Bay State Savings Bank Mortgage Rates, Fees & Info

Worcester, MA

LEI: 549300V8UCJTLZZT4M32

Tax ID: 75-3238872

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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

    Bay State Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Bay State Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Springfield, Boston, Barnstable Town, and Providence among others. We have data for 10 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.

    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

    173

    Origination Dollar Volume (All Markets)

    $65,225,000

    Employee count

    67

    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) 126 $30,440,000 $241,587 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $19,970,000 $4,992,500 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 27 $9,265,000 $343,148 $0 0.00%
    Outside of Metro Areas 3 $1,815,000 $605,000 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,775,000 $355,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,390,000 $347,500 $0 0.00%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Concord, NH (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
    Bay State Savings Bank's top markets include Worcester, Springfield, Boston, Barnstable Town, and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 173 $65,225,000 $377,023 $0 0.00%

    For 2019, 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
    Refi 67 $19,495,000 $290,970 $0 0.00%
    Home Purchase 62 $38,650,000 $623,387 $0 0.00%
    Home Improvement 22 $1,750,000 $79,545 $0 0.00%
    Cash Out Refi 16 $4,960,000 $310,000 $0 0.00%
    Other 6 $370,000 $61,667 $0 0.00%

    For 2019, Bay State Savings Bank's most frequently cited loan purpose was Refi, with 67 originations. The 2nd most popular reason was Home Purchase, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 173 $65,225,000 $377,023 $0 0.00%

    For 2019, 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
    $200k-400k 68 $18,600,000 $273,529 $0 0.00%
    $100k-200k 43 $6,525,000 $151,744 $0 0.00%
    $100,000 or less 37 $2,025,000 $54,730 $0 0.00%
    $600k-1MM 11 $8,075,000 $734,091 $0 0.00%
    $400k-600k 10 $5,030,000 $503,000 $0 0.00%
    $1MM+ 4 $24,970,000 $6,242,500 $0 0.00%

    2019 saw Bay State Savings Bank place emphasis on $200k-400k loans with 68 originations, totaling $18,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 37 $7,105,000 $192,027 $0 0.00%
    $150k-250k 33 $9,895,000 $299,848 $0 0.00%
    $50k-75k 22 $3,840,000 $174,545 $0 0.00%
    $75k-100k 22 $3,640,000 $165,455 $0 0.00%
    $250k+ 14 $7,020,000 $501,429 $0 0.00%
    $50k or less 11 $1,205,000 $109,545 $0 0.00%

    Bay State Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $150k-250k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 173 $65,225,000 $377,023 $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
    Not applicable 27 $30,645,000 $1,135,000 $0 0.00%
    White 122 $27,360,000 $224,262 $0 0.00%
    Not provided 15 $4,875,000 $325,000 $0 0.00%
    Black 6 $1,500,000 $250,000 $0 0.00%
    Asian 2 $770,000 $385,000 $0 0.00%
    American Indian 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.03%

    Bay State Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    60.12%

    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 $65,225,000 $377,023

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $27,520,000 $1,720,000
    Single Family (1-4 Units):Site-Built 157 $37,705,000 $240,159

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bay State Savings Bank 123 Auburn Street Auburn, MA 1501 Full Service B&M $37,527
    Bay State Savings Bank 275 Mill Street Worcester, MA 1602 Full Service B&M $54,952
    Bay State Savings Bank 28 Franklin Street Worcester, MA 1608 Full Service B&M $95,725
    Bay State Savings Bank 374-378 Burncoat Street Worcester, MA 1606 Full Service B&M $68,861
    Bay State Savings Bank 628 Main Street Holden, MA 1520 Full Service B&M $52,546
    Bay State Savings Bank 799 Grafton Streeet Worcester, MA 1608 Full Service B&M $38,405
    Bay State Savings Bank 99 Auburn Street Auburn, MA 1501 Full Service B&M $657

    For 2019, Bay State Savings Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,133
    Net interest income $12,248
    Total noninterest income $1,648
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $438
    Trading account gains and fees $0
    Additional Noninterest Income $1,210
    Pre-tax net operating income $1,676
    Securities gains (or losses, -) $335
    Income before extraordinary items $1,596
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,596
    Minority interest net income $0
    Net income $1,596
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,331

