The Bank Of Canton Mortgage Rates, Fees & Info

Canton, MA

LEI: 549300J8Y8IPQFMMIT88

Tax ID: 20-0935064

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Bank Of Canton is a smaller bank specializing in Home Purchase and Refi loans. The Bank Of Canton has a high proportion of conventional loans. Their top markets include Boston, Worcester, Providence, Barnstable Town, and Springfield among others. The Bank Of Canton 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. The Bank Of Canton is typically an average fee lendor.


Originations

791

Origination Dollar Volume (All Markets)

$303,355,000

Employee count

104

Awards

The Bank of Canton 30 Year Conventional Loans silver The Bank of Canton 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

The Bank Of Canton's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

The Bank Of Canton's average total fees for a 30 year fixed rate mortgage are $3,512.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 524 $222,990,000 $425,553 $3,352 3.00%
WORCESTER, MA-CT (FHA|USDA|VA) 164 $46,140,000 $281,341 $3,088 2.88%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 45 $14,305,000 $317,889 $3,216 3.12%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 38 $13,130,000 $345,526 $3,150 2.88%
SPRINGFIELD, MA (FHA|USDA|VA) 7 $1,345,000 $192,143 $3,074 3.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $1,290,000 $645,000 $4,478 3.06%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $1,050,000 $525,000 $3,831 2.88%
Lebanon, NH-VT (FHA|USDA|VA) 2 $1,020,000 $510,000 $3,274 3.56%
Outside of Metro Areas 2 $950,000 $475,000 $3,785 3.13%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $520,000 $260,000 $3,434 2.81%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $420,000 $210,000 $3,090 2.88%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $195,000 $195,000 $4,023 3.25%

The Bank Of Canton's top markets include Boston, Worcester, Providence, Barnstable Town, and Springfield among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 791 $303,355,000 $383,508 $3,276 2.98%

For the 2021 period, The Bank Of Canton's most frequently originated loan type of loans were Conventional, with 791 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 327 $136,425,000 $417,202 $3,773 3.13%
Refi 288 $105,830,000 $367,465 $3,008 2.81%
Cash Out Refi 164 $57,980,000 $353,537 $3,029 2.98%
Home Improvement 6 $1,560,000 $260,000 $2,608 2.71%
Other 6 $1,560,000 $260,000 $2,815 2.94%

For the 2021, The Bank Of Canton's most frequently cited loan purpose of loans were Home Purchase, with 327 originations. The 2nd most popular reason of loans were Refi, with 288 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 539 $216,455,000 $401,586 $3,512 3.03%
15 Year 105 $26,495,000 $252,333 $2,536 2.39%
20 Year 42 $13,550,000 $322,619 $3,134 2.73%
1 Year 41 $14,665,000 $357,683 $0 3.55%
Other 37 $18,805,000 $508,243 $2,850 3.12%
10 Year 23 $12,715,000 $552,826 $2,740 3.36%
5 Year 4 $670,000 $167,500 $0 4.38%

For the 2021, The Bank Of Canton's most frequently cited loan length of loans were 30 Year, with 539 originations. The 2nd most popular length of loans were 15 Year, with 105 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 420 $160,740,000 $382,714
$<1k 187 $62,255,000 $332,914
$2k-3k 8 $2,850,000 $356,250
$5k+ 5 $2,785,000 $557,000
$3k-4k 4 $1,260,000 $315,000

$3,512 of loans were The Bank Of Canton's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 420 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 400 $155,680,000 $389,200
3-4% 252 $99,000,000 $392,857
<2.5% 109 $29,515,000 $270,780
4-5% 30 $19,160,000 $638,667

During 2021, The Bank Of Canton's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 2.5-3%, with 400 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 405 $120,875,000 $298,457 $3,115 2.96%
$400k-600k 187 $91,175,000 $487,567 $3,622 2.97%
$100k-200k 87 $14,145,000 $162,586 $2,780 2.86%
$600k-1MM 73 $53,445,000 $732,123 $4,668 3.22%
$100,000 or less 23 $795,000 $34,565 $528 2.48%
$1MM+ 16 $22,920,000 $1,432,500 $4,956 3.67%

