Salem Five Cents Savings Bank Mortgage Rates, Fees & Info

Salem, MA

LEI: 5493006NTCY0P06JR884

Tax ID: 04-1802790

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Salem Five Cents Savings Bank is a smaller bank specializing in Home Improvement and Refi loans. Salem Five Cents Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Barnstable Town, Providence, and Worcester among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Salem Five Cents 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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    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Salem Five Cents Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    683

    Origination Dollar Volume (All Markets)

    $127,505,000

    Employee count

    612

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 602 $110,010,000 $182,741 $0 3.30%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 14 $8,250,000 $589,286 $0 3.39%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 23 $2,835,000 $123,261 $0 3.32%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 22 $2,600,000 $118,182 $0 3.23%
    WORCESTER, MA-CT (FHA|USDA|VA) 13 $1,895,000 $145,769 $0 3.38%
    Concord, NH (FHA|USDA|VA) 1 $575,000 $575,000 $0 4.75%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $510,000 $255,000 $0 3.25%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $320,000 $160,000 $0 3.25%
    Laconia, NH (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.25%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.50%
    Outside of Metro Areas 1 $105,000 $105,000 $0 2.99%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.25%
    Salem Five Cents Savings Bank's top markets include Boston, Manchester, Barnstable Town, Providence, and Worcester among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 635 $77,195,000 $121,567 n/a 3.29%
    Conventional 48 $50,310,000 $1,048,125 $0 3.55%

    For 2020, Salem Five Cents Savings Bank's most frequently originated type of loan was HELOC, with 635 originations. Their 2nd most popular type was Conventional, with 48 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 405 $43,115,000 $106,457 $0 3.26%
    Refi 177 $62,415,000 $352,627 $0 3.37%
    Other 65 $6,935,000 $106,692 $0 3.28%
    Home Purchase 36 $15,040,000 $417,778 $0 3.56%

    For 2020, Salem Five Cents Savings Bank's most frequently cited loan purpose was Home Improvement, with 405 originations. The 2nd most popular reason was Refi, with 177 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 635 $77,195,000 $121,567 $0 3.29%
    10 Year 45 $46,045,000 $1,023,222 $0 3.55%
    Other 3 $4,265,000 $1,421,667 $0 3.62%

    For 2020, Salem Five Cents Savings Bank's most frequently cited loan duration was 20 Year, with 635 originations. The 2nd most popular length was 10 Year, with 45 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 518 $89,080,000 $171,969
    2.5-3% 147 $21,845,000 $148,605
    4-5% 15 $3,645,000 $243,000
    <2.5% 2 $12,690,000 $6,345,000
    5-6% 1 $245,000 $245,000

    During 2020, 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 518 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 321 $17,355,000 $54,065 $0 3.26%
    $100k-200k 190 $24,670,000 $129,842 $0 3.29%
    $200k-400k 130 $33,840,000 $260,308 $0 3.39%
    $400k-600k 21 $9,215,000 $438,810 $0 3.55%
    $600k-1MM 11 $8,795,000 $799,545 $0 3.61%
    $1MM+ 10 $33,630,000 $3,363,000 $0 3.11%

    2020 saw Salem Five Cents Savings Bank place emphasis on $100,000 or less loans with 321 originations, totaling $17,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 179 $19,755,000 $110,363 $0 3.29%
    $150k-250k 177 $22,735,000 $128,446 $0 3.27%
    $75k-100k 113 $13,515,000 $119,602 $0 3.26%
    $250k+ 69 $12,515,000 $181,377 $0 3.35%
    $50k-75k 62 $5,530,000 $89,194 $0 3.24%
    $50k or less 35 $3,145,000 $89,857 $0 3.42%

    Salem Five Cents Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 179 originations. The second most popular income band? $150k-250k, with 177 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 186 $21,850,000 $117,473 $0 3.28%
    30-36% 120 $13,170,000 $109,750 $0 3.28%
    <20% 88 $11,460,000 $130,227 $0 3.28%
    44% 52 $6,120,000 $117,692 $0 3.27%
    43% 39 $4,415,000 $113,205 $0 3.33%
    37% 31 $2,995,000 $96,613 $0 3.32%
    41% 24 $4,100,000 $170,833 $0 3.12%
    36% 24 $3,860,000 $160,833 $0 3.33%
    42% 21 $2,775,000 $132,143 $0 3.44%
    40% 16 $1,760,000 $110,000 $0 3.30%
    39% 16 $2,180,000 $136,250 $0 3.26%
    38% 12 $1,380,000 $115,000 $0 3.35%
    45% 5 $825,000 $165,000 $0 3.39%
    >60% 1 $305,000 $305,000 $0 3.25%

