Essex Savings Bank Mortgage Rates, Fees & Info

Essex, CT

LEI: 549300TPAN1WJY46W431

Tax ID: 06-0336850

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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, New Haven, and Norwich among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Essex 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.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    67

    Origination Dollar Volume (All Markets)

    $18,315,000

    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) 43 $10,225,000 $237,791 $0 0.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 10 $5,210,000 $521,000 $0 0.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 14 $2,880,000 $205,714 $0 0.00%
    Essex Savings Bank's top markets include Hartford, New Haven, and Norwich among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 67 $18,315,000 $273,358 $0 0.00%

    For 2019, Essex Savings Bank's most frequently originated type of loan was Conventional, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 41 $11,565,000 $282,073 $0 0.00%
    Refi 16 $5,110,000 $319,375 $0 0.00%
    Other 5 $725,000 $145,000 $0 0.00%
    Cash Out Refi 5 $915,000 $183,000 $0 0.00%

    For 2019, Essex Savings Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 67 $18,315,000 $273,358 $0 0.00%

    For 2019, Essex Savings Bank's most frequently cited loan duration was Other, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 27 $6,795,000 $251,667 $0 0.00%
    $100k-200k 24 $3,670,000 $152,917 $0 0.00%
    $100,000 or less 6 $510,000 $85,000 $0 0.00%
    $400k-600k 6 $3,050,000 $508,333 $0 0.00%
    $600k-1MM 3 $2,005,000 $668,333 $0 0.00%
    $1MM+ 1 $2,285,000 $2,285,000 $0 0.00%

    2019 saw Essex Savings Bank place emphasis on $200k-400k loans with 27 originations, totaling $6,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 12 $3,210,000 $267,500 $0 0.00%
    $100k-150k 11 $2,485,000 $225,909 $0 0.00%
    $250k+ 10 $6,520,000 $652,000 $0 0.00%
    $75k-100k 10 $2,110,000 $211,000 $0 0.00%
    $50k-75k 8 $1,280,000 $160,000 $0 0.00%
    $50k or less 8 $920,000 $115,000 $0 0.00%

    Essex Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 12 originations. The second most popular income band? $100k-150k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 67 $18,315,000 $273,358 $0 0.00%

    Essex Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $14,560,000 $269,630 $0 0.00%
    Not applicable 8 $1,790,000 $223,750 $0 0.00%
    American Indian 2 $1,190,000 $595,000 $0 0.00%
    Not provided 2 $590,000 $295,000 $0 0.00%
    Other Pacific Islander 1 $185,000 $185,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.26%

    Essex Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.60%

    Essex Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 67 $18,315,000 $273,358

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $425,000 $425,000
    Single Family (1-4 Units):Site-Built 66 $17,890,000 $271,061

    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 $66,871
    Essex Savings Bank 155 Main Street Old Saybrook, CT 6475 Full Service B&M $64,681
    Essex Savings Bank 176 Westbrook Road Essex, CT 6426 Limited, Trust Office $0
    Essex Savings Bank 203 Middlesex Avenue Chester, CT 6412 Full Service B&M $27,980
    Essex Savings Bank 35 Plains Rd Essex, CT 6426 Full Service Cyber Office $232
    Essex Savings Bank 35 Plains Road Essex, CT 6426 Full Service B&M $106,365
    Essex Savings Bank 9 Main Street Essex, CT 6426 Full Service B&M $32,893
    Essex Savings Bank 99 Durham Road Madison, CT 6443 Full Service B&M $42,208

    For 2019, Essex Savings Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,890
    Net interest income $13,362
    Total noninterest income $18,213
    Gross Fiduciary activities income $2,034
    Service charges on deposit accounts $331
    Trading account gains and fees $0
    Additional Noninterest Income $15,848
    Pre-tax net operating income $3,737
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,795
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,795
    Minority interest net income $0
    Net income $2,795
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,795

