Gorham Savings Bank Mortgage Rates, Fees & Info

Gorham, ME

LEI: DZHW4H2BUS3DOGKT0727

Tax ID: 01-0078890

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Gorham Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Gorham Savings Bank has a high proportion of conventional loans. Their top markets include Portland, Lewiston, Tampa, Scranton, and Augusta among others. Gorham Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

379

Origination Dollar Volume (All Markets)

$139,695,000

Employee count

199

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 344 $131,780,000 $383,081 $0 0.00%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 18 $4,010,000 $222,778 $0 0.00%
Outside of Metro Areas 12 $2,720,000 $226,667 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Augusta-Waterville, ME (FHA|USDA|VA) 2 $220,000 $110,000 $0 0.00%
BANGOR, ME (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%

Gorham Savings Bank's top markets include Portland, Lewiston, Tampa, Scranton, and Augusta among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 379 $139,695,000 $368,588 $0 0.00%

For the 2021 period, Gorham Savings Bank's most frequently originated loan type of loans were Conventional, with 379 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 283 $68,525,000 $242,138 $0 0.00%
Home Purchase 85 $65,815,000 $774,294 $0 0.00%
Other 6 $1,970,000 $328,333 $0 0.00%
Home Improvement 5 $3,385,000 $677,000 $0 0.00%

For the 2021, Gorham Savings Bank's most frequently cited loan purpose of loans were Refi, with 283 originations. The 2nd most popular reason of loans were Home Purchase, with 85 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 379 $139,695,000 $368,588 $0 0.00%

For the 2021, Gorham Savings Bank's most frequently cited loan length of loans were Other, with 379 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 154 $42,220,000 $274,156 $0 0.00%
$100k-200k 123 $18,455,000 $150,041 $0 0.00%
$400k-600k 38 $17,940,000 $472,105 $0 0.00%
$100,000 or less 32 $2,500,000 $78,125 $0 0.00%
$1MM+ 18 $47,840,000 $2,657,778 $0 0.00%
$600k-1MM 14 $10,740,000 $767,143 $0 0.00%

2021 saw Gorham Savings Bank place emphasis on $200k-400k loans with 154 originations, totaling $42,220,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 83 $19,855,000 $239,217 $0 0.00%
$150k-250k 65 $21,145,000 $325,308 $0 0.00%
$50k-75k 65 $11,915,000 $183,308 $0 0.00%
$75k-100k 43 $8,965,000 $208,488 $0 0.00%
$50k or less 37 $5,935,000 $160,405 $0 0.00%
$250k+ 34 $19,600,000 $576,471 $0 0.00%

Gorham Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 83 originations. The second most popular income band? $150k-250k, with 65 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 379 $139,695,000 $368,588 $0 0.00%

Gorham Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 379 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 256 $68,860,000 $268,984 $0 0.00%
Not applicable 44 $50,450,000 $1,146,591 $0 0.00%
Not provided 73 $18,805,000 $257,603 $0 0.00%
Asian 5 $1,445,000 $289,000 $0 0.00%
Black 1 $135,000 $135,000 $0 0.00%

Approval Rates

Total approvals of all applications
94.12%

Gorham Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
76.85%

Gorham Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 379 $139,695,000 $368,588

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
379 $139,695,000 $368,588

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
GreenSky, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Gorham Savings Bank 64 Main St Gorham, ME 4038 Full Service B&M $352,095
Gorham Savings Bank 10 Wentworth Drive Gorham, ME 4038 Full Service Cyber Office $19,901
Gorham Savings Bank 11 Sokokis Trail East Waterboro, ME 4030 Full Service B&M $75,417
Gorham Savings Bank 118 Congress Street Portland, ME 4101 Full Service B&M $51
Gorham Savings Bank 172 Commercial Street Portland, ME 4101 Full Service B&M $124,292
Gorham Savings Bank 202 Us Route One Falmouth, ME 4105 Full Service B&M $66,882
Gorham Savings Bank 288 Main Street Yarmouth, ME 4096 Full Service B&M $3,210
Gorham Savings Bank 38 Hannaford Drive Scarborough, ME 4074 Full Service B&M $139,038
Gorham Savings Bank 395 Gorham Road South Portland, ME 4106 Full Service B&M $58,266
Gorham Savings Bank 65 Gray Road Falmouth, ME 4105 Full Service B&M $86,215
Gorham Savings Bank 71 Marginal Way Portland, ME 4101 Full Service B&M $141,370
Gorham Savings Bank 766 Roosevelt Trail Windham, ME 4062 Full Service B&M $129,695
Gorham Savings Bank Colonial Market Place, Route 25 Standish, ME 4084 Full Service B&M $101,894
Gorham Savings Bank One India Street Portland, ME 4101 Full Service B&M $6,209

