Ulster Savings Bank Mortgage Rates, Fees & Info

Kingston, NY

LEI: 5493008GTOZI3HQKE634

Tax ID: 14-1136850

5 stars - out of 5 stars, based on 33 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ulster Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Ulster Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Kingston, New York, Poughkeepsie, Hudson, and Bridgeport among others. Ulster Savings Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Ulster Savings Bank is typically an average fee lendor.


Originations

1,089

Origination Dollar Volume (All Markets)

$352,595,000

Employee count

250

Awards

Ulster Savings Bank FHA Loans gold Ulster Savings Bank 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Ulster Savings Bank's average 30 year fixed rate mortgage of loans were 3.17%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.02%.

Relative Fees

Ulster Savings Bank's average total fees for a 30 year fixed rate mortgage are $4,645.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
KINGSTON, NY (FHA|USDA|VA) 641 $172,735,000 $269,477 $3,689 3.19%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 82 $81,500,000 $993,902 $5,770 3.12%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 206 $57,400,000 $278,641 $3,692 3.10%
Outside of Metro Areas 131 $31,835,000 $243,015 $3,865 3.14%
Hudson, NY (FHA|USDA|VA) 19 $6,105,000 $321,316 $2,718 3.28%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $3,704 3.25%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 6 $950,000 $158,333 $1,902 3.44%
UTICA-ROME, NY (FHA|USDA|VA) 1 $225,000 $225,000 $3,318 2.88%
BINGHAMTON, NY (FHA|USDA|VA) 1 $175,000 $175,000 $5,796 3.13%
ITHACA, NY (FHA|USDA|VA) 1 $165,000 $165,000 $4,919 3.63%

Ulster Savings Bank's top markets include Kingston, New York, Poughkeepsie, Hudson, and Bridgeport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,044 $342,180,000 $327,759 $3,711 3.16%
FHA 44 $10,250,000 $232,955 $6,620 3.32%
USDA 1 $165,000 $165,000 $6,460 3.38%

For the 2021 period, Ulster Savings Bank's most frequently originated loan type of loans were Conventional, with 1,044 originations. Their 2nd most popular type is FHA, with 44 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 525 $208,945,000 $397,990 $4,578 3.12%
Cash Out Refi 273 $82,805,000 $303,315 $4,055 3.16%
Refi 208 $50,400,000 $242,308 $2,852 2.93%
Other 50 $8,640,000 $172,800 $1,846 3.75%
Home Improvement 33 $1,805,000 $54,697 $330 4.43%

For the 2021, Ulster Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 525 originations. The 2nd most popular reason of loans were Cash Out Refi, with 273 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 709 $240,415,000 $339,090 $4,645 3.17%
15 Year 193 $36,495,000 $189,093 $2,202 3.14%
10 Year 69 $35,545,000 $515,145 $1,732 2.88%
20 Year 62 $15,690,000 $253,065 $3,261 3.18%
Other 40 $21,750,000 $543,750 $2,647 3.37%
5 Year 11 $465,000 $42,273 $39 4.09%
30+ year 4 $1,940,000 $485,000 $3,713 2.88%
1 Year 1 $295,000 $295,000 $0 4.75%

For the 2021, Ulster Savings Bank's most frequently cited loan length of loans were 30 Year, with 709 originations. The 2nd most popular length of loans were 15 Year, with 193 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 502 $143,250,000 $285,359
$2k-3k 190 $50,820,000 $267,474
$3k-4k 147 $49,825,000 $338,946
$<1k 97 $7,765,000 $80,052
$5k+ 92 $47,650,000 $517,935

$4,645 of loans were Ulster Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 502 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 578 $193,580,000 $334,913
2.5-3% 376 $138,820,000 $369,202
<2.5% 79 $14,575,000 $184,494
4-5% 48 $5,320,000 $110,833
5-6% 8 $300,000 $37,500

During 2021, Ulster Savings Bank's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were 3-4%, with 578 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 437 $123,025,000 $281,522 $4,147 3.13%
$100k-200k 318 $49,280,000 $154,969 $2,933 3.05%
$100,000 or less 128 $7,440,000 $58,125 $1,017 3.72%
$400k-600k 118 $55,090,000 $466,864 $5,538 3.10%
$600k-1MM 50 $36,700,000 $734,000 $6,210 2.96%
$1MM+ 38 $81,060,000 $2,133,158 $10,471 3.07%

2021 saw Ulster Savings Bank place emphasis on $200k-400k loans with 437 originations, totaling $123,025,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 259 $65,225,000 $251,834 $3,711 3.13%
$150k-250k 197 $65,585,000 $332,919 $4,039 3.08%
$75k-100k 192 $39,490,000 $205,677 $3,272 3.21%
$250k+ 170 $98,260,000 $578,000 $5,517 3.06%
$50k-75k 152 $26,220,000 $172,500 $3,367 3.21%
$50k or less 87 $10,825,000 $124,425 $2,611 3.29%

