Bankgloucester Mortgage Rates, Fees & Info

Gloucester, MA

LEI: 549300GS4TO8CL1SR344

Tax ID: 04-1371820

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Mortgage Data

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

    Bankgloucester is a smaller bank specializing in Home Purchase and Refi loans. Bankgloucester has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Laconia, and Lewiston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bankgloucester 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.

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    Originations

    119

    Origination Dollar Volume (All Markets)

    $44,965,000

    Employee count

    50

    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) 115 $44,315,000 $385,348 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    Outside of Metro Areas 1 $175,000 $175,000 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
    Bankgloucester's top markets include Boston, Worcester, Laconia, and Lewiston among others.

    Their top states include:
  • Massachusetts (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 119 $44,965,000 $377,857 $0 0.00%

    For 2018, Bankgloucester's most frequently originated type of loan was Conventional, with 119 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 67 $27,025,000 $403,358 $0 0.00%
    Refi 28 $9,480,000 $338,571 $0 0.00%
    Home Improvement 15 $6,775,000 $451,667 $0 0.00%
    Other 9 $1,685,000 $187,222 $0 0.00%

    For 2018, Bankgloucester's most frequently cited loan purpose was Home Purchase, with 67 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 119 $44,965,000 $377,857 $0 0.00%

    For 2018, Bankgloucester's most frequently cited loan duration was Other, with 119 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 47 $14,525,000 $309,043 $0 0.00%
    $400k-600k 29 $14,075,000 $485,345 $0 0.00%
    $100,000 or less 17 $925,000 $54,412 $0 0.00%
    $100k-200k 13 $2,095,000 $161,154 $0 0.00%
    $600k-1MM 9 $6,195,000 $688,333 $0 0.00%
    $1MM+ 4 $7,150,000 $1,787,500 $0 0.00%

    2018 saw Bankgloucester place emphasis on $200k-400k loans with 47 originations, totaling $14,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 25 $8,945,000 $357,800 $0 0.00%
    $75k-100k 23 $5,175,000 $225,000 $0 0.00%
    $150k-250k 17 $6,465,000 $380,294 $0 0.00%
    $50k-75k 9 $1,905,000 $211,667 $0 0.00%
    $250k+ 5 $4,365,000 $873,000 $0 0.00%
    $50k or less 4 $370,000 $92,500 $0 0.00%

    Bankgloucester lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $75k-100k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 119 $44,965,000 $377,857 $0 0.00%

    Bankgloucester lent most frequently to those with DTI ratios of Exempt%, with 119 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 79 $25,635,000 $324,494 $0 0.00%
    Not applicable 36 $18,190,000 $505,278 $0 0.00%
    Black 3 $875,000 $291,667 $0 0.00%
    Asian 1 $265,000 $265,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.28%

    Bankgloucester 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
    84.87%

    Bankgloucester has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 119 $44,965,000 $377,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $3,565,000 $713,000
    Single Family (1-4 Units):Site-Built 114 $41,400,000 $363,158

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    BankGloucester 15 Martin Street Essex, MA 1929 Full Service B&M $27,491
    BankGloucester 160 Main Street Gloucester, MA 1930 Full Service B&M $186,105

    For 2018, Bankgloucester had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,494
    Net interest income $9,256
    Total noninterest income $1,033
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $332
    Trading account gains and fees $0
    Additional Noninterest Income $701
    Pre-tax net operating income $2,198
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,583
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,583
    Minority interest net income $0
    Net income $1,583
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,583

    Bankgloucester's gross interest income from loans was $11,494,000.
    Bankgloucester's net interest income from loans was $9,256,000.
    Bankgloucester's fee based income from loans was $332,000.
    Bankgloucester's net income from loans was $1,583,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,238
    Provision for credit losses $138
    Total noninterest expense $7,953
    Salaries and employee benefits $4,280
    Premises and equipment expense $658
    Additional noninterest expense $3,015
    Applicable income taxes $615
    Net charge-offs $68
    Cash dividends $0

    Bankgloucester's interest expense for loans was $2,238,000.
    Bankgloucester's payroll and benefits expense were $4,280,000.
    Bankgloucester's property, plant and equipment expenses $658,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    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 $222,890
    Deposits held in domestic offices $222,890
    Deposits by Individuals, partnerships, and corporations $193,719
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $16,644
    Deposits by Commercial banks and other depository institutions in U.S. $12,527
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $74,311
    Demand deposits $29,652
    Nontransaction accounts $148,579
    Money market deposit accounts (MMDAs) $43,841
    Other savings deposits (excluding MMDAs) $36,782
    Total time deposits $67,956
    Total time and savings deposits $193,238
    Noninterest-bearing deposits $29,652
    Interest-bearing deposits $193,238
    Retail deposits $203,635
    IRAs and Keogh plan accounts $6,089
    Brokered deposits $3,981
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $273,665
    Cash & Balances due from depository institutions $10,228
    Interest-bearing balances $5,910
    Total securities $22,398
    Federal funds sold & reverse repurchase $0
    Net loans and leases $232,044
    Loan and leases loss allowance $1,705
    Trading account assets $0
    Bank premises and fixed assets $5,301
    Other real estate owned $0
    Goodwill and other intangibles $86
    All other assets $3,608

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $273,665
    Total Liabilities $251,510
    Total deposits $222,890
    Interest-bearing deposits $193,238
    Deposits held in domestic offices $222,890
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $28,000
    Subordinated debt $0
    All other liabilities $620

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $232,044
    Loan and leases loss allowance $1,705
    Total loans and leases (domestic) $233,749
    All real estate loans $222,657
    Real estate loans in domestic offices $222,657
    Construction and development loans $27,990
    Residential 1-4 family construction $23,913
    Other construction, all land development and other land $4,077
    Loans secured by nonfarm nonresidential properties $49,704
    Nonfarm nonresidential secured by owner-occupied properties $29,237
    Commercial real estate & other non-farm, non-residential $20,467
    Multifamily residential real estate $4,367
    1-4 family residential loans $140,596
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $10,362
    To non-U.S. addressees $0
    Loans to individuals $730
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $76
    Other loans to individuals $654
    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 $2,206
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    BankGloucester had $232,044,000 of loans outstanding in 2018. $222,657,000 of loans were in real estate loans. $27,990,000 of loans were in development loans. $4,367,000 of loans were in multifamily mortgage loans. $140,596,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $76,000 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 96 $28,625 $298,177
    Nonfarm, nonresidential loans - <$100k 14 $834 $59,571
    Nonfarm, nonresidential loans - $100-250k 27 $3,727 $138,037
    Nonfarm, nonresidential loans - $250k-1MM 55 $24,064 $437,527
    Commercial & Industrial, US addressed loans - <$1MM 120 $8,983 $74,858
    Commercial & Industrial, US addressed loans - <$100k 84 $2,266 $26,976
    Commercial & Industrial, US addressed loans - $100-250k 17 $1,685 $99,118
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $5,032 $264,842