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 and Refi loans. The Cortland Savings And Banking Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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 33 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

    921

    Origination Dollar Volume (All Markets)

    $178,845,000

    Employee count

    148 Show all (7) 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) 381 $60,845,000 $159,698 $3,433 3.30%
    AKRON, OH (FHA|USDA|VA) 243 $50,975,000 $209,774 $3,921 3.27%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 183 $40,625,000 $221,995 $3,849 3.23%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 33 $6,315,000 $191,364 $4,114 3.18%
    Outside of Metro Areas 6 $2,420,000 $403,333 $3,742 4.17%
    Salem, OH (FHA|USDA|VA) 15 $2,375,000 $158,333 $4,273 3.47%
    Ashtabula, OH (FHA|USDA|VA) 10 $2,000,000 $200,000 $3,000 3.22%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $1,355,000 $451,667 $3,021 3.12%
    PITTSBURGH, PA (FHA|USDA|VA) 2 $1,340,000 $670,000 $7,385 3.41%
    COLUMBUS, OH (FHA|USDA|VA) 5 $1,285,000 $257,000 $3,164 3.03%
    TOLEDO, OH (FHA|USDA|VA) 5 $1,155,000 $231,000 $3,593 3.12%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $920,000 $460,000 $2,715 2.88%
    PUNTA GORDA, FL (FHA|USDA|VA) 4 $730,000 $182,500 $3,149 3.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $590,000 $295,000 $3,219 2.81%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $570,000 $285,000 $3,174 2.88%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $565,000 $565,000 $0 7.50%
    Wooster, OH (FHA|USDA|VA) 3 $565,000 $188,333 $3,536 3.05%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $475,000 $158,333 $3,229 3.00%
    Zanesville, OH (FHA|USDA|VA) 2 $440,000 $220,000 $2,745 2.60%
    New Castle, PA (FHA|USDA|VA) 3 $415,000 $138,333 $3,872 3.28%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $375,000 $375,000 $3,824 2.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $355,000 $355,000 $5,093 2.75%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $305,000 $305,000 $2,291 3.13%
    RICHMOND, VA (FHA|USDA|VA) 1 $285,000 $285,000 $2,680 3.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,200 2.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,306 2.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,698 3.00%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $175,000 $175,000 $2,903 2.88%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,472 2.88%
    Oil City, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,661 3.13%
    New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $135,000 $135,000 $3,635 2.88%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,455 3.13%
    MANSFIELD, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.75%
    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)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • (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.

    Ohio Catholic Federal Credit Union
    Similarity Rank: 392
    CARDINAL CREDIT UNION, INC.
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    WEST PENN FINANCIAL SERVICE CENTER, INC.
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    THE BANKERS GUARANTEE TITLE & TRUST COMPANY
    Similarity Rank: 2457
    Republic State Mortgage Co.
    Similarity Rank: 2461
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 4140
    YOUR HOME FINANCIAL LLC
    Similarity Rank: 4844
    PULTE MORTGAGE LLC
    Similarity Rank: 4920
    Seven Seventeen Credit Union
    Similarity Rank: 4950
    RESIDENTIAL BANCORP
    Similarity Rank: 5220

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 677 $149,185,000 $220,362 $3,468 3.27%
    HELOC 183 $17,785,000 $97,186 n/a 3.40%
    FHA 40 $6,560,000 $164,000 $6,097 3.00%
    VA 20 $5,200,000 $260,000 $5,604 2.70%
    USDA 1 $115,000 $115,000 $4,501 3.50%

    For 2020, The Cortland Savings And Banking Company's most frequently originated type of loan was Conventional, with 677 originations. Their 2nd most popular type was HELOC, with 183 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 430 $85,210,000 $198,163 $3,901 3.32%
    Refi 295 $66,695,000 $226,085 $3,393 3.16%
    Cash Out Refi 77 $16,275,000 $211,364 $3,642 3.43%
    Other 66 $7,190,000 $108,939 $2,526 3.30%
    Home Improvement 53 $3,475,000 $65,566 $0 3.26%

