East Cambridge Savings Bank Mortgage Rates, Fees & Info
Cambridge, MA
LEI: 2549006A34A1F1ZGTT81
Tax ID: 04-1269550
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Mortgage Data
Bank Data
Overview
East Cambridge Savings Bank is a
smaller
bank
specializing in
Home Purchase, Cash Out Refi, and Refi loans.
East Cambridge Savings Bank has a high proportion of conventional loans.
Their top markets include Boston, Barnstable Town, Worcester, Manchester, and Springfield among others. East Cambridge 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.
Originations
406
Origination Dollar Volume (All Markets)
$306,980,000
Employee count
149
Top Markets
Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
393
|
$298,295,000 |
$759,020 |
$0 |
0.00% |
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
6
|
$5,260,000 |
$876,667 |
$0 |
0.00% |
Outside of Metro Areas
|
1 |
$1,305,000 |
$1,305,000 |
$0 |
0.00% |
WORCESTER, MA-CT (FHA|USDA|VA)
|
3
|
$1,085,000 |
$361,667 |
$0 |
0.00% |
MANCHESTER-NASHUA, NH (FHA|USDA|VA)
|
1
|
$435,000 |
$435,000 |
$0 |
0.00% |
SPRINGFIELD, MA (FHA|USDA|VA)
|
1
|
$325,000 |
$325,000 |
$0 |
0.00% |
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
1
|
$275,000 |
$275,000 |
$0 |
0.00% |
East Cambridge Savings Bank's top markets include Boston, Barnstable Town, Worcester, Manchester, and Springfield among others.
Product Mix
Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Conventional |
406 |
$306,980,000 |
$756,108 |
$0 |
0.00% |
For the 2021 period, East Cambridge Savings Bank's most frequently
originated loan type
of loans were Conventional, with 406 originations.
Loan Reason
Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Home Purchase |
145 |
$148,315,000 |
$1,022,862 |
$0 |
0.00% |
Cash Out Refi |
125 |
$67,355,000 |
$538,840 |
$0 |
0.00% |
Refi |
124 |
$81,540,000 |
$657,581 |
$0 |
0.00% |
Home Improvement |
6 |
$7,290,000 |
$1,215,000 |
$0 |
0.00% |
Other |
6 |
$2,480,000 |
$413,333 |
$0 |
0.00% |
For the 2021, East Cambridge Savings Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 145
originations.
The 2nd most popular reason of loans were Cash Out Refi,
with 125 originations.
Loan Duration/Length
Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Other |
406 |
$306,980,000 |
$756,108 |
$0 |
0.00% |
For the 2021, East Cambridge Savings Bank's most frequently cited loan
length
of loans were Other, with 406 originations.
Loan Sizing
Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$200k-400k |
112 |
$33,390,000 |
$298,125 |
$0 |
0.00% |
$600k-1MM |
98 |
$77,440,000 |
$790,204 |
$0 |
0.00% |
$400k-600k |
91 |
$43,525,000 |
$478,297 |
$0 |
0.00% |
$1MM+ |
83 |
$149,275,000 |
$1,798,494 |
$0 |
0.00% |
$100k-200k |
20 |
$3,200,000 |
$160,000 |
$0 |
0.00% |
$100,000 or less |
2 |
$150,000 |
$75,000 |
$0 |
0.00% |
2021 saw East Cambridge Savings Bank place emphasis on
$200k-400k loans
with 112 originations, totaling
$33,390,000 in origination value.
Applicant Income
Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$100k-150k |
75 |
$33,675,000 |
$449,000 |
$0 |
0.00% |
$150k-250k |
74 |
$48,620,000 |
$657,027 |
$0 |
0.00% |
$250k+ |
65 |
$57,345,000 |
$882,231 |
$0 |
0.00% |
$75k-100k |
47 |
$18,115,000 |
$385,426 |
$0 |
0.00% |
$50k-75k |
45 |
$13,675,000 |
$303,889 |
$0 |
0.00% |
$50k or less |
15 |
$6,295,000 |
$419,667 |
$0 |
0.00% |
East Cambridge Savings Bank lent most frequently to those with incomes in the
$100k-150k range, with
75 originations.
The second most popular income band? $150k-250k,
with 74 originations.
