Westbury Bank Mortgage Rates, Fees & Info

Waukesha, WI

LEI: 5493002XHCZ94X8YST31

Tax ID: 39-0698030

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Westbury Bank is a smaller bank specializing in Refi and Home Purchase loans. Westbury Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Milwaukee, Detroit, Madison, Fond Du Lac, and Huntington among others. Westbury Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Westbury Bank is typically a low fee lendor.


Originations

657

Origination Dollar Volume (All Markets)

$228,195,000

Employee count

103 Show all (5) awards

Relative Rate

Westbury Bank's average 30 year fixed rate mortgage of loans were 2.98%.

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

This yields a difference of -0.17%.

Relative Fees

Westbury Bank's average total fees for a 30 year fixed rate mortgage are $1,551.

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
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 526 $161,110,000 $306,293 $1,130 2.80%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $12,810,000 $6,405,000 $0 3.40%
MADISON, WI (FHA|USDA|VA) 10 $10,920,000 $1,092,000 $1,073 3.14%
FOND DU LAC, WI (FHA|USDA|VA) 33 $7,065,000 $214,091 $1,256 2.88%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $7,005,000 $7,005,000 $0 3.20%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $5,405,000 $5,405,000 $0 3.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $4,840,000 $2,420,000 $1,777 3.55%
Beaver Dam, WI (FHA|USDA|VA) 33 $4,355,000 $131,970 $828 2.91%
SIOUX FALLS, SD (FHA|USDA|VA) 1 $3,605,000 $3,605,000 $0 3.25%
Outside of Metro Areas 9 $3,505,000 $389,444 $1,807 3.18%
RACINE, WI (FHA|USDA|VA) 15 $2,715,000 $181,000 $1,721 2.83%
SHEBOYGAN, WI (FHA|USDA|VA) 10 $1,670,000 $167,000 $1,234 2.80%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 4 $1,130,000 $282,500 $1,349 2.75%
Stevens Point, WI (FHA|USDA|VA) 1 $425,000 $425,000 $1,344 2.13%
Whitewater, WI (FHA|USDA|VA) 2 $400,000 $200,000 $1,745 3.19%
Manitowoc, WI (FHA|USDA|VA) 1 $355,000 $355,000 $500 3.00%
APPLETON, WI (FHA|USDA|VA) 2 $350,000 $175,000 $1,576 2.81%
GREEN BAY, WI (FHA|USDA|VA) 2 $270,000 $135,000 $908 2.94%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $260,000 $130,000 $1,786 2.44%

Westbury Bank's top markets include Milwaukee, Detroit, Madison, Fond Du Lac, and Huntington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 654 $226,940,000 $347,003 $1,139 2.83%
VA 2 $1,100,000 $550,000 $2,500 2.56%
FHA 1 $155,000 $155,000 $5,108 2.50%

For the 2021 period, Westbury Bank's most frequently originated loan type of loans were Conventional, with 654 originations. Their 2nd most popular type is VA, with 2 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 295 $86,695,000 $293,881 $1,070 2.66%
Cash Out Refi 207 $42,135,000 $203,551 $990 2.90%
Home Purchase 135 $96,965,000 $718,259 $1,709 3.08%
Other 11 $1,245,000 $113,182 $356 2.78%
Home Improvement 9 $1,155,000 $128,333 $726 2.91%

For the 2021, Westbury Bank's most frequently cited loan purpose of loans were Refi, with 295 originations. The 2nd most popular reason of loans were Cash Out Refi, with 207 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 295 $71,095,000 $241,000 $1,551 2.98%
15 Year 211 $35,565,000 $168,555 $870 2.59%
10 Year 83 $8,865,000 $106,807 $186 2.77%
20 Year 23 $4,425,000 $192,391 $1,363 2.83%
5 Year 17 $66,845,000 $3,932,059 $0 2.98%
Other 15 $34,085,000 $2,272,333 $375 2.92%
30+ year 13 $7,315,000 $562,692 $2,642 3.34%

For the 2021, Westbury Bank's most frequently cited loan length of loans were 30 Year, with 295 originations. The 2nd most popular length of loans were 15 Year, with 211 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 616 $124,140,000 $201,526
$1k-2k 9 $2,305,000 $256,111
$2k-3k 2 $1,000,000 $500,000

