Chelsea Groton Bank Mortgage Rates, Fees & Info

Groton, CT

LEI: 5493000GQWJTTR0TEH83

Tax ID: 06-0376640

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Chelsea Groton Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Chelsea Groton Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Norwich, Hartford, Providence, Worcester, and Bridgeport among others. Chelsea Groton Bank 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. Chelsea Groton Bank is typically a low fee lendor.


Originations

702

Origination Dollar Volume (All Markets)

$180,420,000

Employee count

206

Awards

Chelsea Groton Bank 30 Year Conventional Loans silver Chelsea Groton Bank 30 Year Conventional Loans gold Chelsea Groton Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Chelsea Groton Bank's average 30 year fixed rate mortgage of loans were 3.2%.

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

This yields a difference of 0.05%.

Relative Fees

Chelsea Groton Bank's average total fees for a 30 year fixed rate mortgage are $3,094.

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
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 522 $130,980,000 $250,920 $2,621 3.11%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 105 $28,425,000 $270,714 $3,217 3.04%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 31 $8,815,000 $284,355 $2,615 3.24%
WORCESTER, MA-CT (FHA|USDA|VA) 25 $5,385,000 $215,400 $3,156 3.10%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $3,970,000 $661,667 $3,661 3.33%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 11 $2,485,000 $225,909 $2,671 2.98%
Torrington, CT (FHA|USDA|VA) 2 $360,000 $180,000 $2,975 3.15%

Chelsea Groton Bank's top markets include Norwich, Hartford, Providence, Worcester, and Bridgeport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 695 $178,585,000 $256,957 $2,658 3.11%
FHA 6 $1,380,000 $230,000 $7,586 2.73%
VA 1 $455,000 $455,000 $19,022 3.25%

For the 2021 period, Chelsea Groton Bank's most frequently originated loan type of loans were Conventional, with 695 originations. Their 2nd most popular type is FHA, with 6 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 283 $88,115,000 $311,360 $3,564 3.16%
Refi 216 $46,410,000 $214,861 $2,214 2.96%
Cash Out Refi 156 $38,840,000 $248,974 $2,594 3.08%
Other 24 $4,900,000 $204,167 $1,114 3.52%
Home Improvement 23 $2,155,000 $93,696 $714 3.58%

For the 2021, Chelsea Groton Bank's most frequently cited loan purpose of loans were Home Purchase, with 283 originations. The 2nd most popular reason of loans were Refi, with 216 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 303 $81,415,000 $268,696 $3,094 3.20%
Other 178 $47,360,000 $266,067 $2,659 2.89%
15 Year 100 $18,820,000 $188,200 $1,814 3.05%
30+ year 48 $22,220,000 $462,917 $4,188 3.24%
20 Year 43 $7,975,000 $185,465 $2,536 3.17%
10 Year 24 $2,380,000 $99,167 $659 3.37%
5 Year 6 $250,000 $41,667 $0 3.33%

For the 2021, Chelsea Groton Bank's most frequently cited loan length of loans were 30 Year, with 303 originations. The 2nd most popular length of loans were Other, with 178 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 523 $126,995,000 $242,820
$1k-2k 78 $31,580,000 $404,872
$2k-3k 11 $2,505,000 $227,727
$3k-4k 2 $750,000 $375,000

$3,094 of loans were Chelsea Groton Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 523 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 389 $101,915,000 $261,992
2.5-3% 256 $67,100,000 $262,109
<2.5% 46 $9,110,000 $198,043
4-5% 11 $2,295,000 $208,636

During 2021, Chelsea Groton Bank's average interest rate of loans were 3.20%, while their most frequently originated rate bucket of loans were 3-4%, with 389 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 297 $82,585,000 $278,064 $2,941 3.06%
$100k-200k 228 $35,060,000 $153,772 $2,307 3.04%
$100,000 or less 82 $5,070,000 $61,829 $971 3.42%
$400k-600k 63 $29,355,000 $465,952 $4,070 3.09%
$600k-1MM 23 $16,495,000 $717,174 $4,301 3.24%
$1MM+ 9 $11,855,000 $1,317,222 $6,384 3.13%

2021 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 297 originations, totaling $82,585,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 190 $46,290,000 $243,632 $2,595 3.08%
$150k-250k 142 $41,950,000 $295,423 $2,969 3.04%
$75k-100k 136 $29,450,000 $216,544 $2,671 3.08%
$50k-75k 111 $18,315,000 $165,000 $2,386 3.11%
$250k+ 65 $33,905,000 $521,615 $3,954 3.17%
$50k or less 45 $5,585,000 $124,111 $2,380 3.13%

Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 190 originations. The second most popular income band? $150k-250k, with 142 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 205 $49,125,000 $239,634 $2,553 3.05%
30-36% 148 $35,900,000 $242,568 $2,627 3.13%
<20% 81 $21,295,000 $262,901 $2,687 2.99%
40% 27 $6,565,000 $243,148 $2,903 3.16%
41% 26 $6,050,000 $232,692 $2,389 3.19%
39% 25 $5,895,000 $235,800 $2,276 3.20%
36% 25 $6,095,000 $243,800 $3,038 3.17%
37% 24 $9,980,000 $415,833 $3,382 3.02%
43% 23 $6,735,000 $292,826 $2,891 3.01%
38% 19 $5,685,000 $299,211 $3,366 3.18%
45% 18 $4,570,000 $253,889 $3,913 3.21%
42% 17 $4,115,000 $242,059 $2,741 3.08%
44% 16 $4,030,000 $251,875 $2,989 3.04%
46% 12 $3,240,000 $270,000 $3,331 3.10%
47% 12 $3,260,000 $271,667 $3,551 3.22%
48% 7 $1,655,000 $236,429 $2,925 3.09%
49% 4 $1,170,000 $292,500 $2,414 3.18%
50-60% 3 $705,000 $235,000 $2,511 3.08%

Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 205 originations. The next most common DTI ratio? 30-36%, with 148 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 532 $132,540,000 $249,135 $2,643 3.09%
Not provided 84 $25,250,000 $300,595 $3,114 3.15%
Asian 55 $14,345,000 $260,818 $3,281 2.96%
Not applicable 9 $4,065,000 $451,667 $0 4.28%
Black 16 $3,230,000 $201,875 $2,614 3.26%
American Indian 5 $725,000 $145,000 $2,286 3.14%
Native Hawaiian 1 $265,000 $265,000 $2,378 3.05%

Approval Rates

Total approvals of all applications
92.04%

Chelsea Groton Bank has an average approval rate.

Pick Rate

Approvals leading to origination
71.09%

Chelsea Groton Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 702 $180,420,000 $257,009

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
702 $180,420,000 $257,009

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 65 $11,355,000 $174,692 $1,808 3.18%
40-60% 133 $31,855,000 $239,511 $2,583 2.93%
60-80% 310 $87,510,000 $282,290 $2,883 3.11%
80-100% 154 $47,440,000 $308,052 $3,587 3.11%
Under 20% 40 $2,260,000 $56,500 $450 3.54%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Chelsea Groton Bank 116 West Broad Street Pawcatuck, CT 6379 Full Service B&M $84,052
Chelsea Groton Bank 904 Poquonnock Road Groton, CT 6340 Full Service B&M $66,767
Chelsea Groton Bank One Franklin Square Norwich, CT 6360 Full Service B&M $52,565
Chelsea Groton Bank One Montauk Avenue New London, CT 6320 Full Service B&M $136,790
Chelsea Groton Bank 156 Willimantic Road Baltic, CT 6330 Full Service B&M $60,640
Chelsea Groton Bank 157 Boston Post Road Waterford, CT 6385 Full Service B&M $64,971
Chelsea Groton Bank 2 Water Street Mystic, CT 6355 Full Service B&M $158,105
Chelsea Groton Bank 20 Hartford Road Salem, CT 6420 Full Service B&M $49,555
Chelsea Groton Bank 21 Pennsylvania Avenue Niantic, CT 6357 Full Service B&M $98,985
Chelsea Groton Bank 391 Norwich Westerly Road North Stonington, CT 6359 Full Service B&M $69,267
Chelsea Groton Bank 444 West Main Street Norwich, CT 6360 Full Service B&M $53,397
Chelsea Groton Bank 50 N Stonington Road, Route 1 Mystic, CT 6355 Limited, Drive-thru $0
Chelsea Groton Bank 50 Town Street Norwich, CT 6360 Full Service B&M $116,294
Chelsea Groton Bank 904 Poquonnock Rd Groton, CT 6340 Full Service B&M $236,189

For 2021, Chelsea Groton Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $40,544
Net interest income $39,048
Total noninterest income $8,439
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,877
Trading account gains and fees $0
Additional Noninterest Income $6,562
Pre-tax net operating income $11,782
Securities gains (or losses, -) $9,884
Income before extraordinary items $17,424
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $17,424
Minority interest net income $0
Net income $17,424
Sale, conversion, retirement of capital stock, net $0
Net operating income $9,516

