Avidia Bank Mortgage Rates, Fees & Info

Hudson, MA

LEI: 549300SZBQMYMAL3OM08

Tax ID: 04-3395834

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    • Bank Data

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

    • Review & Overview

    Avidia Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Avidia Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Portland among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Avidia Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Avidia Bank 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.56% 4/21/24
    30 Year Conventional Refi 6.48% 4/21/24
    30 Year Cash-out Refi 6.73% 4/21/24
    15 Year Conventional Purchase 6.23% 4/21/24
    15 Year Conventional Refi 5.90% 4/21/24
    15 Year Cash-out Refi 5.90% 4/21/24
    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.

    Avidia Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Avidia Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    460

    Origination Dollar Volume (All Markets)

    $149,870,000

    Employee count

    243

    Awards

    Avidia Bank 30 Year Conventional Loans silver Avidia Bank 30 Year Conventional Loans gold
    Show all (2) awards

    Top 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 215 $81,965,000 $381,233 $2,496 4.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 203 $56,405,000 $277,857 $2,350 4.26%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 16 $3,910,000 $244,375 $2,144 4.55%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $1,880,000 $313,333 $2,791 4.77%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,205,000 $401,667 $3,767 4.92%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $1,025,000 $205,000 $2,548 4.80%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $885,000 $885,000 $4,989 4.63%
    Outside of Metro Areas 1 $815,000 $815,000 $4,614 4.63%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $480,000 $240,000 $0 4.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $390,000 $97,500 $1,421 5.19%
    Barre, VT (FHA|USDA|VA) 1 $345,000 $345,000 $3,092 4.88%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $235,000 $235,000 $2,784 4.38%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $215,000 $215,000 $0 5.75%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.25%
    Avidia Bank's top markets include Boston, Worcester, Providence, Barnstable Town, and Portland among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Avidia Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOMERSET
    Similarity Rank: 26
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Charter Oak Federal Credit Union
    Similarity Rank: 294
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 460 $149,870,000 $325,804 $2,431 4.30%

    For 2019, Avidia Bank's most frequently originated type of loan was Conventional, with 460 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 207 $72,455,000 $350,024 $2,972 4.48%
    Refi 121 $37,645,000 $311,116 $1,837 3.82%
    Cash Out Refi 113 $35,855,000 $317,301 $2,313 4.41%
    Other 11 $2,345,000 $213,182 $1,598 4.58%
    Home Improvement 8 $1,570,000 $196,250 $2,190 4.83%

    For 2019, Avidia Bank's most frequently cited loan purpose was Home Purchase, with 207 originations. The 2nd most popular reason was Refi, with 121 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 336 $118,040,000 $351,310 $2,657 4.34%
    15 Year 51 $12,965,000 $254,216 $2,158 3.83%
    20 Year 31 $8,395,000 $270,806 $1,859 4.25%
    Other 28 $7,070,000 $252,500 $1,373 4.65%
    10 Year 9 $3,025,000 $336,111 $1,281 4.42%
    5 Year 3 $135,000 $45,000 $397 4.25%
    1 Year 2 $240,000 $120,000 $0 5.25%

    For 2019, Avidia Bank's most frequently cited loan duration was 30 Year, with 336 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 371 $120,965,000 $326,051
    $1k-2k 5 $1,585,000 $317,000
    $2k-3k 5 $1,245,000 $249,000
    $3k-4k 3 $1,275,000 $425,000
    $5k+ 3 $2,275,000 $758,333
    $4k-5k 1 $1,755,000 $1,755,000

    Avidia Bank's average total fees were $2,657, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 371 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 202 $63,820,000 $315,941
    4-5% 179 $65,055,000 $363,436
    5-6% 64 $18,500,000 $289,063
    6-7% 9 $1,195,000 $132,778
    2.5-3% 4 $1,280,000 $320,000
    <2.5% 2 $20,000 $10,000

    During 2019, Avidia Bank's average interest rate for loans was 4.34%, while their most frequently originated rate bucket for loans was 3-4%, with 202 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 226 $63,500,000 $280,973 $2,287 4.26%
    $100k-200k 96 $15,310,000 $159,479 $2,107 4.39%
    $400k-600k 74 $34,280,000 $463,243 $2,626 4.05%
    $100,000 or less 28 $1,610,000 $57,500 $839 4.69%
    $600k-1MM 24 $17,720,000 $738,333 $4,123 4.43%
    $1MM+ 12 $17,450,000 $1,454,167 $6,890 4.61%