$1,551 of loans were Westbury Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 616 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 398 $78,260,000 $196,633
3-4% 127 $111,895,000 $881,063
<2.5% 124 $37,040,000 $298,710
4-5% 6 $890,000 $148,333
5-6% 2 $110,000 $55,000

During 2021, Westbury Bank's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 398 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 267 $39,615,000 $148,371 $1,159 2.81%
$200k-400k 208 $56,240,000 $270,385 $1,433 2.82%
$100,000 or less 109 $7,585,000 $69,587 $354 2.90%
$400k-600k 44 $21,020,000 $477,727 $1,545 2.81%
$1MM+ 23 $99,325,000 $4,318,478 $5,028 2.69%
$600k-1MM 6 $4,410,000 $735,000 $2,715 3.27%

2021 saw Westbury Bank place emphasis on $100k-200k loans with 267 originations, totaling $39,615,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 145 $22,195,000 $153,069 $1,052 2.88%
$100k-150k 144 $31,760,000 $220,556 $1,202 2.78%
$75k-100k 142 $25,990,000 $183,028 $1,147 2.85%
$150k-250k 91 $26,505,000 $291,264 $1,397 2.77%
$50k or less 77 $11,555,000 $150,065 $978 2.82%
$250k+ 20 $8,540,000 $427,000 $1,391 2.81%

Westbury Bank lent most frequently to those with incomes in the $50k-75k range, with 145 originations. The second most popular income band? $100k-150k, with 144 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 191 $38,225,000 $200,131 $1,214 2.80%
30-36% 127 $28,155,000 $221,693 $1,174 2.87%
<20% 117 $20,345,000 $173,889 $1,035 2.75%
38% 25 $6,295,000 $251,800 $1,284 2.91%
37% 24 $4,030,000 $167,917 $1,179 2.81%
>60% 19 $4,025,000 $211,842 $357 2.79%
36% 19 $3,565,000 $187,632 $1,291 2.80%
41% 17 $3,335,000 $196,176 $638 2.91%
42% 16 $3,340,000 $208,750 $1,061 3.08%
43% 14 $3,190,000 $227,857 $1,240 2.88%
40% 13 $2,405,000 $185,000 $1,312 2.92%
44% 11 $1,905,000 $173,182 $1,249 2.93%
39% 9 $2,025,000 $225,000 $1,073 2.92%
46% 5 $1,385,000 $277,000 $1,711 2.70%
47% 5 $1,045,000 $209,000 $1,686 2.78%
49% 5 $1,405,000 $281,000 $1,393 2.97%
45% 5 $955,000 $191,000 $1,472 2.48%
48% 3 $715,000 $238,333 $1,840 2.96%

Westbury Bank lent most frequently to those with DTI ratios of 20-30%, with 191 originations. The next most common DTI ratio? 30-36%, with 127 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 618 $124,220,000 $201,003 $1,153 2.83%
Not applicable 28 $100,540,000 $3,590,714 $0 2.87%
Asian 8 $2,640,000 $330,000 $971 2.56%
Black 2 $710,000 $355,000 $1,704 2.75%
Not provided 1 $85,000 $85,000 $0 2.88%

Approval Rates

Total approvals of all applications
94.56%

Westbury Bank has an average approval rate.

Pick Rate

Approvals leading to origination
94.57%

Westbury Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 657 $228,195,000 $347,329

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
657 $228,195,000 $347,329

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 108 $29,520,000 $273,333 $489 2.75%
40-60% 183 $46,735,000 $255,383 $1,030 2.65%
60-80% 255 $108,365,000 $424,961 $1,438 2.90%
80-100% 83 $41,905,000 $504,880 $1,776 3.03%
Under 20% 28 $1,670,000 $59,643 $57 3.04%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Westbury Bank 1052 Fond Du Lac Avenue Kewaskum, WI 53040 Full Service B&M $88,587
Westbury Bank 25 S. Wacker Drive Hartford, WI 53027 Full Service B&M $47,560
Westbury Bank 2501 West Washington Street West Bend, WI 53095 Full Service B&M $81,994
Westbury Bank N112w17171 Mequon Road Germantown, WI 53022 Full Service B&M $92,855
Westbury Bank N16 W23250 Stone Ride Drive, Suite 5 West Bend, WI 53095 Full Service B&M $134,697
Westbury Bank N16 W23250 Stone Ridge Drive Pewaukee, WI 53188 Full Service B&M $172,757
Westbury Bank N168w21920 Main Street Jackson, WI 53037 Full Service B&M $67,334
Westbury Bank 1195 E. Commerce Blvd Slinger, WI 53086 Full Service B&M $90,860
Westbury Bank 17160 W North Ave Brookfield, WI 53005 Full Service B&M $34,472