    Salem Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 186 originations. The next most common DTI ratio? 30-36%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 539 $64,895,000 $120,399 $0 3.30%
    Not applicable 39 $46,645,000 $1,196,026 $0 3.50%
    Not provided 86 $11,940,000 $138,837 $0 3.25%
    Asian 13 $2,445,000 $188,077 $0 3.51%
    Other Asian 1 $915,000 $915,000 $0 3.50%
    Black 3 $355,000 $118,333 $0 3.33%
    Native Hawaiian or Islander 1 $255,000 $255,000 $0 3.25%
    American Indian 1 $55,000 $55,000 $0 3.25%

    Approval Rates

    Total approvals of all applications
    94.47%

    Salem Five Cents Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.58%

    Salem Five Cents Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 683 $127,505,000 $186,684

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 23 $37,665,000 $1,637,609
    Single Family (1-4 Units):Site-Built 660 $89,840,000 $136,121

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 183 $39,785,000 $217,404 $0 3.36%
    40-60% 66 $35,100,000 $531,818 $0 3.37%
    60-80% 42 $22,980,000 $547,143 $0 3.47%
    80-100% 1 $1,935,000 $1,935,000 $0 3.36%
    Under 20% 391 $27,705,000 $70,857 $0 3.25%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Skyline Financial Corp. Other type of mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Salem Five Cents Savings Bank 160 Endicott St Danvers, MA 1923 Full Service B&M $49,665
    Salem Five Cents Savings Bank 18 Hurd Street Lowell, MA 1852 Full Service B&M $34,499
    Salem Five Cents Savings Bank 19 Central Street, Unit 2 Peabody, MA 1960 Full Service Retail $0
    Salem Five Cents Savings Bank 19 Concord Road Sudbury, MA 1776 Full Service B&M $87,658
    Salem Five Cents Savings Bank 19 West Street Beverly, MA 1915 Full Service B&M $37,408
    Salem Five Cents Savings Bank 2 Bay Road South Hamilton, MA 1982 Full Service B&M $144,194
    Salem Five Cents Savings Bank 2 East Main Street Georgetown, MA 1833 Full Service B&M $111,365
    Salem Five Cents Savings Bank 20 State Street Lynn, MA 1901 Full Service B&M $36,315
    Salem Five Cents Savings Bank 210 Andover Street Peabody, MA 1960 Full Service B&M $111,090
    Salem Five Cents Savings Bank 210 Essex Street Salem, MA 1970 Full Service Cyber Office $404,814
    Salem Five Cents Savings Bank 2171 Main Street Tewksbury, MA 1876 Full Service B&M $64,110
    Salem Five Cents Savings Bank 221 South Main Street Middleton, MA 1949 Full Service B&M $74,703
    Salem Five Cents Savings Bank 285 Great Road Bedford, MA 1730 Full Service B&M $37,720
    Salem Five Cents Savings Bank 303 Haverhill Street Rowley, MA 1969 Full Service B&M $46,643
    Salem Five Cents Savings Bank 35 Boston Street Lynn, MA 1904 Full Service B&M $51,039
    Salem Five Cents Savings Bank 355 Chestnut Street Needham, MA 2492 Full Service B&M $56,611
    Salem Five Cents Savings Bank 359 Main Street Stoneham, MA 2180 Full Service B&M $143,984
    Salem Five Cents Savings Bank 36 Cambridge Street Burlington, MA 1803 Full Service B&M $46,549
    Salem Five Cents Savings Bank 424 Essex Street Salem, MA 1970 Full Service B&M $88,763
    Salem Five Cents Savings Bank 443 Main Street Woburn, MA 1801 Full Service B&M $112,293
    Salem Five Cents Savings Bank 450 Paradise Road Swampscott, MA 1907 Full Service B&M $194,283
    Salem Five Cents Savings Bank 495 Cabot Street Beverly, MA 1915 Full Service Retail $80,858
    Salem Five Cents Savings Bank 52 Congress Street Boston, MA 2109 Full Service B&M $87,447
    Salem Five Cents Savings Bank 562a Turnpike Street North Andover, MA 1845 Full Service B&M $131,694
    Salem Five Cents Savings Bank 601 Chickering Road North Andover, MA 1845 Full Service B&M $90,451
    Salem Five Cents Savings Bank 691 Rogers Street Lowell, MA 1852 Full Service B&M $40,688
    Salem Five Cents Savings Bank 71 Washington Street Salem, MA 1970 Full Service B&M $1,052,811
    Salem Five Cents Savings Bank 8 Walkers Brook Drive Reading, MA 1867 Full Service B&M $113,241
    Salem Five Cents Savings Bank 85 High Street Danvers, MA 1923 Full Service B&M $168,872
    Salem Five Cents Savings Bank 855 Broadway Saugus, MA 1906 Full Service B&M $62,077
    Salem Five Cents Savings Bank 88 Main Street Stoneham, MA 2180 Full Service B&M $91,940
    Salem Five Cents Savings Bank 89 Pleasant Street Marblehead, MA 1945 Full Service B&M $77,837
    Salem Five Cents Savings Bank 90 Highland Avenue Malden, MA 2148 Full Service B&M $61,477
    Salem Five Cents Savings Bank 91 Lynnfield Street Peabody, MA 1960 Full Service B&M $1,236
    Salem Five Cents Savings Bank Burlington Mall 75 Middlesex Turnpike Burlington, MA 1803 Full Service B&M $29,513
    Salem Five Cents Savings Bank One Main Street, 210 Andover St Junct Peabody, MA 1960 Full Service B&M $29,806