    Essex Savings Bank's gross interest income from loans was $14,890,000.
    Essex Savings Bank's net interest income from loans was $13,362,000.
    Essex Savings Bank's fee based income from loans was $331,000.
    Essex Savings Bank's net income from loans was $2,795,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,528
    Provision for credit losses $195
    Total noninterest expense $27,643
    Salaries and employee benefits $19,494
    Premises and equipment expense $1,677
    Additional noninterest expense $6,472
    Applicable income taxes $942
    Net charge-offs $1
    Cash dividends $0

    Essex Savings Bank's interest expense for loans was $1,528,000.
    Essex Savings Bank's payroll and benefits expense were $19,494,000.
    Essex Savings Bank's property, plant and equipment expenses $1,677,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 3.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 8.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 13.0%
    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 $359,607
    Deposits held in domestic offices $359,607
    Deposits by Individuals, partnerships, and corporations $353,773
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,834
    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 $145,450
    Demand deposits $111,677
    Nontransaction accounts $214,157
    Money market deposit accounts (MMDAs) $4,695
    Other savings deposits (excluding MMDAs) $131,635
    Total time deposits $77,827
    Total time and savings deposits $247,930
    Noninterest-bearing deposits $111,677
    Interest-bearing deposits $247,930
    Retail deposits $342,835
    IRAs and Keogh plan accounts $16,346
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $420,909
    Cash & Balances due from depository institutions $81,895
    Interest-bearing balances $76,016
    Total securities $1,001
    Federal funds sold & reverse repurchase $0
    Net loans and leases $309,807
    Loan and leases loss allowance $2,601
    Trading account assets $0
    Bank premises and fixed assets $8,673
    Other real estate owned $0
    Goodwill and other intangibles $13,785
    All other assets $5,748

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $420,909
    Total Liabilities $369,677
    Total deposits $359,607
    Interest-bearing deposits $247,930
    Deposits held in domestic offices $359,607
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $2,258
    Subordinated debt $0
    All other liabilities $7,812

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $309,807
    Loan and leases loss allowance $2,601
    Total loans and leases (domestic) $312,408
    All real estate loans $296,104
    Real estate loans in domestic offices $296,104
    Construction and development loans $8,253
    Residential 1-4 family construction $2,394
    Other construction, all land development and other land $5,859
    Loans secured by nonfarm nonresidential properties $84,364
    Nonfarm nonresidential secured by owner-occupied properties $49,141
    Commercial real estate & other non-farm, non-residential $35,223
    Multifamily residential real estate $6,573
    1-4 family residential loans $196,686
    Farmland loans $228
    Loans held in foreign offices $0
    Farm loans $91
    Commercial and industrial loans $12,460
    To non-U.S. addressees $0
    Loans to individuals $3,120
    Credit card loans $0
    Related Plans $1,049
    Consumer Auto Loans $3
    Other loans to individuals $2,068
    All other loans & leases $633
    Loans to foreign governments and official institutions $0
    Other loans $633
    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 $309,807,000 of loans outstanding in 2019. $296,104,000 of loans were in real estate loans. $8,253,000 of loans were in development loans. $6,573,000 of loans were in multifamily mortgage loans. $196,686,000 of loans were in 1-4 family mortgage loans. $91,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,000 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 122 $33,674 $276,016
    Nonfarm, nonresidential loans - <$100k 11 $513 $46,636
    Nonfarm, nonresidential loans - $100-250k 29 $3,265 $112,586
    Nonfarm, nonresidential loans - $250k-1MM 82 $29,896 $364,585
    Commercial & Industrial, US addressed loans - <$1MM 151 $12,459 $82,510
    Commercial & Industrial, US addressed loans - <$100k 89 $2,103 $23,629
    Commercial & Industrial, US addressed loans - $100-250k 23 $2,099 $91,261
    Commercial & Industrial, US addressed loans - $250k-1MM 39 $8,257 $211,718
    Farmland loans - <$1MM 2 $228 $114,000
    Farmland loans - $100-250k 1 $149 $149,000
    Farmland loans - $250k-1MM 1 $79 $79,000
    Agriculture operations loans - <$1MM 1 $90 $90,000
    Agriculture operations loans - <$100k 1 $90 $90,000