Hingham Institution For Savings Mortgage Rates, Fees & Info

Hingham, MA

LEI: 2549009GDCGUR2T6KU55

Tax ID: 04-1442480

4.2 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Hingham Institution For Savings is a smaller mortgage company specializing in Refi and Home Purchase loans. Hingham Institution For Savings has a high proportion of conventional loans. Their top markets include Boston, Washington, San Francisco, Worcester, and Barnstable Town among others. Hingham Institution For Savings 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. Hingham Institution For Savings is typically an average fee lendor.


Originations

408

Origination Dollar Volume (All Markets)

$711,130,000

Employee count

75

Relative Rate

Hingham Institution For Savings's average 30 year fixed rate mortgage of loans were 3.35%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.2%.

Relative Fees

Hingham Institution For Savings's average total fees for a 30 year fixed rate mortgage are $4,968.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 321 $519,205,000 $1,617,461 $4,111 3.52%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 17 $100,705,000 $5,923,824 $0 3.40%
Outside of Metro Areas 51 $69,245,000 $1,357,745 $6,877 3.55%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $11,620,000 $2,905,000 $0 3.23%
WORCESTER, MA-CT (FHA|USDA|VA) 5 $5,655,000 $1,131,000 $3,784 3.63%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $2,595,000 $519,000 $4,594 3.53%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $2,105,000 $421,000 $3,255 3.63%

Hingham Institution For Savings's top markets include Boston, Washington, San Francisco, Worcester, and Barnstable Town among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 408 $711,130,000 $1,742,966 $4,786 3.52%

For the 2021 period, Hingham Institution For Savings's most frequently originated loan type of loans were Conventional, with 408 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 229 $451,085,000 $1,969,803 $4,211 3.42%
Home Purchase 158 $244,830,000 $1,549,557 $5,729 3.62%
Home Improvement 19 $13,755,000 $723,947 $3,617 3.79%
Other 2 $1,460,000 $730,000 $4,670 3.19%

For the 2021, Hingham Institution For Savings's most frequently cited loan purpose of loans were Refi, with 229 originations. The 2nd most popular reason of loans were Home Purchase, with 158 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 204 $352,010,000 $1,725,539 $2,900 3.52%
30 Year 116 $89,950,000 $775,431 $4,968 3.35%
20 Year 29 $124,035,000 $4,277,069 $3,457 3.64%
Other 25 $81,335,000 $3,253,400 $0 4.08%
10 Year 18 $48,620,000 $2,701,111 $0 3.43%
30+ year 13 $11,955,000 $919,615 $5,112 3.47%
1 Year 1 $105,000 $105,000 $0 5.00%
3 Year 1 $1,365,000 $1,365,000 $0 3.75%
5 Year 1 $1,755,000 $1,755,000 $0 3.35%

For the 2021, Hingham Institution For Savings's most frequently cited loan length of loans were 15 Year, with 204 originations. The 2nd most popular length of loans were 30 Year, with 116 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 125 $76,855,000 $614,840
$1k-2k 17 $27,885,000 $1,640,294

$4,968 of loans were Hingham Institution For Savings's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 125 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 370 $635,170,000 $1,716,676
4-5% 22 $42,200,000 $1,918,182
2.5-3% 15 $32,605,000 $2,173,667
5-6% 1 $1,155,000 $1,155,000

During 2021, Hingham Institution For Savings's average interest rate of loans were 3.35%, while their most frequently originated rate bucket of loans were 3-4%, with 370 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 168 $582,110,000 $3,464,940 $7,770 3.51%
$600k-1MM 99 $77,475,000 $782,576 $5,214 3.57%
$400k-600k 68 $33,300,000 $489,706 $3,952 3.58%
$200k-400k 49 $14,675,000 $299,490 $3,340 3.41%
$100k-200k 23 $3,515,000 $152,826 $2,875 3.38%
$100,000 or less 1 $55,000 $55,000 $2,242 3.75%

