Needham Bank Mortgage Rates, Fees & Info

Needham, MA

LEI: 5493000NZZZU3GFIYL71

Tax ID: 04-1655620

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Needham Bank is a smaller bank specializing in Refi and Home Purchase loans. Needham Bank has a high proportion of conventional loans. Their top markets include Boston, Providence, Barnstable Town, Worcester, and Vineyard Haven among others. Needham 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. Needham Bank is typically an average fee lendor.


Originations

588

Origination Dollar Volume (All Markets)

$497,100,000

Employee count

257

Relative Rate

Needham Bank's average 30 year fixed rate mortgage of loans were 3.39%.

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

This yields a difference of 0.24%.

Relative Fees

Needham Bank's average total fees for a 30 year fixed rate mortgage are $3,468.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 527 $451,605,000 $856,935 $3,309 3.29%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 10 $15,310,000 $1,531,000 $4,140 3.28%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 18 $10,340,000 $574,444 $3,698 3.28%
Outside of Metro Areas 4 $7,290,000 $1,822,500 $9,188 3.44%
WORCESTER, MA-CT (FHA|USDA|VA) 15 $4,405,000 $293,667 $2,675 3.20%
Vineyard Haven, MA (FHA|USDA|VA) 3 $2,415,000 $805,000 $4,105 3.83%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $2,265,000 $2,265,000 $10,450 3.50%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,005,000 $335,000 $2,766 2.75%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $805,000 $805,000 $0 4.63%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $395,000 $395,000 $3,055 3.00%
Rutland, VT (FHA|USDA|VA) 1 $365,000 $365,000 $3,690 2.75%
Keene, NH (FHA|USDA|VA) 1 $365,000 $365,000 $2,355 4.25%
Berlin, NH (FHA|USDA|VA) 1 $285,000 $285,000 $2,638 2.88%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $250,000 $125,000 $2,665 2.44%

Needham Bank's top markets include Boston, Providence, Barnstable Town, Worcester, and Vineyard Haven among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 588 $497,100,000 $845,408 $3,365 3.29%

For the 2021 period, Needham Bank's most frequently originated loan type of loans were Conventional, with 588 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 376 $237,140,000 $630,691 $2,919 3.15%
Home Purchase 194 $169,100,000 $871,649 $4,294 3.48%
Home Improvement 14 $85,250,000 $6,089,286 $3,546 4.01%
Other 3 $4,505,000 $1,501,667 $6,789 3.46%
NA 1 $1,105,000 $1,105,000 $0 4.50%

For the 2021, Needham Bank's most frequently cited loan purpose of loans were Refi, with 376 originations. The 2nd most popular reason of loans were Home Purchase, with 194 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 422 $341,780,000 $809,905 $3,468 3.39%
15 Year 70 $28,620,000 $408,857 $2,654 2.68%
20 Year 55 $30,455,000 $553,727 $2,684 2.99%
30+ year 32 $39,420,000 $1,231,875 $5,007 3.68%
Other 5 $2,565,000 $513,000 $2,620 3.28%
10 Year 3 $4,255,000 $1,418,333 $2,753 3.04%
5 Year 1 $50,005,000 $50,005,000 $0 4.75%

For the 2021, Needham Bank's most frequently cited loan length of loans were 30 Year, with 422 originations. The 2nd most popular length of loans were 15 Year, with 70 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 494 $328,540,000 $665,061
$3k-4k 2 $840,000 $420,000
$1k-2k 1 $215,000 $215,000
$2k-3k 1 $255,000 $255,000
$5k+ 1 $925,000 $925,000

$3,468 of loans were Needham Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 494 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 237 $226,075,000 $953,903
2.5-3% 224 $97,750,000 $436,384
4-5% 85 $134,055,000 $1,577,118
<2.5% 39 $10,465,000 $268,333
5-6% 3 $28,755,000 $9,585,000

During 2021, Needham Bank's average interest rate of loans were 3.39%, while their most frequently originated rate bucket of loans were 3-4%, with 237 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 160 $79,120,000 $494,500 $2,880 3.10%
$200k-400k 153 $46,505,000 $303,954 $2,498 3.02%
$600k-1MM 120 $95,060,000 $792,167 $3,710 3.63%
$1MM+ 114 $270,650,000 $2,374,123 $5,866 3.65%
$100k-200k 35 $5,525,000 $157,857 $2,167 3.06%
$100,000 or less 6 $240,000 $40,000 $1,450 2.27%

