Chelsea Groton Bank Mortgage Rates, Fees & Info
Groton, CTLEI: 5493000GQWJTTR0TEH83
Tax ID: 06-0376640
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Bank 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
702Origination Dollar Volume (All Markets)
$180,420,000Employee count
206Awards
Chelsea Groton Bank - 2021
Chelsea Groton Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for Chelsea Groton Bank?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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 applications92.04%
Chelsea Groton Bank has an average approval rate.
Pick Rate
Approvals leading to origination71.09%
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 |
