Fast 50
What is the Fast 50?
The Fast 50 ranks the 50 fastest-growing loan providers in New Hampshire, including mortgage and financial companies, banks, credit unions and other financial institutions. Rankings compare the number and volume of loans from Jan. 1 through June 30, 2021, to the number and volume from the same timeframe in 2022. Rankings include purchase and non-purchase loans. Commercial rankings had a minimum of three loans and a minimum of $1 million in loan volume in both 2019 and 2020. Residential rankings had a minimum of five loans a minimum of $2 million in volume in both 2021 and 2022. 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.
Out-of-State Banks Muscle in on Local Markets
Massachusetts, Maine Lenders Lead List of Fastest-Growing Firms
By Scott Van Voorhis
Special to The Registry Review
Banks in New Hampshire and New England are facing fresh headwinds as an uncertain economy, rising interest rates and inflation take a toll on both the residential and commercial sides of the lending ledger.
Nonetheless, the first half of 2022 was a strong one for banks cutting residential and commercial lending deals across the state, with a mix of small and mid-sized banks and a few giants as well posting strong growth numbers.
A mix of out-of-state lenders, including from Maine and Massachusetts, along with some Granite State banks, posted some of the strongest growth numbers during the first six months of 2022, according to data from The Warren Group, publisher of The Registry Review, analyzed as part of this newspaper’s annual Fast 50 analysis of the fastest-growing lenders statewide.
Curtis Simard, CEO of Bar Harbor Bank & Trust, credited a strong lending team with decades of experience was behind the bank’s surge in commercial loan deals during the first half of 2022.
The Maine-based bank came in at No. 4, with its commercial loan volume in New Hampshire posting a more than nine-fold increase over the first half of 2021, jumping to more than $95 million, up from just over $10 million previously.
“I have been lending in the commercial space, and in particular Northern New England and larger New Hampshire for 30 years,” Simard said. “We have thick rolodexes.”
Strength in ‘Diversity’ of Loan Deals
Bar Harbor’s Simard said the bank did not zero in on any particular business sector, but dealt across the spectrum, from memory care facilities to grocery store renovations and new apartment buildings. The bank also helped finance the retrofit of older buildings by manufacturers looking to set up shop as well.
“Diversity is a good weapon,” he said.
Who are New Hampshire’s fastest-growing lenders of 2022? See our rankings here.
Kevin Rourke, a senior vice president and head of commercial banking at Massachusetts’ Salem Five, said the bank has gotten a big boost form its involvement in a syndicate of lenders providing financing for a $1 billion redevelopment of the old Rockingham Park racetrack in Salem.
The 170-acre Tuscan Village project, now moving into its second phase, features 2.8 million square feet of shops, hotels, apartments, offices and restaurants.
At No. 9, Salem Five saw its commercial lending in New Hampshire quadruple in the first half of 2022, rising to over $24 million.
Warehouse and industrial deals were another strongpoint for the bank.
“It was a nice increase for us,” Rourke said.
Connections and deep experience in the New Hampshire market were also key in driving the increased loan volume, bank executives said.
Salem Five says its top New Hampshire loan officer has a long history in the local market, while Bar Harbor says its chief credit officer and two other senior lenders are currently based in New Hampshire.
The bank is also interviewing to fill a couple more positions as well.
“We have real decision makers on the ground,” Simard said.
The Leaderboard
Overall, Bank of America saw the biggest jump in commercial lending activity in the first half of 2022, both percentage-wise, and in total volume, crossing the $500 million mark, up from $14.6 million during the same period in 2021, Warren Group stats show.
Massachusetts’ Rockland Trust Co. came in at No. 2, having inked $23.6 million in commercial loans during the first half of 2022, up from $1.2 million the year before.
Rhode Island’s Citizens Financial Group weighed in at No. 3, inking more than $61 million in commercial loans through the first half of 2022, up from $5.2 million in 2021
The New Hampshire Housing Finance Authority and Massachusetts-based HarborOne Mortgage Co. rounded things out at No. 5 and No. 6, with NHFA jumping to $75.8 million, up from $11.8 million, while HarborOne did over $29 million in deals, up from $5.2 million, according to The Warren Group.
Residential Lenders Also See Growth
Rising interest rates have put a damper on home sales across the country.
However, the first six months of 2022 saw a number of banks ramp up their residential lending.
Holy Rosary Credit Union, which has branches in the Rochester/Dover area, posted the biggest percentage gains, with residential lending topping $11.3 million in the first half of 2022, up from $2.7 million last year.
Boston-based Eastern Bank, which came in at No. 2, saw big gains, both percentage-wise and in overall volume.