2021 saw Hingham Institution For Savings place emphasis on $1MM+ loans with 168 originations, totaling $582,110,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 56 $67,850,000 $1,211,607 $6,309 3.42%
$150k-250k 28 $15,440,000 $551,429 $4,082 3.24%
$100k-150k 26 $11,770,000 $452,692 $4,041 3.29%
$75k-100k 17 $5,415,000 $318,529 $3,494 3.41%
$50k-75k 7 $1,695,000 $242,143 $2,936 3.25%
$50k or less 6 $1,970,000 $328,333 $3,556 3.15%

Hingham Institution For Savings lent most frequently to those with incomes in the $250k+ range, with 56 originations. The second most popular income band? $150k-250k, with 28 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 35 $23,655,000 $675,857 $4,728 3.36%
30-36% 29 $23,605,000 $813,966 $4,944 3.36%
<20% 29 $19,685,000 $678,793 $4,602 3.34%
39% 8 $7,730,000 $966,250 $5,374 3.30%
37% 7 $8,125,000 $1,160,714 $5,714 3.32%
40% 6 $4,200,000 $700,000 $4,561 3.25%
36% 5 $3,715,000 $743,000 $5,119 3.43%
41% 5 $1,985,000 $397,000 $3,668 3.33%
50-60% 4 $2,270,000 $567,500 $4,518 3.31%
38% 4 $1,320,000 $330,000 $3,513 3.16%
>60% 3 $1,825,000 $608,333 $5,132 3.58%
43% 2 $1,750,000 $875,000 $4,716 3.19%
42% 2 $2,960,000 $1,480,000 $5,110 3.19%
44% 1 $625,000 $625,000 $7,504 3.63%
47% 1 $855,000 $855,000 $5,314 3.13%

Hingham Institution For Savings lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 29 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 108 $370,020,000 $3,426,111 $0 3.51%
White 180 $156,930,000 $871,833 $4,751 3.48%
Not provided 70 $129,230,000 $1,846,143 $5,762 3.56%
Asian 32 $28,350,000 $885,938 $3,384 3.49%
Other Asian 3 $8,425,000 $2,808,333 $0 3.62%
Black 5 $7,745,000 $1,549,000 $0 3.74%
Chinese 5 $4,975,000 $995,000 $0 3.80%
Asian Indian 2 $4,350,000 $2,175,000 $12,386 4.06%
Vietnamese 2 $900,000 $450,000 $0 4.00%
American Indian 1 $205,000 $205,000 $0 3.50%

Approval Rates

Total approvals of all applications
93.64%

Hingham Institution For Savings has an average approval rate.

Pick Rate

Approvals leading to origination
84.82%

Hingham Institution For Savings has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 408 $711,130,000 $1,742,966

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
408 $711,130,000 $1,742,966

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 52 $38,840,000 $746,923 $3,956 3.43%
40-60% 81 $139,545,000 $1,722,778 $4,717 3.44%
60-80% 249 $519,645,000 $2,086,928 $5,547 3.57%
80-100% 5 $5,315,000 $1,063,000 $5,409 3.20%
Under 20% 16 $5,520,000 $345,000 $3,618 3.52%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Hingham Institution For Savings 13 Elm Street Cohasset, MA 2025 Full Service B&M $156,919
Hingham Institution For Savings 300 Linden Ponds Way Hingham, MA 2043 Full Service B&M $88,818
Hingham Institution For Savings 35 Main Street Nantucket, MA 2554 Full Service B&M $77,526
Hingham Institution For Savings 401 Nantasket Avenue Hull, MA 2045 Full Service B&M $87,787
Hingham Institution For Savings 49 Main Street Hingham, MA 2043 Limited, Administrative $0
Hingham Institution For Savings 5 Assinippi Avenue Hanover, MA 2339 Full Service B&M $129,011
Hingham Institution For Savings 540 Tremont Street Boston, MA 2116 Full Service B&M $119,222
Hingham Institution For Savings 55 Main St Hingham, MA 2043 Full Service B&M $1,693,542
Hingham Institution For Savings 71 Main Street Hingham, MA 2043 Limited, Drive-thru $0

