Winchester Savings Bank Mortgage Rates, Fees & Info

Winchester, MA

LEI: 549300B1DHIVKN5DEJ29

Tax ID: 01-1978230

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Winchester Savings Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Winchester Savings Bank has a high proportion of conventional loans. Their top markets include Boston, Barnstable Town, Vineyard Haven, Laconia, and Manchester among others. Winchester Savings 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

218

Origination Dollar Volume (All Markets)

$131,310,000

Employee count

75

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 209 $127,115,000 $608,206 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $1,290,000 $322,500 $0 0.00%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,195,000 $1,195,000 $0 0.00%
Laconia, NH (FHA|USDA|VA) 1 $625,000 $625,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%

Winchester Savings Bank's top markets include Boston, Barnstable Town, Vineyard Haven, Laconia, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 218 $131,310,000 $602,339 $0 0.00%

For the 2021 period, Winchester Savings Bank's most frequently originated loan type of loans were Conventional, with 218 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 88 $45,080,000 $512,273 $0 0.00%
Refi 76 $46,360,000 $610,000 $0 0.00%
Home Purchase 47 $37,615,000 $800,319 $0 0.00%
Other 5 $1,465,000 $293,000 $0 0.00%
Home Improvement 2 $790,000 $395,000 $0 0.00%

For the 2021, Winchester Savings Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 88 originations. The 2nd most popular reason of loans were Refi, with 76 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 218 $131,310,000 $602,339 $0 0.00%

For the 2021, Winchester Savings Bank's most frequently cited loan length of loans were Other, with 218 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 71 $20,465,000 $288,239 $0 0.00%
$400k-600k 46 $22,400,000 $486,957 $0 0.00%
$600k-1MM 46 $34,300,000 $745,652 $0 0.00%
$1MM+ 29 $50,385,000 $1,737,414 $0 0.00%
$100k-200k 23 $3,585,000 $155,870 $0 0.00%
$100,000 or less 3 $175,000 $58,333 $0 0.00%

2021 saw Winchester Savings Bank place emphasis on $200k-400k loans with 71 originations, totaling $20,465,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 50 $19,010,000 $380,200 $0 0.00%
$250k+ 47 $41,405,000 $880,957 $0 0.00%
$150k-250k 44 $22,080,000 $501,818 $0 0.00%
$75k-100k 28 $10,510,000 $375,357 $0 0.00%
$50k-75k 15 $3,175,000 $211,667 $0 0.00%
$50k or less 6 $1,290,000 $215,000 $0 0.00%

Winchester Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $250k+, with 47 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 218 $131,310,000 $602,339 $0 0.00%

Winchester Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 218 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 126 $61,140,000 $485,238 $0 0.00%
Not provided 58 $33,870,000 $583,966 $0 0.00%
Not applicable 27 $33,665,000 $1,246,852 $0 0.00%
Asian 3 $1,215,000 $405,000 $0 0.00%
Other Asian 1 $635,000 $635,000 $0 0.00%
American Indian 1 $485,000 $485,000 $0 0.00%
Black 2 $300,000 $150,000 $0 0.00%

Approval Rates

Total approvals of all applications
94.09%

Winchester Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.36%

Winchester Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 218 $131,310,000 $602,339

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
218 $131,310,000 $602,339

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Winchester Savings Bank 188 Medford Street Arlington, MA 2474 Full Service B&M $31,195
Winchester Savings Bank 344 Cambridge Road Woburn, MA 1801 Full Service B&M $62,764
Winchester Savings Bank 573 Main Street Woburn, MA 1801 Full Service B&M $36,099
Winchester Savings Bank 661 Main St Winchester, MA 1890 Full Service B&M $398,926

