Martha's Vineyard Savings Bank Mortgage Rates, Fees & Info

Edgartown, MA

LEI: 54930021FWO6J6IYPZ85

Tax ID: 04-2188463

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Martha's Vineyard Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Martha's Vineyard Savings Bank has a high proportion of conventional loans. Their top markets include Vineyard Haven, Barnstable Town, Boston, Providence, and Edwards among others. Martha's Vineyard Savings 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.


Originations

492

Origination Dollar Volume (All Markets)

$328,150,000

Employee count

103

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Vineyard Haven, MA (FHA|USDA|VA) 367 $265,985,000 $724,755 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 103 $50,105,000 $486,456 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 11 $4,615,000 $419,545 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $2,520,000 $1,260,000 $0 0.00%
Edwards, CO (FHA|USDA|VA) 1 $1,525,000 $1,525,000 $0 0.00%
Outside of Metro Areas 2 $1,010,000 $505,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $815,000 $271,667 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $785,000 $785,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%

Martha's Vineyard Savings Bank's top markets include Vineyard Haven, Barnstable Town, Boston, Providence, and Edwards among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 492 $328,150,000 $666,972 $0 0.00%

For the 2021 period, Martha's Vineyard Savings Bank's most frequently originated loan type of loans were Conventional, with 492 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 331 $180,845,000 $546,360 $0 0.00%
Home Purchase 129 $128,635,000 $997,171 $0 0.00%
Home Improvement 17 $10,055,000 $591,471 $0 0.00%
Other 15 $8,615,000 $574,333 $0 0.00%

For the 2021, Martha's Vineyard Savings Bank's most frequently cited loan purpose of loans were Refi, with 331 originations. The 2nd most popular reason of loans were Home Purchase, with 129 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 492 $328,150,000 $666,972 $0 0.00%

For the 2021, Martha's Vineyard Savings Bank's most frequently cited loan length of loans were Other, with 492 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 155 $45,835,000 $295,710 $0 0.00%
$400k-600k 133 $64,915,000 $488,083 $0 0.00%
$600k-1MM 93 $68,865,000 $740,484 $0 0.00%
$1MM+ 72 $143,470,000 $1,992,639 $0 0.00%
$100k-200k 28 $4,320,000 $154,286 $0 0.00%
$100,000 or less 11 $745,000 $67,727 $0 0.00%

2021 saw Martha's Vineyard Savings Bank place emphasis on $200k-400k loans with 155 originations, totaling $45,835,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 169 $188,415,000 $1,114,882 $0 0.00%
$150k-250k 104 $55,060,000 $529,423 $0 0.00%
$100k-150k 83 $35,095,000 $422,831 $0 0.00%
$50k-75k 42 $10,580,000 $251,905 $0 0.00%
$75k-100k 41 $13,555,000 $330,610 $0 0.00%
$50k or less 9 $2,055,000 $228,333 $0 0.00%

Martha's Vineyard Savings Bank lent most frequently to those with incomes in the $250k+ range, with 169 originations. The second most popular income band? $150k-250k, with 104 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 492 $328,150,000 $666,972 $0 0.00%

Martha's Vineyard Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 492 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 346 $215,810,000 $623,728 $0 0.00%
Not provided 93 $83,155,000 $894,140 $0 0.00%
Not applicable 27 $15,815,000 $585,741 $0 0.00%
Black 17 $9,695,000 $570,294 $0 0.00%
Asian 4 $2,300,000 $575,000 $0 0.00%
American Indian 3 $895,000 $298,333 $0 0.00%
Other Asian 1 $275,000 $275,000 $0 0.00%
Japanese 1 $205,000 $205,000 $0 0.00%

Approval Rates

Total approvals of all applications
95.36%

Martha's Vineyard Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
89.17%

Martha's Vineyard Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 492 $328,150,000 $666,972

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
492 $328,150,000 $666,972

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MORTGAGE MASTER SERVICE CORPORATION FHA mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Martha's Vineyard Bank 11 State Road Vineyard Haven, MA 2568 Full Service B&M $283,283
Martha's Vineyard Bank 78 Main St Edgartown, MA 2539 Full Service B&M $205,985
Martha's Vineyard Bank 84 Main Street Falmouth, MA 2540 Full Service B&M $196
Martha's Vineyard Bank Unit #10, Vineyard Haven Road, Post Office Square Edgartown, MA 2539 Full Service B&M $54,406
Martha's Vineyard Bank 14 Oak Bluffs Avenue Oak Bluffs, MA 2557 Full Service B&M $24,546
Martha's Vineyard Bank 2 Water Street Falmouth, MA 2543 Full Service B&M $31,693
Martha's Vineyard Bank 397 Palmer Avenue Falmouth, MA 2540 Full Service B&M $61,494
Martha's Vineyard Bank 4 Uncas Avenue Oak Bluffs, MA 2557 Full Service B&M $67,176
Martha's Vineyard Bank 490 State Road West Tisbury, MA 2575 Full Service B&M $169,302
Martha's Vineyard Bank 517 South Road Chilmark, MA 2535 Full Service B&M $51,553

