Union Savings Bank Mortgage Rates, Fees & Info

Danbury, CT

LEI: 1VUZZZCW0TWP6R7N3Z33

Tax ID: 06-0570800

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

508

Origination Dollar Volume (All Markets)

$198,840,000

Employee count

341

Awards

Union Savings Bank 30 Year Conventional Loans silver Union Savings Bank 30 Year Conventional Loans gold
Show all (2) awards

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 applications
94.75%

Union Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
76.78%

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