Eastern Connecticut Savings Bank Mortgage Rates, Fees & Info

Norwich, CT

LEI: 54930071HHK4VYJ1SG61

Tax ID: 06-0475460

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

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

507

Origination Dollar Volume (All Markets)

$123,925,000

Employee count

63

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 267 $65,285,000 $244,513 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 115 $24,055,000 $209,174 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 69 $17,945,000 $260,072 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 38 $10,880,000 $286,316 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $3,915,000 $355,909 $0 0.00%
Torrington, CT (FHA|USDA|VA) 4 $970,000 $242,500 $0 0.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $875,000 $291,667 $0 0.00%

Eastern Connecticut Savings Bank's top markets include Norwich, Worcester, Hartford, New Haven, and Providence among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 507 $123,925,000 $244,428 $0 0.00%

For the 2021 period, Eastern Connecticut Savings Bank's most frequently originated loan type of loans were Conventional, with 507 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 189 $55,995,000 $296,270 $0 0.00%
Refi 162 $37,030,000 $228,580 $0 0.00%
Cash Out Refi 115 $26,145,000 $227,348 $0 0.00%
Other 29 $2,775,000 $95,690 $0 0.00%
Home Improvement 12 $1,980,000 $165,000 $0 0.00%

For the 2021, Eastern Connecticut Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 189 originations. The 2nd most popular reason of loans were Refi, with 162 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 507 $123,925,000 $244,428 $0 0.00%

For the 2021, Eastern Connecticut Savings Bank's most frequently cited loan length of loans were Other, with 507 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 183 $50,645,000 $276,749 $0 0.00%
$100k-200k 180 $27,080,000 $150,444 $0 0.00%
$400k-600k 74 $35,530,000 $480,135 $0 0.00%
$100,000 or less 63 $3,465,000 $55,000 $0 0.00%
$600k-1MM 4 $2,960,000 $740,000 $0 0.00%
$1MM+ 3 $4,245,000 $1,415,000 $0 0.00%

2021 saw Eastern Connecticut Savings Bank place emphasis on $200k-400k loans with 183 originations, totaling $50,645,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 124 $37,320,000 $300,968 $0 0.00%
$100k-150k 120 $25,900,000 $215,833 $0 0.00%
$50k-75k 89 $15,725,000 $176,685 $0 0.00%
$75k-100k 78 $17,410,000 $223,205 $0 0.00%
$250k+ 47 $17,045,000 $362,660 $0 0.00%
$50k or less 35 $4,365,000 $124,714 $0 0.00%

Eastern Connecticut Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 124 originations. The second most popular income band? $100k-150k, with 120 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 507 $123,925,000 $244,428 $0 0.00%

Eastern Connecticut Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 507 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 395 $96,135,000 $243,380 $0 0.00%
Not provided 92 $20,290,000 $220,543 $0 0.00%
Not applicable 8 $5,030,000 $628,750 $0 0.00%
Asian 6 $1,490,000 $248,333 $0 0.00%
Asian Indian 2 $330,000 $165,000 $0 0.00%
American Indian 2 $280,000 $140,000 $0 0.00%
Other Pacific Islander 1 $255,000 $255,000 $0 0.00%
Black 1 $115,000 $115,000 $0 0.00%

Approval Rates

Total approvals of all applications
96.96%

Eastern Connecticut 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
86.07%

Eastern Connecticut Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 507 $123,925,000 $244,428

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
507 $123,925,000 $244,428

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
EASTERN BANKSHARES INC Conventional home mortgage Incorrect information on your report 1 33.3%
EASTERN BANKSHARES INC Conventional home mortgage Trouble during payment process 1 33.3%
EASTERN BANKSHARES INC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 33.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Eastern Connecticut Savings Bank 1 Slater Avenue Jewett City, CT 6351 Full Service B&M $61,952
Eastern Connecticut Savings Bank 14 Lathrop Road Plainfield, CT 6374 Full Service B&M $34,875
Eastern Connecticut Savings Bank 220 West Town Street Norwich, CT 6360 Full Service B&M $24,862
Eastern Connecticut Savings Bank 257 Main St Norwich, CT 6360 Full Service B&M $53,535
Eastern Connecticut Savings Bank 666 West Main Street Norwich, CT 6360 Full Service B&M $40,401

