Thomaston Savings Bank Mortgage Rates, Fees & Info

Thomaston, CT

LEI: 549300JBZ3MK7Z4FI764

Tax ID: 06-0561730

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Thomaston Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Thomaston Savings Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Torrington, Hartford, New Haven, and Bridgeport among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Thomaston Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Thomaston Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.43% 4/21/24
    30 Year Conventional Refi 6.55% 4/21/24
    30 Year Cash-out Refi 6.63% 4/21/24
    30 Year FHA Purchase 7.04% 4/21/24
    15 Year Conventional Purchase 5.66% 4/21/24
    15 Year Conventional Refi 5.61% 4/21/24
    15 Year Cash-out Refi 5.61% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Thomaston Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Thomaston Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    288

    Origination Dollar Volume (All Markets)

    $55,540,000

    Employee count

    201

    Awards

    Thomaston Savings Bank 30 Year Conventional Loans gold Thomaston Savings Bank 30 Year Conventional Loans silver Thomaston Savings Bank 30 Year Conventional Loans silver Thomaston Savings Bank FHA Loans gold
    Show all (4) awards

    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
    Torrington, CT (FHA|USDA|VA) 168 $31,210,000 $185,774 $2,430 4.61%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 49 $11,975,000 $244,388 $2,697 4.77%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 66 $11,100,000 $168,182 $2,641 4.75%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 5 $1,255,000 $251,000 $2,952 4.70%
    Thomaston Savings Bank's top markets include Torrington, Hartford, New Haven, and Bridgeport among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Thomaston Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    POLISH NATIONAL
    Similarity Rank: 60
    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    PeoplesBank
    Similarity Rank: 104
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 144
    Union Savings Bank
    Similarity Rank: 152
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    The Torrington Savings Bank
    Similarity Rank: 176
    The First National Bank of Long Island
    Similarity Rank: 236
    Chelsea Groton Bank
    Similarity Rank: 264

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 271 $52,735,000 $194,594 $2,278 4.70%
    FHA 17 $2,805,000 $165,000 $6,030 4.12%

    For 2018, Thomaston Savings Bank's most frequently originated type of loan was Conventional, with 271 originations. Their 2nd most popular type was FHA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 167 $35,405,000 $212,006 $3,567 4.67%
    Refi 51 $13,425,000 $263,235 $1,275 4.67%
    Other 34 $2,050,000 $60,294 $304 4.43%
    Cash Out Refi 22 $3,720,000 $169,091 $2,567 4.99%
    Home Improvement 14 $940,000 $67,143 $0 4.73%

    For 2018, Thomaston Savings Bank's most frequently cited loan purpose was Home Purchase, with 167 originations. The 2nd most popular reason was Refi, with 51 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 162 $30,900,000 $190,741 $3,451 4.58%
    15 Year 33 $3,115,000 $94,394 $1,124 4.57%
    20 Year 31 $5,055,000 $163,065 $1,351 5.04%
    10 Year 19 $1,085,000 $57,105 $0 4.34%
    30+ year 18 $5,670,000 $315,000 $3,218 5.19%
    5 Year 12 $400,000 $33,333 $0 3.81%
    Other 11 $8,855,000 $805,000 $0 5.53%
    1 Year 2 $460,000 $230,000 $0 6.88%

    For 2018, Thomaston Savings Bank's most frequently cited loan duration was 30 Year, with 162 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 224 $36,540,000 $163,125
    $1k-2k 22 $5,410,000 $245,909
    $2k-3k 4 $720,000 $180,000
    $3k-4k 1 $275,000 $275,000
    $4k-5k 1 $245,000 $245,000

    Thomaston Savings Bank's average total fees were $3,451, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 224 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 159 $25,995,000 $163,491
    5-6% 69 $19,515,000 $282,826
    3-4% 55 $9,275,000 $168,636
    6-7% 4 $710,000 $177,500

    During 2018, Thomaston Savings Bank's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 159 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 106 $15,400,000 $145,283 $2,864 4.67%
    $100,000 or less 86 $4,930,000 $57,326 $880 4.62%
    $200k-400k 84 $22,900,000 $272,619 $3,554 4.64%
    $1MM+ 5 $8,385,000 $1,677,000 $13,978 5.22%
    $400k-600k 4 $1,750,000 $437,500 $3,448 5.09%
    $600k-1MM 3 $2,175,000 $725,000 $2,917 5.38%

