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
  • 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, Refi, and Home Purchase loans. Salem Five Cents Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Manchester among others. We have data for 11 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. Salem Five Cents Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

    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% 11/23/24
    30 Year Conventional Purchase 6.27% 11/23/24
    30 Year Conventional Refi 6.27% 11/23/24
    30 Year Cash-out Refi 6.27% 11/23/24
    15 Year Conventional Purchase 5.68% 11/23/24
    15 Year Conventional Refi 5.68% 11/23/24
    15 Year Cash-out Refi 5.68% 11/23/24
    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

    1,009

    Origination Dollar Volume (All Markets)

    $256,645,000

    Employee count

    640

    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) 884 $224,410,000 $253,857 $134 2.85%
    WORCESTER, MA-CT (FHA|USDA|VA) 34 $16,170,000 $475,588 $0 2.91%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 27 $5,275,000 $195,370 $0 2.77%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 28 $4,220,000 $150,714 $0 3.09%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 17 $3,045,000 $179,118 $386 3.07%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 11 $2,265,000 $205,909 $0 2.89%
    Outside of Metro Areas 3 $665,000 $221,667 $0 2.50%
    Laconia, NH (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.50%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.42%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $130,000 $65,000 $211 4.38%
    Concord, NH (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.25%
    Salem Five Cents Savings Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester 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 904 $136,210,000 $150,675 n/a 2.74%
    Conventional 105 $120,435,000 $1,147,000 $243 3.91%

    For 2021, Salem Five Cents Savings Bank's most frequently originated type of loan was HELOC, with 904 originations. Their 2nd most popular type was Conventional, with 105 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 502 $68,530,000 $136,514 $0 2.74%
    Refi 255 $101,965,000 $399,863 $134 2.97%
    Other 155 $19,295,000 $124,484 $0 2.66%
    Home Purchase 97 $66,855,000 $689,227 $298 3.55%

    For 2021, Salem Five Cents Savings Bank's most frequently cited loan purpose was Home Improvement, with 502 originations. The 2nd most popular reason was Refi, with 255 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 905 $142,215,000 $157,144 $0 2.74%
    10 Year 84 $77,530,000 $922,976 $0 3.81%
    Other 15 $33,075,000 $2,205,000 $0 4.22%
    30 Year 3 $265,000 $88,333 $243 5.41%
    3 Year 1 $3,355,000 $3,355,000 $0 4.50%
    5 Year 1 $205,000 $205,000 $0 3.72%

    For 2021, Salem Five Cents Savings Bank's most frequently cited loan duration was 20 Year, with 905 originations. The 2nd most popular length was 10 Year, with 84 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3 $265,000 $88,333

    Salem Five Cents Savings Bank's average total fees were $243, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 611 $107,145,000 $175,360
    3-4% 361 $119,255,000 $330,346
    4-5% 30 $23,000,000 $766,667
    2.5-3% 5 $7,065,000 $1,413,000
    5-6% 2 $180,000 $90,000

    During 2021, Salem Five Cents Savings Bank's average interest rate for loans was 5.41%, while their most frequently originated rate bucket for loans was <2.5%, with 611 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 360 $19,390,000 $53,861 $172 2.77%
    $100k-200k 293 $37,665,000 $128,549 $386 2.76%
    $200k-400k 228 $61,220,000 $268,509 $0 2.93%
    $400k-600k 78 $34,480,000 $442,051 $0 3.03%
    $600k-1MM 29 $21,705,000 $748,448 $0 3.59%
    $1MM+ 21 $82,185,000 $3,913,571 $0 3.62%

    2021 saw Salem Five Cents Savings Bank place emphasis on $100,000 or less loans with 360 originations, totaling $19,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 281 $47,205,000 $167,989 $243 2.77%
    $100k-150k 235 $32,365,000 $137,723 $0 2.72%
    $250k+ 127 $29,055,000 $228,780 $0 2.75%
    $75k-100k 119 $12,415,000 $104,328 $0 2.81%
    $50k-75k 98 $11,950,000 $121,939 $0 2.75%
    $50k or less 47 $3,485,000 $74,149 $0 2.64%

    Salem Five Cents Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 281 originations. The second most popular income band? $100k-150k, with 235 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 280 $40,130,000 $143,321 $211 2.80%
    <20% 160 $26,620,000 $166,375 $134 2.76%
    30-36% 156 $23,560,000 $151,026 $386 2.70%
    44% 62 $7,030,000 $113,387 $0 2.69%
    43% 45 $5,825,000 $129,444 $0 2.65%
    42% 37 $6,135,000 $165,811 $0 2.70%
    37% 35 $6,235,000 $178,143 $0 2.67%
    41% 32 $4,560,000 $142,500 $0 2.73%
    36% 28 $4,490,000 $160,357 $0 2.74%
    40% 27 $3,985,000 $147,593 $0 2.94%
    38% 24 $4,640,000 $193,333 $0 2.75%
    39% 19 $3,165,000 $166,579 $0 2.82%
    49% 1 $75,000 $75,000 $0 3.25%
    50-60% 1 $25,000 $25,000 $0 2.50%

