The Cortland Savings And Banking Company Mortgage Rates, Fees & Info

Cortland, OH

LEI: 549300UL8PI3UKDJT092

Tax ID: 34-0165477

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

Review & Overview

The Cortland Savings And Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Cortland Savings And Banking Company has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Youngstown, Akron, Cleveland, Mount Vernon, and Canton among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Cortland Savings And Banking Company has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. The Cortland Savings And Banking Company 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.

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Originations

567

Origination Dollar Volume (All Markets)

$99,765,000

Employee count

160

Awards

The Cortland Savings and Banking Company FHA Loans silver

The Cortland Savings and Banking Company 30 Year Conventional Loans silver

The Cortland Savings and Banking Company 30 Year Conventional Loans bronze

Show all (3) 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
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA\|USDA\|VA)	274	$37,660,000	$137,445	$3,422	4.75%
AKRON, OH (FHA\|USDA\|VA)	145	$25,325,000	$174,655	$4,225	4.69%
CLEVELAND-ELYRIA, OH (FHA\|USDA\|VA)	69	$17,735,000	$257,029	$3,641	4.75%
Mount Vernon, OH (FHA\|USDA\|VA)	1	$7,505,000	$7,505,000	$0	5.49%
CANTON-MASSILLON, OH (FHA\|USDA\|VA)	26	$3,830,000	$147,308	$3,951	4.79%
Salem, OH (FHA\|USDA\|VA)	22	$2,210,000	$100,455	$3,519	4.70%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	2	$930,000	$465,000	$0	5.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA\|USDA\|VA)	1	$845,000	$845,000	$6,135	4.50%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	3	$635,000	$211,667	$2,704	5.04%
PITTSBURGH, PA (FHA\|USDA\|VA)	1	$555,000	$555,000	$5,750	3.88%
Ashtabula, OH (FHA\|USDA\|VA)	8	$390,000	$48,750	$2,917	5.07%
TOLEDO, OH (FHA\|USDA\|VA)	1	$365,000	$365,000	$5,510	4.50%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	1	$305,000	$305,000	$4,711	4.88%
New Castle, PA (FHA\|USDA\|VA)	2	$260,000	$130,000	$4,348	4.19%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	1	$255,000	$255,000	$0	4.70%
Bellefontaine, OH (FHA\|USDA\|VA)	1	$165,000	$165,000	$7,779	4.50%
GREENVILLE-ANDERSON, SC (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	4.45%
Wooster, OH (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,223	4.25%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,719	4.75%
Outside of Metro Areas	1	$95,000	$95,000	$2,718	4.13%
Washington Court House, OH (FHA\|USDA\|VA)	1	$95,000	$95,000	$3,898	4.50%
Georgetown, SC (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	4.95%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$55,000	$55,000	$2,666	4.88%
Jamestown-Dunkirk-Fredonia, NY (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	5.75%
Tiffin, OH (FHA\|USDA\|VA)	1	$25,000	$25,000	$2,687	4.75%

The Cortland Savings And Banking Company's top markets include Youngstown, Akron, Cleveland, Mount Vernon, and Canton among others.

Their top states include:

Ohio (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Similar Lenders

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

Cleveland Selfreliance FCU
Similarity Rank: 15

Home Federal Savings and Loan Association of Niles
Similarity Rank: 32

FIRESTONE
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STARK FEDERAL CREDIT UNION
Similarity Rank: 132

Hometown Bank
Similarity Rank: 315

HOWARD HANNA FINANCIAL SERVICES, INC.
Similarity Rank: 480

CARDINAL CREDIT UNION, INC.
Similarity Rank: 552

Community Star Credit Union
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First Security Mortgage Corporation
Similarity Rank: 728

Peoples Bank
Similarity Rank: 782

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	366	$68,320,000	$186,667	$3,439	4.71%
HELOC	149	$24,285,000	$162,987	n/a	4.86%
FHA	42	$5,110,000	$121,667	$5,124	4.62%
VA	9	$1,955,000	$217,222	$8,174	4.46%
USDA	1	$95,000	$95,000	$3,898	4.50%

