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™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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, 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 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 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% 12/2/24
    30 Year Conventional Refi 6.55% 12/2/24
    30 Year Cash-out Refi 6.63% 12/2/24
    30 Year FHA Purchase 7.04% 12/2/24
    15 Year Conventional Purchase 5.66% 12/2/24
    15 Year Conventional Refi 5.61% 12/2/24
    15 Year Cash-out Refi 5.61% 12/2/24
    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

    676

    Origination Dollar Volume (All Markets)

    $167,600,000

    Employee count

    226 Show all (6) 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) 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.

    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: 376
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    BNB Bank
    Similarity Rank: 590
    Ridgewood Savings Bank
    Similarity Rank: 591
    Charter Oak Federal Credit Union
    Similarity Rank: 654
    Chelsea Groton Bank
    Similarity Rank: 784
    PeoplesBank
    Similarity Rank: 900
    SIKORSKY FINANCIAL
    Similarity Rank: 906
    Fairfield County Bank
    Similarity Rank: 960
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Thomaston Savings Bank's most frequently cited loan purpose was Home Purchase, with 279 originations. The 2nd most popular reason was 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 2021, Thomaston Savings Bank's most frequently cited loan duration was 30 Year, with 349 originations. The 2nd most popular length was 15 Year, with 121 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 8 $2,900,000 $362,500
    $4k-5k 3 $1,205,000 $401,667
    $5k+ 3 $2,185,000 $728,333

    Thomaston Savings Bank's average total fees were $3,899, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.20%, while their most frequently originated rate bucket for loans was 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
    89.44%

    Thomaston Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.17%

    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 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 824 Highland Avenue Waterbury, CT 6708 Full Service B&M $60,035
    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