Clinton Savings Bank Mortgage Rates, Fees & Info

Clinton, MA

LEI: 5493008ZGR745OCU3U41

Tax ID: 04-1185690

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Clinton Savings Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Clinton Savings Bank has a high proportion of conventional loans. Their top markets include Worcester, Boston, Barnstable Town, Portland, and Providence among others. Clinton 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

242

Origination Dollar Volume (All Markets)

$103,590,000

Employee count

101

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
WORCESTER, MA-CT (FHA|USDA|VA) 199 $55,275,000 $277,764 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 36 $36,590,000 $1,016,389 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $9,820,000 $2,455,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%

Clinton Savings Bank's top markets include Worcester, Boston, Barnstable Town, Portland, and Providence among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 242 $103,590,000 $428,058 $0 0.00%

For the 2021 period, Clinton Savings Bank's most frequently originated loan type of loans were Conventional, with 242 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 111 $31,985,000 $288,153 $0 0.00%
Refi 62 $40,890,000 $659,516 $0 0.00%
Home Purchase 57 $29,955,000 $525,526 $0 0.00%
Home Improvement 9 $335,000 $37,222 $0 0.00%
Other 3 $425,000 $141,667 $0 0.00%

For the 2021, Clinton Savings Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 111 originations. The 2nd most popular reason of loans were Refi, with 62 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 242 $103,590,000 $428,058 $0 0.00%

For the 2021, Clinton Savings Bank's most frequently cited loan length of loans were Other, with 242 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 119 $31,925,000 $268,277 $0 0.00%
$100k-200k 58 $9,160,000 $157,931 $0 0.00%
$400k-600k 35 $16,235,000 $463,857 $0 0.00%
$100,000 or less 15 $715,000 $47,667 $0 0.00%
$1MM+ 8 $40,500,000 $5,062,500 $0 0.00%
$600k-1MM 7 $5,055,000 $722,143 $0 0.00%

2021 saw Clinton Savings Bank place emphasis on $200k-400k loans with 119 originations, totaling $31,925,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 52 $13,820,000 $265,769 $0 0.00%
$75k-100k 47 $10,795,000 $229,681 $0 0.00%
$150k-250k 45 $14,885,000 $330,778 $0 0.00%
$50k-75k 43 $8,045,000 $187,093 $0 0.00%
$250k+ 21 $9,835,000 $468,333 $0 0.00%
$50k or less 15 $2,655,000 $177,000 $0 0.00%

Clinton Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $75k-100k, with 47 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 242 $103,590,000 $428,058 $0 0.00%

Clinton Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 242 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 196 $52,590,000 $268,316 $0 0.00%
Not applicable 17 $43,405,000 $2,553,235 $0 0.00%
Not provided 22 $6,450,000 $293,182 $0 0.00%
Black 4 $680,000 $170,000 $0 0.00%
Asian 1 $245,000 $245,000 $0 0.00%
American Indian 1 $125,000 $125,000 $0 0.00%
Other Pacific Islander 1 $95,000 $95,000 $0 0.00%

Approval Rates

Total approvals of all applications
93.39%

Clinton Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.27%

Clinton Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 242 $103,590,000 $428,058

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
242 $103,590,000 $428,058

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Clinton Savings Bank 1001 Main St Boylston, MA 1505 Full Service Retail $409
Clinton Savings Bank 12 Green Street Bolton, MA 1740 Limited, Drive-thru $279
Clinton Savings Bank 200 Church St Clinton, MA 1510 Full Service B&M $258,276
Clinton Savings Bank 306 West Boylston Street West Boylston, MA 1583 Full Service B&M $52,188
Clinton Savings Bank 35 Central Street Berlin, MA 1503 Full Service B&M $49,939
Clinton Savings Bank 562 Main Street Bolton, MA 1740 Full Service B&M $56,301
Clinton Savings Bank 81 D Shrewsbury Street Boylston, MA 1505 Full Service B&M $48,803
Clinton Savings Bank One Main Street Sterling, MA 1564 Full Service B&M $72,392

For 2021, Clinton Savings Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $20,657
Net interest income $17,969
Total noninterest income $2,424
Gross Fiduciary activities income $0
Service charges on deposit accounts $393
Trading account gains and fees $0
Additional Noninterest Income $2,031
Pre-tax net operating income $3,981
Securities gains (or losses, -) $1,856
Income before extraordinary items $4,699
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $4,699
Minority interest net income $0
Net income $4,699
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,195

