Bay State Savings Bank Mortgage Rates, Fees & Info

Worcester, MA

LEI: 549300V8UCJTLZZT4M32

Tax ID: 75-3238872

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Mortgage Data

Bank Data

Review & Overview

Bay State Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Bay State Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Providence, and Springfield among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bay State 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.

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Originations

173

Origination Dollar Volume (All Markets)

$36,745,000

Employee count

71

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
WORCESTER, MA-CT (FHA|USDA|VA) 112 $20,060,000 $179,107 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 43 $13,495,000 $313,837 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $1,385,000 $197,857 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $855,000 $171,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $395,000 $131,667 $0 0.00%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Outside of Metro Areas 1 $125,000 $125,000 $0 0.00%
Bay State Savings Bank's top markets include Worcester, Boston, Barnstable Town, Providence, and Springfield among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 173 $36,745,000 $212,399 $0 0.00%

    For 2018, Bay State Savings Bank's most frequently originated type of loan was Conventional, with 173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 81 $22,125,000 $273,148 $0 0.00%
    Refi 32 $7,470,000 $233,438 $0 0.00%
    Home Improvement 29 $1,695,000 $58,448 $0 0.00%
    Other 17 $1,135,000 $66,765 $0 0.00%
    Cash Out Refi 14 $4,320,000 $308,571 $0 0.00%

    For 2018, Bay State Savings Bank's most frequently cited loan purpose was Home Purchase, with 81 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 173 $36,745,000 $212,399 $0 0.00%

    For 2018, Bay State Savings Bank's most frequently cited loan duration was Other, with 173 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 56 $2,960,000 $52,857 $0 0.00%
    $200k-400k 51 $13,425,000 $263,235 $0 0.00%
    $100k-200k 44 $6,700,000 $152,273 $0 0.00%
    $400k-600k 13 $6,295,000 $484,231 $0 0.00%
    $600k-1MM 8 $5,440,000 $680,000 $0 0.00%
    $1MM+ 1 $1,925,000 $1,925,000 $0 0.00%

    2018 saw Bay State Savings Bank place emphasis on $100,000 or less loans with 56 originations, totaling $2,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 39 $9,655,000 $247,564 $0 0.00%
    $100k-150k 34 $6,100,000 $179,412 $0 0.00%
    $75k-100k 28 $3,900,000 $139,286 $0 0.00%
    $50k-75k 23 $3,345,000 $145,435 $0 0.00%
    $250k+ 18 $7,140,000 $396,667 $0 0.00%
    $50k or less 11 $1,125,000 $102,273 $0 0.00%

    Bay State Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 39 originations. The second most popular income band? $100k-150k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 173 $36,745,000 $212,399 $0 0.00%

    Bay State Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 173 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $24,500,000 $194,444 $0 0.00%
    Not applicable 17 $4,585,000 $269,706 $0 0.00%
    Not provided 15 $3,295,000 $219,667 $0 0.00%
    Asian 9 $2,925,000 $325,000 $0 0.00%
    Black 4 $750,000 $187,500 $0 0.00%
    Asian Indian 1 $635,000 $635,000 $0 0.00%
    American Indian 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    77.67%

    Bay State Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.94%

    Bay State Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 173 $36,745,000 $212,399

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $2,935,000 $326,111
    Single Family (1-4 Units):Site-Built 164 $33,810,000 $206,159

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bay State Savings Bank 374-378 Burncoat Street Worcester, MA 1606 Full Service B&M $60,372
    Bay State Savings Bank 628 Main Street Holden, MA 1520 Full Service B&M $46,697
    Bay State Savings Bank 123 Auburn Street Auburn, MA 1501 Full Service B&M $34,311
    Bay State Savings Bank 275 Mill Street Worcester, MA 1602 Full Service B&M $44,028
    Bay State Savings Bank 28 Franklin Street Worcester, MA 1608 Full Service B&M $97,220
    Bay State Savings Bank 799 Grafton Streeet Worcester, MA 1608 Full Service B&M $32,389
    Bay State Savings Bank 99 Auburn Street Auburn, MA 1501 Full Service B&M $658

