Putnam Bank Mortgage Rates, Fees & Info

Putnam, CT

LEI: 549300951LUSESNSUY70

Tax ID: 06-0502070

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Review & Overview

Putnam Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Putnam Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top two markets are Worcester and Norwich .

Putnam Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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Originations

179

Origination Dollar Volume (All Markets)

$28,055,000

Employee count

100

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
WORCESTER, MA-CT (FHA\|USDA\|VA)	146	$21,940,000	$150,274	$0	0.00%
NORWICH-NEW LONDON, CT (FHA\|USDA\|VA)	33	$6,115,000	$185,303	$0	0.00%

Putnam Bank's top markets include Worcester and Norwich among others.

Their top states include:

Connecticut (FHA|USDA|VA)

Massachusetts (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	173	$27,075,000	$156,503	$0	0.00%
USDA	5	$885,000	$177,000	$0	0.00%
FHA	1	$95,000	$95,000	$0	0.00%

For 2018, Putnam Bank's most frequently originated type of loan was Conventional, with 173 originations. Their 2nd most popular type was USDA, with 5 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	71	$14,595,000	$205,563	$0	0.00%
Cash Out Refi	45	$7,265,000	$161,444	$0	0.00%
Refi	24	$3,780,000	$157,500	$0	0.00%
Home Improvement	20	$1,220,000	$61,000	$0	0.00%
Other	19	$1,195,000	$62,895	$0	0.00%

For 2018, Putnam Bank's most frequently cited loan purpose was Home Purchase, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 45 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	179	$28,055,000	$156,732	$0	0.00%

For 2018, Putnam Bank's most frequently cited loan duration was Other, with 179 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	72	$10,610,000	$147,361	$0	0.00%
$100,000 or less	63	$2,935,000	$46,587	$0	0.00%
$200k-400k	36	$9,680,000	$268,889	$0	0.00%
$400k-600k	5	$2,225,000	$445,000	$0	0.00%
$600k-1MM	3	$2,605,000	$868,333	$0	0.00%

2018 saw Putnam Bank place emphasis on $100k-200k loans with 72 originations, totaling $10,610,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	43	$5,215,000	$121,279	$0	0.00%
$75k-100k	40	$4,760,000	$119,000	$0	0.00%
$100k-150k	31	$4,495,000	$145,000	$0	0.00%
$150k-250k	28	$6,020,000	$215,000	$0	0.00%
$50k or less	14	$1,140,000	$81,429	$0	0.00%
$250k+	5	$1,645,000	$329,000	$0	0.00%

Putnam Bank lent most frequently to those with incomes in the $50k-75k range, with 43 originations. The second most popular income band? $75k-100k, with 40 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	179	$28,055,000	$156,732	$0	0.00%

Putnam Bank lent most frequently to those with DTI ratios of Exempt%, with 179 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	159	$22,685,000	$142,673	$0	0.00%
Not applicable	15	$4,355,000	$290,333	$0	0.00%
Asian	2	$470,000	$235,000	$0	0.00%
Not provided	2	$420,000	$210,000	$0	0.00%
Black	1	$125,000	$125,000	$0	0.00%

Approval Rates

Total approvals of all applications
81.59%

Putnam Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
91.06%

Putnam Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	179	$28,055,000	$156,732

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	11	$4,095,000	$372,273
Single Family (1-4 Units):Manufactured	2	$190,000	$95,000
Single Family (1-4 Units):Site-Built	166	$23,770,000	$143,193

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
Podium Mortgage Capital LLC	Other type of mortgage	Trouble during payment process	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Putnam Bank	100 Averill Road Pomfret Center, CT 6259	Full Service B&M	$40,923
Putnam Bank	11 Pratt Road Plainfield, CT 6374	Full Service B&M	$40,718
Putnam Bank	125 Wauregan Road, Route 12 Danielson, CT 6239	Full Service B&M	$46,040
Putnam Bank	2 Chapman Lane Gales Ferry, CT 6335	Full Service B&M	$39,769
Putnam Bank	251 Kennedy Drive Putnam, CT 6260	Full Service Retail	$11,600
Putnam Bank	40 High Street Norwich, CT 6360	Full Service B&M	$12,627
Putnam Bank	40 Main Street Putnam, CT 6260	Full Service B&M	$167,566
Putnam Bank	461 Voluntown Road, Route 138 Griswold, CT 6351	Full Service B&M	$19,284

