Dime Bank Mortgage Rates, Fees & Info

Norwich, CT

LEI: 254900QY5ST0J7P6M123

Tax ID: 06-0322790

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Dime Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Dime Bank has a high proportion of conventional loans. Their top markets include Norwich, Hartford, Providence, New Haven, and Bridgeport among others. Dime Bank has an 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

298

Origination Dollar Volume (All Markets)

$96,200,000

Employee count

165

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 212 $60,760,000 $286,604 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 35 $12,195,000 $348,429 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 27 $9,745,000 $360,926 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $4,595,000 $1,531,667 $0 0.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $3,910,000 $1,955,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 14 $3,230,000 $230,714 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $635,000 $635,000 $0 0.00%
Torrington, CT (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
BRUNSWICK, GA (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%

Dime Bank's top markets include Norwich, Hartford, Providence, New Haven, and Bridgeport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 298 $96,200,000 $322,819 $0 0.00%

For the 2021 period, Dime Bank's most frequently originated loan type of loans were Conventional, with 298 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 106 $41,000,000 $386,792 $0 0.00%
Refi 85 $20,475,000 $240,882 $0 0.00%
Home Purchase 72 $24,650,000 $342,361 $0 0.00%
Other 26 $8,840,000 $340,000 $0 0.00%
Home Improvement 9 $1,235,000 $137,222 $0 0.00%

For the 2021, Dime Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 106 originations. The 2nd most popular reason of loans were Refi, with 85 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 298 $96,200,000 $322,819 $0 0.00%

For the 2021, Dime Bank's most frequently cited loan length of loans were Other, with 298 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 108 $28,700,000 $265,741 $0 0.00%
$100k-200k 95 $14,285,000 $150,368 $0 0.00%
$100,000 or less 39 $2,515,000 $64,487 $0 0.00%
$400k-600k 32 $15,360,000 $480,000 $0 0.00%
$1MM+ 12 $25,950,000 $2,162,500 $0 0.00%
$600k-1MM 12 $9,390,000 $782,500 $0 0.00%

2021 saw Dime Bank place emphasis on $200k-400k loans with 108 originations, totaling $28,700,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 67 $14,605,000 $217,985 $0 0.00%
$150k-250k 57 $14,445,000 $253,421 $0 0.00%
$250k+ 41 $28,375,000 $692,073 $0 0.00%
$75k-100k 35 $5,405,000 $154,429 $0 0.00%
$50k-75k 29 $4,165,000 $143,621 $0 0.00%
$50k or less 19 $2,575,000 $135,526 $0 0.00%

Dime Bank lent most frequently to those with incomes in the $100k-150k range, with 67 originations. The second most popular income band? $150k-250k, with 57 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 298 $96,200,000 $322,819 $0 0.00%

Dime Bank lent most frequently to those with DTI ratios of Exempt%, with 298 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 206 $55,330,000 $268,592 $0 0.00%
Not applicable 44 $25,240,000 $573,636 $0 0.00%
Not provided 22 $10,700,000 $486,364 $0 0.00%
American Indian 11 $1,855,000 $168,636 $0 0.00%
Asian 10 $1,730,000 $173,000 $0 0.00%
Asian Indian 2 $640,000 $320,000 $0 0.00%
Black 2 $370,000 $185,000 $0 0.00%
Other Asian 1 $335,000 $335,000 $0 0.00%

Approval Rates

Total approvals of all applications
81.84%

Dime Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
70.47%

Dime Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 298 $96,200,000 $322,819

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
298 $96,200,000 $322,819

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Dime Bank 131 Franklin Street Westerly, RI 2891 Full Service B&M $72,828
Dime Bank 115 West Town Street Norwich, CT 6360 Full Service B&M $98,723
Dime Bank 1009 Hebron Avenue Glastonbury, CT 6033 Full Service B&M $20,292
Dime Bank 139 South Main Street Colchester, CT 6415 Full Service B&M $37,934
Dime Bank 18 Chesterfield Road East Lyme, CT 6333 Full Service B&M $77,077
Dime Bank 290 Salem Tpke Norwich, CT 6360 Full Service B&M $170,443
Dime Bank 299 Middle Turnpike West Manchester, CT 6040 Full Service B&M $13,020
Dime Bank 33 Broadway Norwich, CT 6360 Full Service B&M $54,252
Dime Bank 4 Cannon Square Stonington, CT 6378 Full Service B&M $42,986
Dime Bank 563 Norwich New London Turnpike Uncasville, CT 6382 Full Service B&M $59,576
Dime Bank 630 Norwich Avenue Taftville, CT 6380 Full Service B&M $77,263
Dime Bank 668 Bank Street New London, CT 6320 Full Service B&M $55,629
Dime Bank 744 Colonel Ledyard Highway Ledyard, CT 6339 Full Service B&M $110,190