For 2021, Eastern Connecticut Savings Bank had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $9,121
Net interest income $8,396
Total noninterest income $3,318
Gross Fiduciary activities income $0
Service charges on deposit accounts $165
Trading account gains and fees $0
Additional Noninterest Income $3,153
Pre-tax net operating income $2,076
Securities gains (or losses, -) $0
Income before extraordinary items $1,675
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $1,675
Minority interest net income $0
Net income $1,675
Sale, conversion, retirement of capital stock, net $0
Net operating income $1,675

Eastern Connecticut Savings Bank's gross interest income from loans was $9,121,000.
Eastern Connecticut Savings Bank's net interest income from loans was $8,396,000.
Eastern Connecticut Savings Bank's fee based income from loans was $165,000.
Eastern Connecticut Savings Bank's net income from loans was $1,675,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $725
Provision for credit losses $260
Total noninterest expense $9,378
Salaries and employee benefits $5,798
Premises and equipment expense $899
Additional noninterest expense $2,681
Applicable income taxes $401
Net charge-offs $51
Cash dividends $0

Eastern Connecticut Savings Bank's interest expense for loans was $725,000.
Eastern Connecticut Savings Bank's payroll and benefits expense were $5,798,000.
Eastern Connecticut Savings Bank's property, plant and equipment expenses $899,000.

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 1.0%
HELOC loans 1.0%
All other family 1.0%
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 $218,281
Deposits held in domestic offices $218,281
Deposits by Individuals, partnerships, and corporations $197,980
Deposits by U.S. Government $1
Deposits by States and political subdivisions in the U.S. $13,720
Deposits by Commercial banks and other depository institutions in U.S. $6,580
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $86,110
Demand deposits $58,346
Nontransaction accounts $132,171
Money market deposit accounts (MMDAs) $11,786
Other savings deposits (excluding MMDAs) $64,957
Total time deposits $55,428
Total time and savings deposits $159,935
Noninterest-bearing deposits $51,162
Interest-bearing deposits $167,119
Retail deposits $201,019
IRAs and Keogh plan accounts $9,614
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $240,324
Cash & Balances due from depository institutions $14,111
Interest-bearing balances $11,458
Total securities $141
Federal funds sold & reverse repurchase $0
Net loans and leases $210,371
Loan and leases loss allowance $1,753
Trading account assets $0
Bank premises and fixed assets $5,171
Other real estate owned $1,232
Goodwill and other intangibles $977
All other assets $8,321

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $240,324
Total Liabilities $222,408
Total deposits $218,281
Interest-bearing deposits $167,119
Deposits held in domestic offices $218,281
% insured (estimated) $85
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $3,240
Subordinated debt $0
All other liabilities $887

Issued Loan Types

Type Value (in 000's)
Net loans and leases $210,371
Loan and leases loss allowance $1,753
Total loans and leases (domestic) $212,124
All real estate loans $198,454
Real estate loans in domestic offices $198,454
Construction and development loans $18,109
Residential 1-4 family construction $12,267
Other construction, all land development and other land $5,842
Loans secured by nonfarm nonresidential properties $46,201
Nonfarm nonresidential secured by owner-occupied properties $24,415
Commercial real estate & other non-farm, non-residential $21,786
Multifamily residential real estate $7,554
1-4 family residential loans $126,590
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $9,695
To non-U.S. addressees $0
Loans to individuals $3,975
Credit card loans $0
Related Plans $4
Consumer Auto Loans $24
Other loans to individuals $3,947
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $1,832
Non 1-4 family restructured loans & leases $614
Total loans and leases (foreign) $0

EASTERN CONNECTICUT SAVINGS BANK had $210,371,000 of loans outstanding in 2021. $198,454,000 of loans were in real estate loans. $18,109,000 of loans were in development loans. $7,554,000 of loans were in multifamily mortgage loans. $126,590,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $24,000 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 110 $26,562 $241,473
Nonfarm, nonresidential loans - <$100k 13 $727 $55,923
Nonfarm, nonresidential loans - $100-250k 37 $4,882 $131,946
Nonfarm, nonresidential loans - $250k-1MM 60 $20,953 $349,217
Commercial & Industrial, US addressed loans - <$1MM 125 $8,052 $64,416
Commercial & Industrial, US addressed loans - <$100k 78 $2,012 $25,795
Commercial & Industrial, US addressed loans - $100-250k 23 $1,688 $73,391
Commercial & Industrial, US addressed loans - $250k-1MM 24 $4,352 $181,333