Bath Savings Institution Mortgage Rates, Fees & Info

Bath, ME

LEI: 549300SVSM8JMOZJXF07

Tax ID: 01-0026120

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bath Savings Institution is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Bath Savings Institution has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Portland, Lewiston, and Augusta among others. Bath Savings Institution has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bath Savings Institution is typically an average fee lendor.


Originations

583

Origination Dollar Volume (All Markets)

$175,965,000

Employee count

187

Relative Rate

Bath Savings Institution's average 30 year fixed rate mortgage of loans were 3.48%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.33%.

Relative Fees

Bath Savings Institution's average total fees for a 30 year fixed rate mortgage are $3,848.

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) 455 $141,905,000 $311,879 $3,572 3.38%
Outside of Metro Areas 94 $26,740,000 $284,468 $3,294 3.34%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 25 $5,805,000 $232,200 $3,285 3.34%
Augusta-Waterville, ME (FHA|USDA|VA) 9 $1,515,000 $168,333 $3,099 3.67%

Bath Savings Institution's top markets include Portland, Lewiston, and Augusta among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 578 $174,760,000 $302,353 $3,498 3.38%
USDA 3 $945,000 $315,000 $5,942 2.92%
VA 2 $260,000 $130,000 $2,396 3.06%

For the 2021 period, Bath Savings Institution's most frequently originated loan type of loans were Conventional, with 578 originations. Their 2nd most popular type is USDA, with 3 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 260 $99,650,000 $383,269 $4,256 3.57%
Cash Out Refi 166 $42,540,000 $256,265 $3,131 3.19%
Refi 126 $28,440,000 $225,714 $2,755 3.11%
Other 17 $3,435,000 $202,059 $2,571 3.75%
Home Improvement 14 $1,900,000 $135,714 $2,258 4.01%

For the 2021, Bath Savings Institution's most frequently cited loan purpose of loans were Home Purchase, with 260 originations. The 2nd most popular reason of loans were Cash Out Refi, with 166 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 337 $113,655,000 $337,255 $3,848 3.48%
15 Year 145 $34,295,000 $236,517 $2,981 2.90%
20 Year 77 $22,505,000 $292,273 $3,125 3.61%
Other 15 $4,115,000 $274,333 $2,489 3.93%
10 Year 7 $1,255,000 $179,286 $1,508 4.06%
1 Year 1 $105,000 $105,000 $0 4.00%
5 Year 1 $35,000 $35,000 $207 5.49%

For the 2021, Bath Savings Institution's most frequently cited loan length of loans were 30 Year, with 337 originations. The 2nd most popular length of loans were 15 Year, with 145 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 479 $143,045,000 $298,633
$1k-2k 37 $9,985,000 $269,865
$2k-3k 11 $3,365,000 $305,909
$3k-4k 5 $1,405,000 $281,000
$5k+ 3 $1,075,000 $358,333

$3,848 of loans were Bath Savings Institution's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 479 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 399 $132,495,000 $332,068
2.5-3% 140 $33,260,000 $237,571
4-5% 30 $8,190,000 $273,000
<2.5% 8 $1,500,000 $187,500
5-6% 6 $520,000 $86,667

During 2021, Bath Savings Institution's average interest rate of loans were 3.48%, while their most frequently originated rate bucket of loans were 3-4%, with 399 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 261 $72,015,000 $275,920 $3,468 3.33%
$100k-200k 169 $25,835,000 $152,870 $2,805 3.32%
$400k-600k 71 $34,175,000 $481,338 $4,412 3.44%
$100,000 or less 36 $2,700,000 $75,000 $2,481 3.55%
$600k-1MM 34 $24,970,000 $734,412 $5,215 3.59%
$1MM+ 12 $16,270,000 $1,355,833 $8,050 3.56%

2021 saw Bath Savings Institution place emphasis on $200k-400k loans with 261 originations, totaling $72,015,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 119 $42,435,000 $356,597 $3,770 3.29%
$100k-150k 117 $33,165,000 $283,462 $3,521 3.31%
$75k-100k 95 $23,215,000 $244,368 $3,264 3.31%
$50k-75k 87 $17,285,000 $198,678 $3,063 3.35%
$250k+ 54 $30,890,000 $572,037 $4,563 3.30%
$50k or less 53 $8,715,000 $164,434 $3,175 3.37%

