South Shore Bank Mortgage Rates, Fees & Info

Weymouth, MA

LEI: 5493009TVPZT8PYBF879

Tax ID: 04-1963710

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

South Shore Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. South Shore Bank has a high proportion of conventional loans. Their top markets include Boston, Providence, Barnstable Town, Manchester, and Worcester among others. South Shore 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

328

Origination Dollar Volume (All Markets)

$187,610,000

Employee count

213

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 292 $159,610,000 $546,610 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $17,415,000 $1,583,182 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 18 $8,970,000 $498,333 $0 0.00%
Outside of Metro Areas 2 $500,000 $250,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $420,000 $210,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%

South Shore Bank's top markets include Boston, Providence, Barnstable Town, Manchester, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 328 $187,610,000 $571,982 $0 0.00%

For the 2021 period, South Shore Bank's most frequently originated loan type of loans were Conventional, with 328 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 118 $81,110,000 $687,373 $0 0.00%
Cash Out Refi 110 $38,100,000 $346,364 $0 0.00%
Home Purchase 79 $57,505,000 $727,911 $0 0.00%
Home Improvement 14 $8,130,000 $580,714 $0 0.00%
Other 7 $2,765,000 $395,000 $0 0.00%

For the 2021, South Shore Bank's most frequently cited loan purpose of loans were Refi, with 118 originations. The 2nd most popular reason of loans were Cash Out Refi, with 110 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 328 $187,610,000 $571,982 $0 0.00%

For the 2021, South Shore Bank's most frequently cited loan length of loans were Other, with 328 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 161 $47,565,000 $295,435 $0 0.00%
$100k-200k 57 $8,645,000 $151,667 $0 0.00%
$400k-600k 53 $25,965,000 $489,906 $0 0.00%
$1MM+ 27 $90,805,000 $3,363,148 $0 0.00%
$600k-1MM 19 $13,855,000 $729,211 $0 0.00%
$100,000 or less 11 $775,000 $70,455 $0 0.00%

2021 saw South Shore Bank place emphasis on $200k-400k loans with 161 originations, totaling $47,565,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 62 $19,490,000 $314,355 $0 0.00%
$150k-250k 53 $19,975,000 $376,887 $0 0.00%
$75k-100k 46 $11,600,000 $252,174 $0 0.00%
$50k-75k 39 $8,945,000 $229,359 $0 0.00%
$250k+ 28 $16,100,000 $575,000 $0 0.00%
$50k or less 15 $3,245,000 $216,333 $0 0.00%

South Shore Bank lent most frequently to those with incomes in the $100k-150k range, with 62 originations. The second most popular income band? $150k-250k, with 53 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 328 $187,610,000 $571,982 $0 0.00%

South Shore Bank lent most frequently to those with DTI ratios of Exempt%, with 328 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 71 $104,275,000 $1,468,662 $0 0.00%
White 219 $70,635,000 $322,534 $0 0.00%
Not provided 28 $10,550,000 $376,786 $0 0.00%
Black 4 $1,090,000 $272,500 $0 0.00%
Asian 3 $675,000 $225,000 $0 0.00%
Chinese 1 $185,000 $185,000 $0 0.00%
Vietnamese 1 $165,000 $165,000 $0 0.00%
Native Hawaiian 1 $35,000 $35,000 $0 0.00%

Approval Rates

Total approvals of all applications
91.04%

South Shore Bank has an average approval rate.

Pick Rate

Approvals leading to origination
80.13%

South Shore Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 328 $187,610,000 $571,982

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
328 $187,610,000 $571,982

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
South Carolina State Housing Finance and Development Authority Conventional home mortgage Trouble during payment process 1 50.0%
South Carolina State Housing Finance and Development Authority FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
South Shore Bank 1538 Turnpike Street Stoughton, MA 2072 Full Service B&M $78,702
South Shore Bank 225 Bedford Street East Bridgewater, MA 2333 Full Service B&M $49,018
South Shore Bank 295 Washington Street Weymouth, MA 2188 Full Service B&M $106,155
South Shore Bank 370 Quincy Avenue Quincy, MA 2169 Full Service B&M $91,352
South Shore Bank 372 Washington Street Braintree, MA 2184 Full Service B&M $82,865
South Shore Bank 383 Bridge Street Weymouth, MA 2191 Full Service B&M $66,313
South Shore Bank 400 Washington Street Norwell, MA 2061 Full Service B&M $106,742
South Shore Bank 51 Columbian Street South Weymouth, MA 2190 Full Service B&M $77,710
South Shore Bank 650 Middle Street East Weymouth, MA 2189 Full Service B&M $74,869
South Shore Bank 699 Hancock Street Quincy, MA 2170 Full Service B&M $46,504
South Shore Bank 75 Washington Street Pembroke, MA 2359 Full Service B&M $78,780
South Shore Bank 99 South Street Hingham, MA 2043 Full Service B&M $37,636
South Shore Bank 1010 Washington Street Braintree, MA 2184 Full Service B&M $223,876
South Shore Bank 1530 Main St South Weymouth, MA 2190 Full Service B&M $588,051

