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 and Refi loans. Charles River Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Portland among others. We have data for 5 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

    141

    Origination Dollar Volume (All Markets)

    $32,825,000

    Employee count

    47

    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) 80 $18,270,000 $228,375 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 49 $11,395,000 $232,551 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $1,905,000 $272,143 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $990,000 $247,500 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Charles River Bank's top markets include Boston, Worcester, Providence, Barnstable Town, and Portland among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $32,825,000 $232,801 $0 0.00%

    For 2019, Charles River Bank's most frequently originated type of loan was Conventional, with 141 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 54 $15,760,000 $291,852 $0 0.00%
    Refi 37 $9,745,000 $263,378 $0 0.00%
    Cash Out Refi 19 $5,175,000 $272,368 $0 0.00%
    Home Improvement 16 $1,230,000 $76,875 $0 0.00%
    Other 15 $915,000 $61,000 $0 0.00%

    For 2019, Charles River Bank's most frequently cited loan purpose was Home Purchase, with 54 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 141 $32,825,000 $232,801 $0 0.00%

    For 2019, Charles River Bank's most frequently cited loan duration was Other, with 141 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 58 $16,820,000 $290,000 $0 0.00%
    $100,000 or less 38 $1,840,000 $48,421 $0 0.00%
    $100k-200k 24 $3,870,000 $161,250 $0 0.00%
    $400k-600k 18 $8,300,000 $461,111 $0 0.00%
    $600k-1MM 3 $1,995,000 $665,000 $0 0.00%

    2019 saw Charles River Bank place emphasis on $200k-400k loans with 58 originations, totaling $16,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 35 $7,485,000 $213,857 $0 0.00%
    $150k-250k 34 $9,250,000 $272,059 $0 0.00%
    $50k-75k 17 $3,105,000 $182,647 $0 0.00%
    $75k-100k 15 $3,075,000 $205,000 $0 0.00%
    $50k or less 14 $1,670,000 $119,286 $0 0.00%
    $250k+ 10 $3,040,000 $304,000 $0 0.00%

    Charles River Bank lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $150k-250k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 141 $32,825,000 $232,801 $0 0.00%

    Charles River Bank lent most frequently to those with DTI ratios of Exempt%, with 141 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 121 $26,275,000 $217,149 $0 0.00%
    Not applicable 14 $4,720,000 $337,143 $0 0.00%
    Asian 3 $1,015,000 $338,333 $0 0.00%
    Black 2 $600,000 $300,000 $0 0.00%
    Not provided 1 $215,000 $215,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.19%

    Charles River Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.01%

    Charles River Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 141 $32,825,000 $232,801

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $2,610,000 $435,000
    Single Family (1-4 Units):Site-Built 135 $30,215,000 $223,815

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    CORELOGIC INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    CORELOGIC INC Conventional home mortgage Trouble during payment process 1 16.7%
    CORELOGIC INC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 16.7%
    CORELOGIC INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 16.7%
    CORELOGIC INC Other type of mortgage Trouble during payment process 1 16.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Charles River Bank 1 Hasting St Mendon, MA 1756 Full Service B&M $31,612
    Charles River Bank 3 South Maple St Bellingham, MA 2019 Full Service B&M $29,449
    Charles River Bank 70 Main Street Medway, MA 2053 Full Service B&M $152,981
    Charles River Bank 88 Summer Street Medway, MA 2053 Limited, Mobile/Seasonal Office $140

    For 2019, Charles River Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,128
    Net interest income $7,148
    Total noninterest income $1,437
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $329
    Trading account gains and fees $0
    Additional Noninterest Income $1,108
    Pre-tax net operating income $945
    Securities gains (or losses, -) $0
    Income before extraordinary items $738
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $738
    Minority interest net income $0
    Net income $738
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $738

    Charles River Bank's gross interest income from loans was $9,128,000.
    Charles River Bank's net interest income from loans was $7,148,000.
    Charles River Bank's fee based income from loans was $329,000.
    Charles River Bank's net income from loans was $738,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,980
    Provision for credit losses $49
    Total noninterest expense $7,591
    Salaries and employee benefits $4,116
    Premises and equipment expense $911
    Additional noninterest expense $2,564
    Applicable income taxes $207
    Net charge-offs $21
    Cash dividends $0

    Charles River Bank's interest expense for loans was $1,980,000.
    Charles River Bank's payroll and benefits expense were $4,116,000.
    Charles River Bank's property, plant and equipment expenses $911,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $220,281
    Deposits held in domestic offices $220,281
    Deposits by Individuals, partnerships, and corporations $198,422
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $21,859
    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 $67,547
    Demand deposits $42,165
    Nontransaction accounts $152,734
    Money market deposit accounts (MMDAs) $22,056
    Other savings deposits (excluding MMDAs) $60,629
    Total time deposits $70,049
    Total time and savings deposits $178,116
    Noninterest-bearing deposits $42,169
    Interest-bearing deposits $178,112
    Retail deposits $192,109
    IRAs and Keogh plan accounts $10,656
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $256,886
    Cash & Balances due from depository institutions $24,267
    Interest-bearing balances $21,011
    Total securities $41,315
    Federal funds sold & reverse repurchase $0
    Net loans and leases $173,114
    Loan and leases loss allowance $1,139
    Trading account assets $0
    Bank premises and fixed assets $7,724
    Other real estate owned $0
    Goodwill and other intangibles $431
    All other assets $10,035

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $256,886
    Total Liabilities $236,306
    Total deposits $220,281
    Interest-bearing deposits $178,112
    Deposits held in domestic offices $220,281
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $13,000
    Subordinated debt $0
    All other liabilities $3,025

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $173,114
    Loan and leases loss allowance $1,139
    Total loans and leases (domestic) $174,253
    All real estate loans $159,907
    Real estate loans in domestic offices $159,907
    Construction and development loans $3,602
    Residential 1-4 family construction $2,619
    Other construction, all land development and other land $983
    Loans secured by nonfarm nonresidential properties $42,788
    Nonfarm nonresidential secured by owner-occupied properties $20,475
    Commercial real estate & other non-farm, non-residential $22,313
    Multifamily residential real estate $8,710
    1-4 family residential loans $104,807
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $7,740
    To non-U.S. addressees $0
    Loans to individuals $6,589
    Credit card loans $0
    Related Plans $59
    Consumer Auto Loans $692
    Other loans to individuals $5,838
    All other loans & leases $17
    Loans to foreign governments and official institutions $0
    Other loans $17
    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 $173,114,000 of loans outstanding in 2019. $159,907,000 of loans were in real estate loans. $3,602,000 of loans were in development loans. $8,710,000 of loans were in multifamily mortgage loans. $104,807,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $692,000 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 $23,289 $306,434
    Nonfarm, nonresidential loans - <$100k 2 $71 $35,500
    Nonfarm, nonresidential loans - $100-250k 24 $3,386 $141,083
    Nonfarm, nonresidential loans - $250k-1MM 50 $19,832 $396,640
    Commercial & Industrial, US addressed loans - <$1MM 101 $6,763 $66,960
    Commercial & Industrial, US addressed loans - <$100k 72 $2,107 $29,264
    Commercial & Industrial, US addressed loans - $100-250k 17 $1,971 $115,941
    Commercial & Industrial, US addressed loans - $250k-1MM 12 $2,685 $223,750