Watertown Savings Bank Mortgage Rates, Fees & Info

Watertown, NY

LEI: 549300NVMV4W48B8SC18

Tax ID: 15-0486160

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

    Watertown Savings Bank is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. Watertown Savings Bank has a high proportion of conventional loans. Their top (well, only) market is Watertown.

    Watertown 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. Watertown 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 6.25% 5/4/24
    30 Year Conventional Refi 6.27% 5/4/24
    30 Year Cash-out Refi 6.27% 5/4/24
    15 Year Conventional Purchase 5.68% 5/4/24
    15 Year Conventional Refi 5.46% 5/4/24
    15 Year Cash-out Refi 5.46% 5/4/24
    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.

    Watertown Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Watertown 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

    443

    Origination Dollar Volume (All Markets)

    $80,685,000

    Employee count

    121 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
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 416 $76,260,000 $183,317 $2,287 3.10%
    Outside of Metro Areas 27 $4,425,000 $163,889 $2,634 2.98%
    Watertown Savings Bank's top markets include and Watertown among others.

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

    • Similar Lenders

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

    Watertown Savings Bank
    Similarity Rank: 6
    NORTHERN CREDIT UNION
    Similarity Rank: 171
    AMERICU Credit Union
    Similarity Rank: 308
    Genesee Regional Bank
    Similarity Rank: 406
    Community Bank
    Similarity Rank: 423
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 725
    KeyBank
    Similarity Rank: 3879
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 4430
    Mr. Cooper ( Nationstar Mortgage )
    Similarity Rank: 5508
    Mortgage Research Center, LLC
    Similarity Rank: 6447

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 443 $80,685,000 $182,133 $2,308 3.09%

    For 2020, Watertown Savings Bank's most frequently originated type of loan was Conventional, with 443 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 165 $28,895,000 $175,121 $2,422 3.02%
    Home Purchase 128 $26,480,000 $206,875 $2,614 3.18%
    Refi 120 $23,360,000 $194,667 $2,223 2.90%
    Other 16 $1,300,000 $81,250 $1,124 3.71%
    Home Improvement 14 $650,000 $46,429 $248 3.96%

    For 2020, Watertown Savings Bank's most frequently cited loan purpose was Cash Out Refi, with 165 originations. The 2nd most popular reason was Home Purchase, with 128 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 225 $44,745,000 $198,867 $2,643 3.01%
    15 Year 68 $12,080,000 $177,647 $2,561 2.67%
    20 Year 53 $9,225,000 $174,057 $2,657 3.11%
    10 Year 50 $3,680,000 $73,600 $576 3.83%
    Other 38 $10,690,000 $281,316 $2,227 3.18%
    5 Year 9 $265,000 $29,444 $171 3.46%

    For 2020, Watertown Savings Bank's most frequently cited loan duration was 30 Year, with 225 originations. The 2nd most popular length was 15 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 434 $74,340,000 $171,290

    Watertown Savings Bank's average total fees were $2,643, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 434 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 227 $43,535,000 $191,784
    3-4% 129 $20,665,000 $160,194
    <2.5% 55 $9,545,000 $173,545
    4-5% 27 $6,295,000 $233,148
    5-6% 5 $645,000 $129,000

    During 2020, Watertown Savings Bank's average interest rate for loans was 3.01%, while their most frequently originated rate bucket for loans was 2.5-3%, with 227 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 192 $27,500,000 $143,229 $2,515 2.96%
    $200k-400k 136 $35,520,000 $261,176 $2,699 2.91%
    $100,000 or less 102 $6,490,000 $63,627 $1,269 3.56%
    $400k-600k 9 $4,155,000 $461,667 $3,619 3.01%
    $1MM+ 2 $5,570,000 $2,785,000 $1,140 4.50%
    $600k-1MM 2 $1,450,000 $725,000 $4,997 3.38%

    2020 saw Watertown Savings Bank place emphasis on $100k-200k loans with 192 originations, totaling $27,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 116 $21,150,000 $182,328 $2,345 3.03%
    $50k-75k 91 $11,755,000 $129,176 $2,179 3.12%
    $75k-100k 74 $11,710,000 $158,243 $2,395 2.96%
    $150k-250k 67 $15,745,000 $235,000 $2,475 2.96%
    $50k or less 50 $4,610,000 $92,200 $1,922 3.23%
    $250k+ 29 $8,585,000 $296,034 $2,858 3.08%