Ulster Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 259 originations. The second most popular income band? $150k-250k, with 197 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 263 $78,275,000 $297,624 $3,632 3.13%
30-36% 209 $58,945,000 $282,033 $3,777 3.14%
<20% 138 $38,840,000 $281,449 $3,508 3.01%
44% 46 $15,300,000 $332,609 $4,130 3.29%
40% 46 $12,470,000 $271,087 $3,747 3.22%
43% 45 $12,765,000 $283,667 $3,697 3.20%
39% 40 $9,200,000 $230,000 $3,483 3.24%
37% 40 $16,160,000 $404,000 $5,442 3.04%
42% 39 $11,375,000 $291,667 $4,001 3.31%
36% 39 $8,905,000 $228,333 $2,889 3.27%
41% 38 $11,200,000 $294,737 $3,698 3.14%
38% 36 $10,120,000 $281,111 $4,156 3.16%
45% 21 $6,775,000 $322,619 $5,698 3.17%
48% 14 $3,150,000 $225,000 $3,928 3.13%
47% 13 $3,715,000 $285,769 $4,945 3.12%
46% 12 $3,960,000 $330,000 $6,183 3.15%
49% 12 $3,070,000 $255,833 $4,618 3.25%
50-60% 4 $760,000 $190,000 $4,538 3.13%

Ulster Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 263 originations. The next most common DTI ratio? 30-36%, with 209 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 919 $262,085,000 $285,185 $3,798 3.15%
Not applicable 30 $46,360,000 $1,545,333 $0 3.64%
Not provided 57 $15,905,000 $279,035 $4,178 3.16%
Asian 34 $15,670,000 $460,882 $4,194 3.05%
Black 47 $12,305,000 $261,809 $4,100 3.24%
American Indian 2 $270,000 $135,000 $2,164 2.94%

Approval Rates

Total approvals of all applications
89.83%

Ulster Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
85.27%

Ulster Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,089 $352,595,000 $323,779

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,089 $352,595,000 $323,779

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 110 $20,900,000 $190,000 $2,482 3.00%
40-60% 217 $64,785,000 $298,548 $2,986 3.00%
60-80% 406 $173,270,000 $426,773 $4,735 3.11%
80-100% 274 $88,380,000 $322,555 $4,747 3.19%
Over 100% 2 $380,000 $190,000 $0 3.00%
Under 20% 80 $4,880,000 $61,000 $576 4.02%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Ulster Savings Bank 3857 Main Street Stone Ridge, NY 12484 Full Service B&M $129,960
Ulster Savings Bank 1 Twin Maples Plaza, Route 9-W Saugerties, NY 12477 Full Service B&M $59,680
Ulster Savings Bank 1208 Route 300 Newburgh, NY 12550 Full Service B&M $42,407
Ulster Savings Bank 1387 Route 9, Hark Plaza Building 2, Suite 204 Wappingers Falls, NY 12590 Full Service B&M $41,574
Ulster Savings Bank 1571 Ulster Avenue Lake Katrine, NY 12449 Full Service B&M $16,310
Ulster Savings Bank 180 Schwenk Drive Kingston, NY 12401 Full Service B&M $231,194
Ulster Savings Bank 2201 Route 44/55 Gardiner, NY 12525 Full Service B&M $37,569
Ulster Savings Bank 226 Main Street New Paltz, NY 12561 Full Service B&M $197,052
Ulster Savings Bank 280 Wall Street Kingston, NY 12401 Full Service B&M $126,882
Ulster Savings Bank 39 Burnett Blvd Poughkeepsie, NY 12603 Full Service B&M $61,104
Ulster Savings Bank 58 Main Street, First Floor Phoenicia, NY 12464 Full Service B&M $49,319
Ulster Savings Bank 68 Mill Hill Road Woodstock, NY 12498 Full Service B&M $68,247
Ulster Savings Bank 7296 South Broadway Red Hook, NY 12571 Full Service B&M $38,853
Ulster Savings Bank Beechwood Avenue And South Road Poughkeepsie Township, NY 12601 Full Service B&M $68,741

For 2021, Ulster Savings Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $32,583
Net interest income $28,420
Total noninterest income $18,458
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,965
Trading account gains and fees $0
Additional Noninterest Income $16,493
Pre-tax net operating income $7,478
Securities gains (or losses, -) $-115
Income before extraordinary items $6,093
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,093
Minority interest net income $0
Net income $6,093
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,188