    2018 saw Thomaston Savings Bank place emphasis on $100k-200k loans with 106 originations, totaling $15,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 69 $8,795,000 $127,464 $2,283 4.55%
    $100k-150k 67 $12,925,000 $192,910 $2,570 4.56%
    $75k-100k 52 $10,080,000 $193,846 $3,139 4.69%
    $150k-250k 37 $6,695,000 $180,946 $2,051 4.60%
    $50k or less 33 $3,145,000 $95,303 $2,342 4.59%
    $250k+ 9 $3,575,000 $397,222 $3,586 5.03%

    Thomaston Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 69 originations. The second most popular income band? $100k-150k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 69 $10,555,000 $152,971 $2,465 4.66%
    20-30% 48 $7,340,000 $152,917 $2,180 4.55%
    <20% 15 $2,125,000 $141,667 $1,726 4.45%
    45% 13 $1,825,000 $140,385 $1,908 4.67%
    43% 12 $2,050,000 $170,833 $2,585 4.32%
    40% 12 $4,130,000 $344,167 $4,566 4.65%
    39% 11 $2,225,000 $202,273 $2,488 4.56%
    41% 11 $1,505,000 $136,818 $3,159 4.56%
    44% 11 $1,745,000 $158,636 $2,290 4.69%
    37% 10 $2,040,000 $204,000 $3,211 4.63%
    42% 9 $1,815,000 $201,667 $2,746 4.50%
    36% 9 $835,000 $92,778 $1,429 5.00%
    46% 9 $1,235,000 $137,222 $1,357 4.82%
    48% 8 $1,600,000 $200,000 $3,779 4.30%
    38% 8 $1,430,000 $178,750 $2,854 4.38%
    47% 7 $1,685,000 $240,714 $3,098 4.63%
    50-60% 6 $1,040,000 $173,333 $3,903 4.60%
    49% 1 $285,000 $285,000 $3,846 4.88%

    Thomaston Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 69 originations. The next most common DTI ratio? 20-30%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 262 $43,550,000 $166,221 $2,480 4.63%
    Not applicable 15 $9,225,000 $615,000 $0 5.62%
    Asian 5 $2,005,000 $401,000 $5,644 4.25%
    Not provided 3 $385,000 $128,333 $2,287 4.04%
    Asian Indian 1 $155,000 $155,000 $2,759 4.75%
    Native Hawaiian or Islander 1 $115,000 $115,000 $2,512 4.88%
    Black 1 $105,000 $105,000 $2,913 4.88%

    Approval Rates

    Total approvals of all applications
    82.97%

    Thomaston Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.64%

    Thomaston Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 288 $55,540,000 $192,847

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $8,420,000 $1,052,500
    Single Family (1-4 Units):Site-Built 280 $47,120,000 $168,286

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $6,160,000 $192,500 $860 4.71%
    40-60% 22 $3,320,000 $150,909 $1,534 4.78%
    60-80% 91 $23,965,000 $263,352 $3,166 4.82%
    80-100% 106 $20,340,000 $191,887 $3,621 4.58%
    Over 100% 1 $105,000 $105,000 $0 5.50%
    Under 20% 36 $1,650,000 $45,833 $142 4.45%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Townstone Financial Inc Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Thomaston Savings Bank 120 Farmington Avenue Bristol, CT 6010 Full Service B&M $18,783
    Thomaston Savings Bank 160 Litchfield Road Harwinton, CT 6791 Full Service B&M $115,514
    Thomaston Savings Bank 1655 Straits Turnpike Middlebury, CT 6762 Full Service B&M $73,064
    Thomaston Savings Bank 203 Main Street Terryville, CT 6786 Full Service B&M $85,279
    Thomaston Savings Bank 203 Main Street Thomaston, CT 6787 Full Service B&M $147,162
    Thomaston Savings Bank 40 Middle St Bristol, CT 6010 Full Service B&M $74,895
    Thomaston Savings Bank 461 Main Street Oakville, CT 6779 Full Service B&M $23,083
    Thomaston Savings Bank 508 South Main Street Thomaston, CT 6787 Full Service B&M $52,804
    Thomaston Savings Bank 565 Main Street Watertown, CT 6795 Full Service B&M $117,628
    Thomaston Savings Bank 669 Wolcott Road Wolcott, CT 6716 Full Service B&M $5,741
    Thomaston Savings Bank 73 Main Street South Bethlehem, CT 6751 Full Service B&M $64,843
    Thomaston Savings Bank 824 Highland Avenue Waterbury, CT 6708 Full Service B&M $48,775
    Thomaston Savings Bank 985 Watertown Avenue Waterbury, CT 6708 Full Service B&M $65,604

