Bridgewater Savings Bank Mortgage Rates, Fees & Info

Raynham, MA

LEI: 549300GBZNWRGLS7CP89

Tax ID: 04-1118820

5 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bridgewater Savings Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Bridgewater Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Boston, Providence, Barnstable Town, Worcester, and Vineyard Haven among others. Bridgewater 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. Bridgewater Savings Bank is typically a low fee lendor.


Originations

1,489

Origination Dollar Volume (All Markets)

$606,995,000

Employee count

182 Show all (11) awards

Relative Rate

Bridgewater Savings Bank's average 30 year fixed rate mortgage of loans were 2.87%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.28%.

Relative Fees

Bridgewater Savings Bank's average total fees for a 30 year fixed rate mortgage are $2,989.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1,063 $454,615,000 $427,672 $2,863 2.86%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 318 $104,130,000 $327,453 $2,610 2.74%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 62 $30,670,000 $494,677 $2,734 2.78%
WORCESTER, MA-CT (FHA|USDA|VA) 39 $13,475,000 $345,513 $3,131 2.82%
Vineyard Haven, MA (FHA|USDA|VA) 4 $2,680,000 $670,000 $3,876 2.81%
Outside of Metro Areas 1 $965,000 $965,000 $4,230 2.88%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $460,000 $230,000 $2,029 3.00%

Bridgewater Savings Bank's top markets include Boston, Providence, Barnstable Town, Worcester, and Vineyard Haven among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,462 $596,300,000 $407,866 $2,765 2.84%
VA 19 $7,435,000 $391,316 $3,002 2.39%
FHA 8 $3,260,000 $407,500 $10,396 2.55%

For the 2021 period, Bridgewater Savings Bank's most frequently originated loan type of loans were Conventional, with 1,462 originations. Their 2nd most popular type is VA, with 19 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 703 $273,635,000 $389,239 $2,493 2.77%
Cash Out Refi 441 $163,525,000 $370,805 $2,593 2.81%
Home Purchase 324 $161,270,000 $497,747 $3,868 2.96%
Other 15 $6,285,000 $419,000 $2,742 2.93%
Home Improvement 6 $2,280,000 $380,000 $3,068 2.73%

For the 2021, Bridgewater Savings Bank's most frequently cited loan purpose of loans were Refi, with 703 originations. The 2nd most popular reason of loans were Cash Out Refi, with 441 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,036 $445,720,000 $430,232 $2,989 2.87%
15 Year 219 $65,105,000 $297,283 $2,363 2.32%
20 Year 117 $32,695,000 $279,444 $2,304 2.63%
10 Year 55 $35,505,000 $645,545 $2,195 2.87%
Other 53 $18,175,000 $342,925 $2,374 4.20%
1 Year 6 $3,600,000 $600,000 $0 4.46%
30+ year 1 $445,000 $445,000 $3,996 3.25%
3 Year 1 $5,725,000 $5,725,000 $0 4.00%
5 Year 1 $25,000 $25,000 $0 4.38%

For the 2021, Bridgewater Savings Bank's most frequently cited loan length of loans were 30 Year, with 1,036 originations. The 2nd most popular length of loans were 15 Year, with 219 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,239 $481,455,000 $388,584
$1k-2k 97 $45,965,000 $473,866
$2k-3k 10 $5,060,000 $506,000
$3k-4k 5 $1,565,000 $313,000
$5k+ 2 $1,690,000 $845,000

$2,989 of loans were Bridgewater Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,239 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 837 $347,425,000 $415,084
<2.5% 371 $109,255,000 $294,488
3-4% 226 $137,630,000 $608,982
4-5% 50 $12,020,000 $240,400
5-6% 5 $665,000 $133,000

During 2021, Bridgewater Savings Bank's average interest rate of loans were 2.87%, while their most frequently originated rate bucket of loans were 2.5-3%, with 837 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 692 $206,680,000 $298,671 $2,496 2.74%
$400k-600k 361 $173,795,000 $481,427 $3,121 2.81%
$100k-200k 200 $31,480,000 $157,400 $2,179 2.79%
$600k-1MM 156 $118,480,000 $759,487 $3,899 3.00%
$1MM+ 46 $74,160,000 $1,612,174 $4,814 3.25%
$100,000 or less 34 $2,400,000 $70,588 $1,786 3.62%