For 2018, The Cortland Savings And Banking Company's most frequently originated type of loan was Conventional, with 366 originations. Their 2nd most popular type was HELOC, with 149 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	360	$64,490,000	$179,139	$3,751	4.69%
Other	78	$6,780,000	$86,923	$3,670	4.86%
Refi	64	$21,940,000	$342,813	$3,438	4.85%
Cash Out Refi	35	$5,355,000	$153,000	$3,700	4.56%
Home Improvement	30	$1,200,000	$40,000	$0	4.95%

For 2018, The Cortland Savings And Banking Company's most frequently cited loan purpose was Home Purchase, with 360 originations. The 2nd most popular reason was Other, with 78 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	308	$47,070,000	$152,825	$3,693	4.69%
20 Year	154	$14,390,000	$93,442	$3,341	4.82%
15 Year	41	$4,945,000	$120,610	$2,848	4.35%
30+ year	33	$9,975,000	$302,273	$4,942	4.81%
Other	13	$10,175,000	$782,692	$4,978	4.99%
5 Year	7	$2,445,000	$349,286	$0	5.59%
10 Year	7	$10,275,000	$1,467,857	$2,426	5.38%
1 Year	2	$240,000	$120,000	$0	6.38%
3 Year	2	$250,000	$125,000	$0	4.88%

For 2018, The Cortland Savings And Banking Company's most frequently cited loan duration was 30 Year, with 308 originations. The 2nd most popular length was 20 Year, with 154 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	183	$29,815,000	$162,923
$<1k	174	$26,440,000	$151,954
$2k-3k	32	$6,020,000	$188,125
$3k-4k	6	$1,350,000	$225,000
$4k-5k	2	$400,000	$200,000

The Cortland Savings And Banking Company's average total fees were $3,693, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 183 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	423	$61,055,000	$144,338
5-6%	97	$27,605,000	$284,588
3-4%	35	$7,435,000	$212,429
6-7%	8	$3,520,000	$440,000
7-8%	4	$150,000	$37,500

During 2018, The Cortland Savings And Banking Company's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 423 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	243	$13,665,000	$56,235	$3,017	4.85%
$100k-200k	190	$26,780,000	$140,947	$3,613	4.63%
$200k-400k	101	$27,365,000	$270,941	$4,677	4.61%
$400k-600k	21	$9,665,000	$460,238	$5,160	4.66%
$1MM+	6	$17,510,000	$2,918,333	$0	5.49%
$600k-1MM	6	$4,780,000	$796,667	$6,135	5.24%

2018 saw The Cortland Savings And Banking Company place emphasis on $100,000 or less loans with 243 originations, totaling $13,665,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	140	$10,700,000	$76,429	$3,278	4.71%
$50k-75k	116	$13,730,000	$118,362	$3,667	4.66%
$100k-150k	103	$17,655,000	$171,408	$4,080	4.78%
$150k-250k	72	$13,980,000	$194,167	$3,874	4.66%
$75k-100k	69	$10,275,000	$148,913	$3,786	4.70%
$250k+	26	$7,950,000	$305,769	$4,931	4.71%

The Cortland Savings And Banking Company lent most frequently to those with incomes in the $50k or less range, with 140 originations. The second most popular income band? $50k-75k, with 116 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	125	$15,955,000	$127,640	$3,444	4.65%
30-36%	111	$14,865,000	$133,919	$3,829	4.68%
<20%	41	$4,245,000	$103,537	$2,994	4.67%
37%	27	$3,105,000	$115,000	$3,591	4.72%
43%	26	$4,900,000	$188,462	$4,093	4.82%
41%	22	$2,870,000	$130,455	$3,537	4.72%
42%	21	$3,305,000	$157,381	$3,376	4.66%
44%	21	$3,835,000	$182,619	$4,116	4.71%
40%	20	$4,040,000	$202,000	$4,000	4.49%
36%	19	$3,315,000	$174,474	$4,328	4.83%
39%	19	$2,005,000	$105,526	$3,728	5.00%
38%	18	$3,060,000	$170,000	$4,580	4.74%
49%	15	$2,065,000	$137,667	$3,732	4.93%
46%	10	$1,440,000	$144,000	$4,198	4.63%
45%	9	$905,000	$100,556	$3,319	4.60%
47%	8	$1,450,000	$181,250	$3,378	4.44%
48%	7	$765,000	$109,286	$3,295	4.66%
50-60%	2	$330,000	$165,000	$5,637	4.75%
>60%	1	$845,000	$845,000	$6,135	4.50%

