South Shore Bank Mortgage Rates, Fees & Info

Weymouth, MA

LEI: 5493009TVPZT8PYBF879

Tax ID: 04-1963710

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Mortgage Data

Bank Data

Review & Overview

South Shore Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. South Shore Bank has a high proportion of conventional loans. South Shore Bank has a low ratio of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Portland, and Worcester among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

South Shore 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. They typically have about average rates.

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Originations

285

Origination Dollar Volume (All Markets)

$143,195,000

Employee count

204

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) 257 $133,185,000 $518,230 $0 3.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 16 $7,170,000 $448,125 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 9 $1,925,000 $213,889 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $575,000 $575,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
South Shore Bank's top markets include Boston, Barnstable Town, Providence, Portland, and Worcester among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 284 $142,760,000 $502,676 $0 0.00%
    Conventional 1 $435,000 $435,000 $0 3.50%

    For 2018, South Shore Bank's most frequently originated type of loan was Conventional, with 284 originations. Their 2nd most popular type was Conventional, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 150 $84,090,000 $560,600 $0 0.00%
    Cash Out Refi 82 $29,360,000 $358,049 $0 0.00%
    Refi 29 $13,225,000 $456,034 $0 0.00%
    Home Improvement 18 $14,290,000 $793,889 $0 3.50%
    Other 6 $2,230,000 $371,667 $0 0.00%

    For 2018, South Shore Bank's most frequently cited loan purpose was Home Purchase, with 150 originations. The 2nd most popular reason was Cash Out Refi, with 82 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 284 $142,760,000 $502,676 $0 0.00%
    30 Year 1 $435,000 $435,000 $0 3.50%

    For 2018, South Shore Bank's most frequently cited loan duration was Other, with 284 originations. The 2nd most popular length was 30 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1 $435,000 $435,000

    South Shore Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1 $435,000 $435,000

    During 2018, South Shore Bank's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 1 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 108 $31,850,000 $294,907 $0 0.00%
    $400k-600k 55 $27,025,000 $491,364 $0 3.50%
    $100k-200k 41 $6,315,000 $154,024 $0 0.00%
    $600k-1MM 29 $21,825,000 $752,586 $0 0.00%
    $100,000 or less 26 $1,380,000 $53,077 $0 0.00%
    $1MM+ 26 $54,800,000 $2,107,692 $0 0.00%

    2018 saw South Shore Bank place emphasis on $200k-400k loans with 108 originations, totaling $31,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 46 $14,660,000 $318,696 $0 0.00%
    $150k-250k 43 $16,655,000 $387,326 $0 0.00%
    $75k-100k 37 $9,715,000 $262,568 $0 0.00%
    $50k-75k 35 $7,755,000 $221,571 $0 3.50%
    $50k or less 22 $4,290,000 $195,000 $0 0.00%
    $250k+ 20 $13,930,000 $696,500 $0 0.00%

    South Shore Bank lent most frequently to those with incomes in the $100k-150k range, with 46 originations. The second most popular income band? $150k-250k, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 284 $142,760,000 $502,676 $0 0.00%
    50-60% 1 $435,000 $435,000 $0 3.50%

    South Shore Bank lent most frequently to those with DTI ratios of Exempt%, with 284 originations. The next most common DTI ratio? 50-60%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 82 $76,140,000 $928,537 $0 0.00%
    White 177 $57,565,000 $325,226 $0 3.50%
    Not provided 16 $6,200,000 $387,500 $0 0.00%
    Asian 6 $1,980,000 $330,000 $0 0.00%
    Black 3 $1,185,000 $395,000 $0 0.00%
    Asian Indian 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.60%

    South Shore Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.77%

    South Shore Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 284 $142,760,000 $502,676
    NA 1 $435,000 $435,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $23,225,000 $2,111,364
    Single Family (1-4 Units):Manufactured 5 $1,735,000 $347,000
    Single Family (1-4 Units):Site-Built 269 $118,235,000 $439,535

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 1 $435,000 $435,000 $0 3.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    South Carolina State Housing Finance and Development Authority Conventional home mortgage Struggling to pay mortgage 2 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    South Shore Bank 1010 Washington Street Braintree, MA 2184 Full Service B&M $194,376
    South Shore Bank 138 Franklin Street Quincy, MA 2169 Full Service B&M $33,655
    South Shore Bank 1515 Commercial Street Weymouth, MA 2189 Full Service B&M $17,327
    South Shore Bank 1530 Main St South Weymouth, MA 2190 Full Service B&M $266,010
    South Shore Bank 1538 Turnpike Street Stoughton, MA 2072 Full Service B&M $46,818
    South Shore Bank 225 Bedford Street East Bridgewater, MA 2333 Full Service B&M $34,039
    South Shore Bank 275 Hancock St Quincy, MA 2171 Full Service B&M $0
    South Shore Bank 295 Washington Street Weymouth, MA 2188 Full Service B&M $85,976
    South Shore Bank 370 Quincy Avenue Quincy, MA 2169 Full Service B&M $49,896
    South Shore Bank 372 Washington Street Braintree, MA 2184 Full Service B&M $65,428
    South Shore Bank 383 Bridge Street Weymouth, MA 2191 Full Service B&M $55,044
    South Shore Bank 400 Washington Street Norwell, MA 2061 Full Service B&M $64,162
    South Shore Bank 650 Middle Street East Weymouth, MA 2189 Full Service B&M $58,803
    South Shore Bank 680 Hancock Street Quincy, MA 2170 Full Service B&M $14,467
    South Shore Bank 75 Washington Street Pembroke, MA 2359 Full Service B&M $55,021
    South Shore Bank 88 Pleasant Street South Weymouth, MA 2190 Full Service B&M $70,525
    South Shore Bank 99 South Street Hingham, MA 2043 Full Service B&M $13,502

