Thomaston Savings Bank Mortgage Rates, Fees & Info

Thomaston, CT

LEI: 549300JBZ3MK7Z4FI764

Tax ID: 06-0561730

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Thomaston Savings Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Thomaston Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Torrington, Hartford, New Haven, Bridgeport, and Norwich among others. Thomaston Savings 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. Thomaston Savings Bank is typically an average fee lendor.


Originations

676

Origination Dollar Volume (All Markets)

$167,600,000

Employee count

226 Show all (6) awards

Relative Rate

Thomaston Savings Bank's average 30 year fixed rate mortgage of loans were 3.2%.

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

This yields a difference of 0.05%.

Relative Fees

Thomaston Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,899.

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
Torrington, CT (FHA|USDA|VA) 318 $79,230,000 $249,151 $3,296 3.10%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 200 $44,310,000 $221,550 $3,520 3.17%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 137 $37,035,000 $270,328 $3,654 3.12%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 18 $5,730,000 $318,333 $4,186 3.01%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $1,295,000 $431,667 $3,038 3.23%

Thomaston Savings Bank's top markets include Torrington, Hartford, New Haven, Bridgeport, and Norwich among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 645 $161,235,000 $249,977 $3,243 3.13%
FHA 31 $6,365,000 $205,323 $7,443 2.91%

For the 2021 period, Thomaston Savings Bank's most frequently originated loan type of loans were Conventional, with 645 originations. Their 2nd most popular type is FHA, with 31 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 279 $80,775,000 $289,516 $4,187 3.18%
Refi 210 $46,900,000 $223,333 $3,042 3.00%
Cash Out Refi 168 $38,610,000 $229,821 $3,175 3.06%
Other 17 $1,085,000 $63,824 $352 4.28%
Home Improvement 2 $230,000 $115,000 $1,478 3.56%

For the 2021, Thomaston Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 279 originations. The 2nd most popular reason of loans were Refi, with 210 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 349 $80,485,000 $230,616 $3,899 3.20%
15 Year 121 $25,155,000 $207,893 $2,905 2.68%
20 Year 106 $23,900,000 $225,472 $2,961 3.17%
30+ year 45 $22,195,000 $493,222 $4,211 3.57%
10 Year 35 $5,815,000 $166,143 $1,958 2.98%
Other 14 $9,810,000 $700,714 $3,288 3.30%
5 Year 6 $240,000 $40,000 $0 4.00%

For the 2021, Thomaston Savings Bank's most frequently cited loan length of loans were 30 Year, with 349 originations. The 2nd most popular length of loans were 15 Year, with 121 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 440 $102,230,000 $232,341
$1k-2k 135 $34,415,000 $254,926
$2k-3k 20 $5,860,000 $293,000
$3k-4k 11 $4,105,000 $373,182
$5k+ 3 $2,185,000 $728,333

$3,899 of loans were Thomaston Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 440 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 321 $91,505,000 $285,062
2.5-3% 253 $56,505,000 $223,340
<2.5% 76 $14,900,000 $196,053
4-5% 23 $4,485,000 $195,000
5-6% 3 $205,000 $68,333

During 2021, Thomaston Savings Bank's average interest rate of loans were 3.20%, while their most frequently originated rate bucket of loans were 3-4%, with 321 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 264 $72,540,000 $274,773 $3,709 3.09%
$100k-200k 260 $39,640,000 $152,462 $3,194 3.04%
$100,000 or less 71 $4,915,000 $69,225 $1,711 3.30%
$400k-600k 64 $30,150,000 $471,094 $4,290 3.29%
$600k-1MM 11 $8,445,000 $767,727 $6,116 3.55%
$1MM+ 6 $11,910,000 $1,985,000 $8,010 3.31%

2021 saw Thomaston Savings Bank place emphasis on $200k-400k loans with 264 originations, totaling $72,540,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 146 $36,400,000 $249,315 $3,632 3.13%
$50k-75k 142 $25,230,000 $177,676 $3,523 3.03%
$75k-100k 137 $29,145,000 $212,737 $3,189 3.13%
$150k-250k 114 $32,660,000 $286,491 $3,325 3.13%
$50k or less 67 $9,245,000 $137,985 $3,150 3.02%
$250k+ 41 $20,835,000 $508,171 $4,778 3.22%