Bath Savings Institution lent most frequently to those with incomes in the $150k-250k range, with 119 originations. The second most popular income band? $100k-150k, with 117 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 140 $38,860,000 $277,571 $3,296 3.23%
30-36% 91 $25,845,000 $284,011 $3,420 3.44%
<20% 77 $23,005,000 $298,766 $3,614 3.12%
>60% 24 $9,170,000 $382,083 $3,751 3.51%
50-60% 24 $8,050,000 $335,417 $3,546 3.47%
42% 23 $6,375,000 $277,174 $3,344 3.45%
41% 22 $6,910,000 $314,091 $3,612 3.24%
39% 21 $6,045,000 $287,857 $3,453 3.36%
38% 15 $4,555,000 $303,667 $3,403 3.46%
37% 14 $5,120,000 $365,714 $3,727 3.30%
40% 14 $3,290,000 $235,000 $3,519 3.23%
45% 12 $3,950,000 $329,167 $4,695 3.44%
44% 12 $3,700,000 $308,333 $3,313 3.39%
36% 11 $3,135,000 $285,000 $3,929 3.33%
43% 9 $3,075,000 $341,667 $3,911 3.39%
48% 9 $2,615,000 $290,556 $3,790 3.35%
49% 6 $1,570,000 $261,667 $3,500 3.31%
46% 5 $1,135,000 $227,000 $3,176 3.38%
47% 4 $850,000 $212,500 $3,563 3.28%

Bath Savings Institution lent most frequently to those with DTI ratios of 20-30%, with 140 originations. The next most common DTI ratio? 30-36%, with 91 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 465 $137,815,000 $296,376 $3,507 3.31%
Not provided 64 $19,560,000 $305,625 $3,580 3.35%
Not applicable 45 $16,265,000 $361,444 $0 4.12%
Black 3 $985,000 $328,333 $3,450 3.54%
American Indian 3 $655,000 $218,333 $2,749 2.96%
Asian 2 $480,000 $240,000 $2,853 3.25%
Other Pacific Islander 1 $205,000 $205,000 $3,017 2.88%

Approval Rates

Total approvals of all applications
93.44%

Bath Savings Institution has an average approval rate.

Pick Rate

Approvals leading to origination
76.56%

Bath Savings Institution has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 583 $175,965,000 $301,827

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
583 $175,965,000 $301,827

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 97 $17,545,000 $180,876 $2,866 3.17%
40-60% 150 $42,130,000 $280,867 $3,340 3.25%
60-80% 234 $86,970,000 $371,667 $3,803 3.46%
80-100% 81 $27,125,000 $334,877 $4,107 3.51%
Over 100% 1 $175,000 $175,000 $3,292 3.88%
Under 20% 20 $2,020,000 $101,000 $2,029 3.76%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bath Savings Institution 1 Todd Ave Boothbay Harbor, ME 4538 Full Service B&M $41,406
Bath Savings Institution 105 Front St Bath, ME 4530 Full Service B&M $356,545
Bath Savings Institution 189 Lower Main Street Freeport, ME 4032 Full Service B&M $136,625
Bath Savings Institution 225 Ocean Street South Portland, ME 4106 Full Service B&M $20,444
Bath Savings Institution 239 U.S. Route One Falmouth, ME 4105 Full Service B&M $61,884
Bath Savings Institution 26 Elm Street Topsham, ME 4086 Limited, Mobile/Seasonal Office $9,401
Bath Savings Institution 3 Pleasant Street Brunswick, ME 4011 Full Service B&M $150,256
Bath Savings Institution 34 Spring Street Westbrook, ME 4092 Full Service B&M $25
Bath Savings Institution 424 U.S. Route One Yarmouth, ME 4096 Full Service B&M $58,837
Bath Savings Institution 46 Auburn Street Portland, ME 4103 Full Service B&M $43,159
Bath Savings Institution 52 Falmouth Road Falmouth, ME 4105 Limited, Mobile/Seasonal Office $6,301
Bath Savings Institution 777 Stevens Ave Portland, ME 4103 Limited, Mobile/Seasonal Office $314
Bath Savings Institution 8 Church Street Damariscotta, ME 4543 Full Service B&M $61,552

For 2021, Bath Savings Institution had 13 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $34,046
Net interest income $31,838
Total noninterest income $13,904
Gross Fiduciary activities income $8,164
Service charges on deposit accounts $239
Trading account gains and fees $0
Additional Noninterest Income $5,501
Pre-tax net operating income $17,372
Securities gains (or losses, -) $6,205
Income before extraordinary items $19,209
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $19,209
Minority interest net income $0
Net income $19,209
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,182

