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
  • Complaints
  • 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, Refi, and Cash Out Refi loans. Collinsville Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, New Haven, Torrington, Bridgeport, and Norwich among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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

    103

    Origination Dollar Volume (All Markets)

    $27,485,000

    Employee count

    38

    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) 79 $22,055,000 $279,177 $2,562 3.24%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 13 $3,125,000 $240,385 $3,232 3.33%
    Torrington, CT (FHA|USDA|VA) 9 $1,465,000 $162,778 $1,961 3.39%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $515,000 $515,000 $4,537 3.75%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $325,000 $325,000 $2,750 2.63%
    Collinsville Bank's top markets include Hartford, New Haven, Torrington, Bridgeport, and Norwich 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.

    Stafford Savings Bank
    Similarity Rank: 266
    SIKORSKY FINANCIAL
    Similarity Rank: 320
    Collinsville Bank
    Similarity Rank: 490
    U S WIDE FINANCIAL LLC
    Similarity Rank: 608
    Thomaston Savings Bank
    Similarity Rank: 690
    Chelsea Groton Bank
    Similarity Rank: 760
    The Torrington Savings Bank
    Similarity Rank: 786
    Newtown Savings Bank
    Similarity Rank: 854
    Charter Oak Federal Credit Union
    Similarity Rank: 924
    Northwest Community Bank
    Similarity Rank: 945

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 103 $27,485,000 $266,845 $2,586 3.27%

    For 2020, Collinsville Bank's most frequently originated type of loan was Conventional, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $12,200,000 $338,889 $3,498 3.39%
    Refi 32 $7,140,000 $223,125 $2,382 3.01%
    Cash Out Refi 29 $7,495,000 $258,448 $2,128 3.28%
    Other 4 $490,000 $122,500 $905 4.00%
    Home Improvement 2 $160,000 $80,000 $968 3.38%

    For 2020, Collinsville Bank's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 44 $11,700,000 $265,909 $3,058 3.29%
    15 Year 31 $6,185,000 $199,516 $2,241 2.88%
    20 Year 16 $4,800,000 $300,000 $2,224 3.66%
    30+ year 5 $1,675,000 $335,000 $3,221 3.48%
    10 Year 3 $225,000 $75,000 $0 4.17%
    5 Year 2 $160,000 $80,000 $0 3.50%
    Other 2 $2,740,000 $1,370,000 $4,374 3.51%

    For 2020, Collinsville Bank's most frequently cited loan duration was 30 Year, with 44 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 71 $17,735,000 $249,789
    $1k-2k 11 $2,255,000 $205,000
    $2k-3k 4 $1,090,000 $272,500
    $3k-4k 1 $325,000 $325,000

    Collinsville Bank's average total fees were $3,058, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 71 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 49 $13,205,000 $269,490
    2.5-3% 43 $10,375,000 $241,279
    4-5% 8 $3,370,000 $421,250
    <2.5% 3 $535,000 $178,333

    During 2020, Collinsville Bank's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 3-4%, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 45 $12,095,000 $268,778 $2,773 3.17%
    $100k-200k 38 $5,430,000 $142,895 $2,313 3.23%
    $400k-600k 10 $4,810,000 $481,000 $3,617 3.37%
    $100,000 or less 6 $400,000 $66,667 $356 3.75%
    $1MM+ 3 $4,045,000 $1,348,333 $4,374 3.46%
    $600k-1MM 1 $705,000 $705,000 $0 4.48%

    2020 saw Collinsville Bank place emphasis on $200k-400k loans with 45 originations, totaling $12,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 26 $6,430,000 $247,308 $2,748 3.24%
    $100k-150k 25 $5,505,000 $220,200 $2,696 3.06%
    $250k+ 15 $5,505,000 $367,000 $2,657 3.27%
    $75k-100k 12 $2,160,000 $180,000 $2,220 3.42%
    $50k-75k 10 $1,850,000 $185,000 $2,339 3.15%
    $50k or less 6 $760,000 $126,667 $2,650 3.17%

    Collinsville Bank lent most frequently to those with incomes in the $150k-250k range, with 26 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $9,485,000 $271,000 $2,471 3.16%
    <20% 23 $4,505,000 $195,870 $2,561 3.13%
    30-36% 17 $4,195,000 $246,765 $3,092 3.15%
    42% 4 $460,000 $115,000 $1,382 3.97%
    43% 3 $605,000 $201,667 $2,770 3.29%
    39% 3 $715,000 $238,333 $2,818 2.92%
    40% 3 $535,000 $178,333 $2,203 3.04%
    47% 2 $680,000 $340,000 $3,191 3.69%
    36% 2 $450,000 $225,000 $2,453 3.25%
    46% 2 $370,000 $185,000 $1,695 3.94%
    41% 1 $465,000 $465,000 $3,253 3.38%
    45% 1 $175,000 $175,000 $1,587 2.75%

    Collinsville Bank lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? <20%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 89 $21,535,000 $241,966 $2,565 3.22%
    Not applicable 6 $4,140,000 $690,000 $0 4.05%
    Not provided 6 $960,000 $160,000 $2,787 3.21%
    Asian 2 $850,000 $425,000 $2,816 3.00%