For 2021, Winchester Savings Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $16,978
Net interest income $14,748
Total noninterest income $781
Gross Fiduciary activities income $0
Service charges on deposit accounts $69
Trading account gains and fees $0
Additional Noninterest Income $712
Pre-tax net operating income $2,850
Securities gains (or losses, -) $555
Income before extraordinary items $2,554
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $2,554
Minority interest net income $0
Net income $2,554
Sale, conversion, retirement of capital stock, net $0
Net operating income $2,115

Winchester Savings Bank's gross interest income from loans was $16,978,000.
Winchester Savings Bank's net interest income from loans was $14,748,000.
Winchester Savings Bank's fee based income from loans was $69,000.
Winchester Savings Bank's net income from loans was $2,554,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,230
Provision for credit losses $50
Total noninterest expense $12,629
Salaries and employee benefits $8,296
Premises and equipment expense $1,332
Additional noninterest expense $3,001
Applicable income taxes $851
Net charge-offs $0
Cash dividends $0

Winchester Savings Bank's interest expense for loans was $2,230,000.
Winchester Savings Bank's payroll and benefits expense were $8,296,000.
Winchester Savings Bank's property, plant and equipment expenses $1,332,000.

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 2.0%
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 0.0%
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 $548,281
Deposits held in domestic offices $548,281
Deposits by Individuals, partnerships, and corporations $546,476
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $1,230
Deposits by Commercial banks and other depository institutions in U.S. $575
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $138,801
Demand deposits $138,801
Nontransaction accounts $409,480
Money market deposit accounts (MMDAs) $113,011
Other savings deposits (excluding MMDAs) $121,333
Total time deposits $175,136
Total time and savings deposits $409,480
Noninterest-bearing deposits $51,404
Interest-bearing deposits $496,877
Retail deposits $491,257
IRAs and Keogh plan accounts $25,316
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $627,989
Cash & Balances due from depository institutions $78,773
Interest-bearing balances $66,274
Total securities $74,413
Federal funds sold & reverse repurchase $0
Net loans and leases $459,556
Loan and leases loss allowance $3,994
Trading account assets $0
Bank premises and fixed assets $7,909
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $7,338

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $627,989
Total Liabilities $556,381
Total deposits $548,281
Interest-bearing deposits $496,877
Deposits held in domestic offices $548,281
% insured (estimated) $81
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $6,000
Subordinated debt $0
All other liabilities $2,100

Issued Loan Types

Type Value (in 000's)
Net loans and leases $459,556
Loan and leases loss allowance $3,994
Total loans and leases (domestic) $463,550
All real estate loans $458,582
Real estate loans in domestic offices $458,582
Construction and development loans $16,487
Residential 1-4 family construction $2,102
Other construction, all land development and other land $14,385
Loans secured by nonfarm nonresidential properties $65,207
Nonfarm nonresidential secured by owner-occupied properties $29,842
Commercial real estate & other non-farm, non-residential $35,365
Multifamily residential real estate $45,817
1-4 family residential loans $331,071
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $4,455
To non-U.S. addressees $0
Loans to individuals $474
Credit card loans $0
Related Plans $31
Consumer Auto Loans $188
Other loans to individuals $255
All other loans & leases $39
Loans to foreign governments and official institutions $0
Other loans $39
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Winchester Savings Bank had $459,556,000 of loans outstanding in 2021. $458,582,000 of loans were in real estate loans. $16,487,000 of loans were in development loans. $45,817,000 of loans were in multifamily mortgage loans. $331,071,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $188,000 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 56 $17,206 $307,250
Nonfarm, nonresidential loans - $100-250k 10 $1,042 $104,200
Nonfarm, nonresidential loans - $250k-1MM 46 $16,164 $351,391
Commercial & Industrial, US addressed loans - <$1MM 32 $3,819 $119,344
Commercial & Industrial, US addressed loans - <$100k 14 $155 $11,071
Commercial & Industrial, US addressed loans - $100-250k 5 $287 $57,400
Commercial & Industrial, US addressed loans - $250k-1MM 13 $3,377 $259,769