Chelsea Groton Bank's gross interest income from loans was $40,544,000.
Chelsea Groton Bank's net interest income from loans was $39,048,000.
Chelsea Groton Bank's fee based income from loans was $1,877,000.
Chelsea Groton Bank's net income from loans was $17,424,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,496
Provision for credit losses $934
Total noninterest expense $34,771
Salaries and employee benefits $21,190
Premises and equipment expense $3,129
Additional noninterest expense $10,452
Applicable income taxes $4,242
Net charge-offs $314
Cash dividends $0

Chelsea Groton Bank's interest expense for loans was $1,496,000.
Chelsea Groton Bank's payroll and benefits expense were $21,190,000.
Chelsea Groton Bank's property, plant and equipment expenses $3,129,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 3.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 3.0%
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 $1,299,062
Deposits held in domestic offices $1,299,062
Deposits by Individuals, partnerships, and corporations $1,138,486
Deposits by U.S. Government $8
Deposits by States and political subdivisions in the U.S. $160,563
Deposits by Commercial banks and other depository institutions in U.S. $5
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $279,474
Demand deposits $181,996
Nontransaction accounts $1,019,588
Money market deposit accounts (MMDAs) $72,278
Other savings deposits (excluding MMDAs) $829,887
Total time deposits $117,424
Total time and savings deposits $1,117,066
Noninterest-bearing deposits $443,760
Interest-bearing deposits $855,302
Retail deposits $1,264,158
IRAs and Keogh plan accounts $33,144
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,591,255
Cash & Balances due from depository institutions $224,623
Interest-bearing balances $205,960
Total securities $358,387
Federal funds sold & reverse repurchase $0
Net loans and leases $936,530
Loan and leases loss allowance $9,597
Trading account assets $0
Bank premises and fixed assets $17,656
Other real estate owned $0
Goodwill and other intangibles $575
All other assets $53,484

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,591,255
Total Liabilities $1,371,890
Total deposits $1,299,062
Interest-bearing deposits $855,302
Deposits held in domestic offices $1,299,062
% insured (estimated) $61
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $40,137
Subordinated debt $0
All other liabilities $32,691

Issued Loan Types

Type Value (in 000's)
Net loans and leases $936,530
Loan and leases loss allowance $9,597
Total loans and leases (domestic) $946,127
All real estate loans $872,255
Real estate loans in domestic offices $872,255
Construction and development loans $53,651
Residential 1-4 family construction $15,514
Other construction, all land development and other land $38,137
Loans secured by nonfarm nonresidential properties $130,439
Nonfarm nonresidential secured by owner-occupied properties $78,336
Commercial real estate & other non-farm, non-residential $52,103
Multifamily residential real estate $11,694
1-4 family residential loans $676,317
Farmland loans $154
Loans held in foreign offices $0
Farm loans $58
Commercial and industrial loans $59,443
To non-U.S. addressees $0
Loans to individuals $5,283
Credit card loans $0
Related Plans $12
Consumer Auto Loans $3,739
Other loans to individuals $1,532
All other loans & leases $9,087
Loans to foreign governments and official institutions $0
Other loans $142
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 $6,089
Non 1-4 family restructured loans & leases $2,944
Total loans and leases (foreign) $0

Chelsea Groton Bank had $936,530,000 of loans outstanding in 2021. $872,255,000 of loans were in real estate loans. $53,651,000 of loans were in development loans. $11,694,000 of loans were in multifamily mortgage loans. $676,317,000 of loans were in 1-4 family mortgage loans. $58,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,739,000 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 186 $48,499 $260,747
Nonfarm, nonresidential loans - <$100k 40 $1,835 $45,875
Nonfarm, nonresidential loans - $100-250k 78 $13,589 $174,218
Nonfarm, nonresidential loans - $250k-1MM 68 $33,075 $486,397
Commercial & Industrial, US addressed loans - <$1MM 423 $32,931 $77,851
Commercial & Industrial, US addressed loans - <$100k 338 $6,675 $19,749
Commercial & Industrial, US addressed loans - $100-250k 42 $6,570 $156,429
Commercial & Industrial, US addressed loans - $250k-1MM 43 $19,686 $457,814
Farmland loans - <$1MM 1 $147 $147,000
Farmland loans - $100-250k 1 $147 $147,000
Agriculture operations loans - <$1MM 1 $58 $58,000
Agriculture operations loans - <$100k 1 $58 $58,000