Guilford Savings Bank The Mortgage Rates, Fees & Info

Guilford, CT

LEI: 5493006RLUL4IL56SC31

Tax ID: 06-0377390

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Guilford Savings Bank The is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Guilford Savings Bank The has a high proportion of conventional loans. Their top markets include New Haven, Hartford, Bridgeport, Norwich, and Torrington among others. Guilford Savings Bank The 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

325

Origination Dollar Volume (All Markets)

$107,255,000

Employee count

139

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 211 $69,725,000 $330,450 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 87 $26,555,000 $305,230 $0 0.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 12 $6,500,000 $541,667 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 13 $4,105,000 $315,769 $0 0.00%
Torrington, CT (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%

Guilford Savings Bank The's top markets include New Haven, Hartford, Bridgeport, Norwich, and Torrington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 325 $107,255,000 $330,015 $0 0.00%

For the 2021 period, Guilford Savings Bank The's most frequently originated loan type of loans were Conventional, with 325 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 113 $47,475,000 $420,133 $0 0.00%
Refi 97 $29,685,000 $306,031 $0 0.00%
Cash Out Refi 90 $24,230,000 $269,222 $0 0.00%
Other 19 $4,225,000 $222,368 $0 0.00%
Home Improvement 6 $1,640,000 $273,333 $0 0.00%

For the 2021, Guilford Savings Bank The's most frequently cited loan purpose of loans were Home Purchase, with 113 originations. The 2nd most popular reason of loans were Refi, with 97 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 325 $107,255,000 $330,015 $0 0.00%

For the 2021, Guilford Savings Bank The's most frequently cited loan length of loans were Other, with 325 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 138 $38,560,000 $279,420 $0 0.00%
$100k-200k 62 $9,300,000 $150,000 $0 0.00%
$400k-600k 55 $25,785,000 $468,818 $0 0.00%
$100,000 or less 34 $2,040,000 $60,000 $0 0.00%
$600k-1MM 26 $18,650,000 $717,308 $0 0.00%
$1MM+ 10 $12,920,000 $1,292,000 $0 0.00%

2021 saw Guilford Savings Bank The place emphasis on $200k-400k loans with 138 originations, totaling $38,560,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 77 $27,075,000 $351,623 $0 0.00%
$100k-150k 76 $18,420,000 $242,368 $0 0.00%
$250k+ 59 $35,705,000 $605,169 $0 0.00%
$75k-100k 43 $10,095,000 $234,767 $0 0.00%
$50k-75k 34 $5,660,000 $166,471 $0 0.00%
$50k or less 16 $2,030,000 $126,875 $0 0.00%

Guilford Savings Bank The lent most frequently to those with incomes in the $150k-250k range, with 77 originations. The second most popular income band? $100k-150k, with 76 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 325 $107,255,000 $330,015 $0 0.00%

Guilford Savings Bank The lent most frequently to those with DTI ratios of Exempt%, with 325 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 209 $65,315,000 $312,512 $0 0.00%
Not provided 89 $31,195,000 $350,506 $0 0.00%
Not applicable 20 $8,270,000 $413,500 $0 0.00%
Asian Indian 3 $1,165,000 $388,333 $0 0.00%
Asian 3 $1,105,000 $368,333 $0 0.00%
Black 1 $205,000 $205,000 $0 0.00%

Approval Rates

Total approvals of all applications
90.63%

Guilford Savings Bank The has an average approval rate.

Pick Rate

Approvals leading to origination
71.97%

Guilford Savings Bank The has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 325 $107,255,000 $330,015

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
325 $107,255,000 $330,015

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Guilford Savings Bank 1 Park St Guilford, CT 6437 Full Service B&M $381,922
The Guilford Savings Bank 158 Washington Avenue North Haven, CT 6437 Full Service B&M $5,388
The Guilford Savings Bank 494 Old Toll Road Madison, CT 6443 Full Service B&M $46,678
The Guilford Savings Bank 589 Boston Post Road Madison, CT 6443 Full Service B&M $110,617
The Guilford Savings Bank 61 North Main Street Branford, CT 6405 Full Service B&M $151,722
The Guilford Savings Bank 625 Boston Post Road Guilford, CT 6437 Full Service B&M $90,597
The Guilford Savings Bank 840 Boston Post Road Old Saybrook, CT 6475 Full Service B&M $72,375