    Approval Rates

    Total approvals of all applications
    92.81%

    Collinsville Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.55%

    Collinsville Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 103 $27,485,000 $266,845

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $4,080,000 $1,020,000
    Single Family (1-4 Units):Site-Built 99 $23,405,000 $236,414

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $740,000 $92,500 $772 3.64%
    40-60% 15 $3,755,000 $250,333 $2,524 2.98%
    60-80% 59 $17,725,000 $300,424 $2,776 3.21%
    80-100% 19 $5,125,000 $269,737 $3,283 3.37%
    Under 20% 2 $140,000 $70,000 $0 4.50%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CU Alliance, LLC Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Collinsville Bank 136 Main Street, Collinsville Canton, CT 6019 Full Service B&M $49,405
    Collinsville Bank 186 Main Street Farmington, CT 6032 Full Service B&M $13,629
    Collinsville Bank 277 Albany Turnpike Collinsville, CT 6019 Full Service B&M $108,425

    For 2020, Collinsville Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,663
    Net interest income $5,540
    Total noninterest income $914
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $177
    Trading account gains and fees $0
    Additional Noninterest Income $737
    Pre-tax net operating income $-179
    Securities gains (or losses, -) $3
    Income before extraordinary items $-74
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $-74
    Minority interest net income $0
    Net income $-74
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $-76

    Collinsville Bank's gross interest income from loans was $6,663,000.
    Collinsville Bank's net interest income from loans was $5,540,000.
    Collinsville Bank's fee based income from loans was $177,000.
    Collinsville Bank's net income from loans was $-74,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,123
    Provision for credit losses $165
    Total noninterest expense $6,468
    Salaries and employee benefits $3,355
    Premises and equipment expense $710
    Additional noninterest expense $2,403
    Applicable income taxes $-102
    Net charge-offs $2
    Cash dividends $285

    Collinsville Bank's interest expense for loans was $1,123,000.
    Collinsville Bank's payroll and benefits expense were $3,355,000.
    Collinsville Bank's property, plant and equipment expenses $710,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    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 1.0%
    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 $175,120
    Deposits held in domestic offices $175,120
    Deposits by Individuals, partnerships, and corporations $174,086
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $1,034
    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 $67,562
    Demand deposits $46,456
    Nontransaction accounts $107,558
    Money market deposit accounts (MMDAs) $19,279
    Other savings deposits (excluding MMDAs) $34,764
    Total time deposits $53,515
    Total time and savings deposits $128,664
    Noninterest-bearing deposits $46,456
    Interest-bearing deposits $128,663
    Retail deposits $162,848
    IRAs and Keogh plan accounts $4,844
    Brokered deposits $1,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $192,106
    Cash & Balances due from depository institutions $22,110
    Interest-bearing balances $19,548
    Total securities $14,183
    Federal funds sold & reverse repurchase $0
    Net loans and leases $145,859
    Loan and leases loss allowance $1,463
    Trading account assets $0
    Bank premises and fixed assets $4,858
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $5,096

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $192,106
    Total Liabilities $176,366
    Total deposits $175,120
    Interest-bearing deposits $128,663
    Deposits held in domestic offices $175,120
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,246

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $145,859
    Loan and leases loss allowance $1,463
    Total loans and leases (domestic) $147,322
    All real estate loans $124,523
    Real estate loans in domestic offices $124,523
    Construction and development loans $6,073
    Residential 1-4 family construction $2,253
    Other construction, all land development and other land $3,820
    Loans secured by nonfarm nonresidential properties $41,079
    Nonfarm nonresidential secured by owner-occupied properties $14,583
    Commercial real estate & other non-farm, non-residential $26,496
    Multifamily residential real estate $2,467
    1-4 family residential loans $74,904
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $18,783
    To non-U.S. addressees $0
    Loans to individuals $4,015
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,006
    Other loans to individuals $9
    All other loans & leases $1
    Loans to foreign governments and official institutions $0
    Other loans $1
    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 $1,506
    Non 1-4 family restructured loans & leases $762
    Total loans and leases (foreign) $0

    Collinsville Bank had $145,859,000 of loans outstanding in 2020. $124,523,000 of loans were in real estate loans. $6,073,000 of loans were in development loans. $2,467,000 of loans were in multifamily mortgage loans. $74,904,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,006,000 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 102 $26,362 $258,451
    Nonfarm, nonresidential loans - <$100k 11 $481 $43,727
    Nonfarm, nonresidential loans - $100-250k 29 $3,074 $106,000
    Nonfarm, nonresidential loans - $250k-1MM 62 $22,807 $367,855
    Commercial & Industrial, US addressed loans - <$1MM 188 $11,830 $62,926
    Commercial & Industrial, US addressed loans - <$100k 100 $2,887 $28,870
    Commercial & Industrial, US addressed loans - $100-250k 41 $2,706 $66,000
    Commercial & Industrial, US addressed loans - $250k-1MM 47 $6,237 $132,702