In an ultra-prolonged, ultra-low rate environment, Connecticut lenders are still managing to beef up their portfolios – at least, if this year’s Fast 50 is any indication.
The Fast 50, compiled from data collected by The Warren Group, publisher of The Commercial Record, reveals the 50 fastest growing lenders in Connecticut for the first six months of the year, compared with the year-ago period.
Connecticut’s residential market saw prices decline while transactions ticked up, and lenders like Envoy Mortgage and Nutmeg State Financial Credit Union ranked among the 50 fastest growing residential lenders.
The Buffalo, New York-based M&T Bank also showed up on the Fast 50’s residential list. M&T ranked No. 7 by volume and No. 9 by number of loans, having made 125 loans totaling $43.3 million this year, compared with 65 loans worth $18 million last year.
Its appearance in this year’s Fast 50 is almost certainly due to its recent acquisition of Hudson City Savings Bank. That deal gave M&T nine branches in Connecticut and helped to fill out its footprint across the tri-state and Mid-Atlantic region.
Commercial Ticks Up
Even as the state has struggled with the perception that it’s unfriendly to business, Connecticut’s community financial institutions have been more than happy to supply the capital small to mid-sized businesses needed this year for commercial properties.
For example, Ion Bank claimed the No. 2 spot on the Fast 50 for commercial loans by volume. (It was ranked No. 7 by number of loans.) The Naugatuck-based bank made 38 commercial real estate loans worth $41.7 million in the first half of 2016, compared with 27 loans totaling $9.9 million in the year-ago period. That represents an increase in volume of nearly 323 percent.
Jayne Kelly, senior vice president of commercial lending at Ion Bank, said that the bank has in recent years added front line and back end staff in its loan administration area with the aim of better handling a greater volume of loans. The basic idea is to free up commercial lenders’ workloads so they can spend more time pounding the pavement and bringing deals back to Ion Bank.
As to what many of those deals entailed, Kelly said, “We’re seeing multifamily construction. We’re doing a fair number of development projects and new residential developments. We’ve also done some owner-occupied commercial real estate, and we’ve been working a lot with service industries.”
Chelsea Groton Bank, meanwhile, topped the Fast 50’s commercial list by number of loans and took the 17th spot by volume. The bank made 35 loans totaling about $29.6 million in the first half of this year, compared with 18 loans totaling $18.5 million last year, representing a 94.4 percent increase in volume and a 60.3 percent increase by number of loans.
Some of that comes down to timing, said Tony Joyce, commercial lending manager. Throughout 2014 and 2015, many of the deals in Chelsea Groton’s pipeline closed in the second half of the year, whereas the Fast 50 measures deals closed in the first half of the year.
But Chelsea Groton Bank also recently moved beyond its traditional footprint in New London County when it a loan production center in Glastonbury last fall.
Joyce said that Chelsea Groton has financed properties ranging from apartment buildings to retail to a golf course, and he said that competition for the good credits has been fierce.
“Pricing is very intense from a competition standpoint, but we’re sticking to our underwriting philosophies,” he said. “We’re not compromising on underwriting. We’ve had to get a little sharper pencil from a pricing standpoint and for the right credits, we understand that we have to do that.”
The Fast 50 ranks the 50 fastest-growing loan providers in the state, including mortgage and financial companies, banks, credit unions and other financial institutions. Rankings compare the number of loans through June 2015 to the number of loans made through June 2016, and the volume of loans through June 2015 to the volume of loans through June 2016. Rankings include purchase and non-purchase loans. Commercial rankings had a minimum of five loans in 2015 and a minimum of $3 million in loan volume in 2016. Due to these requirements, the number of qualifying lending institutions was reduced to 20 in each category. Residential rankings had a minimum of 25 loans and a minimum of $2 million in volume in 2015. Residential includes one- to four-families and condominiums. All rankings are statewide. All data is sourced by The Warren Group from public records, which may contain errors. For more information please contact Data Solutions at 617-896-5365.