    Watertown Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 116 originations. The second most popular income band? $50k-75k, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 135 $23,885,000 $176,926 $2,377 2.96%
    30-36% 85 $13,205,000 $155,353 $2,146 3.07%
    <20% 49 $7,575,000 $154,592 $2,140 3.01%
    36% 23 $4,175,000 $181,522 $2,442 3.00%
    42% 21 $4,525,000 $215,476 $2,482 2.89%
    37% 18 $2,580,000 $143,333 $2,319 3.10%
    38% 18 $3,060,000 $170,000 $2,217 3.04%
    39% 14 $2,250,000 $160,714 $2,260 3.09%
    41% 14 $2,610,000 $186,429 $2,678 3.10%
    40% 11 $1,755,000 $159,545 $2,597 2.81%
    50-60% 6 $880,000 $146,667 $2,593 3.52%
    43% 5 $595,000 $119,000 $2,037 3.28%
    44% 2 $430,000 $215,000 $2,847 3.00%
    46% 2 $150,000 $75,000 $1,262 3.81%
    47% 1 $155,000 $155,000 $2,548 2.88%

    Watertown Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 135 originations. The next most common DTI ratio? 30-36%, with 85 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 408 $70,070,000 $171,740 $2,309 3.05%
    Not applicable 9 $6,345,000 $705,000 $0 4.90%
    Not provided 23 $3,805,000 $165,435 $2,346 2.99%
    Asian Indian 1 $255,000 $255,000 $2,660 2.75%
    Asian 1 $175,000 $175,000 $3,010 3.50%
    Black 1 $35,000 $35,000 $124 4.25%

    Approval Rates

    Total approvals of all applications
    95.87%

    Watertown Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    85.33%

    Watertown Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 443 $80,685,000 $182,133

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $5,140,000 $1,285,000
    Single Family (1-4 Units):Manufactured 24 $2,220,000 $92,500
    Single Family (1-4 Units):Site-Built 415 $73,325,000 $176,687

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $2,830,000 $117,917 $1,539 3.29%
    40-60% 67 $11,355,000 $169,478 $2,136 3.24%
    60-80% 212 $42,970,000 $202,689 $2,440 3.02%
    80-100% 125 $23,105,000 $184,840 $2,582 2.99%
    Under 20% 15 $425,000 $28,333 $173 3.91%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Watertown Savings Bank 100 West Main Street Sackets Harbor, NY 13685 Full Service B&M $17,630
    Watertown Savings Bank 101 Commerce Park Dr Watertown, NY 13601 Full Service B&M $48,794
    Watertown Savings Bank 10729 Us Route 11 Adams, NY 13605 Full Service B&M $64,195
    Watertown Savings Bank 111 Clinton Street Watertown, NY 13601 Limited, Drive-thru $0
    Watertown Savings Bank 111 Clinton Street Watertown, NY 13601 Full Service B&M $414,143
    Watertown Savings Bank 12221 Nys Route 12e Chaumont, NY 13622 Full Service B&M $14,018
    Watertown Savings Bank 140 Clinton Street Watertown, NY 13601 Limited, Drive-thru $0
    Watertown Savings Bank 1816 State Street Watertown, NY 13601 Full Service B&M $42,435
    Watertown Savings Bank 352 James Street Clayton, NY 13624 Full Service B&M $38,362
    Watertown Savings Bank 4 Market Street Alexandria Bay, NY 13607 Full Service B&M $38,182

    For 2020, Watertown Savings Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,941
    Net interest income $24,887
    Total noninterest income $4,883
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $908
    Trading account gains and fees $0
    Additional Noninterest Income $3,975
    Pre-tax net operating income $9,110
    Securities gains (or losses, -) $104
    Income before extraordinary items $7,377
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,377
    Minority interest net income $0
    Net income $7,377
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,293

