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
  • Complaints
  • 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 Refi and Home Purchase loans. Gorham Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Lewiston, Boston, Augusta, and Berlin among others. We have data for 6 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

    166

    Origination Dollar Volume (All Markets)

    $50,580,000

    Employee count

    191

    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) 153 $47,375,000 $309,641 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 8 $2,220,000 $277,500 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
    Outside of Metro Areas 2 $400,000 $200,000 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    Berlin, NH (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
    Gorham Savings Bank's top markets include Portland, Lewiston, Boston, Augusta, and Berlin among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 166 $50,580,000 $304,699 $0 0.00%

    For 2019, Gorham Savings Bank's most frequently originated type of loan was Conventional, with 166 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 82 $19,790,000 $241,341 $0 0.00%
    Home Purchase 77 $29,465,000 $382,662 $0 0.00%
    Home Improvement 4 $840,000 $210,000 $0 0.00%
    Other 3 $485,000 $161,667 $0 0.00%

    For 2019, Gorham Savings Bank's most frequently cited loan purpose was Refi, with 82 originations. The 2nd most popular reason was Home Purchase, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 166 $50,580,000 $304,699 $0 0.00%

    For 2019, Gorham Savings Bank's most frequently cited loan duration was Other, with 166 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 73 $20,155,000 $276,096 $0 0.00%
    $100k-200k 56 $8,820,000 $157,500 $0 0.00%
    $400k-600k 20 $9,430,000 $471,500 $0 0.00%
    $100,000 or less 9 $485,000 $53,889 $0 0.00%
    $600k-1MM 5 $3,795,000 $759,000 $0 0.00%
    $1MM+ 3 $7,895,000 $2,631,667 $0 0.00%

    2019 saw Gorham Savings Bank place emphasis on $200k-400k loans with 73 originations, totaling $20,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $8,745,000 $282,097 $0 0.00%
    $50k-75k 24 $3,970,000 $165,417 $0 0.00%
    $75k-100k 23 $4,625,000 $201,087 $0 0.00%
    $250k+ 19 $7,935,000 $417,632 $0 0.00%
    $150k-250k 18 $5,800,000 $322,222 $0 0.00%
    $50k or less 6 $760,000 $126,667 $0 0.00%

    Gorham Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 166 $50,580,000 $304,699 $0 0.00%

    Gorham Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 166 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 39 $17,535,000 $449,615 $0 0.00%
    Not provided 55 $17,255,000 $313,727 $0 0.00%
    White 71 $15,385,000 $216,690 $0 0.00%
    Black 1 $405,000 $405,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.72%

    Gorham Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.93%

    Gorham Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 166 $50,580,000 $304,699

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $10,900,000 $778,571
    Single Family (1-4 Units):Site-Built 152 $39,680,000 $261,053

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    GreenSky, LLC Other type of 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 10 Wentworth Drive Gorham, ME 4038 Full Service Cyber Office $25,202
    Gorham Savings Bank 11 Sokokis Trail East Waterboro, ME 4030 Full Service B&M $55,441
    Gorham Savings Bank 118 Congress Street Portland, ME 4101 Full Service B&M $264
    Gorham Savings Bank 172 Commercial Street Portland, ME 4101 Full Service B&M $73,033
    Gorham Savings Bank 202 Us Route One Falmouth, ME 4105 Full Service B&M $54,234
    Gorham Savings Bank 30 Main Street Kennebunk, ME 4043 Full Service B&M $6,974
    Gorham Savings Bank 38 Hannaford Drive Scarborough, ME 4074 Full Service B&M $92,123
    Gorham Savings Bank 395 Gorham Road South Portland, ME 4106 Full Service B&M $28,471
    Gorham Savings Bank 64 Main Street Gorham, ME 4038 Full Service B&M $351,233
    Gorham Savings Bank 65 Gray Road Falmouth, ME 4105 Full Service B&M $52,802
    Gorham Savings Bank 71 Marginal Way Portland, ME 4101 Full Service B&M $84,590
    Gorham Savings Bank 766 Roosevelt Trail Windham, ME 4062 Full Service B&M $84,482
    Gorham Savings Bank Colonial Market Place, Route 25 Standish, ME 4084 Full Service B&M $78,967
    Gorham Savings Bank One India Street Portland, ME 4101 Full Service B&M $2,433

    For 2019, Gorham Savings Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $50,245
    Net interest income $38,644
    Total noninterest income $4,775
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $968
    Trading account gains and fees $0
    Additional Noninterest Income $3,807
    Pre-tax net operating income $9,398
    Securities gains (or losses, -) $-61
    Income before extraordinary items $7,986
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,986
    Minority interest net income $0
    Net income $7,986
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,038

