Fall River Five Cents Savings Bank Mortgage Rates, Fees & Info

Fall River, MA

LEI: 549300Q61S3IBOJITT02

Tax ID: 41-2178171

5 stars - out of 5 stars, based on 45 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Fall River Five Cents Savings Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Fall River Five Cents 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 include Boston, Providence, Barnstable Town, Worcester, and Manchester among others. Fall River Five Cents Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Fall River Five Cents Savings Bank is typically an average fee lendor.


Originations

1,983

Origination Dollar Volume (All Markets)

$752,155,000

Employee count

216 Show all (9) awards

Relative Rate

Fall River Five Cents Savings Bank's average 30 year fixed rate mortgage of loans were 2.91%.

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

This yields a difference of -0.24%.

Relative Fees

Fall River Five Cents Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,569.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 700 $318,530,000 $455,043 $3,395 2.89%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1,021 $315,145,000 $308,663 $3,259 2.97%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 124 $74,650,000 $602,016 $3,422 2.95%
WORCESTER, MA-CT (FHA|USDA|VA) 67 $20,915,000 $312,164 $3,211 2.82%
Outside of Metro Areas 9 $3,575,000 $397,222 $3,253 2.89%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 9 $3,345,000 $371,667 $3,321 2.99%
SPRINGFIELD, MA (FHA|USDA|VA) 13 $2,845,000 $218,846 $2,602 3.03%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 6 $2,190,000 $365,000 $2,417 2.85%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,715,000 $571,667 $5,428 3.17%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 7 $1,385,000 $197,857 $3,328 2.71%
Vineyard Haven, MA (FHA|USDA|VA) 2 $1,230,000 $615,000 $3,446 2.81%
Keene, NH (FHA|USDA|VA) 2 $1,010,000 $505,000 $3,950 2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $1,005,000 $335,000 $3,144 3.29%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $805,000 $268,333 $2,730 2.79%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $690,000 $345,000 $5,869 2.56%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $670,000 $335,000 $4,317 3.00%
Lebanon, NH-VT (FHA|USDA|VA) 2 $550,000 $275,000 $3,069 2.94%
PITTSFIELD, MA (FHA|USDA|VA) 1 $495,000 $495,000 $3,557 3.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $430,000 $215,000 $3,938 3.19%
Concord, NH (FHA|USDA|VA) 2 $320,000 $160,000 $2,413 2.81%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $295,000 $295,000 $2,979 2.75%
Laconia, NH (FHA|USDA|VA) 1 $235,000 $235,000 $2,617 2.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,050 2.88%

Fall River Five Cents Savings Bank's top markets include Boston, Providence, Barnstable Town, Worcester, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,909 $726,705,000 $380,673 $3,097 2.94%
FHA 55 $19,145,000 $348,091 $9,345 2.73%
VA 19 $6,305,000 $331,842 $6,710 2.44%

For the 2021 period, Fall River Five Cents Savings Bank's most frequently originated loan type of loans were Conventional, with 1,909 originations. Their 2nd most popular type is FHA, with 55 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 764 $249,820,000 $326,990 $2,758 2.77%
Home Purchase 721 $335,655,000 $465,541 $4,259 2.95%
Cash Out Refi 443 $160,705,000 $362,765 $3,111 3.05%
Home Improvement 31 $2,315,000 $74,677 $393 4.07%
Other 24 $3,660,000 $152,500 $1,175 3.77%

For the 2021, Fall River Five Cents Savings Bank's most frequently cited loan purpose of loans were Refi, with 764 originations. The 2nd most popular reason of loans were Home Purchase, with 721 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,362 $536,160,000 $393,656 $3,569 2.91%
15 Year 243 $56,845,000 $233,930 $2,429 2.47%
20 Year 168 $64,530,000 $384,107 $2,097 3.49%
Other 149 $62,035,000 $416,342 $3,488 3.16%
10 Year 29 $16,185,000 $558,103 $1,455 2.99%
30+ year 18 $15,780,000 $876,667 $6,168 3.05%
5 Year 13 $585,000 $45,000 $21 3.81%
1 Year 1 $35,000 $35,000 $0 5.00%

For the 2021, Fall River Five Cents Savings Bank's most frequently cited loan length of loans were 30 Year, with 1,362 originations. The 2nd most popular length of loans were 15 Year, with 243 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,731 $632,205,000 $365,225
$1k-2k 95 $30,185,000 $317,737
$2k-3k 32 $16,580,000 $518,125
$3k-4k 15 $6,705,000 $447,000
$5k+ 8 $4,210,000 $526,250

$3,569 of loans were Fall River Five Cents Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,731 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,014 $408,970,000 $403,323
3-4% 510 $211,280,000 $414,275
<2.5% 385 $116,515,000 $302,636
4-5% 67 $14,275,000 $213,060
5-6% 4 $740,000 $185,000
6-7% 2 $360,000 $180,000
7-8% 1 $15,000 $15,000

