Colonial Federal Savings Bank Mortgage Rates, Fees & Info

Quincy, MA

LEI: 549300THVVYXNYVCMC50

Tax ID: 04-1983105

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Colonial Federal Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Colonial Federal Savings Bank has a high proportion of conventional loans. Their top two markets are Boston and Providence .

    Colonial Federal 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.

    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.

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    Originations

    74

    Origination Dollar Volume (All Markets)

    $25,960,000

    Employee count

    31

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 73 $25,665,000 $351,575 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    Colonial Federal Savings Bank's top markets include Boston and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 74 $25,960,000 $350,811 $0 0.00%

    For 2018, Colonial Federal Savings Bank's most frequently originated type of loan was Conventional, with 74 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 35 $15,095,000 $431,286 $0 0.00%
    Refi 24 $8,300,000 $345,833 $0 0.00%
    Home Improvement 10 $2,270,000 $227,000 $0 0.00%
    Cash Out Refi 4 $190,000 $47,500 $0 0.00%
    Other 1 $105,000 $105,000 $0 0.00%

    For 2018, Colonial Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 35 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 74 $25,960,000 $350,811 $0 0.00%

    For 2018, Colonial Federal Savings Bank's most frequently cited loan duration was Other, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 28 $8,830,000 $315,357 $0 0.00%
    $100,000 or less 13 $615,000 $47,308 $0 0.00%
    $400k-600k 13 $6,045,000 $465,000 $0 0.00%
    $100k-200k 11 $1,655,000 $150,455 $0 0.00%
    $600k-1MM 6 $4,840,000 $806,667 $0 0.00%
    $1MM+ 3 $3,975,000 $1,325,000 $0 0.00%

    2018 saw Colonial Federal Savings Bank place emphasis on $200k-400k loans with 28 originations, totaling $8,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 17 $5,145,000 $302,647 $0 0.00%
    $100k-150k 14 $3,520,000 $251,429 $0 0.00%
    $75k-100k 11 $3,555,000 $323,182 $0 0.00%
    $250k+ 9 $5,445,000 $605,000 $0 0.00%
    $50k-75k 7 $1,335,000 $190,714 $0 0.00%
    $50k or less 6 $1,120,000 $186,667 $0 0.00%

    Colonial Federal Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 17 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 74 $25,960,000 $350,811 $0 0.00%

    Colonial Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $18,140,000 $335,926 $0 0.00%
    Asian 11 $4,065,000 $369,545 $0 0.00%
    Not provided 7 $2,965,000 $423,571 $0 0.00%
    American Indian 1 $455,000 $455,000 $0 0.00%
    Black 1 $335,000 $335,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.66%

    Colonial Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.49%

    Colonial Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 74 $25,960,000 $350,811

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $4,890,000 $815,000
    Single Family (1-4 Units):Site-Built 68 $21,070,000 $309,853

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Colonial Federal Savings Bank 1000 Southern Artery Quincy, MA 2169 Full Service B&M $5,269
    Colonial Federal Savings Bank 15 Beach Street Quincy, MA 2170 Full Service B&M $173,235
    Colonial Federal Savings Bank 708 Middle Street Weymouth, MA 2188 Full Service B&M $35,145
    Colonial Federal Savings Bank 819 South Franklin Street Holbrook, MA 2343 Full Service B&M $30,820

    For 2018, Colonial Federal Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,819
    Net interest income $7,998
    Total noninterest income $686
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $179
    Trading account gains and fees $0
    Additional Noninterest Income $507
    Pre-tax net operating income $2,382
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,034
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,034
    Minority interest net income $0
    Net income $2,034
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,034

    Colonial Federal Savings Bank's gross interest income from loans was $9,819,000.
    Colonial Federal Savings Bank's net interest income from loans was $7,998,000.
    Colonial Federal Savings Bank's fee based income from loans was $179,000.
    Colonial Federal Savings Bank's net income from loans was $2,034,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,821
    Provision for credit losses $150
    Total noninterest expense $6,152
    Salaries and employee benefits $3,877
    Premises and equipment expense $774
    Additional noninterest expense $1,501
    Applicable income taxes $348
    Net charge-offs $1
    Cash dividends $0

    Colonial Federal Savings Bank's interest expense for loans was $1,821,000.
    Colonial Federal Savings Bank's payroll and benefits expense were $3,877,000.
    Colonial Federal Savings Bank's property, plant and equipment expenses $774,000.

    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 $242,774
    Deposits held in domestic offices $242,774
    Deposits by Individuals, partnerships, and corporations $242,531
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $243
    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 $43,932
    Demand deposits $18,431
    Nontransaction accounts $198,842
    Money market deposit accounts (MMDAs) $34,658
    Other savings deposits (excluding MMDAs) $60,523
    Total time deposits $103,661
    Total time and savings deposits $224,343
    Noninterest-bearing deposits $19,302
    Interest-bearing deposits $223,472
    Retail deposits $223,934
    IRAs and Keogh plan accounts $15,178
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $297,222
    Cash & Balances due from depository institutions $5,409
    Interest-bearing balances $3,358
    Total securities $99,801
    Federal funds sold & reverse repurchase $0
    Net loans and leases $176,630
    Loan and leases loss allowance $1,610
    Trading account assets $0
    Bank premises and fixed assets $3,199
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $12,183

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $297,222
    Total Liabilities $252,835
    Total deposits $242,774
    Interest-bearing deposits $223,472
    Deposits held in domestic offices $242,774
    % insured (estimated) $91
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,416
    Subordinated debt $0
    All other liabilities $2,645

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $176,630
    Loan and leases loss allowance $1,610
    Total loans and leases (domestic) $178,240
    All real estate loans $176,825
    Real estate loans in domestic offices $176,825
    Construction and development loans $253
    Residential 1-4 family construction $253
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $14,842
    Nonfarm nonresidential secured by owner-occupied properties $7,982
    Commercial real estate & other non-farm, non-residential $6,860
    Multifamily residential real estate $18,240
    1-4 family residential loans $143,490
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $1,415
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $391
    Other loans to individuals $1,024
    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 $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $148
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Colonial Federal Savings Bank had $176,630,000 of loans outstanding in 2018. $176,825,000 of loans were in real estate loans. $253,000 of loans were in development loans. $18,240,000 of loans were in multifamily mortgage loans. $143,490,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $391,000 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 29 $8,874 $306,000
    Nonfarm, nonresidential loans - <$100k 1 $19 $19,000
    Nonfarm, nonresidential loans - $100-250k 7 $1,043 $149,000
    Nonfarm, nonresidential loans - $250k-1MM 21 $7,812 $372,000