Peoplesbank Mortgage Rates, Fees & Info

Holyoke, MA

LEI: 549300IYKILIU506KA05

Tax ID: 20-0262355

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Peoplesbank is a smaller bank specializing in Home Purchase and Refi loans. Peoplesbank has a high proportion of conventional loans. Their top markets include Springfield, Hartford, Boston, Norwich, and Philadelphia among others. Peoplesbank 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. Peoplesbank is typically an average fee lendor.


Originations

733

Origination Dollar Volume (All Markets)

$334,525,000

Employee count

299

Awards

PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Peoplesbank's average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Peoplesbank's average total fees for a 30 year fixed rate mortgage are $3,553.

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
SPRINGFIELD, MA (FHA|USDA|VA) 622 $175,970,000 $282,910 $3,019 3.09%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 78 $49,800,000 $638,462 $3,181 3.14%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $44,390,000 $11,097,500 $5,131 3.30%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $26,765,000 $5,353,000 $6,728 3.14%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $16,820,000 $8,410,000 $0 3.38%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $6,775,000 $2,258,333 $4,675 3.76%
PITTSFIELD, MA (FHA|USDA|VA) 2 $6,690,000 $3,345,000 $3,146 2.94%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $3,090,000 $1,545,000 $7,791 3.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,260,000 $282,500 $3,217 2.78%
Lebanon, NH-VT (FHA|USDA|VA) 1 $935,000 $935,000 $3,610 3.13%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $320,000 $160,000 $2,526 2.94%
Bennington, VT (FHA|USDA|VA) 1 $215,000 $215,000 $5,518 2.88%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $195,000 $195,000 $3,821 2.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $165,000 $165,000 $0 4.50%
Outside of Metro Areas 1 $135,000 $135,000 $3,365 2.88%

Peoplesbank's top markets include Springfield, Hartford, Boston, Norwich, and Philadelphia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 733 $334,525,000 $456,378 $3,079 3.09%

For the 2021 period, Peoplesbank's most frequently originated loan type of loans were Conventional, with 733 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 288 $124,670,000 $432,882 $3,795 3.13%
Refi 225 $163,735,000 $727,711 $2,773 3.08%
Cash Out Refi 165 $37,815,000 $229,182 $3,122 2.84%
Home Improvement 37 $5,895,000 $159,324 $275 3.76%
Other 18 $2,410,000 $133,889 $1,425 3.53%

For the 2021, Peoplesbank's most frequently cited loan purpose of loans were Home Purchase, with 288 originations. The 2nd most popular reason of loans were Refi, with 225 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 432 $111,300,000 $257,639 $3,553 3.08%
15 Year 138 $32,750,000 $237,319 $2,534 2.81%
20 Year 82 $70,520,000 $860,000 $2,459 3.23%
Other 33 $31,315,000 $948,939 $3,779 3.47%
10 Year 32 $65,950,000 $2,060,938 $606 3.51%
5 Year 13 $19,375,000 $1,490,385 $0 3.68%
30+ year 2 $710,000 $355,000 $3,901 3.63%
3 Year 1 $2,605,000 $2,605,000 $0 3.25%

For the 2021, Peoplesbank's most frequently cited loan length of loans were 30 Year, with 432 originations. The 2nd most popular length of loans were 15 Year, with 138 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 573 $131,365,000 $229,258
$1k-2k 19 $3,535,000 $186,053
$2k-3k 19 $4,495,000 $236,579
$3k-4k 13 $3,695,000 $284,231
$5k+ 5 $1,985,000 $397,000

$3,553 of loans were Peoplesbank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 573 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 432 $106,000,000 $245,370
3-4% 232 $206,580,000 $890,431
<2.5% 37 $7,765,000 $209,865
4-5% 32 $14,180,000 $443,125

During 2021, Peoplesbank's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 432 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 313 $86,415,000 $276,086 $3,537 3.00%
$100k-200k 244 $37,480,000 $153,607 $2,918 3.05%
$100,000 or less 86 $4,920,000 $57,209 $979 3.47%
$400k-600k 57 $26,655,000 $467,632 $4,220 3.04%
$1MM+ 23 $171,685,000 $7,464,565 $10,853 3.37%
$600k-1MM 10 $7,370,000 $737,000 $4,640 3.52%

2021 saw Peoplesbank place emphasis on $200k-400k loans with 313 originations, totaling $86,415,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 157 $39,555,000 $251,943 $3,267 3.06%
$50k-75k 151 $26,235,000 $173,742 $2,896 3.04%
$75k-100k 142 $29,130,000 $205,141 $2,889 3.06%
$150k-250k 108 $31,430,000 $291,019 $3,366 2.94%
$50k or less 76 $9,950,000 $130,921 $2,612 3.07%
$250k+ 42 $17,930,000 $426,905 $4,172 3.24%

