Monson Savings Bank Mortgage Rates, Fees & Info
Monson, MA
LEI: 5493007H0KZ81N1H6352
Tax ID: 56-2545442
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Mortgage Data
Bank Data
Overview
Monson Savings Bank is a
smaller
bank
specializing in
Home Purchase, Cash Out Refi, and Refi loans.
Monson Savings Bank has a high proportion of conventional loans.
Their top markets include Springfield, Worcester, Boston, Barnstable Town, and Hartford among others. Monson 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
417
Origination Dollar Volume (All Markets)
$127,415,000
Employee count
92
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
SPRINGFIELD, MA (FHA|USDA|VA)
|
340
|
$88,420,000 |
$260,059 |
$0 |
0.00% |
|
WORCESTER, MA-CT (FHA|USDA|VA)
|
22
|
$8,210,000 |
$373,182 |
$0 |
0.00% |
|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
7
|
$7,135,000 |
$1,019,286 |
$0 |
0.00% |
|
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
10
|
$5,650,000 |
$565,000 |
$0 |
0.00% |
|
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)
|
20
|
$5,490,000 |
$274,500 |
$0 |
0.00% |
|
Heber, UT (FHA|USDA|VA)
|
1
|
$2,955,000 |
$2,955,000 |
$0 |
0.00% |
|
Outside of Metro Areas
|
4 |
$2,870,000 |
$717,500 |
$0 |
0.00% |
|
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
3
|
$2,335,000 |
$778,333 |
$0 |
0.00% |
|
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)
|
1
|
$1,695,000 |
$1,695,000 |
$0 |
0.00% |
|
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)
|
2
|
$800,000 |
$400,000 |
$0 |
0.00% |
|
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA)
|
1
|
$645,000 |
$645,000 |
$0 |
0.00% |
|
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)
|
1
|
$545,000 |
$545,000 |
$0 |
0.00% |
|
Hudson, NY (FHA|USDA|VA)
|
1
|
$245,000 |
$245,000 |
$0 |
0.00% |
|
Rutland, VT (FHA|USDA|VA)
|
1
|
$205,000 |
$205,000 |
$0 |
0.00% |
|
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
1
|
$165,000 |
$165,000 |
$0 |
0.00% |
|
PITTSFIELD, MA (FHA|USDA|VA)
|
2
|
$50,000 |
$25,000 |
$0 |
0.00% |
Monson Savings Bank's top markets include Springfield, Worcester, Boston, Barnstable Town, and Hartford among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
417 |
$127,415,000 |
$305,552 |
$0 |
0.00% |
For the 2021 period, Monson Savings Bank's most frequently
originated loan type
of loans were Conventional, with 417 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Purchase |
160 |
$53,140,000 |
$332,125 |
$0 |
0.00% |
| Cash Out Refi |
143 |
$45,475,000 |
$318,007 |
$0 |
0.00% |
| Refi |
105 |
$27,835,000 |
$265,095 |
$0 |
0.00% |
| Home Improvement |
8 |
$900,000 |
$112,500 |
$0 |
0.00% |
| Other |
1 |
$65,000 |
$65,000 |
$0 |
0.00% |
For the 2021, Monson Savings Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 160
originations.
The 2nd most popular reason of loans were Cash Out Refi,
with 143 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Other |
417 |
$127,415,000 |
$305,552 |
$0 |
0.00% |
For the 2021, Monson Savings Bank's most frequently cited loan
length
of loans were Other, with 417 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
179 |
$49,055,000 |
$274,050 |
$0 |
0.00% |
| $100k-200k |
137 |
$21,385,000 |
$156,095 |
$0 |
0.00% |
| $100,000 or less |
36 |
$2,090,000 |
$58,056 |
$0 |
0.00% |
| $400k-600k |
30 |
$13,990,000 |
$466,333 |
$0 |
0.00% |
| $600k-1MM |
21 |
$15,875,000 |
$755,952 |
$0 |
0.00% |
| $1MM+ |
14 |
$25,020,000 |
$1,787,143 |
$0 |
0.00% |
2021 saw Monson Savings Bank place emphasis on
$200k-400k loans
with 179 originations, totaling
$49,055,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $50k-75k |
84 |
$14,090,000 |
$167,738 |
$0 |
0.00% |
| $75k-100k |
75 |
$15,515,000 |
$206,867 |
$0 |
0.00% |
| $100k-150k |
71 |
$18,335,000 |
$258,239 |
$0 |
0.00% |
| $150k-250k |
65 |
$19,335,000 |
$297,462 |
$0 |
0.00% |
| $250k+ |
43 |
$26,535,000 |
$617,093 |
$0 |
0.00% |
| $50k or less |
34 |
$4,970,000 |
$146,176 |
$0 |
0.00% |
Monson Savings Bank lent most frequently to those with incomes in the
$50k-75k range, with
84 originations.
