Cape Ann Savings Bank Mortgage Rates, Fees & Info

Gloucester, MA

LEI: 549300XSCD2USU6CQ848

Tax ID: 04-1148820

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Mortgage Data

Bank Data

Review & 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 two markets are Boston and Worcester .

Cape Ann Savings Bank has an above 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

181

Origination Dollar Volume (All Markets)

$65,185,000

Employee count

78

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 180 $64,940,000 $360,778 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Cape Ann Savings Bank's top markets include Boston and Worcester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $65,185,000 $360,138 $0 0.00%

    For 2019, Cape Ann Savings Bank's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 88 $29,860,000 $339,318 $0 0.00%
    Home Purchase 62 $31,490,000 $507,903 $0 0.00%
    Home Improvement 21 $2,635,000 $125,476 $0 0.00%
    Other 10 $1,200,000 $120,000 $0 0.00%

    For 2019, Cape Ann Savings Bank's most frequently cited loan purpose was Refi, with 88 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 181 $65,185,000 $360,138 $0 0.00%

    For 2019, Cape Ann Savings Bank's most frequently cited loan duration was Other, with 181 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 75 $21,095,000 $281,267 $0 0.00%
    $100k-200k 30 $4,580,000 $152,667 $0 0.00%
    $100,000 or less 25 $1,425,000 $57,000 $0 0.00%
    $400k-600k 25 $11,615,000 $464,600 $0 0.00%
    $600k-1MM 18 $12,970,000 $720,556 $0 0.00%
    $1MM+ 8 $13,500,000 $1,687,500 $0 0.00%

    2019 saw Cape Ann Savings Bank place emphasis on $200k-400k loans with 75 originations, totaling $21,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 36 $9,740,000 $270,556 $0 0.00%
    $150k-250k 30 $10,870,000 $362,333 $0 0.00%
    $75k-100k 28 $5,610,000 $200,357 $0 0.00%
    $250k+ 21 $14,335,000 $682,619 $0 0.00%
    $50k-75k 21 $3,845,000 $183,095 $0 0.00%
    $50k or less 12 $1,580,000 $131,667 $0 0.00%

    Cape Ann Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $150k-250k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 181 $65,185,000 $360,138 $0 0.00%

    Cape Ann Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 181 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 159 $50,485,000 $317,516 $0 0.00%
    Not applicable 18 $13,400,000 $744,444 $0 0.00%
    Not provided 2 $860,000 $430,000 $0 0.00%
    American Indian 1 $365,000 $365,000 $0 0.00%
    Black 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.09%

    Cape Ann Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.40%

    Cape Ann Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 181 $65,185,000 $360,138

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $8,625,000 $784,091
    Single Family (1-4 Units):Site-Built 170 $56,560,000 $332,706

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cape Ann Savings Bank 109 Main Street Gloucester, MA 1930 Full Service B&M $331,734
    Cape Ann Savings Bank 17 Beach Street Manchester, MA 1944 Full Service B&M $71,818
    Cape Ann Savings Bank 247 Main Street Rockport, MA 1966 Full Service B&M $75,707
    Cape Ann Savings Bank Leslie O. Johnson Road Gloucester, MA 1930 Full Service B&M $0

    For 2019, Cape Ann Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,889
    Net interest income $16,908
    Total noninterest income $3,121
    Gross Fiduciary activities income $2,390
    Service charges on deposit accounts $61
    Trading account gains and fees $0
    Additional Noninterest Income $670
    Pre-tax net operating income $5,732
    Securities gains (or losses, -) $11,076
    Income before extraordinary items $12,426
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,426
    Minority interest net income $0
    Net income $12,426
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,675

    Cape Ann Savings Bank's gross interest income from loans was $22,889,000.
    Cape Ann Savings Bank's net interest income from loans was $16,908,000.
    Cape Ann Savings Bank's fee based income from loans was $61,000.
    Cape Ann Savings Bank's net income from loans was $12,426,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,981
    Provision for credit losses $313
    Total noninterest expense $13,984
    Salaries and employee benefits $7,364
    Premises and equipment expense $1,810
    Additional noninterest expense $4,810
    Applicable income taxes $4,382
    Net charge-offs $-2
    Cash dividends $0

    Cape Ann Savings Bank's interest expense for loans was $5,981,000.
    Cape Ann Savings Bank's payroll and benefits expense were $7,364,000.
    Cape Ann Savings Bank's property, plant and equipment expenses $1,810,000.

    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 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    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 $496,858
    Deposits held in domestic offices $496,858
    Deposits by Individuals, partnerships, and corporations $495,243
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $1,615
    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 $132,070
    Demand deposits $23,345
    Nontransaction accounts $364,788
    Money market deposit accounts (MMDAs) $31,827
    Other savings deposits (excluding MMDAs) $105,321
    Total time deposits $227,640
    Total time and savings deposits $473,513
    Noninterest-bearing deposits $23,345
    Interest-bearing deposits $473,513
    Retail deposits $426,655
    IRAs and Keogh plan accounts $47,591
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $683,203
    Cash & Balances due from depository institutions $43,445
    Interest-bearing balances $40,366
    Total securities $176,691
    Federal funds sold & reverse repurchase $0
    Net loans and leases $428,009
    Loan and leases loss allowance $3,724
    Trading account assets $0
    Bank premises and fixed assets $14,586
    Other real estate owned $0
    Goodwill and other intangibles $914
    All other assets $19,558

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $683,203
    Total Liabilities $523,057
    Total deposits $496,858
    Interest-bearing deposits $473,513
    Deposits held in domestic offices $496,858
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $26,199

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $428,009
    Loan and leases loss allowance $3,724
    Total loans and leases (domestic) $431,733
    All real estate loans $415,678
    Real estate loans in domestic offices $415,678
    Construction and development loans $24,448
    Residential 1-4 family construction $22,495
    Other construction, all land development and other land $1,953
    Loans secured by nonfarm nonresidential properties $53,775
    Nonfarm nonresidential secured by owner-occupied properties $7,390
    Commercial real estate & other non-farm, non-residential $46,385
    Multifamily residential real estate $32,284
    1-4 family residential loans $305,171
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $785
    Commercial and industrial loans $13,987
    To non-U.S. addressees $0
    Loans to individuals $1,188
    Credit card loans $0
    Related Plans $2
    Consumer Auto Loans $17
    Other loans to individuals $1,169
    All other loans & leases $95
    Loans to foreign governments and official institutions $0
    Other loans $95
    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 $715
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Cape Ann Savings Bank had $428,009,000 of loans outstanding in 2019. $415,678,000 of loans were in real estate loans. $24,448,000 of loans were in development loans. $32,284,000 of loans were in multifamily mortgage loans. $305,171,000 of loans were in 1-4 family mortgage loans. $785,000 of loans were in farm loans. $0 of loans were in credit card loans. $17,000 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 135 $34,539 $255,844
    Nonfarm, nonresidential loans - <$100k 22 $883 $40,136
    Nonfarm, nonresidential loans - $100-250k 41 $5,870 $143,171
    Nonfarm, nonresidential loans - $250k-1MM 72 $27,786 $385,917
    Commercial & Industrial, US addressed loans - <$1MM 182 $8,504 $46,725
    Commercial & Industrial, US addressed loans - <$100k 146 $2,678 $18,342
    Commercial & Industrial, US addressed loans - $100-250k 21 $1,474 $70,190
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $4,352 $290,133
    Agriculture operations loans - <$1MM 19 $785 $41,316
    Agriculture operations loans - <$100k 14 $415 $29,643
    Agriculture operations loans - $100-250k 5 $370 $74,000