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, Cash Out Refi, and Home Purchase loans. Bay State Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Portland, and Providence 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.

    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

    222

    Origination Dollar Volume (All Markets)

    $74,070,000

    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) 152 $44,140,000 $290,395 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 49 $23,995,000 $489,694 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,210,000 $276,250 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $1,090,000 $545,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,060,000 $265,000 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $765,000 $255,000 $0 0.00%
    Keene, NH (FHA|USDA|VA) 3 $415,000 $138,333 $0 0.00%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
    Bay State Savings Bank's top markets include Worcester, Boston, Barnstable Town, Portland, and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 222 $74,070,000 $333,649 $0 0.00%

    For 2020, Bay State Savings Bank's most frequently originated type of loan was Conventional, with 222 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 120 $38,940,000 $324,500 $0 0.00%
    Cash Out Refi 51 $15,545,000 $304,804 $0 0.00%
    Home Purchase 40 $18,650,000 $466,250 $0 0.00%
    Home Improvement 7 $795,000 $113,571 $0 0.00%
    Other 4 $140,000 $35,000 $0 0.00%

    For 2020, Bay State Savings Bank's most frequently cited loan purpose was Refi, with 120 originations. The 2nd most popular reason was Cash Out Refi, with 51 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 222 $74,070,000 $333,649 $0 0.00%

    For 2020, Bay State Savings Bank's most frequently cited loan duration was Other, with 222 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 95 $27,195,000 $286,263 $0 0.00%
    $100k-200k 58 $9,200,000 $158,621 $0 0.00%
    $400k-600k 30 $14,270,000 $475,667 $0 0.00%
    $100,000 or less 19 $1,125,000 $59,211 $0 0.00%
    $600k-1MM 15 $11,205,000 $747,000 $0 0.00%
    $1MM+ 5 $11,075,000 $2,215,000 $0 0.00%

    2020 saw Bay State Savings Bank place emphasis on $200k-400k loans with 95 originations, totaling $27,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 60 $20,250,000 $337,500 $0 0.00%
    $100k-150k 34 $8,600,000 $252,941 $0 0.00%
    $250k+ 33 $17,925,000 $543,182 $0 0.00%
    $75k-100k 33 $7,195,000 $218,030 $0 0.00%
    $50k-75k 31 $5,215,000 $168,226 $0 0.00%
    $50k or less 9 $1,165,000 $129,444 $0 0.00%

    Bay State Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 60 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% 222 $74,070,000 $333,649 $0 0.00%

    Bay State Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 222 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 166 $48,070,000 $289,578 $0 0.00%
    Not applicable 12 $11,260,000 $938,333 $0 0.00%
    Not provided 30 $10,830,000 $361,000 $0 0.00%
    Asian 8 $2,120,000 $265,000 $0 0.00%
    Black 5 $1,605,000 $321,000 $0 0.00%
    American Indian 1 $185,000 $185,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.62%

    Bay State Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.92%

    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 222 $74,070,000 $333,649

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $10,130,000 $1,266,250
    Single Family (1-4 Units):Site-Built 214 $63,940,000 $298,785

    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 $43,038
    Bay State Savings Bank 275 Mill Street Worcester, MA 1602 Full Service B&M $67,749
    Bay State Savings Bank 28 Franklin Street Worcester, MA 1608 Full Service B&M $105,739
    Bay State Savings Bank 374-378 Burncoat Street Worcester, MA 1606 Full Service B&M $74,142
    Bay State Savings Bank 628 Main Street Holden, MA 1520 Full Service B&M $63,180
    Bay State Savings Bank 799 Grafton Streeet Worcester, MA 1608 Full Service B&M $47,804
    Bay State Savings Bank 99 Auburn Street Auburn, MA 1501 Full Service B&M $854

    For 2020, Bay State Savings Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,261
    Net interest income $13,820
    Total noninterest income $1,789
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $327
    Trading account gains and fees $0
    Additional Noninterest Income $1,462
    Pre-tax net operating income $3,091
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,307
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,307
    Minority interest net income $0
    Net income $2,307
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,307

