South Shore Bank Mortgage Rates, Fees & Info

Weymouth, MA

LEI: 5493009TVPZT8PYBF879

Tax ID: 04-1963710

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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, Providence, Barnstable Town, Manchester, and Worcester among others. We have data for 7 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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    328

    Origination Dollar Volume (All Markets)

    $187,610,000

    Employee count

    213

    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) 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.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)

    • Product Mix

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

    For 2021, South Shore Bank's most frequently originated type of loan was Conventional, with 328 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, South Shore Bank's most frequently cited loan purpose was Refi, with 118 originations. The 2nd most popular reason was 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 2021, South Shore Bank's most frequently cited loan duration was 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 or Islander 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.27%

    South Shore Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.23%

    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 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
    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

    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