    2019 saw Avidia Bank place emphasis on $200k-400k loans with 226 originations, totaling $63,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 125 $36,065,000 $288,520 $2,147 4.28%
    $150k-250k 116 $37,570,000 $323,879 $2,446 4.27%
    $75k-100k 63 $16,035,000 $254,524 $2,226 4.21%
    $250k+ 62 $37,210,000 $600,161 $3,831 4.40%
    $50k-75k 57 $12,305,000 $215,877 $2,222 4.22%
    $50k or less 26 $3,650,000 $140,385 $1,788 4.22%

    Avidia Bank lent most frequently to those with incomes in the $100k-150k range, with 125 originations. The second most popular income band? $150k-250k, with 116 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 110 $35,070,000 $318,818 $2,412 4.13%
    30-36% 83 $25,635,000 $308,855 $2,326 4.33%
    <20% 38 $9,550,000 $251,316 $2,252 4.03%
    44% 26 $9,800,000 $376,923 $2,801 4.17%
    40% 19 $7,315,000 $385,000 $2,922 4.37%
    50-60% 18 $8,880,000 $493,333 $3,483 4.83%
    42% 17 $8,035,000 $472,647 $3,248 4.77%
    41% 16 $4,680,000 $292,500 $2,091 4.72%
    37% 15 $4,055,000 $270,333 $2,115 4.06%
    46% 13 $3,455,000 $265,769 $2,682 4.56%
    36% 13 $3,715,000 $285,769 $2,652 3.91%
    47% 13 $3,785,000 $291,154 $2,238 4.47%
    45% 13 $2,855,000 $219,615 $1,917 4.38%
    39% 12 $3,830,000 $319,167 $2,222 4.04%
    43% 11 $2,875,000 $261,364 $2,225 3.66%
    49% 11 $3,345,000 $304,091 $1,876 4.38%
    48% 9 $2,485,000 $276,111 $2,237 4.69%
    38% 8 $2,670,000 $333,750 $2,441 4.19%
    >60% 3 $725,000 $241,667 $2,139 4.29%

    Avidia Bank lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 336 $105,840,000 $315,000 $2,495 4.29%
    Not provided 62 $21,560,000 $347,742 $2,515 4.33%
    Asian 49 $15,015,000 $306,429 $1,875 4.09%
    Not applicable 10 $6,440,000 $644,000 $0 5.35%
    Black 3 $1,015,000 $338,333 $2,762 4.42%

    Approval Rates

    Total approvals of all applications
    95.59%

    Avidia Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.74%

    Avidia Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 460 $149,870,000 $325,804

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $2,585,000 $517,000
    Single Family (1-4 Units):Site-Built 455 $147,285,000 $323,703

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $5,370,000 $191,786 $2,037 4.11%
    40-60% 70 $18,730,000 $267,571 $2,235 4.05%
    60-80% 204 $71,090,000 $348,480 $2,569 4.32%
    80-100% 132 $49,420,000 $374,394 $2,772 4.36%
    Over 100% 2 $2,010,000 $1,005,000 $0 5.13%
    Under 20% 24 $3,250,000 $135,417 $708 4.68%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Avidia Bank 100 East Main Street Westborough, MA 1581 Full Service B&M $199,605
    Avidia Bank 1073 Main Street Clinton, MA 1510 Full Service B&M $81,762
    Avidia Bank 17 Pope Street Hudson, MA 1749 Full Service B&M $1,970
    Avidia Bank 221 Washington Street Hudson, MA 1749 Full Service B&M $62,312
    Avidia Bank 23 Maple Avenue Shrewsbury, MA 1545 Full Service B&M $50,131
    Avidia Bank 256 Maple Street Marlborough, MA 1752 Full Service B&M $73,320
    Avidia Bank 270 Cochituate Road Framingham, MA 1701 Full Service B&M $25,739
    Avidia Bank 42 Main Street Hudson, MA 1749 Full Service B&M $732,807
    Avidia Bank 470 Lancaster Street Leominster, MA 1453 Full Service B&M $51,423
    Avidia Bank 53 West Main Street Northborough, MA 1532 Full Service B&M $69,522

    For 2019, Avidia Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $70,567
    Net interest income $60,044
    Total noninterest income $12,822
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,065
    Trading account gains and fees $0
    Additional Noninterest Income $10,757
    Pre-tax net operating income $12,704
    Securities gains (or losses, -) $4,870
    Income before extraordinary items $13,485
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,485
    Minority interest net income $0
    Net income $13,485
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,637

