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

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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

    The Cortland Savings And Banking Company is a smaller bank specializing in Home Purchase 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, Canton, and Salem among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

    601

    Origination Dollar Volume (All Markets)

    $103,895,000

    Employee count

    161

    Awards

    The Cortland Savings and Banking Company FHA Loans bronze The Cortland Savings and Banking Company 30 Year Conventional Loans silver
    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
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 284 $40,670,000 $143,204 $3,425 4.47%
    AKRON, OH (FHA|USDA|VA) 157 $30,655,000 $195,255 $4,038 4.32%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 82 $15,370,000 $187,439 $4,103 4.37%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 32 $6,280,000 $196,250 $4,325 4.23%
    Salem, OH (FHA|USDA|VA) 17 $2,585,000 $152,059 $3,848 4.34%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 4.25%
    Ashtabula, OH (FHA|USDA|VA) 6 $1,240,000 $206,667 $4,425 4.42%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $1,070,000 $535,000 $5,062 4.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $645,000 $645,000 $5,261 4.13%
    Outside of Metro Areas 2 $600,000 $300,000 $2,840 3.50%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $525,000 $525,000 $0 4.25%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $460,000 $230,000 $4,120 4.06%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $440,000 $220,000 $3,909 4.31%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.13%
    COLUMBUS, OH (FHA|USDA|VA) 1 $265,000 $265,000 $3,612 3.88%
    New Castle, PA (FHA|USDA|VA) 2 $180,000 $90,000 $3,028 5.04%
    Bellefontaine, OH (FHA|USDA|VA) 1 $175,000 $175,000 $3,113 3.25%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $175,000 $175,000 $2,973 4.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,906 4.13%
    TOLEDO, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,123 3.63%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $115,000 $115,000 $3,419 4.50%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.00%
    WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $85,000 $85,000 $5,055 4.63%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.25%
    The Cortland Savings And Banking Company's top markets include Youngstown, Akron, Cleveland, Canton, and Salem among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Virginia (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: 33
    Community Star Credit Union
    Similarity Rank: 360
    First Security Mortgage Corporation
    Similarity Rank: 378
    First Federal Savings and Loan Association of Lorain
    Similarity Rank: 424
    Ukrainian Federal Credit Union
    Similarity Rank: 450
    CARDINAL CREDIT UNION, INC.
    Similarity Rank: 574
    HOWARD HANNA FINANCIAL SERVICES, INC.
    Similarity Rank: 814
    WEST PENN FINANCIAL SERVICE CENTER, INC.
    Similarity Rank: 1045
    THE EQUITABLE MORTGAGE CORPORATION
    Similarity Rank: 1664
    PULTE MORTGAGE LLC
    Similarity Rank: 1827

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 424 $84,340,000 $198,915 $3,505 4.19%
    HELOC 118 $11,380,000 $96,441 n/a 5.20%
    FHA 49 $6,285,000 $128,265 $5,602 4.31%
    VA 9 $1,715,000 $190,556 $5,254 3.78%
    USDA 1 $175,000 $175,000 $5,444 3.38%

    For 2019, The Cortland Savings And Banking Company's most frequently originated type of loan was Conventional, with 424 originations. Their 2nd most popular type was HELOC, with 118 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 373 $68,505,000 $183,660 $3,908 4.29%
    Refi 102 $19,680,000 $192,941 $3,362 4.30%
    Other 47 $5,795,000 $123,298 $2,826 5.07%
    Cash Out Refi 43 $7,725,000 $179,651 $3,562 4.07%
    Home Improvement 36 $2,190,000 $60,833 $0 5.18%

    For 2019, The Cortland Savings And Banking Company's most frequently cited loan purpose was Home Purchase, with 373 originations. The 2nd most popular reason was Refi, with 102 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 376 $64,360,000 $171,170 $3,740 4.22%
    20 Year 127 $15,725,000 $123,819 $3,540 5.06%
    15 Year 48 $7,590,000 $158,125 $2,844 3.82%
    30+ year 33 $11,815,000 $358,030 $5,421 4.27%
    Other 7 $2,495,000 $356,429 $5,712 4.83%
    5 Year 5 $905,000 $181,000 $0 5.25%
    10 Year 4 $660,000 $165,000 $3,087 3.93%
    3 Year 1 $345,000 $345,000 $0 7.00%

    For 2019, The Cortland Savings And Banking Company's most frequently cited loan duration was 30 Year, with 376 originations. The 2nd most popular length was 20 Year, with 127 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 273 $50,185,000 $183,828
    $1k-2k 150 $29,900,000 $199,333
    $2k-3k 20 $3,760,000 $188,000
    $3k-4k 5 $775,000 $155,000
    $5k+ 2 $430,000 $215,000

    The Cortland Savings And Banking Company's average total fees were $3,740, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 273 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 268 $42,060,000 $156,940
    3-4% 218 $47,620,000 $218,440
    5-6% 107 $12,855,000 $120,140
    6-7% 4 $820,000 $205,000
    7-8% 3 $155,000 $51,667
    2.5-3% 1 $385,000 $385,000

