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

Edgartown, MA

LEI: 54930021FWO6J6IYPZ85

Tax ID: 04-2188463

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Bank Data

Review & 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 by origination volume include: Vineyard Haven, Barnstable Town, Boston, Oxnard, and Worcester among others. We have data for 8 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.

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Originations

411

Origination Dollar Volume (All Markets)

$256,955,000

Employee count

106

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) 312 $209,910,000 $672,788 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 87 $41,735,000 $479,713 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 6 $2,940,000 $490,000 $0 0.00%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 0.00%
Outside of Metro Areas 1 $395,000 $395,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $220,000 $110,000 $0 0.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Martha's Vineyard Savings Bank's top markets include Vineyard Haven, Barnstable Town, Boston, Oxnard, and Worcester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Vermont (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.

    Bridgewater Savings Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 411 $256,955,000 $625,195 $0 0.00%

    For 2020, Martha's Vineyard Savings Bank's most frequently originated type of loan was Conventional, with 411 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 276 $152,010,000 $550,761 $0 0.00%
    Home Purchase 119 $96,875,000 $814,076 $0 0.00%
    Home Improvement 10 $6,260,000 $626,000 $0 0.00%
    Other 6 $1,810,000 $301,667 $0 0.00%

    For 2020, Martha's Vineyard Savings Bank's most frequently cited loan purpose was Refi, with 276 originations. The 2nd most popular reason was Home Purchase, with 119 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 411 $256,955,000 $625,195 $0 0.00%

    For 2020, Martha's Vineyard Savings Bank's most frequently cited loan duration was Other, with 411 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 134 $40,810,000 $304,552 $0 0.00%
    $400k-600k 101 $49,245,000 $487,574 $0 0.00%
    $600k-1MM 76 $55,560,000 $731,053 $0 0.00%
    $1MM+ 51 $105,135,000 $2,061,471 $0 0.00%
    $100k-200k 36 $5,460,000 $151,667 $0 0.00%
    $100,000 or less 13 $745,000 $57,308 $0 0.00%

    2020 saw Martha's Vineyard Savings Bank place emphasis on $200k-400k loans with 134 originations, totaling $40,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 112 $127,030,000 $1,134,196 $0 0.00%
    $150k-250k 105 $55,255,000 $526,238 $0 0.00%
    $100k-150k 67 $26,455,000 $394,851 $0 0.00%
    $50k-75k 41 $10,005,000 $244,024 $0 0.00%
    $75k-100k 37 $12,235,000 $330,676 $0 0.00%
    $50k or less 19 $3,175,000 $167,105 $0 0.00%

    Martha's Vineyard Savings Bank lent most frequently to those with incomes in the $250k+ range, with 112 originations. The second most popular income band? $150k-250k, with 105 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 411 $256,955,000 $625,195 $0 0.00%

    Martha's Vineyard Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 411 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 295 $157,745,000 $534,729 $0 0.00%
    Not provided 78 $64,690,000 $829,359 $0 0.00%
    Black 18 $16,700,000 $927,778 $0 0.00%
    Not applicable 12 $14,910,000 $1,242,500 $0 0.00%
    American Indian 5 $1,655,000 $331,000 $0 0.00%
    Asian 3 $1,255,000 $418,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.67%

    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
    87.35%

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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 411 $256,955,000 $625,195

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $13,595,000 $1,235,909
    Single Family (1-4 Units):Site-Built 400 $243,360,000 $608,400

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Mortgage Bank of California Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Martha's Vineyard Savings Bank 517 South Road Chilmark, MA 2535 Full Service B&M $36,574
    Martha's Vineyard Savings Bank 11 State Road Vineyard Haven, MA 2568 Full Service B&M $236,346
    Martha's Vineyard Savings Bank 14 Oak Bluffs Avenue Oak Bluffs, MA 2557 Full Service B&M $20,750
    Martha's Vineyard Savings Bank 2 Water Street Falmouth, MA 2543 Full Service B&M $26,758
    Martha's Vineyard Savings Bank 397 Palmer Avenue Falmouth, MA 2540 Full Service B&M $39,646
    Martha's Vineyard Savings Bank 4 Uncas Avenue Oak Bluffs, MA 2557 Full Service B&M $53,332
    Martha's Vineyard Savings Bank 490 State Road West Tisbury, MA 2575 Full Service B&M $152,053
    Martha's Vineyard Savings Bank 78 Main Street Edgartown, MA 2539 Full Service B&M $172,626
    Martha's Vineyard Savings Bank Unit #10, Vineyard Haven Road, Post Office Square Edgartown, MA 2539 Full Service B&M $47,476