Residential by Number of Loans
1. Envoy Mortgage LTD 2015: 58 2016: 216 Percent Change: 272%
2. First Alliance Lending LLC 2015: 25 2016: 74 Percent Change: 196%
3. American Financial Resources 2015: 46 2016: 126 Percent Change: 174%
4. Carrington Mortgage Services LLC 2015: 83 2016: 221 Percent Change: 166%
5. Nutmeg State Federal Credit Union 2015: 62 2016: 163 Percent Change: 163%
6. Mutual Security Credit Union 2015: 51 2016: 128 Percent Change: 151%
7. Amerisave Mortgage Corp. 2015: 37 2016: 77 Percent Change: 108%
8. Cendant Mortgage Group 2015: 47 2016: 92 Percent Change: 96%
9. M&T Bank NA 2015: 65 2016: 125 Percent Change: 92%
10. Housing Development Fund Inc. 2015: 85 2016: 157 Percent Change: 85%
11. Pacific Union Financial LLC 2015: 73 2016: 131 Percent Change: 80%
12. Parkside Lending LLC 2015: 46 2016: 82 Percent Change: 78%
13. Quorum Federal Credit Union 2015: 26 2016: 45 Percent Change: 73%
14. Pennymac Loan Services LLC 2015: 46 2016: 78 Percent Change: 70%
15. Washington Trust Mortgage Co. 2015: 45 2016: 75 Percent Change: 67%
16. Federal Savings Bank 2015: 27 2016: 44 Percent Change: 63%
17. Fairway Independent Mortgage 2015: 47 2016: 74 Percent Change: 57%
18. United Shore Financial Services LLC 2015: 215 2016: 338 Percent Change: 57%
19. IServe Residential Lending 2015: 39 2016: 61 Percent Change: 56%
20. Connecticut State Employees Federal Credit Union 2015: 194 2016: 303 Percent Change: 56%
21 Homeowners Finance Co. 2015: 29 2016: 43 Percent Change: 48%
22. Inland Bank & Trust 2015: 34 2016: 50 Percent Change: 47%
23. Residential Home Mortgage Corp. 2015: 30 2016: 44 Percent Change: 47%
24. Reliance First Capital LLC 2015: 26 2016: 38 Percent Change: 46%
25. Mortgage Research Center 2015: 119 2016: 170 Percent Change: 43%
26. Ocwen Financial Service Inc. 2015: 64 2016: 91 Percent Change: 42%
27. Sanborn Mortgage Corp. 2015: 35 2016: 49 Percent Change: 40%
28. Provident Funding Assoc. 2015: 161 2016: 225 Percent Change: 40%
29. Cardinal Financial Co. LP 2015: 45 2016: 62 Percent Change: 38%
30. Contour Mortgage Corp. 2015: 37 2016: 50 Percent Change: 35%
31. RBS Citizens Bank NA 2015: 673 2016: 901 Percent Change: 34%
32. Northpoint Mortgage 2015: 118 2016: 157 Percent Change: 33%
33. Achieve Financial Credit Union 2015: 91 2016: 119 Percent Change: 31%
34. TD Bank NA 2015: 501 2016: 655 Percent Change: 31%
35. CTHM LLC 2015: 220 2016: 286 Percent Change: 30%
36. Eastern Savings Bank FSB 2015: 61 2016: 78 Percent Change: 28%
37. New Penn Financial LLC 2015: 112 2016: 140 Percent Change: 25%
38. Windsor Federal Savings and Loan Association 2015: 109 2016: 136 Percent Change: 25%
39. Nationstar Mortgage 2015: 296 2016: 368 Percent Change: 24%
40. Guaranteed Rate Inc. 2015: 445 2016: 551 Percent Change: 24%
41. Freedom Mortgage Corp. 2015: 331 2016: 409 Percent Change: 24%
42. Warshaw Capital LLC 2015: 30 2016: 36 Percent Change: 20%
43. Sikorsky Financial Credit Union Inc. 2015: 318 2016: 381 Percent Change: 20%
44. Residential Mortgage Services Inc. 2015: 349 2016: 415 Percent Change: 19%
45. Putnam Bank 2015: 128 2016: 152 Percent Change: 19%
46. Charter Oak Federal Credit Union 2015: 537 2016: 636 Percent Change: 18%
47. Savings Institute 2015: 278 325 Percent Change: 17%
48. American Neighborhood Mortgage Acceptance 2015: 78 2016: 91 Percent Change: 17%
49. Homebridge Financial Services Inc. 2015: 211 2016: 246 Percent Change: 17%
50. Chelsea Groton Bank 2015: 348 2016: 404 Percent Change: 16%
Residential by Volume of Loans
1. Envoy Mortgage LTD 2015: $13,713,206 2016: $49,495,695 Percent Change: 261%
2. Nutmeg State Federal Credit Union 2015: $4,616,942 2016: $15,644,598 Percent Change: 239%
3. First Alliance Lending LLC 2015: $4,471,970 2016: $14,585,532 Percent Change: 226%
4. Mutual Security Credit Union 2015: $6,661,850 2016: $19,094,884 Percent Change: 187%
5. American Financial Resources 2015: $10,318,921 2016: $25,488,710 Percent Change: 147%
6. Carrington Mortgage Services LLC 2015: $16,779,518 2016: $40,452,096 Percent Change: 141%