2021 saw The Bank Of Canton place emphasis on $200k-400k loans with 405 originations, totaling $120,875,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 188 $66,520,000 $353,830 $3,168 2.91%
$150k-250k 166 $72,420,000 $436,265 $3,519 2.95%
$75k-100k 125 $37,425,000 $299,400 $3,105 2.92%
$50k-75k 111 $27,925,000 $251,577 $2,921 2.86%
$250k+ 108 $59,210,000 $548,241 $3,780 2.94%
$50k or less 34 $6,050,000 $177,941 $3,019 2.88%

The Bank Of Canton lent most frequently to those with incomes in the $100k-150k range, with 188 originations. The second most popular income band? $150k-250k, with 166 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 207 $78,695,000 $380,169 $3,084 2.90%
30-36% 168 $65,530,000 $390,060 $3,316 2.98%
<20% 86 $30,530,000 $355,000 $3,113 2.76%
39% 33 $9,785,000 $296,515 $3,449 2.96%
38% 32 $13,250,000 $414,063 $3,406 2.89%
37% 29 $10,305,000 $355,345 $3,324 3.02%
44% 25 $8,985,000 $359,400 $3,387 2.88%
36% 21 $8,085,000 $385,000 $3,317 2.89%
43% 21 $7,475,000 $355,952 $4,033 2.76%
41% 18 $7,690,000 $427,222 $3,702 2.86%
48% 17 $5,715,000 $336,176 $3,541 2.93%
46% 15 $4,435,000 $295,667 $3,245 2.89%
40% 15 $4,875,000 $325,000 $3,239 3.16%
49% 13 $3,825,000 $294,231 $3,411 2.95%
42% 12 $4,080,000 $340,000 $3,754 2.92%
47% 11 $3,905,000 $355,000 $2,983 2.97%
45% 5 $1,555,000 $311,000 $3,122 3.05%
50-60% 1 $25,000 $25,000 $0 0.00%

The Bank Of Canton lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 168 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 476 $168,910,000 $354,853 $3,189 2.90%
Asian 219 $86,855,000 $396,598 $3,489 2.95%
Not applicable 58 $33,450,000 $576,724 $0 3.72%
Not provided 17 $6,965,000 $409,706 $3,342 2.87%
Black 20 $6,570,000 $328,500 $3,281 2.93%
Vietnamese 1 $605,000 $605,000 $4,702 2.88%

Approval Rates

Total approvals of all applications
94.01%

The Bank Of Canton has an average approval rate.

Pick Rate

Approvals leading to origination
82.01%

The Bank Of Canton has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 791 $303,355,000 $383,508

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
791 $303,355,000 $383,508

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 83 $25,465,000 $306,807 $3,030 2.70%
40-60% 204 $71,250,000 $349,265 $3,050 2.91%
60-80% 374 $163,070,000 $436,016 $3,495 3.09%
80-100% 106 $41,050,000 $387,264 $3,737 2.99%
Under 20% 24 $2,520,000 $105,000 $666 2.58%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 24 16.9%
TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 13 9.2%
TD BANK US HOLDING COMPANY Conventional home mortgage Improper use of your report 1 0.7%
TD BANK US HOLDING COMPANY Conventional home mortgage Incorrect information on your report 4 2.8%
TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 6 4.2%
TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 37 26.1%
TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.7%
TD BANK US HOLDING COMPANY FHA mortgage Struggling to pay mortgage 2 1.4%
TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 1 0.7%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 15 10.6%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 6 4.2%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.7%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 1.4%
TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 11 7.7%
TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 7 4.9%
TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 1 0.7%
TD BANK US HOLDING COMPANY Other type of mortgage Struggling to pay mortgage 1 0.7%
TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 6 4.2%
TD BANK US HOLDING COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
TD BANK US HOLDING COMPANY VA mortgage Trouble during payment process 1 0.7%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Bank of Canton 67 North Main Street Randolph, MA 2368 Full Service B&M $253,491
The Bank of Canton 259 Turnpike Street Canton, MA 2021 Full Service B&M $145,840
The Bank of Canton 490 Turnpike St Canton, MA 2021 Full Service B&M $0
The Bank of Canton 557 Washington Street Canton, MA 2021 Full Service B&M $403,183
The Bank of Canton 60 Mayor Thomas J. Mcgrath Highway Quincy, MA 2169 Full Service B&M $93,288

