Bank Rhode Island Mortgage Rates, Fees & Info

Providence, RI

LEI: 562V2SM4I80MJO5HYB83

Tax ID: 05-0488784

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    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 by origination volume include: Providence, Boston, Miami, Norwich, and Worcester among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Rhode Island 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. Bank Rhode Island is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.01% 4/18/24
    30 Year Conventional Purchase 6.41% 4/18/24
    30 Year Conventional Refi 6.28% 4/18/24
    15 Year Conventional Purchase 5.57% 4/18/24
    15 Year Conventional Refi 6.08% 4/18/24
    15 Year Cash-out Refi 6.08% 4/18/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Bank Rhode Island Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Bank Rhode Island. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    552

    Origination Dollar Volume (All Markets)

    $184,850,000

    Employee count

    307

    Awards

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

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 530 $174,280,000 $328,830 $2,442 3.75%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 6 $2,520,000 $420,000 $3,090 3.58%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $2,480,000 $620,000 $6,113 3.53%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $2,380,000 $1,190,000 $0 3.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $1,760,000 $293,333 $2,681 3.56%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $850,000 $425,000 $3,381 3.75%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,194 3.75%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,498 3.13%
    Bank Rhode Island's top markets include Providence, Boston, Miami, Norwich, and Worcester among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Bank Rhode Island based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Bridgewater Savings Bank
    Similarity Rank: 138
    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    Poli Mortgage Group, Inc.
    Similarity Rank: 352
    Beeline Loans, Inc.
    Similarity Rank: 430
    Sharon & Crescent United Credit Union
    Similarity Rank: 460
    Rhode Island Credit Union
    Similarity Rank: 510
    Bristol County Savings Bank
    Similarity Rank: 592
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 347 $153,335,000 $441,888 $2,537 3.77%
    HELOC 205 $31,515,000 $153,732 n/a 3.68%

    For 2020, Bank Rhode Island's most frequently originated type of loan was Conventional, with 347 originations. Their 2nd most popular type was HELOC, with 205 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 278 $119,230,000 $428,885 $2,558 3.69%
    Home Purchase 106 $41,210,000 $388,774 $3,218 3.89%
    Home Improvement 99 $14,985,000 $151,364 $0 3.73%
    Other 69 $9,425,000 $136,594 $1,666 3.73%

    For 2020, Bank Rhode Island's most frequently cited loan purpose was Refi, with 278 originations. The 2nd most popular reason was Home Purchase, with 106 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 203 $31,235,000 $153,867 $0 3.65%
    30 Year 184 $58,000,000 $315,217 $3,000 3.86%
    10 Year 80 $73,630,000 $920,375 $0 3.94%
    15 Year 66 $17,730,000 $268,636 $2,352 3.31%
    5 Year 12 $460,000 $38,333 $15 3.99%
    Other 5 $3,055,000 $611,000 $0 4.74%
    1 Year 1 $435,000 $435,000 $0 4.25%
    3 Year 1 $305,000 $305,000 $0 3.75%

    For 2020, Bank Rhode Island's most frequently cited loan duration was 30+ year, with 203 originations. The 2nd most popular length was 30 Year, with 184 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 202 $59,130,000 $292,723
    $1k-2k 3 $785,000 $261,667
    $2k-3k 1 $465,000 $465,000
    $5k+ 1 $1,995,000 $1,995,000

    Bank Rhode Island's average total fees were $3,000, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 202 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 375 $134,915,000 $359,773
    4-5% 123 $31,365,000 $255,000
    2.5-3% 47 $12,335,000 $262,447
    5-6% 3 $945,000 $315,000
    <2.5% 2 $5,060,000 $2,530,000
    Over 8% 1 $155,000 $155,000

    During 2020, Bank Rhode Island's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 3-4%, with 375 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 175 $47,825,000 $273,286 $2,794 3.75%
    $100k-200k 149 $22,415,000 $150,436 $2,247 3.74%
    $100,000 or less 127 $6,785,000 $53,425 $509 3.76%
    $400k-600k 46 $22,800,000 $495,652 $3,039 3.72%
    $600k-1MM 33 $25,335,000 $767,727 $4,111 3.80%
    $1MM+ 22 $59,690,000 $2,713,182 $6,684 3.46%

    2020 saw Bank Rhode Island place emphasis on $200k-400k loans with 175 originations, totaling $47,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 98 $21,410,000 $218,469 $2,314 3.71%
    $150k-250k 98 $21,330,000 $217,653 $2,611 3.68%
    $50k-75k 84 $13,410,000 $159,643 $1,983 3.84%
    $250k+ 68 $32,800,000 $482,353 $3,897 3.66%
    $75k-100k 68 $12,320,000 $181,176 $2,333 3.74%
    $50k or less 50 $4,760,000 $95,200 $1,925 3.64%