    Avidia Bank's gross interest income from loans was $70,567,000.
    Avidia Bank's net interest income from loans was $60,044,000.
    Avidia Bank's fee based income from loans was $2,065,000.
    Avidia Bank's net income from loans was $13,485,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,523
    Provision for credit losses $2,825
    Total noninterest expense $57,337
    Salaries and employee benefits $26,220
    Premises and equipment expense $5,474
    Additional noninterest expense $25,643
    Applicable income taxes $4,089
    Net charge-offs $2,997
    Cash dividends $1,155

    Avidia Bank's interest expense for loans was $10,523,000.
    Avidia Bank's payroll and benefits expense were $26,220,000.
    Avidia Bank's property, plant and equipment expenses $5,474,000.

    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 1.0%
    Multifamily residential loans 1.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    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 $1,439,446
    Deposits held in domestic offices $1,439,446
    Deposits by Individuals, partnerships, and corporations $1,406,350
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $33,096
    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 $513,837
    Demand deposits $65,733
    Nontransaction accounts $925,609
    Money market deposit accounts (MMDAs) $270,813
    Other savings deposits (excluding MMDAs) $437,393
    Total time deposits $217,402
    Total time and savings deposits $1,373,713
    Noninterest-bearing deposits $65,733
    Interest-bearing deposits $1,373,713
    Retail deposits $1,008,712
    IRAs and Keogh plan accounts $39,478
    Brokered deposits $372,969
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,668,741
    Cash & Balances due from depository institutions $54,810
    Interest-bearing balances $38,283
    Total securities $244,077
    Federal funds sold & reverse repurchase $5,654
    Net loans and leases $1,278,891
    Loan and leases loss allowance $12,340
    Trading account assets $0
    Bank premises and fixed assets $19,213
    Other real estate owned $0
    Goodwill and other intangibles $14,667
    All other assets $51,429

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,668,741
    Total Liabilities $1,491,955
    Total deposits $1,439,446
    Interest-bearing deposits $1,373,713
    Deposits held in domestic offices $1,439,446
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $30,000
    Subordinated debt $0
    All other liabilities $22,509

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,278,891
    Loan and leases loss allowance $12,340
    Total loans and leases (domestic) $1,291,231
    All real estate loans $828,458
    Real estate loans in domestic offices $828,458
    Construction and development loans $41,206
    Residential 1-4 family construction $7,469
    Other construction, all land development and other land $33,737
    Loans secured by nonfarm nonresidential properties $341,924
    Nonfarm nonresidential secured by owner-occupied properties $197,352
    Commercial real estate & other non-farm, non-residential $144,572
    Multifamily residential real estate $26,830
    1-4 family residential loans $418,412
    Farmland loans $86
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $434,194
    To non-U.S. addressees $0
    Loans to individuals $12,433
    Credit card loans $2,837
    Related Plans $168
    Consumer Auto Loans $3,449
    Other loans to individuals $5,979
    All other loans & leases $16,146
    Loans to foreign governments and official institutions $0
    Other loans $334
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $101,999
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $2,632
    Non 1-4 family restructured loans & leases $2,252
    Total loans and leases (foreign) $0

    Avidia Bank had $1,278,891,000 of loans outstanding in 2019. $828,458,000 of loans were in real estate loans. $41,206,000 of loans were in development loans. $26,830,000 of loans were in multifamily mortgage loans. $418,412,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,837,000 of loans were in credit card loans. $3,449,000 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 423 $113,290 $267,825
    Nonfarm, nonresidential loans - <$100k 54 $1,533 $28,389
    Nonfarm, nonresidential loans - $100-250k 109 $13,877 $127,312
    Nonfarm, nonresidential loans - $250k-1MM 260 $97,880 $376,462
    Commercial & Industrial, US addressed loans - <$1MM 1,965 $182,657 $92,955
    Commercial & Industrial, US addressed loans - <$100k 1,209 $22,995 $19,020
    Commercial & Industrial, US addressed loans - $100-250k 352 $31,992 $90,886
    Commercial & Industrial, US addressed loans - $250k-1MM 404 $127,670 $316,015
    Farmland loans - <$1MM 1 $86 $86,000
    Farmland loans - $250k-1MM 1 $86 $86,000