For 2021, Martha's Vineyard Savings Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $39,381
Net interest income $37,199
Total noninterest income $5,305
Gross Fiduciary activities income $1,599
Service charges on deposit accounts $427
Trading account gains and fees $0
Additional Noninterest Income $3,279
Pre-tax net operating income $16,410
Securities gains (or losses, -) $28
Income before extraordinary items $11,716
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,716
Minority interest net income $0
Net income $11,716
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,693

Martha's Vineyard Savings Bank's gross interest income from loans was $39,381,000.
Martha's Vineyard Savings Bank's net interest income from loans was $37,199,000.
Martha's Vineyard Savings Bank's fee based income from loans was $427,000.
Martha's Vineyard Savings Bank's net income from loans was $11,716,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,182
Provision for credit losses $1,518
Total noninterest expense $24,576
Salaries and employee benefits $14,340
Premises and equipment expense $2,279
Additional noninterest expense $7,957
Applicable income taxes $4,722
Net charge-offs $33
Cash dividends $2,200

Martha's Vineyard Savings Bank's interest expense for loans was $2,182,000.
Martha's Vineyard Savings Bank's payroll and benefits expense were $14,340,000.
Martha's Vineyard Savings Bank's property, plant and equipment expenses $2,279,000.

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 $1,037,665
Deposits held in domestic offices $1,037,665
Deposits by Individuals, partnerships, and corporations $1,014,258
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $23,407
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 $555,549
Demand deposits $298,543
Nontransaction accounts $482,116
Money market deposit accounts (MMDAs) $153,001
Other savings deposits (excluding MMDAs) $259,346
Total time deposits $69,769
Total time and savings deposits $739,122
Noninterest-bearing deposits $298,543
Interest-bearing deposits $739,122
Retail deposits $997,353
IRAs and Keogh plan accounts $17,402
Brokered deposits $24,999
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,197,585
Cash & Balances due from depository institutions $33,856
Interest-bearing balances $24,718
Total securities $97,318
Federal funds sold & reverse repurchase $0
Net loans and leases $1,013,862
Loan and leases loss allowance $8,005
Trading account assets $0
Bank premises and fixed assets $18,507
Other real estate owned $0
Goodwill and other intangibles $992
All other assets $33,050

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,197,585
Total Liabilities $1,076,233
Total deposits $1,037,665
Interest-bearing deposits $739,122
Deposits held in domestic offices $1,037,665
% insured (estimated) $81
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $33,000
Subordinated debt $0
All other liabilities $5,568

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,013,862
Loan and leases loss allowance $8,005
Total loans and leases (domestic) $1,021,867
All real estate loans $974,088
Real estate loans in domestic offices $974,088
Construction and development loans $76,677
Residential 1-4 family construction $55,814
Other construction, all land development and other land $20,863
Loans secured by nonfarm nonresidential properties $228,012
Nonfarm nonresidential secured by owner-occupied properties $98,785
Commercial real estate & other non-farm, non-residential $129,227
Multifamily residential real estate $25,949
1-4 family residential loans $643,450
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $36,997
To non-U.S. addressees $0
Loans to individuals $7,953
Credit card loans $0
Related Plans $4,489
Consumer Auto Loans $149
Other loans to individuals $3,315
All other loans & leases $2,829
Loans to foreign governments and official institutions $0
Other loans $59
Loans to depository institutions and acceptances of other banks $2,770
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $823
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Martha's Vineyard Savings Bank had $1,013,862,000 of loans outstanding in 2021. $974,088,000 of loans were in real estate loans. $76,677,000 of loans were in development loans. $25,949,000 of loans were in multifamily mortgage loans. $643,450,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $149,000 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 167 $60,276 $360,934
Nonfarm, nonresidential loans - <$100k 22 $1,195 $54,318
Nonfarm, nonresidential loans - $100-250k 31 $4,697 $151,516
Nonfarm, nonresidential loans - $250k-1MM 114 $54,384 $477,053
Commercial & Industrial, US addressed loans - <$1MM 290 $18,161 $62,624
Commercial & Industrial, US addressed loans - <$100k 235 $5,994 $25,506
Commercial & Industrial, US addressed loans - $100-250k 30 $4,135 $137,833
Commercial & Industrial, US addressed loans - $250k-1MM 25 $8,032 $321,280