Gorham Savings Bank Mortgage Rates, Fees & Info

Gorham, ME

LEI: DZHW4H2BUS3DOGKT0727

Tax ID: 01-0078890

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Gorham Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Gorham Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Boston, Lewiston, Tampa, and North Port among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Gorham Savings Bank 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.

    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

    224

    Origination Dollar Volume (All Markets)

    $58,940,000

    Employee count

    195

    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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 200 $51,450,000 $257,250 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $2,605,000 $2,605,000 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 8 $1,600,000 $200,000 $0 0.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $0 0.00%
    Outside of Metro Areas 10 $1,000,000 $100,000 $0 0.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
    Berlin, NH (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
    Gorham Savings Bank's top markets include Portland, Boston, Lewiston, Tampa, and North Port among others.

    Their top states include:
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 222 $58,660,000 $264,234 $0 0.00%
    USDA 2 $280,000 $140,000 $0 0.00%

    For 2018, Gorham Savings Bank's most frequently originated type of loan was Conventional, with 222 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 120 $33,340,000 $277,833 $0 0.00%
    Refi 72 $19,010,000 $264,028 $0 0.00%
    Home Improvement 25 $5,475,000 $219,000 $0 0.00%
    Other 7 $1,115,000 $159,286 $0 0.00%

    For 2018, Gorham Savings Bank's most frequently cited loan purpose was Home Purchase, with 120 originations. The 2nd most popular reason was Refi, with 72 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 224 $58,940,000 $263,125 $0 0.00%

    For 2018, Gorham Savings Bank's most frequently cited loan duration was Other, with 224 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 82 $22,050,000 $268,902 $0 0.00%
    $100k-200k 71 $11,085,000 $156,127 $0 0.00%
    $100,000 or less 38 $2,330,000 $61,316 $0 0.00%
    $400k-600k 17 $8,095,000 $476,176 $0 0.00%
    $600k-1MM 10 $6,790,000 $679,000 $0 0.00%
    $1MM+ 6 $8,590,000 $1,431,667 $0 0.00%

    2018 saw Gorham Savings Bank place emphasis on $200k-400k loans with 82 originations, totaling $22,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 45 $10,595,000 $235,444 $0 0.00%
    $75k-100k 28 $4,870,000 $173,929 $0 0.00%
    $150k-250k 25 $7,065,000 $282,600 $0 0.00%
    $50k-75k 24 $4,060,000 $169,167 $0 0.00%
    $50k or less 17 $2,005,000 $117,941 $0 0.00%
    $250k+ 10 $4,760,000 $476,000 $0 0.00%

    Gorham Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $75k-100k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 224 $58,940,000 $263,125 $0 0.00%

    Gorham Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 224 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 129 $28,225,000 $218,798 $0 0.00%
    Not applicable 64 $23,440,000 $366,250 $0 0.00%
    Not provided 29 $6,955,000 $239,828 $0 0.00%
    Native Hawaiian 1 $215,000 $215,000 $0 0.00%
    American Indian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.39%

    Gorham Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.93%

    Gorham Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 224 $58,940,000 $263,125

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 22 $12,900,000 $586,364
    Single Family (1-4 Units):Site-Built 202 $46,040,000 $227,921

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Gorham Savings Bank 10 Wentworth Drive Gorham, ME 4038 Full Service Cyber Office $26,770
    Gorham Savings Bank 11 Sokokis Trail East Waterboro, ME 4030 Full Service B&M $52,834
    Gorham Savings Bank 118 Congress Street Portland, ME 4101 Full Service B&M $217
    Gorham Savings Bank 172 Commercial Street Portland, ME 4101 Full Service B&M $73,149
    Gorham Savings Bank 202 Us Route One Falmouth, ME 4105 Full Service B&M $38,978
    Gorham Savings Bank 30 Main Street Kennebunk, ME 4043 Full Service B&M $4,775
    Gorham Savings Bank 38 Hannaford Drive Scarborough, ME 4074 Full Service B&M $86,992
    Gorham Savings Bank 395 Gorham Road South Portland, ME 4106 Full Service B&M $26,114
    Gorham Savings Bank 64 Main Street Gorham, ME 4038 Full Service B&M $283,233
    Gorham Savings Bank 65 Gray Road Falmouth, ME 4105 Full Service B&M $50,601
    Gorham Savings Bank 71 Marginal Way Portland, ME 4101 Full Service B&M $78,162
    Gorham Savings Bank 766 Roosevelt Trail Windham, ME 4062 Full Service B&M $80,640
    Gorham Savings Bank Colonial Market Place, Route 25 Standish, ME 4084 Full Service B&M $69,316
    Gorham Savings Bank One India Street Portland, ME 4101 Full Service B&M $1,832

