Hometown Bank Mortgage Rates, Fees & Info

Oxford, MA

LEI: 549300HLPEQ31HY26E57

Tax ID: 04-1953445

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Hometown Bank is a smaller bank specializing in Home Purchase and Refi loans. Hometown Bank has a high proportion of conventional loans. Their top markets include Worcester, Boston, New Haven, Barnstable Town, and Providence among others. Hometown Bank has an 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

298

Origination Dollar Volume (All Markets)

$111,620,000

Employee count

153

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
WORCESTER, MA-CT (FHA|USDA|VA) 268 $77,970,000 $290,933 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $26,450,000 $3,306,250 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $2,105,000 $2,105,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $1,400,000 $350,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $1,255,000 $251,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 9 $1,245,000 $138,333 $0 0.00%
Outside of Metro Areas 1 $855,000 $855,000 $0 0.00%
Keene, NH (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%

Hometown Bank's top markets include Worcester, Boston, New Haven, Barnstable Town, and Providence among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 298 $111,620,000 $374,564 $0 0.00%

For the 2021 period, Hometown Bank's most frequently originated loan type of loans were Conventional, with 298 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 88 $43,560,000 $495,000 $0 0.00%
Cash Out Refi 88 $17,350,000 $197,159 $0 0.00%
Refi 70 $45,800,000 $654,286 $0 0.00%
Home Improvement 32 $2,890,000 $90,313 $0 0.00%
Other 20 $2,020,000 $101,000 $0 0.00%

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

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 298 $111,620,000 $374,564 $0 0.00%

For the 2021, Hometown Bank's most frequently cited loan length of loans were Other, with 298 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 109 $16,515,000 $151,514 $0 0.00%
$200k-400k 83 $21,905,000 $263,916 $0 0.00%
$100,000 or less 59 $3,035,000 $51,441 $0 0.00%
$400k-600k 32 $15,520,000 $485,000 $0 0.00%
$1MM+ 10 $50,940,000 $5,094,000 $0 0.00%
$600k-1MM 5 $3,705,000 $741,000 $0 0.00%

2021 saw Hometown Bank place emphasis on $100k-200k loans with 109 originations, totaling $16,515,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 58 $10,990,000 $189,483 $0 0.00%
$50k-75k 54 $8,840,000 $163,704 $0 0.00%
$75k-100k 52 $8,580,000 $165,000 $0 0.00%
$150k-250k 43 $11,765,000 $273,605 $0 0.00%
$50k or less 35 $4,395,000 $125,571 $0 0.00%
$250k+ 11 $5,755,000 $523,182 $0 0.00%

Hometown Bank lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $50k-75k, with 54 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 298 $111,620,000 $374,564 $0 0.00%

Hometown Bank lent most frequently to those with DTI ratios of Exempt%, with 298 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 39 $59,915,000 $1,536,282 $0 0.00%
White 217 $44,665,000 $205,829 $0 0.00%
Not provided 33 $5,005,000 $151,667 $0 0.00%
Asian 6 $1,350,000 $225,000 $0 0.00%
American Indian 3 $685,000 $228,333 $0 0.00%

Approval Rates

Total approvals of all applications
83.11%

Hometown Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
76.88%

Hometown Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 298 $111,620,000 $374,564

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
298 $111,620,000 $374,564

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
HomeTown Lenders, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Hometown Bank 1001 Millbury Street Worcester, MA 1607 Full Service B&M $28,550
Hometown Bank 569 Southbridge Street Auburn, MA 1501 Full Service B&M $33,918
Hometown Bank 865 Riverside Drive Grosvenordale, CT 6255 Full Service B&M $49,909
Hometown Bank 9 Sack Blvd Leominster, MA 1453 Full Service B&M $43,608
Hometown Bank 90 Exchange St Athol, MA 1331 Full Service B&M $38,415
Hometown Bank 109 Elm Street Millbury, MA 1527 Full Service B&M $191,587
Hometown Bank 13 Canterbury Road Brooklyn, CT 6234 Full Service B&M $33,563
Hometown Bank 131 Main Street South Lancaster, MA 1561 Full Service B&M $30,976
Hometown Bank 148 Route 171 Woodstock, CT 6281 Full Service B&M $77,047
Hometown Bank 182 Main Street Putnam, CT 6260 Full Service B&M $129,229
Hometown Bank 218r Main Street Webster, MA 1570 Full Service B&M $48,232
Hometown Bank 270 Grove Street Worcester, MA 1605 Full Service B&M $24,149
Hometown Bank 3 Central Street Danielson, CT 6239 Full Service B&M $34,549
Hometown Bank 31 Sutton Ave Oxford, MA 1540 Full Service B&M $239,175
Hometown Bank 331 Main Stret Sturbridge, MA 1566 Full Service B&M $63,967
Hometown Bank 4 Gore Road Webster, MA 1570 Full Service B&M $71,327