    Bay State Savings Bank's gross interest income from loans was $17,133,000.
    Bay State Savings Bank's net interest income from loans was $12,248,000.
    Bay State Savings Bank's fee based income from loans was $438,000.
    Bay State Savings Bank's net income from loans was $1,596,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,885
    Provision for credit losses $277
    Total noninterest expense $11,943
    Salaries and employee benefits $5,783
    Premises and equipment expense $1,763
    Additional noninterest expense $4,397
    Applicable income taxes $415
    Net charge-offs $10
    Cash dividends $0

    Bay State Savings Bank's interest expense for loans was $4,885,000.
    Bay State Savings Bank's payroll and benefits expense were $5,783,000.
    Bay State Savings Bank's property, plant and equipment expenses $1,763,000.

    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 1.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 2.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $369,338
    Deposits held in domestic offices $369,338
    Deposits by Individuals, partnerships, and corporations $354,098
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,240
    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 $84,893
    Demand deposits $51,130
    Nontransaction accounts $284,445
    Money market deposit accounts (MMDAs) $97,391
    Other savings deposits (excluding MMDAs) $58,792
    Total time deposits $128,262
    Total time and savings deposits $318,208
    Noninterest-bearing deposits $51,130
    Interest-bearing deposits $318,208
    Retail deposits $310,922
    IRAs and Keogh plan accounts $13,718
    Brokered deposits $28,558
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $437,728
    Cash & Balances due from depository institutions $8,966
    Interest-bearing balances $5,210
    Total securities $12,471
    Federal funds sold & reverse repurchase $1,762
    Net loans and leases $396,445
    Loan and leases loss allowance $5,062
    Trading account assets $0
    Bank premises and fixed assets $3,447
    Other real estate owned $0
    Goodwill and other intangibles $316
    All other assets $14,321

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $437,728
    Total Liabilities $398,106
    Total deposits $369,338
    Interest-bearing deposits $318,208
    Deposits held in domestic offices $369,338
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $25,052
    Subordinated debt $0
    All other liabilities $3,716

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $396,445
    Loan and leases loss allowance $5,062
    Total loans and leases (domestic) $401,507
    All real estate loans $386,668
    Real estate loans in domestic offices $386,668
    Construction and development loans $17,359
    Residential 1-4 family construction $1,894
    Other construction, all land development and other land $15,465
    Loans secured by nonfarm nonresidential properties $75,034
    Nonfarm nonresidential secured by owner-occupied properties $38,904
    Commercial real estate & other non-farm, non-residential $36,130
    Multifamily residential real estate $17,585
    1-4 family residential loans $275,040
    Farmland loans $1,650
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $10,592
    To non-U.S. addressees $0
    Loans to individuals $4,220
    Credit card loans $0
    Related Plans $132
    Consumer Auto Loans $883
    Other loans to individuals $3,205
    All other loans & leases $27
    Loans to foreign governments and official institutions $0
    Other loans $27
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,360
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $941
    Non 1-4 family restructured loans & leases $7
    Total loans and leases (foreign) $0

    Bay State Savings Bank had $396,445,000 of loans outstanding in 2019. $386,668,000 of loans were in real estate loans. $17,359,000 of loans were in development loans. $17,585,000 of loans were in multifamily mortgage loans. $275,040,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $883,000 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 193 $33,111 $171,560
    Nonfarm, nonresidential loans - <$100k 87 $1,196 $13,747
    Nonfarm, nonresidential loans - $100-250k 40 $5,254 $131,350
    Nonfarm, nonresidential loans - $250k-1MM 66 $26,661 $403,955
    Commercial & Industrial, US addressed loans - <$1MM 354 $10,134 $28,627
    Commercial & Industrial, US addressed loans - <$100k 302 $1,739 $5,758
    Commercial & Industrial, US addressed loans - $100-250k 32 $2,443 $76,344
    Commercial & Industrial, US addressed loans - $250k-1MM 20 $5,952 $297,600
    Farmland loans - <$1MM 1 $452 $452,000
    Farmland loans - $250k-1MM 1 $452 $452,000