The Torrington Savings Bank Mortgage Rates, Fees & Info

Torrington, CT

LEI: 54930002M4XN64FM7Z89

Tax ID: 06-0564890

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    The Torrington Savings Bank is a smaller bank specializing in Home Purchase and Refi 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 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 6.08% 4/14/24
    30 Year Conventional Refi 6.33% 4/14/24
    15 Year Conventional Purchase 6.04% 4/14/24
    15 Year Conventional Refi 5.65% 4/14/24
    15 Year Cash-out Refi 5.65% 4/14/24
    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.

    The Torrington Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Torrington Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    403

    Origination Dollar Volume (All Markets)

    $74,655,000

    Employee count

    114 Show all (8) 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
    Torrington, CT (FHA|USDA|VA) 274 $43,980,000 $160,511 $1,565 4.15%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 104 $23,730,000 $228,173 $2,282 4.11%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 15 $3,785,000 $252,333 $2,096 3.88%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $2,240,000 $373,333 $3,302 3.98%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 4 $920,000 $230,000 $2,040 4.44%
    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.

    Union Savings Bank
    Similarity Rank: 96
    POLISH NATIONAL
    Similarity Rank: 104
    The Torrington Savings Bank
    Similarity Rank: 115
    Stafford Savings Bank
    Similarity Rank: 124
    SIKORSKY FINANCIAL
    Similarity Rank: 130
    Collinsville Bank
    Similarity Rank: 156
    Chelsea Groton Bank
    Similarity Rank: 210
    The Milford Bank
    Similarity Rank: 240
    Charter Oak Federal Credit Union
    Similarity Rank: 258
    PRYSMA LENDING GROUP, LLC
    Similarity Rank: 366

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 402 $74,580,000 $185,522 $1,798 4.13%
    HELOC 1 $75,000 $75,000 n/a 5.75%

    For 2019, The Torrington Savings Bank's most frequently originated type of loan was Conventional, with 402 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 225 $52,835,000 $234,822 $2,629 3.86%
    Refi 101 $17,745,000 $175,693 $1,260 4.04%
    Home Improvement 44 $2,010,000 $45,682 $63 5.06%
    Other 29 $1,215,000 $41,897 $0 5.11%
    Cash Out Refi 4 $850,000 $212,500 $1,917 4.51%

    For 2019, The Torrington Savings Bank's most frequently cited loan purpose was Home Purchase, with 225 originations. The 2nd most popular reason was Refi, with 101 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 247 $60,445,000 $244,717 $2,558 3.79%
    20 Year 57 $5,925,000 $103,947 $249 5.20%
    15 Year 51 $6,165,000 $120,882 $1,112 4.21%
    10 Year 30 $1,240,000 $41,333 $0 4.87%
    5 Year 15 $615,000 $41,000 $0 3.80%
    Other 3 $265,000 $88,333 $1,024 4.42%

    For 2019, The Torrington Savings Bank's most frequently cited loan duration was 30 Year, with 247 originations. The 2nd most popular length was 20 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 381 $69,395,000 $182,139
    $2k-3k 4 $1,410,000 $352,500
    $5k+ 4 $1,420,000 $355,000

    The Torrington Savings Bank's average total fees were $2,558, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 381 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 216 $47,880,000 $221,667
    4-5% 141 $23,075,000 $163,652
    6-7% 34 $1,840,000 $54,118
    2.5-3% 6 $1,250,000 $208,333
    5-6% 6 $610,000 $101,667

    During 2019, The Torrington Savings Bank's average interest rate for loans was 3.79%, while their most frequently originated rate bucket for loans was 3-4%, with 216 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 136 $37,200,000 $273,529 $2,635 3.73%
    $100k-200k 121 $17,725,000 $146,488 $1,821 3.96%
    $100,000 or less 118 $5,760,000 $48,814 $313 4.81%
    $400k-600k 25 $11,535,000 $461,400 $3,572 3.90%
    $600k-1MM 3 $2,435,000 $811,667 $4,851 4.07%