    For 2018, Bay State Savings Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,231
    Net interest income $12,369
    Total noninterest income $1,303
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $494
    Trading account gains and fees $0
    Additional Noninterest Income $809
    Pre-tax net operating income $1,403
    Securities gains (or losses, -) $592
    Income before extraordinary items $1,488
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,488
    Minority interest net income $0
    Net income $1,488
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,020

    Bay State Savings Bank's gross interest income from loans was $16,231,000.
    Bay State Savings Bank's net interest income from loans was $12,369,000.
    Bay State Savings Bank's fee based income from loans was $494,000.
    Bay State Savings Bank's net income from loans was $1,488,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,862
    Provision for credit losses $429
    Total noninterest expense $11,840
    Salaries and employee benefits $5,416
    Premises and equipment expense $1,956
    Additional noninterest expense $4,468
    Applicable income taxes $507
    Net charge-offs $49
    Cash dividends $0

    Bay State Savings Bank's interest expense for loans was $3,862,000.
    Bay State Savings Bank's payroll and benefits expense were $5,416,000.
    Bay State Savings Bank's property, plant and equipment expenses $1,956,000.

    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 2.0%
    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 $328,880
    Deposits held in domestic offices $328,880
    Deposits by Individuals, partnerships, and corporations $315,776
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,104
    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 $84,423
    Demand deposits $52,268
    Nontransaction accounts $244,457
    Money market deposit accounts (MMDAs) $58,334
    Other savings deposits (excluding MMDAs) $61,316
    Total time deposits $124,807
    Total time and savings deposits $276,612
    Noninterest-bearing deposits $52,268
    Interest-bearing deposits $276,612
    Retail deposits $274,025
    IRAs and Keogh plan accounts $13,858
    Brokered deposits $27,591
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $418,121
    Cash & Balances due from depository institutions $8,835
    Interest-bearing balances $4,362
    Total securities $20,635
    Federal funds sold & reverse repurchase $854
    Net loans and leases $368,667
    Loan and leases loss allowance $4,795
    Trading account assets $0
    Bank premises and fixed assets $3,424
    Other real estate owned $395
    Goodwill and other intangibles $368
    All other assets $14,943

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $418,121
    Total Liabilities $380,378
    Total deposits $328,880
    Interest-bearing deposits $276,612
    Deposits held in domestic offices $328,880
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $47,810
    Subordinated debt $0
    All other liabilities $3,688

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $368,667
    Loan and leases loss allowance $4,795
    Total loans and leases (domestic) $373,462
    All real estate loans $358,934
    Real estate loans in domestic offices $358,934
    Construction and development loans $8,563
    Residential 1-4 family construction $2,017
    Other construction, all land development and other land $6,546
    Loans secured by nonfarm nonresidential properties $67,665
    Nonfarm nonresidential secured by owner-occupied properties $36,780
    Commercial real estate & other non-farm, non-residential $30,885
    Multifamily residential real estate $18,551
    1-4 family residential loans $262,445
    Farmland loans $1,710
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $11,099
    To non-U.S. addressees $0
    Loans to individuals $3,429
    Credit card loans $0
    Related Plans $144
    Consumer Auto Loans $410
    Other loans to individuals $2,875
    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 $241
    Non 1-4 family restructured loans & leases $10
    Total loans and leases (foreign) $0

    Bay State Savings Bank had $368,667,000 of loans outstanding in 2018. $358,934,000 of loans were in real estate loans. $8,563,000 of loans were in development loans. $18,551,000 of loans were in multifamily mortgage loans. $262,445,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $410,000 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 128 $32,678 $255,297
    Nonfarm, nonresidential loans - <$100k 25 $1,561 $62,440
    Nonfarm, nonresidential loans - $100-250k 40 $5,174 $129,350
    Nonfarm, nonresidential loans - $250k-1MM 63 $25,943 $411,794
    Commercial & Industrial, US addressed loans - <$1MM 190 $10,317 $54,300
    Commercial & Industrial, US addressed loans - <$100k 141 $2,488 $17,645
    Commercial & Industrial, US addressed loans - $100-250k 29 $2,580 $88,966
    Commercial & Industrial, US addressed loans - $250k-1MM 20 $5,249 $262,450
    Farmland loans - <$1MM 1 $469 $469,000
    Farmland loans - $250k-1MM 1 $469 $469,000