    For 2020, The Cortland Savings And Banking Company's most frequently cited loan purpose was Home Purchase, with 430 originations. The 2nd most popular reason was Refi, with 295 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 522 $106,960,000 $204,904 $3,704 3.27%
    20 Year 192 $18,790,000 $97,865 $3,566 3.32%
    15 Year 120 $22,010,000 $183,417 $3,004 2.99%
    30+ year 43 $14,485,000 $336,860 $5,450 3.48%
    Other 21 $5,685,000 $270,714 $3,762 3.52%
    10 Year 14 $8,500,000 $607,143 $2,972 3.38%
    5 Year 6 $1,660,000 $276,667 $0 4.38%
    1 Year 3 $755,000 $251,667 $0 4.42%

    For 2020, The Cortland Savings And Banking Company's most frequently cited loan duration was 30 Year, with 522 originations. The 2nd most popular length was 20 Year, with 192 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 478 $99,630,000 $208,431
    $1k-2k 165 $37,385,000 $226,576
    $2k-3k 25 $5,755,000 $230,200
    $3k-4k 3 $825,000 $275,000
    $4k-5k 3 $1,245,000 $415,000
    $5k+ 1 $365,000 $365,000

    The Cortland Savings And Banking Company's average total fees were $3,704, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 478 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 442 $87,800,000 $198,643
    2.5-3% 367 $69,495,000 $189,360
    4-5% 60 $9,700,000 $161,667
    <2.5% 38 $8,940,000 $235,263
    5-6% 12 $2,090,000 $174,167
    6-7% 1 $255,000 $255,000
    7-8% 1 $565,000 $565,000

    During 2020, The Cortland Savings And Banking Company's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 442 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 319 $46,255,000 $145,000 $3,376 3.18%
    $200k-400k 285 $79,085,000 $277,491 $4,124 3.22%
    $100,000 or less 250 $14,530,000 $58,120 $2,839 3.43%
    $400k-600k 60 $28,530,000 $475,500 $4,521 3.32%
    $600k-1MM 6 $5,040,000 $840,000 $5,856 3.30%
    $1MM+ 1 $5,405,000 $5,405,000 $0 3.36%

    2020 saw The Cortland Savings And Banking Company place emphasis on $100k-200k loans with 319 originations, totaling $46,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 210 $28,840,000 $137,333 $3,753 3.23%
    $100k-150k 174 $36,190,000 $207,989 $4,004 3.29%
    $50k or less 144 $12,050,000 $83,681 $3,135 3.37%
    $75k-100k 143 $25,285,000 $176,818 $3,667 3.14%
    $150k-250k 125 $33,865,000 $270,920 $3,880 3.15%
    $250k+ 84 $25,750,000 $306,548 $3,571 3.16%

    The Cortland Savings And Banking Company lent most frequently to those with incomes in the $50k-75k range, with 210 originations. The second most popular income band? $100k-150k, with 174 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 234 $43,280,000 $184,957 $3,629 3.20%
    30-36% 176 $27,700,000 $157,386 $3,441 3.26%
    <20% 124 $22,710,000 $183,145 $3,346 3.16%
    38% 44 $7,990,000 $181,591 $4,063 3.31%
    39% 43 $6,775,000 $157,558 $4,169 3.33%
    36% 39 $6,985,000 $179,103 $3,626 3.17%
    37% 35 $6,695,000 $191,286 $3,902 3.22%
    43% 34 $7,300,000 $214,706 $3,852 3.38%
    40% 28 $6,830,000 $243,929 $4,157 3.13%
    42% 24 $4,660,000 $194,167 $3,642 3.27%
    41% 23 $6,105,000 $265,435 $4,258 3.13%
    44% 18 $3,470,000 $192,778 $4,243 3.42%
    45% 18 $3,640,000 $202,222 $3,895 3.40%
    46% 18 $3,710,000 $206,111 $3,415 3.04%
    47% 7 $1,685,000 $240,714 $3,804 3.13%
    49% 5 $935,000 $187,000 $3,917 2.88%
    50-60% 5 $1,175,000 $235,000 $6,121 2.98%
    48% 4 $580,000 $145,000 $3,110 3.56%
    >60% 1 $85,000 $85,000 $1,401 5.75%

