Putnam Bank Mortgage Rates, Fees & Info

Putnam, CT

LEI: 549300951LUSESNSUY70

Tax ID: 06-0502070

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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. Their top markets by origination volume include: Worcester, Norwich, and Hartford among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    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.

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    Originations

    170

    Origination Dollar Volume (All Markets)

    $25,810,000

    Employee count

    95

    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) 143 $21,065,000 $147,308 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 26 $4,120,000 $158,462 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $625,000 $625,000 $0 0.00%
    Putnam Bank's top markets include Worcester, Norwich, and Hartford 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 161 $24,045,000 $149,348 $0 0.00%
    USDA 9 $1,765,000 $196,111 $0 0.00%

    For 2019, Putnam Bank's most frequently originated type of loan was Conventional, with 161 originations. Their 2nd most popular type was USDA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 52 $11,370,000 $218,654 $0 0.00%
    Cash Out Refi 49 $8,645,000 $176,429 $0 0.00%
    Other 27 $1,325,000 $49,074 $0 0.00%
    Home Improvement 22 $1,360,000 $61,818 $0 0.00%
    Refi 20 $3,110,000 $155,500 $0 0.00%

    For 2019, Putnam Bank's most frequently cited loan purpose was Home Purchase, with 52 originations. The 2nd most popular reason was Cash Out Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 170 $25,810,000 $151,824 $0 0.00%

    For 2019, Putnam Bank's most frequently cited loan duration was Other, with 170 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 67 $3,215,000 $47,985 $0 0.00%
    $100k-200k 52 $7,420,000 $142,692 $0 0.00%
    $200k-400k 47 $13,005,000 $276,702 $0 0.00%
    $400k-600k 2 $850,000 $425,000 $0 0.00%
    $600k-1MM 2 $1,320,000 $660,000 $0 0.00%

    2019 saw Putnam Bank place emphasis on $100,000 or less loans with 67 originations, totaling $3,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 41 $4,795,000 $116,951 $0 0.00%
    $100k-150k 37 $7,365,000 $199,054 $0 0.00%
    $150k-250k 28 $5,290,000 $188,929 $0 0.00%
    $75k-100k 28 $3,320,000 $118,571 $0 0.00%
    $50k or less 24 $1,980,000 $82,500 $0 0.00%
    $250k+ 6 $1,440,000 $240,000 $0 0.00%

    Putnam Bank lent most frequently to those with incomes in the $50k-75k range, with 41 originations. The second most popular income band? $100k-150k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 170 $25,810,000 $151,824 $0 0.00%

    Putnam Bank lent most frequently to those with DTI ratios of Exempt%, with 170 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 152 $22,060,000 $145,132 $0 0.00%
    Not applicable 5 $1,315,000 $263,000 $0 0.00%
    Not provided 7 $1,045,000 $149,286 $0 0.00%
    Asian 4 $930,000 $232,500 $0 0.00%
    American Indian 1 $385,000 $385,000 $0 0.00%
    Black 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.81%

    Putnam Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    92.94%

    Putnam Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 170 $25,810,000 $151,824

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,015,000 $338,333
    Single Family (1-4 Units):Site-Built 167 $24,795,000 $148,473

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Podium Mortgage Capital LLC Conventional home mortgage Trouble during payment process 3 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Putnam Bank 100 Averill Road Pomfret Center, CT 6259 Full Service B&M $40,580
    Putnam Bank 11 Pratt Road Plainfield, CT 6374 Full Service B&M $42,339
    Putnam Bank 125 Wauregan Road, Route 12 Danielson, CT 6239 Full Service B&M $47,389
    Putnam Bank 2 Chapman Lane, P O Box 266 Gales Ferry, CT 6335 Full Service B&M $40,293
    Putnam Bank 251 Kennedy Drive Putnam, CT 6260 Full Service Retail $13,166
    Putnam Bank 40 High Street Norwich, CT 6360 Full Service B&M $12,559
    Putnam Bank 40 Main Street Putnam, CT 6260 Full Service B&M $174,619
    Putnam Bank 461 Voluntown Road, Route 138 Griswold, CT 6351 Full Service B&M $20,782

