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

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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Torrington, Hartford, New Haven, Bridgeport, and Norwich among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Thomaston Savings Bank has an above 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.43%	4/18/24
30 Year Conventional Refi	6.55%	4/18/24
30 Year Cash-out Refi	6.63%	4/18/24
30 Year FHA Purchase	7.04%	4/18/24
15 Year Conventional Purchase	5.66%	4/18/24
15 Year Conventional Refi	5.61%	4/18/24
15 Year Cash-out Refi	5.61%	4/18/24
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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

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

668

Origination Dollar Volume (All Markets)

$160,760,000

Employee count

221

Awards

Thomaston Savings Bank 30 Year Conventional Loans bronze

Thomaston Savings Bank 30 Year Conventional Loans gold

Show all (3) 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)	303	$60,375,000	$199,257	$2,877	3.32%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	195	$60,005,000	$307,718	$3,508	3.31%
NEW HAVEN-MILFORD, CT (FHA\|USDA\|VA)	137	$30,085,000	$219,599	$3,284	3.24%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA\|USDA\|VA)	25	$7,365,000	$294,600	$3,677	3.19%
NORWICH-NEW LONDON, CT (FHA\|USDA\|VA)	8	$2,930,000	$366,250	$3,545	3.00%

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

Stafford Savings Bank
Similarity Rank: 266

Collinsville Bank
Similarity Rank: 490

U S WIDE FINANCIAL LLC
Similarity Rank: 608

SILVERMINE VENTURES LLC
Similarity Rank: 750

Ridgewood Savings Bank
Similarity Rank: 756

Chelsea Groton Bank
Similarity Rank: 760

Charter Oak Federal Credit Union
Similarity Rank: 924

SIKORSKY FINANCIAL
Similarity Rank: 1005

POLISH NATIONAL
Similarity Rank: 1017

NUTMEG STATE FINANCIAL
Similarity Rank: 1043

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	654	$158,390,000	$242,187	$3,071	3.30%
FHA	13	$2,295,000	$176,538	$7,675	2.95%
HELOC	1	$75,000	$75,000	n/a	3.88%

For 2020, Thomaston Savings Bank's most frequently originated type of loan was Conventional, with 654 originations. Their 2nd most popular type was FHA, with 13 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	285	$72,085,000	$252,930	$3,929	3.34%
Refi	242	$62,040,000	$256,364	$2,758	3.15%
Cash Out Refi	111	$23,395,000	$210,766	$2,867	3.20%
Other	22	$2,620,000	$119,091	$871	4.22%
Home Improvement	8	$620,000	$77,500	$412	4.36%

For 2020, Thomaston Savings Bank's most frequently cited loan purpose was Home Purchase, with 285 originations. The 2nd most popular reason was Refi, with 242 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	350	$77,300,000	$220,857	$3,625	3.35%
15 Year	132	$29,130,000	$220,682	$2,799	2.95%
20 Year	89	$20,635,000	$231,854	$2,696	3.28%
10 Year	50	$6,020,000	$120,400	$1,843	3.34%
30+ year	29	$11,225,000	$387,069	$4,013	3.68%
Other	11	$15,985,000	$1,453,182	$3,050	3.80%
5 Year	7	$465,000	$66,429	$0	4.14%

For 2020, Thomaston Savings Bank's most frequently cited loan duration was 30 Year, with 350 originations. The 2nd most popular length was 15 Year, with 132 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	490	$104,870,000	$214,020
$1k-2k	53	$13,705,000	$258,585
$2k-3k	29	$6,565,000	$226,379
$3k-4k	16	$4,810,000	$300,625
$4k-5k	4	$1,260,000	$315,000
$5k+	4	$2,970,000	$742,500

Thomaston Savings Bank's average total fees were $3,625, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 490 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	355	$95,785,000	$269,817
2.5-3%	224	$48,800,000	$217,857
4-5%	49	$8,675,000	$177,041
<2.5%	36	$7,310,000	$203,056
5-6%	4	$190,000	$47,500

During 2020, Thomaston Savings Bank's average interest rate for loans was 3.35%, while their most frequently originated rate bucket for loans was 3-4%, with 355 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	271	$75,135,000	$277,251	$3,486	3.22%
$100k-200k	244	$36,680,000	$150,328	$2,983	3.19%
$100,000 or less	99	$6,455,000	$65,202	$1,698	3.66%
$400k-600k	38	$17,590,000	$462,895	$4,661	3.36%
$600k-1MM	9	$7,135,000	$792,778	$4,336	3.53%
$1MM+	7	$17,765,000	$2,537,857	$8,934	3.65%

