Banker & Tradesman's Fast 50

Fast50

 


 

Purchase, Refi Activity Boost Loan Portfolios In First Half Of 2016

 

Growth In Commercial Space Supported By Mid-Range Purchases Beyond Greater Boston

By Laura Alix

Banker & Tradesman Staff

In an ultra-prolonged, ultra-low interest rate environment, some Massachusetts financial institutions are still beefing up their loan portfolios.

The Fast 50, compiled from data collected by The Warren Group, publisher of Banker & Tradesman, reveals the 50 fastest growing lenders in Massachusetts for the first six months of the year, compared with the year-ago period.

And while larger financial institutions may be originating greater volumes of loans, smaller community banks and credit unions saw some of the greatest year-over-year increases in this year’s list. Mansfield Bank, for instance, increased its residential lending volume by 129 percent year-over-year to $42.8 million.

Or consider Tremont Credit Union, which increased its residential loan volume 218 percent this year, to $13.2 million from $4.2 million last year.

Michael Lemelin, the credit union’s senior vice president of lending, said that the organization had revamped its entire mortgage portfolio and benefitted from decent purchase activity and refinance activity.

Mortgage companies made out well, too. Cross Country Mortgage Inc. dominated the list, with 456 residential loans totaling $144.8 million this year, compared with 36 loans totaling $9.8 million last year. That’s a whopping 1,377 percent increase in volume.

Community banks benefitted greatly where commercial lending was concerned in this year’s Fast 50. That may be due in part to increasing regulatory focus on commercial real estate concentration, motivating larger institutions to not add on loans as quickly as they did in recent years. Or it may simply be that demand at the high end of the market is cooling off. Whatever the case, smaller institutions began to bulk up this year.

For instance, Pentucket Bank took the top spot in commercial lending by volume of loans, making commercial real estate mortgages totaling $26.9 million this year, compared with $1.6 million in the first half of 2015. By number of loans, Greenfield Cooperative Bank dominated the list, making 34 commercial real estate loans this year, compared with 11 this year, totaling $9.1 million and $1.9 million, respectively.

Charles Walker, president of Pentucket Bank, said the bank booked a couple of large deals earlier this year, which helped boost its commercial volume, and also benefitted from modest improvements in the local economy. He added that Pentucket Bank was holding pricing and credit quality standards steady and had added one new commercial lender in Massachusetts.

HarborOne Bank also added new commercial lenders and credit support staff to help augment its growth, said Scott Sanborn, senior vice president of commercial lending. The bank made 30 commercial real estate loans totaling $59.5 million in the first half of 2016, compared with 13 loans totaling $35.4 million, earning it a place among this year’s Fast 50.

“I’d say within Massachusetts, we’ve found a lot of opportunities outside of Greater Boston; between 128 out to 495, we’ve found that market to be busier,” he told Banker & Tradesman. “I would say there’s certainly a lot more purchase activity than refinance activity. Investors have been active, but certainly the activity has remained strong and we’ve seen more purchase transaction opportunities and properties changing hands.”

Email: lalix@thewarrengroup.com

 

Residential: Volume of Loans

Lender                                                                                     2015                      2016        Percent Change

