Union Savings Bank Mortgage Rates, Fees & Info
Danbury, CTLEI: 1VUZZZCW0TWP6R7N3Z33
Tax ID: 06-0570800
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Bank Data
Overview
Union Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Union Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Bridgeport, Torrington, Boston, New Haven, and Hartford among others. Union Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Union Savings Bank is typically an average fee lendor.Originations
508Origination Dollar Volume (All Markets)
$198,840,000Employee count
341Awards
Union Savings Bank - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Union Savings Bank's average 30 year fixed rate mortgage of loans were
3.19%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.04%.
Relative Fees
Union Savings Bank's average total fees for a 30 year fixed rate
mortgage are $4,292.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 290 | $104,570,000 | $360,586 | $4,109 | 2.94% |
| Torrington, CT (FHA|USDA|VA) | 143 | $38,275,000 | $267,657 | $3,664 | 2.89% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 4 | $20,200,000 | $5,050,000 | $0 | 3.25% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 33 | $14,765,000 | $447,424 | $4,677 | 3.06% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 28 | $8,820,000 | $315,000 | $3,783 | 2.95% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $6,455,000 | $6,455,000 | $0 | 3.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $2,275,000 | $2,275,000 | $0 | 3.25% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 4 | $1,930,000 | $482,500 | $3,969 | 2.84% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $5,027 | 2.88% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $5,558 | 3.31% |
Union Savings Bank's top markets include Bridgeport, Torrington, Boston, New Haven, and Hartford among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 504 | $197,460,000 | $391,786 | $3,950 | 2.94% |
| FHA | 4 | $1,380,000 | $345,000 | $10,291 | 2.75% |
For the 2021 period, Union Savings Bank's most frequently originated loan type of loans were Conventional, with 504 originations. Their 2nd most popular type is FHA, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 262 | $108,350,000 | $413,550 | $3,285 | 2.76% |
| Home Purchase | 123 | $51,825,000 | $421,341 | $5,442 | 3.19% |
| Cash Out Refi | 119 | $32,275,000 | $271,218 | $4,200 | 3.05% |
| Home Improvement | 4 | $6,390,000 | $1,597,500 | $0 | 3.79% |
For the 2021, Union Savings Bank's most frequently cited loan purpose of loans were Refi, with 262 originations. The 2nd most popular reason of loans were Home Purchase, with 123 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 224 | $69,660,000 | $310,982 | $4,292 | 3.19% |
| 15 Year | 167 | $48,235,000 | $288,832 | $3,588 | 2.58% |
| 20 Year | 47 | $12,905,000 | $274,574 | $3,515 | 2.97% |
| 10 Year | 42 | $39,290,000 | $935,476 | $3,125 | 2.83% |
| 30+ year | 17 | $13,115,000 | $771,471 | $7,217 | 3.27% |
| Other | 10 | $11,230,000 | $1,123,000 | $2,842 | 3.00% |
| 5 Year | 1 | $4,405,000 | $4,405,000 | $0 | 3.93% |
For the 2021, Union Savings Bank's most frequently cited loan length of loans were 30 Year, with 224 originations. The 2nd most popular length of loans were 15 Year, with 167 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 288 | $79,340,000 | $275,486 |
| $1k-2k | 97 | $31,475,000 | $324,485 |
| $2k-3k | 30 | $11,760,000 | $392,000 |
| $3k-4k | 20 | $8,520,000 | $426,000 |
| $5k+ | 16 | $12,390,000 | $774,375 |
$4,292 of loans were Union Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 288 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 183 | $58,965,000 | $322,213 |
