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, and Worcester among others. We have data for 3 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

    168

    Origination Dollar Volume (All Markets)

    $81,290,000

    Employee count

    115

    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) 165 $80,435,000 $487,485 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $500,000 $250,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
    Watertown Savings Bank's top markets include Boston, Barnstable Town, and Worcester among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 168 $81,290,000 $483,869 $0 0.00%

    For 2020, Watertown Savings Bank's most frequently originated type of loan was Conventional, with 168 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 104 $42,920,000 $412,692 $0 0.00%
    Home Purchase 58 $32,420,000 $558,966 $0 0.00%
    Home Improvement 6 $5,950,000 $991,667 $0 0.00%

    For 2020, Watertown Savings Bank's most frequently cited loan purpose was Refi, with 104 originations. The 2nd most popular reason was Home Purchase, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 168 $81,290,000 $483,869 $0 0.00%

    For 2020, Watertown Savings Bank's most frequently cited loan duration was Other, with 168 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 65 $19,695,000 $303,000 $0 0.00%
    $400k-600k 45 $21,835,000 $485,222 $0 0.00%
    $600k-1MM 27 $19,955,000 $739,074 $0 0.00%
    $100k-200k 17 $2,365,000 $139,118 $0 0.00%
    $1MM+ 12 $17,320,000 $1,443,333 $0 0.00%
    $100,000 or less 2 $120,000 $60,000 $0 0.00%

    2020 saw Watertown Savings Bank place emphasis on $200k-400k loans with 65 originations, totaling $19,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 34 $14,340,000 $421,765 $0 0.00%
    $150k-250k 32 $15,260,000 $476,875 $0 0.00%
    $250k+ 31 $18,135,000 $585,000 $0 0.00%
    $50k or less 22 $5,710,000 $259,545 $0 0.00%
    $50k-75k 17 $5,645,000 $332,059 $0 0.00%
    $75k-100k 12 $4,090,000 $340,833 $0 0.00%

    Watertown Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 168 $81,290,000 $483,869 $0 0.00%

    Watertown Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 168 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 133 $55,305,000 $415,827 $0 0.00%
    Not applicable 20 $18,110,000 $905,500 $0 0.00%
    Not provided 11 $5,485,000 $498,636 $0 0.00%
    American Indian 2 $1,100,000 $550,000 $0 0.00%
    Asian Indian 1 $885,000 $885,000 $0 0.00%
    Chinese 1 $405,000 $405,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.08%

    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
    72.62%

    Watertown Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 168 $81,290,000 $483,869

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 168 $81,290,000 $483,869

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Watertown Savings Bank 10 Bigelow Avenue Watertown, MA 2472 Full Service B&M $175,139
    Watertown Savings Bank 1075 Waltham Street Lexington, MA 2421 Full Service B&M $64,797
    Watertown Savings Bank 175 Watertown Street Watertown, MA 2472 Full Service B&M $70,587
    Watertown Savings Bank 25 Market Place Drive Waltham, MA 2451 Full Service B&M $20,718
    Watertown Savings Bank 30 Church Street Belmont, MA 2478 Full Service B&M $115,575
    Watertown Savings Bank 45 Church Street Watertown, MA 2472 Full Service B&M $20,444
    Watertown Savings Bank 6 Lexington Street Waltham, MA 2451 Full Service B&M $110,087
    Watertown Savings Bank 60 Main Street Watertown, MA 2472 Full Service B&M $417,644
    Watertown Savings Bank 739 Main Street Watertown, MA 2472 Full Service B&M $177,757
    Watertown Savings Bank 980 Massachusetts Avenue Arlington, MA 2476 Full Service B&M $33,141

    For 2020, Watertown Savings Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,560
    Net interest income $28,584
    Total noninterest income $3,313
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $609
    Trading account gains and fees $0
    Additional Noninterest Income $2,704
    Pre-tax net operating income $2,385
    Securities gains (or losses, -) $104
    Income before extraordinary items $2,669
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,669
    Minority interest net income $0
    Net income $2,669
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,565

    Watertown Savings Bank's gross interest income from loans was $33,560,000.
    Watertown Savings Bank's net interest income from loans was $28,584,000.
    Watertown Savings Bank's fee based income from loans was $609,000.
    Watertown Savings Bank's net income from loans was $2,669,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,976
    Provision for credit losses $710
    Total noninterest expense $28,802
    Salaries and employee benefits $17,335
    Premises and equipment expense $4,671
    Additional noninterest expense $6,796
    Applicable income taxes $-180
    Net charge-offs $16
    Cash dividends $0

    Watertown Savings Bank's interest expense for loans was $4,976,000.
    Watertown Savings Bank's payroll and benefits expense were $17,335,000.
    Watertown Savings Bank's property, plant and equipment expenses $4,671,000.

    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 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,232,515
    Deposits held in domestic offices $1,232,515
    Deposits by Individuals, partnerships, and corporations $1,220,898
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $10,612
    Deposits by Commercial banks and other depository institutions in U.S. $1,005
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $111,095
    Demand deposits $102,816
    Nontransaction accounts $1,121,420
    Money market deposit accounts (MMDAs) $305,221
    Other savings deposits (excluding MMDAs) $505,762
    Total time deposits $310,437
    Total time and savings deposits $1,129,699
    Noninterest-bearing deposits $103,128
    Interest-bearing deposits $1,129,387
    Retail deposits $1,151,956
    IRAs and Keogh plan accounts $56,750
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,382,486
    Cash & Balances due from depository institutions $140,314
    Interest-bearing balances $107,957
    Total securities $566,431
    Federal funds sold & reverse repurchase $0
    Net loans and leases $608,422
    Loan and leases loss allowance $4,181
    Trading account assets $0
    Bank premises and fixed assets $18,487
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $48,832

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,382,486
    Total Liabilities $1,251,653
    Total deposits $1,232,515
    Interest-bearing deposits $1,129,387
    Deposits held in domestic offices $1,232,515
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $19,138

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $608,422
    Loan and leases loss allowance $4,181
    Total loans and leases (domestic) $612,603
    All real estate loans $585,085
    Real estate loans in domestic offices $585,085
    Construction and development loans $18,258
    Residential 1-4 family construction $18,258
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $45,530
    Nonfarm nonresidential secured by owner-occupied properties $19,706
    Commercial real estate & other non-farm, non-residential $25,824
    Multifamily residential real estate $7,586
    1-4 family residential loans $513,711
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $27,021
    To non-U.S. addressees $0
    Loans to individuals $1,062
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $30
    Other loans to individuals $1,032
    All other loans & leases $38
    Loans to foreign governments and official institutions $0
    Other loans $38
    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 $2,151
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Watertown Savings Bank had $608,422,000 of loans outstanding in 2020. $585,085,000 of loans were in real estate loans. $18,258,000 of loans were in development loans. $7,586,000 of loans were in multifamily mortgage loans. $513,711,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $30,000 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 64 $19,615 $306,484
    Nonfarm, nonresidential loans - <$100k 5 $72 $14,400
    Nonfarm, nonresidential loans - $100-250k 14 $1,496 $106,857
    Nonfarm, nonresidential loans - $250k-1MM 45 $18,047 $401,044
    Commercial & Industrial, US addressed loans - <$1MM 471 $18,940 $40,212
    Commercial & Industrial, US addressed loans - <$100k 246 $7,263 $29,524
    Commercial & Industrial, US addressed loans - $100-250k 25 $3,747 $149,880
    Commercial & Industrial, US addressed loans - $250k-1MM 200 $7,930 $39,650