For 2018, Putnam Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$17,845
Net interest income	$14,299
Total noninterest income	$2,595
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,108
Trading account gains and fees	$0
Additional Noninterest Income	$1,487
Pre-tax net operating income	$5,280
Securities gains (or losses, -)	$-4
Income before extraordinary items	$4,234
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,234
Minority interest net income	$0
Net income	$4,234
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$4,237

Putnam Bank's gross interest income from loans was $17,845,000.
Putnam Bank's net interest income from loans was $14,299,000.
Putnam Bank's fee based income from loans was $1,108,000.
Putnam Bank's net income from loans was $4,234,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,546
Provision for credit losses	$-550
Total noninterest expense	$12,164
Salaries and employee benefits	$7,588
Premises and equipment expense	$1,150
Additional noninterest expense	$3,426
Applicable income taxes	$1,042
Net charge-offs	$-449
Cash dividends	$3,000

Putnam Bank's interest expense for loans was $3,546,000.
Putnam Bank's payroll and benefits expense were $7,588,000.
Putnam Bank's property, plant and equipment expenses $1,150,000.

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	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	0.0%
All other family	1.0%
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	$373,129
Deposits held in domestic offices	$373,129
Deposits by Individuals, partnerships, and corporations	$359,110
Deposits by U.S. Government	$4
Deposits by States and political subdivisions in the U.S.	$14,015
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	$28,656
Demand deposits	$19,456
Nontransaction accounts	$344,473
Money market deposit accounts (MMDAs)	$22,941
Other savings deposits (excluding MMDAs)	$207,210
Total time deposits	$114,322
Total time and savings deposits	$353,673
Noninterest-bearing deposits	$76,238
Interest-bearing deposits	$296,891
Retail deposits	$346,652
IRAs and Keogh plan accounts	$40,452
Brokered deposits	$10,291
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$514,121
Cash & Balances due from depository institutions	$5,405
Interest-bearing balances	$951
Total securities	$107,654
Federal funds sold & reverse repurchase	$0
Net loans and leases	$368,626
Loan and leases loss allowance	$2,864
Trading account assets	$0
Bank premises and fixed assets	$3,114
Other real estate owned	$1,297
Goodwill and other intangibles	$6,994
All other assets	$21,031

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$514,121
Total Liabilities	$444,446
Total deposits	$373,129
Interest-bearing deposits	$296,891
Deposits held in domestic offices	$373,129
% insured (estimated)	$90
Federal funds purchased and repurchase agreements	$3,310
Trading liabilities	$0
Other borrowed funds	$65,819
Subordinated debt	$0
All other liabilities	$2,188

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$368,626
Loan and leases loss allowance	$2,864
Total loans and leases (domestic)	$371,490
All real estate loans	$347,248
Real estate loans in domestic offices	$347,248
Construction and development loans	$14,854
Residential 1-4 family construction	$937
Other construction, all land development and other land	$13,917
Loans secured by nonfarm nonresidential properties	$87,282
Nonfarm nonresidential secured by owner-occupied properties	$33,383
Commercial real estate & other non-farm, non-residential	$53,899
Multifamily residential real estate	$14,091
1-4 family residential loans	$230,838
Farmland loans	$183
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$8,627
To non-U.S. addressees	$0
Loans to individuals	$773
Credit card loans	$0
Related Plans	$22
Consumer Auto Loans	$68
Other loans to individuals	$683
All other loans & leases	$14,842
Loans to foreign governments and official institutions	$0
Other loans	$1,293
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	$30
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Putnam Bank had $368,626,000 of loans outstanding in 2018. $347,248,000 of loans were in real estate loans. $14,854,000 of loans were in development loans. $14,091,000 of loans were in multifamily mortgage loans. $230,838,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $68,000 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	112	$25,446	$227,196
Nonfarm, nonresidential loans - <$100k	18	$603	$33,500
Nonfarm, nonresidential loans - $100-250k	47	$6,062	$128,979
Nonfarm, nonresidential loans - $250k-1MM	47	$18,781	$399,596
Commercial & Industrial, US addressed loans - <$1MM	65	$5,453	$83,892
Commercial & Industrial, US addressed loans - <$100k	40	$1,209	$30,225
Commercial & Industrial, US addressed loans - $100-250k	14	$1,922	$137,286
Commercial & Industrial, US addressed loans - $250k-1MM	11	$2,322	$211,091
Farmland loans - <$1MM	6	$183	$30,500
Farmland loans - <$100k	5	$106	$21,200
Farmland loans - $100-250k	1	$77	$77,000