Thomaston Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 146 originations. The second most popular income band? $50k-75k, with 142 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 154 $32,140,000 $208,701 $3,139 3.01%
30-36% 138 $33,200,000 $240,580 $3,439 3.16%
<20% 51 $11,605,000 $227,549 $3,171 2.93%
43% 34 $7,910,000 $232,647 $4,214 3.12%
39% 30 $7,710,000 $257,000 $4,115 3.24%
37% 28 $6,380,000 $227,857 $3,354 3.19%
45% 24 $6,110,000 $254,583 $3,417 3.09%
38% 23 $4,535,000 $197,174 $2,987 3.10%
44% 22 $4,850,000 $220,455 $3,259 3.12%
36% 22 $6,800,000 $309,091 $3,795 2.97%
41% 21 $4,935,000 $235,000 $3,172 3.32%
42% 20 $4,780,000 $239,000 $3,426 3.29%
47% 20 $5,470,000 $273,500 $4,073 3.09%
49% 20 $5,670,000 $283,500 $3,828 3.26%
40% 19 $4,225,000 $222,368 $3,443 3.06%
48% 15 $4,675,000 $311,667 $4,287 3.09%
46% 14 $3,650,000 $260,714 $3,534 3.06%
50-60% 3 $1,555,000 $518,333 $5,921 3.46%

Thomaston Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 138 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 626 $148,520,000 $237,252 $3,400 3.10%
Not applicable 17 $11,045,000 $649,706 $0 3.82%
Black 14 $2,880,000 $205,714 $4,264 3.25%
Asian 7 $2,605,000 $372,143 $6,767 2.80%
Not provided 11 $2,415,000 $219,545 $3,581 3.18%
American Indian 1 $135,000 $135,000 $5,604 3.50%

Approval Rates

Total approvals of all applications
88.30%

Thomaston Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
85.18%

Thomaston Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 676 $167,600,000 $247,929

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
676 $167,600,000 $247,929

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 56 $10,570,000 $188,750 $2,367 3.10%
40-60% 125 $28,425,000 $227,400 $3,114 2.95%
60-80% 294 $80,530,000 $273,912 $3,408 3.18%
80-100% 186 $47,650,000 $256,183 $4,262 3.10%
Under 20% 15 $425,000 $28,333 $352 3.79%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Thomaston Savings Bank 73 Main Street South Bethlehem, CT 6751 Full Service B&M $87,999
Thomaston Savings Bank 824 Highland Avenue Waterbury, CT 6708 Full Service B&M $60,035
Thomaston Savings Bank 120 Farmington Avenue Bristol, CT 6010 Full Service B&M $57,318
Thomaston Savings Bank 155 Scott Swamp Road Farmington, CT 6032 Full Service B&M $72,067
Thomaston Savings Bank 160 Litchfield Road Harwinton, CT 6791 Full Service B&M $141,649
Thomaston Savings Bank 1655 Straits Turnpike Middlebury, CT 6762 Full Service B&M $82,213
Thomaston Savings Bank 203 Main St Thomaston, CT 6787 Full Service B&M $161,710
Thomaston Savings Bank 203 Main Street Terryville, CT 6786 Full Service B&M $120,236
Thomaston Savings Bank 40 Middle St Bristol, CT 6010 Full Service B&M $156,563
Thomaston Savings Bank 461 Main Street Oakville, CT 6779 Full Service B&M $34,652
Thomaston Savings Bank 508 South Main Street Thomaston, CT 6787 Full Service B&M $87,388
Thomaston Savings Bank 565 Main Street Watertown, CT 6795 Full Service B&M $159,052
Thomaston Savings Bank 669 Wolcott Road Wolcott, CT 6716 Full Service B&M $48,471
Thomaston Savings Bank 985 Watertown Avenue Waterbury, CT 6708 Full Service B&M $83,972

For 2021, Thomaston Savings Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $46,929
Net interest income $43,250
Total noninterest income $9,849
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,173
Trading account gains and fees $0
Additional Noninterest Income $8,676
Pre-tax net operating income $16,817
Securities gains (or losses, -) $3,096
Income before extraordinary items $16,218
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $16,218
Minority interest net income $0
Net income $16,218
Sale, conversion, retirement of capital stock, net $0
Net operating income $13,710

