Centreville Bank Mortgage Rates, Fees & Info

West Warwick, RI

LEI: 549300Q4BYXP7YD9UI61

Tax ID: 05-0118560

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Centreville Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Improvement loans. Centreville 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 Providence, Worcester, Bridgeport, Norwich, and Hartford among others. Centreville 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. Centreville Bank is typically a low fee lendor.


Originations

605

Origination Dollar Volume (All Markets)

$162,005,000

Employee count

220

Awards

Centreville Bank 30 Year Conventional Loans gold Centreville Bank 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Centreville Bank's average 30 year fixed rate mortgage of loans were 3.23%.

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

This yields a difference of 0.08%.

Relative Fees

Centreville Bank's average total fees for a 30 year fixed rate mortgage are $2,998.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 422 $106,770,000 $253,009 $2,842 2.92%
WORCESTER, MA-CT (FHA|USDA|VA) 140 $22,710,000 $162,214 $2,657 3.12%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $22,505,000 $22,505,000 $0 4.26%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 28 $5,210,000 $186,071 $2,998 3.04%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 9 $2,345,000 $260,556 $4,318 3.40%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $2,110,000 $527,500 $3,433 3.13%
Barre, VT (FHA|USDA|VA) 1 $355,000 $355,000 $2,598 2.63%

Centreville Bank's top markets include Providence, Worcester, Bridgeport, Norwich, and Hartford among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 602 $161,180,000 $267,741 $2,789 2.99%
FHA 3 $825,000 $275,000 $7,974 2.50%

For the 2021 period, Centreville Bank's most frequently originated loan type of loans were Conventional, with 602 originations. Their 2nd most popular type is FHA, with 3 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 235 $48,085,000 $204,617 $2,754 3.01%
Refi 171 $39,485,000 $230,906 $2,694 2.81%
Home Purchase 74 $22,470,000 $303,649 $3,522 3.34%
Home Improvement 70 $45,890,000 $655,571 $2,682 3.11%
Other 55 $6,075,000 $110,455 $0 2.75%

For the 2021, Centreville Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 235 originations. The 2nd most popular reason of loans were Refi, with 171 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 201 $51,855,000 $257,985 $2,998 3.23%
Other 165 $22,035,000 $133,545 $2,978 2.84%
15 Year 117 $21,925,000 $187,393 $2,603 2.63%
10 Year 57 $50,375,000 $883,772 $2,319 3.06%
20 Year 54 $11,710,000 $216,852 $2,942 3.05%
30+ year 8 $3,110,000 $388,750 $4,422 3.56%
5 Year 3 $995,000 $331,667 $0 4.12%

For the 2021, Centreville Bank's most frequently cited loan length of loans were 30 Year, with 201 originations. The 2nd most popular length of loans were Other, with 165 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 371 $84,365,000 $227,399
$1k-2k 19 $4,155,000 $218,684
$2k-3k 4 $910,000 $227,500

$2,998 of loans were Centreville Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 371 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 222 $33,910,000 $152,748
3-4% 181 $46,675,000 $257,873
2.5-3% 157 $38,245,000 $243,599
4-5% 44 $42,910,000 $975,227
5-6% 1 $265,000 $265,000

During 2021, Centreville Bank's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were <2.5%, with 222 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 214 $31,850,000 $148,832 $2,741 2.86%
$200k-400k 203 $54,155,000 $266,773 $2,997 3.04%
$100,000 or less 135 $7,925,000 $58,704 $1,845 3.02%
$400k-600k 37 $17,965,000 $485,541 $3,472 3.10%
$600k-1MM 11 $7,835,000 $712,273 $3,836 3.15%
$1MM+ 5 $42,275,000 $8,455,000 $0 3.86%

2021 saw Centreville Bank place emphasis on $100k-200k loans with 214 originations, totaling $31,850,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 146 $29,420,000 $201,507 $2,706 2.99%
$50k-75k 135 $19,685,000 $145,815 $2,704 2.98%
$75k-100k 103 $16,925,000 $164,320 $2,824 2.88%
$150k-250k 93 $23,585,000 $253,602 $3,088 2.94%
$250k+ 51 $17,725,000 $347,549 $3,245 3.02%
$50k or less 50 $5,280,000 $105,600 $2,411 2.94%