For 2021, Westbury Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $28,164
Net interest income $26,941
Total noninterest income $7,953
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,272
Trading account gains and fees $0
Additional Noninterest Income $6,681
Pre-tax net operating income $12,780
Securities gains (or losses, -) $153
Income before extraordinary items $9,308
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $9,308
Minority interest net income $0
Net income $9,308
Sale, conversion, retirement of capital stock, net $1,523
Net operating income $9,187

Westbury Bank's gross interest income from loans was $28,164,000.
Westbury Bank's net interest income from loans was $26,941,000.
Westbury Bank's fee based income from loans was $1,272,000.
Westbury Bank's net income from loans was $9,308,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,223
Provision for credit losses $500
Total noninterest expense $21,614
Salaries and employee benefits $12,289
Premises and equipment expense $2,035
Additional noninterest expense $7,290
Applicable income taxes $3,625
Net charge-offs $-12
Cash dividends $9,150

Westbury Bank's interest expense for loans was $1,223,000.
Westbury Bank's payroll and benefits expense were $12,289,000.
Westbury Bank's property, plant and equipment expenses $2,035,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 4.0%
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 $820,588
Deposits held in domestic offices $820,588
Deposits by Individuals, partnerships, and corporations $805,759
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $14,569
Deposits by Commercial banks and other depository institutions in U.S. $261
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $419,221
Demand deposits $251,880
Nontransaction accounts $401,368
Money market deposit accounts (MMDAs) $107,227
Other savings deposits (excluding MMDAs) $212,133
Total time deposits $82,006
Total time and savings deposits $568,709
Noninterest-bearing deposits $251,889
Interest-bearing deposits $568,699
Retail deposits $813,100
IRAs and Keogh plan accounts $20,631
Brokered deposits $10
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $915,250
Cash & Balances due from depository institutions $38,684
Interest-bearing balances $25,819
Total securities $167,867
Federal funds sold & reverse repurchase $0
Net loans and leases $664,778
Loan and leases loss allowance $8,997
Trading account assets $0
Bank premises and fixed assets $19,490
Other real estate owned $0
Goodwill and other intangibles $128
All other assets $24,303

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $915,250
Total Liabilities $830,979
Total deposits $820,588
Interest-bearing deposits $568,699
Deposits held in domestic offices $820,588
% insured (estimated) $80
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $510
Subordinated debt $0
All other liabilities $9,881

Issued Loan Types

Type Value (in 000's)
Net loans and leases $664,778
Loan and leases loss allowance $8,997
Total loans and leases (domestic) $673,775
All real estate loans $571,282
Real estate loans in domestic offices $571,282
Construction and development loans $12,269
Residential 1-4 family construction $2,523
Other construction, all land development and other land $9,746
Loans secured by nonfarm nonresidential properties $216,366
Nonfarm nonresidential secured by owner-occupied properties $83,302
Commercial real estate & other non-farm, non-residential $133,064
Multifamily residential real estate $222,095
1-4 family residential loans $120,552
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $89,240
To non-U.S. addressees $0
Loans to individuals $6,355
Credit card loans $0
Related Plans $6,054
Consumer Auto Loans $251
Other loans to individuals $50
All other loans & leases $6,897
Loans to foreign governments and official institutions $0
Other loans $68
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Westbury Bank had $664,778,000 of loans outstanding in 2021. $571,282,000 of loans were in real estate loans. $12,269,000 of loans were in development loans. $222,095,000 of loans were in multifamily mortgage loans. $120,552,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $251,000 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 142 $107,802 $759,169
Nonfarm, nonresidential loans - <$100k 2 $39 $19,500
Nonfarm, nonresidential loans - $100-250k 30 $2,975 $99,167
Nonfarm, nonresidential loans - $250k-1MM 110 $104,788 $952,618
Commercial & Industrial, US addressed loans - <$1MM 199 $59,875 $300,879
Commercial & Industrial, US addressed loans - <$100k 101 $2,966 $29,366
Commercial & Industrial, US addressed loans - $100-250k 38 $4,214 $110,895
Commercial & Industrial, US addressed loans - $250k-1MM 60 $52,695 $878,250