Salem Five Cents Savings Bank Mortgage Rates, Fees & Info
Salem, MALEI: 5493006NTCY0P06JR884
Tax ID: 04-1802790
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Bank Data
Review & Overview
Salem Five Cents Savings Bank is a smaller bank specializing in Home Improvement, Refi, and Home Purchase loans. Salem Five Cents Savings Bank has an average proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Manchester among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Salem Five Cents Savings Bank has an 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.74% | 4/21/24 |
| 30 Year Conventional Purchase | 6.27% | 4/21/24 |
| 30 Year Conventional Refi | 6.27% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.68% | 4/21/24 |
| 15 Year Conventional Refi | 5.68% | 4/21/24 |
| 15 Year Cash-out Refi | 5.68% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Salem Five Cents Savings Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
664Origination Dollar Volume (All Markets)
$111,190,000Employee count
597Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 572 | $95,140,000 | $166,329 | $0 | 3.70% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 33 | $7,115,000 | $215,606 | $0 | 4.25% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 21 | $3,845,000 | $183,095 | $0 | 3.69% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 17 | $2,115,000 | $124,412 | $0 | 3.69% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 9 | $1,965,000 | $218,333 | $0 | 4.01% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 8 | $560,000 | $70,000 | $0 | 3.46% |
| Outside of Metro Areas | 3 | $385,000 | $128,333 | $0 | 3.24% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 632 | $78,420,000 | $124,082 | n/a | 3.67% |
| Conventional | 32 | $32,770,000 | $1,024,063 | $0 | 4.81% |
For 2019, Salem Five Cents Savings Bank's most frequently originated type of loan was HELOC, with 632 originations. Their 2nd most popular type was Conventional, with 32 originations.
Loan Reason
For 2019, Salem Five Cents Savings Bank's most frequently cited loan purpose was Home Improvement, with 366 originations. The 2nd most popular reason was Refi, with 152 originations.
Loan Duration/Length
For 2019, Salem Five Cents Savings Bank's most frequently cited loan duration was 20 Year, with 633 originations. The 2nd most popular length was 10 Year, with 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 347 | $42,605,000 | $122,781 |
| 2.5-3% | 213 | $20,455,000 | $96,033 |
| 5-6% | 70 | $22,070,000 | $315,286 |
| 4-5% | 33 | $25,555,000 | $774,394 |
| 6-7% | 1 | $505,000 | $505,000 |
During 2019, Salem Five Cents Savings Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 347 originations.
Loan Sizing
2019 saw Salem Five Cents Savings Bank place emphasis on $100,000 or less loans with 329 originations, totaling $17,505,000 in origination value.
Applicant Income
Salem Five Cents Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 176 originations. The second most popular income band? $150k-250k, with 166 originations.
Applicant Debt to Income Ratio
Salem Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 152 originations. The next most common DTI ratio? 30-36%, with 122 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.11%
Salem Five Cents Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination86.60%
Salem Five Cents Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 664 | $111,190,000 | $167,455 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 20 | $27,100,000 | $1,355,000 |
| Single Family (1-4 Units):Site-Built | 644 | $84,090,000 | $130,575 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Selene Finance LP | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 1.4% |
| Selene Finance LP | Conventional home mortgage | Closing on a mortgage | 4 | 1.9% |
| Selene Finance LP | Conventional home mortgage | Incorrect information on your report | 1 | 0.5% |
| Selene Finance LP | Conventional home mortgage | Struggling to pay mortgage | 74 | 34.6% |
| Selene Finance LP | Conventional home mortgage | Trouble during payment process | 49 | 22.9% |
| Selene Finance LP | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.5% |
| Selene Finance LP | FHA mortgage | Closing on a mortgage | 3 | 1.4% |
| Selene Finance LP | FHA mortgage | Incorrect information on your report | 3 | 1.4% |
| Selene Finance LP | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| Selene Finance LP | FHA mortgage | Struggling to pay mortgage | 19 | 8.9% |
| Selene Finance LP | FHA mortgage | Trouble during payment process | 23 | 10.7% |
| Selene Finance LP | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 0.5% |
| Selene Finance LP | Other type of mortgage | Struggling to pay mortgage | 5 | 2.3% |