During 2021, Fall River Five Cents Savings Bank's average interest rate of loans were 2.91%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,014 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 914 $267,130,000 $292,265 $3,192 2.91%
$400k-600k 441 $213,055,000 $483,118 $3,879 2.89%
$100k-200k 317 $49,995,000 $157,713 $2,558 2.86%
$600k-1MM 184 $138,220,000 $751,196 $4,391 2.95%
$100,000 or less 79 $4,265,000 $53,987 $716 3.67%
$1MM+ 48 $79,490,000 $1,656,042 $5,962 3.02%

2021 saw Fall River Five Cents Savings Bank place emphasis on $200k-400k loans with 914 originations, totaling $267,130,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 471 $162,665,000 $345,361 $3,286 2.88%
$150k-250k 399 $181,725,000 $455,451 $3,460 2.86%
$75k-100k 342 $96,730,000 $282,836 $3,237 2.87%
$50k-75k 297 $73,755,000 $248,333 $3,174 2.86%
$250k+ 255 $155,515,000 $609,863 $3,714 2.94%
$50k or less 125 $21,025,000 $168,200 $2,721 2.87%

Fall River Five Cents Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 471 originations. The second most popular income band? $150k-250k, with 399 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 459 $170,135,000 $370,664 $3,045 2.84%
30-36% 368 $138,590,000 $376,603 $3,281 2.88%
<20% 154 $56,390,000 $366,169 $3,027 2.78%
37% 87 $26,655,000 $306,379 $2,953 2.86%
40% 80 $31,300,000 $391,250 $3,822 2.91%
44% 79 $31,405,000 $397,532 $3,704 2.85%
42% 76 $30,150,000 $396,711 $3,151 2.93%
39% 76 $26,750,000 $351,974 $3,330 2.98%
36% 75 $27,555,000 $367,400 $3,310 2.99%
43% 71 $27,725,000 $390,493 $3,516 2.95%
41% 68 $25,590,000 $376,324 $3,084 2.98%
38% 59 $24,955,000 $422,966 $3,559 2.83%
46% 55 $17,785,000 $323,364 $3,853 2.81%
45% 47 $14,065,000 $299,255 $3,465 2.90%
47% 47 $15,705,000 $334,149 $4,016 2.95%
49% 40 $12,930,000 $323,250 $3,613 2.85%
48% 27 $8,175,000 $302,778 $3,899 2.84%
50-60% 13 $4,025,000 $309,615 $6,736 2.95%

Fall River Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 459 originations. The next most common DTI ratio? 30-36%, with 368 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,460 $506,940,000 $347,219 $3,204 2.89%
Not provided 287 $125,895,000 $438,659 $3,586 2.93%
Not applicable 78 $55,210,000 $707,821 $0 3.93%
Asian 101 $46,085,000 $456,287 $3,396 2.83%
Black 39 $11,315,000 $290,128 $5,109 2.84%
American Indian 8 $2,960,000 $370,000 $3,437 2.98%
Other Asian 5 $1,865,000 $373,000 $4,054 2.73%
Native Hawaiian 1 $545,000 $545,000 $4,163 2.75%
Asian Indian 1 $545,000 $545,000 $3,856 2.75%
Chinese 1 $425,000 $425,000 $3,007 2.00%
Other Pacific Islander 2 $370,000 $185,000 $4,521 2.94%

Approval Rates

Total approvals of all applications
95.65%

Fall River Five Cents 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
87.88%

Fall River Five Cents Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,983 $752,155,000 $379,302

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,983 $752,155,000 $379,302

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 196 $45,420,000 $231,735 $2,556 2.80%
40-60% 509 $175,425,000 $344,646 $2,933 2.82%
60-80% 823 $339,565,000 $412,594 $3,305 2.99%
80-100% 378 $183,710,000 $486,005 $4,585 2.86%
Over 100% 5 $2,015,000 $403,000 $10,552 2.70%
Under 20% 72 $6,020,000 $83,611 $653 3.78%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Fall River Five Cents Savings Bank 105 Huttleston Avenue Fairhaven, MA 2719 Full Service B&M $49,100
Fall River Five Cents Savings Bank 1301 Pleasant Street Fall River, MA 2723 Full Service B&M $51,666
Fall River Five Cents Savings Bank 136 Faunce Corner Mall Road Dartmouth, MA 2747 Full Service B&M $111,951
Fall River Five Cents Savings Bank 1501 South Main Street Fall River, MA 2724 Full Service B&M $44,984
Fall River Five Cents Savings Bank 160 County Street New Bedford, MA 2740 Full Service B&M $101,164
Fall River Five Cents Savings Bank 1604 President Avenue Fall River, MA 2720 Full Service B&M $76,638
Fall River Five Cents Savings Bank 1724 Acushnet Avenue New Bedford, MA 2746 Full Service B&M $48,473
Fall River Five Cents Savings Bank 4171 North Main Street Fall River, MA 2720 Full Service B&M $71,764
Fall River Five Cents Savings Bank 497 Milford Road Swansea, MA 2777 Full Service B&M $83,831
Fall River Five Cents Savings Bank 54 County Street Somerset, MA 2726 Full Service B&M $92,245
Fall River Five Cents Savings Bank 55 Thirteenth Street Fall River, MA 2721 Full Service B&M $47,885
Fall River Five Cents Savings Bank 590 Metacom Avenue Bristol, RI 2809 Full Service B&M $33,906
Fall River Five Cents Savings Bank 79 N Main St Fall River, MA 2720 Full Service B&M $359,664