1. Cross Country Mortgage Inc. $9,798,953 $144,768,487 1377%
2. Home Point Financial Corp. $24,627,191 $119,349,821 385%
3. Pennymac Loan Services LLC $8,168,196 $34,133,745 318%
4. Tremont Credit Union $4,156,500 $13,226,700 218%
5. Eagle Bank $23,883,808 $75,765,791 217%
6. American Financial Resources $11,476,857 $33,229,171 190%
7. Westfield Bank $6,951,118 $17,048,903 145%
8. River Works Credit Union $9,679,434 $23,735,583 145%
9. Endeavor Capital LLC $23,257,150 $55,516,696 139%
10. Mansfield Cooperative Bank $18,646,390 $42,782,400 129%
11. Envoy Mortgage LTD $19,764,840 $45,002,621 128%
12. Middlesex Federal Savings and Loan Association $13,551,060 $27,751,100 105%
13. New Day Financial LLC $10,192,293 $20,384,359 100%
14. Blue Hills Bank $127,193,638 $239,438,258 88%
15. Reverse Mortgage Funding LLC $23,673,750 $44,258,925 87%
16. Foxboro Federal Savings & Loan Association $8,188,450 $15,263,185 86%
17. First Ipswich Bank $12,994,020 $24,001,576 85%
18. United Shore Financial Services LLC $153,937,950 $271,840,312 77%
19. Braintree Cooperative Bank $12,472,666 $21,953,250 76%
20. Bank of New York Mellon $70,698,497 $122,229,081 73%
21. Security First Mortgage Funding $9,541,327 $16,304,803 71%
22. Provident Funding Associates $59,010,400 $100,623,800 71%
23. Mechanics Cooperative Bank $16,261,220 $27,552,228 69%
24. Homefield Credit Union $9,284,700 $15,437,510 66%
25. Hometown Bank $30,474,937 $50,251,396 65%
26. City Of Boston Credit Union $17,532,950 $28,453,144 62%
27. Rollstone Bank & Trust $14,200,990 $22,261,444 57%
28. Wintrust Mortgage Corp. $23,337,203 $36,575,415 57%
29. Allied Mortgage Group $7,547,422 $11,823,182 57%
30. Seamens Savings Bank $11,892,650 $18,625,660 57%
31. New England Regional Mortgage Corp. $10,259,544 $15,971,764 56%
32. Family Federal Savings & Loan Association $11,268,421 $17,379,222 54%
33. Homestead Funding Corp. $13,122,712 $20,112,141 53%
34. Savers Cooperative Bank $19,742,750 $29,948,267 52%
35. TIAA CREF Trust Co. FSB $9,483,358 $14,370,656 52%
36. Rockland Trust Co. $339,102,584 $513,103,208 51%
37. Milford National Bank and Trust Co. $12,247,800 $18,427,571 51%
38. Academy Mortgage Corp. $47,303,466 $71,015,332 50%
39. Bridgewater Savings Bank $46,900,755 $69,765,241 49%
40. Neighborhood Assistance Corp. of America $17,784,403 $26,286,572 48%
41. First Home Mortgage $60,074,475 $87,855,999 46%
42. TD Bank NA $261,819,084 $380,482,558 45%
43. Melrose Cooperative Bank $15,281,750 $21,963,082 44%
44. National Bank of Kansas $11,802,957 $16,870,913 43%
45. Community Credit Union Lynn $10,429,270 $14,658,669 41%
46. GMH Mortgage Services LLC $49,145,432 $69,036,174 41%
47. Spencer Savings Bank $21,272,155 $29,876,292 40%
48. Peoples United Bank $71,100,982 $99,592,153 40%
49. Semper Home Loans $9,774,526 $13,613,766 39%
50. East Cambridge Savings Bank $68,021,523 $94,559,352 39%
Residential: Number of Loans

Lender                                                                                     2015                      2016        Percent Change