2020 saw Thomaston Savings Bank place emphasis on $200k-400k loans with 271 originations, totaling $75,135,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	146	$34,200,000	$234,247	$3,148	3.24%
$50k-75k	141	$22,745,000	$161,312	$3,167	3.35%
$75k-100k	125	$23,805,000	$190,440	$3,025	3.29%
$150k-250k	111	$29,985,000	$270,135	$3,229	3.17%
$50k or less	63	$7,335,000	$116,429	$2,886	3.32%
$250k+	52	$22,340,000	$429,615	$3,856	3.21%

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 141 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	185	$38,955,000	$210,568	$3,036	3.21%
30-36%	124	$27,230,000	$219,597	$3,355	3.27%
<20%	73	$16,495,000	$225,959	$3,068	3.12%
43%	28	$6,270,000	$223,929	$3,256	3.44%
42%	25	$5,025,000	$201,000	$3,225	3.26%
36%	23	$5,285,000	$229,783	$3,609	3.21%
38%	22	$4,200,000	$190,909	$2,976	3.34%
46%	21	$4,855,000	$231,190	$2,870	3.54%
40%	21	$4,855,000	$231,190	$2,712	3.42%
45%	21	$3,955,000	$188,333	$2,737	3.32%
44%	19	$4,725,000	$248,684	$3,577	3.36%
37%	18	$4,010,000	$222,778	$3,147	3.40%
41%	16	$3,230,000	$201,875	$3,244	3.24%
39%	14	$3,020,000	$215,714	$3,900	3.44%
47%	13	$2,915,000	$224,231	$3,993	3.18%
48%	12	$4,770,000	$397,500	$3,397	3.21%
49%	9	$1,595,000	$177,222	$2,663	3.50%
50-60%	1	$165,000	$165,000	$2,502	2.50%

Thomaston Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 185 originations. The next most common DTI ratio? 30-36%, with 124 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	614	$135,310,000	$220,375	$3,177	3.26%
Not applicable	23	$19,205,000	$835,000	$0	4.01%
Not provided	12	$2,560,000	$213,333	$2,890	3.32%
Asian	8	$1,800,000	$225,000	$3,551	3.23%
Black	10	$1,760,000	$176,000	$2,989	3.74%
Other Pacific Islander	1	$125,000	$125,000	$2,884	3.38%

Approval Rates

Total approvals of all applications
91.23%

Thomaston Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.08%

Thomaston Savings Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	668	$160,760,000	$240,659

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	8	$15,450,000	$1,931,250
Single Family (1-4 Units):Site-Built	660	$145,310,000	$220,167

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	36	$3,770,000	$104,722	$1,635	3.56%
40-60%	113	$24,145,000	$213,673	$2,957	3.02%
60-80%	308	$87,740,000	$284,870	$3,222	3.29%
80-100%	191	$44,455,000	$232,749	$3,868	3.27%
Under 20%	20	$650,000	$32,500	$120	4.51%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Thomaston Savings Bank	160 Litchfield Road Harwinton, CT 6791	Full Service B&M	$130,419
Thomaston Savings Bank	120 Farmington Avenue Bristol, CT 6010	Full Service B&M	$58,898
Thomaston Savings Bank	155 Scott Swamp Road Farmington, CT 6032	Full Service B&M	$27,535
Thomaston Savings Bank	1655 Straits Turnpike Middlebury, CT 6762	Full Service B&M	$76,046
Thomaston Savings Bank	203 Main Street Terryville, CT 6786	Full Service B&M	$98,775
Thomaston Savings Bank	203 Main Street Thomaston, CT 6787	Full Service B&M	$141,326
Thomaston Savings Bank	40 Middle St Bristol, CT 6010	Full Service B&M	$126,364
Thomaston Savings Bank	461 Main Street Oakville, CT 6779	Full Service B&M	$31,777
Thomaston Savings Bank	508 South Main Street Thomaston, CT 6787	Full Service B&M	$78,085
Thomaston Savings Bank	565 Main Street Watertown, CT 6795	Full Service B&M	$150,395
Thomaston Savings Bank	669 Wolcott Road Wolcott, CT 6716	Full Service B&M	$37,087
Thomaston Savings Bank	73 Main Street South Bethlehem, CT 6751	Full Service B&M	$67,501
Thomaston Savings Bank	824 Highland Avenue Waterbury, CT 6708	Full Service B&M	$54,673
Thomaston Savings Bank	985 Watertown Avenue Waterbury, CT 6708	Full Service B&M	$74,631

For 2020, Thomaston Savings Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$43,979
Net interest income	$36,650
Total noninterest income	$9,120
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,001
Trading account gains and fees	$0
Additional Noninterest Income	$8,119
Pre-tax net operating income	$9,084
Securities gains (or losses, -)	$476
Income before extraordinary items	$7,944
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,944
Minority interest net income	$0
Net income	$7,944
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,548

