The Washington Trust Company Of Westerly Mortgage Rates, Fees & Info

Westerly, RI

LEI: 549300HKYBSATM44Q425

Tax ID: 05-0235370

5 stars - out of 5 stars, based on 49 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Washington Trust Company Of Westerly is a smaller mortgage company specializing in Refi and Home Purchase loans. The Washington Trust Company Of Westerly 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 Providence, Boston, Norwich, Bridgeport, and Hartford among others. The Washington Trust Company Of Westerly 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. The Washington Trust Company Of Westerly is typically an average fee lendor.


Originations

2,442

Origination Dollar Volume (All Markets)

$725,730,000

Employee count

623 Show all (7) awards

Relative Rate

The Washington Trust Company Of Westerly's average 30 year fixed rate mortgage of loans were 3.09%.

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

This yields a difference of -0.06%.

Relative Fees

The Washington Trust Company Of Westerly's average total fees for a 30 year fixed rate mortgage are $3,573.

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) 1,945 $560,525,000 $288,188 $3,368 2.95%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 251 $79,275,000 $315,837 $2,801 3.29%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 96 $42,920,000 $447,083 $3,212 2.93%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 29 $17,665,000 $609,138 $4,320 3.27%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 52 $8,430,000 $162,115 $2,162 3.41%
WORCESTER, MA-CT (FHA|USDA|VA) 27 $5,705,000 $211,296 $3,475 3.18%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 12 $2,450,000 $204,167 $2,777 3.61%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,260,000 $282,500 $6,917 2.81%
Outside of Metro Areas 5 $1,965,000 $393,000 $4,341 3.13%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 4.13%
SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,005,000 $201,000 $2,702 3.47%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $875,000 $175,000 $888 3.80%
Torrington, CT (FHA|USDA|VA) 2 $590,000 $295,000 $6,438 3.19%
Lebanon, NH-VT (FHA|USDA|VA) 2 $320,000 $160,000 $3,007 2.75%
Berlin, NH (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.75%
PITTSFIELD, MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.40%

The Washington Trust Company Of Westerly's top markets include Providence, Boston, Norwich, Bridgeport, and Hartford among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,384 $705,680,000 $296,007 $3,101 3.01%
FHA 46 $15,900,000 $345,652 $9,578 2.58%
VA 12 $4,150,000 $345,833 $7,156 2.51%

For the 2021 period, The Washington Trust Company Of Westerly's most frequently originated loan type of loans were Conventional, with 2,384 originations. Their 2nd most popular type is FHA, with 46 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 812 $237,420,000 $292,389 $3,058 2.82%
Home Purchase 693 $280,915,000 $405,361 $3,620 3.21%
Cash Out Refi 405 $124,865,000 $308,309 $3,405 3.07%
Home Improvement 319 $42,665,000 $133,746 $1,896 2.93%
Other 213 $39,865,000 $187,160 $2,541 2.97%

For the 2021, The Washington Trust Company Of Westerly's most frequently cited loan purpose of loans were Refi, with 812 originations. The 2nd most popular reason of loans were Home Purchase, with 693 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,142 $385,180,000 $337,285 $3,573 3.09%
Other 820 $198,160,000 $241,659 $3,127 2.87%
15 Year 259 $53,345,000 $205,965 $2,355 3.08%
20 Year 132 $35,690,000 $270,379 $2,969 2.85%
10 Year 54 $26,990,000 $499,815 $2,205 2.99%
30+ year 30 $24,210,000 $807,000 $6,298 3.43%
5 Year 5 $2,155,000 $431,000 $0 3.74%

For the 2021, The Washington Trust Company Of Westerly's most frequently cited loan length of loans were 30 Year, with 1,142 originations. The 2nd most popular length of loans were Other, with 820 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,334 $438,200,000 $328,486
$<1k 203 $33,595,000 $165,493
$2k-3k 32 $11,470,000 $358,438
$3k-4k 18 $8,080,000 $448,889
$5k+ 7 $3,885,000 $555,000

$3,573 of loans were The Washington Trust Company Of Westerly's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,334 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 879 $298,675,000 $339,790
3-4% 765 $246,685,000 $322,464
<2.5% 638 $155,830,000 $244,248
4-5% 152 $23,870,000 $157,039
5-6% 5 $385,000 $77,000
7-8% 2 $160,000 $80,000
6-7% 1 $125,000 $125,000

During 2021, The Washington Trust Company Of Westerly's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 879 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 975 $270,315,000 $277,246 $3,407 2.94%
$100k-200k 638 $93,420,000 $146,426 $2,524 2.97%
$100,000 or less 377 $21,815,000 $57,865 $933 3.29%
$400k-600k 292 $139,260,000 $476,918 $4,190 2.92%
$600k-1MM 116 $83,700,000 $721,552 $5,319 2.93%
$1MM+ 44 $117,220,000 $2,664,091 $7,258 3.04%