Ulster Savings Bank's gross interest income from loans was $32,583,000.
Ulster Savings Bank's net interest income from loans was $28,420,000.
Ulster Savings Bank's fee based income from loans was $1,965,000.
Ulster Savings Bank's net income from loans was $6,093,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,163
Provision for credit losses $-477
Total noninterest expense $39,877
Salaries and employee benefits $21,169
Premises and equipment expense $4,912
Additional noninterest expense $13,796
Applicable income taxes $1,270
Net charge-offs $-90
Cash dividends $0

Ulster Savings Bank's interest expense for loans was $4,163,000.
Ulster Savings Bank's payroll and benefits expense were $21,169,000.
Ulster Savings Bank's property, plant and equipment expenses $4,912,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 4.0%
Multifamily residential loans 1.0%
1-4 family residential loans 0.0%
HELOC loans 2.0%
All other family 0.0%
Commercial & industrial loans 1.0%
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 $1,145,606
Deposits held in domestic offices $1,145,606
Deposits by Individuals, partnerships, and corporations $1,140,371
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $4,738
Deposits by Commercial banks and other depository institutions in U.S. $497
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $95,919
Demand deposits $49,098
Nontransaction accounts $1,049,687
Money market deposit accounts (MMDAs) $158,926
Other savings deposits (excluding MMDAs) $651,815
Total time deposits $238,945
Total time and savings deposits $1,096,508
Noninterest-bearing deposits $201,533
Interest-bearing deposits $944,073
Retail deposits $1,100,791
IRAs and Keogh plan accounts $26,229
Brokered deposits $6,762
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,269,160
Cash & Balances due from depository institutions $208,114
Interest-bearing balances $198,101
Total securities $188,844
Federal funds sold & reverse repurchase $0
Net loans and leases $798,781
Loan and leases loss allowance $10,547
Trading account assets $0
Bank premises and fixed assets $15,718
Other real estate owned $0
Goodwill and other intangibles $8,074
All other assets $49,629

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,269,160
Total Liabilities $1,152,487
Total deposits $1,145,606
Interest-bearing deposits $944,073
Deposits held in domestic offices $1,145,606
% insured (estimated) $83
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $6,881

Issued Loan Types

Type Value (in 000's)
Net loans and leases $798,781
Loan and leases loss allowance $10,547
Total loans and leases (domestic) $809,328
All real estate loans $738,773
Real estate loans in domestic offices $738,773
Construction and development loans $66,079
Residential 1-4 family construction $47,702
Other construction, all land development and other land $18,377
Loans secured by nonfarm nonresidential properties $177,132
Nonfarm nonresidential secured by owner-occupied properties $87,174
Commercial real estate & other non-farm, non-residential $89,958
Multifamily residential real estate $65,590
1-4 family residential loans $421,575
Farmland loans $8,397
Loans held in foreign offices $0
Farm loans $4,402
Commercial and industrial loans $43,716
To non-U.S. addressees $0
Loans to individuals $18,774
Credit card loans $0
Related Plans $110
Consumer Auto Loans $10,381
Other loans to individuals $8,283
All other loans & leases $3,664
Loans to foreign governments and official institutions $0
Other loans $3,664
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 $6,610
Non 1-4 family restructured loans & leases $1,140
Total loans and leases (foreign) $0

Ulster Savings Bank had $798,781,000 of loans outstanding in 2021. $738,773,000 of loans were in real estate loans. $66,079,000 of loans were in development loans. $65,590,000 of loans were in multifamily mortgage loans. $421,575,000 of loans were in 1-4 family mortgage loans. $4,402,000 of loans were in farm loans. $0 of loans were in credit card loans. $10,381,000 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 213 $58,538 $274,826
Nonfarm, nonresidential loans - <$100k 20 $958 $47,900
Nonfarm, nonresidential loans - $100-250k 71 $9,159 $129,000
Nonfarm, nonresidential loans - $250k-1MM 122 $48,421 $396,893
Commercial & Industrial, US addressed loans - <$1MM 362 $37,155 $102,638
Commercial & Industrial, US addressed loans - <$100k 196 $5,002 $25,520
Commercial & Industrial, US addressed loans - $100-250k 102 $12,029 $117,931
Commercial & Industrial, US addressed loans - $250k-1MM 64 $20,124 $314,438
Farmland loans - <$1MM 1 $301 $301,000
Farmland loans - $250k-1MM 1 $301 $301,000
Agriculture operations loans - <$1MM 5 $388 $77,600
Agriculture operations loans - <$100k 3 $43 $14,333
Agriculture operations loans - $100-250k 1 $151 $151,000
Agriculture operations loans - $250k-1MM 1 $194 $194,000