Vol.41, No.21
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W E E K O F M O N D A Y, J U N E 3 , 2 0 1 9
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
ACCOUNTING FOR LOSSES
Concord
6 LOUDON RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,600,000 B: JP Irving LLC S: Central United Life Ins Mtg: Service Credit Union $2,000,000 Use: Office Bldg-general, Lot: 169884sf
Meredith
68 WAGON WHEEL TRAIL L:14. . . . . . . . . . . . . . . . . . $3,762,000 B: Christopher E Irwin Tr, Tr for Ice T S: Robert Ladas Tr, Tr for Charlene Ladas T
Jaffrey
CECL Expected to Have Little Impact on Community Banks’ Reserves Lack of Historical Losses, Stable Investment Landscape Are Key Factors in New England BY BRAM BERKOWITZ REGISTRY REVIEW STAFF
20 PLANTATION DR. . . . . . . . . . . . . . . . . . . . . . . . . . . $3,650,000 B: Plantation Realty LLC S: NHFA Mtg: Bank of New Hampshire $3,040,000 Use: Religious Property, Lot: 223898sf
Hampton
1024 OCEAN BLVD . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,300,000 B: Paul L Romano Tr, Tr for Romano FT S: Wayne F Slattery & Paula M Slattery Mtg: Bank of America NA $1,588,000 Use: 5 Bdrm Conventional, Lot: 10454sf
Alton
162 DEWITT DR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,200,000 B: Dana C Huff Tr, Tr for Huff FT S: Lewis B Simmons Tr, Tr for Lewis B Simmons RET Mtg: JPMorgan Chase Bank $1,760,000 Use: 4 Bdrm Cape Cod, Lot: 47916sf
Wolfeboro
27 PARTRIDGE DR. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,900,000 B: Edward R Ronan & Leah-Ann Socorro S: Northeast Developers LLC Mtg: Washington Trust Mtg $1,520,000 Use: Residential Open Land, Lot: 50530sf
Rye
875 CENTRAL RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,890,000 B: David G Behenna & Laura D Behenna S: Diane D Bitter Mtg: Cambridge Tr Co $1,500,000 Use: 5 Bdrm Colonial, Lot: 49658sf
Moultonboro
107 COTTAGE RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,265,000 B: Marie C Lennartz Tr, Tr for Lennartz FT S: David B Stuart Tr, Tr for Christine H Morrissey RET Mtg: HarborOne Mortgage $1,012,000 Use: 4 Bdrm Colonial, Lot: 18731sf
Hampton
781 OCEAN BLVD . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,262,533 B: Ralph J Feole & Lisa A Feole S: Marianne F Torrisi Tr, Tr for 2015 Torrisi RT Mtg: Salem Cooperative Bk $1,010,000 Use: 4 Bdrm Contemporary, Lot: 5227sf
S
ince the Financial Accounting Standards Board first instituted the new current expected credit loss rule in June 2016, the banking industry has been deeply concerned over the impact CECL would have on total reserves and capital. And for some of the larger players, these concerns could prove true – JPMorgan Chase reported in February that it expects to see a $5 billion increase in its total reserves under CECL, representing a 35 percent jump from total reserves in 2018. But after first quarter earnings community banks, especially those in the Northeast, are singing a different tune. Many expect their reserves under CECL will be the same, if not smaller, than under the current incurred model, even as some observers reckon the economy is closer to a downturn than at any other time in the current cycle. “When we run the portfolios – and we have done this hundreds of times now – most people are within a standard deviation of where they currently reserve,” said William Mercer, managing director of Boston-based DebtX, a company that offers a CECL analytics solution mainly for community banks. “Some people are a little
INDEX REAL ESTATE RECORDS PG COUNTY
TRANSACTIONS THRU
3 Belknap �������������������������� 05/21/19 4 Carroll ���������������������������� 05/21/19 4 Cheshire ������������������������ 05/21/19 5 Coos �������������������������������� 05/21/19 5 Grafton ���������������������������� 05/21/19 6 Hillsborough ������������������ 05/21/19 9 Merrimack ���������������������� 05/21/19 10 Rockingham ������������������ 05/21/19 12 Strafford ������������������������ 05/21/19 12 Sullivan �������������������������� 05/21/19 13 Bankruptcies 13 Lien & Attachments 14 Foreclosure, Mortgagee & Other Lien Auctions 14 Requests for Bids & Proposals
Mercer’s findings have certainly rung true for stock banks in Massachusetts that have discussed CECL publicly. “We don’t have a number nailed down yet, but your instinct seems to pan out in that the CECL model may not be as big of a number as was originally intended and thought about in the industry,” Chris Oddleifson, president and CEO of Rockland Trust and the bank’s parent company, said on a recent earnings call.
New Hampshire Market Statistics
Windham
5 CHESTNUT ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,210,000 B: Christopher L Baker & Lindsay D Baker S: Constance T Hetzel Mtg: Santander Bank NA $635,000 Use: 5 Bdrm Colonial, Lot: 136343sf
higher, some people are a little lower. … In New England, we’ve seen fewer outliers actually.” Banks currently recognize their loan losses through an incurred model. When an event occurs that impairs a loan and causes it to lose value, the bank reflects this on their financial statements. Under CECL, which goes into effect for stock banks in 2020, banks will essentially have to forecast losses on the life of a loan and anticipate which loans are likely to become impaired based on detailed data.
TO OUR READERS
T
Number of Mortgages for Single-Family Homes 4,000 4000 3,500 3500 3,000 3000 2,500 2500 2,000 2000 1,500 1500 1,000 1000 500 500 00
8000
Both
7000
Refinance
6000
Purchase
5000 4000 3000 2000 1000
Dec. Jan. Feb. MarchApril May June July Aug. Sept. Oct. Nov. Dec.
Apr. May May June Jun. July Jul. Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Apr. Apr. April ’18
’19
2500 3,000
6000
Both
5000
Purchase
2000 2,400
3000 2000 1000
1500 1,800
0
Jan. 15
Jan. 16
Jan. 17
Jan. 18
Purchase
Refinance
Both
Apr. 2015
568
1,950
2,518
Apr. 2016
815
1,818
2,633
Apr. 2017
980
1,595
2,575
Apr. 2018
1,014
1,609
2,623
500 600 Feb. 15 Apr.
Feb. Apr.16
’15
’16
Feb. Apr.17
’17
Apr. 2019
987
1,695
2,682
Refinance Purchase
Jan. 19
1000 1,200
00
BothMonth
Refinance
4000
Feb. Apr.18
Feb. Apr.19
’18
’19
Continued on Page 16
❑ Statistics based on single-family home sales ❑ Source: The Warren Group
©2019 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.
he Registry Review is online! After more than 40 years as a printed newspaper, all of the real estate information you rely on is now available at Both www.theregistryreview.com. (There are no plans to cease publication of the Refinance newspaper.) All current subscribers have complimentary access to the webPurchase site. When you first visit the site, please click the “forgot password” button to set up your account. If you have any problems please call or email customer service at 617-896-5388 or customerservice@thewarrengroup.com. If you have any feedback or would like to contribute content, please email editorial@ thewarrengroup.com. Sincerely, Cassidy Norton Associate Publisher The Warren Group