Charles River Bank Mortgage Rates, Fees & Info

Medway, MA

LEI: 254900639EOJ1QZC2567

Tax ID: 27-2499211

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Charles River Bank is a smaller bank specializing in Home Purchase loans. Charles River Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Springfield among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Charles River Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    99

    Origination Dollar Volume (All Markets)

    $22,405,000

    Employee count

    43

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 64 $15,470,000 $241,719 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 25 $4,985,000 $199,400 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $780,000 $390,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $740,000 $123,333 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    Charles River Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Springfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 99 $22,405,000 $226,313 $0 0.00%

    For 2018, Charles River Bank's most frequently originated type of loan was Conventional, with 99 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 41 $11,705,000 $285,488 $0 0.00%
    Home Improvement 15 $1,445,000 $96,333 $0 0.00%
    Other 15 $1,575,000 $105,000 $0 0.00%
    Cash Out Refi 15 $3,755,000 $250,333 $0 0.00%
    Refi 13 $3,925,000 $301,923 $0 0.00%

    For 2018, Charles River Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Home Improvement, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 99 $22,405,000 $226,313 $0 0.00%

    For 2018, Charles River Bank's most frequently cited loan duration was Other, with 99 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 33 $9,635,000 $291,970 $0 0.00%
    $100,000 or less 31 $1,535,000 $49,516 $0 0.00%
    $100k-200k 19 $2,655,000 $139,737 $0 0.00%
    $400k-600k 12 $5,860,000 $488,333 $0 0.00%
    $600k-1MM 4 $2,720,000 $680,000 $0 0.00%

    2018 saw Charles River Bank place emphasis on $200k-400k loans with 33 originations, totaling $9,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 23 $5,335,000 $231,957 $0 0.00%
    $150k-250k 18 $4,870,000 $270,556 $0 0.00%
    $50k-75k 16 $2,200,000 $137,500 $0 0.00%
    $75k-100k 13 $1,835,000 $141,154 $0 0.00%
    $50k or less 10 $1,080,000 $108,000 $0 0.00%
    $250k+ 6 $1,710,000 $285,000 $0 0.00%

    Charles River Bank lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $150k-250k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 99 $22,405,000 $226,313 $0 0.00%

    Charles River Bank lent most frequently to those with DTI ratios of Exempt%, with 99 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 83 $16,725,000 $201,506 $0 0.00%
    Not applicable 10 $4,520,000 $452,000 $0 0.00%
    Not provided 6 $1,160,000 $193,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.84%

    Charles River Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.85%

    Charles River Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 99 $22,405,000 $226,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $760,000 $380,000
    Single Family (1-4 Units):Site-Built 97 $21,645,000 $223,144

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CHARLES SCHWAB CORPORATION, THE Home equity loan or line of credit (HELOC) Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Charles River Bank 1 Hasting St Mendon, MA 1756 Full Service B&M $23,406
    Charles River Bank 3 South Maple St Bellingham, MA 2019 Full Service B&M $26,718
    Charles River Bank 70 Main Street Medway, MA 2053 Full Service B&M $135,728
    Charles River Bank 88 Summer Street Medway, MA 2053 Limited, Mobile/Seasonal Office $127

    For 2018, Charles River Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,443
    Net interest income $6,918
    Total noninterest income $1,272
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $318
    Trading account gains and fees $0
    Additional Noninterest Income $954
    Pre-tax net operating income $617
    Securities gains (or losses, -) $-19
    Income before extraordinary items $492
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $492
    Minority interest net income $0
    Net income $492
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $507

    Charles River Bank's gross interest income from loans was $8,443,000.
    Charles River Bank's net interest income from loans was $6,918,000.
    Charles River Bank's fee based income from loans was $318,000.
    Charles River Bank's net income from loans was $492,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,525
    Provision for credit losses $38
    Total noninterest expense $7,535
    Salaries and employee benefits $4,069
    Premises and equipment expense $873
    Additional noninterest expense $2,593
    Applicable income taxes $106
    Net charge-offs $33
    Cash dividends $0

    Charles River Bank's interest expense for loans was $1,525,000.
    Charles River Bank's payroll and benefits expense were $4,069,000.
    Charles River Bank's property, plant and equipment expenses $873,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    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 $191,980
    Deposits held in domestic offices $191,980
    Deposits by Individuals, partnerships, and corporations $171,408
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $20,572
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $55,275
    Demand deposits $34,832
    Nontransaction accounts $136,705
    Money market deposit accounts (MMDAs) $19,968
    Other savings deposits (excluding MMDAs) $61,045
    Total time deposits $55,692
    Total time and savings deposits $157,148
    Noninterest-bearing deposits $34,834
    Interest-bearing deposits $157,146
    Retail deposits $174,019
    IRAs and Keogh plan accounts $10,983
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $236,120
    Cash & Balances due from depository institutions $20,466
    Interest-bearing balances $17,342
    Total securities $22,453
    Federal funds sold & reverse repurchase $0
    Net loans and leases $174,275
    Loan and leases loss allowance $1,120
    Trading account assets $0
    Bank premises and fixed assets $8,066
    Other real estate owned $0
    Goodwill and other intangibles $396
    All other assets $10,464

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $236,120
    Total Liabilities $216,869
    Total deposits $191,980
    Interest-bearing deposits $157,146
    Deposits held in domestic offices $191,980
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $22,000
    Subordinated debt $0
    All other liabilities $2,889

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $174,275
    Loan and leases loss allowance $1,120
    Total loans and leases (domestic) $175,395
    All real estate loans $161,625
    Real estate loans in domestic offices $161,625
    Construction and development loans $2,384
    Residential 1-4 family construction $1,969
    Other construction, all land development and other land $415
    Loans secured by nonfarm nonresidential properties $44,933
    Nonfarm nonresidential secured by owner-occupied properties $21,101
    Commercial real estate & other non-farm, non-residential $23,832
    Multifamily residential real estate $8,192
    1-4 family residential loans $106,116
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,453
    To non-U.S. addressees $0
    Loans to individuals $5,301
    Credit card loans $0
    Related Plans $44
    Consumer Auto Loans $280
    Other loans to individuals $4,977
    All other loans & leases $16
    Loans to foreign governments and official institutions $0
    Other loans $16
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Charles River Bank had $174,275,000 of loans outstanding in 2018. $161,625,000 of loans were in real estate loans. $2,384,000 of loans were in development loans. $8,192,000 of loans were in multifamily mortgage loans. $106,116,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $280,000 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 76 $23,933 $314,908
    Nonfarm, nonresidential loans - <$100k 3 $107 $35,667
    Nonfarm, nonresidential loans - $100-250k 23 $3,195 $138,913
    Nonfarm, nonresidential loans - $250k-1MM 50 $20,631 $412,620
    Commercial & Industrial, US addressed loans - <$1MM 112 $7,168 $64,000
    Commercial & Industrial, US addressed loans - <$100k 77 $1,516 $19,688
    Commercial & Industrial, US addressed loans - $100-250k 24 $2,309 $96,208
    Commercial & Industrial, US addressed loans - $250k-1MM 11 $3,343 $303,909