The Torrington Savings Bank Mortgage Rates, Fees & Info

Torrington, CT

LEI: 54930002M4XN64FM7Z89

Tax ID: 06-0564890

5 stars - out of 5 stars, based on 22 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Bank Data

    Review & Overview

    The Torrington Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. The Torrington Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Torrington, Hartford, New Haven, 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.)

    The Torrington Savings 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. The Torrington Savings 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.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.49% 3/19/23
    30 Year Conventional Refi 6.45% 3/19/23
    15 Year Conventional Purchase 6.17% 3/19/23
    15 Year Conventional Refi 5.98% 3/19/23
    15 Year Cash-out Refi 5.98% 3/19/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    491

    Origination Dollar Volume (All Markets)

    $103,975,000

    Employee count

    118

    Awards

    The Torrington Savings Bank 30 Year Conventional Loans silver The Torrington Savings Bank 30 Year Conventional Loans gold The Torrington Savings Bank 30 Year Conventional Loans gold The Torrington Savings Bank 30 Year Conventional Loans bronze
    Show all (4) awards

    Relative Rate

    The Torrington Savings Bank's average 30 year fixed mortgage rate was 3.11%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.04%.

    Relative Fees (Closing Costs)

    The Torrington Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,819.

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

    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
    Torrington, CT (FHA|USDA|VA) 342 $64,290,000 $187,982 $2,040 3.17%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 105 $26,665,000 $253,952 $2,529 3.21%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 30 $8,590,000 $286,333 $2,698 3.36%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 11 $3,015,000 $274,091 $1,907 3.73%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $1,415,000 $471,667 $3,971 3.46%
    The Torrington Savings Bank's top markets include Torrington, Hartford, New Haven, 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 The Torrington Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    The Torrington Savings Bank
    Similarity Rank: 1070

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 490 $103,860,000 $211,959 $2,189 3.21%
    HELOC 1 $115,000 $115,000 n/a 2.75%

    For 2021, The Torrington Savings Bank's most frequently originated type of loan was Conventional, with 490 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 261 $53,765,000 $205,996 $1,950 2.93%
    Home Purchase 164 $42,630,000 $259,939 $3,281 3.08%
    Home Improvement 32 $3,250,000 $101,563 $260 4.77%
    Other 31 $2,885,000 $93,065 $387 4.48%
    Cash Out Refi 3 $1,445,000 $481,667 $0 4.02%

    For 2021, The Torrington Savings Bank's most frequently cited loan purpose was Refi, with 261 originations. The 2nd most popular reason was Home Purchase, with 164 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 262 $65,780,000 $251,069 $2,819 3.11%
    15 Year 117 $20,885,000 $178,504 $1,893 2.80%
    20 Year 67 $10,315,000 $153,955 $1,221 3.77%
    10 Year 23 $1,975,000 $85,870 $358 4.34%
    Other 13 $4,235,000 $325,769 $1,788 3.42%
    5 Year 8 $250,000 $31,250 $0 3.95%
    30+ year 1 $535,000 $535,000 $0 3.25%

    For 2021, The Torrington Savings Bank's most frequently cited loan duration was 30 Year, with 262 originations. The 2nd most popular length was 15 Year, with 117 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 415 $83,085,000 $200,205
    $1k-2k 30 $7,860,000 $262,000
    $2k-3k 12 $4,400,000 $366,667
    $3k-4k 3 $765,000 $255,000
    $4k-5k 1 $285,000 $285,000
    $5k+ 1 $475,000 $475,000

    The Torrington Savings Bank's average total fees were $2,819, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 415 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 213 $46,815,000 $219,789
    3-4% 149 $37,025,000 $248,490
    <2.5% 68 $13,690,000 $201,324
    4-5% 35 $3,895,000 $111,286
    5-6% 20 $2,180,000 $109,000
    6-7% 6 $370,000 $61,667