    Salem Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 280 originations. The next most common DTI ratio? <20%, with 160 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 86 $112,890,000 $1,312,674 $0 3.87%
    White 703 $108,245,000 $153,976 $243 2.78%
    Not provided 189 $29,585,000 $156,534 $0 2.74%
    Asian 21 $3,645,000 $173,571 $0 2.67%
    Black 9 $2,075,000 $230,556 $0 3.26%
    American Indian 1 $205,000 $205,000 $0 2.50%

    Approval Rates

    Total approvals of all applications
    95.88%

    Salem Five Cents 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
    80.28%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,009 $256,645,000 $254,356

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,009 $256,645,000 $254,356

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 296 $61,230,000 $206,858 $134 2.77%
    40-60% 117 $51,575,000 $440,812 $0 2.88%
    60-80% 97 $104,315,000 $1,075,412 $0 3.60%
    Under 20% 499 $39,525,000 $79,208 $298 2.77%

    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 $146,313
    Salem Five Cents Savings Bank 18 Hurd Street Lowell, MA 1852 Full Service B&M $38,715
    Salem Five Cents Savings Bank 188 Boston Road North Billerica, MA 1862 Full Service B&M $8,230
    Salem Five Cents Savings Bank 19 Concord Road Sudbury, MA 1776 Full Service B&M $92,826
    Salem Five Cents Savings Bank 19 West Street Beverly, MA 1915 Full Service B&M $32,632
    Salem Five Cents Savings Bank 2 Bay Road South Hamilton, MA 1982 Full Service B&M $155,187
    Salem Five Cents Savings Bank 2 East Main Street Georgetown, MA 1833 Full Service B&M $122,674
    Salem Five Cents Savings Bank 20 State Street Lynn, MA 1901 Full Service B&M $41,423
    Salem Five Cents Savings Bank 210 Essex Street Salem, MA 1970 Full Service Cyber Office $454,810
    Salem Five Cents Savings Bank 2171 Main Street Tewksbury, MA 1876 Full Service B&M $65,735
    Salem Five Cents Savings Bank 221 South Main Street Middleton, MA 1949 Full Service B&M $83,877
    Salem Five Cents Savings Bank 281 Main Street Wilmington, MA 1887 Full Service B&M $4,140
    Salem Five Cents Savings Bank 285 Great Road Bedford, MA 1730 Full Service B&M $35,225
    Salem Five Cents Savings Bank 303 Haverhill Street Rowley, MA 1969 Full Service B&M $45,570
    Salem Five Cents Savings Bank 35 Boston Street Lynn, MA 1904 Full Service B&M $62,434
    Salem Five Cents Savings Bank 355 Chestnut Street Needham, MA 2492 Full Service B&M $55,293
    Salem Five Cents Savings Bank 359 Main Street Stoneham, MA 2180 Full Service B&M $157,801
    Salem Five Cents Savings Bank 36 Cambridge Street Burlington, MA 1803 Full Service B&M $56,453
    Salem Five Cents Savings Bank 424 Essex Street Salem, MA 1970 Full Service B&M $103,583
    Salem Five Cents Savings Bank 443 Main Street Woburn, MA 1801 Full Service B&M $111,734
    Salem Five Cents Savings Bank 450 Paradise Road Swampscott, MA 1907 Full Service B&M $199,127
    Salem Five Cents Savings Bank 495 Cabot Street Beverly, MA 1915 Full Service Retail $90,436
    Salem Five Cents Savings Bank 562a Turnpike Street North Andover, MA 1845 Full Service B&M $130,234
    Salem Five Cents Savings Bank 601 Chickering Road North Andover, MA 1845 Full Service B&M $93,534
    Salem Five Cents Savings Bank 691 Rogers Street Lowell, MA 1852 Full Service B&M $41,669
    Salem Five Cents Savings Bank 71 Washington St Salem, MA 1970 Full Service B&M $1,155,416
    Salem Five Cents Savings Bank 8 Walkers Brook Drive Reading, MA 1867 Full Service B&M $121,099
    Salem Five Cents Savings Bank 85 High Street Danvers, MA 1923 Full Service B&M $183,602
    Salem Five Cents Savings Bank 855 Broadway Saugus, MA 1906 Full Service B&M $69,037
    Salem Five Cents Savings Bank 88 Main Street Stoneham, MA 2180 Full Service B&M $94,432
    Salem Five Cents Savings Bank 89 Pleasant Street Marblehead, MA 1945 Full Service B&M $79,987
    Salem Five Cents Savings Bank 90 Highland Avenue Malden, MA 2148 Full Service B&M $66,532
    Salem Five Cents Savings Bank 91 Lynnfield Street Peabody, MA 1960 Full Service B&M $14,846
    Salem Five Cents Savings Bank Burlington Mall 75 Middlesex Turnpike Burlington, MA 1803 Full Service B&M $26,033
    Salem Five Cents Savings Bank One Center Plaza Boston, MA 2108 Full Service B&M $94,634
    Salem Five Cents Savings Bank One Main Street, 210 Andover St Junct Peabody, MA 1960 Full Service B&M $36,975