| 3-4% | 175 | $97,635,000 | $557,914 |
| <2.5% | 136 | $37,980,000 | $279,265 |
| 4-5% | 14 | $4,260,000 | $304,286 |
During 2021, Union Savings Bank's average interest rate of loans were 3.19%, while their most frequently originated rate bucket of loans were 2.5-3%, with 183 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 242 | $69,060,000 | $285,372 | $3,726 | 2.89% |
| $100k-200k | 148 | $22,730,000 | $153,581 | $3,024 | 2.91% |
| $400k-600k | 52 | $25,430,000 | $489,038 | $5,247 | 3.05% |
| $600k-1MM | 27 | $20,385,000 | $755,000 | $6,947 | 3.06% |
| $1MM+ | 24 | $60,000,000 | $2,500,000 | $10,720 | 3.22% |
| $100,000 or less | 15 | $1,235,000 | $82,333 | $2,607 | 2.88% |
2021 saw Union Savings Bank place emphasis on $200k-400k loans with 242 originations, totaling $69,060,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 119 | $38,545,000 | $323,908 | $4,226 | 2.85% |
| $100k-150k | 118 | $33,050,000 | $280,085 | $3,864 | 2.97% |
| $50k-75k | 79 | $14,165,000 | $179,304 | $3,198 | 2.87% |
| $75k-100k | 72 | $18,240,000 | $253,333 | $3,630 | 2.91% |
| $250k+ | 64 | $41,210,000 | $643,906 | $5,641 | 2.80% |
| $50k or less | 29 | $4,275,000 | $147,414 | $3,288 | 3.04% |
Union Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 119 originations. The second most popular income band? $100k-150k, with 118 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 148 | $41,260,000 | $278,784 | $3,606 | 2.88% |
| 30-36% | 85 | $33,325,000 | $392,059 | $4,473 | 3.00% |
| <20% | 65 | $18,835,000 | $289,769 | $3,538 | 2.69% |
| 39% | 19 | $5,965,000 | $313,947 | $4,847 | 2.82% |
| 43% | 19 | $5,165,000 | $271,842 | $3,375 | 3.02% |
| 36% | 18 | $4,710,000 | $261,667 | $4,382 | 3.05% |
| 42% | 16 | $4,760,000 | $297,500 | $4,143 | 3.02% |
| 44% | 15 | $4,355,000 | $290,333 | $3,669 | 3.12% |
| 46% | 14 | $4,210,000 | $300,714 | $5,123 | 2.85% |
| 40% | 14 | $7,980,000 | $570,000 | $6,296 | 3.06% |
| 38% | 13 | $2,885,000 | $221,923 | $3,498 | 2.70% |
| 37% | 12 | $3,630,000 | $302,500 | $3,335 | 2.83% |
| 47% | 11 | $2,885,000 | $262,273 | $2,986 | 2.91% |
| 41% | 10 | $3,080,000 | $308,000 | $4,186 | 3.04% |
| 45% | 8 | $1,880,000 | $235,000 | $4,116 | 3.13% |
| 48% | 6 | $1,630,000 | $271,667 | $3,133 | 2.65% |
| 49% | 4 | $1,180,000 | $295,000 | $6,604 | 2.69% |
| 50-60% | 4 | $1,970,000 | $492,500 | $9,403 | 3.00% |
Union Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 148 originations. The next most common DTI ratio? 30-36%, with 85 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 421 | $131,195,000 | $311,627 | $4,001 | 2.91% |
| Not applicable | 26 | $48,880,000 | $1,880,000 | $0 | 3.69% |
| Not provided | 34 | $10,770,000 | $316,765 | $4,332 | 2.85% |
| Asian | 21 | $5,865,000 | $279,286 | $3,543 | 2.77% |
| Asian Indian | 3 | $1,025,000 | $341,667 | $3,061 | 2.46% |
| Japanese | 1 | $675,000 | $675,000 | $4,867 | 2.50% |
| Black | 1 | $285,000 | $285,000 | $5,548 | 3.38% |
| American Indian | 1 | $145,000 | $145,000 | $3,084 | 2.88% |
Approval Rates
Total approvals of all applications94.75%
Union Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination76.78%
Union Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 508 | $198,840,000 | $391,417 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 508 | $198,840,000 | $391,417 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 70 | $24,530,000 | $350,429 | $3,158 | 2.73% |
| 40-60% | 150 | $59,790,000 | $398,600 | $3,233 | 2.83% |
| 60-80% | 225 | $89,065,000 | $395,844 | $4,230 | 3.02% |
| 80-100% | 62 | $25,350,000 | $408,871 | $5,869 | 3.15% |
| Under 20% | 1 | $105,000 | $105,000 | $2,967 | 2.50% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Union Savings Bank | 188 Albany Turnpike Canton, CT 6019 | Full Service B&M | $37,530 |
