Washington Financial Bank Mortgage Rates, Fees & Info

Washington, PA

LEI: 5493000M096YV1VLKD70

Tax ID: 25-0866405

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Washington Financial Bank is a smaller bank specializing in Home Purchase and Refi loans. Washington Financial Bank has a high proportion of conventional loans. Their top markets include Pittsburgh, Youngstown, New Castle, Washington, and Oil City among others. Washington Financial Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Washington Financial Bank is typically an average fee lendor.


Originations

528

Origination Dollar Volume (All Markets)

$157,130,000

Employee count

165

Awards

Washington Financial Bank 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Washington Financial Bank's average 30 year fixed rate mortgage of loans were 3.18%.

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

This yields a difference of 0.03%.

Relative Fees

Washington Financial Bank's average total fees for a 30 year fixed rate mortgage are $3,789.

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
PITTSBURGH, PA (FHA|USDA|VA) 505 $151,365,000 $299,733 $3,635 3.36%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 4 $1,370,000 $342,500 $9,593 3.16%
New Castle, PA (FHA|USDA|VA) 4 $990,000 $247,500 $4,073 3.42%
Outside of Metro Areas 5 $865,000 $173,000 $3,027 3.08%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $620,000 $310,000 $4,039 3.19%
Oil City, PA (FHA|USDA|VA) 2 $560,000 $280,000 $9,751 3.25%
WHEELING, WV-OH (FHA|USDA|VA) 1 $475,000 $475,000 $3,872 3.38%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $345,000 $345,000 $2,940 3.13%
Indiana, PA (FHA|USDA|VA) 1 $285,000 $285,000 $7,501 3.38%
Meadville, PA (FHA|USDA|VA) 1 $105,000 $105,000 $2,753 3.13%
ERIE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,212 3.00%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $45,000 $45,000 $2,276 3.38%

Washington Financial Bank's top markets include Pittsburgh, Youngstown, New Castle, Washington, and Oil City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 528 $157,130,000 $297,595 $3,708 3.36%

For the 2021 period, Washington Financial Bank's most frequently originated loan type of loans were Conventional, with 528 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 227 $85,985,000 $378,789 $5,957 3.34%
Refi 193 $53,465,000 $277,021 $2,153 3.26%
Cash Out Refi 41 $12,455,000 $303,780 $4,546 3.37%
Home Improvement 39 $3,155,000 $80,897 $595 3.60%
Other 28 $2,070,000 $73,929 $421 3.82%

For the 2021, Washington Financial Bank's most frequently cited loan purpose of loans were Home Purchase, with 227 originations. The 2nd most popular reason of loans were Refi, with 193 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 131 $35,135,000 $268,206 $3,789 3.18%
30+ year 123 $65,135,000 $529,553 $7,924 3.23%
20 Year 113 $27,395,000 $242,434 $2,008 3.54%
15 Year 110 $16,510,000 $150,091 $1,192 3.45%
10 Year 27 $9,085,000 $336,481 $352 3.65%
5 Year 13 $685,000 $52,692 $395 3.47%
Other 10 $3,160,000 $316,000 $3,798 3.15%
3 Year 1 $25,000 $25,000 $369 3.49%

For the 2021, Washington Financial Bank's most frequently cited loan length of loans were 30 Year, with 131 originations. The 2nd most popular length of loans were 30+ year, with 123 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 456 $120,190,000 $263,575
$5k+ 20 $12,020,000 $601,000
$3k-4k 7 $3,805,000 $543,571
$1k-2k 6 $2,190,000 $365,000
$2k-3k 3 $965,000 $321,667

$3,789 of loans were Washington Financial Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 456 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 357 $110,615,000 $309,846
2.5-3% 131 $43,735,000 $333,855
4-5% 33 $2,425,000 $73,485
5-6% 7 $355,000 $50,714

During 2021, Washington Financial Bank's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 357 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 142 $40,340,000 $284,085 $4,145 3.13%
$100,000 or less 132 $7,270,000 $55,076 $767 3.74%
$100k-200k 128 $18,260,000 $142,656 $2,220 3.34%
$400k-600k 61 $30,225,000 $495,492 $6,840 3.13%
$600k-1MM 50 $37,810,000 $756,200 $8,102 3.24%
$1MM+ 15 $23,225,000 $1,548,333 $13,423 3.53%

