Eagle Bank Mortgage Rates, Fees & Info

Everett, MA

LEI: 5493000GDQJIBPCUBG13

Tax ID: 04-1295190

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Eagle Bank is a smaller bank specializing in Cash Out Refi and Home Purchase loans. Eagle Bank has a high proportion of conventional loans. Their top markets include Boston, Barnstable Town, Portland, Worcester, and Manchester among others. Eagle 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

158

Origination Dollar Volume (All Markets)

$104,410,000

Employee count

74

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 151 $100,315,000 $664,338 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $2,485,000 $2,485,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $735,000 $245,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
Outside of Metro Areas 1 $205,000 $205,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%

Eagle Bank's top markets include Boston, Barnstable Town, Portland, Worcester, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 158 $104,410,000 $660,823 $0 0.00%

For the 2021 period, Eagle Bank's most frequently originated loan type of loans were Conventional, with 158 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 71 $38,355,000 $540,211 $0 0.00%
Home Purchase 46 $44,530,000 $968,043 $0 0.00%
Refi 29 $13,415,000 $462,586 $0 0.00%
Other 8 $5,990,000 $748,750 $0 0.00%
Home Improvement 4 $2,120,000 $530,000 $0 0.00%

For the 2021, Eagle Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 71 originations. The 2nd most popular reason of loans were Home Purchase, with 46 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 158 $104,410,000 $660,823 $0 0.00%

For the 2021, Eagle Bank's most frequently cited loan length of loans were Other, with 158 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 51 $15,105,000 $296,176 $0 0.00%
$1MM+ 35 $56,975,000 $1,627,857 $0 0.00%
$400k-600k 32 $15,490,000 $484,063 $0 0.00%
$100k-200k 21 $3,305,000 $157,381 $0 0.00%
$600k-1MM 18 $13,470,000 $748,333 $0 0.00%
$100,000 or less 1 $65,000 $65,000 $0 0.00%

2021 saw Eagle Bank place emphasis on $200k-400k loans with 51 originations, totaling $15,105,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 29 $24,745,000 $853,276 $0 0.00%
$75k-100k 24 $7,810,000 $325,417 $0 0.00%
$100k-150k 21 $7,685,000 $365,952 $0 0.00%
$150k-250k 20 $9,590,000 $479,500 $0 0.00%
$50k-75k 14 $3,110,000 $222,143 $0 0.00%
$50k or less 6 $2,030,000 $338,333 $0 0.00%

Eagle Bank lent most frequently to those with incomes in the $250k+ range, with 29 originations. The second most popular income band? $75k-100k, with 24 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 158 $104,410,000 $660,823 $0 0.00%

Eagle Bank lent most frequently to those with DTI ratios of Exempt%, with 158 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 97 $46,885,000 $483,351 $0 0.00%
Not applicable 35 $44,765,000 $1,279,000 $0 0.00%
Not provided 20 $10,840,000 $542,000 $0 0.00%
American Indian 2 $660,000 $330,000 $0 0.00%
Asian 2 $520,000 $260,000 $0 0.00%
Black 1 $475,000 $475,000 $0 0.00%
Chinese 1 $265,000 $265,000 $0 0.00%

Approval Rates

Total approvals of all applications
88.08%

Eagle Bank has an average approval rate.

Pick Rate

Approvals leading to origination
66.67%

Eagle Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
Exempt 158 $104,410,000 $660,823

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
158 $104,410,000 $660,823

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Eagle Bank 104 South Main Street, 1st Floor Middleton, MA 1949 Full Service B&M $17,294
Eagle Bank 1768 Massachusetts Avenue Lexington, MA 2420 Full Service B&M $92,596
Eagle Bank 299 Ferry Street Everett, MA 2149 Full Service B&M $108,981
Eagle Bank 350 Broadway Everett, MA 2149 Full Service B&M $195,713
Eagle Bank 389 Hanover Street Boston, MA 2113 Full Service B&M $47,082