    2019 saw The Torrington Savings Bank place emphasis on $200k-400k loans with 136 originations, totaling $37,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 99 $20,985,000 $211,970 $2,030 4.11%
    $50k-75k 88 $11,670,000 $132,614 $1,449 4.13%
    $75k-100k 72 $12,170,000 $169,028 $1,914 3.97%
    $150k-250k 69 $15,335,000 $222,246 $1,725 4.07%
    $50k or less 37 $2,485,000 $67,162 $1,033 4.33%
    $250k+ 26 $9,780,000 $376,154 $2,993 3.97%

    The Torrington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 99 originations. The second most popular income band? $50k-75k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $23,625,000 $189,000 $1,939 4.00%
    30-36% 87 $14,665,000 $168,563 $1,539 4.38%
    <20% 65 $11,275,000 $173,462 $1,573 3.97%
    37% 22 $4,620,000 $210,000 $2,040 4.09%
    38% 16 $2,950,000 $184,375 $1,821 4.20%
    40% 14 $2,890,000 $206,429 $2,681 3.76%
    39% 14 $2,420,000 $172,857 $1,756 3.98%
    36% 11 $1,785,000 $162,273 $1,799 4.06%
    41% 11 $2,395,000 $217,727 $1,819 4.20%
    42% 11 $2,135,000 $194,091 $1,507 4.26%
    43% 7 $2,065,000 $295,000 $2,015 3.88%
    45% 3 $485,000 $161,667 $1,611 4.17%
    44% 2 $680,000 $340,000 $3,337 3.50%
    46% 1 $235,000 $235,000 $2,625 3.63%

    The Torrington Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 342 $62,080,000 $181,520 $1,795 4.11%
    Not provided 43 $8,885,000 $206,628 $1,710 4.07%
    Not applicable 11 $2,055,000 $186,818 $0 5.26%
    Black 4 $960,000 $240,000 $2,589 3.50%
    Asian 1 $265,000 $265,000 $2,697 3.63%
    Asian Indian 1 $245,000 $245,000 $2,381 3.00%
    American Indian 1 $165,000 $165,000 $1,757 3.63%

    Approval Rates

    Total approvals of all applications
    89.34%

    The Torrington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.14%

    The Torrington Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 403 $74,655,000 $185,248

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,275,000 $425,000
    Single Family (1-4 Units):Site-Built 400 $73,380,000 $183,450

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,225,000 $71,774 $0 5.00%
    40-60% 33 $4,895,000 $148,333 $1,583 4.10%
    60-80% 93 $20,865,000 $224,355 $2,094 3.90%
    80-100% 185 $44,745,000 $241,865 $2,590 3.83%
    Under 20% 61 $1,925,000 $31,557 $8 4.96%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Torrington Savings Bank 235 Dibble Street Torrington, CT 6790 Full Service B&M $193,436
    The Torrington Savings Bank 129 Main Street Torrington, CT 6790 Full Service B&M $154,386
    The Torrington Savings Bank 258 Spielman Highway Burlington, CT 6013 Full Service B&M $84,012
    The Torrington Savings Bank 518 Main Street New Hartford, CT 6057 Full Service B&M $31,853
    The Torrington Savings Bank 55 Sharon Turnpike Goshen, CT 6756 Full Service B&M $50,363
    The Torrington Savings Bank 635 Main Street Torrington, CT 6790 Full Service B&M $116,552
    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 $35,720

    For 2019, The Torrington Savings Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,257
    Net interest income $20,276
    Total noninterest income $3,375
    Gross Fiduciary activities income $1,488
    Service charges on deposit accounts $219
    Trading account gains and fees $0
    Additional Noninterest Income $1,668
    Pre-tax net operating income $5,399
    Securities gains (or losses, -) $4,630
    Income before extraordinary items $8,185
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,185
    Minority interest net income $0
    Net income $8,185
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,388