The bank nearly tripled its residential loan volume, to $92 million, up from $33 million the year before.
Massachusetts’ Pentucket Bank and Metro Credit Union, plus Ohio’s Key Bank, rounded out the top five.
“Homeownership and helping a broad range of real estate developments to grow, including multifamily and all types of commercial, industrial and retail development, are some of the most effective ways to help families, individuals and business owners build long-term wealth,” said Matthew Osborne, executive vice president and senior commercial banking officer at Eastern Bank, in a statement.
Residential Volume of Loans
| Rank | Lender Name | 2022 Volume | 2021 Volume | Percent Change |
| 1 | Holy Rosary Credit Union | $11,386,700 | $2,767,825 | 311% |
| 2 | Eastern Bank | $92,095,040 | $32,957,121 | 179% |
| 3 | Pentucket Bank | $39,321,625 | $17,053,494 | 131% |
| 4 | Metro Credit Union | $17,493,500 | $7,642,950 | 129% |
| 6 | Key Bank, N.A. | $11,775,743 | $5,187,719 | 127% |
| 7 | Reverse Mortgage Funding LLC | $11,117,200 | $4,963,350 | 124% |
| 5 | Shamrock Home Loans | $6,505,027 | $2,984,900 | 118% |
| 8 | UBS BANK USA | $14,769,000 | $6,996,768 | 111% |
| 9 | Paramount Residential Mortgage Group Inc. | $10,004,733 | $4,830,574 | 107% |
| 10 | Partners Bank | $20,993,500 | $10,216,913 | 105% |
| 11 | American Advisors Group | $23,532,991 | $11,783,580 | 100% |
| 12 | Baycoast Mortgage Co. | $10,213,161 | $5,130,750 | 99% |
| 13 | Bay Equity LLC | $21,236,375 | $11,389,926 | 86% |
| 14 | PNC Bank | $8,173,967 | $4,497,786 | 82% |
| 15 | Camden National Bank | $24,497,572 | $13,735,955 | 78% |
| 16 | M&T Bank, N.A. | $7,799,606 | $4,389,573 | 78% |
| 17 | RTN Federal Credit Union | $5,032,250 | $2,958,163 | 70% |
| 18 | Kennebunk Savings Bank | $24,755,353 | $15,065,350 | 64% |
| 19 | Discover Bank | $4,903,231 | $3,004,007 | 63% |
| 20 | First Republic Bank | $24,902,604 | $15,910,651 | 57% |
| 21 | Residential Capital | $3,511,849 | $2,274,346 | 54% |
| 22 | Everett Fncl Inc. dba Supreme Lending | $21,593,679 | $14,996,953 | 44% |
| 23 | First Bank Inc. | $4,388,600 | $3,123,461 | 41% |
| 24 | Citicorp Mortgage Inc. | $9,997,978 | $7,162,408 | 40% |
| 25 | Enterprise Bank & Trust Co. | $51,187,106 | $36,989,424 | 38% |
Residential Number of Loans
| Rank | Lender Name | 2022 Number | 2021 Number | Percent Change |
| 1 | Holy Rosary Credit Union | 76 | 20 | 280% |
| 2 | PNC Bank | 27 | 14 | 93% |
| 3 | M&T Bank, N.A. | 34 | 18 | 89% |
| 4 | American Advisors Group | 37 | 21 | 76% |
| 6 | Shamrock Home Loans | 19 | 11 | 73% |
| 7 | Paramount Residential Mortgage Group Inc. | 30 | 19 | 58% |
| 5 | First Bank Inc. | 14 | 9 | 56% |
| 8 | Provident Bank | 21 | 14 | 50% |
| 9 | Baycoast Mortgage Co. | 23 | 16 | 44% |
| 10 | UBS BANK USA | 17 | 12 | 42% |
| 11 | Bay Equity LLC | 60 | 44 | 36% |
| 12 | Athol Savings Bank | 8 | 6 | 33% |
| 13 | First Republic Bank | 25 | 19 | 32% |
| 14 | Residential Capital | 14 | 11 | 27% |
| 15 | Discover Bank | 44 | 35 | 26% |
| 16 | RTN Federal Credit Union | 20 | 16 | 25% |
| 17 | Service Credit Union | 692 | 555 | 25% |
| 18 | Everett Fncl Inc. dba Supreme Lending | 71 | 57 | 25% |
| 19 | Enterprise Bank & Trust Co. | 100 | 82 | 22% |
| 20 | Rockland Trust Co. | 21 | 18 | 17% |
