Essex Savings Bank Mortgage Rates, Fees & Info

Essex, CT

LEI: 549300TPAN1WJY46W431

Tax ID: 06-0336850

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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

    Essex Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Essex Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Norwich, New Haven, and Bridgeport among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Essex 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

    56

    Origination Dollar Volume (All Markets)

    $15,050,000

    Employee count

    123

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 37 $10,235,000 $276,622 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 8 $2,230,000 $278,750 $0 0.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 10 $2,190,000 $219,000 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
    Essex Savings Bank's top markets include Hartford, Norwich, New Haven, and Bridgeport among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 56 $15,050,000 $268,750 $0 0.00%

    For 2018, Essex Savings Bank's most frequently originated type of loan was Conventional, with 56 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 33 $10,465,000 $317,121 $0 0.00%
    Refi 15 $3,145,000 $209,667 $0 0.00%
    Cash Out Refi 5 $1,215,000 $243,000 $0 0.00%
    Home Improvement 3 $225,000 $75,000 $0 0.00%

    For 2018, Essex Savings Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 56 $15,050,000 $268,750 $0 0.00%

    For 2018, Essex Savings Bank's most frequently cited loan duration was Other, with 56 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 23 $6,535,000 $284,130 $0 0.00%
    $100k-200k 18 $2,910,000 $161,667 $0 0.00%
    $400k-600k 8 $3,530,000 $441,250 $0 0.00%
    $100,000 or less 5 $255,000 $51,000 $0 0.00%
    $1MM+ 1 $1,165,000 $1,165,000 $0 0.00%
    $600k-1MM 1 $655,000 $655,000 $0 0.00%

    2018 saw Essex Savings Bank place emphasis on $200k-400k loans with 23 originations, totaling $6,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $3,815,000 $200,789 $0 0.00%
    $150k-250k 7 $2,425,000 $346,429 $0 0.00%
    $250k+ 7 $3,675,000 $525,000 $0 0.00%
    $50k or less 6 $1,100,000 $183,333 $0 0.00%
    $50k-75k 5 $895,000 $179,000 $0 0.00%
    $75k-100k 4 $890,000 $222,500 $0 0.00%

    Essex Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $150k-250k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 56 $15,050,000 $268,750 $0 0.00%

    Essex Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $12,580,000 $262,083 $0 0.00%
    Not applicable 6 $1,910,000 $318,333 $0 0.00%
    Black 2 $560,000 $280,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.50%

    Essex Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.36%

    Essex Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 56 $15,050,000 $268,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $335,000 $335,000
    Single Family (1-4 Units):Site-Built 55 $14,715,000 $267,545

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Essex Savings Bank 101 Halls Road Old Lyme, CT 6371 Full Service B&M $67,802
    Essex Savings Bank 155 Main Street Old Saybrook, CT 6475 Full Service B&M $61,450
    Essex Savings Bank 203 Middlesex Avenue Chester, CT 6412 Full Service B&M $23,148
    Essex Savings Bank 35 Plains Rd Essex, CT 6426 Full Service Cyber Office $223
    Essex Savings Bank 35 Plains Road Essex, CT 6426 Full Service B&M $106,787
    Essex Savings Bank 9 Main Street Essex, CT 6426 Full Service B&M $31,784
    Essex Savings Bank 99 Durham Road Madison, CT 6443 Full Service B&M $42,706

    For 2018, Essex Savings Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,159
    Net interest income $13,307
    Total noninterest income $20,713
    Gross Fiduciary activities income $1,737
    Service charges on deposit accounts $272
    Trading account gains and fees $0
    Additional Noninterest Income $18,704
    Pre-tax net operating income $3,340
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,423
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,423
    Minority interest net income $0
    Net income $2,423
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,423

    Essex Savings Bank's gross interest income from loans was $14,159,000.
    Essex Savings Bank's net interest income from loans was $13,307,000.
    Essex Savings Bank's fee based income from loans was $272,000.
    Essex Savings Bank's net income from loans was $2,423,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $852
    Provision for credit losses $135
    Total noninterest expense $30,545
    Salaries and employee benefits $19,227
    Premises and equipment expense $1,477
    Additional noninterest expense $9,841
    Applicable income taxes $917
    Net charge-offs $0
    Cash dividends $0

    Essex Savings Bank's interest expense for loans was $852,000.
    Essex Savings Bank's payroll and benefits expense were $19,227,000.
    Essex Savings Bank's property, plant and equipment expenses $1,477,000.