For 2021, Gorham Savings Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $48,127
Net interest income $46,163
Total noninterest income $4,956
Gross Fiduciary activities income $0
Service charges on deposit accounts $777
Trading account gains and fees $0
Additional Noninterest Income $4,179
Pre-tax net operating income $12,610
Securities gains (or losses, -) $51
Income before extraordinary items $11,051
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,051
Minority interest net income $0
Net income $11,051
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,006

Gorham Savings Bank's gross interest income from loans was $48,127,000.
Gorham Savings Bank's net interest income from loans was $46,163,000.
Gorham Savings Bank's fee based income from loans was $777,000.
Gorham Savings Bank's net income from loans was $11,051,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,964
Provision for credit losses $1,730
Total noninterest expense $36,779
Salaries and employee benefits $20,392
Premises and equipment expense $4,283
Additional noninterest expense $12,104
Applicable income taxes $1,610
Net charge-offs $3,661
Cash dividends $110

Gorham Savings Bank's interest expense for loans was $1,964,000.
Gorham Savings Bank's payroll and benefits expense were $20,392,000.
Gorham Savings Bank's property, plant and equipment expenses $4,283,000.

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 1.0%
HELOC loans 1.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 3.0%
Credit card loans 0.0%
Other individual loans 3.0%
Auto loans 3.0%
Other consumer loans 3.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,358,876
Deposits held in domestic offices $1,358,876
Deposits by Individuals, partnerships, and corporations $1,238,484
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $118,653
Deposits by Commercial banks and other depository institutions in U.S. $1,739
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $13,108
Demand deposits $9,186
Nontransaction accounts $1,345,768
Money market deposit accounts (MMDAs) $439,314
Other savings deposits (excluding MMDAs) $807,697
Total time deposits $98,757
Total time and savings deposits $1,349,690
Noninterest-bearing deposits $379,479
Interest-bearing deposits $979,397
Retail deposits $1,206,053
IRAs and Keogh plan accounts $22,912
Brokered deposits $145,756
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,540,223
Cash & Balances due from depository institutions $27,888
Interest-bearing balances $9,297
Total securities $318,045
Federal funds sold & reverse repurchase $0
Net loans and leases $1,123,800
Loan and leases loss allowance $9,512
Trading account assets $5,841
Bank premises and fixed assets $20,519
Other real estate owned $0
Goodwill and other intangibles $78
All other assets $44,052

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,540,223
Total Liabilities $1,403,098
Total deposits $1,358,876
Interest-bearing deposits $979,397
Deposits held in domestic offices $1,358,876
% insured (estimated) $80
Federal funds purchased and repurchase agreements $10,164
Trading liabilities $0
Other borrowed funds $20,349
Subordinated debt $0
All other liabilities $13,709

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,123,800
Loan and leases loss allowance $9,512
Total loans and leases (domestic) $1,133,312
All real estate loans $952,909
Real estate loans in domestic offices $952,909
Construction and development loans $71,516
Residential 1-4 family construction $15,525
Other construction, all land development and other land $55,991
Loans secured by nonfarm nonresidential properties $454,351
Nonfarm nonresidential secured by owner-occupied properties $127,245
Commercial real estate & other non-farm, non-residential $327,106
Multifamily residential real estate $107,958
1-4 family residential loans $318,848
Farmland loans $236
Loans held in foreign offices $0
Farm loans $277
Commercial and industrial loans $147,443
To non-U.S. addressees $0
Loans to individuals $3,026
Credit card loans $0
Related Plans $85
Consumer Auto Loans $1,143
Other loans to individuals $1,798
All other loans & leases $29,657
Loans to foreign governments and official institutions $0
Other loans $45
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $430
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,211
Non 1-4 family restructured loans & leases $99
Total loans and leases (foreign) $0

Gorham Savings Bank had $1,123,800,000 of loans outstanding in 2021. $952,909,000 of loans were in real estate loans. $71,516,000 of loans were in development loans. $107,958,000 of loans were in multifamily mortgage loans. $318,848,000 of loans were in 1-4 family mortgage loans. $277,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,143,000 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 497 $130,787 $263,153
Nonfarm, nonresidential loans - <$100k 59 $2,070 $35,085
Nonfarm, nonresidential loans - $100-250k 184 $24,822 $134,902
Nonfarm, nonresidential loans - $250k-1MM 254 $103,895 $409,035
Commercial & Industrial, US addressed loans - <$1MM 873 $78,000 $89,347
Commercial & Industrial, US addressed loans - <$100k 496 $9,544 $19,242
Commercial & Industrial, US addressed loans - $100-250k 181 $15,716 $86,829
Commercial & Industrial, US addressed loans - $250k-1MM 196 $52,740 $269,082
Farmland loans - <$1MM 2 $236 $118,000
Farmland loans - <$100k 1 $14 $14,000
Farmland loans - $100-250k 1 $222 $222,000
Agriculture operations loans - <$1MM 1 $277 $277,000
Agriculture operations loans - $250k-1MM 1 $277 $277,000