2021 saw Bridgewater Savings Bank place emphasis on $200k-400k loans with 692 originations, totaling $206,680,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 394 $183,270,000 $465,152 $2,967 2.79%
$100k-150k 365 $130,515,000 $357,575 $2,763 2.78%
$75k-100k 242 $66,510,000 $274,835 $2,555 2.76%
$50k-75k 194 $44,920,000 $231,546 $2,536 2.88%
$250k+ 177 $115,625,000 $653,249 $3,459 2.78%
$50k or less 50 $8,090,000 $161,800 $2,342 3.02%

Bridgewater Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 394 originations. The second most popular income band? $100k-150k, with 365 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 420 $164,380,000 $391,381 $2,761 2.75%
30-36% 312 $119,080,000 $381,667 $2,803 2.81%
<20% 130 $48,380,000 $372,154 $2,566 2.62%
43% 64 $25,200,000 $393,750 $2,817 2.84%
44% 60 $23,020,000 $383,667 $2,971 3.07%
42% 59 $25,715,000 $435,847 $2,951 2.95%
41% 53 $20,555,000 $387,830 $3,035 2.86%
36% 51 $18,775,000 $368,137 $2,897 2.80%
38% 49 $18,915,000 $386,020 $3,202 2.77%
39% 48 $17,290,000 $360,208 $2,786 2.93%
40% 42 $17,770,000 $423,095 $2,903 2.84%
37% 42 $16,020,000 $381,429 $2,724 2.82%
45% 26 $10,420,000 $400,769 $3,159 2.78%
48% 21 $7,075,000 $336,905 $2,471 2.85%
49% 20 $6,740,000 $337,000 $3,083 2.78%
46% 19 $7,575,000 $398,684 $3,248 2.78%
47% 19 $6,075,000 $319,737 $2,962 2.86%
50-60% 3 $325,000 $108,333 $1,955 3.08%

Bridgewater Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 420 originations. The next most common DTI ratio? 30-36%, with 312 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,165 $453,655,000 $389,403 $2,809 2.80%
Not provided 219 $81,445,000 $371,895 $2,719 2.82%
Not applicable 38 $46,010,000 $1,210,789 $0 3.93%
Black 33 $11,385,000 $345,000 $3,419 2.89%
Asian 20 $8,440,000 $422,000 $3,035 2.49%
Asian Indian 5 $3,465,000 $693,000 $3,517 2.43%
Other Asian 5 $1,235,000 $247,000 $2,415 3.22%
American Indian 3 $895,000 $298,333 $2,516 3.37%
Korean 1 $465,000 $465,000 $2,449 2.13%

Approval Rates

Total approvals of all applications
92.56%

Bridgewater Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.84%

Bridgewater Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
375.0 38 $4,450,000 $117,105
NA 1,451 $602,545,000 $415,262

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,489 $606,995,000 $407,653

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 174 $40,830,000 $234,655 $2,431 2.76%
40-60% 446 $158,590,000 $355,583 $2,512 2.73%
60-80% 652 $313,950,000 $481,518 $2,803 2.90%
80-100% 192 $89,660,000 $466,979 $3,847 2.84%
Under 20% 21 $2,455,000 $116,905 $2,123 3.22%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bluestone Bank 120 West Center Street West Bridgewater, MA 2379 Full Service B&M $85,349
Bluestone Bank 225 West Main Street Norton, MA 2766 Full Service B&M $92,465
Bluestone Bank 27 Mattakeesett Street Pembroke, MA 2359 Full Service B&M $66,010
Bluestone Bank 29 Bedford Street East Bridgewater, MA 2333 Full Service B&M $82,527
Bluestone Bank 3 Taunton Street Plainville, MA 2762 Full Service B&M $89,217
Bluestone Bank 5 Scotland Boulevard Bridgewater, MA 2324 Full Service B&M $39,776
Bluestone Bank 6 Main Street Lakeville, MA 2346 Full Service B&M $104,380
Bluestone Bank 728 West Center Street West Bridgewater, MA 2379 Full Service B&M $67,142
Bluestone Bank 756 Orchard St Raynham, MA 2767 Full Service B&M $97,469
Bluestone Bank 80 North Main Street Mansfield, MA 2048 Full Service B&M $242,045
Bluestone Bank 14 Main Street Bridgewater, MA 2324 Full Service B&M $157,710
Bluestone Bank 2109 Bay Street, Northwoods Crossing Taunton, MA 2780 Full Service B&M $34,345

