Cape Ann Savings Bank Mortgage Rates, Fees & Info

Gloucester, MA

LEI: 549300XSCD2USU6CQ848

Tax ID: 04-1148820

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cape Ann Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Cape Ann Savings Bank has a high proportion of conventional loans. Their top markets include Boston and New Haven among others. Cape Ann Savings Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

371

Origination Dollar Volume (All Markets)

$154,215,000

Employee count

76

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 370 $154,080,000 $416,432 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%

Cape Ann Savings Bank's top markets include Boston and New Haven among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 371 $154,215,000 $415,674 $0 0.00%

For the 2021 period, Cape Ann Savings Bank's most frequently originated loan type of loans were Conventional, with 371 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 263 $99,895,000 $379,829 $0 0.00%
Home Purchase 92 $49,060,000 $533,261 $0 0.00%
Home Improvement 15 $4,615,000 $307,667 $0 0.00%
Other 1 $645,000 $645,000 $0 0.00%

For the 2021, Cape Ann Savings Bank's most frequently cited loan purpose of loans were Refi, with 263 originations. The 2nd most popular reason of loans were Home Purchase, with 92 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 371 $154,215,000 $415,674 $0 0.00%

For the 2021, Cape Ann Savings Bank's most frequently cited loan length of loans were Other, with 371 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 154 $46,150,000 $299,675 $0 0.00%
$400k-600k 72 $34,630,000 $480,972 $0 0.00%
$100k-200k 66 $10,340,000 $156,667 $0 0.00%
$600k-1MM 53 $39,095,000 $737,642 $0 0.00%
$1MM+ 15 $23,245,000 $1,549,667 $0 0.00%
$100,000 or less 11 $755,000 $68,636 $0 0.00%

2021 saw Cape Ann Savings Bank place emphasis on $200k-400k loans with 154 originations, totaling $46,150,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 87 $37,695,000 $433,276 $0 0.00%
$100k-150k 82 $27,870,000 $339,878 $0 0.00%
$250k+ 56 $39,920,000 $712,857 $0 0.00%
$50k-75k 38 $8,600,000 $226,316 $0 0.00%
$75k-100k 38 $9,980,000 $262,632 $0 0.00%
$50k or less 18 $2,750,000 $152,778 $0 0.00%

Cape Ann Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 87 originations. The second most popular income band? $100k-150k, with 82 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 371 $154,215,000 $415,674 $0 0.00%

Cape Ann Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 371 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 292 $115,200,000 $394,521 $0 0.00%
Not applicable 37 $20,765,000 $561,216 $0 0.00%
Not provided 38 $16,770,000 $441,316 $0 0.00%
Asian 3 $975,000 $325,000 $0 0.00%
Black 1 $505,000 $505,000 $0 0.00%

Approval Rates

Total approvals of all applications
94.40%

Cape Ann Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
90.12%

Cape Ann Savings Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 371 $154,215,000 $415,674

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
371 $154,215,000 $415,674

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Cape Ann Savings Bank 109 Main St Gloucester, MA 1930 Full Service B&M $423,644
Cape Ann Savings Bank 17 Beach Street Manchester, MA 1944 Full Service B&M $95,089
Cape Ann Savings Bank 247 Main Street Rockport, MA 1966 Full Service B&M $96,887
Cape Ann Savings Bank Leslie O. Johnson Road Gloucester, MA 1930 Full Service B&M $0

For 2021, Cape Ann Savings Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,809
Net interest income $18,969
Total noninterest income $3,561
Gross Fiduciary activities income $2,815
Service charges on deposit accounts $38
Trading account gains and fees $0
Additional Noninterest Income $708
Pre-tax net operating income $3,294
Securities gains (or losses, -) $15,338
Income before extraordinary items $13,818
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $13,818
Minority interest net income $0
Net income $13,818
Sale, conversion, retirement of capital stock, net $0
Net operating income $1,700

