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 Refi and Home Purchase loans. South Shore Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, and Providence among others. We have data for 4 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.

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Originations

327

Origination Dollar Volume (All Markets)

$171,015,000

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) 309 $162,255,000 $525,097 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 8 $4,880,000 $610,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $2,665,000 $380,714 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $1,215,000 $405,000 $0 0.00%
South Shore Bank's top markets include Boston, Worcester, Barnstable Town, and Providence among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 327 $171,015,000 $522,982 $0 0.00%

    For 2019, South Shore Bank's most frequently originated type of loan was Conventional, with 327 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 122 $59,390,000 $486,803 $0 0.00%
    Home Purchase 97 $68,245,000 $703,557 $0 0.00%
    Cash Out Refi 81 $30,525,000 $376,852 $0 0.00%
    Other 18 $1,380,000 $76,667 $0 0.00%
    Home Improvement 9 $11,475,000 $1,275,000 $0 0.00%

    For 2019, South Shore Bank's most frequently cited loan purpose was Refi, with 122 originations. The 2nd most popular reason was Home Purchase, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 327 $171,015,000 $522,982 $0 0.00%

    For 2019, South Shore Bank's most frequently cited loan duration was Other, with 327 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 132 $38,790,000 $293,864 $0 0.00%
    $400k-600k 59 $28,975,000 $491,102 $0 0.00%
    $100k-200k 48 $7,500,000 $156,250 $0 0.00%
    $600k-1MM 32 $25,650,000 $801,563 $0 0.00%
    $1MM+ 30 $68,720,000 $2,290,667 $0 0.00%
    $100,000 or less 26 $1,380,000 $53,077 $0 0.00%

    2019 saw South Shore Bank place emphasis on $200k-400k loans with 132 originations, totaling $38,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 65 $21,945,000 $337,615 $0 0.00%
    $100k-150k 63 $19,035,000 $302,143 $0 0.00%
    $75k-100k 37 $8,115,000 $219,324 $0 0.00%
    $250k+ 36 $20,520,000 $570,000 $0 0.00%
    $50k-75k 36 $7,380,000 $205,000 $0 0.00%
    $50k or less 6 $620,000 $103,333 $0 0.00%

    South Shore Bank lent most frequently to those with incomes in the $150k-250k range, with 65 originations. The second most popular income band? $100k-150k, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 327 $171,015,000 $522,982 $0 0.00%

    South Shore Bank lent most frequently to those with DTI ratios of Exempt%, with 327 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 77 $91,225,000 $1,184,740 $0 0.00%
    White 213 $67,545,000 $317,113 $0 0.00%
    Not provided 20 $6,670,000 $333,500 $0 0.00%
    Asian 12 $3,900,000 $325,000 $0 0.00%
    Asian Indian 2 $700,000 $350,000 $0 0.00%
    American Indian 1 $485,000 $485,000 $0 0.00%
    Black 1 $385,000 $385,000 $0 0.00%
    Other Asian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.36%

    South Shore Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.35%

    South Shore Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 327 $171,015,000 $522,982

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 19 $46,025,000 $2,422,368
    Single Family (1-4 Units):Manufactured 3 $895,000 $298,333
    Single Family (1-4 Units):Site-Built 305 $124,095,000 $406,869

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    South Shore Bank 1010 Washington Street Braintree, MA 2184 Full Service B&M $197,697
    South Shore Bank 138 Franklin Street Quincy, MA 2169 Full Service B&M $37,707
    South Shore Bank 1515 Commercial Street Weymouth, MA 2189 Full Service B&M $19,629
    South Shore Bank 1530 Main St South Weymouth, MA 2190 Full Service B&M $279,739
    South Shore Bank 1538 Turnpike Street Stoughton, MA 2072 Full Service B&M $60,688
    South Shore Bank 225 Bedford Street East Bridgewater, MA 2333 Full Service B&M $35,605
    South Shore Bank 295 Washington Street Weymouth, MA 2188 Full Service B&M $91,033
    South Shore Bank 370 Quincy Avenue Quincy, MA 2169 Full Service B&M $51,300
    South Shore Bank 372 Washington Street Braintree, MA 2184 Full Service B&M $70,871
    South Shore Bank 383 Bridge Street Weymouth, MA 2191 Full Service B&M $54,800
    South Shore Bank 400 Washington Street Norwell, MA 2061 Full Service B&M $76,056
    South Shore Bank 51 Columbian Street South Weymouth, MA 2190 Full Service B&M $66,452
    South Shore Bank 650 Middle Street East Weymouth, MA 2189 Full Service B&M $56,469
    South Shore Bank 699 Hancock Street Quincy, MA 2170 Full Service B&M $46,311
    South Shore Bank 75 Washington Street Pembroke, MA 2359 Full Service B&M $64,692
    South Shore Bank 99 South Street Hingham, MA 2043 Full Service B&M $22,246

