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 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, Providence, and Edwards among others. We have data for 10 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 an above 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

492

Origination Dollar Volume (All Markets)

$328,150,000

Employee count

103

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) 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.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • New Hampshire (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.

    Middlesex Savings Bank
    Similarity Rank: 174
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    CONWAY FINANCIAL SERVICES, LLC
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    Milford Federal Bank
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    Dedham Institution for Savings
    Similarity Rank: 728
    Cambridge Savings Bank
    Similarity Rank: 858

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Martha's Vineyard Savings Bank's most frequently cited loan purpose was Refi, with 331 originations. The 2nd most popular reason was 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 2021, Martha's Vineyard Savings Bank's most frequently cited loan duration was 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
    96.71%

    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
    92.68%

    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 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
    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

    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