Watertown Savings Bank Mortgage Rates, Fees & Info

Watertown, MA

LEI: 5493009IWRQ5BJEI4M92

Tax ID: 04-1950840

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Watertown Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Watertown Savings Bank has a high proportion of conventional loans. Their top markets include Boston, Barnstable Town, Port St. Lucie, Pittsfield, and Providence among others. Watertown 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

165

Origination Dollar Volume (All Markets)

$89,075,000

Employee count

108

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 153 $81,775,000 $534,477 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $3,210,000 $401,250 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $2,405,000 $2,405,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
Outside of Metro Areas 1 $175,000 $175,000 $0 0.00%

Watertown Savings Bank's top markets include Boston, Barnstable Town, Port St. Lucie, Pittsfield, and Providence among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 165 $89,075,000 $539,848 $0 0.00%

For the 2021 period, Watertown Savings Bank's most frequently originated loan type of loans were Conventional, with 165 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 89 $43,385,000 $487,472 $0 0.00%
Home Purchase 69 $39,545,000 $573,116 $0 0.00%
Home Improvement 6 $6,070,000 $1,011,667 $0 0.00%
Other 1 $75,000 $75,000 $0 0.00%

For the 2021, Watertown Savings Bank's most frequently cited loan purpose of loans were Refi, with 89 originations. The 2nd most popular reason of loans were Home Purchase, with 69 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 165 $89,075,000 $539,848 $0 0.00%

For the 2021, Watertown Savings Bank's most frequently cited loan length of loans were Other, with 165 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 53 $15,875,000 $299,528 $0 0.00%
$400k-600k 39 $19,865,000 $509,359 $0 0.00%
$600k-1MM 39 $29,435,000 $754,744 $0 0.00%
$100k-200k 17 $2,585,000 $152,059 $0 0.00%
$1MM+ 15 $21,165,000 $1,411,000 $0 0.00%
$100,000 or less 2 $150,000 $75,000 $0 0.00%

2021 saw Watertown Savings Bank place emphasis on $200k-400k loans with 53 originations, totaling $15,875,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 35 $23,265,000 $664,714 $0 0.00%
$150k-250k 34 $14,210,000 $417,941 $0 0.00%
$100k-150k 21 $9,765,000 $465,000 $0 0.00%
$50k or less 17 $6,285,000 $369,706 $0 0.00%
$50k-75k 12 $3,590,000 $299,167 $0 0.00%
$75k-100k 12 $4,750,000 $395,833 $0 0.00%

Watertown Savings Bank lent most frequently to those with incomes in the $250k+ range, with 35 originations. The second most popular income band? $150k-250k, with 34 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 165 $89,075,000 $539,848 $0 0.00%

Watertown Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 165 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 119 $54,485,000 $457,857 $0 0.00%
Not applicable 24 $22,830,000 $951,250 $0 0.00%
Not provided 13 $7,555,000 $581,154 $0 0.00%
Asian 6 $2,170,000 $361,667 $0 0.00%
Asian Indian 2 $1,430,000 $715,000 $0 0.00%
Black 1 $605,000 $605,000 $0 0.00%

Approval Rates

Total approvals of all applications
98.88%

Watertown Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
81.54%

Watertown Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 165 $89,075,000 $539,848

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
165 $89,075,000 $539,848

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Watertown Savings Bank 175 Watertown Street Watertown, MA 2472 Full Service B&M $76,238
Watertown Savings Bank 25 Market Place Drive Waltham, MA 2451 Full Service B&M $29,365
Watertown Savings Bank 30 Church Street Belmont, MA 2478 Full Service B&M $112,350
Watertown Savings Bank 45 Church Street Watertown, MA 2472 Full Service B&M $21,123
Watertown Savings Bank 6 Lexington Street Waltham, MA 2451 Full Service B&M $116,183
Watertown Savings Bank 60 Main Street Watertown, MA 2472 Full Service B&M $454,576
Watertown Savings Bank 739 Main Street Watertown, MA 2472 Full Service B&M $190,019
Watertown Savings Bank 980 Massachusetts Avenue Arlington, MA 2476 Full Service B&M $34,361
Watertown Savings Bank 10 Bigelow Avenue Watertown, MA 2472 Full Service B&M $185,733
Watertown Savings Bank 1075 Waltham Street Lexington, MA 2421 Full Service B&M $78,159

