Guilford Savings Bank The Mortgage Rates, Fees & Info

Guilford, CT

LEI: 5493006RLUL4IL56SC31

Tax ID: 06-0377390

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Mortgage Data

Bank Data

Review & Overview

Guilford Savings Bank The is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Guilford Savings Bank The has a high proportion of conventional loans. Their top markets by origination volume include: New Haven, Hartford, Bridgeport, Norwich, and Torrington among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Guilford Savings Bank The 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.

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Originations

198

Origination Dollar Volume (All Markets)

$59,440,000

Employee count

130

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
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 147 $44,045,000 $299,626 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 39 $9,935,000 $254,744 $0 0.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 7 $4,785,000 $683,571 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $415,000 $138,333 $0 0.00%
Torrington, CT (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Guilford Savings Bank The's top markets include New Haven, Hartford, Bridgeport, Norwich, and Torrington among others.

Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 198 $59,440,000 $300,202 $0 0.00%

    For 2019, Guilford Savings Bank The's most frequently originated type of loan was Conventional, with 198 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 85 $25,485,000 $299,824 $0 0.00%
    Cash Out Refi 64 $15,020,000 $234,688 $0 0.00%
    Refi 28 $11,320,000 $404,286 $0 0.00%
    Other 16 $1,520,000 $95,000 $0 0.00%
    Home Improvement 5 $6,095,000 $1,219,000 $0 0.00%

    For 2019, Guilford Savings Bank The's most frequently cited loan purpose was Home Purchase, with 85 originations. The 2nd most popular reason was Cash Out Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 198 $59,440,000 $300,202 $0 0.00%

    For 2019, Guilford Savings Bank The's most frequently cited loan duration was Other, with 198 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 83 $23,105,000 $278,373 $0 0.00%
    $100k-200k 40 $5,990,000 $149,750 $0 0.00%
    $100,000 or less 39 $1,955,000 $50,128 $0 0.00%
    $400k-600k 16 $7,790,000 $486,875 $0 0.00%
    $600k-1MM 14 $10,140,000 $724,286 $0 0.00%
    $1MM+ 6 $10,460,000 $1,743,333 $0 0.00%

    2019 saw Guilford Savings Bank The place emphasis on $200k-400k loans with 83 originations, totaling $23,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 47 $11,155,000 $237,340 $0 0.00%
    $150k-250k 35 $10,045,000 $287,000 $0 0.00%
    $75k-100k 31 $6,125,000 $197,581 $0 0.00%
    $50k-75k 30 $4,230,000 $141,000 $0 0.00%
    $250k+ 27 $15,365,000 $569,074 $0 0.00%
    $50k or less 14 $1,500,000 $107,143 $0 0.00%

    Guilford Savings Bank The lent most frequently to those with incomes in the $100k-150k range, with 47 originations. The second most popular income band? $150k-250k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 198 $59,440,000 $300,202 $0 0.00%

    Guilford Savings Bank The lent most frequently to those with DTI ratios of Exempt%, with 198 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 146 $35,820,000 $245,342 $0 0.00%
    Not provided 35 $12,085,000 $345,286 $0 0.00%
    Not applicable 11 $10,115,000 $919,545 $0 0.00%
    Asian 4 $760,000 $190,000 $0 0.00%
    Other Asian 1 $545,000 $545,000 $0 0.00%
    Chinese 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.04%

    Guilford Savings Bank The has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.79%

    Guilford Savings Bank The has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 198 $59,440,000 $300,202

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $7,095,000 $1,419,000
    Single Family (1-4 Units):Site-Built 193 $52,345,000 $271,218

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Guilford Savings Bank 494 Old Toll Road Madison, CT 6443 Full Service B&M $36,335
    The Guilford Savings Bank 589 Boston Post Road Madison, CT 6443 Full Service B&M $107,077
    The Guilford Savings Bank 61 North Main Street Branford, CT 6405 Full Service B&M $95,559
    The Guilford Savings Bank 625 Boston Post Road Guilford, CT 6437 Full Service B&M $77,489
    The Guilford Savings Bank 840 Boston Post Road Old Saybrook, CT 6475 Full Service B&M $47,445
    The Guilford Savings Bank One Park Street Guilford, CT 6437 Full Service B&M $274,964