For 2021, South Shore Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $63,065
Net interest income $57,705
Total noninterest income $8,276
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,575
Trading account gains and fees $0
Additional Noninterest Income $6,701
Pre-tax net operating income $25,163
Securities gains (or losses, -) $277
Income before extraordinary items $19,068
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $19,068
Minority interest net income $0
Net income $19,068
Sale, conversion, retirement of capital stock, net $0
Net operating income $18,849

South Shore Bank's gross interest income from loans was $63,065,000.
South Shore Bank's net interest income from loans was $57,705,000.
South Shore Bank's fee based income from loans was $1,575,000.
South Shore Bank's net income from loans was $19,068,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,360
Provision for credit losses $110
Total noninterest expense $40,708
Salaries and employee benefits $22,551
Premises and equipment expense $4,218
Additional noninterest expense $13,939
Applicable income taxes $6,372
Net charge-offs $-34
Cash dividends $425

South Shore Bank's interest expense for loans was $5,360,000.
South Shore Bank's payroll and benefits expense were $22,551,000.
South Shore Bank's property, plant and equipment expenses $4,218,000.

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 0.2%
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 $1,780,859
Deposits held in domestic offices $1,780,859
Deposits by Individuals, partnerships, and corporations $1,739,175
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $41,684
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 $130,483
Demand deposits $106,300
Nontransaction accounts $1,650,376
Money market deposit accounts (MMDAs) $469,935
Other savings deposits (excluding MMDAs) $1,006,473
Total time deposits $173,969
Total time and savings deposits $1,674,559
Noninterest-bearing deposits $490,484
Interest-bearing deposits $1,290,376
Retail deposits $1,743,021
IRAs and Keogh plan accounts $32,318
Brokered deposits $4,171
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,054,713
Cash & Balances due from depository institutions $267,455
Interest-bearing balances $248,573
Total securities $417,587
Federal funds sold & reverse repurchase $0
Net loans and leases $1,299,762
Loan and leases loss allowance $20,039
Trading account assets $0
Bank premises and fixed assets $12,787
Other real estate owned $0
Goodwill and other intangibles $7,681
All other assets $49,441

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,054,713
Total Liabilities $1,864,328
Total deposits $1,780,859
Interest-bearing deposits $1,290,376
Deposits held in domestic offices $1,780,859
% insured (estimated) $68
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $67,981
Subordinated debt $0
All other liabilities $15,488

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,299,762
Loan and leases loss allowance $20,039
Total loans and leases (domestic) $1,319,801
All real estate loans $1,075,850
Real estate loans in domestic offices $1,075,850
Construction and development loans $66,321
Residential 1-4 family construction $3,207
Other construction, all land development and other land $63,114
Loans secured by nonfarm nonresidential properties $458,317
Nonfarm nonresidential secured by owner-occupied properties $146,207
Commercial real estate & other non-farm, non-residential $312,110
Multifamily residential real estate $137,644
1-4 family residential loans $413,568
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $238,182
To non-U.S. addressees $0
Loans to individuals $5,768
Credit card loans $458
Related Plans $226
Consumer Auto Loans $641
Other loans to individuals $4,443
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $1,211
Non 1-4 family restructured loans & leases $52
Total loans and leases (foreign) $0

South Shore Bank had $1,299,762,000 of loans outstanding in 2021. $1,075,850,000 of loans were in real estate loans. $66,321,000 of loans were in development loans. $137,644,000 of loans were in multifamily mortgage loans. $413,568,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $458,000 of loans were in credit card loans. $641,000 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 405 $128,656 $317,669
Nonfarm, nonresidential loans - <$100k 60 $2,849 $47,483
Nonfarm, nonresidential loans - $100-250k 131 $22,718 $173,420
Nonfarm, nonresidential loans - $250k-1MM 214 $103,089 $481,724
Commercial & Industrial, US addressed loans - <$1MM 975 $103,905 $106,569
Commercial & Industrial, US addressed loans - <$100k 650 $14,164 $21,791
Commercial & Industrial, US addressed loans - $100-250k 189 $31,006 $164,053
Commercial & Industrial, US addressed loans - $250k-1MM 136 $58,735 $431,875