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 Vineyard Haven among others. We have data for 5 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

    214

    Origination Dollar Volume (All Markets)

    $116,820,000

    Employee count

    121

    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) 202 $109,480,000 $541,980 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $3,660,000 $457,500 $0 0.00%
    Outside of Metro Areas 2 $2,630,000 $1,315,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
    Watertown Savings Bank's top markets include Boston, Barnstable Town, Worcester, and Vineyard Haven 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 214 $116,820,000 $545,888 $0 0.00%

    For 2019, Watertown Savings Bank's most frequently originated type of loan was Conventional, with 214 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 113 $50,665,000 $448,363 $0 0.00%
    Home Purchase 84 $61,980,000 $737,857 $0 0.00%
    Home Improvement 16 $3,670,000 $229,375 $0 0.00%
    Other 1 $505,000 $505,000 $0 0.00%

    For 2019, Watertown Savings Bank's most frequently cited loan purpose was Refi, with 113 originations. The 2nd most popular reason was Home Purchase, with 84 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 214 $116,820,000 $545,888 $0 0.00%

    For 2019, Watertown Savings Bank's most frequently cited loan duration was Other, with 214 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 60 $18,190,000 $303,167 $0 0.00%
    $400k-600k 56 $27,190,000 $485,536 $0 0.00%
    $600k-1MM 32 $23,380,000 $730,625 $0 0.00%
    $100k-200k 30 $4,290,000 $143,000 $0 0.00%
    $1MM+ 25 $43,165,000 $1,726,600 $0 0.00%
    $100,000 or less 11 $605,000 $55,000 $0 0.00%

    2019 saw Watertown Savings Bank place emphasis on $200k-400k loans with 60 originations, totaling $18,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 64 $37,830,000 $591,094 $0 0.00%
    $100k-150k 37 $12,505,000 $337,973 $0 0.00%
    $150k-250k 31 $11,635,000 $375,323 $0 0.00%
    $50k-75k 20 $5,200,000 $260,000 $0 0.00%
    $50k or less 15 $3,475,000 $231,667 $0 0.00%
    $75k-100k 13 $4,095,000 $315,000 $0 0.00%

    Watertown Savings Bank lent most frequently to those with incomes in the $250k+ range, with 64 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% 214 $116,820,000 $545,888 $0 0.00%

    Watertown Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 214 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 161 $68,995,000 $428,540 $0 0.00%
    Not applicable 30 $40,470,000 $1,349,000 $0 0.00%
    Not provided 14 $3,390,000 $242,143 $0 0.00%
    Asian 7 $3,265,000 $466,429 $0 0.00%
    American Indian 1 $595,000 $595,000 $0 0.00%
    Black 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.59%

    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
    87.85%

    Watertown Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 214 $116,820,000 $545,888

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $3,230,000 $1,615,000
    Single Family (1-4 Units):Site-Built 212 $113,590,000 $535,802

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Watertown Savings Bank 980 Massachusetts Avenue Arlington, MA 2476 Full Service B&M $29,246
    Watertown Savings Bank 10 Bigelow Avenue Watertown, MA 2472 Full Service B&M $157,974
    Watertown Savings Bank 1075 Waltham Street Lexington, MA 2421 Full Service B&M $52,576
    Watertown Savings Bank 175 Watertown Street Watertown, MA 2472 Full Service B&M $66,717
    Watertown Savings Bank 25 Market Place Drive Waltham, MA 2451 Full Service B&M $15,765
    Watertown Savings Bank 30 Church Street Belmont, MA 2478 Full Service B&M $102,272
    Watertown Savings Bank 45 Church Street Watertown, MA 2472 Full Service B&M $18,306
    Watertown Savings Bank 6 Lexington Street Waltham, MA 2451 Full Service B&M $104,613
    Watertown Savings Bank 60 Main Street Watertown, MA 2472 Full Service B&M $379,169
    Watertown Savings Bank 739 Main Street Watertown, MA 2472 Full Service B&M $160,522