    Bay State Savings Bank's gross interest income from loans was $17,261,000.
    Bay State Savings Bank's net interest income from loans was $13,820,000.
    Bay State Savings Bank's fee based income from loans was $327,000.
    Bay State Savings Bank's net income from loans was $2,307,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,441
    Provision for credit losses $350
    Total noninterest expense $12,168
    Salaries and employee benefits $6,010
    Premises and equipment expense $1,756
    Additional noninterest expense $4,402
    Applicable income taxes $784
    Net charge-offs $-1
    Cash dividends $0

    Bay State Savings Bank's interest expense for loans was $3,441,000.
    Bay State Savings Bank's payroll and benefits expense were $6,010,000.
    Bay State Savings Bank's property, plant and equipment expenses $1,756,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 28.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 1.0%
    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 $408,323
    Deposits held in domestic offices $408,323
    Deposits by Individuals, partnerships, and corporations $393,756
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,567
    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 $122,789
    Demand deposits $83,419
    Nontransaction accounts $285,534
    Money market deposit accounts (MMDAs) $123,616
    Other savings deposits (excluding MMDAs) $66,801
    Total time deposits $95,117
    Total time and savings deposits $324,904
    Noninterest-bearing deposits $83,419
    Interest-bearing deposits $324,904
    Retail deposits $375,866
    IRAs and Keogh plan accounts $13,360
    Brokered deposits $8,195
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $469,139
    Cash & Balances due from depository institutions $34,843
    Interest-bearing balances $29,546
    Total securities $8,006
    Federal funds sold & reverse repurchase $6,475
    Net loans and leases $402,008
    Loan and leases loss allowance $5,413
    Trading account assets $0
    Bank premises and fixed assets $3,488
    Other real estate owned $174
    Goodwill and other intangibles $322
    All other assets $13,823

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $469,139
    Total Liabilities $427,058
    Total deposits $408,323
    Interest-bearing deposits $324,904
    Deposits held in domestic offices $408,323
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,428
    Subordinated debt $0
    All other liabilities $3,307

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $402,008
    Loan and leases loss allowance $5,413
    Total loans and leases (domestic) $407,421
    All real estate loans $376,196
    Real estate loans in domestic offices $376,196
    Construction and development loans $11,482
    Residential 1-4 family construction $2,052
    Other construction, all land development and other land $9,430
    Loans secured by nonfarm nonresidential properties $95,994
    Nonfarm nonresidential secured by owner-occupied properties $42,875
    Commercial real estate & other non-farm, non-residential $53,119
    Multifamily residential real estate $25,120
    1-4 family residential loans $241,934
    Farmland loans $1,666
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $27,086
    To non-U.S. addressees $0
    Loans to individuals $4,122
    Credit card loans $0
    Related Plans $95
    Consumer Auto Loans $839
    Other loans to individuals $3,188
    All other loans & leases $17
    Loans to foreign governments and official institutions $0
    Other loans $17
    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 $360
    Non 1-4 family restructured loans & leases $95
    Total loans and leases (foreign) $0

    Bay State Savings Bank had $402,008,000 of loans outstanding in 2020. $376,196,000 of loans were in real estate loans. $11,482,000 of loans were in development loans. $25,120,000 of loans were in multifamily mortgage loans. $241,934,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $839,000 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 198 $36,091 $182,278
    Nonfarm, nonresidential loans - <$100k 86 $993 $11,547
    Nonfarm, nonresidential loans - $100-250k 38 $4,676 $123,053
    Nonfarm, nonresidential loans - $250k-1MM 74 $30,422 $411,108
    Commercial & Industrial, US addressed loans - <$1MM 602 $27,086 $44,993
    Commercial & Industrial, US addressed loans - <$100k 495 $6,338 $12,804
    Commercial & Industrial, US addressed loans - $100-250k 70 $8,591 $122,729
    Commercial & Industrial, US addressed loans - $250k-1MM 37 $12,157 $328,568
    Farmland loans - <$1MM 1 $439 $439,000
    Farmland loans - $250k-1MM 1 $439 $439,000