Applicant Debt to Income Ratio
DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Exempt% |
406 |
$306,980,000 |
$756,108 |
$0 |
0.00% |
East Cambridge Savings Bank lent most frequently to those with DTI ratios
of Exempt%, with
406 originations.
Ethnicity Mix
Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Not applicable |
84 |
$128,800,000 |
$1,533,333 |
$0 |
0.00% |
White |
237 |
$124,495,000 |
$525,295 |
$0 |
0.00% |
Not provided |
42 |
$29,540,000 |
$703,333 |
$0 |
0.00% |
Black |
21 |
$11,715,000 |
$557,857 |
$0 |
0.00% |
Asian |
20 |
$11,690,000 |
$584,500 |
$0 |
0.00% |
Asian Indian |
2 |
$740,000 |
$370,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
93.88%
East Cambridge Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination
84.60%
East Cambridge Savings Bank has a below average pick rate.
Points and Fees
Points |
Originations |
Total Value |
Average Loan |
Exempt |
406 |
$306,980,000 |
$756,108 |
Occupancy Type Mix
Dwelling Type |
Originations |
Total Value |
Average Loan |
|
406 |
$306,980,000 |
$756,108 |
Complaints
Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
EAST WEST BANK |
Conventional home mortgage |
Closing on a mortgage |
1 |
33.3% |
EAST WEST BANK |
Conventional home mortgage |
Struggling to pay mortgage |
1 |
33.3% |
EAST WEST BANK |
Home equity loan or line of credit (HELOC) |
Applying for a mortgage or refinancing an existing mortgage |
1 |
33.3% |
Bank Details
Branches
Bank Name |
Branch |
Branch Type |
Deposits (000's) |
East Cambridge Savings Bank |
105 Broadway Arlington, MA 2474 |
Full Service B&M
|
$77,455 |
East Cambridge Savings Bank |
1310 Cambridge Street Cambridge, MA 2139 |
Full Service B&M
|
$150,668 |
East Cambridge Savings Bank |
243 Salem Street Medford, MA 2155 |
Full Service B&M
|
$56,130 |
East Cambridge Savings Bank |
285 Highland Avenue Somerville, MA 2143 |
Full Service B&M
|
$156,118 |
East Cambridge Savings Bank |
292 Cambridge St Cambridge, MA 2141 |
Full Service B&M
|
$331,160 |
East Cambridge Savings Bank |
360 Broadway Chelsea, MA 2150 |
Full Service B&M
|
$83,686 |
East Cambridge Savings Bank |
395 Trapelo Road Belmont, MA 2478 |
Full Service B&M
|
$121,430 |
East Cambridge Savings Bank |
459 Broadway Cambridge, MA 2138 |
Limited, Mobile/Seasonal Office
|
$283 |
East Cambridge Savings Bank |
860 Lexington Street Waltham, MA 2452 |
Full Service B&M
|
$55,902 |
East Cambridge Savings Bank |
9 Playstead Road Medford, MA 2155 |
Full Service B&M
|
$40,211 |
East Cambridge Savings Bank |
98 Pleasant Street Malden, MA 2148 |
Full Service B&M
|
$19,222 |
For 2021, East Cambridge Savings Bank had 11 branches.
Yearly Performance Overview
Bank Income
East Cambridge Savings Bank's gross interest income from loans was $41,576,000.
East Cambridge Savings Bank's net interest income from loans was $37,217,000.
East Cambridge Savings Bank's fee based income from loans was $1,127,000.
East Cambridge Savings Bank's net income from loans was $8,175,000.
Bank Expenses
Item |
Value (in 000's) |
Total interest expense |
$4,359 |
Provision for credit losses |
$928 |
Total noninterest expense |
$29,940 |
Salaries and employee benefits |
$18,632 |
Premises and equipment expense |
$3,486 |
Additional noninterest expense |
$7,822 |
Applicable income taxes |
$2,633 |
Net charge-offs |
$-10 |
Cash dividends |
$0 |
East Cambridge Savings Bank's interest expense for loans was $4,359,000.
East Cambridge Savings Bank's payroll and benefits expense were $18,632,000.
East Cambridge Savings Bank's property, plant and equipment expenses $3,486,000.