    For 2019, Watertown Savings Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $37,599
    Net interest income $31,331
    Total noninterest income $3,769
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $857
    Trading account gains and fees $0
    Additional Noninterest Income $2,912
    Pre-tax net operating income $6,896
    Securities gains (or losses, -) $17
    Income before extraordinary items $5,345
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,345
    Minority interest net income $0
    Net income $5,345
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,331

    Watertown Savings Bank's gross interest income from loans was $37,599,000.
    Watertown Savings Bank's net interest income from loans was $31,331,000.
    Watertown Savings Bank's fee based income from loans was $857,000.
    Watertown Savings Bank's net income from loans was $5,345,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,268
    Provision for credit losses $180
    Total noninterest expense $28,024
    Salaries and employee benefits $16,450
    Premises and equipment expense $4,580
    Additional noninterest expense $6,994
    Applicable income taxes $1,568
    Net charge-offs $16
    Cash dividends $0

    Watertown Savings Bank's interest expense for loans was $6,268,000.
    Watertown Savings Bank's payroll and benefits expense were $16,450,000.
    Watertown Savings Bank's property, plant and equipment expenses $4,580,000.

    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 $1,128,346
    Deposits held in domestic offices $1,128,346
    Deposits by Individuals, partnerships, and corporations $1,117,239
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $10,237
    Deposits by Commercial banks and other depository institutions in U.S. $868
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $94,163
    Demand deposits $81,448
    Nontransaction accounts $1,034,183
    Money market deposit accounts (MMDAs) $246,068
    Other savings deposits (excluding MMDAs) $424,746
    Total time deposits $363,368
    Total time and savings deposits $1,046,898
    Noninterest-bearing deposits $81,795
    Interest-bearing deposits $1,046,551
    Retail deposits $1,029,012
    IRAs and Keogh plan accounts $57,262
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,274,100
    Cash & Balances due from depository institutions $34,574
    Interest-bearing balances $23,382
    Total securities $527,242
    Federal funds sold & reverse repurchase $20,130
    Net loans and leases $627,121
    Loan and leases loss allowance $3,487
    Trading account assets $0
    Bank premises and fixed assets $19,586
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $45,447

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,274,100
    Total Liabilities $1,145,947
    Total deposits $1,128,346
    Interest-bearing deposits $1,046,551
    Deposits held in domestic offices $1,128,346
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $17,601

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $627,121
    Loan and leases loss allowance $3,487
    Total loans and leases (domestic) $630,608
    All real estate loans $622,589
    Real estate loans in domestic offices $622,589
    Construction and development loans $21,008
    Residential 1-4 family construction $21,008
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $50,834
    Nonfarm nonresidential secured by owner-occupied properties $25,477
    Commercial real estate & other non-farm, non-residential $25,357
    Multifamily residential real estate $9,591
    1-4 family residential loans $541,156
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $6,573
    To non-U.S. addressees $0
    Loans to individuals $1,501
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $68
    Other loans to individuals $1,433
    All other loans & leases $64
    Loans to foreign governments and official institutions $0
    Other loans $64
    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 $2,431
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Watertown Savings Bank had $627,121,000 of loans outstanding in 2019. $622,589,000 of loans were in real estate loans. $21,008,000 of loans were in development loans. $9,591,000 of loans were in multifamily mortgage loans. $541,156,000 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 66 $22,188 $336,182
    Nonfarm, nonresidential loans - <$100k 3 $206 $68,667
    Nonfarm, nonresidential loans - $100-250k 15 $1,643 $109,533
    Nonfarm, nonresidential loans - $250k-1MM 48 $20,339 $423,729
    Commercial & Industrial, US addressed loans - <$1MM 54 $3,761 $69,648
    Commercial & Industrial, US addressed loans - <$100k 41 $988 $24,098
    Commercial & Industrial, US addressed loans - $100-250k 5 $369 $73,800
    Commercial & Industrial, US addressed loans - $250k-1MM 8 $2,404 $300,500