Eastern Connecticut Savings Bank Mortgage Rates, Fees & Info

Norwich, CT

LEI: 54930071HHK4VYJ1SG61

Tax ID: 06-0475460

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Norwich, Worcester, Hartford, New Haven, and Providence among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Eastern Connecticut 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.

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Originations

507

Origination Dollar Volume (All Markets)

$123,925,000

Employee count

63

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
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.

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

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Eastern Connecticut Savings Bank's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was 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 2021, Eastern Connecticut Savings Bank's most frequently cited loan duration was 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
    97.88%

    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
    84.22%

    Eastern Connecticut Savings Bank has a below 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