Patriot Community Bank Mortgage Rates, Fees & Info

Woburn, MA

LEI: 549300GGCODNBIXJ4705

Tax ID: 20-3411700

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Mortgage Data

Bank Data

Review & Overview

Patriot Community Bank is a smaller bank specializing in Refi and Home Purchase loans. Patriot Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Providence, and Manchester among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

Patriot Community Bank has an above average approval rate when compared to the average across all lenders. They have an above 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

610

Origination Dollar Volume (All Markets)

$257,760,000

Employee count

28

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) 522 $226,510,000 $433,927 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 18 $6,110,000 $339,444 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 17 $5,685,000 $334,412 $0 0.00%
Outside of Metro Areas 2 $3,840,000 $1,920,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $2,375,000 $339,286 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 7 $1,815,000 $259,286 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $1,170,000 $292,500 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,160,000 $290,000 $0 0.00%
Lebanon, NH-VT (FHA|USDA|VA) 3 $1,155,000 $385,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 4 $980,000 $245,000 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $955,000 $318,333 $0 0.00%
Concord, NH (FHA|USDA|VA) 3 $775,000 $258,333 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $640,000 $320,000 $0 0.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
Vineyard Haven, MA (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $430,000 $215,000 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $425,000 $425,000 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
Bennington, VT (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
BOULDER, CO (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
Torrington, CT (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Barre, VT (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
Patriot Community Bank's top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 610 $257,760,000 $422,557 $0 0.00%

    For 2020, Patriot Community Bank's most frequently originated type of loan was Conventional, with 610 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 477 $171,525,000 $359,591 $0 0.00%
    Home Purchase 77 $53,715,000 $697,597 $0 0.00%
    Cash Out Refi 50 $24,470,000 $489,400 $0 0.00%
    Home Improvement 5 $8,015,000 $1,603,000 $0 0.00%
    Other 1 $35,000 $35,000 $0 0.00%

    For 2020, Patriot Community Bank's most frequently cited loan purpose was Refi, with 477 originations. The 2nd most popular reason was Home Purchase, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 610 $257,760,000 $422,557 $0 0.00%

    For 2020, Patriot Community Bank's most frequently cited loan duration was Other, with 610 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 329 $104,005,000 $316,125 $0 0.00%
    $400k-600k 183 $86,955,000 $475,164 $0 0.00%
    $100k-200k 53 $8,755,000 $165,189 $0 0.00%
    $600k-1MM 28 $19,590,000 $699,643 $0 0.00%
    $1MM+ 15 $38,355,000 $2,557,000 $0 0.00%
    $100,000 or less 2 $100,000 $50,000 $0 0.00%

    2020 saw Patriot Community Bank place emphasis on $200k-400k loans with 329 originations, totaling $104,005,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 215 $85,815,000 $399,140 $0 0.00%
    $100k-150k 178 $60,500,000 $339,888 $0 0.00%
    $250k+ 97 $41,005,000 $422,732 $0 0.00%
    $75k-100k 67 $20,925,000 $312,313 $0 0.00%
    $50k-75k 28 $7,630,000 $272,500 $0 0.00%
    $50k or less 7 $1,895,000 $270,714 $0 0.00%

    Patriot Community Bank lent most frequently to those with incomes in the $150k-250k range, with 215 originations. The second most popular income band? $100k-150k, with 178 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 610 $257,760,000 $422,557 $0 0.00%

    Patriot Community Bank lent most frequently to those with DTI ratios of Exempt%, with 610 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 465 $170,725,000 $367,151 $0 0.00%
    Asian 124 $46,370,000 $373,952 $0 0.00%
    Not applicable 18 $39,990,000 $2,221,667 $0 0.00%
    Black 1 $355,000 $355,000 $0 0.00%
    Not provided 2 $320,000 $160,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.08%

    Patriot Community Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    94.75%

    Patriot Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 610 $257,760,000 $422,557

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $16,030,000 $4,007,500
    Single Family (1-4 Units):Site-Built 606 $241,730,000 $398,894