Cape Ann Savings Bank's gross interest income from loans was $22,809,000.
Cape Ann Savings Bank's net interest income from loans was $18,969,000.
Cape Ann Savings Bank's fee based income from loans was $38,000.
Cape Ann Savings Bank's net income from loans was $13,818,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,840
Provision for credit losses $417
Total noninterest expense $18,819
Salaries and employee benefits $9,943
Premises and equipment expense $2,037
Additional noninterest expense $6,839
Applicable income taxes $4,814
Net charge-offs $5
Cash dividends $0

Cape Ann Savings Bank's interest expense for loans was $3,840,000.
Cape Ann Savings Bank's payroll and benefits expense were $9,943,000.
Cape Ann Savings Bank's property, plant and equipment expenses $2,037,000.

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 1.0%
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 $632,480
Deposits held in domestic offices $632,480
Deposits by Individuals, partnerships, and corporations $630,776
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $1,704
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 $213,940
Demand deposits $44,181
Nontransaction accounts $418,540
Money market deposit accounts (MMDAs) $59,153
Other savings deposits (excluding MMDAs) $168,224
Total time deposits $191,163
Total time and savings deposits $588,299
Noninterest-bearing deposits $44,181
Interest-bearing deposits $588,299
Retail deposits $575,468
IRAs and Keogh plan accounts $47,794
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $842,488
Cash & Balances due from depository institutions $50,813
Interest-bearing balances $45,803
Total securities $223,714
Federal funds sold & reverse repurchase $0
Net loans and leases $529,597
Loan and leases loss allowance $4,837
Trading account assets $0
Bank premises and fixed assets $15,448
Other real estate owned $0
Goodwill and other intangibles $534
All other assets $22,382

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $842,488
Total Liabilities $664,216
Total deposits $632,480
Interest-bearing deposits $588,299
Deposits held in domestic offices $632,480
% insured (estimated) $82
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $31,736

Issued Loan Types

Type Value (in 000's)
Net loans and leases $529,597
Loan and leases loss allowance $4,837
Total loans and leases (domestic) $534,434
All real estate loans $516,984
Real estate loans in domestic offices $516,984
Construction and development loans $20,112
Residential 1-4 family construction $12,352
Other construction, all land development and other land $7,760
Loans secured by nonfarm nonresidential properties $88,959
Nonfarm nonresidential secured by owner-occupied properties $5,549
Commercial real estate & other non-farm, non-residential $83,410
Multifamily residential real estate $34,407
1-4 family residential loans $373,506
Farmland loans $0
Loans held in foreign offices $0
Farm loans $1,528
Commercial and industrial loans $14,692
To non-U.S. addressees $0
Loans to individuals $1,226
Credit card loans $0
Related Plans $4
Consumer Auto Loans $16
Other loans to individuals $1,206
All other loans & leases $4
Loans to foreign governments and official institutions $0
Other loans $4
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 $958
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Cape Ann Savings Bank had $529,597,000 of loans outstanding in 2021. $516,984,000 of loans were in real estate loans. $20,112,000 of loans were in development loans. $34,407,000 of loans were in multifamily mortgage loans. $373,506,000 of loans were in 1-4 family mortgage loans. $1,528,000 of loans were in farm loans. $0 of loans were in credit card loans. $16,000 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 151 $43,194 $286,053
Nonfarm, nonresidential loans - <$100k 24 $912 $38,000
Nonfarm, nonresidential loans - $100-250k 40 $5,300 $132,500
Nonfarm, nonresidential loans - $250k-1MM 87 $36,982 $425,080
Commercial & Industrial, US addressed loans - <$1MM 206 $9,036 $43,864
Commercial & Industrial, US addressed loans - <$100k 158 $3,134 $19,835
Commercial & Industrial, US addressed loans - $100-250k 32 $2,680 $83,750
Commercial & Industrial, US addressed loans - $250k-1MM 16 $3,222 $201,375
Agriculture operations loans - <$1MM 17 $968 $56,941
Agriculture operations loans - <$100k 12 $450 $37,500
Agriculture operations loans - $100-250k 5 $518 $103,600