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

Edgartown, MA

LEI: 54930021FWO6J6IYPZ85

Tax ID: 04-2188463

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Mortgage Data

Bank Data

Review & Overview

Martha's Vineyard Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Martha's Vineyard Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Vineyard Haven, Barnstable Town, Oxnard, Boston, and Providence among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Martha's Vineyard Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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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Originations

260

Origination Dollar Volume (All Markets)

$153,750,000

Employee count

107

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
Vineyard Haven, MA (FHA|USDA|VA) 201 $129,665,000 $645,100 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 52 $20,130,000 $387,115 $0 0.00%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $2,205,000 $2,205,000 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $1,070,000 $267,500 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $680,000 $340,000 $0 0.00%
Martha's Vineyard Savings Bank's top markets include Vineyard Haven, Barnstable Town, Oxnard, Boston, and Providence among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Martha's Vineyard Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Cape Cod Co-operative Bank
    Similarity Rank: 135
    Middlesex Savings Bank
    Similarity Rank: 170
    METRO
    Similarity Rank: 230
    UniBank for Savings
    Similarity Rank: 264
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 414
    MSA MORTGAGE, LLC
    Similarity Rank: 567
    Cambridge Trust Company
    Similarity Rank: 689
    The Bank of Canton
    Similarity Rank: 728
    Eastern Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 260 $153,750,000 $591,346 $0 0.00%

    For 2019, Martha's Vineyard Savings Bank's most frequently originated type of loan was Conventional, with 260 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 126 $101,390,000 $804,683 $0 0.00%
    Refi 104 $46,580,000 $447,885 $0 0.00%
    Home Improvement 25 $4,575,000 $183,000 $0 0.00%
    Other 5 $1,205,000 $241,000 $0 0.00%

    For 2019, Martha's Vineyard Savings Bank's most frequently cited loan purpose was Home Purchase, with 126 originations. The 2nd most popular reason was Refi, with 104 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 260 $153,750,000 $591,346 $0 0.00%

    For 2019, Martha's Vineyard Savings Bank's most frequently cited loan duration was Other, with 260 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 74 $21,990,000 $297,162 $0 0.00%
    $400k-600k 62 $30,090,000 $485,323 $0 0.00%
    $600k-1MM 55 $39,885,000 $725,182 $0 0.00%
    $1MM+ 26 $57,800,000 $2,223,077 $0 0.00%
    $100,000 or less 23 $1,125,000 $48,913 $0 0.00%
    $100k-200k 20 $2,860,000 $143,000 $0 0.00%

    2019 saw Martha's Vineyard Savings Bank place emphasis on $200k-400k loans with 74 originations, totaling $21,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 67 $73,585,000 $1,098,284 $0 0.00%
    $150k-250k 54 $27,200,000 $503,704 $0 0.00%
    $100k-150k 53 $18,885,000 $356,321 $0 0.00%
    $75k-100k 38 $12,020,000 $316,316 $0 0.00%
    $50k-75k 17 $3,465,000 $203,824 $0 0.00%
    $50k or less 14 $2,020,000 $144,286 $0 0.00%

    Martha's Vineyard Savings Bank lent most frequently to those with incomes in the $250k+ range, with 67 originations. The second most popular income band? $150k-250k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 260 $153,750,000 $591,346 $0 0.00%

    Martha's Vineyard Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 260 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 209 $108,315,000 $518,254 $0 0.00%
    Not provided 30 $22,770,000 $759,000 $0 0.00%
    Not applicable 11 $12,025,000 $1,093,182 $0 0.00%
    Black 8 $10,110,000 $1,263,750 $0 0.00%
    American Indian 1 $305,000 $305,000 $0 0.00%
    Asian 1 $225,000 $225,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.42%

    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
    88.46%

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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 260 $153,750,000 $591,346

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $6,990,000 $1,747,500
    Single Family (1-4 Units):Site-Built 256 $146,760,000 $573,281

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MORTGAGE CLEARING CORPORATION Conventional home mortgage Struggling to pay mortgage 1 33.3%
    MORTGAGE CLEARING CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    MORTGAGE CLEARING CORPORATION Conventional home mortgage Trouble during payment process 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Martha's Vineyard Savings Bank 11 State Road Vineyard Haven, MA 2568 Full Service B&M $186,401
    Martha's Vineyard Savings Bank 14 Oak Bluffs Avenue Oak Bluffs, MA 2557 Full Service B&M $18,597
    Martha's Vineyard Savings Bank 2 Water Street Falmouth, MA 2543 Full Service B&M $25,584
    Martha's Vineyard Savings Bank 397 Palmer Avenue Falmouth, MA 2540 Full Service B&M $27,725
    Martha's Vineyard Savings Bank 4 Uncas Avenue Oak Bluffs, MA 2557 Full Service B&M $38,734
    Martha's Vineyard Savings Bank 490 State Road West Tisbury, MA 2575 Full Service B&M $120,807
    Martha's Vineyard Savings Bank 517 South Road Chilmark, MA 2535 Full Service B&M $31,604
    Martha's Vineyard Savings Bank 78 Main Street Edgartown, MA 2539 Full Service B&M $144,885
    Martha's Vineyard Savings Bank Unit #10, Vineyard Haven Road, Post Office Square Edgartown, MA 2539 Full Service B&M $32,326