    Bank Rhode Island lent most frequently to those with incomes in the $100k-150k range, with 98 originations. The second most popular income band? $150k-250k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 113 $27,175,000 $240,487 $2,456 3.76%
    30-36% 87 $15,845,000 $182,126 $2,381 3.70%
    <20% 62 $16,000,000 $258,065 $2,779 3.73%
    50-60% 26 $6,090,000 $234,231 $2,601 3.57%
    46% 20 $3,680,000 $184,000 $2,377 3.92%
    44% 19 $4,725,000 $248,684 $2,128 3.76%
    49% 18 $2,310,000 $128,333 $1,487 3.68%
    37% 15 $4,645,000 $309,667 $2,764 3.57%
    43% 14 $3,260,000 $232,857 $2,675 3.68%
    42% 13 $2,735,000 $210,385 $2,982 3.52%
    45% 12 $2,510,000 $209,167 $2,910 3.75%
    39% 12 $2,570,000 $214,167 $2,061 3.87%
    41% 12 $2,740,000 $228,333 $2,890 3.79%
    48% 11 $2,575,000 $234,091 $2,007 3.45%
    36% 11 $3,605,000 $327,727 $3,448 3.69%
    47% 10 $1,820,000 $182,000 $1,912 3.96%
    38% 8 $1,360,000 $170,000 $2,696 3.47%
    40% 7 $1,545,000 $220,714 $2,981 3.57%
    >60% 4 $2,790,000 $697,500 $4,512 3.75%

    Bank Rhode Island lent most frequently to those with DTI ratios of 20-30%, with 113 originations. The next most common DTI ratio? 30-36%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 428 $101,840,000 $237,944 $2,556 3.71%
    Not applicable 65 $68,745,000 $1,057,615 $0 3.84%
    Not provided 29 $6,815,000 $235,000 $2,849 3.77%
    Asian 14 $3,940,000 $281,429 $2,234 3.99%
    Black 11 $2,055,000 $186,818 $1,971 3.77%
    Other Asian 1 $875,000 $875,000 $0 4.84%
    Other Pacific Islander 2 $490,000 $245,000 $1,614 3.87%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 3.99%
    American Indian 1 $25,000 $25,000 $0 3.99%

    Approval Rates

    Total approvals of all applications
    83.02%

    Bank Rhode Island has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.80%

    Bank Rhode Island has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 552 $184,850,000 $334,873

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 49 $66,485,000 $1,356,837
    Single Family (1-4 Units):Site-Built 503 $118,365,000 $235,318

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 109 $24,065,000 $220,780 $2,249 3.64%
    40-60% 88 $38,680,000 $439,545 $2,899 3.63%
    60-80% 220 $101,750,000 $462,500 $2,831 3.82%
    80-100% 42 $14,350,000 $341,667 $2,785 3.69%
    Under 20% 93 $6,005,000 $64,570 $268 3.77%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    BANCORPSOUTH BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    BANCORPSOUTH BANK Conventional home mortgage Trouble during payment process 2 33.3%
    BANCORPSOUTH BANK FHA mortgage Closing on a mortgage 1 16.7%
    BANCORPSOUTH BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 16.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Rhode Island 1047 Park Avenue Cranston, RI 2910 Full Service B&M $233,359
    Bank Rhode Island 1140 Ten Rod Road North Kingstown, RI 2852 Full Service B&M $105,794
    Bank Rhode Island 1175 Cumberland Hill Road Woonsocket, RI 2895 Full Service B&M $80,517
    Bank Rhode Island 1269 South County Trail East Greenwich, RI 2818 Full Service B&M $118,078
    Bank Rhode Island 1300 Warwick Avenue Warwick, RI 2888 Full Service B&M $114,805
    Bank Rhode Island 132 East Main Road Middletown, RI 2842 Full Service B&M $29,506
    Bank Rhode Island 137 Pitman Street Providence, RI 2906 Full Service B&M $143,319
    Bank Rhode Island 1450 Hartford Avenue Johnston, RI 2919 Full Service B&M $102,933
    Bank Rhode Island 195 Taunton Avenue East Providence, RI 2914 Full Service B&M $95,982
    Bank Rhode Island 2104 Plainfield Pike Cranston, RI 2921 Full Service B&M $30,879
    Bank Rhode Island 265 Jefferson Blvd Warwick, RI 2888 Full Service B&M $121,558
    Bank Rhode Island 290 Main Street Wakefield, RI 2879 Full Service B&M $85,496
    Bank Rhode Island 2975 West Shore Road Warwick, RI 2886 Full Service B&M $80,770
    Bank Rhode Island 3 Coventry Shoppers Park Coventry, RI 2816 Full Service B&M $42,716
    Bank Rhode Island 383 Atwood Avenue Cranston, RI 2920 Full Service B&M $108,389
    Bank Rhode Island 445 Putnam Pike Smithfield, RI 2828 Full Service B&M $135,585
    Bank Rhode Island 499 Smithfield Avenue Pawtucket, RI 2860 Full Service B&M $62,327
    Bank Rhode Island 625b George Washington Highway Lincoln, RI 2865 Full Service B&M $90,312
    Bank Rhode Island 77 Highland Avenue East Providence, RI 2914 Full Service B&M $108,773
    Bank Rhode Island One Turks Head Place Providence, RI 2903 Full Service B&M $443,768

