Bank Rhode Island Mortgage Rates, Fees & Info

Providence, RI

LEI: 562V2SM4I80MJO5HYB83

Tax ID: 05-0488784

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Rhode Island is a smaller bank specializing in Refi and Home Purchase loans. Bank Rhode Island has a high proportion of conventional loans. Their top markets include Providence, Norwich, Boston, Bridgeport, and Worcester among others. Bank Rhode Island has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bank Rhode Island is typically a low fee lendor.


Originations

647

Origination Dollar Volume (All Markets)

$277,695,000

Employee count

311

Awards

Bank Rhode Island 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Bank Rhode Island's average 30 year fixed rate mortgage of loans were 3.34%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.19%.

Relative Fees

Bank Rhode Island's average total fees for a 30 year fixed rate mortgage are $3,211.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 614 $245,990,000 $400,635 $2,824 3.44%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $12,735,000 $4,245,000 $3,558 3.54%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 11 $7,735,000 $703,182 $3,493 3.15%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $3,650,000 $1,825,000 $0 3.25%
WORCESTER, MA-CT (FHA|USDA|VA) 7 $3,025,000 $432,143 $3,220 3.16%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $1,335,000 $1,335,000 $0 3.49%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $680,000 $340,000 $3,858 3.44%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $595,000 $595,000 $5,426 2.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $550,000 $275,000 $2,776 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,312 3.13%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 3.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $315,000 $315,000 $2,752 3.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,400 3.13%

Bank Rhode Island's top markets include Providence, Norwich, Boston, Bridgeport, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 647 $277,695,000 $429,204 $2,877 3.43%

For the 2021 period, Bank Rhode Island's most frequently originated loan type of loans were Conventional, with 647 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 324 $144,600,000 $446,296 $2,871 3.33%
Home Purchase 156 $103,050,000 $660,577 $3,396 3.46%
Home Improvement 105 $21,205,000 $201,952 $650 3.59%
Other 62 $8,840,000 $142,581 $618 3.59%

For the 2021, Bank Rhode Island's most frequently cited loan purpose of loans were Refi, with 324 originations. The 2nd most popular reason of loans were Home Purchase, with 156 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30+ year 235 $46,165,000 $196,447 $0 3.53%
30 Year 229 $90,195,000 $393,865 $3,211 3.34%
15 Year 81 $26,915,000 $332,284 $2,643 2.89%
10 Year 64 $67,370,000 $1,052,656 $0 4.06%
20 Year 19 $6,675,000 $351,316 $2,911 3.21%
Other 10 $35,610,000 $3,561,000 $0 3.67%
5 Year 8 $4,190,000 $523,750 $0 3.74%
3 Year 1 $575,000 $575,000 $0 3.75%

For the 2021, Bank Rhode Island's most frequently cited loan length of loans were 30+ year, with 235 originations. The 2nd most popular length of loans were 30 Year, with 229 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 262 $99,090,000 $378,206
$2k-3k 1 $435,000 $435,000
$3k-4k 1 $705,000 $705,000
$5k+ 1 $1,005,000 $1,005,000

$3,211 of loans were Bank Rhode Island's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 262 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 491 $210,325,000 $428,360
2.5-3% 75 $27,985,000 $373,133
4-5% 48 $23,960,000 $499,167
<2.5% 32 $15,110,000 $472,188
5-6% 1 $315,000 $315,000

During 2021, Bank Rhode Island's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 3-4%, with 491 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 210 $59,050,000 $281,190 $2,866 3.37%
$100k-200k 148 $20,790,000 $140,473 $2,345 3.38%
$100,000 or less 116 $7,010,000 $60,431 $462 3.68%
$400k-600k 75 $36,455,000 $486,067 $3,368 3.33%
$600k-1MM 53 $40,485,000 $763,868 $3,979 3.39%
$1MM+ 45 $113,905,000 $2,531,222 $5,869 3.47%

2021 saw Bank Rhode Island place emphasis on $200k-400k loans with 210 originations, totaling $59,050,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 127 $31,215,000 $245,787 $2,709 3.38%
$150k-250k 120 $38,510,000 $320,917 $3,170 3.36%
$250k+ 109 $60,335,000 $553,532 $3,688 3.29%
$75k-100k 96 $17,860,000 $186,042 $2,493 3.43%
$50k-75k 86 $14,850,000 $172,674 $2,446 3.39%
$50k or less 35 $6,225,000 $177,857 $1,940 3.46%