For 2021, Eagle Bank had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $17,425
Net interest income $15,808
Total noninterest income $1,653
Gross Fiduciary activities income $0
Service charges on deposit accounts $258
Trading account gains and fees $0
Additional Noninterest Income $1,395
Pre-tax net operating income $4,550
Securities gains (or losses, -) $2,033
Income before extraordinary items $4,940
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $4,940
Minority interest net income $0
Net income $4,940
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,333

Eagle Bank's gross interest income from loans was $17,425,000.
Eagle Bank's net interest income from loans was $15,808,000.
Eagle Bank's fee based income from loans was $258,000.
Eagle Bank's net income from loans was $4,940,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,617
Provision for credit losses $0
Total noninterest expense $12,911
Salaries and employee benefits $7,833
Premises and equipment expense $1,274
Additional noninterest expense $3,804
Applicable income taxes $1,643
Net charge-offs $-14
Cash dividends $0

Eagle Bank's interest expense for loans was $1,617,000.
Eagle Bank's payroll and benefits expense were $7,833,000.
Eagle Bank's property, plant and equipment expenses $1,274,000.

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 $485,931
Deposits held in domestic offices $485,931
Deposits by Individuals, partnerships, and corporations $453,393
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $32,268
Deposits by Commercial banks and other depository institutions in U.S. $270
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $116,625
Demand deposits $98,619
Nontransaction accounts $369,306
Money market deposit accounts (MMDAs) $141,663
Other savings deposits (excluding MMDAs) $111,757
Total time deposits $115,886
Total time and savings deposits $387,312
Noninterest-bearing deposits $98,614
Interest-bearing deposits $387,317
Retail deposits $431,912
IRAs and Keogh plan accounts $23,195
Brokered deposits $25,053
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $551,705
Cash & Balances due from depository institutions $43,083
Interest-bearing balances $41,536
Total securities $99,825
Federal funds sold & reverse repurchase $0
Net loans and leases $375,341
Loan and leases loss allowance $4,040
Trading account assets $0
Bank premises and fixed assets $4,181
Other real estate owned $0
Goodwill and other intangibles $281
All other assets $28,994

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $551,705
Total Liabilities $490,239
Total deposits $485,931
Interest-bearing deposits $387,317
Deposits held in domestic offices $485,931
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $4,308

Issued Loan Types

Type Value (in 000's)
Net loans and leases $375,341
Loan and leases loss allowance $4,040
Total loans and leases (domestic) $379,381
All real estate loans $324,833
Real estate loans in domestic offices $324,833
Construction and development loans $45,544
Residential 1-4 family construction $33,056
Other construction, all land development and other land $12,488
Loans secured by nonfarm nonresidential properties $92,442
Nonfarm nonresidential secured by owner-occupied properties $39,250
Commercial real estate & other non-farm, non-residential $53,192
Multifamily residential real estate $29,616
1-4 family residential loans $157,231
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $54,219
To non-U.S. addressees $0
Loans to individuals $319
Credit card loans $0
Related Plans $21
Consumer Auto Loans $0
Other loans to individuals $298
All other loans & leases $10
Loans to foreign governments and official institutions $0
Other loans $10
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Eagle Bank had $375,341,000 of loans outstanding in 2021. $324,833,000 of loans were in real estate loans. $45,544,000 of loans were in development loans. $29,616,000 of loans were in multifamily mortgage loans. $157,231,000 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 76 $22,557 $296,803
Nonfarm, nonresidential loans - <$100k 6 $199 $33,167
Nonfarm, nonresidential loans - $100-250k 15 $1,393 $92,867
Nonfarm, nonresidential loans - $250k-1MM 55 $20,965 $381,182
Commercial & Industrial, US addressed loans - <$1MM 78 $14,448 $185,231
Commercial & Industrial, US addressed loans - <$100k 30 $743 $24,767
Commercial & Industrial, US addressed loans - $100-250k 16 $1,082 $67,625
Commercial & Industrial, US addressed loans - $250k-1MM 32 $12,623 $394,469