    For 2020, Bank Rhode Island had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $97,882
    Net interest income $80,114
    Total noninterest income $9,635
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,472
    Trading account gains and fees $0
    Additional Noninterest Income $7,163
    Pre-tax net operating income $15,400
    Securities gains (or losses, -) $35
    Income before extraordinary items $11,938
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,938
    Minority interest net income $0
    Net income $11,938
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,910

    Bank Rhode Island's gross interest income from loans was $97,882,000.
    Bank Rhode Island's net interest income from loans was $80,114,000.
    Bank Rhode Island's fee based income from loans was $2,472,000.
    Bank Rhode Island's net income from loans was $11,938,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $17,768
    Provision for credit losses $18,614
    Total noninterest expense $55,735
    Salaries and employee benefits $34,305
    Premises and equipment expense $6,680
    Additional noninterest expense $14,750
    Applicable income taxes $3,497
    Net charge-offs $2,588
    Cash dividends $9,000

    Bank Rhode Island's interest expense for loans was $17,768,000.
    Bank Rhode Island's payroll and benefits expense were $34,305,000.
    Bank Rhode Island's property, plant and equipment expenses $6,680,000.

    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 1.0%
    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 $2,615,773
    Deposits held in domestic offices $2,615,773
    Deposits by Individuals, partnerships, and corporations $2,517,143
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $96,793
    Deposits by Commercial banks and other depository institutions in U.S. $1,837
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $493,437
    Demand deposits $456,954
    Nontransaction accounts $2,122,336
    Money market deposit accounts (MMDAs) $606,687
    Other savings deposits (excluding MMDAs) $1,065,367
    Total time deposits $450,282
    Total time and savings deposits $2,158,819
    Noninterest-bearing deposits $741,839
    Interest-bearing deposits $1,873,934
    Retail deposits $2,442,801
    IRAs and Keogh plan accounts $64,256
    Brokered deposits $235,746
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,257,744
    Cash & Balances due from depository institutions $255,990
    Interest-bearing balances $234,663
    Total securities $348,179
    Federal funds sold & reverse repurchase $92,000
    Net loans and leases $2,309,144
    Loan and leases loss allowance $36,361
    Trading account assets $27,679
    Bank premises and fixed assets $27,280
    Other real estate owned $5,415
    Goodwill and other intangibles $94,426
    All other assets $97,631

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,257,744
    Total Liabilities $2,915,813
    Total deposits $2,615,773
    Interest-bearing deposits $1,873,934
    Deposits held in domestic offices $2,615,773
    % insured (estimated) $57
    Federal funds purchased and repurchase agreements $43,187
    Trading liabilities $27,212
    Other borrowed funds $187,353
    Subordinated debt $0
    All other liabilities $42,288

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,309,144
    Loan and leases loss allowance $36,361
    Total loans and leases (domestic) $2,345,505
    All real estate loans $1,559,276
    Real estate loans in domestic offices $1,559,276
    Construction and development loans $89,349
    Residential 1-4 family construction $4,617
    Other construction, all land development and other land $84,732
    Loans secured by nonfarm nonresidential properties $833,347
    Nonfarm nonresidential secured by owner-occupied properties $290,424
    Commercial real estate & other non-farm, non-residential $542,923
    Multifamily residential real estate $257,523
    1-4 family residential loans $379,057
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $721,214
    To non-U.S. addressees $0
    Loans to individuals $991
    Credit card loans $0
    Related Plans $505
    Consumer Auto Loans $0
    Other loans to individuals $486
    All other loans & leases $64,024
    Loans to foreign governments and official institutions $0
    Other loans $217
    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 $5,249
    Non 1-4 family restructured loans & leases $3,928
    Total loans and leases (foreign) $0

    Bank Rhode Island had $2,309,144,000 of loans outstanding in 2020. $1,559,276,000 of loans were in real estate loans. $89,349,000 of loans were in development loans. $257,523,000 of loans were in multifamily mortgage loans. $379,057,000 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 504 $162,664 $322,746
    Nonfarm, nonresidential loans - <$100k 25 $1,330 $53,200
    Nonfarm, nonresidential loans - $100-250k 133 $17,449 $131,195
    Nonfarm, nonresidential loans - $250k-1MM 346 $143,885 $415,853
    Commercial & Industrial, US addressed loans - <$1MM 2,189 $222,152 $101,486
    Commercial & Industrial, US addressed loans - <$100k 1,340 $45,049 $33,619
    Commercial & Industrial, US addressed loans - $100-250k 461 $53,421 $115,881
    Commercial & Industrial, US addressed loans - $250k-1MM 388 $123,682 $318,768