Bank Rhode Island lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $150k-250k, with 120 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 139 $32,395,000 $233,058 $2,560 3.34%
<20% 82 $26,280,000 $320,488 $2,960 3.38%
30-36% 80 $20,730,000 $259,125 $2,946 3.36%
50-60% 42 $18,580,000 $442,381 $3,462 3.32%
49% 25 $10,975,000 $439,000 $3,337 3.36%
46% 24 $7,760,000 $323,333 $2,998 3.45%
42% 23 $6,205,000 $269,783 $2,734 3.55%
43% 23 $4,975,000 $216,304 $2,556 3.35%
41% 17 $5,585,000 $328,529 $2,512 3.48%
38% 16 $3,500,000 $218,750 $2,956 3.30%
47% 16 $4,600,000 $287,500 $3,355 3.34%
48% 16 $3,030,000 $189,375 $1,767 3.51%
39% 14 $5,870,000 $419,286 $3,067 3.36%
36% 13 $3,855,000 $296,538 $2,851 3.35%
37% 13 $4,745,000 $365,000 $2,580 3.41%
45% 12 $2,710,000 $225,833 $2,910 3.24%
44% 11 $2,395,000 $217,727 $2,856 3.39%
40% 9 $3,155,000 $350,556 $3,435 3.33%
>60% 2 $2,190,000 $1,095,000 $4,055 2.94%

Bank Rhode Island lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? <20%, with 82 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 519 $155,985,000 $300,549 $2,906 3.37%
Not applicable 63 $104,575,000 $1,659,921 $0 3.91%
Not provided 35 $9,255,000 $264,429 $2,537 3.46%
Asian 17 $4,565,000 $268,529 $2,816 3.44%
Black 10 $1,680,000 $168,000 $2,255 3.48%
American Indian 3 $1,635,000 $545,000 $3,651 3.17%

Approval Rates

Total approvals of all applications
82.14%

Bank Rhode Island has a below average approval rate.

Pick Rate

Approvals leading to origination
85.44%

Bank Rhode Island has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 647 $277,695,000 $429,204

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
647 $277,695,000 $429,204

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 124 $43,400,000 $350,000 $2,288 3.44%
40-60% 127 $58,725,000 $462,402 $3,052 3.31%
60-80% 222 $133,560,000 $601,622 $3,208 3.43%
80-100% 60 $28,780,000 $479,667 $3,222 3.28%
Under 20% 113 $12,145,000 $107,478 $793 3.64%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANCORPSOUTH BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 8.3%
BANCORPSOUTH BANK Conventional home mortgage Incorrect information on your report 1 8.3%
BANCORPSOUTH BANK Conventional home mortgage Trouble during payment process 7 58.3%
BANCORPSOUTH BANK FHA mortgage Trouble during payment process 1 8.3%
BANCORPSOUTH BANK Other type of mortgage Closing on a mortgage 1 8.3%
BANCORPSOUTH BANK VA mortgage Struggling to pay mortgage 1 8.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank Rhode Island 290 Main Street Wakefield, RI 2879 Full Service B&M $106,384
Bank Rhode Island 1 Turks Head Pl Providence, RI 2903 Full Service B&M $497,914
Bank Rhode Island 1047 Park Avenue Cranston, RI 2910 Full Service B&M $292,918
Bank Rhode Island 1140 Ten Rod Road North Kingstown, RI 2852 Full Service B&M $133,671
Bank Rhode Island 1175 Cumberland Hill Road Woonsocket, RI 2895 Full Service B&M $82,445
Bank Rhode Island 1269 South County Trail East Greenwich, RI 2818 Full Service B&M $130,818
Bank Rhode Island 1300 Warwick Avenue Warwick, RI 2888 Full Service B&M $116,498
Bank Rhode Island 132 East Main Road Middletown, RI 2842 Full Service B&M $25,408
Bank Rhode Island 137 Pitman Street Providence, RI 2906 Full Service B&M $161,670
Bank Rhode Island 1450 Hartford Avenue Johnston, RI 2919 Full Service B&M $112,174
Bank Rhode Island 195 Taunton Avenue East Providence, RI 2914 Full Service B&M $104,779
Bank Rhode Island 2104 Plainfield Pike Cranston, RI 2921 Full Service B&M $38,967
Bank Rhode Island 265 Jefferson Blvd Warwick, RI 2888 Full Service B&M $197,223
Bank Rhode Island 2975 West Shore Road Warwick, RI 2886 Full Service B&M $93,116
Bank Rhode Island 3 Coventry Shoppers Park Coventry, RI 2816 Full Service B&M $45,306
Bank Rhode Island 383 Atwood Avenue Cranston, RI 2920 Full Service B&M $111,274
Bank Rhode Island 445 Putnam Pike Smithfield, RI 2828 Full Service B&M $141,781
Bank Rhode Island 499 Smithfield Avenue Pawtucket, RI 2860 Full Service B&M $71,861
Bank Rhode Island 625b George Washington Highway Lincoln, RI 2865 Full Service B&M $99,497
Bank Rhode Island 77 Highland Avenue East Providence, RI 2914 Full Service B&M $121,157