For 2021, Bridgewater Savings Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,987
Net interest income $35,562
Total noninterest income $13,199
Gross Fiduciary activities income $806
Service charges on deposit accounts $634
Trading account gains and fees $0
Additional Noninterest Income $11,759
Pre-tax net operating income $12,422
Securities gains (or losses, -) $86
Income before extraordinary items $9,370
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $9,370
Minority interest net income $0
Net income $9,370
Sale, conversion, retirement of capital stock, net $0
Net operating income $9,302

Bridgewater Savings Bank's gross interest income from loans was $37,987,000.
Bridgewater Savings Bank's net interest income from loans was $35,562,000.
Bridgewater Savings Bank's fee based income from loans was $634,000.
Bridgewater Savings Bank's net income from loans was $9,370,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,425
Provision for credit losses $545
Total noninterest expense $35,794
Salaries and employee benefits $22,175
Premises and equipment expense $4,057
Additional noninterest expense $9,562
Applicable income taxes $3,138
Net charge-offs $26
Cash dividends $0

Bridgewater Savings Bank's interest expense for loans was $2,425,000.
Bridgewater Savings Bank's payroll and benefits expense were $22,175,000.
Bridgewater Savings Bank's property, plant and equipment expenses $4,057,000.

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 0.0%
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 $1,183,083
Deposits held in domestic offices $1,183,083
Deposits by Individuals, partnerships, and corporations $1,016,299
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $163,807
Deposits by Commercial banks and other depository institutions in U.S. $2,977
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $365,540
Demand deposits $214,005
Nontransaction accounts $817,543
Money market deposit accounts (MMDAs) $420,382
Other savings deposits (excluding MMDAs) $215,689
Total time deposits $181,472
Total time and savings deposits $969,078
Noninterest-bearing deposits $214,005
Interest-bearing deposits $969,078
Retail deposits $1,136,773
IRAs and Keogh plan accounts $35,869
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,326,102
Cash & Balances due from depository institutions $113,525
Interest-bearing balances $108,027
Total securities $332,122
Federal funds sold & reverse repurchase $0
Net loans and leases $837,539
Loan and leases loss allowance $5,568
Trading account assets $0
Bank premises and fixed assets $16,394
Other real estate owned $0
Goodwill and other intangibles $1,450
All other assets $25,072

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,326,102
Total Liabilities $1,192,602
Total deposits $1,183,083
Interest-bearing deposits $969,078
Deposits held in domestic offices $1,183,083
% insured (estimated) $72
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $567
Subordinated debt $0
All other liabilities $8,952

Issued Loan Types

Type Value (in 000's)
Net loans and leases $837,539
Loan and leases loss allowance $5,568
Total loans and leases (domestic) $843,107
All real estate loans $773,136
Real estate loans in domestic offices $773,136
Construction and development loans $59,761
Residential 1-4 family construction $41,957
Other construction, all land development and other land $17,804
Loans secured by nonfarm nonresidential properties $227,916
Nonfarm nonresidential secured by owner-occupied properties $94,007
Commercial real estate & other non-farm, non-residential $133,909
Multifamily residential real estate $58,843
1-4 family residential loans $426,616
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $52,255
To non-U.S. addressees $0
Loans to individuals $17,716
Credit card loans $0
Related Plans $79
Consumer Auto Loans $0
Other loans to individuals $17,637
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Bridgewater Savings Bank had $837,539,000 of loans outstanding in 2021. $773,136,000 of loans were in real estate loans. $59,761,000 of loans were in development loans. $58,843,000 of loans were in multifamily mortgage loans. $426,616,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 355 $123,892 $348,992
Nonfarm, nonresidential loans - <$100k 10 $435 $43,500
Nonfarm, nonresidential loans - $100-250k 85 $12,161 $143,071
Nonfarm, nonresidential loans - $250k-1MM 260 $111,296 $428,062
Commercial & Industrial, US addressed loans - <$1MM 236 $37,723 $159,843
Commercial & Industrial, US addressed loans - <$100k 78 $2,581 $33,090
Commercial & Industrial, US addressed loans - $100-250k 90 $11,150 $123,889
Commercial & Industrial, US addressed loans - $250k-1MM 68 $23,992 $352,824