    The Cortland Savings And Banking Company lent most frequently to those with DTI ratios of 20-30%, with 234 originations. The next most common DTI ratio? 30-36%, with 176 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 845 $156,085,000 $184,716 $3,687 3.23%
    Not applicable 30 $15,450,000 $515,000 $0 4.50%
    Black 25 $3,035,000 $121,400 $3,582 3.47%
    Not provided 11 $1,965,000 $178,636 $3,941 3.28%
    Asian 6 $1,560,000 $260,000 $4,154 2.90%
    Asian Indian 3 $625,000 $208,333 $2,786 3.00%
    Chinese 1 $125,000 $125,000 $3,070 2.75%

    Approval Rates

    Total approvals of all applications
    92.69%

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

    Pick Rate

    Approvals leading to origination
    84.69%

    The Cortland Savings And Banking Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 921 $178,845,000 $194,186

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $2,275,000 $455,000
    Single Family (1-4 Units):Manufactured 3 $375,000 $125,000
    Single Family (1-4 Units):Site-Built 913 $176,195,000 $192,985

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $13,860,000 $182,368 $2,738 3.34%
    40-60% 105 $18,765,000 $178,714 $3,229 3.14%
    60-80% 334 $73,320,000 $219,521 $3,555 3.28%
    80-100% 335 $67,335,000 $201,000 $3,947 3.26%
    Over 100% 3 $1,065,000 $355,000 $12,133 2.71%
    Under 20% 62 $2,600,000 $41,935 $1,288 3.36%

    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 $30,680
    The Cortland Savings and Banking Company 14357 Pearl Road Strongsville, OH 44136 Full Service B&M $9,247
    The Cortland Savings and Banking Company 194 West Main Street Cortland, OH 44410 Full Service B&M $183,896
    The Cortland Savings and Banking Company 2935 Elm Road Warren, OH 44483 Full Service B&M $53,179
    The Cortland Savings and Banking Company 342 West Liberty Street Hubbard, OH 44425 Full Service B&M $28,888
    The Cortland Savings and Banking Company 3615 Boardman-Canfield Road Canfield, OH 44406 Full Service B&M $73,074
    The Cortland Savings and Banking Company 4434 Warren-Sharon Road Vienna, OH 44473 Full Service B&M $36,443
    The Cortland Savings and Banking Company 6090 State Route 45 Bristolville, OH 44402 Full Service B&M $45,729
    The Cortland Savings and Banking Company 7202 Warren-Sharon Rd Brookfield, OH 44403 Full Service B&M $48,840
    The Cortland Savings and Banking Company 75 S Main Street Hudson, OH 44236 Full Service B&M $26,139
    The Cortland Savings and Banking Company 815 Youngstown Warren Road Niles, OH 44446 Full Service B&M $28,273
    The Cortland Savings and Banking Company 8950 Maple Grove Road Windham, OH 44288 Full Service B&M $15,405
    The Cortland Savings and Banking Company 9001 Market Street North Lima, OH 44452 Full Service B&M $68,836

    For 2020, The Cortland Savings And Banking Company had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,088
    Net interest income $23,273
    Total noninterest income $7,317
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,171
    Trading account gains and fees $0
    Additional Noninterest Income $6,146
    Pre-tax net operating income $10,675
    Securities gains (or losses, -) $140
    Income before extraordinary items $9,153
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,153
    Minority interest net income $0
    Net income $9,153
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,034

