Ulster Savings Bank Mortgage Rates, Fees & Info

Kingston, NY

LEI: 5493008GTOZI3HQKE634

Tax ID: 14-1136850

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 by origination volume include: Kingston, New York, Poughkeepsie, Hudson, and Bridgeport among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ulster 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. Ulster Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.47%	10/13/24
30 Year Conventional Refi	6.40%	10/13/24
30 Year Cash-out Refi	6.53%	10/13/24
30 Year FHA Purchase	7.65%	10/13/24
30 Year FHA Refi	7.49%	10/13/24
30 Year VA Purchase	6.69%	10/13/24
30 Year USDA Purchase	6.39%	10/13/24
15 Year Conventional Purchase	6.18%	10/13/24
15 Year Conventional Refi	6.08%	10/13/24
15 Year Cash-out Refi	6.08%	10/13/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Ulster Savings Bank Mortgage Calculator

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This is not an official calculator from Ulster Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

1,089

Origination Dollar Volume (All Markets)

$352,595,000

Employee count

250

Awards

Ulster Savings Bank 30 Year Conventional Loans silver

Show all (2) awards

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
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.

Their top states include:

New York (FHA|USDA|VA)

Connecticut (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Ulster Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

N C P D Federal Credit Union
Similarity Rank: 102

Schuyler Savings Bank
Similarity Rank: 352

The Bank of Greene County
Similarity Rank: 360

Community Bank
Similarity Rank: 550

MID-HUDSON VALLEY
Similarity Rank: 640

ATLANTIS MORTGAGE CO., INC.
Similarity Rank: 652

CCFCU FUNDING, LLC
Similarity Rank: 672

The First National Bank of Long Island
Similarity Rank: 748

The Atlantic Federal Credit Union
Similarity Rank: 882

Walden Savings Bank
Similarity Rank: 1030

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Ulster Savings Bank's most frequently originated type of loan was Conventional, with 1,044 originations. Their 2nd most popular type was FHA, with 44 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Ulster Savings Bank's most frequently cited loan purpose was Home Purchase, with 525 originations. The 2nd most popular reason was 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 2021, Ulster Savings Bank's most frequently cited loan duration was 30 Year, with 709 originations. The 2nd most popular length was 15 Year, with 193 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	502	$143,250,000	$285,359
$2k-3k	190	$50,820,000	$267,474
$<1k	97	$7,765,000	$80,052
$5k+	92	$47,650,000	$517,935
$3k-4k	85	$27,745,000	$326,412
$4k-5k	62	$22,080,000	$356,129

Ulster Savings Bank's average total fees were $4,645, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.17%, while their most frequently originated rate bucket for loans was 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
90.95%

Ulster Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.56%

Ulster Savings Bank has a below 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	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	3857 Main Street Stone Ridge, NY 12484	Full Service B&M	$129,960
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