Clinton Savings Bank's gross interest income from loans was $20,657,000.
Clinton Savings Bank's net interest income from loans was $17,969,000.
Clinton Savings Bank's fee based income from loans was $393,000.
Clinton Savings Bank's net income from loans was $4,699,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,688
Provision for credit losses $360
Total noninterest expense $16,052
Salaries and employee benefits $10,130
Premises and equipment expense $1,869
Additional noninterest expense $4,053
Applicable income taxes $1,138
Net charge-offs $32
Cash dividends $166

Clinton Savings Bank's interest expense for loans was $2,688,000.
Clinton Savings Bank's payroll and benefits expense were $10,130,000.
Clinton Savings Bank's property, plant and equipment expenses $1,869,000.

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 1.0%
Credit card loans 0.0%
Other individual loans 1.0%
Auto loans 0.0%
Other consumer loans 1.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $543,733
Deposits held in domestic offices $543,733
Deposits by Individuals, partnerships, and corporations $512,598
Deposits by U.S. Government $4
Deposits by States and political subdivisions in the U.S. $31,131
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 $44,470
Demand deposits $22,785
Nontransaction accounts $499,263
Money market deposit accounts (MMDAs) $112,980
Other savings deposits (excluding MMDAs) $284,539
Total time deposits $101,744
Total time and savings deposits $520,948
Noninterest-bearing deposits $87,764
Interest-bearing deposits $455,969
Retail deposits $504,690
IRAs and Keogh plan accounts $16,193
Brokered deposits $8,179
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $649,562
Cash & Balances due from depository institutions $26,334
Interest-bearing balances $22,694
Total securities $169,482
Federal funds sold & reverse repurchase $0
Net loans and leases $422,406
Loan and leases loss allowance $4,945
Trading account assets $0
Bank premises and fixed assets $6,165
Other real estate owned $0
Goodwill and other intangibles $417
All other assets $24,758

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $649,562
Total Liabilities $575,921
Total deposits $543,733
Interest-bearing deposits $455,969
Deposits held in domestic offices $543,733
% insured (estimated) $80
Federal funds purchased and repurchase agreements $4,864
Trading liabilities $0
Other borrowed funds $25,381
Subordinated debt $0
All other liabilities $1,943

Issued Loan Types

Type Value (in 000's)
Net loans and leases $422,406
Loan and leases loss allowance $4,945
Total loans and leases (domestic) $427,351
All real estate loans $402,472
Real estate loans in domestic offices $402,472
Construction and development loans $44,685
Residential 1-4 family construction $12,456
Other construction, all land development and other land $32,229
Loans secured by nonfarm nonresidential properties $119,135
Nonfarm nonresidential secured by owner-occupied properties $58,745
Commercial real estate & other non-farm, non-residential $60,390
Multifamily residential real estate $26,182
1-4 family residential loans $211,425
Farmland loans $1,045
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $17,427
To non-U.S. addressees $0
Loans to individuals $7,438
Credit card loans $0
Related Plans $148
Consumer Auto Loans $0
Other loans to individuals $7,290
All other loans & leases $14
Loans to foreign governments and official institutions $0
Other loans $14
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 $1,983
Non 1-4 family restructured loans & leases $86
Total loans and leases (foreign) $0

Clinton Savings Bank had $422,406,000 of loans outstanding in 2021. $402,472,000 of loans were in real estate loans. $44,685,000 of loans were in development loans. $26,182,000 of loans were in multifamily mortgage loans. $211,425,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 77 $21,873 $284,065
Nonfarm, nonresidential loans - <$100k 7 $316 $45,143
Nonfarm, nonresidential loans - $100-250k 24 $2,078 $86,583
Nonfarm, nonresidential loans - $250k-1MM 46 $19,479 $423,457
Commercial & Industrial, US addressed loans - <$1MM 99 $8,690 $87,778
Commercial & Industrial, US addressed loans - <$100k 71 $2,147 $30,239
Commercial & Industrial, US addressed loans - $100-250k 19 $2,424 $127,579
Commercial & Industrial, US addressed loans - $250k-1MM 9 $4,119 $457,667