East Cambridge Savings Bank Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 2549006A34A1F1ZGTT81

Tax ID: 04-1269550

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $41,576
Net interest income $37,217
Total noninterest income $4,459
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,127
Trading account gains and fees $0
Additional Noninterest Income $3,332
Pre-tax net operating income $10,808
Securities gains (or losses, -) $0
Income before extraordinary items $8,175
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,175
Minority interest net income $0
Net income $8,175
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,175

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.

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 $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