    For 2021, Salem Five Cents Savings Bank had 36 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $163,708
    Net interest income $137,904
    Total noninterest income $63,697
    Gross Fiduciary activities income $543
    Service charges on deposit accounts $9,348
    Trading account gains and fees $0
    Additional Noninterest Income $53,806
    Pre-tax net operating income $75,573
    Securities gains (or losses, -) $12,399
    Income before extraordinary items $64,654
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $64,654
    Minority interest net income $0
    Net income $64,654
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $54,858

    Salem Five Cents Savings Bank's gross interest income from loans was $163,708,000.
    Salem Five Cents Savings Bank's net interest income from loans was $137,904,000.
    Salem Five Cents Savings Bank's fee based income from loans was $9,348,000.
    Salem Five Cents Savings Bank's net income from loans was $64,654,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $25,804
    Provision for credit losses $6,200
    Total noninterest expense $119,828
    Salaries and employee benefits $80,829
    Premises and equipment expense $10,914
    Additional noninterest expense $28,085
    Applicable income taxes $23,318
    Net charge-offs $562
    Cash dividends $0

    Salem Five Cents Savings Bank's interest expense for loans was $25,804,000.
    Salem Five Cents Savings Bank's payroll and benefits expense were $80,829,000.
    Salem Five Cents Savings Bank's property, plant and equipment expenses $10,914,000.

    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 $4,448,540
    Deposits held in domestic offices $4,448,540
    Deposits by Individuals, partnerships, and corporations $4,361,203
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $87,337
    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 $1,504,073
    Demand deposits $1,031,950
    Nontransaction accounts $2,944,467
    Money market deposit accounts (MMDAs) $1,539,234
    Other savings deposits (excluding MMDAs) $652,199
    Total time deposits $753,034
    Total time and savings deposits $3,416,590
    Noninterest-bearing deposits $1,031,950
    Interest-bearing deposits $3,416,590
    Retail deposits $4,216,709
    IRAs and Keogh plan accounts $172,917
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,878,462
    Cash & Balances due from depository institutions $60,065
    Interest-bearing balances $39,103
    Total securities $1,485,127
    Federal funds sold & reverse repurchase $0
    Net loans and leases $4,106,551
    Loan and leases loss allowance $57,824
    Trading account assets $0
    Bank premises and fixed assets $34,754
    Other real estate owned $0
    Goodwill and other intangibles $66,835
    All other assets $125,130

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,878,462
    Total Liabilities $5,180,849
    Total deposits $4,448,540
    Interest-bearing deposits $3,416,590
    Deposits held in domestic offices $4,448,540
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $58,412
    Trading liabilities $0
    Other borrowed funds $580,391
    Subordinated debt $0
    All other liabilities $93,506

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $4,106,551
    Loan and leases loss allowance $57,824
    Total loans and leases (domestic) $4,164,375
    All real estate loans $3,349,287
    Real estate loans in domestic offices $3,349,287
    Construction and development loans $234,139
    Residential 1-4 family construction $22,310
    Other construction, all land development and other land $211,829
    Loans secured by nonfarm nonresidential properties $1,418,722
    Nonfarm nonresidential secured by owner-occupied properties $540,437
    Commercial real estate & other non-farm, non-residential $878,285
    Multifamily residential real estate $221,397
    1-4 family residential loans $1,475,029
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $592,416
    To non-U.S. addressees $0
    Loans to individuals $140,852
    Credit card loans $0
    Related Plans $434
    Consumer Auto Loans $69
    Other loans to individuals $140,349
    All other loans & leases $81,820
    Loans to foreign governments and official institutions $0
    Other loans $71
    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 $434
    Non 1-4 family restructured loans & leases $248
    Total loans and leases (foreign) $0

    Salem Five Cents Savings Bank had $4,106,551,000 of loans outstanding in 2021. $3,349,287,000 of loans were in real estate loans. $234,139,000 of loans were in development loans. $221,397,000 of loans were in multifamily mortgage loans. $1,475,029,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $69,000 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 824 $284,871 $345,717
    Nonfarm, nonresidential loans - <$100k 55 $5,314 $96,618
    Nonfarm, nonresidential loans - $100-250k 203 $29,422 $144,936
    Nonfarm, nonresidential loans - $250k-1MM 566 $250,135 $441,935
    Commercial & Industrial, US addressed loans - <$1MM 579 $89,591 $154,734
    Commercial & Industrial, US addressed loans - <$100k 242 $16,340 $67,521
    Commercial & Industrial, US addressed loans - $100-250k 168 $17,951 $106,851
    Commercial & Industrial, US addressed loans - $250k-1MM 169 $55,300 $327,219