2021 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 975 originations, totaling $270,315,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 529 $124,635,000 $235,605 $3,407 2.95%
$150k-250k 518 $152,210,000 $293,842 $3,174 3.02%
$250k+ 421 $192,575,000 $457,423 $3,685 3.14%
$75k-100k 403 $88,405,000 $219,367 $3,479 2.94%
$50k-75k 373 $68,105,000 $182,587 $3,098 2.99%
$50k or less 109 $14,955,000 $137,202 $2,826 2.99%

The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $100k-150k range, with 529 originations. The second most popular income band? $150k-250k, with 518 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 669 $181,415,000 $271,173 $3,103 2.98%
30-36% 520 $134,060,000 $257,808 $3,425 3.07%
<20% 237 $67,435,000 $284,536 $3,092 2.87%
42% 135 $32,205,000 $238,556 $3,168 3.00%
36% 108 $27,860,000 $257,963 $3,051 3.06%
38% 97 $29,565,000 $304,794 $3,646 2.96%
37% 93 $27,335,000 $293,925 $3,351 2.99%
41% 91 $24,685,000 $271,264 $3,076 3.04%
40% 85 $23,685,000 $278,647 $3,867 2.95%
39% 75 $20,595,000 $274,600 $3,460 2.96%
43% 64 $16,810,000 $262,656 $3,100 3.07%
44% 59 $15,495,000 $262,627 $3,311 3.05%
45% 46 $12,930,000 $281,087 $3,599 3.04%
46% 41 $13,955,000 $340,366 $3,766 3.08%
47% 37 $9,955,000 $269,054 $3,635 2.90%
49% 26 $7,010,000 $269,615 $3,463 3.15%
48% 20 $6,170,000 $308,500 $4,032 3.04%
50-60% 14 $4,130,000 $295,000 $5,026 2.97%
>60% 7 $1,305,000 $186,429 $4,771 2.78%

The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 20-30%, with 669 originations. The next most common DTI ratio? 30-36%, with 520 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,007 $544,165,000 $271,134 $3,289 2.97%
Not provided 311 $82,195,000 $264,293 $3,289 3.10%
Not applicable 13 $67,435,000 $5,187,308 $0 3.64%
Asian 64 $19,450,000 $303,906 $3,270 3.24%
Black 32 $7,280,000 $227,500 $4,790 3.28%
American Indian 7 $2,035,000 $290,714 $4,648 2.80%
Asian Indian 3 $1,485,000 $495,000 $3,610 2.87%
Other Asian 2 $710,000 $355,000 $3,743 3.00%
Korean 1 $505,000 $505,000 $0 2.40%
Native Hawaiian 1 $365,000 $365,000 $3,736 2.88%
Other Pacific Islander 1 $105,000 $105,000 $2,930 3.25%

Approval Rates

Total approvals of all applications
92.47%

The Washington Trust Company Of Westerly has an average approval rate.

Pick Rate

Approvals leading to origination
78.65%

The Washington Trust Company Of Westerly has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,442 $725,730,000 $297,187

