Coastal Heritage Bank Mortgage Rates, Fees & Info

Weymouth, MA

LEI: 549300URUSGWHXJ4OZ19

Tax ID: 04-1853160

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Coastal Heritage Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Coastal Heritage Bank has a high proportion of conventional loans. Their top markets include Boston, Barnstable Town, Providence, Vineyard Haven, and Worcester among others. Coastal Heritage 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.


Originations

334

Origination Dollar Volume (All Markets)

$183,040,000

Employee count

109

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 317 $173,845,000 $548,407 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $5,885,000 $535,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $2,130,000 $532,500 $0 0.00%
Vineyard Haven, MA (FHA|USDA|VA) 1 $805,000 $805,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%

Coastal Heritage Bank's top markets include Boston, Barnstable Town, Providence, Vineyard Haven, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 334 $183,040,000 $548,024 $0 0.00%

For the 2021 period, Coastal Heritage Bank's most frequently originated loan type of loans were Conventional, with 334 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 132 $59,910,000 $453,864 $0 0.00%
Refi 102 $51,240,000 $502,353 $0 0.00%
Home Purchase 94 $69,140,000 $735,532 $0 0.00%
Home Improvement 6 $2,750,000 $458,333 $0 0.00%

For the 2021, Coastal Heritage Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 132 originations. The 2nd most popular reason of loans were Refi, with 102 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 334 $183,040,000 $548,024 $0 0.00%

For the 2021, Coastal Heritage Bank's most frequently cited loan length of loans were Other, with 334 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 141 $42,135,000 $298,830 $0 0.00%
$400k-600k 68 $33,840,000 $497,647 $0 0.00%
$600k-1MM 55 $40,895,000 $743,545 $0 0.00%
$100k-200k 33 $5,005,000 $151,667 $0 0.00%
$1MM+ 33 $60,805,000 $1,842,576 $0 0.00%
$100,000 or less 4 $360,000 $90,000 $0 0.00%

2021 saw Coastal Heritage Bank place emphasis on $200k-400k loans with 141 originations, totaling $42,135,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 75 $34,145,000 $455,267 $0 0.00%
$100k-150k 67 $23,075,000 $344,403 $0 0.00%
$250k+ 58 $45,180,000 $778,966 $0 0.00%
$50k-75k 43 $10,505,000 $244,302 $0 0.00%
$75k-100k 38 $9,810,000 $258,158 $0 0.00%
$50k or less 4 $950,000 $237,500 $0 0.00%

Coastal Heritage Bank lent most frequently to those with incomes in the $150k-250k range, with 75 originations. The second most popular income band? $100k-150k, with 67 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 334 $183,040,000 $548,024 $0 0.00%

Coastal Heritage Bank lent most frequently to those with DTI ratios of Exempt%, with 334 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 257 $113,965,000 $443,444 $0 0.00%
Not applicable 41 $55,115,000 $1,344,268 $0 0.00%
Not provided 28 $9,300,000 $332,143 $0 0.00%
Asian 3 $2,355,000 $785,000 $0 0.00%
Black 3 $1,325,000 $441,667 $0 0.00%
Other Asian 1 $705,000 $705,000 $0 0.00%
American Indian 1 $275,000 $275,000 $0 0.00%

Approval Rates

Total approvals of all applications
93.06%

Coastal Heritage Bank has an average approval rate.

Pick Rate

Approvals leading to origination
84.76%

Coastal Heritage Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 334 $183,040,000 $548,024

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
334 $183,040,000 $548,024

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Coastal Credit, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Coastal Credit, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Coastal Heritage Bank 1 River Street Norwell, MA 2061 Full Service B&M $37,767
Coastal Heritage Bank 400 Broadway Lynn, MA 1904 Full Service B&M $51,009
Coastal Heritage Bank 50 Patriot Parkway Weymouth, MA 2190 Full Service B&M $64,955
Coastal Heritage Bank 560 Plain Street Maarshfield, MA 2050 Full Service B&M $71,338
Coastal Heritage Bank 6 Central Street East Bridgewater, MA 2333 Full Service B&M $18,403
Coastal Heritage Bank 72 Front Street Scituate, MA 2066 Full Service B&M $113,489
Coastal Heritage Bank 744 Broad Street East Weymouth, MA 2189 Limited, Drive-thru $2,391
Coastal Heritage Bank 744 Broad Street East Weymouth, MA 2189 Full Service B&M $131,879
Coastal Heritage Bank 83 Summer Street Kingston, MA 2364 Full Service B&M $53,583
Coastal Heritage Bank One Derby Street Hingham, MA 2043 Full Service B&M $26,419
Coastal Heritage Bank 111 Washington Street Quincy, MA 2169 Full Service B&M $1,579
Coastal Heritage Bank 1165 Washington Street Hanover, MA 2339 Full Service B&M $35,402
Coastal Heritage Bank 195 Washington St Weymouth, MA 2188 Full Service B&M $121,034
Coastal Heritage Bank 259 Dyke Road Marshfield, MA 2050 Full Service B&M $27,797
Coastal Heritage Bank 28 Nahant Road Nahant, MA 1908 Full Service B&M $39,496
Coastal Heritage Bank 30 Franklin Street Quincy, MA 2169 Full Service B&M $39,043