| 21 | GFA Federal Credit Union | 38 | 33 | 15% |
| 22 | OnTo Mortgage | 8 | 7 | 14% |
| 23 | Workers Credit Union | 37 | 33 | 12% |
| 24 | New Hampshire Community Loan Fund | 48 | 43 | 12% |
| 25 | Reverse Mortgage Funding LLC | 12 | 11 | 9% |
Commercial Volume of Loans
| Rank | Lender Name | 2022 Volume | 2021 Volume | Percent Change |
| 1 | Bank of America, N.A. | $505,922,398 | $14,634,765 | 3357% |
| 2 | Rockland Trust Co. | $23,685,183 | $1,289,000 | 1737% |
| 3 | Citizens Financial Group | $61,018,644 | $5,200,150 | 1073% |
| 4 | Bar Harbor Bank & Trust | $95,540,550 | $10,064,168 | 849% |
| 6 | NHFA | $75,891,685 | $11,824,602 | 542% |
| 7 | HarborOne Mortgage | $29,200,948 | $5,205,988 | 461% |
| 5 | Fairway Independent Mortgage | $3,304,320 | $765,718 | 332% |
| 8 | First Seacoast Bank | $37,136,302 | $8,817,550 | 321% |
| 9 | Salem Five Bank | $24,322,260 | $6,201,092 | 292% |
| 10 | Bay Colony Development Corp. | $3,629,000 | $1,029,000 | 253% |
| 11 | Mascoma Bank | $79,479,770 | $22,755,300 | 249% |
| 12 | Mortgage Research Center | $3,331,837 | $1,058,995 | 215% |
| 13 | Partners Bank | $3,358,750 | $1,143,250 | 194% |
| 14 | Bangor Savings Bank | $20,204,130 | $7,115,900 | 184% |
| 15 | Service Credit Union | $71,538,944 | $28,306,761 | 153% |
| 16 | Franklin Savings Bank | $33,000,571 | $13,541,666 | 144% |
| 17 | Caliber Home Loans | $1,612,201 | $725,993 | 122% |
| 18 | Eastern Bank | $63,090,250 | $29,089,582 | 117% |
| 19 | Draper and Kramer Mortgage Corp. | $1,382,950 | $693,125 | 100% |
| 20 | Union Bank | $14,011,578 | $7,268,415 | 93% |
| 21 | Amerisave Mortgage Corp. | $1,942,874 | $1,008,154 | 93% |
| 22 | Passumpsic Savings Bank | $1,842,498 | $967,056 | 91% |
| 23 | Camden National Bank | $57,572,500 | $30,446,000 | 89% |
| 24 | E Mortgage Management LLC | $2,998,207 | $1,651,090 | 82% |
| 25 | Northern Bank & Trust | $18,522,980 | $10,388,000 | 78% |
Commercial Number of Loans
| Rank | Lender Name | 2022 Number | 2021 Number | Percent Change |
| 1 | Partners Bank | 54 | 3 | 1700% |
| 2 | Rockland Trust Co. | 34 | 3 | 1033% |
| 3 | Mortgage Research Center | 23 | 5 | 360% |
| 4 | Lakeview Loan Servicing LLC | 23 | 7 | 229% |
| 6 | Bay Colony Development Corp. | 9 | 3 | 200% |
| 7 | Bellwether Community Credit Union | 9 | 3 | 200% |
| 5 | Caliber Home Loans | 7 | 3 | 133% |
| 8 | Franklin Savings Bank | 46 | 22 | 109% |
| 9 | Camden National Bank | 23 | 11 | 109% |
| 10 | Amerisave Mortgage Corp. | 7 | 4 | 75% |
| 11 | Cambridge Trust Co. | 7 | 4 | 75% |
| 12 | Cross Country Mortgage Inc. | 11 | 7 | 57% |
| 13 | Bangor Savings Bank | 30 | 20 | 50% |
| 14 | E Mortgage Management LLC | 9 | 6 | 50% |
| 15 | Bar Harbor Bank & Trust | 38 | 26 | 46% |
| 16 | Enterprise Bank & Trust Co. | 61 | 42 | 45% |
| 17 | Eastern Bank | 33 | 23 | 43% |
| 18 | Bank of America, N.A. | 10 | 7 | 43% |
| 19 | Citizens Financial Group | 18 | 13 | 38% |
| 20 | Fairway Independent Mortgage | 4 | 3 | 33% |
| 21 | Northern Bank & Trust | 4 | 3 | 33% |
| 22 | Northmark Bank | 4 | 3 | 33% |
| 23 | Granite State Credit Union | 9 | 7 | 29% |
| 24 | Digital Federal Credit Union | 9 | 7 | 29% |
| 25 | Radius Financial Group | 5 | 4 | 25% |
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