Monson Savings Bank Mortgage Rates, Fees & Info

Monson, MA

LEI: 5493007H0KZ81N1H6352

Tax ID: 56-2545442

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Mortgage Data

Bank Data

Review & Overview

Monson Savings Bank is a smaller bank specializing in Home Purchase loans. Monson Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Boston, Hartford, Worcester, and Providence among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Monson 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

304

Origination Dollar Volume (All Markets)

$69,810,000

Employee count

83

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
SPRINGFIELD, MA (FHA|USDA|VA) 257 $52,875,000 $205,739 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 10 $8,060,000 $806,000 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 16 $4,390,000 $274,375 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 10 $2,270,000 $227,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $835,000 $278,333 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $420,000 $210,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Outside of Metro Areas 1 $145,000 $145,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Monson Savings Bank's top markets include Springfield, Boston, Hartford, Worcester, and Providence among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 304 $69,810,000 $229,638 $0 0.00%

    For 2019, Monson Savings Bank's most frequently originated type of loan was Conventional, with 304 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 172 $45,590,000 $265,058 $0 0.00%
    Cash Out Refi 60 $11,630,000 $193,833 $0 0.00%
    Refi 43 $9,645,000 $224,302 $0 0.00%
    Home Improvement 18 $1,440,000 $80,000 $0 0.00%
    Other 11 $1,505,000 $136,818 $0 0.00%

    For 2019, Monson Savings Bank's most frequently cited loan purpose was Home Purchase, with 172 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 304 $69,810,000 $229,638 $0 0.00%

    For 2019, Monson Savings Bank's most frequently cited loan duration was Other, with 304 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 119 $17,375,000 $146,008 $0 0.00%
    $200k-400k 112 $29,860,000 $266,607 $0 0.00%
    $100,000 or less 44 $2,500,000 $56,818 $0 0.00%
    $400k-600k 14 $6,470,000 $462,143 $0 0.00%
    $600k-1MM 12 $8,230,000 $685,833 $0 0.00%
    $1MM+ 3 $5,375,000 $1,791,667 $0 0.00%

    2019 saw Monson Savings Bank place emphasis on $100k-200k loans with 119 originations, totaling $17,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 74 $11,000,000 $148,649 $0 0.00%
    $100k-150k 57 $13,295,000 $233,246 $0 0.00%
    $50k or less 48 $5,420,000 $112,917 $0 0.00%
    $75k-100k 46 $10,070,000 $218,913 $0 0.00%
    $150k-250k 35 $9,485,000 $271,000 $0 0.00%
    $250k+ 20 $8,820,000 $441,000 $0 0.00%

    Monson Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $100k-150k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 304 $69,810,000 $229,638 $0 0.00%

    Monson Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 304 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 262 $55,890,000 $213,321 $0 0.00%
    Not applicable 21 $10,935,000 $520,714 $0 0.00%
    Not provided 12 $2,380,000 $198,333 $0 0.00%
    Black 6 $360,000 $60,000 $0 0.00%
    American Indian 1 $215,000 $215,000 $0 0.00%
    Asian 1 $25,000 $25,000 $0 0.00%
    Other Asian 1 $5,000 $5,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.26%

    Monson Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.84%

    Monson Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 304 $69,810,000 $229,638

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $8,915,000 $685,769
    Single Family (1-4 Units):Manufactured 2 $210,000 $105,000
    Single Family (1-4 Units):Site-Built 289 $60,685,000 $209,983

    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 $90,146
    Monson Savings Bank 136 West Street Ware, MA 1082 Full Service B&M $40,622
    Monson Savings Bank 146 Main Street Monson, MA 1057 Full Service B&M $155,915
    Monson Savings Bank 15 Somers Road Hampden, MA 1036 Full Service B&M $93,628