1. Cross Country Mortgage Inc. 36 456 1167%
2. Pennymac Loan Services LLC 29 122 321%
3. Home Point Financial Corp. 94 387 312%
4. Commerce Bank & Trust Co. 28 73 161%
5. Tremont Credit Union 37 96 160%
6. American Financial Resources 50 125 150%
7. Envoy Mortgage LTD 81 160 98%
8. Mansfield Cooperative Bank 75 142 89%
9. New Day Financial LLC 36 67 86%
10. United Shore Financial Services LLC 500 906 81%
11. Westfield Bank 90 154 71%
12. River Works Credit Union 57 97 70%
13. Security First Mortgage Funding 42 70 67%
14. Seamens Savings Bank 46 76 65%
15. Rockland Trust Co. 1,466 2,418 65%
16. Allied Mortgage Group 28 46 64%
17. Provident Funding Associates 199 323 62%
18. Braintree Cooperative Bank 60 94 57%
19. Bridgewater Credit Union 62 97 57%
20. Reverse Mortgage Funding LLC 48 75 56%
21. Shrewsbury Municiple Employee
Federal Credit Union
51 79 55%
22. New England Regional
Mortgage Corp.
39 60 54%
23. Wintrust Mortgage Corp. 65 98 51%
24. Bristol County Savings Bank 200 300 50%
25. Digital Federal Credit Union 1,079 1,617 50%
26. New Bedford Credit Union 27 40 48%
27. Homefield Credit Union 61 90 48%
28. Middlesex Federal Savings and
Loan Association
38 56 47%
29. Blue Hills Bank 377 553 47%
30. Milford National Bank and Trust Co. 43 62 44%
31. Pawtucket Credit Union 98 141 44%
32. Fall River Five Cents Savings Bank 104 149 43%
33. First Ipswich Bank 51 73 43%
34. Mechanics Cooperative Bank 80 114 43%
35. First Home Mortgage 215 306 42%
36. Luso Federal Credit Union 121 170 41%
37. Flagstar Bank FSB 97 136 40%
38. Clinton Savings Bank 127 178 40%
39. Bridgewater Savings Bank 191 266 39%
40. Federal Savings Bank 67 93 39%
41. Fall River Municipal Employees Credit Union 40 55 38%
42. Semper Home Loans 41 56 37%
43. City Of Boston Credit Union 107 146 36%
44. Neighborhood Assistance Corp.
of America
69 94 36%
45. GMH Mortgage Services LLC 159 216 36%
46. InterContinental Capital Group Inc. 29 39 35%
47. American Internet Mortgage 39 52 33%
48. Brookline Bank 328 437 33%
49. Fairway Independent Mortgage 1,355 1,803 33%
50. Eagle Bank 70 93 33%
Commercial: Volume of Loans

Lender                                                                                     2015                      2016        Percent Change

1. Pentucket Bank $1,593,000 $26,927,000 1590%
2. Freedom Credit Union $1,478,040 $8,061,850 445%
3. Greenfield Cooperative Bank $1,978,600 $9,114,338 361%
4. St. Anne’s Credit Union $6,051,410 $27,735,427 358%
5. Bay State Savings Bank $2,543,750 $11,535,666 354%
6. Milford National Bank
and Trust Co.
$4,562,501 $18,674,500 309%
7. Bridgewater Savings Bank $4,371,984 $16,438,449 276%
8. Mansfield Cooperative Bank $5,411,380 $20,339,500 276%
9. Endeavor Capital LLC $3,750,600 $13,495,814 260%
10. Cambridge Savings Bank $39,173,000 $140,540,014 259%
11. Fidelity Cooperative Bank $4,281,425 $15,310,108 258%
12. Cape Ann Savings Bank $5,061,300 $17,611,500 248%
13. Dean Cooperative Bank $895,000 $3,048,964 241%
14. First Commons Bank $10,536,555 $31,960,781 203%
15. Stoneham Cooperative Bank $6,593,125 $19,094,800 190%
16. Millbury Savings Bank $4,233,841 $11,536,300 173%
17. Rollstone Bank & Trust $12,000,703 $32,245,416 169%
18. Savers Cooperative Bank $4,021,000 $10,594,100 164%
19. Charles River Bank $3,037,600 $8,004,366 164%
20. Hometown Bank $11,726,036 $29,192,546 149%
21. Institution for Savings Newburyport $19,917,875 $47,047,501 136%
22. Newburyport Five Cents Savings Bank $4,791,500 $11,265,420 135%
23. Middlesex Federal Savings and Loan Association $7,788,250 $17,106,000 120%
24. MutualOne Bank $25,358,375 $55,275,388 118%
25. Radius Bank $7,224,800 $14,300,250 98%
26. Pilgrim Cooperative Bank $10,965,500 $21,357,500 95%
27. Mutual Bank $8,460,750 $16,365,325 93%
28. Citicorp Mortgage Inc. $30,004,951 $57,286,222 91%
29. Westfield Bank $13,921,800 $26,382,243 90%
30. Northern Bank & Trust $51,893,258 $97,893,310 89%
31. Metro Credit Union $7,947,837 $14,850,200 87%
32. Spencer Savings Bank $11,245,000 $19,323,250 72%
33. Washington Savings Bank $3,265,750 $5,607,000 72%
34. Winter Hill Federal Savings Bank $5,113,150 $8,716,500 71%
35. HarborOne Bank $35,377,700 $59,451,500 68%
36. Northmark Bank $5,303,000 $8,730,000 65%
37. Adams Community Bank $3,136,891 $5,105,700 63%
38. Rockland Trust Co. $125,659,802 $199,190,351 59%
39. Farm Credit East ACA $4,683,000 $7,384,905 58%
40. Bristol County Savings Bank $24,873,750 $39,072,540 57%
41. Bay Colony Development Corp. $12,858,000 $18,687,570 45%
42. Edgartown National Bank $3,286,436 $4,734,000 44%
43. Mechanics Cooperative Bank $8,482,850 $12,168,820 44%
44. East Boston Savings Bank $119,176,228 $166,160,507 39%
45. Eastern Bank $173,843,277 $241,280,239 39%
46. Granite State Economic Development Corp. $14,996,001 $20,691,002 38%
47. North Brookfield Savings Bank $6,311,350 $8,695,140 38%
48. Dedham Institution for Savings $26,186,725 $36,021,250 38%
49. Seamens Savings Bank $6,030,250 $8,110,750 35%
50. JP Morgan Chase Bank $40,094,132 $53,205,583 33%
Commercial: Number of Loans

