Collinsville Bank Mortgage Rates, Fees & Info

Collinsville, CT

LEI: 2549007DF4VYT8BYAG08

Tax ID: 06-0299530

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Collinsville Bank is a smaller bank specializing in Home Purchase and Refi loans. Collinsville Bank has a high proportion of conventional loans. Their top two markets are Hartford and Torrington .

    Collinsville 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. Collinsville Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    46

    Origination Dollar Volume (All Markets)

    $11,380,000

    Employee count

    32

    Awards

    Collinsville Bank 30 Year Conventional Loans silver
    Show all (1) awards

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 37 $10,115,000 $273,378 $3,430 4.64%
    Torrington, CT (FHA|USDA|VA) 9 $1,265,000 $140,556 $1,823 4.08%
    Collinsville Bank's top markets include Hartford and Torrington among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Collinsville Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    POLISH NATIONAL
    Similarity Rank: 60
    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    PeoplesBank
    Similarity Rank: 104
    Thomaston Savings Bank
    Similarity Rank: 112
    The Torrington Savings Bank
    Similarity Rank: 120
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    SIKORSKY FINANCIAL
    Similarity Rank: 235
    Chelsea Groton Bank
    Similarity Rank: 264
    Northwest Community Bank
    Similarity Rank: 295

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $11,380,000 $247,391 $3,052 4.53%

    For 2018, Collinsville Bank's most frequently originated type of loan was Conventional, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 23 $7,045,000 $306,304 $3,157 4.66%
    Cash Out Refi 10 $1,080,000 $108,000 $0 4.25%
    Refi 7 $2,805,000 $400,714 $1,375 4.95%
    Home Improvement 3 $175,000 $58,333 $0 4.42%
    Other 3 $275,000 $91,667 $0 3.67%

    For 2018, Collinsville Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 14 $5,050,000 $360,714 $2,317 5.20%
    30 Year 11 $2,025,000 $184,091 $3,195 4.43%
    15 Year 9 $2,575,000 $286,111 $2,089 4.58%
    10 Year 5 $465,000 $93,000 $0 4.10%
    5 Year 5 $145,000 $29,000 $0 3.45%
    30+ year 2 $1,120,000 $560,000 $3,963 4.06%

    For 2018, Collinsville Bank's most frequently cited loan duration was 20 Year, with 14 originations. The 2nd most popular length was 30 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 33 $5,415,000 $164,091
    $5k+ 2 $420,000 $210,000

    Collinsville Bank's average total fees were $3,195, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 21 $3,625,000 $172,619
    3-4% 12 $1,810,000 $150,833
    5-6% 10 $5,420,000 $542,000
    6-7% 2 $280,000 $140,000
    2.5-3% 1 $245,000 $245,000

    During 2018, Collinsville Bank's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 4-5%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 18 $2,630,000 $146,111 $2,830 4.78%
    $100,000 or less 12 $560,000 $46,667 $0 4.03%
    $200k-400k 11 $2,955,000 $268,636 $3,046 4.51%
    $1MM+ 2 $3,710,000 $1,855,000 $0 5.51%
    $400k-600k 2 $860,000 $430,000 $4,305 5.06%
    $600k-1MM 1 $665,000 $665,000 $3,621 3.50%

    2018 saw Collinsville Bank place emphasis on $100k-200k loans with 18 originations, totaling $2,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 10 $2,100,000 $210,000 $4,056 4.59%
    $100k-150k 6 $750,000 $125,000 $2,317 4.38%
    $250k+ 5 $1,745,000 $349,000 $3,494 3.80%
    $50k-75k 5 $635,000 $127,000 $2,282 4.38%
    $50k or less 4 $230,000 $57,500 $2,071 4.06%
    $75k-100k 4 $380,000 $95,000 $0 3.88%

    Collinsville Bank lent most frequently to those with incomes in the $150k-250k range, with 10 originations. The second most popular income band? $100k-150k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,690,000 $140,833 $3,340 4.21%
    30-36% 8 $1,520,000 $190,000 $2,375 4.17%
    <20% 6 $1,110,000 $185,000 $4,489 4.35%
    37% 4 $860,000 $215,000 $3,525 4.81%
    36% 2 $350,000 $175,000 $2,437 4.31%
    39% 1 $175,000 $175,000 $0 4.00%
    42% 1 $35,000 $35,000 $0 3.25%
    43% 1 $195,000 $195,000 $2,409 4.25%
    47% 1 $65,000 $65,000 $0 4.75%

    Collinsville Bank lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $5,645,000 $161,286 $3,157 4.31%
    Not applicable 10 $5,380,000 $538,000 $0 5.45%
    Not provided 1 $355,000 $355,000 $1,375 3.25%

    Approval Rates

    Total approvals of all applications
    98.11%

    Collinsville 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
    86.96%

    Collinsville Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 46 $11,380,000 $247,391