    For 2019, Monson Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,978
    Net interest income $14,256
    Total noninterest income $3,207
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $973
    Trading account gains and fees $0
    Additional Noninterest Income $2,234
    Pre-tax net operating income $4,656
    Securities gains (or losses, -) $-94
    Income before extraordinary items $3,514
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,514
    Minority interest net income $0
    Net income $3,514
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,588

    Monson Savings Bank's gross interest income from loans was $17,978,000.
    Monson Savings Bank's net interest income from loans was $14,256,000.
    Monson Savings Bank's fee based income from loans was $973,000.
    Monson Savings Bank's net income from loans was $3,514,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,722
    Provision for credit losses $370
    Total noninterest expense $12,437
    Salaries and employee benefits $6,309
    Premises and equipment expense $873
    Additional noninterest expense $5,255
    Applicable income taxes $1,048
    Net charge-offs $71
    Cash dividends $0

    Monson Savings Bank's interest expense for loans was $3,722,000.
    Monson Savings Bank's payroll and benefits expense were $6,309,000.
    Monson Savings Bank's property, plant and equipment expenses $873,000.

    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 $382,006
    Deposits held in domestic offices $382,006
    Deposits by Individuals, partnerships, and corporations $348,577
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $33,429
    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 $104,024
    Demand deposits $104,024
    Nontransaction accounts $277,982
    Money market deposit accounts (MMDAs) $347
    Other savings deposits (excluding MMDAs) $169,309
    Total time deposits $108,326
    Total time and savings deposits $277,982
    Noninterest-bearing deposits $104,024
    Interest-bearing deposits $277,982
    Retail deposits $335,965
    IRAs and Keogh plan accounts $11,584
    Brokered deposits $2,213
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $432,998
    Cash & Balances due from depository institutions $23,744
    Interest-bearing balances $20,337
    Total securities $41,421
    Federal funds sold & reverse repurchase $0
    Net loans and leases $347,404
    Loan and leases loss allowance $4,421
    Trading account assets $0
    Bank premises and fixed assets $4,067
    Other real estate owned $0
    Goodwill and other intangibles $1,559
    All other assets $14,803

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $432,998
    Total Liabilities $391,340
    Total deposits $382,006
    Interest-bearing deposits $277,982
    Deposits held in domestic offices $382,006
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,710
    Subordinated debt $0
    All other liabilities $4,624

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $347,404
    Loan and leases loss allowance $4,421
    Total loans and leases (domestic) $351,825
    All real estate loans $308,712
    Real estate loans in domestic offices $308,712
    Construction and development loans $26,101
    Residential 1-4 family construction $7,864
    Other construction, all land development and other land $18,237
    Loans secured by nonfarm nonresidential properties $90,364
    Nonfarm nonresidential secured by owner-occupied properties $38,783
    Commercial real estate & other non-farm, non-residential $51,581
    Multifamily residential real estate $33,557
    1-4 family residential loans $158,690
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $38,230
    To non-U.S. addressees $0
    Loans to individuals $3,081
    Credit card loans $0
    Related Plans $26
    Consumer Auto Loans $28
    Other loans to individuals $3,027
    All other loans & leases $1,802
    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 $1,253
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Monson Savings Bank had $347,404,000 of loans outstanding in 2019. $308,712,000 of loans were in real estate loans. $26,101,000 of loans were in development loans. $33,557,000 of loans were in multifamily mortgage loans. $158,690,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $28,000 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 152 $44,114 $290,224
    Nonfarm, nonresidential loans - <$100k 18 $834 $46,333
    Nonfarm, nonresidential loans - $100-250k 43 $5,488 $127,628
    Nonfarm, nonresidential loans - $250k-1MM 91 $37,792 $415,297
    Commercial & Industrial, US addressed loans - <$1MM 358 $30,363 $84,813
    Commercial & Industrial, US addressed loans - <$100k 248 $5,450 $21,976
    Commercial & Industrial, US addressed loans - $100-250k 71 $9,420 $132,676
    Commercial & Industrial, US addressed loans - $250k-1MM 39 $15,493 $397,256