    For 2018, Gorham Savings Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $45,714
    Net interest income $36,721
    Total noninterest income $4,893
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $949
    Trading account gains and fees $436
    Additional Noninterest Income $3,508
    Pre-tax net operating income $7,713
    Securities gains (or losses, -) $-184
    Income before extraordinary items $6,723
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,723
    Minority interest net income $0
    Net income $6,723
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,886

    Gorham Savings Bank's gross interest income from loans was $45,714,000.
    Gorham Savings Bank's net interest income from loans was $36,721,000.
    Gorham Savings Bank's fee based income from loans was $949,000.
    Gorham Savings Bank's net income from loans was $6,723,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,993
    Provision for credit losses $752
    Total noninterest expense $33,149
    Salaries and employee benefits $17,973
    Premises and equipment expense $4,475
    Additional noninterest expense $10,701
    Applicable income taxes $806
    Net charge-offs $109
    Cash dividends $110

    Gorham Savings Bank's interest expense for loans was $8,993,000.
    Gorham Savings Bank's payroll and benefits expense were $17,973,000.
    Gorham Savings Bank's property, plant and equipment expenses $4,475,000.

    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 4.0%
    Credit card loans 0.0%
    Other individual loans 4.0%
    Auto loans 2.0%
    Other consumer loans 5.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $965,896
    Deposits held in domestic offices $965,896
    Deposits by Individuals, partnerships, and corporations $860,480
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $97,256
    Deposits by Commercial banks and other depository institutions in U.S. $8,160
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $4,452
    Demand deposits $3,630
    Nontransaction accounts $961,444
    Money market deposit accounts (MMDAs) $286,940
    Other savings deposits (excluding MMDAs) $495,292
    Total time deposits $179,212
    Total time and savings deposits $962,266
    Noninterest-bearing deposits $205,453
    Interest-bearing deposits $760,443
    Retail deposits $784,580
    IRAs and Keogh plan accounts $22,414
    Brokered deposits $174,643
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,193,697
    Cash & Balances due from depository institutions $23,744
    Interest-bearing balances $3,772
    Total securities $155,869
    Federal funds sold & reverse repurchase $0
    Net loans and leases $950,681
    Loan and leases loss allowance $8,156
    Trading account assets $4,457
    Bank premises and fixed assets $18,875
    Other real estate owned $200
    Goodwill and other intangibles $210
    All other assets $39,661

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,193,697
    Total Liabilities $1,084,714
    Total deposits $965,896
    Interest-bearing deposits $760,443
    Deposits held in domestic offices $965,896
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $2,765
    Trading liabilities $0
    Other borrowed funds $103,275
    Subordinated debt $0
    All other liabilities $12,778

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $950,681
    Loan and leases loss allowance $8,156
    Total loans and leases (domestic) $958,837
    All real estate loans $834,627
    Real estate loans in domestic offices $834,627
    Construction and development loans $42,453
    Residential 1-4 family construction $11,697
    Other construction, all land development and other land $30,756
    Loans secured by nonfarm nonresidential properties $380,849
    Nonfarm nonresidential secured by owner-occupied properties $99,616
    Commercial real estate & other non-farm, non-residential $281,233
    Multifamily residential real estate $96,768
    1-4 family residential loans $314,557
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $371
    Commercial and industrial loans $97,104
    To non-U.S. addressees $0
    Loans to individuals $4,178
    Credit card loans $0
    Related Plans $162
    Consumer Auto Loans $1,176
    Other loans to individuals $2,840
    All other loans & leases $22,557
    Loans to foreign governments and official institutions $0
    Other loans $393
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $150
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,525
    Non 1-4 family restructured loans & leases $2,108
    Total loans and leases (foreign) $0

    Gorham Savings Bank had $950,681,000 of loans outstanding in 2018. $834,627,000 of loans were in real estate loans. $42,453,000 of loans were in development loans. $96,768,000 of loans were in multifamily mortgage loans. $314,557,000 of loans were in 1-4 family mortgage loans. $371,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,176,000 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 526 $133,414 $253,639
    Nonfarm, nonresidential loans - <$100k 70 $3,014 $43,057
    Nonfarm, nonresidential loans - $100-250k 219 $31,845 $145,411
    Nonfarm, nonresidential loans - $250k-1MM 237 $98,555 $415,844
    Commercial & Industrial, US addressed loans - <$1MM 825 $59,949 $72,665
    Commercial & Industrial, US addressed loans - <$100k 512 $11,272 $22,016
    Commercial & Industrial, US addressed loans - $100-250k 160 $15,203 $95,019
    Commercial & Industrial, US addressed loans - $250k-1MM 153 $33,474 $218,784
    Agriculture operations loans - <$1MM 1 $371 $371,000
    Agriculture operations loans - $250k-1MM 1 $371 $371,000