Peoplesbank lent most frequently to those with incomes in the $100k-150k range, with 157 originations. The second most popular income band? $50k-75k, with 151 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 207 $47,815,000 $230,990 $3,129 2.98%
30-36% 173 $38,215,000 $220,896 $2,966 3.05%
<20% 73 $17,875,000 $244,863 $3,297 2.97%
40% 37 $9,275,000 $250,676 $3,253 3.17%
37% 33 $6,355,000 $192,576 $2,959 3.09%
42% 25 $5,335,000 $213,400 $2,694 3.16%
39% 23 $4,705,000 $204,565 $2,744 3.14%
41% 23 $4,525,000 $196,739 $2,875 3.08%
38% 21 $5,075,000 $241,667 $3,209 3.02%
36% 21 $5,445,000 $259,286 $3,452 3.06%
43% 16 $3,830,000 $239,375 $3,530 3.19%
45% 9 $2,085,000 $231,667 $2,800 3.07%
44% 7 $1,215,000 $173,571 $2,145 3.38%
47% 7 $2,135,000 $305,000 $3,816 2.98%
46% 6 $1,540,000 $256,667 $3,191 3.02%
49% 3 $635,000 $211,667 $2,956 3.08%
48% 1 $175,000 $175,000 $3,248 3.00%
50-60% 1 $375,000 $375,000 $0 4.00%

Peoplesbank lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 173 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 43 $177,075,000 $4,118,023 $0 3.77%
White 515 $116,825,000 $226,845 $3,017 3.06%
Not provided 141 $32,025,000 $227,128 $3,272 3.01%
Asian 21 $5,825,000 $277,381 $3,492 3.01%
Black 10 $2,160,000 $216,000 $3,049 3.07%
American Indian 3 $615,000 $205,000 $2,441 3.33%

Approval Rates

Total approvals of all applications
91.06%

Peoplesbank has an average approval rate.

Pick Rate

Approvals leading to origination
83.76%

Peoplesbank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 733 $334,525,000 $456,378

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
733 $334,525,000 $456,378

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 57 $13,535,000 $237,456 $2,078 3.09%
40-60% 139 $92,395,000 $664,712 $2,907 2.92%
60-80% 316 $171,950,000 $544,146 $3,488 3.09%
80-100% 177 $46,965,000 $265,339 $3,670 3.05%
Under 20% 44 $9,680,000 $220,000 $8 3.80%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 30.8%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 15.4%
PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 3 23.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Peoplesbank 5 South Maple Street Hadley, MA 1035 Full Service B&M $107,557
Peoplesbank 1 Turkey Hills Road East Granby, CT 6026 Full Service B&M $47,567
Peoplesbank 1051 St. James Avenue Springfield, MA 1104 Full Service B&M $42,317
Peoplesbank 1240 Sumner Avenue Springfield, MA 1118 Full Service B&M $197,597
Peoplesbank 1380 Mountain Road West Suffield, CT 6093 Full Service B&M $48,486
Peoplesbank 1864 Northampton St, # 1866 Holyoke, MA 1040 Full Service B&M $270,221
Peoplesbank 1900 Wilbraham Road Springfield, MA 1129 Full Service B&M $85,079
Peoplesbank 1936 Memorial Drive Chicopee, MA 1020 Full Service B&M $154,301
Peoplesbank 201 North Main Street East Longmeadow, MA 1028 Full Service B&M $115,838
Peoplesbank 24 Tabor Crossing Longmeadow, MA 1106 Full Service B&M $5,464
Peoplesbank 281 East Main Street Westfield, MA 1085 Full Service B&M $134,597
Peoplesbank 30 Bridge Street Suffield, CT 6078 Full Service B&M $174,228
Peoplesbank 300 King Street Northampton, MA 1060 Full Service B&M $103,564
Peoplesbank 314 High Street Holyoke, MA 1040 Full Service B&M $340,514
Peoplesbank 330 Whitney Ave Holyoke, MA 1040 Full Service B&M $0
Peoplesbank 450 Center St. Ludlow, MA 1056 Full Service B&M $20,780
Peoplesbank 468 Newton Street South Hadley, MA 1075 Full Service B&M $159,341
Peoplesbank 547 Memorial Avenue West Springfield, MA 1089 Full Service B&M $269,244
Peoplesbank 56 Amity Street Amherst, MA 1002 Full Service B&M $93,990
Peoplesbank 6 National Drive Windsor Locks, CT 6096 Full Service B&M $62,421
Peoplesbank 610 Memorial Drive Chicopee, MA 1020 Full Service B&M $126,790
Peoplesbank 783 Williams Street Longmeadow, MA 1106 Full Service B&M $172,482
Peoplesbank 807 Wilbraham Road Springfield, MA 1109 Full Service B&M $1,640