    During 2019, The Cortland Savings And Banking Company's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 4-5%, with 268 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 216 $31,780,000 $147,130 $3,681 4.24%
    $100,000 or less 215 $13,325,000 $61,977 $3,044 4.72%
    $200k-400k 133 $38,155,000 $286,880 $4,428 4.19%
    $400k-600k 29 $13,475,000 $464,655 $4,295 4.04%
    $600k-1MM 6 $4,450,000 $741,667 $5,566 4.35%
    $1MM+ 2 $2,710,000 $1,355,000 $8,477 3.90%

    2019 saw The Cortland Savings And Banking Company place emphasis on $100k-200k loans with 216 originations, totaling $31,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 132 $16,110,000 $122,045 $3,793 4.42%
    $50k or less 127 $10,165,000 $80,039 $3,308 4.46%
    $100k-150k 104 $21,050,000 $202,404 $3,950 4.20%
    $75k-100k 102 $16,390,000 $160,686 $3,821 4.32%
    $150k-250k 68 $18,180,000 $267,353 $4,277 4.37%
    $250k+ 43 $15,725,000 $365,698 $3,948 4.28%

    The Cortland Savings And Banking Company lent most frequently to those with incomes in the $50k-75k range, with 132 originations. The second most popular income band? $50k or less, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 140 $21,940,000 $156,714 $3,537 4.33%
    30-36% 111 $18,095,000 $163,018 $3,545 4.38%
    <20% 65 $10,915,000 $167,923 $3,351 4.36%
    39% 35 $4,735,000 $135,286 $3,913 4.40%
    43% 25 $4,755,000 $190,200 $4,616 4.12%
    41% 25 $3,905,000 $156,200 $3,630 4.42%
    37% 24 $4,030,000 $167,917 $3,658 4.32%
    42% 23 $3,005,000 $130,652 $3,582 4.54%
    38% 23 $4,035,000 $175,435 $3,616 4.36%
    44% 21 $3,385,000 $161,190 $3,994 4.23%
    40% 20 $4,350,000 $217,500 $4,224 4.51%
    36% 18 $4,160,000 $231,111 $4,043 4.33%
    45% 11 $1,945,000 $176,818 $4,051 4.41%
    46% 10 $2,410,000 $241,000 $4,041 4.34%
    49% 10 $1,950,000 $195,000 $4,990 4.40%
    47% 9 $1,485,000 $165,000 $4,577 4.39%
    48% 5 $795,000 $159,000 $4,373 4.10%
    50-60% 3 $415,000 $138,333 $5,074 4.13%

    The Cortland Savings And Banking Company lent most frequently to those with DTI ratios of 20-30%, with 140 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 557 $93,635,000 $168,106 $3,766 4.36%
    Not applicable 17 $5,145,000 $302,647 $0 5.40%
    Black 13 $2,615,000 $201,154 $4,049 4.34%
    Asian 6 $1,140,000 $190,000 $3,794 4.63%
    Not provided 6 $1,130,000 $188,333 $3,790 3.79%
    Filipino 1 $185,000 $185,000 $3,637 4.00%
    Asian Indian 1 $45,000 $45,000 $3,028 4.88%

    Approval Rates

    Total approvals of all applications
    91.33%

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

    Pick Rate

    Approvals leading to origination
    88.02%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 601 $103,895,000 $172,870

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,225,000 $408,333
    Single Family (1-4 Units):Manufactured 3 $275,000 $91,667
    Single Family (1-4 Units):Site-Built 595 $102,395,000 $172,092

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $4,880,000 $116,190 $2,095 4.92%
    40-60% 55 $8,125,000 $147,727 $3,184 4.56%
    60-80% 176 $39,400,000 $223,864 $3,740 4.29%
    80-100% 288 $48,890,000 $169,757 $3,936 4.28%
    Over 100% 3 $545,000 $181,667 $5,827 4.08%
    Under 20% 36 $1,710,000 $47,500 $1,489 4.92%

    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 $25,986
    The Cortland Savings and Banking Company 14357 Pearl Road Strongsville, OH 44136 Full Service B&M $958
    The Cortland Savings and Banking Company 194 West Main Street Cortland, OH 44410 Full Service B&M $170,794
    The Cortland Savings and Banking Company 2935 Elm Road Warren, OH 44483 Full Service B&M $52,521
    The Cortland Savings and Banking Company 3615 Boardman-Canfield Road Canfield, OH 44406 Full Service B&M $46,967
    The Cortland Savings and Banking Company 4434 Warren-Sharon Road Vienna, OH 44473 Full Service B&M $33,994
    The Cortland Savings and Banking Company 5917 U.S. Route 322 Williamsfield, OH 44093 Full Service B&M $12,587
    The Cortland Savings and Banking Company 6090 State Route 45 Bristolville, OH 44402 Full Service B&M $40,640
    The Cortland Savings and Banking Company 7202 Warren-Sharon Rd Brookfield, OH 44403 Full Service B&M $43,740
    The Cortland Savings and Banking Company 75 S Main Street Hudson, OH 44236 Full Service B&M $27,330
    The Cortland Savings and Banking Company 815 Youngstown Warren Road Niles, OH 44446 Full Service B&M $22,720
    The Cortland Savings and Banking Company 890 West Liberty Street Hubbard, OH 44425 Full Service B&M $27,934
    The Cortland Savings and Banking Company 8950 Maple Grove Road Windham, OH 44288 Full Service B&M $15,473
    The Cortland Savings and Banking Company 9001 Market Street North Lima, OH 44452 Full Service B&M $55,361

