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


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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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