The Savings Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 5493006Q43B8FBFUVL12

Tax ID: 04-1939290

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Savings Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. The Savings Bank has a high proportion of conventional loans. Their top markets include Boston, Worcester, Portland, Barnstable Town, and Manchester among others. The Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

335

Origination Dollar Volume (All Markets)

$151,025,000

Employee count

106

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 327 $148,985,000 $455,612 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 3 $705,000 $235,000 $0 0.00%
Outside of Metro Areas 1 $435,000 $435,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%

The Savings Bank's top markets include Boston, Worcester, Portland, Barnstable Town, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 335 $151,025,000 $450,821 $0 0.00%

For the 2021 period, The Savings Bank's most frequently originated loan type of loans were Conventional, with 335 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 148 $62,750,000 $423,986 $0 0.00%
Refi 114 $45,680,000 $400,702 $0 0.00%
Home Purchase 70 $40,560,000 $579,429 $0 0.00%
Home Improvement 3 $2,035,000 $678,333 $0 0.00%

For the 2021, The Savings Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 148 originations. The 2nd most popular reason of loans were Refi, with 114 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 335 $151,025,000 $450,821 $0 0.00%

For the 2021, The Savings Bank's most frequently cited loan length of loans were Other, with 335 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 154 $46,550,000 $302,273 $0 0.00%
$400k-600k 109 $52,545,000 $482,064 $0 0.00%
$600k-1MM 28 $21,000,000 $750,000 $0 0.00%
$100k-200k 25 $4,065,000 $162,600 $0 0.00%
$1MM+ 15 $26,555,000 $1,770,333 $0 0.00%
$100,000 or less 4 $310,000 $77,500 $0 0.00%

2021 saw The Savings Bank place emphasis on $200k-400k loans with 154 originations, totaling $46,550,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 112 $48,210,000 $430,446 $0 0.00%
$100k-150k 74 $27,130,000 $366,622 $0 0.00%
$75k-100k 48 $15,620,000 $325,417 $0 0.00%
$250k+ 27 $14,645,000 $542,407 $0 0.00%
$50k-75k 26 $5,830,000 $224,231 $0 0.00%
$50k or less 3 $625,000 $208,333 $0 0.00%

The Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 112 originations. The second most popular income band? $100k-150k, with 74 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 335 $151,025,000 $450,821 $0 0.00%

The Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 335 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 251 $96,995,000 $386,434 $0 0.00%
Not applicable 44 $38,120,000 $866,364 $0 0.00%
Not provided 32 $12,870,000 $402,188 $0 0.00%
Asian 5 $1,985,000 $397,000 $0 0.00%
Black 3 $1,055,000 $351,667 $0 0.00%

Approval Rates

Total approvals of all applications
94.17%

The Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.77%

The Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 335 $151,025,000 $450,821

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
335 $151,025,000 $450,821

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
TCF NATIONAL BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 11.9%
TCF NATIONAL BANK Conventional home mortgage Closing on a mortgage 3 7.1%
TCF NATIONAL BANK Conventional home mortgage Trouble during payment process 16 38.1%
TCF NATIONAL BANK FHA mortgage Trouble during payment process 1 2.4%
TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 4.8%
TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 2 4.8%
TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.4%
TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Trouble during payment process 9 21.4%
TCF NATIONAL BANK Other type of mortgage Trouble during payment process 3 7.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Savings Bank 84 Main Street Andover, MA 1810 Full Service B&M $51,412
The Savings Bank 1105 Summer Street Lynnfield, MA 1940 Full Service B&M $53,539
The Savings Bank 17 Burnham Road Methuen, MA 1844 Full Service B&M $26,369
The Savings Bank 357 Main St Wakefield, MA 1880 Full Service B&M $243,863
The Savings Bank 584 Main Street Lynnfield, MA 1940 Full Service B&M $43,909
The Savings Bank 599 North Avenue Wakefield, MA 1880 Full Service B&M $90,945
The Savings Bank 6 Washington Street North Reading, MA 1864 Full Service B&M $17,622
The Savings Bank 60 Farm St Wakefield, MA 1880 Limited, Mobile/Seasonal Office $3,497
The Savings Bank 907 Main Street Wakefield, MA 1880 Full Service B&M $74,301

