Gorham Savings Bank Mortgage Rates, Fees & Info

Gorham, ME

LEI: DZHW4H2BUS3DOGKT0727

Tax ID: 01-0078890

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
  • 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, Tampa, Scranton, and Augusta among others. We have data for 7 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

    379

    Origination Dollar Volume (All Markets)

    $139,695,000

    Employee count

    199

    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) 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.

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

    • Product Mix

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

    For 2021, Gorham Savings Bank's most frequently originated type of loan was Conventional, with 379 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Gorham Savings Bank's most frequently cited loan purpose was Refi, with 283 originations. The 2nd most popular reason was 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 2021, Gorham Savings Bank's most frequently cited loan duration was 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
    96.50%

    Gorham Savings 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
    74.41%

    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 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 64 Main St Gorham, ME 4038 Full Service B&M $352,095
    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