    The Torrington Savings Bank's gross interest income from loans was $27,257,000.
    The Torrington Savings Bank's net interest income from loans was $20,276,000.
    The Torrington Savings Bank's fee based income from loans was $219,000.
    The Torrington Savings Bank's net income from loans was $8,185,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,981
    Provision for credit losses $450
    Total noninterest expense $17,802
    Salaries and employee benefits $10,277
    Premises and equipment expense $1,818
    Additional noninterest expense $5,707
    Applicable income taxes $1,844
    Net charge-offs $218
    Cash dividends $0

    The Torrington Savings Bank's interest expense for loans was $6,981,000.
    The Torrington Savings Bank's payroll and benefits expense were $10,277,000.
    The Torrington Savings Bank's property, plant and equipment expenses $1,818,000.

    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 $654,710
    Deposits held in domestic offices $654,710
    Deposits by Individuals, partnerships, and corporations $651,367
    Deposits by U.S. Government $15
    Deposits by States and political subdivisions in the U.S. $3,328
    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 $91,646
    Demand deposits $26,419
    Nontransaction accounts $563,064
    Money market deposit accounts (MMDAs) $215,394
    Other savings deposits (excluding MMDAs) $31,342
    Total time deposits $316,328
    Total time and savings deposits $628,291
    Noninterest-bearing deposits $30,252
    Interest-bearing deposits $624,458
    Retail deposits $628,280
    IRAs and Keogh plan accounts $73,596
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $829,458
    Cash & Balances due from depository institutions $32,313
    Interest-bearing balances $23,959
    Total securities $179,019
    Federal funds sold & reverse repurchase $35,981
    Net loans and leases $529,257
    Loan and leases loss allowance $4,743
    Trading account assets $0
    Bank premises and fixed assets $6,326
    Other real estate owned $223
    Goodwill and other intangibles $0
    All other assets $46,339

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $829,458
    Total Liabilities $658,615
    Total deposits $654,710
    Interest-bearing deposits $624,458
    Deposits held in domestic offices $654,710
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,905

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $529,257
    Loan and leases loss allowance $4,743
    Total loans and leases (domestic) $534,000
    All real estate loans $529,332
    Real estate loans in domestic offices $529,332
    Construction and development loans $1,891
    Residential 1-4 family construction $1,769
    Other construction, all land development and other land $122
    Loans secured by nonfarm nonresidential properties $38,251
    Nonfarm nonresidential secured by owner-occupied properties $18,951
    Commercial real estate & other non-farm, non-residential $19,300
    Multifamily residential real estate $2,211
    1-4 family residential loans $486,979
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $3,389
    To non-U.S. addressees $0
    Loans to individuals $1,268
    Credit card loans $0
    Related Plans $6
    Consumer Auto Loans $0
    Other loans to individuals $1,262
    All other loans & leases $11
    Loans to foreign governments and official institutions $0
    Other loans $11
    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 $395
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Torrington Savings Bank had $529,257,000 of loans outstanding in 2019. $529,332,000 of loans were in real estate loans. $1,891,000 of loans were in development loans. $2,211,000 of loans were in multifamily mortgage loans. $486,979,000 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 72 $19,868 $275,944
    Nonfarm, nonresidential loans - <$100k 16 $788 $49,250
    Nonfarm, nonresidential loans - $100-250k 19 $2,746 $144,526
    Nonfarm, nonresidential loans - $250k-1MM 37 $16,334 $441,459
    Commercial & Industrial, US addressed loans - <$1MM 33 $3,368 $102,061
    Commercial & Industrial, US addressed loans - <$100k 18 $356 $19,778
    Commercial & Industrial, US addressed loans - $100-250k 11 $952 $86,545
    Commercial & Industrial, US addressed loans - $250k-1MM 4 $2,060 $515,000