
31 Court Street Auburn, ME 4210 |
Full Service B&M
|
$42,283 |
Norway Savings Bank |
446 Forest Avenue Portland, ME 4101 |
Full Service B&M
|
$11,634 |
Norway Savings Bank |
47 Topsham Fair Mall Road Topsham, ME 4086 |
Full Service B&M
|
$33,712 |
For 2021, Norway Savings Bank had 24 branches.
Yearly Performance Overview
Bank Income
Norway Savings Bank's gross interest income from loans was $56,567,000.
Norway Savings Bank's net interest income from loans was $54,678,000.
Norway Savings Bank's fee based income from loans was $1,066,000.
Norway Savings Bank's net income from loans was $25,365,000.
Bank Expenses
Item |
Value (in 000's) |
Total interest expense |
$1,889 |
Provision for credit losses |
$-700 |
Total noninterest expense |
$46,203 |
Salaries and employee benefits |
$28,121 |
Premises and equipment expense |
$5,571 |
Additional noninterest expense |
$12,511 |
Applicable income taxes |
$6,656 |
Net charge-offs |
$-70 |
Cash dividends |
$0 |
Norway Savings Bank's interest expense for loans was $1,889,000.
Norway Savings Bank's payroll and benefits expense were $28,121,000.
Norway Savings Bank's property, plant and equipment expenses $5,571,000.
Deposits
Type |
Value (in 000's) |
Total deposits |
$1,495,407 |
Deposits held in domestic offices |
$1,495,407 |
Deposits by Individuals, partnerships, and corporations |
$1,440,757 |
Deposits by U.S. Government |
$0 |
Deposits by States and political subdivisions in the U.S. |
$53,159 |
Deposits by Commercial banks and other depository institutions in U.S. |
$1,491 |
Deposits by Banks in foreign countries |
$0 |
Deposits by Foreign governments and official institutions |
$0 |
Transaction accounts |
$213,177 |
Demand deposits |
$151,090 |
Nontransaction accounts |
$1,282,230 |
Money market deposit accounts (MMDAs) |
$208,698 |
Other savings deposits (excluding MMDAs) |
$964,969 |
Total time deposits |
$108,563 |
Total time and savings deposits |
$1,344,317 |
Noninterest-bearing deposits |
$488,307 |
Interest-bearing deposits |
$1,007,100 |
Retail deposits |
$1,478,556 |
IRAs and Keogh plan accounts |
$33,504 |
Brokered deposits |
$20 |
Deposits held in foreign offices |
$0 |
Assets
Asset |
Value (in 000's) |
Total Assets |
$1,757,254 |
Cash & Balances due from depository institutions |
$150,531 |
Interest-bearing balances |
$133,650 |
Total securities |
$454,802 |
Federal funds sold & reverse repurchase |
$740 |
Net loans and leases |
$1,078,768 |
Loan and leases loss allowance |
$9,140 |
Trading account assets |
$0 |
Bank premises and fixed assets |
$43,450 |
Other real estate owned |
$0 |
Goodwill and other intangibles |
$6,617 |
All other assets |
$22,346 |
Liabilities
Liabilities |
Value (in 000's) |
Total liabilities and capital |
$1,757,254 |
Total Liabilities |
$1,524,448 |
Total deposits |
$1,495,407 |
Interest-bearing deposits |
$1,007,100 |
Deposits held in domestic offices |
$1,495,407 |
% insured (estimated) |
$78 |
Federal funds purchased and repurchase agreements |
$0 |
Trading liabilities |
$0 |
Other borrowed funds |
$7,617 |
Subordinated debt |
$0 |
All other liabilities |
$21,424 |
Issued Loan Types
Type |
Value (in 000's) |
Net loans and leases |
$1,078,768 |
Loan and leases loss allowance |
$9,140 |
Total loans and leases (domestic) |
$1,087,908 |
All real estate loans |
$931,708 |
Real estate loans in domestic offices |
$931,708 |
Construction and development loans |
$37,655 |
Residential 1-4 family construction |
$16,878 |
Other construction, all land development and other land |
$20,777 |
Loans secured by nonfarm nonresidential properties |
$360,673 |
Nonfarm nonresidential secured by owner-occupied properties |
$134,868 |
Commercial real estate & other non-farm, non-residential |
$225,805 |
Multifamily residential real estate |
$45,630 |
1-4 family residential loans |
$487,359 |
Farmland loans |
$391 |
Loans held in foreign offices |
$0 |
Farm loans |
$178 |
Commercial and industrial loans |
$90,081 |
To non-U.S. addressees |
$0 |
Loans to individuals |
$58,313 |
Credit card loans |
$0 |
Related Plans |
$389 |
Consumer Auto Loans |
$1,210 |
Other loans to individuals |
$56,714 |
All other loans & leases |
$9,396 |
Loans to foreign governments and official institutions |
$0 |
Other loans |
$3,134 |
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 |
$0 |
Non 1-4 family restructured loans & leases |
$0 |
Total loans and leases (foreign) |
$0 |
Norway Savings Bank had $1,078,768,000 of loans outstanding in 2021. $931,708,000 of loans were in real estate loans.
$37,655,000 of loans were in development loans. $45,630,000 of loans were in multifamily mortgage loans.
$487,359,000 of loans were in 1-4 family mortgage loans. $178,000 of loans were in farm loans. $0
of loans were in credit card loans. $1,210,000 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 |
510 |
$118,576 |
$232,502 |
Nonfarm, nonresidential loans - <$100k |
126 |
$6,137 |
$48,706 |
Nonfarm, nonresidential loans - $100-250k |
157 |
$21,342 |
$135,936 |
Nonfarm, nonresidential loans - $250k-1MM |
227 |
$91,097 |
$401,308 |
Commercial & Industrial, US addressed loans - <$1MM |
677 |
$76,570 |
$113,102 |
Commercial & Industrial, US addressed loans - <$100k |
528 |
$42,833 |
$81,123 |
Commercial & Industrial, US addressed loans - $100-250k |
85 |
$10,497 |
$123,494 |
Commercial & Industrial, US addressed loans - $250k-1MM |
64 |
$23,240 |
$363,125 |
Farmland loans - <$1MM |
5 |
$391 |
$78,200 |
Farmland loans - <$100k |
3 |
$181 |
$60,333 |
Farmland loans - $100-250k |
2 |
$210 |
$105,000 |
Agriculture operations loans - <$1MM |
6 |
$178 |
$29,667 |
Agriculture operations loans - <$100k |
5 |
$51 |
$10,200 |
Agriculture operations loans - $100-250k |
1 |
$127 |
$127,000 |