The second most popular income band? $75k-100k,
with 75 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Exempt% |
417 |
$127,415,000 |
$305,552 |
$0 |
0.00% |
Monson Savings Bank lent most frequently to those with DTI ratios
of Exempt%, with
417 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
365 |
$97,125,000 |
$266,096 |
$0 |
0.00% |
| Not applicable |
40 |
$27,060,000 |
$676,500 |
$0 |
0.00% |
| Not provided |
9 |
$2,615,000 |
$290,556 |
$0 |
0.00% |
| American Indian |
2 |
$440,000 |
$220,000 |
$0 |
0.00% |
| Vietnamese |
1 |
$175,000 |
$175,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
92.69%
Monson Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination
81.13%
Monson Savings Bank has a below average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| Exempt |
417 |
$127,415,000 |
$305,552 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
417 |
$127,415,000 |
$305,552 |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Monson Savings Bank |
100 Post Office Park Wilbraham, MA 1095 |
Full Service B&M
|
$128,974 |
| Monson Savings Bank |
136 West Street Ware, MA 1082 |
Full Service B&M
|
$43,261 |
| Monson Savings Bank |
146 Main St Monson, MA 1057 |
Full Service B&M
|
$178,756 |
| Monson Savings Bank |
15 Somers Road Hampden, MA 1036 |
Full Service B&M
|
$103,884 |
| Monson Savings Bank |
61 North Main Street East Longmeadow, MA 1028 |
Full Service B&M
|
$44,005 |
For 2021, Monson Savings Bank had 5 branches.
Yearly Performance Overview
Bank Income
Monson Savings Bank's gross interest income from loans was $19,416,000.
Monson Savings Bank's net interest income from loans was $18,171,000.
Monson Savings Bank's fee based income from loans was $829,000.
Monson Savings Bank's net income from loans was $6,050,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$1,245 |
| Provision for credit losses |
$405 |
| Total noninterest expense |
$14,550 |
| Salaries and employee benefits |
$7,959 |
| Premises and equipment expense |
$1,311 |
| Additional noninterest expense |
$5,280 |
| Applicable income taxes |
$1,951 |
| Net charge-offs |
$20 |
| Cash dividends |
$0 |
Monson Savings Bank's interest expense for loans was $1,245,000.
Monson Savings Bank's payroll and benefits expense were $7,959,000.
Monson Savings Bank's property, plant and equipment expenses $1,311,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$532,667 |
| Deposits held in domestic offices |
$532,667 |
| Deposits by Individuals, partnerships, and corporations |
$473,671 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$58,997 |
| 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 |
$205,809 |
| Demand deposits |
$205,809 |
| Nontransaction accounts |
$326,859 |
| Money market deposit accounts (MMDAs) |
$457 |
| Other savings deposits (excluding MMDAs) |
$261,347 |
| Total time deposits |
$65,055 |
| Total time and savings deposits |
$326,859 |
| Noninterest-bearing deposits |
$133,277 |
| Interest-bearing deposits |
$399,390 |
| Retail deposits |
$512,040 |
| IRAs and Keogh plan accounts |
$11,660 |
| Brokered deposits |
$0 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$589,996 |
| Cash & Balances due from depository institutions |
$97,032 |
| Interest-bearing balances |
$93,928 |
| Total securities |
$53,155 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$416,522 |
| Loan and leases loss allowance |
$6,546 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$4,125 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$1,410 |
| All other assets |
$17,752 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$589,996 |
| Total Liabilities |
$538,135 |
| Total deposits |
$532,667 |
| Interest-bearing deposits |
$399,390 |
| Deposits held in domestic offices |
$532,667 |
| % insured (estimated) |
$73 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$1,972 |
| Subordinated debt |
$0 |
| All other liabilities |
$3,496 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$416,522 |
| Loan and leases loss allowance |
$6,546 |
| Total loans and leases (domestic) |
$423,068 |
| All real estate loans |
$373,733 |
| Real estate loans in domestic offices |
$373,733 |
| Construction and development loans |
$22,050 |
| Residential 1-4 family construction |
$13,599 |
| Other construction, all land development and other land |
$8,451 |
| Loans secured by nonfarm nonresidential properties |
$114,190 |
| Nonfarm nonresidential secured by owner-occupied properties |
$43,617 |
| Commercial real estate & other non-farm, non-residential |
$70,573 |
| Multifamily residential real estate |
$59,688 |
| 1-4 family residential loans |
$177,805 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$38,847 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$2,071 |
| Credit card loans |
$0 |
| Related Plans |
$16 |
| Consumer Auto Loans |
$17 |
| Other loans to individuals |
$2,038 |
| All other loans & leases |
$8,417 |
| 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 |
$402 |
| Non 1-4 family restructured loans & leases |
$0 |
| Total loans and leases (foreign) |
$0 |
Monson Savings Bank had $416,522,000 of loans outstanding in 2021. $373,733,000 of loans were in real estate loans.
$22,050,000 of loans were in development loans. $59,688,000 of loans were in multifamily mortgage loans.
$177,805,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $17,000 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 |
170 |
$44,028 |
$258,988 |
| Nonfarm, nonresidential loans - <$100k |
24 |
$944 |
$39,333 |
| Nonfarm, nonresidential loans - $100-250k |
48 |
$6,725 |
$140,104 |
| Nonfarm, nonresidential loans - $250k-1MM |
98 |
$36,359 |
$371,010 |
| Commercial & Industrial, US addressed loans - <$1MM |
339 |
$31,331 |
$92,422 |
| Commercial & Industrial, US addressed loans - <$100k |
202 |
$6,512 |
$32,238 |
| Commercial & Industrial, US addressed loans - $100-250k |
80 |
$6,638 |
$82,975 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
57 |
$18,181 |
$318,965 |