| Union Savings Bank | 7 Bryan Plaza Washington Depot, CT 6794 | Full Service B&M | $69,473 |
| Union Savings Bank | 71 Newtown Road Danbury, CT 6810 | Full Service B&M | $104,780 |
| Union Savings Bank | 79 Stony Hill Road Bethel, CT 6801 | Full Service B&M | $54,340 |
| Union Savings Bank | 828 Federal Rd Brookfield, CT 6804 | Full Service B&M | $104,342 |
| Union Savings Bank | Bank Operations, 225 Main St Danbury, CT 6810 | Full Service Cyber Office | $5,541 |
| Union Savings Bank | 100 Danbury Road Ridgefield, CT 6877 | Full Service B&M | $97,886 |
| Union Savings Bank | 100 Mill Plain Road Danbury, CT 6810 | Full Service B&M | $157,162 |
| Union Savings Bank | 1057 Torringford Street Torrington, CT 6790 | Full Service B&M | $49,985 |
| Union Savings Bank | 116 Main Street Danbury, CT 6810 | Full Service B&M | $45,860 |
| Union Savings Bank | 126 North St Danbury, CT 6811 | Full Service B&M | $162,512 |
| Union Savings Bank | 13 North Street Litchfield, CT 6759 | Full Service B&M | $127,765 |
| Union Savings Bank | 15 Kent Green Boulevard Kent, CT 6757 | Full Service B&M | $48,937 |
| Union Savings Bank | 169 Danbury Rd New Milford, CT 6776 | Full Service B&M | $76,122 |
| Union Savings Bank | 1a Commerce Road Newtown, CT 6470 | Full Service B&M | $67,683 |
| Union Savings Bank | 200 Federal Road Brookfield, CT 6804 | Full Service B&M | $148,080 |
| Union Savings Bank | 226 Main St Danbury, CT 6810 | Full Service B&M | $296,337 |
| Union Savings Bank | 24 Grassy Plain Street Bethel, CT 6801 | Full Service B&M | $147,645 |
| Union Savings Bank | 24 Route 39 New Fairfield, CT 6812 | Full Service B&M | $183,522 |
| Union Savings Bank | 253 New Milford Turnpike New Preston Marble Dale, CT 6777 | Full Service B&M | $37,724 |
| Union Savings Bank | 26 North Street Roxbury, CT 6783 | Full Service B&M | $35,114 |
| Union Savings Bank | 397 Main Street Torrington, CT 6790 | Full Service B&M | $56,661 |
| Union Savings Bank | 4 Sharon Turnpike Goshen, CT 6756 | Full Service B&M | $48,492 |
| Union Savings Bank | 406 Main Street South Southbury, CT 6488 | Full Service B&M | $51,370 |
| Union Savings Bank | 41 East Street New Milford, CT 6776 | Full Service B&M | $171,012 |
| Union Savings Bank | 411 Monroe Turnpike Monroe, CT 6468 | Full Service B&M | $58,725 |
For 2021, Union Savings Bank had 26 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $71,624 |
| Net interest income | $67,608 |
| Total noninterest income | $17,775 |
| Gross Fiduciary activities income | $3,448 |
| Service charges on deposit accounts | $2,998 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $11,329 |
| Pre-tax net operating income | $23,154 |
| Securities gains (or losses, -) | $-233 |
| Income before extraordinary items | $18,455 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $18,455 |
| Minority interest net income | $0 |
| Net income | $18,455 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $18,643 |
Union Savings Bank's gross interest income from loans was $71,624,000.
Union Savings Bank's net interest income from loans was $67,608,000.
Union Savings Bank's fee based income from loans was $2,998,000.
Union Savings Bank's net income from loans was $18,455,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,016 |
| Provision for credit losses | $0 |
| Total noninterest expense | $62,229 |
| Salaries and employee benefits | $37,093 |
| Premises and equipment expense | $8,137 |
| Additional noninterest expense | $16,999 |
| Applicable income taxes | $4,466 |
| Net charge-offs | $-781 |
| Cash dividends | $0 |
Union Savings Bank's interest expense for loans was $4,016,000.