Centreville 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 135 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 165 $33,595,000 $203,606 $2,806 2.95%
30-36% 129 $24,895,000 $192,984 $2,879 2.91%
<20% 69 $13,835,000 $200,507 $2,840 2.86%
42% 40 $6,520,000 $163,000 $2,914 2.91%
40% 26 $4,070,000 $156,538 $2,371 3.06%
36% 25 $4,545,000 $181,800 $2,877 2.84%
41% 24 $3,260,000 $135,833 $2,396 3.20%
38% 21 $2,965,000 $141,190 $2,866 2.85%
39% 21 $4,975,000 $236,905 $2,554 3.06%
37% 18 $3,220,000 $178,889 $2,864 3.10%
43% 8 $1,870,000 $233,750 $2,595 3.19%
46% 7 $2,055,000 $293,571 $3,049 3.29%
49% 7 $1,985,000 $283,571 $3,167 2.82%
48% 7 $1,435,000 $205,000 $2,687 2.89%
44% 6 $1,600,000 $266,667 $2,974 3.06%
47% 5 $1,065,000 $213,000 $2,804 2.85%
45% 5 $1,125,000 $225,000 $2,911 3.00%
50-60% 1 $385,000 $385,000 $10,134 2.75%

Centreville Bank lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? 30-36%, with 129 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 575 $110,685,000 $192,496 $2,810 2.96%
Not applicable 18 $47,630,000 $2,646,111 $0 3.98%
Asian 11 $3,425,000 $311,364 $3,083 2.69%
Black 1 $265,000 $265,000 $8,175 2.38%

Approval Rates

Total approvals of all applications
88.35%

Centreville Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.91%

Centreville Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 605 $162,005,000 $267,777

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
605 $162,005,000 $267,777

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 134 $17,140,000 $127,910 $2,536 2.75%
40-60% 138 $29,850,000 $216,304 $2,684 2.80%
60-80% 196 $95,370,000 $486,582 $3,022 3.21%
80-100% 43 $12,265,000 $285,233 $3,636 3.18%
Under 20% 93 $7,005,000 $75,323 $1,732 3.02%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Central Mortgage Funding, LLC 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)
Centreville Bank 2 Chapman Lane, P O Box 266 Gales Ferry, CT 6335 Full Service B&M $20,495
Centreville Bank 234 West Main Street North Kingstown, RI 2852 Full Service B&M $52,423
Centreville Bank 251 Kennedy Drive Putnam, CT 6260 Full Service Retail $13,665
Centreville Bank 40 High Street Norwich, CT 6360 Full Service B&M $12,542
Centreville Bank 40 Main Street Putnam, CT 6260 Full Service B&M $173,445
Centreville Bank 461 Voluntown Road, Route 138 Griswold, CT 6351 Full Service B&M $45,822
Centreville Bank 495 Main Street East Greenwich, RI 2818 Full Service B&M $99,531
Centreville Bank 56 Rolfe Sq Cranston, RI 2910 Full Service B&M $518
Centreville Bank 56 Rolfe Square Cranston, RI 2910 Full Service B&M $0
Centreville Bank 578 Greenwich Ave Warwick, RI 2886 Full Service Retail $3,513
Centreville Bank 578 Greenwich Avenue Warwick, RI 2886 Full Service B&M $0
Centreville Bank 777 Tiogue Avenue Coventry, RI 2816 Full Service B&M $214,147
Centreville Bank 834 Victory Highway West Greenwich, RI 2817 Full Service B&M $81,044
Centreville Bank 100 Averill Road Pomfret Center, CT 6259 Full Service B&M $45,140
Centreville Bank 11 Pratt Road Plainfield, CT 6374 Full Service B&M $45,627
Centreville Bank 1115 Boston Neck Road Narragansett, RI 2882 Full Service B&M $39,844
Centreville Bank 1218 Main St West Warwick, RI 2893 Full Service B&M $483,808
Centreville Bank 125 Wauregan Road, Route 12 Danielson, CT 6239 Full Service B&M $53,526
Centreville Bank 193 Comstock Parkway Cranston, RI 2921 Full Service B&M $86,042

For 2021, Centreville Bank had 19 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $60,216
Net interest income $55,604
Total noninterest income $6,806
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,748
Trading account gains and fees $255
Additional Noninterest Income $4,803
Pre-tax net operating income $20,976
Securities gains (or losses, -) $32,154
Income before extraordinary items $40,100
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $40,100
Minority interest net income $0
Net income $40,100
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,698