    Watertown Savings Bank's gross interest income from loans was $25,941,000.
    Watertown Savings Bank's net interest income from loans was $24,887,000.
    Watertown Savings Bank's fee based income from loans was $908,000.
    Watertown Savings Bank's net income from loans was $7,377,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,054
    Provision for credit losses $1,780
    Total noninterest expense $18,880
    Salaries and employee benefits $11,669
    Premises and equipment expense $1,401
    Additional noninterest expense $5,810
    Applicable income taxes $1,837
    Net charge-offs $550
    Cash dividends $0

    Watertown Savings Bank's interest expense for loans was $1,054,000.
    Watertown Savings Bank's payroll and benefits expense were $11,669,000.
    Watertown Savings Bank's property, plant and equipment expenses $1,401,000.

    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 2.0%
    Multifamily residential loans 7.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 1.0%
    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 $697,564
    Deposits held in domestic offices $697,564
    Deposits by Individuals, partnerships, and corporations $595,411
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $102,153
    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 $285,166
    Demand deposits $284,547
    Nontransaction accounts $412,398
    Money market deposit accounts (MMDAs) $35,137
    Other savings deposits (excluding MMDAs) $327,602
    Total time deposits $49,659
    Total time and savings deposits $413,017
    Noninterest-bearing deposits $285,166
    Interest-bearing deposits $412,398
    Retail deposits $689,951
    IRAs and Keogh plan accounts $16,578
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $824,492
    Cash & Balances due from depository institutions $140,572
    Interest-bearing balances $130,431
    Total securities $137,868
    Federal funds sold & reverse repurchase $0
    Net loans and leases $486,271
    Loan and leases loss allowance $5,940
    Trading account assets $0
    Bank premises and fixed assets $12,761
    Other real estate owned $0
    Goodwill and other intangibles $12,572
    All other assets $34,448

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $824,492
    Total Liabilities $705,830
    Total deposits $697,564
    Interest-bearing deposits $412,398
    Deposits held in domestic offices $697,564
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $8,266

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $486,271
    Loan and leases loss allowance $5,940
    Total loans and leases (domestic) $492,211
    All real estate loans $394,082
    Real estate loans in domestic offices $394,082
    Construction and development loans $24,273
    Residential 1-4 family construction $5,715
    Other construction, all land development and other land $18,558
    Loans secured by nonfarm nonresidential properties $198,514
    Nonfarm nonresidential secured by owner-occupied properties $128,283
    Commercial real estate & other non-farm, non-residential $70,231
    Multifamily residential real estate $18,556
    1-4 family residential loans $152,602
    Farmland loans $137
    Loans held in foreign offices $0
    Farm loans $104
    Commercial and industrial loans $86,754
    To non-U.S. addressees $0
    Loans to individuals $10,866
    Credit card loans $0
    Related Plans $8
    Consumer Auto Loans $3,805
    Other loans to individuals $7,053
    All other loans & leases $405
    Loans to foreign governments and official institutions $0
    Other loans $405
    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 $1,097
    Non 1-4 family restructured loans & leases $392
    Total loans and leases (foreign) $0

    Watertown Savings Bank had $486,271,000 of loans outstanding in 2020. $394,082,000 of loans were in real estate loans. $24,273,000 of loans were in development loans. $18,556,000 of loans were in multifamily mortgage loans. $152,602,000 of loans were in 1-4 family mortgage loans. $104,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,805,000 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 457 $83,732 $183,221
    Nonfarm, nonresidential loans - <$100k 121 $5,146 $42,529
    Nonfarm, nonresidential loans - $100-250k 155 $19,047 $122,884
    Nonfarm, nonresidential loans - $250k-1MM 181 $59,539 $328,945
    Commercial & Industrial, US addressed loans - <$1MM 1,289 $75,272 $58,396
    Commercial & Industrial, US addressed loans - <$100k 1,006 $25,423 $25,271
    Commercial & Industrial, US addressed loans - $100-250k 183 $19,351 $105,743
    Commercial & Industrial, US addressed loans - $250k-1MM 100 $30,498 $304,980
    Farmland loans - <$1MM 2 $137 $68,500
    Farmland loans - <$100k 2 $137 $68,500
    Agriculture operations loans - <$1MM 4 $104 $26,000
    Agriculture operations loans - <$100k 4 $104 $26,000