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, Manchester, and Concord among others. We have data for 3 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

    70

    Origination Dollar Volume (All Markets)

    $34,690,000

    Employee count

    51

    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) 66 $32,870,000 $498,030 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $1,305,000 $435,000 $0 0.00%
    Concord, NH (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
    Bankgloucester's top markets include Boston, Manchester, and Concord among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 70 $34,690,000 $495,571 $0 0.00%

    For 2019, Bankgloucester's most frequently originated type of loan was Conventional, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 40 $23,860,000 $596,500 $0 0.00%
    Refi 23 $8,375,000 $364,130 $0 0.00%
    Other 4 $620,000 $155,000 $0 0.00%
    Home Improvement 3 $1,835,000 $611,667 $0 0.00%

    For 2019, Bankgloucester's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 70 $34,690,000 $495,571 $0 0.00%

    For 2019, Bankgloucester's most frequently cited loan duration was Other, with 70 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 24 $6,970,000 $290,417 $0 0.00%
    $400k-600k 19 $9,505,000 $500,263 $0 0.00%
    $1MM+ 8 $12,150,000 $1,518,750 $0 0.00%
    $100,000 or less 7 $355,000 $50,714 $0 0.00%
    $100k-200k 6 $870,000 $145,000 $0 0.00%
    $600k-1MM 6 $4,840,000 $806,667 $0 0.00%

    2019 saw Bankgloucester place emphasis on $200k-400k loans with 24 originations, totaling $6,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $5,325,000 $355,000 $0 0.00%
    $75k-100k 13 $3,845,000 $295,769 $0 0.00%
    $50k-75k 8 $1,880,000 $235,000 $0 0.00%
    $50k or less 4 $1,020,000 $255,000 $0 0.00%
    $150k-250k 3 $945,000 $315,000 $0 0.00%
    $250k+ 3 $4,235,000 $1,411,667 $0 0.00%

    Bankgloucester lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $75k-100k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 70 $34,690,000 $495,571 $0 0.00%

    Bankgloucester lent most frequently to those with DTI ratios of Exempt%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 24 $17,440,000 $726,667 $0 0.00%
    White 45 $17,045,000 $378,778 $0 0.00%
    Asian Indian 1 $205,000 $205,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    87.14%

    Bankgloucester has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 70 $34,690,000 $495,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,735,000 $578,333
    Single Family (1-4 Units):Site-Built 67 $32,955,000 $491,866

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    BankGloucester 15 Martin Street Essex, MA 1929 Full Service B&M $37,761
    BankGloucester 160 Main Street Gloucester, MA 1930 Full Service B&M $195,613

    For 2019, Bankgloucester had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,880
    Net interest income $9,639
    Total noninterest income $1,193
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $340
    Trading account gains and fees $0
    Additional Noninterest Income $853
    Pre-tax net operating income $2,207
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,605
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,605
    Minority interest net income $0
    Net income $1,605
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,605

    Bankgloucester's gross interest income from loans was $12,880,000.
    Bankgloucester's net interest income from loans was $9,639,000.
    Bankgloucester's fee based income from loans was $340,000.
    Bankgloucester's net income from loans was $1,605,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,241
    Provision for credit losses $223
    Total noninterest expense $8,402
    Salaries and employee benefits $4,593
    Premises and equipment expense $595
    Additional noninterest expense $3,214
    Applicable income taxes $602
    Net charge-offs $9
    Cash dividends $0

    Bankgloucester's interest expense for loans was $3,241,000.
    Bankgloucester's payroll and benefits expense were $4,593,000.
    Bankgloucester's property, plant and equipment expenses $595,000.

    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 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 1.0%
    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 $233,424
    Deposits held in domestic offices $233,424
    Deposits by Individuals, partnerships, and corporations $202,804
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $16,765
    Deposits by Commercial banks and other depository institutions in U.S. $13,855
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $77,119
    Demand deposits $25,878
    Nontransaction accounts $156,305
    Money market deposit accounts (MMDAs) $40,327
    Other savings deposits (excluding MMDAs) $35,015
    Total time deposits $80,963
    Total time and savings deposits $207,546
    Noninterest-bearing deposits $25,878
    Interest-bearing deposits $207,546
    Retail deposits $212,187
    IRAs and Keogh plan accounts $7,233
    Brokered deposits $1,991
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $277,847
    Cash & Balances due from depository institutions $12,256
    Interest-bearing balances $7,135
    Total securities $21,188
    Federal funds sold & reverse repurchase $0
    Net loans and leases $233,862
    Loan and leases loss allowance $1,919
    Trading account assets $0
    Bank premises and fixed assets $7,429
    Other real estate owned $0
    Goodwill and other intangibles $61
    All other assets $3,051

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $277,847
    Total Liabilities $253,900
    Total deposits $233,424
    Interest-bearing deposits $207,546
    Deposits held in domestic offices $233,424
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $20,000
    Subordinated debt $0
    All other liabilities $476

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $233,862
    Loan and leases loss allowance $1,919
    Total loans and leases (domestic) $235,781
    All real estate loans $225,452
    Real estate loans in domestic offices $225,452
    Construction and development loans $24,606
    Residential 1-4 family construction $23,091
    Other construction, all land development and other land $1,515
    Loans secured by nonfarm nonresidential properties $50,974
    Nonfarm nonresidential secured by owner-occupied properties $30,281
    Commercial real estate & other non-farm, non-residential $20,693
    Multifamily residential real estate $5,543
    1-4 family residential loans $144,329
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $9,736
    To non-U.S. addressees $0
    Loans to individuals $593
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $53
    Other loans to individuals $540
    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 $2,150
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    BankGloucester had $233,862,000 of loans outstanding in 2019. $225,452,000 of loans were in real estate loans. $24,606,000 of loans were in development loans. $5,543,000 of loans were in multifamily mortgage loans. $144,329,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $53,000 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 113 $27,774 $245,788
    Nonfarm, nonresidential loans - <$100k 29 $822 $28,345
    Nonfarm, nonresidential loans - $100-250k 29 $3,622 $124,897
    Nonfarm, nonresidential loans - $250k-1MM 55 $23,330 $424,182
    Commercial & Industrial, US addressed loans - <$1MM 194 $8,446 $43,536
    Commercial & Industrial, US addressed loans - <$100k 157 $1,978 $12,599
    Commercial & Industrial, US addressed loans - $100-250k 16 $1,480 $92,500
    Commercial & Industrial, US addressed loans - $250k-1MM 21 $4,988 $237,524