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 Refi and Cash Out 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 Vineyard Haven among others. We have data for 8 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

    327

    Origination Dollar Volume (All Markets)

    $92,945,000

    Employee count

    46

    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) 195 $55,425,000 $284,231 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 103 $28,525,000 $276,942 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 15 $4,135,000 $275,667 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 10 $3,600,000 $360,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    Charles River Bank's top markets include Boston, Worcester, Providence, Barnstable Town, and Vineyard Haven among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (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 327 $92,945,000 $284,235 $0 0.00%

    For 2020, Charles River Bank's most frequently originated type of loan was Conventional, with 327 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 174 $48,030,000 $276,034 $0 0.00%
    Cash Out Refi 89 $25,635,000 $288,034 $0 0.00%
    Home Purchase 48 $17,760,000 $370,000 $0 0.00%
    Other 10 $960,000 $96,000 $0 0.00%
    Home Improvement 6 $560,000 $93,333 $0 0.00%

    For 2020, Charles River Bank's most frequently cited loan purpose was Refi, with 174 originations. The 2nd most popular reason was Cash Out Refi, with 89 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 327 $92,945,000 $284,235 $0 0.00%

    For 2020, Charles River Bank's most frequently cited loan duration was Other, with 327 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 182 $53,360,000 $293,187 $0 0.00%
    $100k-200k 73 $11,295,000 $154,726 $0 0.00%
    $400k-600k 45 $20,915,000 $464,778 $0 0.00%
    $100,000 or less 20 $1,100,000 $55,000 $0 0.00%
    $600k-1MM 5 $3,735,000 $747,000 $0 0.00%
    $1MM+ 2 $2,540,000 $1,270,000 $0 0.00%

    2020 saw Charles River Bank place emphasis on $200k-400k loans with 182 originations, totaling $53,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 94 $29,810,000 $317,128 $0 0.00%
    $100k-150k 88 $24,090,000 $273,750 $0 0.00%
    $75k-100k 50 $12,160,000 $243,200 $0 0.00%
    $50k-75k 33 $6,515,000 $197,424 $0 0.00%
    $250k+ 30 $11,120,000 $370,667 $0 0.00%
    $50k or less 17 $2,795,000 $164,412 $0 0.00%

    Charles River Bank lent most frequently to those with incomes in the $150k-250k range, with 94 originations. The second most popular income band? $100k-150k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 327 $92,945,000 $284,235 $0 0.00%

    Charles River Bank lent most frequently to those with DTI ratios of Exempt%, with 327 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 278 $77,060,000 $277,194 $0 0.00%
    Not provided 24 $6,470,000 $269,583 $0 0.00%
    Not applicable 15 $6,455,000 $430,333 $0 0.00%
    Asian 8 $2,400,000 $300,000 $0 0.00%
    American Indian 2 $560,000 $280,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.14%

    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
    74.92%

    Charles River Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 327 $92,945,000 $284,235

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $4,615,000 $659,286
    Single Family (1-4 Units):Site-Built 320 $88,330,000 $276,031

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CHARLES SCHWAB CORPORATION, THE Conventional home mortgage Closing on a mortgage 1 20.0%
    CHARLES SCHWAB CORPORATION, THE FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    CHARLES SCHWAB CORPORATION, THE Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    CHARLES SCHWAB CORPORATION, THE Other type of mortgage Trouble during payment process 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Charles River Bank 1 Hasting St Mendon, MA 1756 Full Service B&M $40,066
    Charles River Bank 3 South Maple St Bellingham, MA 2019 Full Service B&M $36,763
    Charles River Bank 70 Main Street Medway, MA 2053 Full Service B&M $169,296
    Charles River Bank 88 Summer Street Medway, MA 2053 Limited, Mobile/Seasonal Office $191

    For 2020, Charles River Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,234
    Net interest income $7,478
    Total noninterest income $2,189
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $223
    Trading account gains and fees $0
    Additional Noninterest Income $1,966
    Pre-tax net operating income $1,639
    Securities gains (or losses, -) $-15
    Income before extraordinary items $1,201
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,201
    Minority interest net income $0
    Net income $1,201
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,212

    Charles River Bank's gross interest income from loans was $9,234,000.
    Charles River Bank's net interest income from loans was $7,478,000.
    Charles River Bank's fee based income from loans was $223,000.
    Charles River Bank's net income from loans was $1,201,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,756
    Provision for credit losses $110
    Total noninterest expense $7,918
    Salaries and employee benefits $4,080
    Premises and equipment expense $890
    Additional noninterest expense $2,948
    Applicable income taxes $423
    Net charge-offs $4
    Cash dividends $0

    Charles River Bank's interest expense for loans was $1,756,000.
    Charles River Bank's payroll and benefits expense were $4,080,000.
    Charles River Bank's property, plant and equipment expenses $890,000.

    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 $263,589
    Deposits held in domestic offices $263,589
    Deposits by Individuals, partnerships, and corporations $233,608
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $29,981
    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 $83,539
    Demand deposits $53,470
    Nontransaction accounts $180,050
    Money market deposit accounts (MMDAs) $28,829
    Other savings deposits (excluding MMDAs) $76,065
    Total time deposits $75,156
    Total time and savings deposits $210,119
    Noninterest-bearing deposits $53,474
    Interest-bearing deposits $210,115
    Retail deposits $229,643
    IRAs and Keogh plan accounts $12,655
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $289,492
    Cash & Balances due from depository institutions $32,520
    Interest-bearing balances $10,527
    Total securities $41,881
    Federal funds sold & reverse repurchase $0
    Net loans and leases $197,629
    Loan and leases loss allowance $1,243
    Trading account assets $0
    Bank premises and fixed assets $7,635
    Other real estate owned $0
    Goodwill and other intangibles $646
    All other assets $9,181

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $289,492
    Total Liabilities $266,808
    Total deposits $263,589
    Interest-bearing deposits $210,115
    Deposits held in domestic offices $263,589
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,219

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $197,629
    Loan and leases loss allowance $1,243
    Total loans and leases (domestic) $198,872
    All real estate loans $179,078
    Real estate loans in domestic offices $179,078
    Construction and development loans $6,069
    Residential 1-4 family construction $3,562
    Other construction, all land development and other land $2,507
    Loans secured by nonfarm nonresidential properties $49,319
    Nonfarm nonresidential secured by owner-occupied properties $28,413
    Commercial real estate & other non-farm, non-residential $20,906
    Multifamily residential real estate $8,759
    1-4 family residential loans $114,931
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $12,888
    To non-U.S. addressees $0
    Loans to individuals $6,900
    Credit card loans $0
    Related Plans $27
    Consumer Auto Loans $547
    Other loans to individuals $6,326
    All other loans & leases $6
    Loans to foreign governments and official institutions $0
    Other loans $6
    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 $197,629,000 of loans outstanding in 2020. $179,078,000 of loans were in real estate loans. $6,069,000 of loans were in development loans. $8,759,000 of loans were in multifamily mortgage loans. $114,931,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $547,000 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 80 $26,297 $328,713
    Nonfarm, nonresidential loans - <$100k 2 $173 $86,500
    Nonfarm, nonresidential loans - $100-250k 22 $3,149 $143,136
    Nonfarm, nonresidential loans - $250k-1MM 56 $22,975 $410,268
    Commercial & Industrial, US addressed loans - <$1MM 223 $12,432 $55,749
    Commercial & Industrial, US addressed loans - <$100k 161 $3,886 $24,137
    Commercial & Industrial, US addressed loans - $100-250k 47 $5,580 $118,723
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $2,966 $197,733