2021 saw Needham Bank place emphasis on $400k-600k loans with 160 originations, totaling $79,120,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 180 $198,250,000 $1,101,389 $4,433 3.27%
$150k-250k 132 $70,030,000 $530,530 $3,078 3.18%
$100k-150k 95 $37,295,000 $392,579 $2,688 3.09%
$75k-100k 57 $18,845,000 $330,614 $2,616 3.13%
$50k-75k 42 $9,830,000 $234,048 $2,475 2.82%
$50k or less 9 $1,655,000 $183,889 $2,169 3.05%

Needham Bank lent most frequently to those with incomes in the $250k+ range, with 180 originations. The second most popular income band? $150k-250k, with 132 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 138 $91,630,000 $663,986 $3,322 3.09%
30-36% 129 $77,105,000 $597,713 $3,144 3.18%
<20% 82 $61,340,000 $748,049 $3,667 3.09%
42% 25 $14,525,000 $581,000 $3,314 3.13%
36% 22 $14,100,000 $640,909 $3,454 3.18%
39% 21 $15,285,000 $727,857 $4,053 3.21%
40% 20 $10,170,000 $508,500 $3,233 3.22%
37% 19 $10,915,000 $574,474 $3,323 3.27%
38% 19 $11,095,000 $583,947 $3,047 3.11%
41% 15 $9,745,000 $649,667 $3,431 3.33%
43% 13 $10,335,000 $795,000 $3,541 3.21%
44% 11 $8,015,000 $728,636 $3,327 3.50%
50-60% 1 $1,645,000 $1,645,000 $7,032 3.75%

Needham Bank lent most frequently to those with DTI ratios of 20-30%, with 138 originations. The next most common DTI ratio? 30-36%, with 129 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 370 $243,820,000 $658,973 $3,377 3.13%
Not applicable 69 $159,635,000 $2,313,551 $0 4.28%
Not provided 68 $47,180,000 $693,824 $3,465 3.07%
Asian 46 $27,920,000 $606,957 $3,331 3.57%
Black 24 $9,700,000 $404,167 $2,729 2.81%
American Indian 4 $3,830,000 $957,500 $4,677 3.47%
Asian Indian 2 $1,970,000 $985,000 $3,787 3.31%
Filipino 1 $1,465,000 $1,465,000 $4,885 3.38%
Chinese 3 $1,365,000 $455,000 $2,968 3.96%
Other Asian 1 $215,000 $215,000 $2,463 2.50%

Approval Rates

Total approvals of all applications
92.95%

Needham Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.40%

Needham Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 588 $497,100,000 $845,408

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
588 $497,100,000 $845,408

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 79 $38,565,000 $488,165 $2,818 2.99%
40-60% 135 $80,025,000 $592,778 $3,024 3.13%
60-80% 278 $318,110,000 $1,144,281 $3,721 3.51%
80-100% 78 $57,360,000 $735,385 $3,745 3.17%
Under 20% 17 $2,555,000 $150,294 $2,023 2.75%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Needham Bank 1063 Great Plain Ave Needham, MA 2492 Full Service B&M $967,071
Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service Cyber Office $92,048
Needham Bank 1457 Tremont Street Mission Hill, MA 2120 Full Service B&M $29,304
Needham Bank 17 West Central St Natick, MA 1760 Full Service B&M $122,757
Needham Bank 341 Washington Street Westwood, MA 2090 Full Service B&M $243,330
Needham Bank 402 Washington Street Dedham, MA 2026 Full Service B&M $185,554
Needham Bank 41 Front Street Ashland, MA 1721 Full Service B&M $90,482
Needham Bank 458 Washington Street Wellesley, MA 2482 Full Service B&M $334,493
Needham Bank 520 Main Street Medfield, MA 2052 Full Service B&M $196,178
Needham Bank 60 Centre St Dover, MA 2030 Full Service B&M $98,984
Needham Bank 857 Main St Millis, MA 2054 Full Service B&M $84,236

For 2021, Needham Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $92,441
Net interest income $79,811
Total noninterest income $6,679
Gross Fiduciary activities income $0
Service charges on deposit accounts $622
Trading account gains and fees $0
Additional Noninterest Income $6,057
Pre-tax net operating income $27,151
Securities gains (or losses, -) $481
Income before extraordinary items $21,575
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $21,575
Minority interest net income $0
Net income $21,575
Sale, conversion, retirement of capital stock, net $0
Net operating income $21,195