2021 saw Washington Financial Bank place emphasis on $200k-400k loans with 142 originations, totaling $40,340,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 107 $26,365,000 $246,402 $3,889 3.24%
$150k-250k 106 $39,840,000 $375,849 $4,687 3.29%
$250k+ 73 $44,505,000 $609,658 $6,157 3.30%
$75k-100k 67 $12,185,000 $181,866 $3,222 3.34%
$50k-75k 63 $8,335,000 $132,302 $1,915 3.40%
$50k or less 60 $5,370,000 $89,500 $1,725 3.45%

Washington Financial Bank lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $150k-250k, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 150 $40,550,000 $270,333 $3,779 3.35%
30-36% 113 $33,015,000 $292,168 $3,786 3.39%
<20% 62 $18,890,000 $304,677 $3,527 3.19%
37% 21 $6,715,000 $319,762 $3,594 3.45%
36% 19 $4,645,000 $244,474 $3,747 3.18%
42% 18 $5,420,000 $301,111 $4,867 3.32%
44% 17 $4,705,000 $276,765 $3,078 3.28%
41% 16 $4,200,000 $262,500 $3,128 3.27%
38% 16 $3,550,000 $221,875 $2,856 3.33%
40% 14 $3,130,000 $223,571 $3,271 3.24%
39% 12 $4,160,000 $346,667 $4,794 3.22%
43% 12 $4,160,000 $346,667 $5,127 3.24%
45% 7 $1,995,000 $285,000 $2,995 3.14%
46% 4 $1,490,000 $372,500 $3,907 3.25%
49% 4 $1,300,000 $325,000 $3,195 3.19%
48% 2 $300,000 $150,000 $309 3.68%
50-60% 2 $580,000 $290,000 $3,480 3.25%
>60% 2 $210,000 $105,000 $1,839 4.44%
47% 1 $155,000 $155,000 $3,029 3.00%

Washington Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 113 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 454 $123,950,000 $273,018 $3,482 3.31%
Not applicable 33 $16,655,000 $504,697 $0 3.89%
Not provided 22 $10,650,000 $484,091 $7,525 3.32%
Asian 6 $3,480,000 $580,000 $5,039 3.42%
Black 8 $1,370,000 $171,250 $4,175 3.34%
Asian Indian 2 $610,000 $305,000 $9,252 4.50%
American Indian 2 $380,000 $190,000 $2,784 3.37%
Chinese 1 $35,000 $35,000 $342 4.00%

Approval Rates

Total approvals of all applications
91.00%

Washington Financial Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.83%

Washington Financial Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 528 $157,130,000 $297,595

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
528 $157,130,000 $297,595

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 50 $6,370,000 $127,400 $1,193 3.49%
40-60% 92 $21,220,000 $230,652 $2,732 3.23%
60-80% 180 $74,890,000 $416,056 $4,817 3.30%
80-100% 141 $51,065,000 $362,163 $5,529 3.23%
Under 20% 64 $3,470,000 $54,219 $398 3.86%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 50.0%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Washington Financial Bank 1500 W. Chestnut Street Washington, PA 15301 Full Service B&M $107,478
Washington Financial Bank 160 East Pike Street Canonsburg, PA 15317 Full Service B&M $103,330
Washington Financial Bank 173 Millers Run Road Bridgeville, PA 15017 Full Service B&M $35,686
Washington Financial Bank 1803 Main Street Burgettstown, PA 15021 Full Service B&M $19,425
Washington Financial Bank 220 Main Street Hickory, PA 15340 Full Service B&M $106,323
Washington Financial Bank 255 Murtland Avenue, Washington Mall Plaza Washington, PA 15301 Full Service B&M $126,054
Washington Financial Bank 3576 Sheridan Ave Finleyville, PA 15332 Full Service B&M $5,583
Washington Financial Bank 3616 Washington Road Mcmurray, PA 15317 Full Service B&M $230,736
Washington Financial Bank 430 Valley Brook Road Mc Murray, PA 15317 Full Service B&M $64,365
Washington Financial Bank 77 South Main Street Washington, PA 15301 Full Service B&M $410,595
Washington Financial Bank 98 E. Wylie Avenue Washington, PA 15301 Full Service B&M $66,851