For 2021, Fall River Five Cents Savings Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $42,311
Net interest income $36,313
Total noninterest income $18,373
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,270
Trading account gains and fees $0
Additional Noninterest Income $17,103
Pre-tax net operating income $15,135
Securities gains (or losses, -) $30
Income before extraordinary items $12,231
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,231
Minority interest net income $0
Net income $12,231
Sale, conversion, retirement of capital stock, net $0
Net operating income $12,206

Fall River Five Cents Savings Bank's gross interest income from loans was $42,311,000.
Fall River Five Cents Savings Bank's net interest income from loans was $36,313,000.
Fall River Five Cents Savings Bank's fee based income from loans was $1,270,000.
Fall River Five Cents Savings Bank's net income from loans was $12,231,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,998
Provision for credit losses $1,191
Total noninterest expense $38,360
Salaries and employee benefits $21,835
Premises and equipment expense $3,352
Additional noninterest expense $13,173
Applicable income taxes $2,934
Net charge-offs $-41
Cash dividends $0

Fall River Five Cents Savings Bank's interest expense for loans was $5,998,000.
Fall River Five Cents Savings Bank's payroll and benefits expense were $21,835,000.
Fall River Five Cents Savings Bank's property, plant and equipment expenses $3,352,000.

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 $1,225,285
Deposits held in domestic offices $1,225,285
Deposits by Individuals, partnerships, and corporations $1,184,164
Deposits by U.S. Government $44
Deposits by States and political subdivisions in the U.S. $35,246
Deposits by Commercial banks and other depository institutions in U.S. $5,831
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $387,569
Demand deposits $284,434
Nontransaction accounts $837,716
Money market deposit accounts (MMDAs) $207,097
Other savings deposits (excluding MMDAs) $292,900
Total time deposits $337,719
Total time and savings deposits $940,851
Noninterest-bearing deposits $284,434
Interest-bearing deposits $940,851
Retail deposits $1,065,655
IRAs and Keogh plan accounts $35,504
Brokered deposits $41,944
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,446,964
Cash & Balances due from depository institutions $45,208
Interest-bearing balances $35,782
Total securities $255,547
Federal funds sold & reverse repurchase $0
Net loans and leases $1,081,336
Loan and leases loss allowance $8,257
Trading account assets $0
Bank premises and fixed assets $17,595
Other real estate owned $0
Goodwill and other intangibles $4,875
All other assets $42,403

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,446,964
Total Liabilities $1,317,899
Total deposits $1,225,285
Interest-bearing deposits $940,851
Deposits held in domestic offices $1,225,285
% insured (estimated) $76
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $78,829
Subordinated debt $0
All other liabilities $13,785

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,081,336
Loan and leases loss allowance $8,257
Total loans and leases (domestic) $1,089,593
All real estate loans $913,842
Real estate loans in domestic offices $913,842
Construction and development loans $40,702
Residential 1-4 family construction $16,016
Other construction, all land development and other land $24,686
Loans secured by nonfarm nonresidential properties $325,919
Nonfarm nonresidential secured by owner-occupied properties $164,046
Commercial real estate & other non-farm, non-residential $161,873
Multifamily residential real estate $63,406
1-4 family residential loans $483,749
Farmland loans $66
Loans held in foreign offices $0
Farm loans $35,612
Commercial and industrial loans $121,440
To non-U.S. addressees $0
Loans to individuals $18,698
Credit card loans $0
Related Plans $32
Consumer Auto Loans $150
Other loans to individuals $18,516
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $99
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,193
Non 1-4 family restructured loans & leases $782
Total loans and leases (foreign) $0

Fall River Five Cents Savings Bank had $1,081,336,000 of loans outstanding in 2021. $913,842,000 of loans were in real estate loans. $40,702,000 of loans were in development loans. $63,406,000 of loans were in multifamily mortgage loans. $483,749,000 of loans were in 1-4 family mortgage loans. $35,612,000 of loans were in farm loans. $0 of loans were in credit card loans. $150,000 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 475 $100,010 $210,547
Nonfarm, nonresidential loans - <$100k 133 $2,247 $16,895
Nonfarm, nonresidential loans - $100-250k 112 $13,756 $122,821
Nonfarm, nonresidential loans - $250k-1MM 230 $84,007 $365,248
Commercial & Industrial, US addressed loans - <$1MM 1,324 $29,929 $22,605
Commercial & Industrial, US addressed loans - <$100k 1,167 $7,138 $6,117
Commercial & Industrial, US addressed loans - $100-250k 87 $7,843 $90,149
Commercial & Industrial, US addressed loans - $250k-1MM 70 $14,948 $213,543
Agriculture operations loans - <$1MM 35 $4,385 $125,286
Agriculture operations loans - <$100k 19 $769 $40,474
Agriculture operations loans - $100-250k 11 $1,892 $172,000
Agriculture operations loans - $250k-1MM 5 $1,724 $344,800