Thomaston Savings Bank's gross interest income from loans was $46,929,000.
Thomaston Savings Bank's net interest income from loans was $43,250,000.
Thomaston Savings Bank's fee based income from loans was $1,173,000.
Thomaston Savings Bank's net income from loans was $16,218,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,679
Provision for credit losses $711
Total noninterest expense $35,571
Salaries and employee benefits $21,181
Premises and equipment expense $4,088
Additional noninterest expense $10,302
Applicable income taxes $3,695
Net charge-offs $-6
Cash dividends $0

Thomaston Savings Bank's interest expense for loans was $3,679,000.
Thomaston Savings Bank's payroll and benefits expense were $21,181,000.
Thomaston Savings Bank's property, plant and equipment expenses $4,088,000.

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 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 $1,429,471
Deposits held in domestic offices $1,429,471
Deposits by Individuals, partnerships, and corporations $1,338,614
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $85,283
Deposits by Commercial banks and other depository institutions in U.S. $5,574
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $509,357
Demand deposits $476,291
Nontransaction accounts $920,114
Money market deposit accounts (MMDAs) $214,435
Other savings deposits (excluding MMDAs) $388,939
Total time deposits $316,739
Total time and savings deposits $953,180
Noninterest-bearing deposits $476,291
Interest-bearing deposits $953,180
Retail deposits $1,363,581
IRAs and Keogh plan accounts $69,429
Brokered deposits $5,326
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,595,773
Cash & Balances due from depository institutions $148,903
Interest-bearing balances $139,299
Total securities $523,540
Federal funds sold & reverse repurchase $0
Net loans and leases $845,573
Loan and leases loss allowance $10,125
Trading account assets $0
Bank premises and fixed assets $23,541
Other real estate owned $0
Goodwill and other intangibles $1,281
All other assets $52,935

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,595,773
Total Liabilities $1,456,640
Total deposits $1,429,471
Interest-bearing deposits $953,180
Deposits held in domestic offices $1,429,471
% insured (estimated) $73
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,891
Subordinated debt $0
All other liabilities $21,278

Issued Loan Types

Type Value (in 000's)
Net loans and leases $845,573
Loan and leases loss allowance $10,125
Total loans and leases (domestic) $855,698
All real estate loans $708,161
Real estate loans in domestic offices $708,161
Construction and development loans $56,893
Residential 1-4 family construction $14,473
Other construction, all land development and other land $42,420
Loans secured by nonfarm nonresidential properties $327,361
Nonfarm nonresidential secured by owner-occupied properties $156,417
Commercial real estate & other non-farm, non-residential $170,944
Multifamily residential real estate $31,292
1-4 family residential loans $290,939
Farmland loans $1,676
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $116,537
To non-U.S. addressees $0
Loans to individuals $32,228
Credit card loans $0
Related Plans $21
Consumer Auto Loans $10,790
Other loans to individuals $21,417
All other loans & leases $191
Loans to foreign governments and official institutions $0
Other loans $191
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 $7,755
Non 1-4 family restructured loans & leases $3,175
Total loans and leases (foreign) $0

Thomaston Savings Bank had $845,573,000 of loans outstanding in 2021. $708,161,000 of loans were in real estate loans. $56,893,000 of loans were in development loans. $31,292,000 of loans were in multifamily mortgage loans. $290,939,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $10,790,000 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 487 $130,585 $268,142
Nonfarm, nonresidential loans - <$100k 67 $2,856 $42,627
Nonfarm, nonresidential loans - $100-250k 167 $21,093 $126,305
Nonfarm, nonresidential loans - $250k-1MM 253 $106,636 $421,486
Commercial & Industrial, US addressed loans - <$1MM 1,038 $77,393 $74,560
Commercial & Industrial, US addressed loans - <$100k 682 $16,409 $24,060
Commercial & Industrial, US addressed loans - $100-250k 185 $16,361 $88,438
Commercial & Industrial, US addressed loans - $250k-1MM 171 $44,623 $260,953
Farmland loans - <$1MM 2 $236 $118,000
Farmland loans - <$100k 1 $20 $20,000
Farmland loans - $250k-1MM 1 $216 $216,000