For 2021, The Bank Of Canton had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,438
Net interest income $20,413
Total noninterest income $8,562
Gross Fiduciary activities income $0
Service charges on deposit accounts $85
Trading account gains and fees $0
Additional Noninterest Income $8,477
Pre-tax net operating income $6,891
Securities gains (or losses, -) $35
Income before extraordinary items $5,186
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,186
Minority interest net income $0
Net income $5,186
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,158

The Bank Of Canton's gross interest income from loans was $22,438,000.
The Bank Of Canton's net interest income from loans was $20,413,000.
The Bank Of Canton's fee based income from loans was $85,000.
The Bank Of Canton's net income from loans was $5,186,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,025
Provision for credit losses $-500
Total noninterest expense $22,584
Salaries and employee benefits $14,962
Premises and equipment expense $2,014
Additional noninterest expense $5,608
Applicable income taxes $1,740
Net charge-offs $-164
Cash dividends $700

The Bank Of Canton's interest expense for loans was $2,025,000.
The Bank Of Canton's payroll and benefits expense were $14,962,000.
The Bank Of Canton's property, plant and equipment expenses $2,014,000.

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 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 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 $726,602
Deposits held in domestic offices $726,602
Deposits by Individuals, partnerships, and corporations $643,645
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $82,957
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 $245,625
Demand deposits $126,759
Nontransaction accounts $480,977
Money market deposit accounts (MMDAs) $242,558
Other savings deposits (excluding MMDAs) $170,861
Total time deposits $67,558
Total time and savings deposits $599,843
Noninterest-bearing deposits $126,759
Interest-bearing deposits $599,843
Retail deposits $716,674
IRAs and Keogh plan accounts $17,351
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $819,423
Cash & Balances due from depository institutions $227,380
Interest-bearing balances $225,573
Total securities $69,675
Federal funds sold & reverse repurchase $0
Net loans and leases $493,130
Loan and leases loss allowance $6,612
Trading account assets $0
Bank premises and fixed assets $5,074
Other real estate owned $0
Goodwill and other intangibles $465
All other assets $23,699

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $819,423
Total Liabilities $735,161
Total deposits $726,602
Interest-bearing deposits $599,843
Deposits held in domestic offices $726,602
% insured (estimated) $60
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $373
Subordinated debt $0
All other liabilities $8,186

Issued Loan Types

Type Value (in 000's)
Net loans and leases $493,130
Loan and leases loss allowance $6,612
Total loans and leases (domestic) $499,742
All real estate loans $477,235
Real estate loans in domestic offices $477,235
Construction and development loans $61,825
Residential 1-4 family construction $21,505
Other construction, all land development and other land $40,320
Loans secured by nonfarm nonresidential properties $201,038
Nonfarm nonresidential secured by owner-occupied properties $37,627
Commercial real estate & other non-farm, non-residential $163,411
Multifamily residential real estate $40,528
1-4 family residential loans $173,844
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $13,406
To non-U.S. addressees $0
Loans to individuals $1,193
Credit card loans $555
Related Plans $0
Consumer Auto Loans $20
Other loans to individuals $618
All other loans & leases $7,909
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

The Bank of Canton had $493,130,000 of loans outstanding in 2021. $477,235,000 of loans were in real estate loans. $61,825,000 of loans were in development loans. $40,528,000 of loans were in multifamily mortgage loans. $173,844,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $555,000 of loans were in credit card loans. $20,000 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 183 $55,993 $305,973
Nonfarm, nonresidential loans - <$100k 10 $540 $54,000
Nonfarm, nonresidential loans - $100-250k 37 $4,606 $124,486
Nonfarm, nonresidential loans - $250k-1MM 136 $50,847 $373,875
Commercial & Industrial, US addressed loans - <$1MM 123 $10,038 $81,610
Commercial & Industrial, US addressed loans - <$100k 82 $2,182 $26,610
Commercial & Industrial, US addressed loans - $100-250k 18 $1,850 $102,778
Commercial & Industrial, US addressed loans - $250k-1MM 23 $6,006 $261,130