Monson Savings Bank Mortgage Rates, Fees & Info

Monson, MA

LEI: 5493007H0KZ81N1H6352

Tax ID: 56-2545442

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $19,416
Net interest income $18,171
Total noninterest income $4,670
Gross Fiduciary activities income $0
Service charges on deposit accounts $829
Trading account gains and fees $0
Additional Noninterest Income $3,841
Pre-tax net operating income $7,886
Securities gains (or losses, -) $115
Income before extraordinary items $6,050
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,050
Minority interest net income $0
Net income $6,050
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,959

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.

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 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 $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