Norway Savings Bank Mortgage Rates, Fees & Info

Norway, ME

LEI: 549300S32ZDD67D2FB46

Tax ID: 01-0130870

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $56,567
Net interest income $54,678
Total noninterest income $8,843
Gross Fiduciary activities income $2,355
Service charges on deposit accounts $1,066
Trading account gains and fees $0
Additional Noninterest Income $5,422
Pre-tax net operating income $18,018
Securities gains (or losses, -) $14,003
Income before extraordinary items $25,365
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $25,365
Minority interest net income $0
Net income $25,365
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,302

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.

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 $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