For 2021, The Savings Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $20,042
Net interest income $18,407
Total noninterest income $5,315
Gross Fiduciary activities income $3,595
Service charges on deposit accounts $401
Trading account gains and fees $0
Additional Noninterest Income $1,319
Pre-tax net operating income $3,143
Securities gains (or losses, -) $1,550
Income before extraordinary items $3,668
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,668
Minority interest net income $0
Net income $3,668
Sale, conversion, retirement of capital stock, net $0
Net operating income $2,443

The Savings Bank's gross interest income from loans was $20,042,000.
The Savings Bank's net interest income from loans was $18,407,000.
The Savings Bank's fee based income from loans was $401,000.
The Savings Bank's net income from loans was $3,668,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,635
Provision for credit losses $180
Total noninterest expense $20,399
Salaries and employee benefits $12,097
Premises and equipment expense $2,629
Additional noninterest expense $5,673
Applicable income taxes $1,025
Net charge-offs $6
Cash dividends $0

The Savings Bank's interest expense for loans was $1,635,000.
The Savings Bank's payroll and benefits expense were $12,097,000.
The Savings Bank's property, plant and equipment expenses $2,629,000.

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 1.0%
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 $634,940
Deposits held in domestic offices $634,940
Deposits by Individuals, partnerships, and corporations $612,266
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $22,674
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 $44,033
Demand deposits $30,181
Nontransaction accounts $590,907
Money market deposit accounts (MMDAs) $104,475
Other savings deposits (excluding MMDAs) $333,398
Total time deposits $153,034
Total time and savings deposits $604,759
Noninterest-bearing deposits $163,326
Interest-bearing deposits $471,614
Retail deposits $576,412
IRAs and Keogh plan accounts $24,716
Brokered deposits $1,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $722,476
Cash & Balances due from depository institutions $101,007
Interest-bearing balances $96,441
Total securities $115,990
Federal funds sold & reverse repurchase $0
Net loans and leases $470,474
Loan and leases loss allowance $4,525
Trading account assets $0
Bank premises and fixed assets $8,332
Other real estate owned $0
Goodwill and other intangibles $3,014
All other assets $23,659

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $722,476
Total Liabilities $639,194
Total deposits $634,940
Interest-bearing deposits $471,614
Deposits held in domestic offices $634,940
% insured (estimated) $77
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $4,254

Issued Loan Types

Type Value (in 000's)
Net loans and leases $470,474
Loan and leases loss allowance $4,525
Total loans and leases (domestic) $474,999
All real estate loans $466,486
Real estate loans in domestic offices $466,486
Construction and development loans $18,626
Residential 1-4 family construction $9,164
Other construction, all land development and other land $9,462
Loans secured by nonfarm nonresidential properties $71,152
Nonfarm nonresidential secured by owner-occupied properties $4,645
Commercial real estate & other non-farm, non-residential $66,507
Multifamily residential real estate $52,409
1-4 family residential loans $324,299
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $8,032
To non-U.S. addressees $0
Loans to individuals $338
Credit card loans $0
Related Plans $112
Consumer Auto Loans $124
Other loans to individuals $102
All other loans & leases $143
Loans to foreign governments and official institutions $0
Other loans $143
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

The Savings Bank had $470,474,000 of loans outstanding in 2021. $466,486,000 of loans were in real estate loans. $18,626,000 of loans were in development loans. $52,409,000 of loans were in multifamily mortgage loans. $324,299,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $124,000 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 117 $33,159 $283,410
Nonfarm, nonresidential loans - <$100k 14 $413 $29,500
Nonfarm, nonresidential loans - $100-250k 28 $3,884 $138,714
Nonfarm, nonresidential loans - $250k-1MM 75 $28,862 $384,827
Commercial & Industrial, US addressed loans - <$1MM 187 $8,031 $42,947
Commercial & Industrial, US addressed loans - <$100k 133 $1,744 $13,113
Commercial & Industrial, US addressed loans - $100-250k 35 $3,276 $93,600
Commercial & Industrial, US addressed loans - $250k-1MM 19 $3,011 $158,474