For 2021, Guilford Savings Bank The had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $31,233
Net interest income $27,662
Total noninterest income $6,102
Gross Fiduciary activities income $0
Service charges on deposit accounts $418
Trading account gains and fees $0
Additional Noninterest Income $5,684
Pre-tax net operating income $8,373
Securities gains (or losses, -) $860
Income before extraordinary items $7,520
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,520
Minority interest net income $0
Net income $7,520
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,823

Guilford Savings Bank The's gross interest income from loans was $31,233,000.
Guilford Savings Bank The's net interest income from loans was $27,662,000.
Guilford Savings Bank The's fee based income from loans was $418,000.
Guilford Savings Bank The's net income from loans was $7,520,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,571
Provision for credit losses $10
Total noninterest expense $25,381
Salaries and employee benefits $15,730
Premises and equipment expense $2,646
Additional noninterest expense $7,005
Applicable income taxes $1,713
Net charge-offs $76
Cash dividends $0

Guilford Savings Bank The's interest expense for loans was $3,571,000.
Guilford Savings Bank The's payroll and benefits expense were $15,730,000.
Guilford Savings Bank The's property, plant and equipment expenses $2,646,000.

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 2.0%
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 $887,143
Deposits held in domestic offices $887,143
Deposits by Individuals, partnerships, and corporations $884,224
Deposits by U.S. Government $5
Deposits by States and political subdivisions in the U.S. $2,915
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 $68,805
Demand deposits $68,805
Nontransaction accounts $818,339
Money market deposit accounts (MMDAs) $180,196
Other savings deposits (excluding MMDAs) $423,500
Total time deposits $214,643
Total time and savings deposits $818,339
Noninterest-bearing deposits $98,010
Interest-bearing deposits $789,133
Retail deposits $770,011
IRAs and Keogh plan accounts $25,321
Brokered deposits $80,981
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,024,762
Cash & Balances due from depository institutions $53,058
Interest-bearing balances $47,554
Total securities $231,454
Federal funds sold & reverse repurchase $0
Net loans and leases $687,822
Loan and leases loss allowance $7,708
Trading account assets $0
Bank premises and fixed assets $11,309
Other real estate owned $0
Goodwill and other intangibles $4,368
All other assets $36,751

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,024,762
Total Liabilities $910,144
Total deposits $887,143
Interest-bearing deposits $789,133
Deposits held in domestic offices $887,143
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $15,536
Subordinated debt $0
All other liabilities $7,465

Issued Loan Types

Type Value (in 000's)
Net loans and leases $687,822
Loan and leases loss allowance $7,708
Total loans and leases (domestic) $695,530
All real estate loans $670,720
Real estate loans in domestic offices $670,720
Construction and development loans $54,459
Residential 1-4 family construction $18,717
Other construction, all land development and other land $35,742
Loans secured by nonfarm nonresidential properties $202,226
Nonfarm nonresidential secured by owner-occupied properties $69,272
Commercial real estate & other non-farm, non-residential $132,954
Multifamily residential real estate $44,768
1-4 family residential loans $369,267
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $23,705
To non-U.S. addressees $0
Loans to individuals $2,235
Credit card loans $0
Related Plans $29
Consumer Auto Loans $34
Other loans to individuals $2,172
All other loans & leases $13
Loans to foreign governments and official institutions $0
Other loans $13
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $29
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $958
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Guilford Savings Bank The had $687,822,000 of loans outstanding in 2021. $670,720,000 of loans were in real estate loans. $54,459,000 of loans were in development loans. $44,768,000 of loans were in multifamily mortgage loans. $369,267,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $34,000 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 158 $47,991 $303,741
Nonfarm, nonresidential loans - <$100k 11 $260 $23,636
Nonfarm, nonresidential loans - $100-250k 44 $5,346 $121,500
Nonfarm, nonresidential loans - $250k-1MM 103 $42,385 $411,505
Commercial & Industrial, US addressed loans - <$1MM 239 $15,882 $66,452
Commercial & Industrial, US addressed loans - <$100k 144 $3,740 $25,972
Commercial & Industrial, US addressed loans - $100-250k 70 $7,129 $101,843
Commercial & Industrial, US addressed loans - $250k-1MM 25 $5,013 $200,520