Lender                                                                                              2015        2016        Percent Change

1. Greenfield Cooperative Bank 11 34 209%
2. Farm Credit East ACA 5 14 180%
3. Mechanics Cooperative Bank 15 40 167%
4. Millbury Savings Bank 8 21 163%
5. Milford National Bank and Trust Co. 9 23 156%
6. Rollstone Bank & Trust 9 22 144%
7. Bay State Savings Bank 7 17 143%
8. HarborOne Bank 13 30 131%
9. Stoneham Cooperative Bank 10 21 110%
10. Savers Cooperative Bank 7 14 100%
11. Pentucket Bank 6 12 100%
12. Cambridge Savings Bank 20 39 95%
13. Cape Ann Savings Bank 18 33 83%
14. Dean Cooperative Bank 5 9 80%
15. Endeavor Capital LLC 8 14 75%
16. Northern Bank & Trust 33 54 64%
17. MutualOne Bank 21 34 62%
18. North Easton Savings Bank 7 11 57%
19. Mansfield Cooperative Bank 7 11 57%
20. Colonial Federal Savings
Bank-Quincy
6 9 50%
21. Mutual Bank 15 22 47%
22. Institution for Savings Newburyport 26 38 46%
23. Greylock Federal Credit Union 11 16 46%
24. Massachusetts Housing Partnership Fund 7 10 43%
25. Bridgewater Savings Bank 14 20 43%
26. North Middlesex Savings Bank 15 21 40%
27. First Commons Bank 10 14 40%
28. Freedom Credit Union 8 11 38%
29. Leader Bank NA 45 61 36%
30. Easthampton Savings Bank 17 23 35%
31. Westfield Bank 18 24 33%
32. Middlesex Federal Savings and Loan Association 9 12 33%
33. First Republic Bank 18 24 33%
34. Farmington Bank 6 8 33%
35. Eagle Bank 9 12 33%
36. Charles River Bank 9 12 33%
37. Dedham Institution for Savings 19 25 32%
38. Citicorp Mortgage Inc. 16 21 31%
39. North Shore Bank 29 38 31%
40. Salem Five Mortgage Co. 55 72 31%
41. Winter Hill Federal Savings Bank 10 13 30%
42. Santander Bank NA 62 80 29%
43. Bay Colony Development Corp. 28 36 29%
44. St. Anne’s Credit Union 18 23 28%
45. East Boston Savings Bank 72 89 24%
46. Martha Vineyard Saving Bank 18 22 22%
47. LoanDepot.Com LLC 14 17 21%
48. Lee Bank 14 17 21%
49. South Shore Bank 29 35 21%
50. Seamens Savings Bank 16 19 19%

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