    For 2019, Putnam Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,120
    Net interest income $14,826
    Total noninterest income $2,656
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,055
    Trading account gains and fees $0
    Additional Noninterest Income $1,601
    Pre-tax net operating income $5,057
    Securities gains (or losses, -) $-109
    Income before extraordinary items $4,086
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,086
    Minority interest net income $0
    Net income $4,086
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,176

    Putnam Bank's gross interest income from loans was $19,120,000.
    Putnam Bank's net interest income from loans was $14,826,000.
    Putnam Bank's fee based income from loans was $1,055,000.
    Putnam Bank's net income from loans was $4,086,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,294
    Provision for credit losses $350
    Total noninterest expense $12,075
    Salaries and employee benefits $7,705
    Premises and equipment expense $1,146
    Additional noninterest expense $3,224
    Applicable income taxes $862
    Net charge-offs $14
    Cash dividends $1,500

    Putnam Bank's interest expense for loans was $4,294,000.
    Putnam Bank's payroll and benefits expense were $7,705,000.
    Putnam Bank's property, plant and equipment expenses $1,146,000.

    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 $388,839
    Deposits held in domestic offices $388,839
    Deposits by Individuals, partnerships, and corporations $375,666
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,173
    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 $28,799
    Demand deposits $19,388
    Nontransaction accounts $360,040
    Money market deposit accounts (MMDAs) $24,562
    Other savings deposits (excluding MMDAs) $205,866
    Total time deposits $129,612
    Total time and savings deposits $369,451
    Noninterest-bearing deposits $75,976
    Interest-bearing deposits $312,863
    Retail deposits $356,264
    IRAs and Keogh plan accounts $39,491
    Brokered deposits $12,535
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $523,627
    Cash & Balances due from depository institutions $37,639
    Interest-bearing balances $35,227
    Total securities $83,655
    Federal funds sold & reverse repurchase $0
    Net loans and leases $370,742
    Loan and leases loss allowance $3,200
    Trading account assets $0
    Bank premises and fixed assets $3,054
    Other real estate owned $1,009
    Goodwill and other intangibles $6,982
    All other assets $20,546

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $523,627
    Total Liabilities $450,575
    Total deposits $388,839
    Interest-bearing deposits $312,863
    Deposits held in domestic offices $388,839
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $2,137
    Trading liabilities $0
    Other borrowed funds $56,174
    Subordinated debt $0
    All other liabilities $3,425

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $370,742
    Loan and leases loss allowance $3,200
    Total loans and leases (domestic) $373,942
    All real estate loans $352,616
    Real estate loans in domestic offices $352,616
    Construction and development loans $22,918
    Residential 1-4 family construction $2,019
    Other construction, all land development and other land $20,899
    Loans secured by nonfarm nonresidential properties $101,556
    Nonfarm nonresidential secured by owner-occupied properties $31,677
    Commercial real estate & other non-farm, non-residential $69,879
    Multifamily residential real estate $14,659
    1-4 family residential loans $213,369
    Farmland loans $114
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,124
    To non-U.S. addressees $0
    Loans to individuals $786
    Credit card loans $0
    Related Plans $26
    Consumer Auto Loans $79
    Other loans to individuals $681
    All other loans & leases $12,416
    Loans to foreign governments and official institutions $0
    Other loans $243
    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 $38
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Putnam Bank had $370,742,000 of loans outstanding in 2019. $352,616,000 of loans were in real estate loans. $22,918,000 of loans were in development loans. $14,659,000 of loans were in multifamily mortgage loans. $213,369,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $79,000 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 $26,276 $234,607
    Nonfarm, nonresidential loans - <$100k 17 $681 $40,059
    Nonfarm, nonresidential loans - $100-250k 46 $5,466 $118,826
    Nonfarm, nonresidential loans - $250k-1MM 49 $20,129 $410,796
    Commercial & Industrial, US addressed loans - <$1MM 74 $6,349 $85,797
    Commercial & Industrial, US addressed loans - <$100k 44 $1,627 $36,977
    Commercial & Industrial, US addressed loans - $100-250k 20 $2,533 $126,650
    Commercial & Industrial, US addressed loans - $250k-1MM 10 $2,189 $218,900
    Farmland loans - <$1MM 4 $114 $28,500
    Farmland loans - <$100k 4 $114 $28,500