Watertown Savings Bank Mortgage Rates, Fees & Info

Watertown, MA

LEI: 5493009IWRQ5BJEI4M92

Tax ID: 04-1950840

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    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 by origination volume include: Boston, Barnstable Town, Worcester, and Lebanon among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Watertown 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.

    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

    195

    Origination Dollar Volume (All Markets)

    $90,605,000

    Employee count

    122

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 188 $87,660,000 $466,277 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,515,000 $505,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $975,000 $325,000 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
    Watertown Savings Bank's top markets include Boston, Barnstable Town, Worcester, and Lebanon among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 195 $90,605,000 $464,641 $0 0.00%

    For 2018, Watertown Savings Bank's most frequently originated type of loan was Conventional, with 195 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 98 $39,140,000 $399,388 $0 0.00%
    Home Purchase 86 $48,890,000 $568,488 $0 0.00%
    Other 7 $1,855,000 $265,000 $0 0.00%
    Home Improvement 4 $720,000 $180,000 $0 0.00%

    For 2018, Watertown Savings Bank's most frequently cited loan purpose was Refi, with 98 originations. The 2nd most popular reason was Home Purchase, with 86 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 195 $90,605,000 $464,641 $0 0.00%

    For 2018, Watertown Savings Bank's most frequently cited loan duration was Other, with 195 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 70 $20,970,000 $299,571 $0 0.00%
    $400k-600k 44 $21,160,000 $480,909 $0 0.00%
    $600k-1MM 36 $26,530,000 $736,944 $0 0.00%
    $100k-200k 26 $3,680,000 $141,538 $0 0.00%
    $1MM+ 12 $17,810,000 $1,484,167 $0 0.00%
    $100,000 or less 7 $455,000 $65,000 $0 0.00%

    2018 saw Watertown Savings Bank place emphasis on $200k-400k loans with 70 originations, totaling $20,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 36 $13,370,000 $371,389 $0 0.00%
    $150k-250k 31 $15,315,000 $494,032 $0 0.00%
    $50k-75k 30 $10,180,000 $339,333 $0 0.00%
    $50k or less 28 $8,300,000 $296,429 $0 0.00%
    $250k+ 23 $13,215,000 $574,565 $0 0.00%
    $75k-100k 18 $6,300,000 $350,000 $0 0.00%

    Watertown Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $150k-250k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 195 $90,605,000 $464,641 $0 0.00%

    Watertown Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 195 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 154 $60,380,000 $392,078 $0 0.00%
    Not applicable 25 $22,475,000 $899,000 $0 0.00%
    Not provided 10 $5,230,000 $523,000 $0 0.00%
    American Indian 2 $1,280,000 $640,000 $0 0.00%
    Asian 2 $910,000 $455,000 $0 0.00%
    Chinese 1 $205,000 $205,000 $0 0.00%
    Black 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.28%

    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
    83.59%

    Watertown Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 195 $90,605,000 $464,641

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $3,910,000 $1,955,000
    Single Family (1-4 Units):Site-Built 193 $86,695,000 $449,197

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Watertown Savings Bank 10 Bigelow Avenue Watertown, MA 2472 Full Service B&M $156,145
    Watertown Savings Bank 1075 Waltham Street Lexington, MA 2421 Full Service B&M $43,456
    Watertown Savings Bank 175 Watertown Street Watertown, MA 2472 Full Service B&M $63,137
    Watertown Savings Bank 25 Market Place Drive Waltham, MA 2451 Full Service B&M $3,511
    Watertown Savings Bank 30 Church Street Belmont, MA 2478 Full Service B&M $98,225
    Watertown Savings Bank 45 Church Street Watertown, MA 2472 Full Service B&M $17,002
    Watertown Savings Bank 6 Lexington Street Waltham, MA 2451 Full Service B&M $100,817
    Watertown Savings Bank 60 Main Street Watertown, MA 2472 Full Service B&M $366,997
    Watertown Savings Bank 739 Main Street Watertown, MA 2472 Full Service B&M $148,669
    Watertown Savings Bank 980 Massachusetts Avenue Arlington, MA 2476 Full Service B&M $27,887

