South Shore Bank Mortgage Rates, Fees & Info

Weymouth, MA

LEI: 5493009TVPZT8PYBF879

Tax ID: 04-1963710

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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 by origination volume include: Boston, Barnstable Town, Providence, Springfield, and Keene among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    South Shore Bank has an 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

    469

    Origination Dollar Volume (All Markets)

    $201,975,000

    Employee count

    208

    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) 423 $182,485,000 $431,407 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 20 $11,040,000 $552,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 17 $4,675,000 $275,000 $0 0.00%
    Outside of Metro Areas 2 $1,240,000 $620,000 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $760,000 $380,000 $0 0.00%
    Keene, NH (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $580,000 $290,000 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    South Shore Bank's top markets include Boston, Barnstable Town, Providence, Springfield, and Keene 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 469 $201,975,000 $430,650 $0 0.00%

    For 2020, South Shore Bank's most frequently originated type of loan was Conventional, with 469 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 190 $76,620,000 $403,263 $0 0.00%
    Cash Out Refi 159 $48,915,000 $307,642 $0 0.00%
    Home Purchase 95 $65,935,000 $694,053 $0 0.00%
    Home Improvement 16 $8,810,000 $550,625 $0 0.00%
    Other 9 $1,695,000 $188,333 $0 0.00%

    For 2020, South Shore Bank's most frequently cited loan purpose was Refi, with 190 originations. The 2nd most popular reason was Cash Out Refi, with 159 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 469 $201,975,000 $430,650 $0 0.00%

    For 2020, South Shore Bank's most frequently cited loan duration was Other, with 469 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 243 $70,975,000 $292,078 $0 0.00%
    $400k-600k 76 $35,670,000 $469,342 $0 0.00%
    $100k-200k 75 $11,755,000 $156,733 $0 0.00%
    $1MM+ 31 $61,635,000 $1,988,226 $0 0.00%
    $600k-1MM 27 $20,785,000 $769,815 $0 0.00%
    $100,000 or less 17 $1,155,000 $67,941 $0 0.00%

    2020 saw South Shore Bank place emphasis on $200k-400k loans with 243 originations, totaling $70,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 112 $33,030,000 $294,911 $0 0.00%
    $150k-250k 96 $36,000,000 $375,000 $0 0.00%
    $75k-100k 73 $18,745,000 $256,781 $0 0.00%
    $50k-75k 53 $11,495,000 $216,887 $0 0.00%
    $250k+ 38 $24,680,000 $649,474 $0 0.00%
    $50k or less 15 $2,585,000 $172,333 $0 0.00%

    South Shore Bank lent most frequently to those with incomes in the $100k-150k range, with 112 originations. The second most popular income band? $150k-250k, with 96 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 469 $201,975,000 $430,650 $0 0.00%

    South Shore Bank lent most frequently to those with DTI ratios of Exempt%, with 469 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 343 $113,345,000 $330,452 $0 0.00%
    Not applicable 78 $74,240,000 $951,795 $0 0.00%
    Not provided 32 $10,280,000 $321,250 $0 0.00%
    Asian 7 $2,085,000 $297,857 $0 0.00%
    Black 8 $1,900,000 $237,500 $0 0.00%
    Asian Indian 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.79%

    South Shore Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.86%

    South Shore Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 469 $201,975,000 $430,650

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $27,500,000 $1,718,750
    Single Family (1-4 Units):Site-Built 453 $174,475,000 $385,155

    Complaints

    Bank Name Product Issue 2020 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 Struggling to pay mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    South Shore Bank 1010 Washington Street Braintree, MA 2184 Full Service B&M $225,059
    South Shore Bank 1530 Main St South Weymouth, MA 2190 Full Service B&M $422,625
    South Shore Bank 1538 Turnpike Street Stoughton, MA 2072 Full Service B&M $70,588
    South Shore Bank 225 Bedford Street East Bridgewater, MA 2333 Full Service B&M $40,438
    South Shore Bank 295 Washington Street Weymouth, MA 2188 Full Service B&M $103,278
    South Shore Bank 370 Quincy Avenue Quincy, MA 2169 Full Service B&M $91,485
    South Shore Bank 372 Washington Street Braintree, MA 2184 Full Service B&M $83,192
    South Shore Bank 383 Bridge Street Weymouth, MA 2191 Full Service B&M $61,518
    South Shore Bank 400 Washington Street Norwell, MA 2061 Full Service B&M $89,789
    South Shore Bank 51 Columbian Street South Weymouth, MA 2190 Full Service B&M $74,023
    South Shore Bank 650 Middle Street East Weymouth, MA 2189 Full Service B&M $71,800
    South Shore Bank 699 Hancock Street Quincy, MA 2170 Full Service B&M $45,846
    South Shore Bank 75 Washington Street Pembroke, MA 2359 Full Service B&M $87,813
    South Shore Bank 99 South Street Hingham, MA 2043 Full Service B&M $41,951