| Selene Finance LP | Other type of mortgage | Trouble during payment process | 2 | 0.9% |
| Selene Finance LP | VA mortgage | Closing on a mortgage | 1 | 0.5% |
| Selene Finance LP | VA mortgage | Struggling to pay mortgage | 5 | 2.3% |
| Selene Finance LP | VA mortgage | Trouble during payment process | 19 | 8.9% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Salem Five Cents Savings Bank | 139 Endicott Street Danvers, MA 1923 | Full Service B&M | $46,363 |
| Salem Five Cents Savings Bank | 18 Hurd Street Lowell, MA 1852 | Full Service B&M | $30,768 |
| Salem Five Cents Savings Bank | 19 Central Street, Unit 2 Peabody, MA 1960 | Full Service Retail | $25,736 |
| Salem Five Cents Savings Bank | 19 Concord Road Sudbury, MA 1776 | Full Service B&M | $65,471 |
| Salem Five Cents Savings Bank | 19 West Street Beverly, MA 1915 | Full Service B&M | $40,237 |
| Salem Five Cents Savings Bank | 196 Sudbury Road Concord, MA 1742 | Full Service B&M | $33,642 |
| Salem Five Cents Savings Bank | 2 Bay Road South Hamilton, MA 1982 | Full Service B&M | $127,630 |
| Salem Five Cents Savings Bank | 2 East Main Street Georgetown, MA 1833 | Full Service B&M | $112,759 |
| Salem Five Cents Savings Bank | 20 State Street Lynn, MA 1901 | Full Service B&M | $30,190 |
| Salem Five Cents Savings Bank | 210 Andover Street Peabody, MA 1960 | Full Service B&M | $104,974 |
| Salem Five Cents Savings Bank | 210 Essex Street Salem, MA 1970 | Full Service Cyber Office | $521,898 |
| Salem Five Cents Savings Bank | 2171 Main Street Tewksbury, MA 1876 | Full Service B&M | $62,571 |
| Salem Five Cents Savings Bank | 221 South Main Street Middleton, MA 1949 | Full Service B&M | $66,116 |
| Salem Five Cents Savings Bank | 285 Great Road Bedford, MA 1730 | Full Service B&M | $34,281 |
| Salem Five Cents Savings Bank | 303 Haverhill Street Rowley, MA 1969 | Full Service B&M | $35,111 |
| Salem Five Cents Savings Bank | 35 Boston Street Lynn, MA 1904 | Full Service B&M | $38,980 |
| Salem Five Cents Savings Bank | 355 Chestnut Street Needham, MA 2492 | Full Service B&M | $61,023 |
| Salem Five Cents Savings Bank | 359 Main Street Stoneham, MA 2180 | Full Service B&M | $137,873 |
| Salem Five Cents Savings Bank | 36 Cambridge Street Burlington, MA 1803 | Full Service B&M | $43,706 |
| Salem Five Cents Savings Bank | 424 Essex Street Salem, MA 1970 | Full Service B&M | $83,739 |
| Salem Five Cents Savings Bank | 443 Main Street Woburn, MA 1801 | Full Service B&M | $103,346 |
| Salem Five Cents Savings Bank | 450 Paradise Road Swampscott, MA 1907 | Full Service B&M | $182,652 |
| Salem Five Cents Savings Bank | 495 Cabot Street Beverly, MA 1915 | Full Service Retail | $73,559 |
| Salem Five Cents Savings Bank | 52 Congress Street Boston, MA 2109 | Full Service B&M | $81,662 |
| Salem Five Cents Savings Bank | 562a Turnpike Street North Andover, MA 1845 | Full Service B&M | $145,331 |
| Salem Five Cents Savings Bank | 601 Chickering Road North Andover, MA 1845 | Full Service B&M | $70,174 |
| Salem Five Cents Savings Bank | 691 Rogers Street Lowell, MA 1852 | Full Service B&M | $41,258 |
| Salem Five Cents Savings Bank | 71 Washington Street Salem, MA 1970 | Full Service B&M | $910,663 |
| Salem Five Cents Savings Bank | 8 Walkers Brook Drive Reading, MA 1867 | Full Service B&M | $99,159 |
| Salem Five Cents Savings Bank | 85 High Street Danvers, MA 1923 | Full Service B&M | $149,854 |
| Salem Five Cents Savings Bank | 855 Broadway Saugus, MA 1906 | Full Service B&M | $57,793 |
| Salem Five Cents Savings Bank | 88 Main Street Stoneham, MA 2180 | Full Service B&M | $83,808 |
| Salem Five Cents Savings Bank | 89 Pleasant Street Marblehead, MA 1945 | Full Service B&M | $76,613 |
| Salem Five Cents Savings Bank | 90 Highland Avenue Malden, MA 2148 | Full Service B&M | $61,127 |
| Salem Five Cents Savings Bank | Burlington Mall 75 Middlesex Turnpike Burlington, MA 1803 | Full Service B&M | $31,433 |
For 2019, Salem Five Cents Savings Bank had 35 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $206,098 |
| Net interest income | $145,923 |
| Total noninterest income | $43,766 |
| Gross Fiduciary activities income | $225 |
| Service charges on deposit accounts | $8,376 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $35,165 |
| Pre-tax net operating income | $74,710 |
| Securities gains (or losses, -) | $10,498 |
| Income before extraordinary items | $63,055 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $63,055 |
| Minority interest net income | $0 |
| Net income | $63,055 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $54,761 |
Salem Five Cents Savings Bank's gross interest income from loans was $206,098,000.