For 2021, Dime Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $29,679
Net interest income $25,496
Total noninterest income $5,569
Gross Fiduciary activities income $859
Service charges on deposit accounts $975
Trading account gains and fees $0
Additional Noninterest Income $3,735
Pre-tax net operating income $6,132
Securities gains (or losses, -) $1,825
Income before extraordinary items $7,201
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,201
Minority interest net income $0
Net income $7,201
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,558

Dime Bank's gross interest income from loans was $29,679,000.
Dime Bank's net interest income from loans was $25,496,000.
Dime Bank's fee based income from loans was $975,000.
Dime Bank's net income from loans was $7,201,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,183
Provision for credit losses $53
Total noninterest expense $24,880
Salaries and employee benefits $16,238
Premises and equipment expense $3,254
Additional noninterest expense $5,388
Applicable income taxes $756
Net charge-offs $-115
Cash dividends $0

Dime Bank's interest expense for loans was $4,183,000.
Dime Bank's payroll and benefits expense were $16,238,000.
Dime Bank's property, plant and equipment expenses $3,254,000.

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 3.0%
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 $919,093
Deposits held in domestic offices $919,093
Deposits by Individuals, partnerships, and corporations $851,912
Deposits by U.S. Government $1
Deposits by States and political subdivisions in the U.S. $67,180
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 $70,049
Demand deposits $70,048
Nontransaction accounts $849,044
Money market deposit accounts (MMDAs) $2,000
Other savings deposits (excluding MMDAs) $641,400
Total time deposits $205,643
Total time and savings deposits $849,045
Noninterest-bearing deposits $355,447
Interest-bearing deposits $563,646
Retail deposits $884,063
IRAs and Keogh plan accounts $41,581
Brokered deposits $2,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,073,883
Cash & Balances due from depository institutions $41,633
Interest-bearing balances $33,648
Total securities $387,738
Federal funds sold & reverse repurchase $0
Net loans and leases $606,278
Loan and leases loss allowance $7,026
Trading account assets $0
Bank premises and fixed assets $12,199
Other real estate owned $0
Goodwill and other intangibles $521
All other assets $25,514

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,073,883
Total Liabilities $958,907
Total deposits $919,093
Interest-bearing deposits $563,646
Deposits held in domestic offices $919,093
% insured (estimated) $75
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $31,690
Subordinated debt $0
All other liabilities $8,124

Issued Loan Types

Type Value (in 000's)
Net loans and leases $606,278
Loan and leases loss allowance $7,026
Total loans and leases (domestic) $613,304
All real estate loans $507,487
Real estate loans in domestic offices $507,487
Construction and development loans $33,020
Residential 1-4 family construction $8,647
Other construction, all land development and other land $24,373
Loans secured by nonfarm nonresidential properties $165,682
Nonfarm nonresidential secured by owner-occupied properties $72,227
Commercial real estate & other non-farm, non-residential $93,455
Multifamily residential real estate $61,214
1-4 family residential loans $247,478
Farmland loans $93
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $59,589
To non-U.S. addressees $0
Loans to individuals $446
Credit card loans $0
Related Plans $36
Consumer Auto Loans $0
Other loans to individuals $410
All other loans & leases $45,782
Loans to foreign governments and official institutions $0
Other loans $27,995
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $4,088
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $5,215
Non 1-4 family restructured loans & leases $1,977
Total loans and leases (foreign) $0

Dime Bank had $606,278,000 of loans outstanding in 2021. $507,487,000 of loans were in real estate loans. $33,020,000 of loans were in development loans. $61,214,000 of loans were in multifamily mortgage loans. $247,478,000 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 182 $48,397 $265,918
Nonfarm, nonresidential loans - <$100k 12 $639 $53,250
Nonfarm, nonresidential loans - $100-250k 55 $5,880 $106,909
Nonfarm, nonresidential loans - $250k-1MM 115 $41,878 $364,157
Commercial & Industrial, US addressed loans - <$1MM 270 $23,898 $88,511
Commercial & Industrial, US addressed loans - <$100k 165 $3,593 $21,776
Commercial & Industrial, US addressed loans - $100-250k 52 $4,608 $88,615
Commercial & Industrial, US addressed loans - $250k-1MM 53 $15,697 $296,170
Farmland loans - <$1MM 1 $93 $93,000
Farmland loans - <$100k 1 $93 $93,000