Northmark Bank Mortgage Rates, Fees & Info

North Andover, MA

LEI: 549300ZCC628OMXIBR11

Tax ID: 04-2976591

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Northmark Bank is a smaller bank specializing in Home Purchase and Refi loans. Northmark Bank has a high proportion of conventional loans. Their top markets include Boston, Barnstable Town, Laconia, Pittsfield, and Worcester among others. Northmark Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

223

Origination Dollar Volume (All Markets)

$124,535,000

Employee count

43

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 204 $114,570,000 $561,618 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $3,555,000 $711,000 $0 0.00%
Outside of Metro Areas 3 $2,235,000 $745,000 $0 0.00%
Laconia, NH (FHA|USDA|VA) 2 $950,000 $475,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $755,000 $755,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $550,000 $275,000 $0 0.00%
Concord, NH (FHA|USDA|VA) 2 $520,000 $260,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $495,000 $495,000 $0 0.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%

Northmark Bank's top markets include Boston, Barnstable Town, Laconia, Pittsfield, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 223 $124,535,000 $558,453 $0 0.00%

For the 2021 period, Northmark Bank's most frequently originated loan type of loans were Conventional, with 223 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 100 $82,400,000 $824,000 $0 0.00%
Refi 64 $26,260,000 $410,313 $0 0.00%
Other 33 $10,615,000 $321,667 $0 0.00%
Home Improvement 15 $2,285,000 $152,333 $0 0.00%
Cash Out Refi 11 $2,975,000 $270,455 $0 0.00%

For the 2021, Northmark Bank's most frequently cited loan purpose of loans were Home Purchase, with 100 originations. The 2nd most popular reason of loans were Refi, with 64 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 223 $124,535,000 $558,453 $0 0.00%

For the 2021, Northmark Bank's most frequently cited loan length of loans were Other, with 223 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 58 $16,440,000 $283,448 $0 0.00%
$400k-600k 40 $19,320,000 $483,000 $0 0.00%
$600k-1MM 40 $30,090,000 $752,250 $0 0.00%
$1MM+ 34 $53,130,000 $1,562,647 $0 0.00%
$100k-200k 32 $4,600,000 $143,750 $0 0.00%
$100,000 or less 19 $955,000 $50,263 $0 0.00%

2021 saw Northmark Bank place emphasis on $200k-400k loans with 58 originations, totaling $16,440,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 46 $32,720,000 $711,304 $0 0.00%
$150k-250k 35 $10,055,000 $287,286 $0 0.00%
$100k-150k 24 $5,880,000 $245,000 $0 0.00%
$75k-100k 13 $2,795,000 $215,000 $0 0.00%
$50k-75k 11 $2,425,000 $220,455 $0 0.00%
$50k or less 5 $1,275,000 $255,000 $0 0.00%

Northmark Bank lent most frequently to those with incomes in the $250k+ range, with 46 originations. The second most popular income band? $150k-250k, with 35 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 223 $124,535,000 $558,453 $0 0.00%

Northmark Bank lent most frequently to those with DTI ratios of Exempt%, with 223 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 71 $60,875,000 $857,394 $0 0.00%
White 97 $32,205,000 $332,010 $0 0.00%
Not provided 48 $27,990,000 $583,125 $0 0.00%
Chinese 2 $2,000,000 $1,000,000 $0 0.00%
Korean 3 $1,025,000 $341,667 $0 0.00%
Native Hawaiian 1 $385,000 $385,000 $0 0.00%
Other Asian 1 $55,000 $55,000 $0 0.00%

Approval Rates

Total approvals of all applications
95.87%

Northmark 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
90.40%

Northmark Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 223 $124,535,000 $558,453

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
223 $124,535,000 $558,453

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Northmark Bank 26 Mount Vernon Street Winchester, MA 1890 Full Service B&M $107,092
Northmark Bank 69 Park Street Andover, MA 1810 Full Service B&M $27,011
Northmark Bank 89 Turnpike St North Andover, MA 1845 Full Service B&M $258,345