    For 2020, Martha's Vineyard Savings Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $35,326
    Net interest income $31,403
    Total noninterest income $3,896
    Gross Fiduciary activities income $1,482
    Service charges on deposit accounts $357
    Trading account gains and fees $0
    Additional Noninterest Income $2,057
    Pre-tax net operating income $10,391
    Securities gains (or losses, -) $137
    Income before extraordinary items $7,716
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,716
    Minority interest net income $0
    Net income $7,716
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,607

    Martha's Vineyard Savings Bank's gross interest income from loans was $35,326,000.
    Martha's Vineyard Savings Bank's net interest income from loans was $31,403,000.
    Martha's Vineyard Savings Bank's fee based income from loans was $357,000.
    Martha's Vineyard Savings Bank's net income from loans was $7,716,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,923
    Provision for credit losses $1,400
    Total noninterest expense $23,508
    Salaries and employee benefits $13,056
    Premises and equipment expense $2,122
    Additional noninterest expense $8,330
    Applicable income taxes $2,812
    Net charge-offs $507
    Cash dividends $0

    Martha's Vineyard Savings Bank's interest expense for loans was $3,923,000.
    Martha's Vineyard Savings Bank's payroll and benefits expense were $13,056,000.
    Martha's Vineyard Savings Bank's property, plant and equipment expenses $2,122,000.

    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 $859,286
    Deposits held in domestic offices $859,286
    Deposits by Individuals, partnerships, and corporations $839,477
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $19,809
    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 $451,360
    Demand deposits $224,914
    Nontransaction accounts $407,926
    Money market deposit accounts (MMDAs) $113,468
    Other savings deposits (excluding MMDAs) $219,485
    Total time deposits $74,973
    Total time and savings deposits $634,372
    Noninterest-bearing deposits $224,914
    Interest-bearing deposits $634,372
    Retail deposits $825,528
    IRAs and Keogh plan accounts $17,559
    Brokered deposits $14,998
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,036,709
    Cash & Balances due from depository institutions $47,363
    Interest-bearing balances $37,225
    Total securities $84,345
    Federal funds sold & reverse repurchase $0
    Net loans and leases $857,016
    Loan and leases loss allowance $6,520
    Trading account assets $0
    Bank premises and fixed assets $17,913
    Other real estate owned $0
    Goodwill and other intangibles $1,075
    All other assets $28,997

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,036,709
    Total Liabilities $920,704
    Total deposits $859,286
    Interest-bearing deposits $634,372
    Deposits held in domestic offices $859,286
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $57,000
    Subordinated debt $0
    All other liabilities $4,418

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $857,016
    Loan and leases loss allowance $6,520
    Total loans and leases (domestic) $863,536
    All real estate loans $796,938
    Real estate loans in domestic offices $796,938
    Construction and development loans $48,158
    Residential 1-4 family construction $31,123
    Other construction, all land development and other land $17,035
    Loans secured by nonfarm nonresidential properties $217,717
    Nonfarm nonresidential secured by owner-occupied properties $83,690
    Commercial real estate & other non-farm, non-residential $134,027
    Multifamily residential real estate $20,852
    1-4 family residential loans $510,211
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $59,535
    To non-U.S. addressees $0
    Loans to individuals $4,154
    Credit card loans $0
    Related Plans $1,160
    Consumer Auto Loans $150
    Other loans to individuals $2,844
    All other loans & leases $2,909
    Loans to foreign governments and official institutions $0
    Other loans $41
    Loans to depository institutions and acceptances of other banks $2,868
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $607
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Martha's Vineyard Savings Bank had $857,016,000 of loans outstanding in 2020. $796,938,000 of loans were in real estate loans. $48,158,000 of loans were in development loans. $20,852,000 of loans were in multifamily mortgage loans. $510,211,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $150,000 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 182 $59,639 $327,687
    Nonfarm, nonresidential loans - <$100k 30 $1,751 $58,367
    Nonfarm, nonresidential loans - $100-250k 39 $5,900 $151,282
    Nonfarm, nonresidential loans - $250k-1MM 113 $51,988 $460,071
    Commercial & Industrial, US addressed loans - <$1MM 731 $37,266 $50,979
    Commercial & Industrial, US addressed loans - <$100k 617 $15,152 $24,558
    Commercial & Industrial, US addressed loans - $100-250k 78 $9,428 $120,872
    Commercial & Industrial, US addressed loans - $250k-1MM 36 $12,686 $352,389