For 2021, Hometown Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $34,362
Net interest income $31,867
Total noninterest income $9,538
Gross Fiduciary activities income $1
Service charges on deposit accounts $2,701
Trading account gains and fees $0
Additional Noninterest Income $6,836
Pre-tax net operating income $10,380
Securities gains (or losses, -) $0
Income before extraordinary items $7,813
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,813
Minority interest net income $0
Net income $7,813
Sale, conversion, retirement of capital stock, net $0
Net operating income $7,813

Hometown Bank's gross interest income from loans was $34,362,000.
Hometown Bank's net interest income from loans was $31,867,000.
Hometown Bank's fee based income from loans was $2,701,000.
Hometown Bank's net income from loans was $7,813,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,495
Provision for credit losses $1,935
Total noninterest expense $29,090
Salaries and employee benefits $16,468
Premises and equipment expense $2,959
Additional noninterest expense $9,663
Applicable income taxes $2,567
Net charge-offs $329
Cash dividends $0

Hometown Bank's interest expense for loans was $2,495,000.
Hometown Bank's payroll and benefits expense were $16,468,000.
Hometown Bank's property, plant and equipment expenses $2,959,000.

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 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 $1,203,943
Deposits held in domestic offices $1,203,943
Deposits by Individuals, partnerships, and corporations $1,074,986
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $123,993
Deposits by Commercial banks and other depository institutions in U.S. $4,964
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $178,011
Demand deposits $62,012
Nontransaction accounts $1,025,932
Money market deposit accounts (MMDAs) $156,768
Other savings deposits (excluding MMDAs) $637,429
Total time deposits $231,736
Total time and savings deposits $1,141,931
Noninterest-bearing deposits $219,618
Interest-bearing deposits $984,325
Retail deposits $1,119,008
IRAs and Keogh plan accounts $43,753
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,354,366
Cash & Balances due from depository institutions $341,334
Interest-bearing balances $321,996
Total securities $144,291
Federal funds sold & reverse repurchase $0
Net loans and leases $803,390
Loan and leases loss allowance $8,535
Trading account assets $0
Bank premises and fixed assets $13,580
Other real estate owned $0
Goodwill and other intangibles $12,779
All other assets $38,992

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,354,366
Total Liabilities $1,221,059
Total deposits $1,203,943
Interest-bearing deposits $984,325
Deposits held in domestic offices $1,203,943
% insured (estimated) $70
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $6,000
Subordinated debt $0
All other liabilities $11,116

Issued Loan Types

Type Value (in 000's)
Net loans and leases $803,390
Loan and leases loss allowance $8,535
Total loans and leases (domestic) $811,925
All real estate loans $754,210
Real estate loans in domestic offices $754,210
Construction and development loans $57,208
Residential 1-4 family construction $18,757
Other construction, all land development and other land $38,451
Loans secured by nonfarm nonresidential properties $390,731
Nonfarm nonresidential secured by owner-occupied properties $121,947
Commercial real estate & other non-farm, non-residential $268,784
Multifamily residential real estate $83,430
1-4 family residential loans $221,897
Farmland loans $944
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $47,253
To non-U.S. addressees $0
Loans to individuals $3,169
Credit card loans $0
Related Plans $75
Consumer Auto Loans $1,345
Other loans to individuals $1,749
All other loans & leases $7,293
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 $1,486
Non 1-4 family restructured loans & leases $811
Total loans and leases (foreign) $0

Hometown Bank had $803,390,000 of loans outstanding in 2021. $754,210,000 of loans were in real estate loans. $57,208,000 of loans were in development loans. $83,430,000 of loans were in multifamily mortgage loans. $221,897,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,345,000 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 401 $90,861 $226,586
Nonfarm, nonresidential loans - <$100k 146 $4,970 $34,041
Nonfarm, nonresidential loans - $100-250k 125 $21,374 $170,992
Nonfarm, nonresidential loans - $250k-1MM 130 $64,517 $496,285
Commercial & Industrial, US addressed loans - <$1MM 449 $36,961 $82,318
Commercial & Industrial, US addressed loans - <$100k 361 $9,602 $26,598
Commercial & Industrial, US addressed loans - $100-250k 43 $6,913 $160,767
Commercial & Industrial, US addressed loans - $250k-1MM 45 $20,446 $454,356