For 2021, Northmark Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $14,475
Net interest income $13,237
Total noninterest income $864
Gross Fiduciary activities income $0
Service charges on deposit accounts $166
Trading account gains and fees $0
Additional Noninterest Income $698
Pre-tax net operating income $4,898
Securities gains (or losses, -) $0
Income before extraordinary items $3,510
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,510
Minority interest net income $0
Net income $3,510
Sale, conversion, retirement of capital stock, net $211
Net operating income $3,510

Northmark Bank's gross interest income from loans was $14,475,000.
Northmark Bank's net interest income from loans was $13,237,000.
Northmark Bank's fee based income from loans was $166,000.
Northmark Bank's net income from loans was $3,510,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,238
Provision for credit losses $60
Total noninterest expense $9,143
Salaries and employee benefits $6,686
Premises and equipment expense $715
Additional noninterest expense $1,742
Applicable income taxes $1,388
Net charge-offs $0
Cash dividends $632

Northmark Bank's interest expense for loans was $1,238,000.
Northmark Bank's payroll and benefits expense were $6,686,000.
Northmark Bank's property, plant and equipment expenses $715,000.

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 $390,748
Deposits held in domestic offices $390,748
Deposits by Individuals, partnerships, and corporations $390,720
Deposits by U.S. Government $2
Deposits by States and political subdivisions in the U.S. $26
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 $33,958
Demand deposits $24,104
Nontransaction accounts $356,790
Money market deposit accounts (MMDAs) $16,129
Other savings deposits (excluding MMDAs) $227,241
Total time deposits $113,420
Total time and savings deposits $366,644
Noninterest-bearing deposits $137,181
Interest-bearing deposits $253,567
Retail deposits $315,812
IRAs and Keogh plan accounts $16,385
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $452,310
Cash & Balances due from depository institutions $90,114
Interest-bearing balances $88,270
Total securities $36,005
Federal funds sold & reverse repurchase $0
Net loans and leases $314,416
Loan and leases loss allowance $4,128
Trading account assets $0
Bank premises and fixed assets $5,043
Other real estate owned $0
Goodwill and other intangibles $663
All other assets $6,069

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $452,310
Total Liabilities $398,911
Total deposits $390,748
Interest-bearing deposits $253,567
Deposits held in domestic offices $390,748
% insured (estimated) $59
Federal funds purchased and repurchase agreements $3,064
Trading liabilities $0
Other borrowed funds $2,000
Subordinated debt $0
All other liabilities $3,099

Issued Loan Types

Type Value (in 000's)
Net loans and leases $314,416
Loan and leases loss allowance $4,128
Total loans and leases (domestic) $318,544
All real estate loans $292,762
Real estate loans in domestic offices $292,762
Construction and development loans $37,293
Residential 1-4 family construction $37,293
Other construction, all land development and other land $0
Loans secured by nonfarm nonresidential properties $64,192
Nonfarm nonresidential secured by owner-occupied properties $37,974
Commercial real estate & other non-farm, non-residential $26,218
Multifamily residential real estate $12,293
1-4 family residential loans $178,984
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $24,290
To non-U.S. addressees $0
Loans to individuals $1,077
Credit card loans $0
Related Plans $54
Consumer Auto Loans $204
Other loans to individuals $819
All other loans & leases $415
Loans to foreign governments and official institutions $0
Other loans $415
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Northmark Bank had $314,416,000 of loans outstanding in 2021. $292,762,000 of loans were in real estate loans. $37,293,000 of loans were in development loans. $12,293,000 of loans were in multifamily mortgage loans. $178,984,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $204,000 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 102 $26,140 $256,275
Nonfarm, nonresidential loans - <$100k 7 $245 $35,000
Nonfarm, nonresidential loans - $100-250k 36 $4,055 $112,639
Nonfarm, nonresidential loans - $250k-1MM 59 $21,840 $370,169
Commercial & Industrial, US addressed loans - <$1MM 216 $15,629 $72,356
Commercial & Industrial, US addressed loans - <$100k 121 $2,527 $20,884
Commercial & Industrial, US addressed loans - $100-250k 50 $4,523 $90,460
Commercial & Industrial, US addressed loans - $250k-1MM 45 $8,579 $190,644