    For 2019, Martha's Vineyard Savings Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $35,051
    Net interest income $28,561
    Total noninterest income $4,610
    Gross Fiduciary activities income $1,428
    Service charges on deposit accounts $522
    Trading account gains and fees $0
    Additional Noninterest Income $2,660
    Pre-tax net operating income $10,438
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,605
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,605
    Minority interest net income $0
    Net income $7,605
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,605

    Martha's Vineyard Savings Bank's gross interest income from loans was $35,051,000.
    Martha's Vineyard Savings Bank's net interest income from loans was $28,561,000.
    Martha's Vineyard Savings Bank's fee based income from loans was $522,000.
    Martha's Vineyard Savings Bank's net income from loans was $7,605,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,490
    Provision for credit losses $290
    Total noninterest expense $22,443
    Salaries and employee benefits $12,478
    Premises and equipment expense $2,302
    Additional noninterest expense $7,663
    Applicable income taxes $2,833
    Net charge-offs $46
    Cash dividends $0

    Martha's Vineyard Savings Bank's interest expense for loans was $6,490,000.
    Martha's Vineyard Savings Bank's payroll and benefits expense were $12,478,000.
    Martha's Vineyard Savings Bank's property, plant and equipment expenses $2,302,000.

    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 1.0%
    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 $667,290
    Deposits held in domestic offices $667,290
    Deposits by Individuals, partnerships, and corporations $653,417
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,873
    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 $309,350
    Demand deposits $137,271
    Nontransaction accounts $357,940
    Money market deposit accounts (MMDAs) $85,622
    Other savings deposits (excluding MMDAs) $186,279
    Total time deposits $86,039
    Total time and savings deposits $530,019
    Noninterest-bearing deposits $137,271
    Interest-bearing deposits $530,019
    Retail deposits $623,777
    IRAs and Keogh plan accounts $16,374
    Brokered deposits $30,212
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $845,576
    Cash & Balances due from depository institutions $25,532
    Interest-bearing balances $17,968
    Total securities $63,877
    Federal funds sold & reverse repurchase $0
    Net loans and leases $724,062
    Loan and leases loss allowance $5,627
    Trading account assets $0
    Bank premises and fixed assets $15,271
    Other real estate owned $0
    Goodwill and other intangibles $1,903
    All other assets $14,931

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $845,576
    Total Liabilities $737,433
    Total deposits $667,290
    Interest-bearing deposits $530,019
    Deposits held in domestic offices $667,290
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $67,000
    Subordinated debt $0
    All other liabilities $3,143

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $724,062
    Loan and leases loss allowance $5,627
    Total loans and leases (domestic) $729,689
    All real estate loans $709,885
    Real estate loans in domestic offices $709,885
    Construction and development loans $42,282
    Residential 1-4 family construction $31,294
    Other construction, all land development and other land $10,988
    Loans secured by nonfarm nonresidential properties $227,898
    Nonfarm nonresidential secured by owner-occupied properties $77,783
    Commercial real estate & other non-farm, non-residential $150,115
    Multifamily residential real estate $9,564
    1-4 family residential loans $430,141
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $14,180
    To non-U.S. addressees $0
    Loans to individuals $2,592
    Credit card loans $0
    Related Plans $274
    Consumer Auto Loans $171
    Other loans to individuals $2,147
    All other loans & leases $3,031
    Loans to foreign governments and official institutions $0
    Other loans $70
    Loans to depository institutions and acceptances of other banks $2,961
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $476
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Martha's Vineyard Savings Bank had $724,062,000 of loans outstanding in 2019. $709,885,000 of loans were in real estate loans. $42,282,000 of loans were in development loans. $9,564,000 of loans were in multifamily mortgage loans. $430,141,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $171,000 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 185 $58,630 $316,919
    Nonfarm, nonresidential loans - <$100k 31 $1,453 $46,871
    Nonfarm, nonresidential loans - $100-250k 44 $5,994 $136,227
    Nonfarm, nonresidential loans - $250k-1MM 110 $51,183 $465,300
    Commercial & Industrial, US addressed loans - <$1MM 121 $9,606 $79,388
    Commercial & Industrial, US addressed loans - <$100k 94 $2,773 $29,500
    Commercial & Industrial, US addressed loans - $100-250k 11 $1,358 $123,455
    Commercial & Industrial, US addressed loans - $250k-1MM 16 $5,475 $342,188