Thomaston Savings Bank's gross interest income from loans was $43,979,000.
Thomaston Savings Bank's net interest income from loans was $36,650,000.
Thomaston Savings Bank's fee based income from loans was $1,001,000.
Thomaston Savings Bank's net income from loans was $7,944,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$7,329
Provision for credit losses	$2,282
Total noninterest expense	$34,404
Salaries and employee benefits	$20,271
Premises and equipment expense	$4,185
Additional noninterest expense	$9,948
Applicable income taxes	$1,616
Net charge-offs	$128
Cash dividends	$0

Thomaston Savings Bank's interest expense for loans was $7,329,000.
Thomaston Savings Bank's payroll and benefits expense were $20,271,000.
Thomaston Savings Bank's property, plant and equipment expenses $4,185,000.

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	1.0%
1-4 family residential loans	1.0%
HELOC loans	0.0%
All other family	1.0%
Commercial & industrial loans	0.0%
Personal loans	1.0%
Credit card loans	0.0%
Other individual loans	1.0%
Auto loans	0.0%
Other consumer loans	1.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,215,064
Deposits held in domestic offices	$1,215,064
Deposits by Individuals, partnerships, and corporations	$1,127,929
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$81,493
Deposits by Commercial banks and other depository institutions in U.S.	$5,642
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$101,871
Demand deposits	$88,964
Nontransaction accounts	$1,113,193
Money market deposit accounts (MMDAs)	$169,698
Other savings deposits (excluding MMDAs)	$578,918
Total time deposits	$364,578
Total time and savings deposits	$1,126,100
Noninterest-bearing deposits	$88,964
Interest-bearing deposits	$1,126,100
Retail deposits	$1,137,382
IRAs and Keogh plan accounts	$72,234
Brokered deposits	$5,326
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,369,376
Cash & Balances due from depository institutions	$115,628
Interest-bearing balances	$102,735
Total securities	$300,940
Federal funds sold & reverse repurchase	$0
Net loans and leases	$881,728
Loan and leases loss allowance	$9,407
Trading account assets	$0
Bank premises and fixed assets	$23,995
Other real estate owned	$0
Goodwill and other intangibles	$942
All other assets	$46,143

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,369,376
Total Liabilities	$1,245,206
Total deposits	$1,215,064
Interest-bearing deposits	$1,126,100
Deposits held in domestic offices	$1,215,064
% insured (estimated)	$76
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,891
Subordinated debt	$0
All other liabilities	$24,251

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$881,728
Loan and leases loss allowance	$9,407
Total loans and leases (domestic)	$891,135
All real estate loans	$693,392
Real estate loans in domestic offices	$693,392
Construction and development loans	$48,673
Residential 1-4 family construction	$12,668
Other construction, all land development and other land	$36,005
Loans secured by nonfarm nonresidential properties	$292,748
Nonfarm nonresidential secured by owner-occupied properties	$151,434
Commercial real estate & other non-farm, non-residential	$141,314
Multifamily residential real estate	$29,825
1-4 family residential loans	$321,401
Farmland loans	$745
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$168,478
To non-U.S. addressees	$0
Loans to individuals	$31,751
Credit card loans	$0
Related Plans	$29
Consumer Auto Loans	$14
Other loans to individuals	$31,708
All other loans & leases	$178
Loans to foreign governments and official institutions	$0
Other loans	$178
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	$8,069
Non 1-4 family restructured loans & leases	$3,570
Total loans and leases (foreign)	$0

Thomaston Savings Bank had $881,728,000 of loans outstanding in 2020. $693,392,000 of loans were in real estate loans. $48,673,000 of loans were in development loans. $29,825,000 of loans were in multifamily mortgage loans. $321,401,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $14,000 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	461	$119,929	$260,150
Nonfarm, nonresidential loans - <$100k	67	$2,746	$40,985
Nonfarm, nonresidential loans - $100-250k	163	$21,350	$130,982
Nonfarm, nonresidential loans - $250k-1MM	231	$95,833	$414,861
Commercial & Industrial, US addressed loans - <$1MM	1,617	$119,464	$73,880
Commercial & Industrial, US addressed loans - <$100k	1,154	$29,167	$25,275
Commercial & Industrial, US addressed loans - $100-250k	261	$27,688	$106,084
Commercial & Industrial, US addressed loans - $250k-1MM	202	$62,609	$309,946
Farmland loans - <$1MM	3	$745	$248,333
Farmland loans - <$100k	1	$22	$22,000
Farmland loans - $250k-1MM	2	$723	$361,500