    For 2018, South Shore Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $51,790
    Net interest income $43,487
    Total noninterest income $6,983
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,548
    Trading account gains and fees $0
    Additional Noninterest Income $5,435
    Pre-tax net operating income $13,163
    Securities gains (or losses, -) $-8
    Income before extraordinary items $10,120
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,120
    Minority interest net income $0
    Net income $10,120
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,126

    South Shore Bank's gross interest income from loans was $51,790,000.
    South Shore Bank's net interest income from loans was $43,487,000.
    South Shore Bank's fee based income from loans was $1,548,000.
    South Shore Bank's net income from loans was $10,120,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,303
    Provision for credit losses $2,125
    Total noninterest expense $35,182
    Salaries and employee benefits $20,547
    Premises and equipment expense $4,142
    Additional noninterest expense $10,493
    Applicable income taxes $3,035
    Net charge-offs $90
    Cash dividends $300

    South Shore Bank's interest expense for loans was $8,303,000.
    South Shore Bank's payroll and benefits expense were $20,547,000.
    South Shore Bank's property, plant and equipment expenses $4,142,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $1,172,241
    Deposits held in domestic offices $1,172,241
    Deposits by Individuals, partnerships, and corporations $1,157,768
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,473
    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 $82,904
    Demand deposits $61,371
    Nontransaction accounts $1,089,337
    Money market deposit accounts (MMDAs) $205,596
    Other savings deposits (excluding MMDAs) $604,773
    Total time deposits $278,968
    Total time and savings deposits $1,110,870
    Noninterest-bearing deposits $259,238
    Interest-bearing deposits $913,003
    Retail deposits $1,099,990
    IRAs and Keogh plan accounts $41,092
    Brokered deposits $7,100
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,418,126
    Cash & Balances due from depository institutions $50,362
    Interest-bearing balances $36,903
    Total securities $240,759
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,059,076
    Loan and leases loss allowance $10,475
    Trading account assets $0
    Bank premises and fixed assets $13,793
    Other real estate owned $0
    Goodwill and other intangibles $8,192
    All other assets $45,944

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,418,126
    Total Liabilities $1,269,091
    Total deposits $1,172,241
    Interest-bearing deposits $913,003
    Deposits held in domestic offices $1,172,241
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $1,141
    Trading liabilities $0
    Other borrowed funds $87,390
    Subordinated debt $0
    All other liabilities $8,319

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,059,076
    Loan and leases loss allowance $10,475
    Total loans and leases (domestic) $1,069,551
    All real estate loans $962,532
    Real estate loans in domestic offices $962,532
    Construction and development loans $81,480
    Residential 1-4 family construction $4,514
    Other construction, all land development and other land $76,966
    Loans secured by nonfarm nonresidential properties $354,945
    Nonfarm nonresidential secured by owner-occupied properties $81,070
    Commercial real estate & other non-farm, non-residential $273,875
    Multifamily residential real estate $96,853
    1-4 family residential loans $429,254
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $101,579
    To non-U.S. addressees $0
    Loans to individuals $5,440
    Credit card loans $87
    Related Plans $331
    Consumer Auto Loans $2,330
    Other loans to individuals $2,692
    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 $2,310
    Non 1-4 family restructured loans & leases $8
    Total loans and leases (foreign) $0

    South Shore Bank had $1,059,076,000 of loans outstanding in 2018. $962,532,000 of loans were in real estate loans. $81,480,000 of loans were in development loans. $96,853,000 of loans were in multifamily mortgage loans. $429,254,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $87,000 of loans were in credit card loans. $2,330,000 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 412 $112,849 $273,905
    Nonfarm, nonresidential loans - <$100k 90 $3,618 $40,200
    Nonfarm, nonresidential loans - $100-250k 139 $24,535 $176,511
    Nonfarm, nonresidential loans - $250k-1MM 183 $84,696 $462,820
    Commercial & Industrial, US addressed loans - <$1MM 604 $45,583 $75,469
    Commercial & Industrial, US addressed loans - <$100k 475 $11,849 $24,945
    Commercial & Industrial, US addressed loans - $100-250k 80 $13,150 $164,375
    Commercial & Industrial, US addressed loans - $250k-1MM 49 $20,584 $420,082