    Gorham Savings Bank's gross interest income from loans was $50,245,000.
    Gorham Savings Bank's net interest income from loans was $38,644,000.
    Gorham Savings Bank's fee based income from loans was $968,000.
    Gorham Savings Bank's net income from loans was $7,986,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,601
    Provision for credit losses $319
    Total noninterest expense $33,702
    Salaries and employee benefits $17,986
    Premises and equipment expense $4,577
    Additional noninterest expense $11,139
    Applicable income taxes $1,351
    Net charge-offs $45
    Cash dividends $105

    Gorham Savings Bank's interest expense for loans was $11,601,000.
    Gorham Savings Bank's payroll and benefits expense were $17,986,000.
    Gorham Savings Bank's property, plant and equipment expenses $4,577,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 7.0%
    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 4.0%
    Other consumer loans 5.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,030,221
    Deposits held in domestic offices $1,030,221
    Deposits by Individuals, partnerships, and corporations $923,404
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $101,876
    Deposits by Commercial banks and other depository institutions in U.S. $4,941
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $5,570
    Demand deposits $4,795
    Nontransaction accounts $1,024,651
    Money market deposit accounts (MMDAs) $326,994
    Other savings deposits (excluding MMDAs) $500,646
    Total time deposits $197,011
    Total time and savings deposits $1,025,426
    Noninterest-bearing deposits $201,328
    Interest-bearing deposits $828,893
    Retail deposits $817,532
    IRAs and Keogh plan accounts $21,570
    Brokered deposits $196,517
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,256,735
    Cash & Balances due from depository institutions $42,494
    Interest-bearing balances $22,888
    Total securities $178,769
    Federal funds sold & reverse repurchase $0
    Net loans and leases $968,331
    Loan and leases loss allowance $8,430
    Trading account assets $4,840
    Bank premises and fixed assets $19,194
    Other real estate owned $200
    Goodwill and other intangibles $135
    All other assets $42,772

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,256,735
    Total Liabilities $1,136,642
    Total deposits $1,030,221
    Interest-bearing deposits $828,893
    Deposits held in domestic offices $1,030,221
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $2,445
    Trading liabilities $0
    Other borrowed funds $89,203
    Subordinated debt $0
    All other liabilities $14,773

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $968,331
    Loan and leases loss allowance $8,430
    Total loans and leases (domestic) $976,761
    All real estate loans $824,896
    Real estate loans in domestic offices $824,896
    Construction and development loans $47,428
    Residential 1-4 family construction $12,526
    Other construction, all land development and other land $34,902
    Loans secured by nonfarm nonresidential properties $381,064
    Nonfarm nonresidential secured by owner-occupied properties $94,748
    Commercial real estate & other non-farm, non-residential $286,316
    Multifamily residential real estate $95,508
    1-4 family residential loans $300,896
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $351
    Commercial and industrial loans $124,821
    To non-U.S. addressees $0
    Loans to individuals $4,146
    Credit card loans $0
    Related Plans $159
    Consumer Auto Loans $1,368
    Other loans to individuals $2,619
    All other loans & leases $22,547
    Loans to foreign governments and official institutions $0
    Other loans $83
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $72
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,354
    Non 1-4 family restructured loans & leases $111
    Total loans and leases (foreign) $0

    Gorham Savings Bank had $968,331,000 of loans outstanding in 2019. $824,896,000 of loans were in real estate loans. $47,428,000 of loans were in development loans. $95,508,000 of loans were in multifamily mortgage loans. $300,896,000 of loans were in 1-4 family mortgage loans. $351,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,368,000 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 513 $125,782 $245,189
    Nonfarm, nonresidential loans - <$100k 68 $3,200 $47,059
    Nonfarm, nonresidential loans - $100-250k 214 $29,462 $137,673
    Nonfarm, nonresidential loans - $250k-1MM 231 $93,120 $403,117
    Commercial & Industrial, US addressed loans - <$1MM 857 $75,078 $87,606
    Commercial & Industrial, US addressed loans - <$100k 502 $12,687 $25,273
    Commercial & Industrial, US addressed loans - $100-250k 176 $17,116 $97,250
    Commercial & Industrial, US addressed loans - $250k-1MM 179 $45,275 $252,933
    Agriculture operations loans - <$1MM 2 $350 $175,000
    Agriculture operations loans - <$100k 1 $10 $10,000
    Agriculture operations loans - $250k-1MM 1 $340 $340,000