Centreville Bank's gross interest income from loans was $60,216,000.
Centreville Bank's net interest income from loans was $55,604,000.
Centreville Bank's fee based income from loans was $1,748,000.
Centreville Bank's net income from loans was $40,100,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,612
Provision for credit losses $525
Total noninterest expense $40,909
Salaries and employee benefits $24,581
Premises and equipment expense $6,049
Additional noninterest expense $10,279
Applicable income taxes $13,030
Net charge-offs $70
Cash dividends $0

Centreville Bank's interest expense for loans was $4,612,000.
Centreville Bank's payroll and benefits expense were $24,581,000.
Centreville Bank's property, plant and equipment expenses $6,049,000.

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 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 2.0%
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 $1,493,723
Deposits held in domestic offices $1,493,723
Deposits by Individuals, partnerships, and corporations $1,404,736
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $86,999
Deposits by Commercial banks and other depository institutions in U.S. $1,987
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $449,494
Demand deposits $449,494
Nontransaction accounts $1,044,228
Money market deposit accounts (MMDAs) $349,579
Other savings deposits (excluding MMDAs) $368,997
Total time deposits $325,653
Total time and savings deposits $1,044,228
Noninterest-bearing deposits $263,249
Interest-bearing deposits $1,230,474
Retail deposits $1,434,438
IRAs and Keogh plan accounts $115,609
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,917,548
Cash & Balances due from depository institutions $75,683
Interest-bearing balances $69,183
Total securities $482,157
Federal funds sold & reverse repurchase $1,295
Net loans and leases $1,214,569
Loan and leases loss allowance $11,379
Trading account assets $1,558
Bank premises and fixed assets $26,563
Other real estate owned $0
Goodwill and other intangibles $40,131
All other assets $75,592

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,917,548
Total Liabilities $1,557,884
Total deposits $1,493,723
Interest-bearing deposits $1,230,474
Deposits held in domestic offices $1,493,723
% insured (estimated) $88
Federal funds purchased and repurchase agreements $0
Trading liabilities $1,558
Other borrowed funds $9,016
Subordinated debt $0
All other liabilities $53,587

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,214,569
Loan and leases loss allowance $11,379
Total loans and leases (domestic) $1,225,948
All real estate loans $1,183,901
Real estate loans in domestic offices $1,183,901
Construction and development loans $88,899
Residential 1-4 family construction $1,891
Other construction, all land development and other land $87,008
Loans secured by nonfarm nonresidential properties $579,928
Nonfarm nonresidential secured by owner-occupied properties $184,925
Commercial real estate & other non-farm, non-residential $395,003
Multifamily residential real estate $73,762
1-4 family residential loans $441,232
Farmland loans $80
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $30,570
To non-U.S. addressees $0
Loans to individuals $939
Credit card loans $0
Related Plans $10
Consumer Auto Loans $127
Other loans to individuals $802
All other loans & leases $10,538
Loans to foreign governments and official institutions $0
Other loans $339
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 $12,988
Non 1-4 family restructured loans & leases $12,751
Total loans and leases (foreign) $0

Centreville Bank had $1,214,569,000 of loans outstanding in 2021. $1,183,901,000 of loans were in real estate loans. $88,899,000 of loans were in development loans. $73,762,000 of loans were in multifamily mortgage loans. $441,232,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $127,000 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 259 $62,612 $241,745
Nonfarm, nonresidential loans - <$100k 42 $1,381 $32,881
Nonfarm, nonresidential loans - $100-250k 94 $12,029 $127,968
Nonfarm, nonresidential loans - $250k-1MM 123 $49,202 $400,016
Commercial & Industrial, US addressed loans - <$1MM 270 $21,054 $77,978
Commercial & Industrial, US addressed loans - <$100k 180 $4,446 $24,700
Commercial & Industrial, US addressed loans - $100-250k 53 $6,205 $117,075
Commercial & Industrial, US addressed loans - $250k-1MM 37 $10,403 $281,162
Farmland loans - <$1MM 3 $78 $26,000
Farmland loans - <$100k 2 $52 $26,000
Farmland loans - $100-250k 1 $26 $26,000