    For 2020, South Shore Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $62,151
    Net interest income $50,925
    Total noninterest income $5,772
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,437
    Trading account gains and fees $0
    Additional Noninterest Income $4,335
    Pre-tax net operating income $9,103
    Securities gains (or losses, -) $373
    Income before extraordinary items $7,105
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,105
    Minority interest net income $0
    Net income $7,105
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,810

    South Shore Bank's gross interest income from loans was $62,151,000.
    South Shore Bank's net interest income from loans was $50,925,000.
    South Shore Bank's fee based income from loans was $1,437,000.
    South Shore Bank's net income from loans was $7,105,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,226
    Provision for credit losses $7,430
    Total noninterest expense $40,164
    Salaries and employee benefits $22,282
    Premises and equipment expense $4,059
    Additional noninterest expense $13,823
    Applicable income taxes $2,371
    Net charge-offs $-13
    Cash dividends $620

    South Shore Bank's interest expense for loans was $11,226,000.
    South Shore Bank's payroll and benefits expense were $22,282,000.
    South Shore Bank's property, plant and equipment expenses $4,059,000.

    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 $1,591,387
    Deposits held in domestic offices $1,591,387
    Deposits by Individuals, partnerships, and corporations $1,549,612
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $41,775
    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 $67,231
    Demand deposits $40,757
    Nontransaction accounts $1,524,156
    Money market deposit accounts (MMDAs) $420,599
    Other savings deposits (excluding MMDAs) $891,497
    Total time deposits $212,060
    Total time and savings deposits $1,550,630
    Noninterest-bearing deposits $382,893
    Interest-bearing deposits $1,208,495
    Retail deposits $1,537,081
    IRAs and Keogh plan accounts $35,284
    Brokered deposits $8,130
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,898,435
    Cash & Balances due from depository institutions $175,676
    Interest-bearing balances $158,309
    Total securities $296,885
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,355,207
    Loan and leases loss allowance $19,895
    Trading account assets $0
    Bank premises and fixed assets $13,547
    Other real estate owned $176
    Goodwill and other intangibles $7,852
    All other assets $49,092

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,898,435
    Total Liabilities $1,721,119
    Total deposits $1,591,387
    Interest-bearing deposits $1,208,495
    Deposits held in domestic offices $1,591,387
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $4,198
    Trading liabilities $0
    Other borrowed funds $105,567
    Subordinated debt $0
    All other liabilities $19,967

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,355,207
    Loan and leases loss allowance $19,895
    Total loans and leases (domestic) $1,375,102
    All real estate loans $1,086,965
    Real estate loans in domestic offices $1,086,965
    Construction and development loans $129,017
    Residential 1-4 family construction $7,850
    Other construction, all land development and other land $121,167
    Loans secured by nonfarm nonresidential properties $382,891
    Nonfarm nonresidential secured by owner-occupied properties $111,791
    Commercial real estate & other non-farm, non-residential $271,100
    Multifamily residential real estate $124,852
    1-4 family residential loans $450,205
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $282,779
    To non-U.S. addressees $0
    Loans to individuals $5,359
    Credit card loans $276
    Related Plans $245
    Consumer Auto Loans $1,119
    Other loans to individuals $3,719
    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 $2,029
    Non 1-4 family restructured loans & leases $34
    Total loans and leases (foreign) $0

    South Shore Bank had $1,355,207,000 of loans outstanding in 2020. $1,086,965,000 of loans were in real estate loans. $129,017,000 of loans were in development loans. $124,852,000 of loans were in multifamily mortgage loans. $450,205,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $276,000 of loans were in credit card loans. $1,119,000 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 403 $122,920 $305,012
    Nonfarm, nonresidential loans - <$100k 60 $2,430 $40,500
    Nonfarm, nonresidential loans - $100-250k 140 $24,181 $172,721
    Nonfarm, nonresidential loans - $250k-1MM 203 $96,309 $474,429
    Commercial & Industrial, US addressed loans - <$1MM 1,591 $149,110 $93,721
    Commercial & Industrial, US addressed loans - <$100k 1,112 $27,157 $24,422
    Commercial & Industrial, US addressed loans - $100-250k 308 $49,316 $160,117
    Commercial & Industrial, US addressed loans - $250k-1MM 171 $72,637 $424,778