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Patriot Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Patriot Community Bank 237 Lexington Street Woburn, MA 1801 Full Service B&M $167,277

    For 2020, Patriot Community Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,004
    Net interest income $4,680
    Total noninterest income $2,343
    Gross Fiduciary activities income $1
    Service charges on deposit accounts $22
    Trading account gains and fees $0
    Additional Noninterest Income $2,320
    Pre-tax net operating income $2,862
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,069
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,069
    Minority interest net income $0
    Net income $2,069
    Sale, conversion, retirement of capital stock, net $132
    Net operating income $2,069

    Patriot Community Bank's gross interest income from loans was $7,004,000.
    Patriot Community Bank's net interest income from loans was $4,680,000.
    Patriot Community Bank's fee based income from loans was $22,000.
    Patriot Community Bank's net income from loans was $2,069,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,324
    Provision for credit losses $210
    Total noninterest expense $3,951
    Salaries and employee benefits $2,665
    Premises and equipment expense $320
    Additional noninterest expense $966
    Applicable income taxes $793
    Net charge-offs $0
    Cash dividends $0

    Patriot Community Bank's interest expense for loans was $2,324,000.
    Patriot Community Bank's payroll and benefits expense were $2,665,000.
    Patriot Community Bank's property, plant and equipment expenses $320,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 9.0%
    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 $173,452
    Deposits held in domestic offices $173,452
    Deposits by Individuals, partnerships, and corporations $173,452
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    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 $44,659
    Demand deposits $27,546
    Nontransaction accounts $128,793
    Money market deposit accounts (MMDAs) $29,942
    Other savings deposits (excluding MMDAs) $4,318
    Total time deposits $94,533
    Total time and savings deposits $145,906
    Noninterest-bearing deposits $27,546
    Interest-bearing deposits $145,906
    Retail deposits $147,146
    IRAs and Keogh plan accounts $9,878
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $203,174
    Cash & Balances due from depository institutions $61,147
    Interest-bearing balances $60,124
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $140,306
    Loan and leases loss allowance $1,649
    Trading account assets $0
    Bank premises and fixed assets $61
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $1,660

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $203,174
    Total Liabilities $174,780
    Total deposits $173,452
    Interest-bearing deposits $145,906
    Deposits held in domestic offices $173,452
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,328

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $140,306
    Loan and leases loss allowance $1,649
    Total loans and leases (domestic) $141,955
    All real estate loans $135,072
    Real estate loans in domestic offices $135,072
    Construction and development loans $16,500
    Residential 1-4 family construction $13,068
    Other construction, all land development and other land $3,432
    Loans secured by nonfarm nonresidential properties $50,657
    Nonfarm nonresidential secured by owner-occupied properties $14,478
    Commercial real estate & other non-farm, non-residential $36,179
    Multifamily residential real estate $10,696
    1-4 family residential loans $57,219
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $6,849
    To non-U.S. addressees $0
    Loans to individuals $35
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $35
    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 $2,649
    Non 1-4 family restructured loans & leases $2,649
    Total loans and leases (foreign) $0

    Patriot Community Bank had $140,306,000 of loans outstanding in 2020. $135,072,000 of loans were in real estate loans. $16,500,000 of loans were in development loans. $10,696,000 of loans were in multifamily mortgage loans. $57,219,000 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 42 $12,684 $302,000
    Nonfarm, nonresidential loans - <$100k 10 $75 $7,500
    Nonfarm, nonresidential loans - $100-250k 8 $1,169 $146,125
    Nonfarm, nonresidential loans - $250k-1MM 24 $11,440 $476,667
    Commercial & Industrial, US addressed loans - <$1MM 83 $3,519 $42,398
    Commercial & Industrial, US addressed loans - <$100k 67 $511 $7,627
    Commercial & Industrial, US addressed loans - $100-250k 9 $666 $74,000
    Commercial & Industrial, US addressed loans - $250k-1MM 7 $2,342 $334,571