For 2021, Coastal Heritage Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $30,320
Net interest income $28,257
Total noninterest income $3,505
Gross Fiduciary activities income $0
Service charges on deposit accounts $465
Trading account gains and fees $0
Additional Noninterest Income $3,040
Pre-tax net operating income $7,115
Securities gains (or losses, -) $0
Income before extraordinary items $5,300
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,300
Minority interest net income $0
Net income $5,300
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,300

Coastal Heritage Bank's gross interest income from loans was $30,320,000.
Coastal Heritage Bank's net interest income from loans was $28,257,000.
Coastal Heritage Bank's fee based income from loans was $465,000.
Coastal Heritage Bank's net income from loans was $5,300,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,063
Provision for credit losses $452
Total noninterest expense $24,195
Salaries and employee benefits $13,880
Premises and equipment expense $2,913
Additional noninterest expense $7,402
Applicable income taxes $1,815
Net charge-offs $232
Cash dividends $0

Coastal Heritage Bank's interest expense for loans was $2,063,000.
Coastal Heritage Bank's payroll and benefits expense were $13,880,000.
Coastal Heritage Bank's property, plant and equipment expenses $2,913,000.

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 $752,920
Deposits held in domestic offices $752,920
Deposits by Individuals, partnerships, and corporations $746,589
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $6,332
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 $279,755
Demand deposits $111,847
Nontransaction accounts $473,166
Money market deposit accounts (MMDAs) $196,360
Other savings deposits (excluding MMDAs) $151,897
Total time deposits $124,908
Total time and savings deposits $641,074
Noninterest-bearing deposits $202,559
Interest-bearing deposits $550,361
Retail deposits $723,710
IRAs and Keogh plan accounts $22,637
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $876,844
Cash & Balances due from depository institutions $67,825
Interest-bearing balances $59,741
Total securities $132,846
Federal funds sold & reverse repurchase $0
Net loans and leases $635,663
Loan and leases loss allowance $6,079
Trading account assets $0
Bank premises and fixed assets $10,530
Other real estate owned $0
Goodwill and other intangibles $5,298
All other assets $24,682

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $876,844
Total Liabilities $779,472
Total deposits $752,920
Interest-bearing deposits $550,361
Deposits held in domestic offices $752,920
% insured (estimated) $77
Federal funds purchased and repurchase agreements $504
Trading liabilities $0
Other borrowed funds $20,095
Subordinated debt $0
All other liabilities $5,953

Issued Loan Types

Type Value (in 000's)
Net loans and leases $635,663
Loan and leases loss allowance $6,079
Total loans and leases (domestic) $641,742
All real estate loans $590,250
Real estate loans in domestic offices $590,250
Construction and development loans $70,990
Residential 1-4 family construction $59,624
Other construction, all land development and other land $11,366
Loans secured by nonfarm nonresidential properties $120,057
Nonfarm nonresidential secured by owner-occupied properties $72,724
Commercial real estate & other non-farm, non-residential $47,333
Multifamily residential real estate $27,000
1-4 family residential loans $372,203
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $39,174
To non-U.S. addressees $0
Loans to individuals $12,300
Credit card loans $0
Related Plans $40
Consumer Auto Loans $624
Other loans to individuals $11,636
All other loans & leases $18
Loans to foreign governments and official institutions $0
Other loans $18
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 $1,643
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Coastal Heritage Bank had $635,663,000 of loans outstanding in 2021. $590,250,000 of loans were in real estate loans. $70,990,000 of loans were in development loans. $27,000,000 of loans were in multifamily mortgage loans. $372,203,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $624,000 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 258 $69,078 $267,744
Nonfarm, nonresidential loans - <$100k 49 $1,680 $34,286
Nonfarm, nonresidential loans - $100-250k 63 $8,597 $136,460
Nonfarm, nonresidential loans - $250k-1MM 146 $58,801 $402,747
Commercial & Industrial, US addressed loans - <$1MM 645 $22,745 $35,264
Commercial & Industrial, US addressed loans - <$100k 542 $8,916 $16,450
Commercial & Industrial, US addressed loans - $100-250k 60 $4,999 $83,317
Commercial & Industrial, US addressed loans - $250k-1MM 43 $8,830 $205,349