    For 2019, South Shore Bank had 16 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $58,574
    Net interest income $46,962
    Total noninterest income $5,803
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,727
    Trading account gains and fees $0
    Additional Noninterest Income $4,076
    Pre-tax net operating income $14,943
    Securities gains (or losses, -) $280
    Income before extraordinary items $11,318
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,318
    Minority interest net income $0
    Net income $11,318
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,096

    South Shore Bank's gross interest income from loans was $58,574,000.
    South Shore Bank's net interest income from loans was $46,962,000.
    South Shore Bank's fee based income from loans was $1,727,000.
    South Shore Bank's net income from loans was $11,318,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,612
    Provision for credit losses $1,950
    Total noninterest expense $35,872
    Salaries and employee benefits $21,197
    Premises and equipment expense $3,956
    Additional noninterest expense $10,719
    Applicable income taxes $3,905
    Net charge-offs $-27
    Cash dividends $600

    South Shore Bank's interest expense for loans was $11,612,000.
    South Shore Bank's payroll and benefits expense were $21,197,000.
    South Shore Bank's property, plant and equipment expenses $3,956,000.

    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 $1,314,293
    Deposits held in domestic offices $1,314,293
    Deposits by Individuals, partnerships, and corporations $1,268,995
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $45,298
    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 $48,369
    Demand deposits $26,893
    Nontransaction accounts $1,265,924
    Money market deposit accounts (MMDAs) $318,324
    Other savings deposits (excluding MMDAs) $678,100
    Total time deposits $269,500
    Total time and savings deposits $1,287,400
    Noninterest-bearing deposits $267,083
    Interest-bearing deposits $1,047,210
    Retail deposits $1,240,249
    IRAs and Keogh plan accounts $37,766
    Brokered deposits $2,271
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,566,357
    Cash & Balances due from depository institutions $50,412
    Interest-bearing balances $38,663
    Total securities $246,597
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,203,349
    Loan and leases loss allowance $12,452
    Trading account assets $0
    Bank premises and fixed assets $13,393
    Other real estate owned $0
    Goodwill and other intangibles $8,022
    All other assets $44,584

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,566,357
    Total Liabilities $1,401,680
    Total deposits $1,314,293
    Interest-bearing deposits $1,047,210
    Deposits held in domestic offices $1,314,293
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $1,268
    Trading liabilities $0
    Other borrowed funds $75,909
    Subordinated debt $0
    All other liabilities $10,210

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,203,349
    Loan and leases loss allowance $12,452
    Total loans and leases (domestic) $1,215,801
    All real estate loans $1,048,915
    Real estate loans in domestic offices $1,048,915
    Construction and development loans $105,405
    Residential 1-4 family construction $4,881
    Other construction, all land development and other land $100,524
    Loans secured by nonfarm nonresidential properties $425,090
    Nonfarm nonresidential secured by owner-occupied properties $105,311
    Commercial real estate & other non-farm, non-residential $319,779
    Multifamily residential real estate $113,235
    1-4 family residential loans $405,185
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $160,998
    To non-U.S. addressees $0
    Loans to individuals $5,889
    Credit card loans $278
    Related Plans $324
    Consumer Auto Loans $1,685
    Other loans to individuals $3,602
    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 $1,640
    Non 1-4 family restructured loans & leases $48
    Total loans and leases (foreign) $0

    South Shore Bank had $1,203,349,000 of loans outstanding in 2019. $1,048,915,000 of loans were in real estate loans. $105,405,000 of loans were in development loans. $113,235,000 of loans were in multifamily mortgage loans. $405,185,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $278,000 of loans were in credit card loans. $1,685,000 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 564 $181,447 $321,715
    Nonfarm, nonresidential loans - <$100k 90 $3,104 $34,489
    Nonfarm, nonresidential loans - $100-250k 179 $31,436 $175,620
    Nonfarm, nonresidential loans - $250k-1MM 295 $146,907 $497,990
    Commercial & Industrial, US addressed loans - <$1MM 740 $78,898 $106,619
    Commercial & Industrial, US addressed loans - <$100k 487 $12,793 $26,269
    Commercial & Industrial, US addressed loans - $100-250k 149 $24,094 $161,705
    Commercial & Industrial, US addressed loans - $250k-1MM 104 $42,011 $403,952