Bay State Savings Bank Mortgage Rates, Fees & Info

Worcester, MA

LEI: 549300V8UCJTLZZT4M32

Tax ID: 75-3238872

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

    Bay State Savings Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Bay State Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Keene, and Springfield among others. We have data for 9 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.

    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

    217

    Origination Dollar Volume (All Markets)

    $67,735,000

    Employee count

    75

    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) 156 $41,260,000 $264,487 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 39 $18,535,000 $475,256 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $3,620,000 $452,500 $0 0.00%
    Keene, NH (FHA|USDA|VA) 1 $2,025,000 $2,025,000 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 6 $1,090,000 $181,667 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $320,000 $160,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $315,000 $105,000 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
    Outside of Metro Areas 1 $285,000 $285,000 $0 0.00%
    Bay State Savings Bank's top markets include Worcester, Boston, Barnstable Town, Keene, and Springfield among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 217 $67,735,000 $312,143 $0 0.00%

    For 2021, Bay State Savings Bank's most frequently originated type of loan was Conventional, with 217 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 88 $27,910,000 $317,159 $0 0.00%
    Home Purchase 55 $20,475,000 $372,273 $0 0.00%
    Cash Out Refi 51 $16,335,000 $320,294 $0 0.00%
    Home Improvement 12 $1,410,000 $117,500 $0 0.00%
    Other 11 $1,605,000 $145,909 $0 0.00%

    For 2021, Bay State Savings Bank's most frequently cited loan purpose was Refi, with 88 originations. The 2nd most popular reason was Home Purchase, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 217 $67,735,000 $312,143 $0 0.00%

    For 2021, Bay State Savings Bank's most frequently cited loan duration was Other, with 217 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 95 $26,935,000 $283,526 $0 0.00%
    $100k-200k 58 $8,940,000 $154,138 $0 0.00%
    $400k-600k 29 $13,865,000 $478,103 $0 0.00%
    $100,000 or less 18 $1,010,000 $56,111 $0 0.00%
    $600k-1MM 12 $9,150,000 $762,500 $0 0.00%
    $1MM+ 5 $7,835,000 $1,567,000 $0 0.00%

    2021 saw Bay State Savings Bank place emphasis on $200k-400k loans with 95 originations, totaling $26,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 49 $15,855,000 $323,571 $0 0.00%
    $100k-150k 48 $12,010,000 $250,208 $0 0.00%
    $50k-75k 36 $7,130,000 $198,056 $0 0.00%
    $75k-100k 32 $7,140,000 $223,125 $0 0.00%
    $250k+ 24 $13,120,000 $546,667 $0 0.00%
    $50k or less 10 $1,190,000 $119,000 $0 0.00%

    Bay State Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 49 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 217 $67,735,000 $312,143 $0 0.00%

    Bay State Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 217 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 161 $44,735,000 $277,857 $0 0.00%
    Not applicable 15 $10,465,000 $697,667 $0 0.00%
    Not provided 30 $9,020,000 $300,667 $0 0.00%
    Asian 6 $1,740,000 $290,000 $0 0.00%
    Black 3 $1,435,000 $478,333 $0 0.00%
    American Indian 2 $340,000 $170,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.29%

    Bay State Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.65%

    Bay State Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 217 $67,735,000 $312,143

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    217 $67,735,000 $312,143

    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 $51,608
    Bay State Savings Bank 275 Mill Street Worcester, MA 1602 Full Service B&M $71,795
    Bay State Savings Bank 28 Franklin St Worcester, MA 1608 Full Service B&M $91,644
    Bay State Savings Bank 374-378 Burncoat Street Worcester, MA 1606 Full Service B&M $81,780
    Bay State Savings Bank 628 Main Street Holden, MA 1520 Full Service B&M $73,750
    Bay State Savings Bank 799 Grafton Streeet Worcester, MA 1608 Full Service B&M $54,511
    Bay State Savings Bank 99 Auburn Street Auburn, MA 1501 Full Service B&M $1,079