Needham Bank's gross interest income from loans was $92,441,000.
Needham Bank's net interest income from loans was $79,811,000.
Needham Bank's fee based income from loans was $622,000.
Needham Bank's net income from loans was $21,575,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $12,630
Provision for credit losses $2,050
Total noninterest expense $57,289
Salaries and employee benefits $38,046
Premises and equipment expense $3,818
Additional noninterest expense $15,425
Applicable income taxes $6,057
Net charge-offs $3,480
Cash dividends $0

Needham Bank's interest expense for loans was $12,630,000.
Needham Bank's payroll and benefits expense were $38,046,000.
Needham Bank's property, plant and equipment expenses $3,818,000.

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 1.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $2,568,341
Deposits held in domestic offices $2,568,341
Deposits by Individuals, partnerships, and corporations $2,414,719
Deposits by U.S. Government $22,685
Deposits by States and political subdivisions in the U.S. $97,935
Deposits by Commercial banks and other depository institutions in U.S. $33,002
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $130,071
Demand deposits $33,102
Nontransaction accounts $2,438,270
Money market deposit accounts (MMDAs) $699,309
Other savings deposits (excluding MMDAs) $777,508
Total time deposits $961,454
Total time and savings deposits $2,535,239
Noninterest-bearing deposits $328,160
Interest-bearing deposits $2,240,181
Retail deposits $2,157,330
IRAs and Keogh plan accounts $76,594
Brokered deposits $50,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,917,992
Cash & Balances due from depository institutions $457,181
Interest-bearing balances $441,477
Total securities $251,704
Federal funds sold & reverse repurchase $9,869
Net loans and leases $2,086,408
Loan and leases loss allowance $18,415
Trading account assets $0
Bank premises and fixed assets $28,664
Other real estate owned $0
Goodwill and other intangibles $2,735
All other assets $81,431

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,917,992
Total Liabilities $2,591,948
Total deposits $2,568,341
Interest-bearing deposits $2,240,181
Deposits held in domestic offices $2,568,341
% insured (estimated) $66
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $256
Subordinated debt $0
All other liabilities $23,351

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,086,408
Loan and leases loss allowance $18,415
Total loans and leases (domestic) $2,104,823
All real estate loans $1,946,154
Real estate loans in domestic offices $1,946,154
Construction and development loans $411,744
Residential 1-4 family construction $271,036
Other construction, all land development and other land $140,708
Loans secured by nonfarm nonresidential properties $535,225
Nonfarm nonresidential secured by owner-occupied properties $128,729
Commercial real estate & other non-farm, non-residential $406,496
Multifamily residential real estate $141,966
1-4 family residential loans $855,839
Farmland loans $1,380
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $110,529
To non-U.S. addressees $0
Loans to individuals $39,911
Credit card loans $678
Related Plans $3
Consumer Auto Loans $4,028
Other loans to individuals $35,202
All other loans & leases $8,229
Loans to foreign governments and official institutions $0
Other loans $67
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 $3,265
Non 1-4 family restructured loans & leases $2,433
Total loans and leases (foreign) $0

Needham Bank had $2,086,408,000 of loans outstanding in 2021. $1,946,154,000 of loans were in real estate loans. $411,744,000 of loans were in development loans. $141,966,000 of loans were in multifamily mortgage loans. $855,839,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $678,000 of loans were in credit card loans. $4,028,000 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 214 $56,304 $263,103
Nonfarm, nonresidential loans - <$100k 49 $705 $14,388
Nonfarm, nonresidential loans - $100-250k 35 $4,025 $115,000
Nonfarm, nonresidential loans - $250k-1MM 130 $51,574 $396,723
Commercial & Industrial, US addressed loans - <$1MM 800 $41,016 $51,270
Commercial & Industrial, US addressed loans - <$100k 502 $2,751 $5,480
Commercial & Industrial, US addressed loans - $100-250k 105 $8,627 $82,162
Commercial & Industrial, US addressed loans - $250k-1MM 193 $29,638 $153,565
Farmland loans - <$1MM 1 $380 $380,000
Farmland loans - $250k-1MM 1 $380 $380,000