    The Cortland Savings And Banking Company's gross interest income from loans was $27,088,000.
    The Cortland Savings And Banking Company's net interest income from loans was $23,273,000.
    The Cortland Savings And Banking Company's fee based income from loans was $1,171,000.
    The Cortland Savings And Banking Company's net income from loans was $9,153,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,815
    Provision for credit losses $1,575
    Total noninterest expense $18,340
    Salaries and employee benefits $10,810
    Premises and equipment expense $2,451
    Additional noninterest expense $5,079
    Applicable income taxes $1,662
    Net charge-offs $21
    Cash dividends $6,250

    The Cortland Savings And Banking Company's interest expense for loans was $3,815,000.
    The Cortland Savings And Banking Company's payroll and benefits expense were $10,810,000.
    The Cortland Savings And Banking Company's property, plant and equipment expenses $2,451,000.

    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 $700,610
    Deposits held in domestic offices $700,610
    Deposits by Individuals, partnerships, and corporations $633,535
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $64,180
    Deposits by Commercial banks and other depository institutions in U.S. $2,896
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $284,473
    Demand deposits $198,600
    Nontransaction accounts $416,138
    Money market deposit accounts (MMDAs) $188,740
    Other savings deposits (excluding MMDAs) $130,333
    Total time deposits $97,064
    Total time and savings deposits $502,011
    Noninterest-bearing deposits $198,599
    Interest-bearing deposits $502,011
    Retail deposits $674,149
    IRAs and Keogh plan accounts $20,716
    Brokered deposits $5,013
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $817,978
    Cash & Balances due from depository institutions $36,108
    Interest-bearing balances $26,380
    Total securities $167,875
    Federal funds sold & reverse repurchase $0
    Net loans and leases $557,617
    Loan and leases loss allowance $6,019
    Trading account assets $0
    Bank premises and fixed assets $13,526
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $42,852

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $817,978
    Total Liabilities $740,440
    Total deposits $700,610
    Interest-bearing deposits $502,011
    Deposits held in domestic offices $700,610
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $1,488
    Trading liabilities $0
    Other borrowed funds $18,000
    Subordinated debt $6,000
    All other liabilities $14,342

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $557,617
    Loan and leases loss allowance $6,019
    Total loans and leases (domestic) $563,636
    All real estate loans $427,644
    Real estate loans in domestic offices $427,644
    Construction and development loans $26,326
    Residential 1-4 family construction $7,429
    Other construction, all land development and other land $18,897
    Loans secured by nonfarm nonresidential properties $271,152
    Nonfarm nonresidential secured by owner-occupied properties $81,181
    Commercial real estate & other non-farm, non-residential $189,971
    Multifamily residential real estate $27,488
    1-4 family residential loans $102,678
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $131,310
    To non-U.S. addressees $0
    Loans to individuals $3,436
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $331
    Other loans to individuals $3,105
    All other loans & leases $1,246
    Loans to foreign governments and official institutions $0
    Other loans $137
    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 $5,720
    Non 1-4 family restructured loans & leases $5,720
    Total loans and leases (foreign) $0

    The Cortland Savings and Banking Company had $557,617,000 of loans outstanding in 2020. $427,644,000 of loans were in real estate loans. $26,326,000 of loans were in development loans. $27,488,000 of loans were in multifamily mortgage loans. $102,678,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $331,000 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 250 $52,477 $209,908
    Nonfarm, nonresidential loans - <$100k 51 $2,020 $39,608
    Nonfarm, nonresidential loans - $100-250k 60 $6,455 $107,583
    Nonfarm, nonresidential loans - $250k-1MM 139 $44,002 $316,561
    Commercial & Industrial, US addressed loans - <$1MM 679 $59,395 $87,474
    Commercial & Industrial, US addressed loans - <$100k 463 $12,872 $27,801
    Commercial & Industrial, US addressed loans - $100-250k 118 $14,221 $120,517
    Commercial & Industrial, US addressed loans - $250k-1MM 98 $32,302 $329,612