For 2021, Bank Rhode Island had 20 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $101,266
Net interest income $92,306
Total noninterest income $12,972
Gross Fiduciary activities income $0
Service charges on deposit accounts $2,607
Trading account gains and fees $0
Additional Noninterest Income $10,365
Pre-tax net operating income $51,959
Securities gains (or losses, -) $-274
Income before extraordinary items $38,980
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $38,980
Minority interest net income $0
Net income $38,980
Sale, conversion, retirement of capital stock, net $0
Net operating income $39,196

Bank Rhode Island's gross interest income from loans was $101,266,000.
Bank Rhode Island's net interest income from loans was $92,306,000.
Bank Rhode Island's fee based income from loans was $2,607,000.
Bank Rhode Island's net income from loans was $38,980,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,960
Provision for credit losses $-3,362
Total noninterest expense $56,681
Salaries and employee benefits $35,775
Premises and equipment expense $6,473
Additional noninterest expense $14,433
Applicable income taxes $12,705
Net charge-offs $1,673
Cash dividends $18,000

Bank Rhode Island's interest expense for loans was $8,960,000.
Bank Rhode Island's payroll and benefits expense were $35,775,000.
Bank Rhode Island's property, plant and equipment expenses $6,473,000.

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 $2,679,977
Deposits held in domestic offices $2,679,977
Deposits by Individuals, partnerships, and corporations $2,576,802
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $102,597
Deposits by Commercial banks and other depository institutions in U.S. $578
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $407,811
Demand deposits $351,808
Nontransaction accounts $2,272,166
Money market deposit accounts (MMDAs) $743,956
Other savings deposits (excluding MMDAs) $1,207,373
Total time deposits $320,837
Total time and savings deposits $2,328,169
Noninterest-bearing deposits $879,154
Interest-bearing deposits $1,800,823
Retail deposits $2,563,013
IRAs and Keogh plan accounts $45,051
Brokered deposits $10,145
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,188,881
Cash & Balances due from depository institutions $142,767
Interest-bearing balances $115,760
Total securities $385,211
Federal funds sold & reverse repurchase $200,000
Net loans and leases $2,251,615
Loan and leases loss allowance $30,675
Trading account assets $12,196
Bank premises and fixed assets $25,128
Other real estate owned $0
Goodwill and other intangibles $93,937
All other assets $78,027

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,188,881
Total Liabilities $2,834,520
Total deposits $2,679,977
Interest-bearing deposits $1,800,823
Deposits held in domestic offices $2,679,977
% insured (estimated) $53
Federal funds purchased and repurchase agreements $84,563
Trading liabilities $12,259
Other borrowed funds $12,154
Subordinated debt $0
All other liabilities $45,567

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,251,615
Loan and leases loss allowance $30,675
Total loans and leases (domestic) $2,282,290
All real estate loans $1,692,728
Real estate loans in domestic offices $1,692,728
Construction and development loans $72,278
Residential 1-4 family construction $4,512
Other construction, all land development and other land $67,766
Loans secured by nonfarm nonresidential properties $940,804
Nonfarm nonresidential secured by owner-occupied properties $359,316
Commercial real estate & other non-farm, non-residential $581,488
Multifamily residential real estate $265,613
1-4 family residential loans $414,033
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $524,195
To non-U.S. addressees $0
Loans to individuals $802
Credit card loans $0
Related Plans $407
Consumer Auto Loans $0
Other loans to individuals $395
All other loans & leases $64,565
Loans to foreign governments and official institutions $0
Other loans $618
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 $5,226
Non 1-4 family restructured loans & leases $3,932
Total loans and leases (foreign) $0

Bank Rhode Island had $2,251,615,000 of loans outstanding in 2021. $1,692,728,000 of loans were in real estate loans. $72,278,000 of loans were in development loans. $265,613,000 of loans were in multifamily mortgage loans. $414,033,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 492 $164,470 $334,289
Nonfarm, nonresidential loans - <$100k 20 $1,069 $53,450
Nonfarm, nonresidential loans - $100-250k 129 $17,076 $132,372
Nonfarm, nonresidential loans - $250k-1MM 343 $146,325 $426,603
Commercial & Industrial, US addressed loans - <$1MM 1,127 $74,175 $65,816
Commercial & Industrial, US addressed loans - <$100k 646 $9,054 $14,015
Commercial & Industrial, US addressed loans - $100-250k 234 $14,900 $63,675
Commercial & Industrial, US addressed loans - $250k-1MM 247 $50,221 $203,324