For 2021, Hingham Institution For Savings had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $110,491
Net interest income $102,466
Total noninterest income $3,468
Gross Fiduciary activities income $0
Service charges on deposit accounts $143
Trading account gains and fees $0
Additional Noninterest Income $3,325
Pre-tax net operating income $80,849
Securities gains (or losses, -) $11,821
Income before extraordinary items $67,458
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $67,458
Minority interest net income $0
Net income $67,458
Sale, conversion, retirement of capital stock, net $272
Net operating income $58,119

Hingham Institution For Savings's gross interest income from loans was $110,491,000.
Hingham Institution For Savings's net interest income from loans was $102,466,000.
Hingham Institution For Savings's fee based income from loans was $143,000.
Hingham Institution For Savings's net income from loans was $67,458,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,025
Provision for credit losses $3,028
Total noninterest expense $22,057
Salaries and employee benefits $13,988
Premises and equipment expense $1,498
Additional noninterest expense $6,571
Applicable income taxes $25,212
Net charge-offs $1
Cash dividends $6,061

Hingham Institution For Savings's interest expense for loans was $8,025,000.
Hingham Institution For Savings's payroll and benefits expense were $13,988,000.
Hingham Institution For Savings's property, plant and equipment expenses $1,498,000.

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 $2,402,723
Deposits held in domestic offices $2,402,723
Deposits by Individuals, partnerships, and corporations $1,902,748
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $219,254
Deposits by Commercial banks and other depository institutions in U.S. $280,721
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $406,112
Demand deposits $389,711
Nontransaction accounts $1,996,611
Money market deposit accounts (MMDAs) $707,025
Other savings deposits (excluding MMDAs) $181,871
Total time deposits $1,107,716
Total time and savings deposits $2,013,012
Noninterest-bearing deposits $389,711
Interest-bearing deposits $2,013,012
Retail deposits $1,797,334
IRAs and Keogh plan accounts $32,187
Brokered deposits $418,542
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,431,284
Cash & Balances due from depository institutions $270,673
Interest-bearing balances $265,246
Total securities $92,461
Federal funds sold & reverse repurchase $0
Net loans and leases $2,999,215
Loan and leases loss allowance $20,431
Trading account assets $0
Bank premises and fixed assets $16,657
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $52,278

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,431,284
Total Liabilities $3,076,672
Total deposits $2,402,723
Interest-bearing deposits $2,013,012
Deposits held in domestic offices $2,402,723
% insured (estimated) $66
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $665,000
Subordinated debt $0
All other liabilities $8,949

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,999,215
Loan and leases loss allowance $20,431
Total loans and leases (domestic) $3,019,646
All real estate loans $3,017,044
Real estate loans in domestic offices $3,017,044
Construction and development loans $211,053
Residential 1-4 family construction $76,727
Other construction, all land development and other land $134,326
Loans secured by nonfarm nonresidential properties $839,255
Nonfarm nonresidential secured by owner-occupied properties $143,059
Commercial real estate & other non-farm, non-residential $696,196
Multifamily residential real estate $958,637
1-4 family residential loans $1,008,099
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $2,114
To non-U.S. addressees $0
Loans to individuals $360
Credit card loans $0
Related Plans $42
Consumer Auto Loans $0
Other loans to individuals $318
All other loans & leases $128
Loans to foreign governments and official institutions $0
Other loans $128
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 $853
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Hingham Institution for Savings had $2,999,215,000 of loans outstanding in 2021. $3,017,044,000 of loans were in real estate loans. $211,053,000 of loans were in development loans. $958,637,000 of loans were in multifamily mortgage loans. $1,008,099,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 188 $71,847 $382,165
Nonfarm, nonresidential loans - <$100k 4 $272 $68,000
Nonfarm, nonresidential loans - $100-250k 39 $5,665 $145,256
Nonfarm, nonresidential loans - $250k-1MM 145 $65,910 $454,552
Commercial & Industrial, US addressed loans - <$1MM 13 $68 $5,231
Commercial & Industrial, US addressed loans - <$100k 12 $67 $5,583
Commercial & Industrial, US addressed loans - $100-250k 1 $1 $1,000