7. M&T Bank NA 2015: $18,015,168 2016: $43,273,214 Percent Change: 140%
8. Parkside Lending LLC 2015: $10,489,347 2016: $22,472,396 Percent Change: Percent Change: 114%
9. Federal Savings Bank 2015: $7,228,633 2016: $14,269,072 Percent Change: 97%
10. Amerisave Mortgage Corp. 2015: $10,088,100 2016: $19,130,024 Percent Change: 90%
11. Fairway Independent Mortgage 2015: $9,434,411 2016: $17,447,364 Percent Change: 85%
12. Northwest Community Bank 2015: $8,538,766 2016: $15,409,475 Percent Change: 81%
13. Washington Trust Mortgage Co. 2015: $11,046,345 2016: $19,403,280 Percent Change: 76%
14. Cendant Mortgage Group 2015: $12,219,933 2016: $20,685,517 Percent Change: 69%
15. First Bank of Greenwich 2015: $8,188,218 2016: $13,708,776 Percent Change: 67%
16. Citizens National Bank 2015: $2,255,808 2016: $3,748,725 Percent Change: 66%
17. Inland Bank &Trust 2015: $7,112,558 2016: $11,662,793 Percent Change: 64%
18. IServe Residential Lending 2015: $9,028,413 2016: $14,728,061 Percent Change: 63%
19. Pennymac Loan Services LLC 2015: $11,841,582 2016: $19,270,867 Percent Change: 63%
20. USA Alliance Federal Credit Union 2015: $5,562,462 2016: $8,945,729 Percent Change: 61%
21 Pacific Union Financial LLC 2015: $17,047,880 2016: $27,189,858 Percent Change: 60%
22. Connecticut State Employees Federal Credit Union 2015: $21,754,604 2016: $34,362,125 Percent Change: 58%
23. TD Bank NA 2015: $107,244,609 2016: $163,364,236 Percent Change: 52%
24. Cardinal Financial Co. LP 2015: $12,050,579 2016: $18,296,531 Percent Change: 52%
25. United Shore Financial Services LLC 2015: $57,686,792 2016: $87,226,904 Percent Change: 51%
26. Ocwen Financial Service Inc. 2015: $11,727,343 2016: $17,465,727 Percent Change: 49%
27. Housing Development Fund Inc. 2015: $2,859,864 2016: $4,215,710 Percent Change: 47%
28. Chelsea Groton Bank 2015: $48,310,880 2016: $70,407,022 Percent Change: 46%
29. RBS Citizens Bank NA 2015: $152,857,303 2016: $220,494,460 Percent Change: 44%
30. Windsor Federal Savings and Loan Association 2015: $12,026,887 2016: $16,772,311 Percent Change: 40%
31. Mortgage Research Center 2015: $28,928,865 2016: $39,704,519 Percent Change: 37%
32. Simsbury Bank and Trust Co. 2015: $51,904,538 2016: $70,853,063 Percent Change: 37%
33. Provident Funding Assoc. 2015: $43,060,693 2016: $58,284,600 Percent Change: 35%
34. Reliance First Capital LLC 2015: $6,098,420 2016: $8,187,602 Percent Change: 34%
35. Putnam Bank 2015: $16,098,805 2016: $21,531,409 Percent Change: 34%
36. Northpoint Mortgage 2015: $23,894,593 2016: 2016: $31,715,138 Percent Change: 33%
37. Contour Mortgage Corp. 2015: $9,789,333 2016: $12,846,910 Percent Change: 31%
38. New Penn Financial LLC 2015: $26,419,349 2016: $34,638,295 Percent Change: 31%
39. CTHM LLC 2015: $58,842,300 2016: $76,377,935 Percent Change: 30%
40. USAA Federal Savings Bank 2015: $37,978,942 2016: $48,841,061 Percent Change: 29%
41. Sikorsky Financial Credit Union Inc. 2015: $41,603,900 2016: $53,336,509 Percent Change: 28%
42. First Republic Bank 2015: $95,768,215 2016: $118,163,885 Percent Change: 23%
43. Nationstar Mortgage 2015: $56,150,523 2016: $68,990,580 Percent Change: 23%
44. Third Federal Saving & Loan Association 2015: $10,186,295 2016: $12,449,800 Percent Change: 22%
45. Guaranteed Rate Inc. 2015: $118,941,104 2016: $145,388,254 Percent Change: 22%
46. Freedom Mortgage Corp. 2015: $71,653,459 2016: $86,677,563 Percent Change: 21%
47. Homebridge Financial Services Inc. 2015: $46,045,434 2016: $55,031,800 Percent Change: 20%
48. Warshaw Capital LLC 2015: $9,940,203 2016: $11,841,550 Percent Change: 19%
49. Charter Oak Federal Credit Union 2015: $69,763,026 2016: $81,788,871 Percent Change: 17%
50. Eastern Savings Bank FSB 2015: $10,152,350 2016: $11,705,266 Percent Change: 15%
Commercial by Number of Loans
Commercial rankings had a minimum of five loans in 2015 and a minimum of $3 million in loan volume in 2016. Due to these requirements, the number of qualifying lending institutions was reduced to 20 in each category.
