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 New Haven .

Cape Ann Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

371

Origination Dollar Volume (All Markets)

$154,215,000

Employee count

76

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) 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.

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

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Cape Ann Savings Bank's most frequently cited loan purpose was Refi, with 263 originations. The 2nd most popular reason was 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 2021, Cape Ann Savings Bank's most frequently cited loan duration was 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
    96.21%

    Cape Ann Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.37%

    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