    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 $336,721
    Deposits held in domestic offices $336,721
    Deposits by Individuals, partnerships, and corporations $333,077
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $3,643
    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 $137,261
    Demand deposits $103,199
    Nontransaction accounts $199,460
    Money market deposit accounts (MMDAs) $6,900
    Other savings deposits (excluding MMDAs) $129,397
    Total time deposits $63,163
    Total time and savings deposits $233,522
    Noninterest-bearing deposits $103,199
    Interest-bearing deposits $233,522
    Retail deposits $325,155
    IRAs and Keogh plan accounts $16,900
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $394,564
    Cash & Balances due from depository institutions $48,936
    Interest-bearing balances $43,511
    Total securities $990
    Federal funds sold & reverse repurchase $0
    Net loans and leases $316,515
    Loan and leases loss allowance $2,407
    Trading account assets $0
    Bank premises and fixed assets $8,659
    Other real estate owned $0
    Goodwill and other intangibles $13,785
    All other assets $5,679

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $394,564
    Total Liabilities $345,048
    Total deposits $336,721
    Interest-bearing deposits $233,522
    Deposits held in domestic offices $336,721
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $2,323
    Subordinated debt $0
    All other liabilities $6,004

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $316,515
    Loan and leases loss allowance $2,407
    Total loans and leases (domestic) $318,922
    All real estate loans $297,748
    Real estate loans in domestic offices $297,748
    Construction and development loans $8,672
    Residential 1-4 family construction $2,727
    Other construction, all land development and other land $5,945
    Loans secured by nonfarm nonresidential properties $80,142
    Nonfarm nonresidential secured by owner-occupied properties $43,956
    Commercial real estate & other non-farm, non-residential $36,186
    Multifamily residential real estate $5,336
    1-4 family residential loans $203,345
    Farmland loans $253
    Loans held in foreign offices $0
    Farm loans $12
    Commercial and industrial loans $17,004
    To non-U.S. addressees $0
    Loans to individuals $3,555
    Credit card loans $0
    Related Plans $915
    Consumer Auto Loans $5
    Other loans to individuals $2,635
    All other loans & leases $603
    Loans to foreign governments and official institutions $0
    Other loans $603
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Essex Savings Bank had $316,515,000 of loans outstanding in 2018. $297,748,000 of loans were in real estate loans. $8,672,000 of loans were in development loans. $5,336,000 of loans were in multifamily mortgage loans. $203,345,000 of loans were in 1-4 family mortgage loans. $12,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,000 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 113 $32,464 $287,292
    Nonfarm, nonresidential loans - <$100k 8 $402 $50,250
    Nonfarm, nonresidential loans - $100-250k 27 $2,934 $108,667
    Nonfarm, nonresidential loans - $250k-1MM 78 $29,128 $373,436
    Commercial & Industrial, US addressed loans - <$1MM 147 $12,834 $87,306
    Commercial & Industrial, US addressed loans - <$100k 87 $1,991 $22,885
    Commercial & Industrial, US addressed loans - $100-250k 25 $1,449 $57,960
    Commercial & Industrial, US addressed loans - $250k-1MM 35 $9,394 $268,400
    Farmland loans - <$1MM 2 $253 $126,500
    Farmland loans - $100-250k 1 $152 $152,000
    Farmland loans - $250k-1MM 1 $101 $101,000
    Agriculture operations loans - <$1MM 1 $12 $12,000
    Agriculture operations loans - $250k-1MM 1 $12 $12,000