For 2021, Peoplesbank had 23 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $101,958
Net interest income $88,262
Total noninterest income $16,035
Gross Fiduciary activities income $2
Service charges on deposit accounts $5,135
Trading account gains and fees $1,610
Additional Noninterest Income $9,288
Pre-tax net operating income $26,151
Securities gains (or losses, -) $4,079
Income before extraordinary items $29,112
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $29,112
Minority interest net income $0
Net income $29,112
Sale, conversion, retirement of capital stock, net $0
Net operating income $25,196

Peoplesbank's gross interest income from loans was $101,958,000.
Peoplesbank's net interest income from loans was $88,262,000.
Peoplesbank's fee based income from loans was $5,135,000.
Peoplesbank's net income from loans was $29,112,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $13,696
Provision for credit losses $1,971
Total noninterest expense $76,175
Salaries and employee benefits $38,008
Premises and equipment expense $6,820
Additional noninterest expense $31,347
Applicable income taxes $1,118
Net charge-offs $1,959
Cash dividends $2,210

Peoplesbank's interest expense for loans was $13,696,000.
Peoplesbank's payroll and benefits expense were $38,008,000.
Peoplesbank's property, plant and equipment expenses $6,820,000.

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 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 $3,123,653
Deposits held in domestic offices $3,123,653
Deposits by Individuals, partnerships, and corporations $2,511,606
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $612,047
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 $305,945
Demand deposits $233,292
Nontransaction accounts $2,817,708
Money market deposit accounts (MMDAs) $1,430,788
Other savings deposits (excluding MMDAs) $1,264,529
Total time deposits $122,392
Total time and savings deposits $2,890,361
Noninterest-bearing deposits $656,847
Interest-bearing deposits $2,466,806
Retail deposits $2,825,321
IRAs and Keogh plan accounts $43,522
Brokered deposits $265,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,580,270
Cash & Balances due from depository institutions $255,012
Interest-bearing balances $230,732
Total securities $553,230
Federal funds sold & reverse repurchase $50,516
Net loans and leases $2,513,824
Loan and leases loss allowance $23,896
Trading account assets $0
Bank premises and fixed assets $44,816
Other real estate owned $0
Goodwill and other intangibles $26,263
All other assets $136,609

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,580,270
Total Liabilities $3,237,833
Total deposits $3,123,653
Interest-bearing deposits $2,466,806
Deposits held in domestic offices $3,123,653
% insured (estimated) $66
Federal funds purchased and repurchase agreements $55,792
Trading liabilities $0
Other borrowed funds $5,670
Subordinated debt $0
All other liabilities $52,718

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,513,824
Loan and leases loss allowance $23,896
Total loans and leases (domestic) $2,537,720
All real estate loans $2,138,410
Real estate loans in domestic offices $2,138,410
Construction and development loans $180,635
Residential 1-4 family construction $2,868
Other construction, all land development and other land $177,767
Loans secured by nonfarm nonresidential properties $771,375
Nonfarm nonresidential secured by owner-occupied properties $84,302
Commercial real estate & other non-farm, non-residential $687,073
Multifamily residential real estate $244,743
1-4 family residential loans $941,657
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $245,741
To non-U.S. addressees $0
Loans to individuals $138,366
Credit card loans $0
Related Plans $559
Consumer Auto Loans $458
Other loans to individuals $137,349
All other loans & leases $15,203
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 $114
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

PeoplesBank had $2,513,824,000 of loans outstanding in 2021. $2,138,410,000 of loans were in real estate loans. $180,635,000 of loans were in development loans. $244,743,000 of loans were in multifamily mortgage loans. $941,657,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $458,000 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 249 $65,945 $264,839
Nonfarm, nonresidential loans - <$100k 15 $729 $48,600
Nonfarm, nonresidential loans - $100-250k 91 $11,849 $130,209
Nonfarm, nonresidential loans - $250k-1MM 143 $53,367 $373,196
Commercial & Industrial, US addressed loans - <$1MM 451 $34,159 $75,741
Commercial & Industrial, US addressed loans - <$100k 189 $3,511 $18,577
Commercial & Industrial, US addressed loans - $100-250k 149 $9,485 $63,658
Commercial & Industrial, US addressed loans - $250k-1MM 113 $21,163 $187,283