Deposits
Type |
Value (in 000's) |
Total deposits |
$1,152,798 |
Deposits held in domestic offices |
$1,152,798 |
Deposits by Individuals, partnerships, and corporations |
$1,098,173 |
Deposits by U.S. Government |
$17 |
Deposits by States and political subdivisions in the U.S. |
$54,031 |
Deposits by Commercial banks and other depository institutions in U.S. |
$578 |
Deposits by Banks in foreign countries |
$0 |
Deposits by Foreign governments and official institutions |
$0 |
Transaction accounts |
$266,104 |
Demand deposits |
$184,298 |
Nontransaction accounts |
$886,695 |
Money market deposit accounts (MMDAs) |
$152,317 |
Other savings deposits (excluding MMDAs) |
$420,634 |
Total time deposits |
$313,743 |
Total time and savings deposits |
$968,501 |
Noninterest-bearing deposits |
$184,315 |
Interest-bearing deposits |
$968,483 |
Retail deposits |
$1,018,348 |
IRAs and Keogh plan accounts |
$31,569 |
Brokered deposits |
$0 |
Deposits held in foreign offices |
$0 |
Assets
Asset |
Value (in 000's) |
Total Assets |
$1,317,811 |
Cash & Balances due from depository institutions |
$45,053 |
Interest-bearing balances |
$41,716 |
Total securities |
$134,284 |
Federal funds sold & reverse repurchase |
$0 |
Net loans and leases |
$1,078,922 |
Loan and leases loss allowance |
$7,398 |
Trading account assets |
$0 |
Bank premises and fixed assets |
$14,334 |
Other real estate owned |
$96 |
Goodwill and other intangibles |
$206 |
All other assets |
$44,916 |
Liabilities
Liabilities |
Value (in 000's) |
Total liabilities and capital |
$1,317,811 |
Total Liabilities |
$1,185,575 |
Total deposits |
$1,152,798 |
Interest-bearing deposits |
$968,483 |
Deposits held in domestic offices |
$1,152,798 |
% insured (estimated) |
$69 |
Federal funds purchased and repurchase agreements |
$0 |
Trading liabilities |
$0 |
Other borrowed funds |
$20,128 |
Subordinated debt |
$0 |
All other liabilities |
$12,649 |
Issued Loan Types
Type |
Value (in 000's) |
Net loans and leases |
$1,078,922 |
Loan and leases loss allowance |
$7,398 |
Total loans and leases (domestic) |
$1,086,320 |
All real estate loans |
$1,032,321 |
Real estate loans in domestic offices |
$1,032,321 |
Construction and development loans |
$81,560 |
Residential 1-4 family construction |
$59,634 |
Other construction, all land development and other land |
$21,926 |
Loans secured by nonfarm nonresidential properties |
$203,927 |
Nonfarm nonresidential secured by owner-occupied properties |
$59,668 |
Commercial real estate & other non-farm, non-residential |
$144,259 |
Multifamily residential real estate |
$183,443 |
1-4 family residential loans |
$563,391 |
Farmland loans |
$0 |
Loans held in foreign offices |
$0 |
Farm loans |
$0 |
Commercial and industrial loans |
$43,424 |
To non-U.S. addressees |
$0 |
Loans to individuals |
$10,552 |
Credit card loans |
$0 |
Related Plans |
$4 |
Consumer Auto Loans |
$25 |
Other loans to individuals |
$10,523 |
All other loans & leases |
$23 |
Loans to foreign governments and official institutions |
$0 |
Other loans |
$23 |
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 |
East Cambridge Savings Bank had $1,078,922,000 of loans outstanding in 2021. $1,032,321,000 of loans were in real estate loans.
$81,560,000 of loans were in development loans. $183,443,000 of loans were in multifamily mortgage loans.
$563,391,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $25,000 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 |
84 |
$32,338 |
$384,976 |
Nonfarm, nonresidential loans - <$100k |
4 |
$261 |
$65,250 |
Nonfarm, nonresidential loans - $100-250k |
17 |
$2,246 |
$132,118 |
Nonfarm, nonresidential loans - $250k-1MM |
63 |
$29,831 |
$473,508 |
Commercial & Industrial, US addressed loans - <$1MM |
240 |
$18,741 |
$78,088 |
Commercial & Industrial, US addressed loans - <$100k |
175 |
$3,370 |
$19,257 |
Commercial & Industrial, US addressed loans - $100-250k |
29 |
$3,176 |
$109,517 |
Commercial & Industrial, US addressed loans - $250k-1MM |
36 |
$12,195 |
$338,750 |