    For 2020, Salem Five Cents Savings Bank had 36 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $173,728
    Net interest income $135,250
    Total noninterest income $77,092
    Gross Fiduciary activities income $361
    Service charges on deposit accounts $7,912
    Trading account gains and fees $0
    Additional Noninterest Income $68,819
    Pre-tax net operating income $82,713
    Securities gains (or losses, -) $6,597
    Income before extraordinary items $65,929
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $65,929
    Minority interest net income $0
    Net income $65,929
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $60,717

    Salem Five Cents Savings Bank's gross interest income from loans was $173,728,000.
    Salem Five Cents Savings Bank's net interest income from loans was $135,250,000.
    Salem Five Cents Savings Bank's fee based income from loans was $7,912,000.
    Salem Five Cents Savings Bank's net income from loans was $65,929,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $38,478
    Provision for credit losses $10,850
    Total noninterest expense $118,779
    Salaries and employee benefits $76,198
    Premises and equipment expense $11,849
    Additional noninterest expense $30,732
    Applicable income taxes $23,381
    Net charge-offs $-552
    Cash dividends $0

    Salem Five Cents Savings Bank's interest expense for loans was $38,478,000.
    Salem Five Cents Savings Bank's payroll and benefits expense were $76,198,000.
    Salem Five Cents Savings Bank's property, plant and equipment expenses $11,849,000.

    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 $4,176,849
    Deposits held in domestic offices $4,176,849
    Deposits by Individuals, partnerships, and corporations $4,164,939
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $11,910
    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 $292,712
    Demand deposits $200,797
    Nontransaction accounts $3,884,137
    Money market deposit accounts (MMDAs) $2,383,117
    Other savings deposits (excluding MMDAs) $646,173
    Total time deposits $854,847
    Total time and savings deposits $3,976,052
    Noninterest-bearing deposits $812,882
    Interest-bearing deposits $3,363,967
    Retail deposits $3,919,156
    IRAs and Keogh plan accounts $189,698
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,636,898
    Cash & Balances due from depository institutions $124,727
    Interest-bearing balances $93,183
    Total securities $1,120,366
    Federal funds sold & reverse repurchase $0
    Net loans and leases $4,139,072
    Loan and leases loss allowance $52,186
    Trading account assets $0
    Bank premises and fixed assets $35,516
    Other real estate owned $0
    Goodwill and other intangibles $47,324
    All other assets $169,893

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,636,898
    Total Liabilities $5,018,637
    Total deposits $4,176,849
    Interest-bearing deposits $3,363,967
    Deposits held in domestic offices $4,176,849
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $69,635
    Trading liabilities $0
    Other borrowed funds $620,316
    Subordinated debt $0
    All other liabilities $151,837

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $4,139,072
    Loan and leases loss allowance $52,186
    Total loans and leases (domestic) $4,191,258
    All real estate loans $3,236,480
    Real estate loans in domestic offices $3,236,480
    Construction and development loans $244,606
    Residential 1-4 family construction $20,101
    Other construction, all land development and other land $224,505
    Loans secured by nonfarm nonresidential properties $1,281,238
    Nonfarm nonresidential secured by owner-occupied properties $464,061
    Commercial real estate & other non-farm, non-residential $817,177
    Multifamily residential real estate $187,948
    1-4 family residential loans $1,522,688
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $763,008
    To non-U.S. addressees $0
    Loans to individuals $132,316
    Credit card loans $0
    Related Plans $475
    Consumer Auto Loans $113
    Other loans to individuals $131,728
    All other loans & leases $59,454
    Loans to foreign governments and official institutions $0
    Other loans $104
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Salem Five Cents Savings Bank had $4,139,072,000 of loans outstanding in 2020. $3,236,480,000 of loans were in real estate loans. $244,606,000 of loans were in development loans. $187,948,000 of loans were in multifamily mortgage loans. $1,522,688,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $113,000 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 798 $263,472 $330,165
    Nonfarm, nonresidential loans - <$100k 60 $3,894 $64,900
    Nonfarm, nonresidential loans - $100-250k 207 $37,336 $180,367
    Nonfarm, nonresidential loans - $250k-1MM 531 $222,242 $418,535
    Commercial & Industrial, US addressed loans - <$1MM 606 $86,845 $143,309
    Commercial & Industrial, US addressed loans - <$100k 245 $9,327 $38,069
    Commercial & Industrial, US addressed loans - $100-250k 186 $21,026 $113,043
    Commercial & Industrial, US addressed loans - $250k-1MM 175 $56,492 $322,811