1. Chelsea Groton Bank 2015: 18 2016: 35 Percent Change: 94%
2. Community Investment Corp. 2015: 7 2016: 12 Percent Change: 71%
3. Essex Savings Bank 2015: 10 2016: 15 Percent Change: 50%
4. Farmington Bank 2015: 41 2016: 60 Percent Change: 46%
5. M&T Bank NA 2015: 9 2016: 13 Percent Change: 44%
6. First National Bank of Suffield 2015: 9 2016: 13 Percent Change: 44%
7. Ion Bank 2015: 27 2016: 38 Percent Change: 41%
8. Connecticut Community Bank 2015: 10 2016: 14 Percent Change: 40%
9. Torrington Savings Bank 2015: 8 2016: 11 Percent Change: 38%
10. Salisbury Bank & Trust 2015: 11 2016: 15 Percent Change: 36%
11. Liberty Bank 2015: 22 2016: 29 Percent Change: 32%
12. Milford Bank 2015: 10 2016: 13 Percent Change: 30%
13. Santander Bank NA 2015: 12 2016: 15 Percent Change: 25%
14. RBS Citizens Bank NA 2015: 17 2016: 21 Percent Change: 24%
15. Farm Credit East ACA 2015: 12 2016: 14 Percent Change: 17%
16. Collinsville Savings Society 2015: 6 2016: 7 Percent Change: 17%
17. TD Bank NA 2015: 42 2016: 48 Percent Change: 14%
18. Thomaston Savings Bank 2015: 44 2016: 50 Percent Change: 14%
19. Webster Bank 2015: 114 2016: 127 Percent Change: 11%
20. Fairfield County Bank Corp. 2015: 37 2016: 40 Percent Change: 8%
Commercial by Volume of Loans
Commercial rankings had a minimum of five loans in 2015 and a minimum of $3 million in loan volume in 2016. Due to these requirements, the number of qualifying lending institutions was reduced to 20 in each category.
1. Salisbury Bank & Trust 2015: $1,593,547 2016: $11,475,695 Percent Change: 620%
2. Ion Bank 2015: $9,871,254 2016: $41,746,198 Percent Change: 323%
3. Collinsville Savings Society 2015: $1,130,000 2016: $4,473,000 Percent Change: 296%
4. Milford Bank 2015: $3,633,567 2016: $11,395,000 Percent Change: 214%
5. Savings Institute 2015: $4,141,331 2016: $10,091,700 Percent Change: 144%
6. Farmington Bank 2015: $35,156,159 2016: $84,867,618 Percent Change: 141%
7. Sachem Capital Partners LLC 2015: $1,849,000 2016: $4,221,000 Percent Change: 128%
8. Torrington Savings Bank 2015: $1,702,050 2016: $3,694,800 Percent Change: 117%
9. Jewett City Savings Bank 2015: $3,490,010 2016: $7,510,750 Percent Change: 115%
10. Essex Savings Bank 2015: $7,784,760 2016: $16,673,250 Percent Change: 114%
11. Eastern Savings Bank FSB 2015: $2,007,150 2016: $3,885,000 Percent Change: 94%
12. Simsbury Bank and Trust Co. 2015: $5,016,157 2016: $9,485,616 Percent Change: 89%
13. Fairfield County Bank Corp. 2015: $35,652,799 2016: $65,596,805 Percent Change: 84%
14. First Niagara Bank 2015: $39,946,684 2016: $69,064,422 Percent Change: 73%
15. First National Bank of Suffield 2015: $5,956,500 2016: $10,220,750 Percent Change: 72%
16. Community Investment Corp. 2015: $3,868,000 2016: $6,579,000 Percent Change: 70%
17. Chelsea Groton Bank 2015: $18,474,607 2016: $29,609,518 Percent Change: 60%
18. Liberty Bank 2015: $13,820,661 2016: $20,264,199 Percent Change: 47%
19. Webster Bank 2015: $62,693,404 2016: $90,775,351 Percent Change: 45%
20. RBS Citizens Bank NA 2015: $19,512,500 2016: $25,714,385 Percent Change: 32%