    For 2019, The Cortland Savings And Banking Company had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $29,637
    Net interest income $24,061
    Total noninterest income $4,965
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,483
    Trading account gains and fees $0
    Additional Noninterest Income $3,482
    Pre-tax net operating income $9,956
    Securities gains (or losses, -) $-44
    Income before extraordinary items $8,240
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,240
    Minority interest net income $0
    Net income $8,240
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,276

    The Cortland Savings And Banking Company's gross interest income from loans was $29,637,000.
    The Cortland Savings And Banking Company's net interest income from loans was $24,061,000.
    The Cortland Savings And Banking Company's fee based income from loans was $1,483,000.
    The Cortland Savings And Banking Company's net income from loans was $8,240,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,576
    Provision for credit losses $715
    Total noninterest expense $18,355
    Salaries and employee benefits $10,758
    Premises and equipment expense $2,330
    Additional noninterest expense $5,267
    Applicable income taxes $1,672
    Net charge-offs $448
    Cash dividends $3,400

    The Cortland Savings And Banking Company's interest expense for loans was $5,576,000.
    The Cortland Savings And Banking Company's payroll and benefits expense were $10,758,000.
    The Cortland Savings And Banking Company's property, plant and equipment expenses $2,330,000.

    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 $618,500
    Deposits held in domestic offices $618,500
    Deposits by Individuals, partnerships, and corporations $572,193
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $42,606
    Deposits by Commercial banks and other depository institutions in U.S. $3,701
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $188,880
    Demand deposits $133,459
    Nontransaction accounts $429,620
    Money market deposit accounts (MMDAs) $176,733
    Other savings deposits (excluding MMDAs) $110,864
    Total time deposits $142,022
    Total time and savings deposits $485,041
    Noninterest-bearing deposits $133,459
    Interest-bearing deposits $485,041
    Retail deposits $569,287
    IRAs and Keogh plan accounts $22,730
    Brokered deposits $26,401
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $733,844
    Cash & Balances due from depository institutions $27,815
    Interest-bearing balances $19,367
    Total securities $136,131
    Federal funds sold & reverse repurchase $0
    Net loans and leases $519,141
    Loan and leases loss allowance $4,465
    Trading account assets $0
    Bank premises and fixed assets $13,758
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $36,999

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $733,844
    Total Liabilities $662,908
    Total deposits $618,500
    Interest-bearing deposits $485,041
    Deposits held in domestic offices $618,500
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $1,922
    Trading liabilities $0
    Other borrowed funds $24,000
    Subordinated debt $6,000
    All other liabilities $12,486

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $519,141
    Loan and leases loss allowance $4,465
    Total loans and leases (domestic) $523,606
    All real estate loans $420,002
    Real estate loans in domestic offices $420,002
    Construction and development loans $25,866
    Residential 1-4 family construction $7,626
    Other construction, all land development and other land $18,240
    Loans secured by nonfarm nonresidential properties $257,572
    Nonfarm nonresidential secured by owner-occupied properties $64,697
    Commercial real estate & other non-farm, non-residential $192,875
    Multifamily residential real estate $26,272
    1-4 family residential loans $110,292
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $99,429
    To non-U.S. addressees $0
    Loans to individuals $3,610
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $535
    Other loans to individuals $3,075
    All other loans & leases $565
    Loans to foreign governments and official institutions $0
    Other loans $130
    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 $6,210
    Non 1-4 family restructured loans & leases $6,210
    Total loans and leases (foreign) $0

    The Cortland Savings and Banking Company had $519,141,000 of loans outstanding in 2019. $420,002,000 of loans were in real estate loans. $25,866,000 of loans were in development loans. $26,272,000 of loans were in multifamily mortgage loans. $110,292,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $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 249 $54,724 $219,775
    Nonfarm, nonresidential loans - <$100k 52 $2,113 $40,635
    Nonfarm, nonresidential loans - $100-250k 60 $6,818 $113,633
    Nonfarm, nonresidential loans - $250k-1MM 137 $45,793 $334,255
    Commercial & Industrial, US addressed loans - <$1MM 346 $28,920 $83,584
    Commercial & Industrial, US addressed loans - <$100k 204 $3,955 $19,387
    Commercial & Industrial, US addressed loans - $100-250k 73 $6,109 $83,685
    Commercial & Industrial, US addressed loans - $250k-1MM 69 $18,856 $273,275