    For 2019, Guilford Savings Bank The had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $31,194
    Net interest income $23,905
    Total noninterest income $3,949
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $525
    Trading account gains and fees $0
    Additional Noninterest Income $3,424
    Pre-tax net operating income $5,355
    Securities gains (or losses, -) $2,707
    Income before extraordinary items $6,532
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,532
    Minority interest net income $0
    Net income $6,532
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,339

    Guilford Savings Bank The's gross interest income from loans was $31,194,000.
    Guilford Savings Bank The's net interest income from loans was $23,905,000.
    Guilford Savings Bank The's fee based income from loans was $525,000.
    Guilford Savings Bank The's net income from loans was $6,532,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,289
    Provision for credit losses $682
    Total noninterest expense $21,817
    Salaries and employee benefits $13,565
    Premises and equipment expense $2,308
    Additional noninterest expense $5,944
    Applicable income taxes $1,530
    Net charge-offs $178
    Cash dividends $0

    Guilford Savings Bank The's interest expense for loans was $7,289,000.
    Guilford Savings Bank The's payroll and benefits expense were $13,565,000.
    Guilford Savings Bank The's property, plant and equipment expenses $2,308,000.

    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 3.0%
    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 $652,576
    Deposits held in domestic offices $652,576
    Deposits by Individuals, partnerships, and corporations $649,595
    Deposits by U.S. Government $9
    Deposits by States and political subdivisions in the U.S. $2,972
    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 $50,168
    Demand deposits $50,168
    Nontransaction accounts $602,408
    Money market deposit accounts (MMDAs) $138,640
    Other savings deposits (excluding MMDAs) $295,689
    Total time deposits $168,078
    Total time and savings deposits $602,408
    Noninterest-bearing deposits $66,246
    Interest-bearing deposits $586,330
    Retail deposits $595,569
    IRAs and Keogh plan accounts $29,396
    Brokered deposits $4,676
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $838,172
    Cash & Balances due from depository institutions $36,095
    Interest-bearing balances $31,574
    Total securities $111,135
    Federal funds sold & reverse repurchase $0
    Net loans and leases $641,939
    Loan and leases loss allowance $6,360
    Trading account assets $0
    Bank premises and fixed assets $11,614
    Other real estate owned $0
    Goodwill and other intangibles $2,387
    All other assets $35,002

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $838,172
    Total Liabilities $736,007
    Total deposits $652,576
    Interest-bearing deposits $586,330
    Deposits held in domestic offices $652,576
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $76,593
    Subordinated debt $0
    All other liabilities $6,838

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $641,939
    Loan and leases loss allowance $6,360
    Total loans and leases (domestic) $648,299
    All real estate loans $617,671
    Real estate loans in domestic offices $617,671
    Construction and development loans $56,732
    Residential 1-4 family construction $16,102
    Other construction, all land development and other land $40,630
    Loans secured by nonfarm nonresidential properties $177,546
    Nonfarm nonresidential secured by owner-occupied properties $50,320
    Commercial real estate & other non-farm, non-residential $127,226
    Multifamily residential real estate $42,405
    1-4 family residential loans $340,988
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $24,937
    To non-U.S. addressees $0
    Loans to individuals $6,220
    Credit card loans $0
    Related Plans $35
    Consumer Auto Loans $14
    Other loans to individuals $6,171
    All other loans & leases $14
    Loans to foreign governments and official institutions $0
    Other loans $14
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $788
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,161
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Guilford Savings Bank The had $641,939,000 of loans outstanding in 2019. $617,671,000 of loans were in real estate loans. $56,732,000 of loans were in development loans. $42,405,000 of loans were in multifamily mortgage loans. $340,988,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $14,000 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 171 $54,444 $318,386
    Nonfarm, nonresidential loans - <$100k 11 $495 $45,000
    Nonfarm, nonresidential loans - $100-250k 47 $5,982 $127,277
    Nonfarm, nonresidential loans - $250k-1MM 113 $47,967 $424,487
    Commercial & Industrial, US addressed loans - <$1MM 190 $12,932 $68,063
    Commercial & Industrial, US addressed loans - <$100k 112 $2,719 $24,277
    Commercial & Industrial, US addressed loans - $100-250k 59 $4,924 $83,458
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $5,289 $278,368