Salem Five Cents Savings Bank's net interest income from loans was $145,923,000.
Salem Five Cents Savings Bank's fee based income from loans was $8,376,000.
Salem Five Cents Savings Bank's net income from loans was $63,055,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $60,175 |
| Provision for credit losses | $7,200 |
| Total noninterest expense | $107,779 |
| Salaries and employee benefits | $68,656 |
| Premises and equipment expense | $12,222 |
| Additional noninterest expense | $26,901 |
| Applicable income taxes | $22,153 |
| Net charge-offs | $438 |
| Cash dividends | $0 |
Salem Five Cents Savings Bank's interest expense for loans was $60,175,000.
Salem Five Cents Savings Bank's payroll and benefits expense were $68,656,000.
Salem Five Cents Savings Bank's property, plant and equipment expenses $12,222,000.
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 | 1.0% |
| 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 | $3,941,876 |
| Deposits held in domestic offices | $3,941,876 |
| Deposits by Individuals, partnerships, and corporations | $3,932,233 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $9,643 |
| 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 | $195,084 |
| Demand deposits | $119,890 |
| Nontransaction accounts | $3,746,792 |
| Money market deposit accounts (MMDAs) | $2,078,440 |
| Other savings deposits (excluding MMDAs) | $615,913 |
| Total time deposits | $1,052,439 |
| Total time and savings deposits | $3,821,986 |
| Noninterest-bearing deposits | $541,152 |
| Interest-bearing deposits | $3,400,724 |
| Retail deposits | $3,590,252 |
| IRAs and Keogh plan accounts | $200,332 |
| Brokered deposits | $85,249 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $5,155,447 |
| Cash & Balances due from depository institutions | $45,360 |
| Interest-bearing balances | $14,178 |
| Total securities | $943,250 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $3,967,988 |
| Loan and leases loss allowance | $40,784 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $34,926 |
| Other real estate owned | $740 |
| Goodwill and other intangibles | $44,247 |
| All other assets | $118,936 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $5,155,447 |
| Total Liabilities | $4,585,373 |
| Total deposits | $3,941,876 |
| Interest-bearing deposits | $3,400,724 |
| Deposits held in domestic offices | $3,941,876 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $55,960 |
| Trading liabilities | $0 |
| Other borrowed funds | $510,856 |
| Subordinated debt | $0 |
| All other liabilities | $76,681 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $3,967,988 |
| Loan and leases loss allowance | $40,784 |
| Total loans and leases (domestic) | $4,008,772 |
| All real estate loans | $3,329,410 |
| Real estate loans in domestic offices | $3,329,410 |
| Construction and development loans | $198,410 |
| Residential 1-4 family construction | $31,463 |
| Other construction, all land development and other land | $166,947 |
| Loans secured by nonfarm nonresidential properties | $1,190,283 |
| Nonfarm nonresidential secured by owner-occupied properties | $340,532 |
| Commercial real estate & other non-farm, non-residential | $849,751 |
| Multifamily residential real estate | $188,256 |
| 1-4 family residential loans | $1,752,461 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $552,256 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $115,421 |
| Credit card loans | $0 |
| Related Plans | $727 |
| Consumer Auto Loans | $98 |
| Other loans to individuals | $114,596 |
| All other loans & leases | $11,685 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $93 |
| 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 | $6,415 |
| Non 1-4 family restructured loans & leases | $5,232 |
| Total loans and leases (foreign) | $0 |
Salem Five Cents Savings Bank had $3,967,988,000 of loans outstanding in 2019. $3,329,410,000 of loans were in real estate loans. $198,410,000 of loans were in development loans. $188,256,000 of loans were in multifamily mortgage loans. $1,752,461,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $98,000 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 | 804 | $257,096 | $319,771 |
| Nonfarm, nonresidential loans - <$100k | 62 | $4,025 | $64,919 |
| Nonfarm, nonresidential loans - $100-250k | 214 | $30,761 | $143,743 |
| Nonfarm, nonresidential loans - $250k-1MM | 528 | $222,310 | $421,042 |
| Commercial & Industrial, US addressed loans - <$1MM | 624 | $89,079 | $142,755 |
| Commercial & Industrial, US addressed loans - <$100k | 255 | $11,180 | $43,843 |
| Commercial & Industrial, US addressed loans - $100-250k | 193 | $21,827 | $113,093 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 176 | $56,072 | $318,591 |