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $5,095,000 $727,857
    Single Family (1-4 Units):Site-Built 39 $6,285,000 $161,154

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $425,000 $60,714 $2,311 3.98%
    40-60% 6 $1,300,000 $216,667 $2,089 4.56%
    60-80% 11 $2,105,000 $191,364 $3,262 4.49%
    80-100% 7 $1,995,000 $285,000 $3,223 4.25%
    Under 20% 5 $175,000 $35,000 $0 3.95%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Collinsville Savings Society 136 Main Street Canton, CT 6019 Full Service B&M $51,889
    Collinsville Savings Society 277 Albany Turnpike Collinsville, CT 6019 Full Service B&M $76,626

    For 2018, Collinsville Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,461
    Net interest income $5,238
    Total noninterest income $454
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $215
    Trading account gains and fees $0
    Additional Noninterest Income $239
    Pre-tax net operating income $820
    Securities gains (or losses, -) $99
    Income before extraordinary items $696
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $696
    Minority interest net income $0
    Net income $696
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $617

    Collinsville Bank's gross interest income from loans was $6,461,000.
    Collinsville Bank's net interest income from loans was $5,238,000.
    Collinsville Bank's fee based income from loans was $215,000.
    Collinsville Bank's net income from loans was $696,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,223
    Provision for credit losses $120
    Total noninterest expense $4,752
    Salaries and employee benefits $2,785
    Premises and equipment expense $417
    Additional noninterest expense $1,550
    Applicable income taxes $223
    Net charge-offs $-3
    Cash dividends $377

    Collinsville Bank's interest expense for loans was $1,223,000.
    Collinsville Bank's payroll and benefits expense were $2,785,000.
    Collinsville Bank's property, plant and equipment expenses $417,000.

    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 1.0%
    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 $129,238
    Deposits held in domestic offices $129,238
    Deposits by Individuals, partnerships, and corporations $128,625
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $593
    Deposits by Commercial banks and other depository institutions in U.S. $19
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $39,302
    Demand deposits $28,431
    Nontransaction accounts $89,936
    Money market deposit accounts (MMDAs) $21,863
    Other savings deposits (excluding MMDAs) $23,583
    Total time deposits $44,491
    Total time and savings deposits $100,807
    Noninterest-bearing deposits $28,431
    Interest-bearing deposits $100,807
    Retail deposits $109,782
    IRAs and Keogh plan accounts $5,198
    Brokered deposits $13,678
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $163,856
    Cash & Balances due from depository institutions $3,641
    Interest-bearing balances $2,038
    Total securities $12,673
    Federal funds sold & reverse repurchase $0
    Net loans and leases $137,725
    Loan and leases loss allowance $1,254
    Trading account assets $0
    Bank premises and fixed assets $3,201
    Other real estate owned $0
    Goodwill and other intangibles $671
    All other assets $5,945

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $163,856
    Total Liabilities $148,674
    Total deposits $129,238
    Interest-bearing deposits $100,807
    Deposits held in domestic offices $129,238
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $18,300
    Subordinated debt $0
    All other liabilities $1,136

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $137,725
    Loan and leases loss allowance $1,254
    Total loans and leases (domestic) $138,979
    All real estate loans $118,728
    Real estate loans in domestic offices $118,728
    Construction and development loans $4,203
    Residential 1-4 family construction $1,364
    Other construction, all land development and other land $2,839
    Loans secured by nonfarm nonresidential properties $35,474
    Nonfarm nonresidential secured by owner-occupied properties $12,209
    Commercial real estate & other non-farm, non-residential $23,265
    Multifamily residential real estate $2,065
    1-4 family residential loans $76,986
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $15,863
    To non-U.S. addressees $0
    Loans to individuals $4,384
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,357
    Other loans to individuals $27
    All other loans & leases $4
    Loans to foreign governments and official institutions $0
    Other loans $4
    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 $1,466
    Non 1-4 family restructured loans & leases $997
    Total loans and leases (foreign) $0

    Collinsville Bank had $137,725,000 of loans outstanding in 2018. $118,728,000 of loans were in real estate loans. $4,203,000 of loans were in development loans. $2,065,000 of loans were in multifamily mortgage loans. $76,986,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,357,000 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 92 $23,499 $255,424
    Nonfarm, nonresidential loans - <$100k 11 $642 $58,364
    Nonfarm, nonresidential loans - $100-250k 28 $3,146 $112,357
    Nonfarm, nonresidential loans - $250k-1MM 53 $19,711 $371,906
    Commercial & Industrial, US addressed loans - <$1MM 89 $9,767 $109,742
    Commercial & Industrial, US addressed loans - <$100k 39 $1,044 $26,769
    Commercial & Industrial, US addressed loans - $100-250k 20 $1,420 $71,000
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $7,303 $243,433