The Cortland Savings And Banking Company lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 111 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	506	$74,990,000	$148,202	$3,734	4.72%
Not applicable	34	$20,800,000	$611,765	$0	5.22%
Black	8	$1,150,000	$143,750	$3,804	4.81%
Asian Indian	5	$895,000	$179,000	$3,131	4.10%
Not provided	6	$760,000	$126,667	$3,497	4.35%
Asian	3	$415,000	$138,333	$3,697	4.83%
Chinese	2	$360,000	$180,000	$4,113	4.44%
Other Asian	2	$250,000	$125,000	$2,889	4.69%
Filipino	1	$145,000	$145,000	$5,601	5.00%

Approval Rates

Total approvals of all applications
89.41%

The Cortland Savings And Banking Company has an average approval rate.

Pick Rate

Approvals leading to origination
90.12%

The Cortland Savings And Banking Company has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	567	$99,765,000	$175,952

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	8	$13,910,000	$1,738,750
Single Family (1-4 Units):Manufactured	1	$45,000	$45,000
Single Family (1-4 Units):Site-Built	558	$85,810,000	$153,781

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	55	$5,975,000	$108,636	$3,692	4.76%
40-60%	45	$5,765,000	$128,111	$3,275	4.58%
60-80%	167	$40,355,000	$241,647	$3,452	4.84%
80-100%	241	$40,105,000	$166,411	$3,877	4.64%
Over 100%	6	$4,410,000	$735,000	$9,269	4.85%
Under 20%	53	$3,155,000	$59,528	$453	4.97%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
The Cortland Savings and Banking Company	11661 State Route 44 Mantua, OH 44255	Full Service B&M	$26,651
The Cortland Savings and Banking Company	194 West Main Street Cortland, OH 44410	Full Service B&M	$173,477
The Cortland Savings and Banking Company	2935 Elm Road Warren, OH 44483	Full Service B&M	$51,766
The Cortland Savings and Banking Company	3615 Boardman-Canfield Road Canfield, OH 44406	Full Service B&M	$43,922
The Cortland Savings and Banking Company	4434 Warren-Sharon Road Vienna, OH 44473	Full Service B&M	$32,277
The Cortland Savings and Banking Company	5917 U.S. Route 322 Williamsfield, OH 44093	Full Service B&M	$11,372
The Cortland Savings and Banking Company	6090 State Route 45 Bristolville, OH 44402	Full Service B&M	$42,446
The Cortland Savings and Banking Company	7202 Warren-Sharon Rd Brookfield, OH 44403	Full Service B&M	$43,485
The Cortland Savings and Banking Company	75 S Main Street Hudson, OH 44236	Full Service B&M	$17,097
The Cortland Savings and Banking Company	815 Youngstown Warren Road Niles, OH 44446	Full Service B&M	$23,074
The Cortland Savings and Banking Company	890 West Liberty Street Hubbard, OH 44425	Full Service B&M	$25,673
The Cortland Savings and Banking Company	8950 Maple Grove Road Windham, OH 44288	Full Service B&M	$16,256
The Cortland Savings and Banking Company	9001 Market Street North Lima, OH 44452	Full Service B&M	$50,503

For 2018, The Cortland Savings And Banking Company had 13 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$27,743
Net interest income	$23,342
Total noninterest income	$5,657
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,422
Trading account gains and fees	$0
Additional Noninterest Income	$4,235
Pre-tax net operating income	$10,797
Securities gains (or losses, -)	$-21
Income before extraordinary items	$9,225
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$9,225
Minority interest net income	$0
Net income	$9,225
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$9,243