For 2021, Washington Financial Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $39,592
Net interest income $36,402
Total noninterest income $6,360
Gross Fiduciary activities income $0
Service charges on deposit accounts $449
Trading account gains and fees $0
Additional Noninterest Income $5,911
Pre-tax net operating income $12,640
Securities gains (or losses, -) $0
Income before extraordinary items $10,664
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,664
Minority interest net income $0
Net income $10,664
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,664

Washington Financial Bank's gross interest income from loans was $39,592,000.
Washington Financial Bank's net interest income from loans was $36,402,000.
Washington Financial Bank's fee based income from loans was $449,000.
Washington Financial Bank's net income from loans was $10,664,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,190
Provision for credit losses $675
Total noninterest expense $29,447
Salaries and employee benefits $17,365
Premises and equipment expense $3,069
Additional noninterest expense $9,013
Applicable income taxes $1,976
Net charge-offs $-63
Cash dividends $87

Washington Financial Bank's interest expense for loans was $3,190,000.
Washington Financial Bank's payroll and benefits expense were $17,365,000.
Washington Financial Bank's property, plant and equipment expenses $3,069,000.

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 $1,400,627
Deposits held in domestic offices $1,400,627
Deposits by Individuals, partnerships, and corporations $980,114
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $420,013
Deposits by Commercial banks and other depository institutions in U.S. $500
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $614,770
Demand deposits $150,692
Nontransaction accounts $785,857
Money market deposit accounts (MMDAs) $464,465
Other savings deposits (excluding MMDAs) $201,384
Total time deposits $120,008
Total time and savings deposits $1,249,935
Noninterest-bearing deposits $239,773
Interest-bearing deposits $1,160,854
Retail deposits $1,381,192
IRAs and Keogh plan accounts $35,031
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,576,440
Cash & Balances due from depository institutions $150,277
Interest-bearing balances $142,170
Total securities $465,992
Federal funds sold & reverse repurchase $0
Net loans and leases $897,492
Loan and leases loss allowance $10,325
Trading account assets $0
Bank premises and fixed assets $11,085
Other real estate owned $718
Goodwill and other intangibles $230
All other assets $50,646

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,576,440
Total Liabilities $1,405,033
Total deposits $1,400,627
Interest-bearing deposits $1,160,854
Deposits held in domestic offices $1,400,627
% insured (estimated) $84
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $4,406

Issued Loan Types

Type Value (in 000's)
Net loans and leases $897,492
Loan and leases loss allowance $10,325
Total loans and leases (domestic) $907,817
All real estate loans $835,077
Real estate loans in domestic offices $835,077
Construction and development loans $108,742
Residential 1-4 family construction $43,899
Other construction, all land development and other land $64,843
Loans secured by nonfarm nonresidential properties $239,401
Nonfarm nonresidential secured by owner-occupied properties $46,452
Commercial real estate & other non-farm, non-residential $192,949
Multifamily residential real estate $81,716
1-4 family residential loans $405,218
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $50,873
To non-U.S. addressees $0
Loans to individuals $3,597
Credit card loans $0
Related Plans $1,848
Consumer Auto Loans $1,021
Other loans to individuals $728
All other loans & leases $18,270
Loans to foreign governments and official institutions $0
Other loans $15,747
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 $491
Non 1-4 family restructured loans & leases $431
Total loans and leases (foreign) $0

Washington Financial Bank had $897,492,000 of loans outstanding in 2021. $835,077,000 of loans were in real estate loans. $108,742,000 of loans were in development loans. $81,716,000 of loans were in multifamily mortgage loans. $405,218,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,021,000 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 226 $60,453 $267,491
Nonfarm, nonresidential loans - <$100k 29 $961 $33,138
Nonfarm, nonresidential loans - $100-250k 75 $9,673 $128,973
Nonfarm, nonresidential loans - $250k-1MM 122 $49,819 $408,352
Commercial & Industrial, US addressed loans - <$1MM 273 $21,961 $80,443
Commercial & Industrial, US addressed loans - <$100k 105 $2,125 $20,238
Commercial & Industrial, US addressed loans - $100-250k 59 $3,696 $62,644
Commercial & Industrial, US addressed loans - $250k-1MM 109 $16,140 $148,073