    During 2021, The Torrington Savings Bank's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 213 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 182 $51,120,000 $280,879 $2,664 3.05%
    $100k-200k 171 $25,305,000 $147,982 $1,954 2.99%
    $100,000 or less 96 $5,830,000 $60,729 $947 3.92%
    $400k-600k 36 $17,180,000 $477,222 $4,057 3.12%
    $600k-1MM 6 $4,540,000 $756,667 $4,621 3.44%

    2021 saw The Torrington Savings Bank place emphasis on $200k-400k loans with 182 originations, totaling $51,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 127 $28,825,000 $226,969 $2,310 3.28%
    $75k-100k 102 $19,450,000 $190,686 $2,082 3.20%
    $50k-75k 99 $14,335,000 $144,798 $1,996 3.07%
    $150k-250k 83 $22,185,000 $267,289 $2,393 3.16%
    $50k or less 41 $3,905,000 $95,244 $1,771 3.23%
    $250k+ 31 $11,765,000 $379,516 $2,697 3.30%

    The Torrington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $75k-100k, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 167 $33,475,000 $200,449 $2,180 3.08%
    30-36% 101 $22,705,000 $224,802 $2,332 3.17%
    <20% 56 $10,030,000 $179,107 $2,082 3.03%
    41% 26 $4,510,000 $173,462 $1,937 3.21%
    36% 24 $5,370,000 $223,750 $2,275 3.53%
    39% 21 $4,465,000 $212,619 $1,977 3.37%
    42% 20 $3,500,000 $175,000 $1,547 3.69%
    37% 19 $4,605,000 $242,368 $2,634 3.06%
    40% 18 $3,640,000 $202,222 $2,257 3.40%
    38% 11 $2,625,000 $238,636 $2,739 3.14%
    43% 7 $1,895,000 $270,714 $2,197 3.79%
    45% 5 $2,035,000 $407,000 $2,977 2.98%
    44% 4 $400,000 $100,000 $426 4.50%
    46% 1 $545,000 $545,000 $3,661 3.25%
    47% 1 $475,000 $475,000 $4,939 3.38%
    50-60% 1 $125,000 $125,000 $1,861 3.00%
    >60% 1 $65,000 $65,000 $1,368 3.13%

    The Torrington Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 408 $82,670,000 $202,623 $2,131 3.19%
    Not provided 62 $14,800,000 $238,710 $2,466 3.21%
    Not applicable 8 $3,510,000 $438,750 $0 3.97%
    Asian 10 $1,880,000 $188,000 $2,053 3.14%
    Black 3 $1,115,000 $371,667 $4,654 3.71%

    Approval Rates

    Total approvals of all applications
    90.39%

    The Torrington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.28%

    The Torrington Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 491 $103,975,000 $211,762

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    491 $103,975,000 $211,762

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $5,085,000 $124,024 $1,147 3.69%
    40-60% 87 $15,825,000 $181,897 $1,813 2.91%
    60-80% 173 $41,835,000 $241,821 $2,328 2.99%
    80-100% 144 $38,410,000 $266,736 $3,191 3.05%
    Over 100% 2 $790,000 $395,000 $3,785 4.31%
    Under 20% 44 $2,030,000 $46,136 $206 4.67%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Torrington Savings Bank 129 Main St Torrington, CT 6790 Full Service B&M $195,638
    The Torrington Savings Bank 235 Dibble Street Torrington, CT 6790 Full Service B&M $213,676
    The Torrington Savings Bank 258 Spielman Highway Burlington, CT 6013 Full Service B&M $93,023
    The Torrington Savings Bank 518 Main Street New Hartford, CT 6057 Full Service B&M $38,895
    The Torrington Savings Bank 55 Sharon Turnpike Goshen, CT 6756 Full Service B&M $54,438
    The Torrington Savings Bank 635 Main Street Torrington, CT 6790 Full Service B&M $133,515
    The Torrington Savings Bank 8 Church Street Torrington, CT 6790 Limited, Trust Office $0
    The Torrington Savings Bank Routes 7 And 126 Falls Village, CT 6031 Full Service B&M $36,887