Bath Savings Institution's gross interest income from loans was $34,046,000.
Bath Savings Institution's net interest income from loans was $31,838,000.
Bath Savings Institution's fee based income from loans was $239,000.
Bath Savings Institution's net income from loans was $19,209,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,208
Provision for credit losses $658
Total noninterest expense $27,712
Salaries and employee benefits $16,765
Premises and equipment expense $5,841
Additional noninterest expense $5,106
Applicable income taxes $4,368
Net charge-offs $32
Cash dividends $0

Bath Savings Institution's interest expense for loans was $2,208,000.
Bath Savings Institution's payroll and benefits expense were $16,765,000.
Bath Savings Institution's property, plant and equipment expenses $5,841,000.

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 $981,674
Deposits held in domestic offices $981,674
Deposits by Individuals, partnerships, and corporations $902,908
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $78,766
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $498,927
Demand deposits $224,845
Nontransaction accounts $482,747
Money market deposit accounts (MMDAs) $293
Other savings deposits (excluding MMDAs) $354,374
Total time deposits $128,080
Total time and savings deposits $756,829
Noninterest-bearing deposits $223,436
Interest-bearing deposits $758,238
Retail deposits $932,013
IRAs and Keogh plan accounts $12,494
Brokered deposits $18,395
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,229,908
Cash & Balances due from depository institutions $55,514
Interest-bearing balances $49,018
Total securities $474,213
Federal funds sold & reverse repurchase $0
Net loans and leases $639,331
Loan and leases loss allowance $9,451
Trading account assets $0
Bank premises and fixed assets $18,425
Other real estate owned $0
Goodwill and other intangibles $1,840
All other assets $40,585

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,229,908
Total Liabilities $1,048,024
Total deposits $981,674
Interest-bearing deposits $758,238
Deposits held in domestic offices $981,674
% insured (estimated) $66
Federal funds purchased and repurchase agreements $15,142
Trading liabilities $0
Other borrowed funds $36,785
Subordinated debt $0
All other liabilities $14,423

Issued Loan Types

Type Value (in 000's)
Net loans and leases $639,331
Loan and leases loss allowance $9,451
Total loans and leases (domestic) $648,782
All real estate loans $581,370
Real estate loans in domestic offices $581,370
Construction and development loans $55,969
Residential 1-4 family construction $20,154
Other construction, all land development and other land $35,815
Loans secured by nonfarm nonresidential properties $196,791
Nonfarm nonresidential secured by owner-occupied properties $60,889
Commercial real estate & other non-farm, non-residential $135,902
Multifamily residential real estate $30,465
1-4 family residential loans $298,145
Farmland loans $0
Loans held in foreign offices $0
Farm loans $2,514
Commercial and industrial loans $49,978
To non-U.S. addressees $0
Loans to individuals $9,713
Credit card loans $486
Related Plans $106
Consumer Auto Loans $2,535
Other loans to individuals $6,586
All other loans & leases $6,219
Loans to foreign governments and official institutions $0
Other loans $0
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 $540
Non 1-4 family restructured loans & leases $425
Total loans and leases (foreign) $0

Bath Savings Institution had $639,331,000 of loans outstanding in 2021. $581,370,000 of loans were in real estate loans. $55,969,000 of loans were in development loans. $30,465,000 of loans were in multifamily mortgage loans. $298,145,000 of loans were in 1-4 family mortgage loans. $2,514,000 of loans were in farm loans. $486,000 of loans were in credit card loans. $2,535,000 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 222 $51,804 $233,351
Nonfarm, nonresidential loans - <$100k 35 $1,737 $49,629
Nonfarm, nonresidential loans - $100-250k 90 $12,954 $143,933
Nonfarm, nonresidential loans - $250k-1MM 97 $37,113 $382,608
Commercial & Industrial, US addressed loans - <$1MM 584 $23,620 $40,445
Commercial & Industrial, US addressed loans - <$100k 399 $6,305 $15,802
Commercial & Industrial, US addressed loans - $100-250k 129 $7,157 $55,481
Commercial & Industrial, US addressed loans - $250k-1MM 56 $10,158 $181,393
Agriculture operations loans - <$1MM 30 $1,573 $52,433
Agriculture operations loans - <$100k 26 $724 $27,846
Agriculture operations loans - $100-250k 1 $116 $116,000
Agriculture operations loans - $250k-1MM 3 $733 $244,333