The Cortland Savings And Banking Company's gross interest income from loans was $27,743,000.
The Cortland Savings And Banking Company's net interest income from loans was $23,342,000.
The Cortland Savings And Banking Company's fee based income from loans was $1,422,000.
The Cortland Savings And Banking Company's net income from loans was $9,225,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,401
Provision for credit losses	$725
Total noninterest expense	$17,477
Salaries and employee benefits	$10,413
Premises and equipment expense	$2,117
Additional noninterest expense	$4,947
Applicable income taxes	$1,551
Net charge-offs	$1,105
Cash dividends	$4,150

The Cortland Savings And Banking Company's interest expense for loans was $4,401,000.
The Cortland Savings And Banking Company's payroll and benefits expense were $10,413,000.
The Cortland Savings And Banking Company's property, plant and equipment expenses $2,117,000.

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	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	$604,659
Deposits held in domestic offices	$604,659
Deposits by Individuals, partnerships, and corporations	$558,978
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$41,629
Deposits by Commercial banks and other depository institutions in U.S.	$4,052
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$192,015
Demand deposits	$137,126
Nontransaction accounts	$412,644
Money market deposit accounts (MMDAs)	$179,430
Other savings deposits (excluding MMDAs)	$111,848
Total time deposits	$121,365
Total time and savings deposits	$467,533
Noninterest-bearing deposits	$137,126
Interest-bearing deposits	$467,533
Retail deposits	$548,036
IRAs and Keogh plan accounts	$24,789
Brokered deposits	$36,404
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$711,138
Cash & Balances due from depository institutions	$19,692
Interest-bearing balances	$8,359
Total securities	$136,923
Federal funds sold & reverse repurchase	$0
Net loans and leases	$511,234
Loan and leases loss allowance	$4,198
Trading account assets	$0
Bank premises and fixed assets	$10,081
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$33,208

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$711,138
Total Liabilities	$649,866
Total deposits	$604,659
Interest-bearing deposits	$467,533
Deposits held in domestic offices	$604,659
% insured (estimated)	$75
Federal funds purchased and repurchase agreements	$2,206
Trading liabilities	$0
Other borrowed funds	$28,000
Subordinated debt	$6,000
All other liabilities	$9,001

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$511,234
Loan and leases loss allowance	$4,198
Total loans and leases (domestic)	$515,432
All real estate loans	$399,765
Real estate loans in domestic offices	$399,765
Construction and development loans	$42,745
Residential 1-4 family construction	$5,071
Other construction, all land development and other land	$37,674
Loans secured by nonfarm nonresidential properties	$241,660
Nonfarm nonresidential secured by owner-occupied properties	$61,887
Commercial real estate & other non-farm, non-residential	$179,773
Multifamily residential real estate	$24,470
1-4 family residential loans	$90,890
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$111,839
To non-U.S. addressees	$0
Loans to individuals	$3,111
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$345
Other loans to individuals	$2,766
All other loans & leases	$717
Loans to foreign governments and official institutions	$0
Other loans	$116
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	$7,893
Non 1-4 family restructured loans & leases	$7,893
Total loans and leases (foreign)	$0

The Cortland Savings and Banking Company had $511,234,000 of loans outstanding in 2018. $399,765,000 of loans were in real estate loans. $42,745,000 of loans were in development loans. $24,470,000 of loans were in multifamily mortgage loans. $90,890,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $345,000 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	347	$65,219	$187,951
Nonfarm, nonresidential loans - <$100k	110	$4,382	$39,836
Nonfarm, nonresidential loans - $100-250k	87	$10,024	$115,218
Nonfarm, nonresidential loans - $250k-1MM	150	$50,813	$338,753
Commercial & Industrial, US addressed loans - <$1MM	340	$28,427	$83,609
Commercial & Industrial, US addressed loans - <$100k	213	$4,516	$21,202
Commercial & Industrial, US addressed loans - $100-250k	66	$6,680	$101,212
Commercial & Industrial, US addressed loans - $250k-1MM	61	$17,231	$282,475