    For 2021, The Torrington Savings Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,587
    Net interest income $19,599
    Total noninterest income $3,905
    Gross Fiduciary activities income $1,969
    Service charges on deposit accounts $223
    Trading account gains and fees $0
    Additional Noninterest Income $1,713
    Pre-tax net operating income $2,768
    Securities gains (or losses, -) $5,770
    Income before extraordinary items $7,012
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,012
    Minority interest net income $0
    Net income $7,012
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,280

    The Torrington Savings Bank's gross interest income from loans was $22,587,000.
    The Torrington Savings Bank's net interest income from loans was $19,599,000.
    The Torrington Savings Bank's fee based income from loans was $223,000.
    The Torrington Savings Bank's net income from loans was $7,012,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,988
    Provision for credit losses $215
    Total noninterest expense $20,521
    Salaries and employee benefits $12,011
    Premises and equipment expense $2,196
    Additional noninterest expense $6,314
    Applicable income taxes $1,526
    Net charge-offs $5
    Cash dividends $0

    The Torrington Savings Bank's interest expense for loans was $2,988,000.
    The Torrington Savings Bank's payroll and benefits expense were $12,011,000.
    The Torrington Savings Bank's property, plant and equipment expenses $2,196,000.

    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 13.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $790,407
    Deposits held in domestic offices $790,407
    Deposits by Individuals, partnerships, and corporations $753,933
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $36,470
    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 $144,975
    Demand deposits $54,192
    Nontransaction accounts $645,432
    Money market deposit accounts (MMDAs) $328,851
    Other savings deposits (excluding MMDAs) $44,670
    Total time deposits $271,911
    Total time and savings deposits $736,215
    Noninterest-bearing deposits $59,064
    Interest-bearing deposits $731,343
    Retail deposits $768,528
    IRAs and Keogh plan accounts $68,802
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $973,390
    Cash & Balances due from depository institutions $177,318
    Interest-bearing balances $170,904
    Total securities $208,555
    Federal funds sold & reverse repurchase $0
    Net loans and leases $526,084
    Loan and leases loss allowance $5,496
    Trading account assets $0
    Bank premises and fixed assets $12,987
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $48,446

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $973,390
    Total Liabilities $795,996
    Total deposits $790,407
    Interest-bearing deposits $731,343
    Deposits held in domestic offices $790,407
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $5,589

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $526,084
    Loan and leases loss allowance $5,496
    Total loans and leases (domestic) $531,580
    All real estate loans $523,815
    Real estate loans in domestic offices $523,815
    Construction and development loans $6,244
    Residential 1-4 family construction $6,194
    Other construction, all land development and other land $50
    Loans secured by nonfarm nonresidential properties $58,024
    Nonfarm nonresidential secured by owner-occupied properties $23,065
    Commercial real estate & other non-farm, non-residential $34,959
    Multifamily residential real estate $7,869
    1-4 family residential loans $451,678
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $6,894
    To non-U.S. addressees $0
    Loans to individuals $848
    Credit card loans $0
    Related Plans $5
    Consumer Auto Loans $0
    Other loans to individuals $843
    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 $460
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Torrington Savings Bank had $526,084,000 of loans outstanding in 2021. $523,815,000 of loans were in real estate loans. $6,244,000 of loans were in development loans. $7,869,000 of loans were in multifamily mortgage loans. $451,678,000 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 80 $25,161 $314,513
    Nonfarm, nonresidential loans - <$100k 14 $653 $46,643
    Nonfarm, nonresidential loans - $100-250k 19 $2,657 $139,842
    Nonfarm, nonresidential loans - $250k-1MM 47 $21,851 $464,915
    Commercial & Industrial, US addressed loans - <$1MM 66 $5,807 $87,985
    Commercial & Industrial, US addressed loans - <$100k 43 $852 $19,814
    Commercial & Industrial, US addressed loans - $100-250k 10 $629 $62,900
    Commercial & Industrial, US addressed loans - $250k-1MM 13 $4,326 $332,769