    For 2018, Watertown Savings Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,978
    Net interest income $31,178
    Total noninterest income $3,742
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $881
    Trading account gains and fees $0
    Additional Noninterest Income $2,861
    Pre-tax net operating income $6,738
    Securities gains (or losses, -) $1,173
    Income before extraordinary items $6,518
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,518
    Minority interest net income $0
    Net income $6,518
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,556

    Watertown Savings Bank's gross interest income from loans was $33,978,000.
    Watertown Savings Bank's net interest income from loans was $31,178,000.
    Watertown Savings Bank's fee based income from loans was $881,000.
    Watertown Savings Bank's net income from loans was $6,518,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,800
    Provision for credit losses $205
    Total noninterest expense $27,977
    Salaries and employee benefits $15,924
    Premises and equipment expense $4,454
    Additional noninterest expense $7,599
    Applicable income taxes $1,393
    Net charge-offs $39
    Cash dividends $0

    Watertown Savings Bank's interest expense for loans was $2,800,000.
    Watertown Savings Bank's payroll and benefits expense were $15,924,000.
    Watertown Savings Bank's property, plant and equipment expenses $4,454,000.

    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 $1,050,601
    Deposits held in domestic offices $1,050,601
    Deposits by Individuals, partnerships, and corporations $1,040,097
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $10,133
    Deposits by Commercial banks and other depository institutions in U.S. $369
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $95,609
    Demand deposits $81,279
    Nontransaction accounts $954,991
    Money market deposit accounts (MMDAs) $250,436
    Other savings deposits (excluding MMDAs) $450,176
    Total time deposits $254,379
    Total time and savings deposits $969,321
    Noninterest-bearing deposits $81,628
    Interest-bearing deposits $968,973
    Retail deposits $998,791
    IRAs and Keogh plan accounts $53,290
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,184,318
    Cash & Balances due from depository institutions $43,397
    Interest-bearing balances $30,513
    Total securities $456,178
    Federal funds sold & reverse repurchase $20,001
    Net loans and leases $596,675
    Loan and leases loss allowance $3,323
    Trading account assets $0
    Bank premises and fixed assets $20,015
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $48,052

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,184,318
    Total Liabilities $1,060,829
    Total deposits $1,050,601
    Interest-bearing deposits $968,973
    Deposits held in domestic offices $1,050,601
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $10,228

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $596,675
    Loan and leases loss allowance $3,323
    Total loans and leases (domestic) $599,998
    All real estate loans $592,395
    Real estate loans in domestic offices $592,395
    Construction and development loans $17,178
    Residential 1-4 family construction $14,748
    Other construction, all land development and other land $2,430
    Loans secured by nonfarm nonresidential properties $47,068
    Nonfarm nonresidential secured by owner-occupied properties $20,001
    Commercial real estate & other non-farm, non-residential $27,067
    Multifamily residential real estate $8,486
    1-4 family residential loans $519,663
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $5,592
    To non-U.S. addressees $0
    Loans to individuals $1,911
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $77
    Other loans to individuals $1,834
    All other loans & leases $158
    Loans to foreign governments and official institutions $0
    Other loans $158
    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 $3,466
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Watertown Savings Bank had $596,675,000 of loans outstanding in 2018. $592,395,000 of loans were in real estate loans. $17,178,000 of loans were in development loans. $8,486,000 of loans were in multifamily mortgage loans. $519,663,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $77,000 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 68 $22,030 $323,971
    Nonfarm, nonresidential loans - <$100k 6 $299 $49,833
    Nonfarm, nonresidential loans - $100-250k 15 $1,838 $122,533
    Nonfarm, nonresidential loans - $250k-1MM 47 $19,893 $423,255
    Commercial & Industrial, US addressed loans - <$1MM 45 $3,478 $77,289
    Commercial & Industrial, US addressed loans - <$100k 31 $713 $23,000
    Commercial & Industrial, US addressed loans - $100-250k 6 $312 $52,000
    Commercial & Industrial, US addressed loans - $250k-1MM 8 $2,453 $306,625