Union Savings Bank's payroll and benefits expense were $37,093,000.
Union Savings Bank's property, plant and equipment expenses $8,137,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 1.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 2.0% |
| HELOC loans | 2.0% |
| All other family | 2.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $2,532,275 |
| Deposits held in domestic offices | $2,532,275 |
| Deposits by Individuals, partnerships, and corporations | $2,354,595 |
| Deposits by U.S. Government | $2 |
| Deposits by States and political subdivisions in the U.S. | $173,306 |
| Deposits by Commercial banks and other depository institutions in U.S. | $4,372 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $286,413 |
| Demand deposits | $286,413 |
| Nontransaction accounts | $2,245,862 |
| Money market deposit accounts (MMDAs) | $179,967 |
| Other savings deposits (excluding MMDAs) | $1,780,071 |
| Total time deposits | $285,824 |
| Total time and savings deposits | $2,245,862 |
| Noninterest-bearing deposits | $756,000 |
| Interest-bearing deposits | $1,776,275 |
| Retail deposits | $2,489,209 |
| IRAs and Keogh plan accounts | $64,715 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $3,088,187 |
| Cash & Balances due from depository institutions | $173,493 |
| Interest-bearing balances | $139,401 |
| Total securities | $1,004,688 |
| Federal funds sold & reverse repurchase | $3,343 |
| Net loans and leases | $1,709,967 |
| Loan and leases loss allowance | $17,883 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $39,196 |
| Other real estate owned | $119 |
| Goodwill and other intangibles | $19,148 |
| All other assets | $138,233 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $3,088,187 |
| Total Liabilities | $2,777,313 |
| Total deposits | $2,532,275 |
| Interest-bearing deposits | $1,776,275 |
| Deposits held in domestic offices | $2,532,275 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $191,075 |
| Trading liabilities | $0 |
| Other borrowed funds | $770 |
| Subordinated debt | $0 |
| All other liabilities | $53,193 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,709,967 |
| Loan and leases loss allowance | $17,883 |
| Total loans and leases (domestic) | $1,727,850 |
| All real estate loans | $1,642,303 |
| Real estate loans in domestic offices | $1,642,303 |
| Construction and development loans | $93,099 |
| Residential 1-4 family construction | $20,518 |
| Other construction, all land development and other land | $72,581 |
| Loans secured by nonfarm nonresidential properties | $768,318 |
| Nonfarm nonresidential secured by owner-occupied properties | $188,883 |
| Commercial real estate & other non-farm, non-residential | $579,435 |
| Multifamily residential real estate | $143,094 |
| 1-4 family residential loans | $637,792 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $81,635 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,558 |
| Credit card loans | $0 |
| Related Plans | $215 |
| Consumer Auto Loans | $260 |
| Other loans to individuals | $3,083 |
| All other loans & leases | $354 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $354 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $4,420 |
| Non 1-4 family restructured loans & leases | $407 |
| Total loans and leases (foreign) | $0 |
Union Savings Bank had $1,709,967,000 of loans outstanding in 2021. $1,642,303,000 of loans were in real estate loans. $93,099,000 of loans were in development loans. $143,094,000 of loans were in multifamily mortgage loans. $637,792,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $260,000 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 | 386 | $111,042 | $287,674 |
| Nonfarm, nonresidential loans - <$100k | 35 | $1,101 | $31,457 |
| Nonfarm, nonresidential loans - $100-250k | 93 | $8,897 | $95,667 |
| Nonfarm, nonresidential loans - $250k-1MM | 258 | $101,044 | $391,643 |
| Commercial & Industrial, US addressed loans - <$1MM | 686 | $48,389 | $70,538 |
| Commercial & Industrial, US addressed loans - <$100k | 502 | $11,486 | $22,880 |
| Commercial & Industrial, US addressed loans - $100-250k | 97 | $9,971 | $102,794 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 87 | $26,932 | $309,563 |