    For 2018, Thomaston Savings Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $37,625
    Net interest income $29,993
    Total noninterest income $5,598
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,451
    Trading account gains and fees $0
    Additional Noninterest Income $4,147
    Pre-tax net operating income $5,739
    Securities gains (or losses, -) $411
    Income before extraordinary items $5,396
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,396
    Minority interest net income $0
    Net income $5,396
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,034

    Thomaston Savings Bank's gross interest income from loans was $37,625,000.
    Thomaston Savings Bank's net interest income from loans was $29,993,000.
    Thomaston Savings Bank's fee based income from loans was $1,451,000.
    Thomaston Savings Bank's net income from loans was $5,396,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,632
    Provision for credit losses $1,060
    Total noninterest expense $28,792
    Salaries and employee benefits $16,488
    Premises and equipment expense $3,666
    Additional noninterest expense $8,638
    Applicable income taxes $754
    Net charge-offs $823
    Cash dividends $0

    Thomaston Savings Bank's interest expense for loans was $7,632,000.
    Thomaston Savings Bank's payroll and benefits expense were $16,488,000.
    Thomaston Savings Bank's property, plant and equipment expenses $3,666,000.

    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 1.0%
    1-4 family residential loans 1.0%
    HELOC loans 1.0%
    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 $917,664
    Deposits held in domestic offices $917,664
    Deposits by Individuals, partnerships, and corporations $861,989
    Deposits by U.S. Government $7
    Deposits by States and political subdivisions in the U.S. $30,493
    Deposits by Commercial banks and other depository institutions in U.S. $25,175
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $57,294
    Demand deposits $49,940
    Nontransaction accounts $860,370
    Money market deposit accounts (MMDAs) $104,439
    Other savings deposits (excluding MMDAs) $361,220
    Total time deposits $394,712
    Total time and savings deposits $867,724
    Noninterest-bearing deposits $49,940
    Interest-bearing deposits $867,724
    Retail deposits $834,975
    IRAs and Keogh plan accounts $73,639
    Brokered deposits $24,862
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,045,969
    Cash & Balances due from depository institutions $23,360
    Interest-bearing balances $13,791
    Total securities $260,500
    Federal funds sold & reverse repurchase $0
    Net loans and leases $695,623
    Loan and leases loss allowance $6,737
    Trading account assets $0
    Bank premises and fixed assets $23,510
    Other real estate owned $0
    Goodwill and other intangibles $573
    All other assets $42,403

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,045,969
    Total Liabilities $934,541
    Total deposits $917,664
    Interest-bearing deposits $867,724
    Deposits held in domestic offices $917,664
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,200
    Subordinated debt $0
    All other liabilities $15,677

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $695,623
    Loan and leases loss allowance $6,737
    Total loans and leases (domestic) $702,360
    All real estate loans $632,623
    Real estate loans in domestic offices $632,623
    Construction and development loans $32,130
    Residential 1-4 family construction $7,207
    Other construction, all land development and other land $24,923
    Loans secured by nonfarm nonresidential properties $224,462
    Nonfarm nonresidential secured by owner-occupied properties $142,997
    Commercial real estate & other non-farm, non-residential $81,465
    Multifamily residential real estate $27,455
    1-4 family residential loans $348,316
    Farmland loans $260
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $62,035
    To non-U.S. addressees $0
    Loans to individuals $7,586
    Credit card loans $0
    Related Plans $45
    Consumer Auto Loans $1,071
    Other loans to individuals $6,470
    All other loans & leases $328
    Loans to foreign governments and official institutions $0
    Other loans $328
    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 $7,915
    Non 1-4 family restructured loans & leases $3,435
    Total loans and leases (foreign) $0

    Thomaston Savings Bank had $695,623,000 of loans outstanding in 2018. $632,623,000 of loans were in real estate loans. $32,130,000 of loans were in development loans. $27,455,000 of loans were in multifamily mortgage loans. $348,316,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,071,000 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 423 $108,105 $255,567
    Nonfarm, nonresidential loans - <$100k 70 $2,888 $41,257
    Nonfarm, nonresidential loans - $100-250k 158 $21,131 $133,741
    Nonfarm, nonresidential loans - $250k-1MM 195 $84,086 $431,210
    Commercial & Industrial, US addressed loans - <$1MM 682 $50,843 $74,550
    Commercial & Industrial, US addressed loans - <$100k 441 $13,278 $30,109
    Commercial & Industrial, US addressed loans - $100-250k 138 $14,042 $101,754
    Commercial & Industrial, US addressed loans - $250k-1MM 103 $23,523 $228,379
    Farmland loans - <$1MM 2 $260 $130,000
    Farmland loans - <$100k 1 $23 $23,000
    Farmland loans - $250k-1MM 1 $237 $237,000