    For 2021, Bay State Savings Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,796
    Net interest income $15,228
    Total noninterest income $1,503
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $373
    Trading account gains and fees $0
    Additional Noninterest Income $1,130
    Pre-tax net operating income $4,439
    Securities gains (or losses, -) $1,173
    Income before extraordinary items $4,181
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,181
    Minority interest net income $0
    Net income $4,181
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,254

    Bay State Savings Bank's gross interest income from loans was $16,796,000.
    Bay State Savings Bank's net interest income from loans was $15,228,000.
    Bay State Savings Bank's fee based income from loans was $373,000.
    Bay State Savings Bank's net income from loans was $4,181,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,568
    Provision for credit losses $-843
    Total noninterest expense $13,135
    Salaries and employee benefits $6,846
    Premises and equipment expense $2,004
    Additional noninterest expense $4,285
    Applicable income taxes $1,431
    Net charge-offs $40
    Cash dividends $0

    Bay State Savings Bank's interest expense for loans was $1,568,000.
    Bay State Savings Bank's payroll and benefits expense were $6,846,000.
    Bay State Savings Bank's property, plant and equipment expenses $2,004,000.

    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 $437,167
    Deposits held in domestic offices $437,167
    Deposits by Individuals, partnerships, and corporations $421,571
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,596
    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 $150,436
    Demand deposits $100,043
    Nontransaction accounts $286,731
    Money market deposit accounts (MMDAs) $127,541
    Other savings deposits (excluding MMDAs) $72,169
    Total time deposits $87,021
    Total time and savings deposits $337,124
    Noninterest-bearing deposits $100,043
    Interest-bearing deposits $337,124
    Retail deposits $410,943
    IRAs and Keogh plan accounts $13,653
    Brokered deposits $4,132
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $491,580
    Cash & Balances due from depository institutions $55,159
    Interest-bearing balances $50,493
    Total securities $25,540
    Federal funds sold & reverse repurchase $2,475
    Net loans and leases $389,805
    Loan and leases loss allowance $4,530
    Trading account assets $0
    Bank premises and fixed assets $3,012
    Other real estate owned $166
    Goodwill and other intangibles $276
    All other assets $15,147

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $491,580
    Total Liabilities $445,762
    Total deposits $437,167
    Interest-bearing deposits $337,124
    Deposits held in domestic offices $437,167
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $4,882
    Subordinated debt $0
    All other liabilities $3,713

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $389,805
    Loan and leases loss allowance $4,530
    Total loans and leases (domestic) $394,335
    All real estate loans $377,472
    Real estate loans in domestic offices $377,472
    Construction and development loans $12,061
    Residential 1-4 family construction $4,175
    Other construction, all land development and other land $7,886
    Loans secured by nonfarm nonresidential properties $100,457
    Nonfarm nonresidential secured by owner-occupied properties $49,775
    Commercial real estate & other non-farm, non-residential $50,682
    Multifamily residential real estate $20,258
    1-4 family residential loans $243,096
    Farmland loans $1,600
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $12,636
    To non-U.S. addressees $0
    Loans to individuals $4,211
    Credit card loans $0
    Related Plans $60
    Consumer Auto Loans $769
    Other loans to individuals $3,382
    All other loans & leases $16
    Loans to foreign governments and official institutions $0
    Other loans $16
    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 $63
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Bay State Savings Bank had $389,805,000 of loans outstanding in 2021. $377,472,000 of loans were in real estate loans. $12,061,000 of loans were in development loans. $20,258,000 of loans were in multifamily mortgage loans. $243,096,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $769,000 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 192 $33,707 $175,557
    Nonfarm, nonresidential loans - <$100k 86 $863 $10,035
    Nonfarm, nonresidential loans - $100-250k 38 $4,551 $119,763
    Nonfarm, nonresidential loans - $250k-1MM 68 $28,293 $416,074
    Commercial & Industrial, US addressed loans - <$1MM 363 $9,078 $25,008
    Commercial & Industrial, US addressed loans - <$100k 306 $1,548 $5,059
    Commercial & Industrial, US addressed loans - $100-250k 39 $3,247 $83,256
    Commercial & Industrial, US addressed loans - $250k-1MM 18 $4,283 $237,944
    Farmland loans - <$1MM 1 $420 $420,000
    Farmland loans - $250k-1MM 1 $420 $420,000