For 2021, Watertown Savings Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $30,420
Net interest income $27,710
Total noninterest income $3,765
Gross Fiduciary activities income $0
Service charges on deposit accounts $605
Trading account gains and fees $0
Additional Noninterest Income $3,160
Pre-tax net operating income $4,519
Securities gains (or losses, -) $0
Income before extraordinary items $3,724
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,724
Minority interest net income $0
Net income $3,724
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,724

Watertown Savings Bank's gross interest income from loans was $30,420,000.
Watertown Savings Bank's net interest income from loans was $27,710,000.
Watertown Savings Bank's fee based income from loans was $605,000.
Watertown Savings Bank's net income from loans was $3,724,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,710
Provision for credit losses $0
Total noninterest expense $26,956
Salaries and employee benefits $16,167
Premises and equipment expense $4,678
Additional noninterest expense $6,111
Applicable income taxes $795
Net charge-offs $3
Cash dividends $0

Watertown Savings Bank's interest expense for loans was $2,710,000.
Watertown Savings Bank's payroll and benefits expense were $16,167,000.
Watertown Savings Bank's property, plant and equipment expenses $4,678,000.

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 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 $1,346,095
Deposits held in domestic offices $1,346,095
Deposits by Individuals, partnerships, and corporations $1,334,664
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $8,675
Deposits by Commercial banks and other depository institutions in U.S. $2,756
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $160,063
Demand deposits $149,301
Nontransaction accounts $1,186,032
Money market deposit accounts (MMDAs) $335,751
Other savings deposits (excluding MMDAs) $570,354
Total time deposits $279,927
Total time and savings deposits $1,196,794
Noninterest-bearing deposits $149,559
Interest-bearing deposits $1,196,536
Retail deposits $1,275,042
IRAs and Keogh plan accounts $54,609
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,499,175
Cash & Balances due from depository institutions $158,778
Interest-bearing balances $149,962
Total securities $723,761
Federal funds sold & reverse repurchase $0
Net loans and leases $547,796
Loan and leases loss allowance $4,178
Trading account assets $0
Bank premises and fixed assets $17,260
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $51,580

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,499,175
Total Liabilities $1,368,870
Total deposits $1,346,095
Interest-bearing deposits $1,196,536
Deposits held in domestic offices $1,346,095
% insured (estimated) $77
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $22,775

Issued Loan Types

Type Value (in 000's)
Net loans and leases $547,796
Loan and leases loss allowance $4,178
Total loans and leases (domestic) $551,974
All real estate loans $548,188
Real estate loans in domestic offices $548,188
Construction and development loans $17,208
Residential 1-4 family construction $17,208
Other construction, all land development and other land $0
Loans secured by nonfarm nonresidential properties $35,714
Nonfarm nonresidential secured by owner-occupied properties $18,835
Commercial real estate & other non-farm, non-residential $16,879
Multifamily residential real estate $10,804
1-4 family residential loans $484,462
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $3,392
To non-U.S. addressees $0
Loans to individuals $598
Credit card loans $0
Related Plans $0
Consumer Auto Loans $15
Other loans to individuals $583
All other loans & leases $46
Loans to foreign governments and official institutions $0
Other loans $46
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 $2,872
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Watertown Savings Bank had $547,796,000 of loans outstanding in 2021. $548,188,000 of loans were in real estate loans. $17,208,000 of loans were in development loans. $10,804,000 of loans were in multifamily mortgage loans. $484,462,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $15,000 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 62 $16,553 $266,984
Nonfarm, nonresidential loans - <$100k 4 $70 $17,500
Nonfarm, nonresidential loans - $100-250k 13 $1,043 $80,231
Nonfarm, nonresidential loans - $250k-1MM 45 $15,440 $343,111
Commercial & Industrial, US addressed loans - <$1MM 56 $3,242 $57,893
Commercial & Industrial, US addressed loans - <$100k 45 $1,118 $24,844
Commercial & Industrial, US addressed loans - $100-250k 4 $426 $106,500
Commercial & Industrial, US addressed loans - $250k-1MM 7 $1,698 $242,571