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,442 $725,730,000 $297,187

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 409 $106,815,000 $261,161 $3,063 2.79%
40-60% 555 $163,575,000 $294,730 $3,154 2.87%
60-80% 675 $291,815,000 $432,319 $3,490 3.03%
80-100% 321 $117,315,000 $365,467 $4,532 2.95%
Under 20% 482 $46,210,000 $95,871 $680 3.33%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Washington Trust Company, of Westerly 14 Clara Drive Mystic, CT 6355 Full Service Retail $72,305
The Washington Trust Company, of Westerly 645 Reservoir Avenue Cranston, RI 2910 Full Service B&M $143,519
The Washington Trust Company, of Westerly 695 Main Street East Greenwich, RI 2818 Full Service B&M $3,783
The Washington Trust Company, of Westerly 730 Kingstown Road Wakefield, RI 2879 Full Service B&M $140,642
The Washington Trust Company, of Westerly 732 Tiogue Avenue Coventry, RI 2816 Full Service B&M $24,469
The Washington Trust Company, of Westerly 7625 Post Road North Kingstown, RI 2852 Full Service B&M $212,937
The Washington Trust Company, of Westerly 885 Boston Neck Road Narragansett, RI 2882 Full Service B&M $101,373
The Washington Trust Company, of Westerly Ocean Avenue And Corn Neck Road Block Island, RI 2807 Full Service B&M $70,225
The Washington Trust Company, of Westerly 10 Weybosset St Providence, RI 2903 Limited, Trust Office $0
The Washington Trust Company, of Westerly 106 Main Street Westerly, RI 2891 Full Service Retail $25,406
The Washington Trust Company, of Westerly 1200 Main Street Wyoming, RI 2898 Full Service B&M $188,465
The Washington Trust Company, of Westerly 1203 Oaklawn Avenue Cranston, RI 2920 Full Service B&M $150,119
The Washington Trust Company, of Westerly 126 Franklin Street Westerly, RI 2891 Full Service B&M $307,589
The Washington Trust Company, of Westerly 1383 Atwood Avenue Johnston, RI 2919 Full Service B&M $75,333
The Washington Trust Company, of Westerly 1473 Warwick Avenue Warwick, RI 2888 Full Service B&M $101,573
The Washington Trust Company, of Westerly 156 Westminster Street Providence, RI 2903 Full Service B&M $352,665
The Washington Trust Company, of Westerly 1588 Mineral Spring Avenue North Providence, RI 2904 Full Service B&M $30,320
The Washington Trust Company, of Westerly 20 Point Judith Road Narragansett, RI 2882 Full Service B&M $353,794
The Washington Trust Company, of Westerly 2174 Plainfield Pike Cranston, RI 2921 Full Service B&M $57,516
The Washington Trust Company, of Westerly 229 Waterman Street Providence, RI 2906 Full Service B&M $40,955
The Washington Trust Company, of Westerly 23 Broad St Westerly, RI 2891 Full Service B&M $1,665,189
The Washington Trust Company, of Westerly 236 Centerville Road (Rt. 117) Warwick, RI 2886 Full Service B&M $269,850
The Washington Trust Company, of Westerly 330 Newport Avenue Rumford, RI 2916 Full Service B&M $26,295
The Washington Trust Company, of Westerly 4137 Old Post Road Charlestown, RI 2813 Full Service B&M $204,735
The Washington Trust Company, of Westerly 587 Taunton Avenue East Providence, RI 2914 Full Service B&M $110,948

For 2021, The Washington Trust Company Of Westerly had 25 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $175,415
Net interest income $141,806
Total noninterest income $87,455
Gross Fiduciary activities income $33,084
Service charges on deposit accounts $2,635
Trading account gains and fees $4,342
Additional Noninterest Income $47,394
Pre-tax net operating income $99,339
Securities gains (or losses, -) $0
Income before extraordinary items $77,777
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $77,777
Minority interest net income $0
Net income $77,777
Sale, conversion, retirement of capital stock, net $3,316
Net operating income $77,777

The Washington Trust Company Of Westerly's gross interest income from loans was $175,415,000.
The Washington Trust Company Of Westerly's net interest income from loans was $141,806,000.
The Washington Trust Company Of Westerly's fee based income from loans was $2,635,000.
The Washington Trust Company Of Westerly's net income from loans was $77,777,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $33,609
Provision for credit losses $-4,822
Total noninterest expense $134,744
Salaries and employee benefits $87,431
Premises and equipment expense $11,097
Additional noninterest expense $36,216
Applicable income taxes $21,562
Net charge-offs $417
Cash dividends $45,732

The Washington Trust Company Of Westerly's interest expense for loans was $33,609,000.
The Washington Trust Company Of Westerly's payroll and benefits expense were $87,431,000.
The Washington Trust Company Of Westerly's property, plant and equipment expenses $11,097,000.

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 $4,988,672
Deposits held in domestic offices $4,988,672
Deposits by Individuals, partnerships, and corporations $4,656,126
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $325,557
Deposits by Commercial banks and other depository institutions in U.S. $6,989
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $717,977
Demand deposits $444,089
Nontransaction accounts $4,270,695
Money market deposit accounts (MMDAs) $1,072,864
Other savings deposits (excluding MMDAs) $1,909,220
Total time deposits $1,288,611
Total time and savings deposits $4,544,583
Noninterest-bearing deposits $953,675
Interest-bearing deposits $4,034,997
Retail deposits $4,299,158
IRAs and Keogh plan accounts $149,656
Brokered deposits $515,228
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $5,850,018
Cash & Balances due from depository institutions $175,380
Interest-bearing balances $128,274
Total securities $1,046,093
Federal funds sold & reverse repurchase $0
Net loans and leases $4,274,289
Loan and leases loss allowance $39,088
Trading account assets $32,377
Bank premises and fixed assets $55,007
Other real estate owned $0
Goodwill and other intangibles $79,145
All other assets $187,727

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $5,850,018
Total Liabilities $5,276,261
Total deposits $4,988,672
Interest-bearing deposits $4,034,997
Deposits held in domestic offices $4,988,672
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $32,509
Other borrowed funds $145,000
Subordinated debt $0
All other liabilities $110,080

Issued Loan Types

Type Value (in 000's)
Net loans and leases $4,274,289
Loan and leases loss allowance $39,088
Total loans and leases (domestic) $4,313,377
All real estate loans $3,941,584
Real estate loans in domestic offices $3,941,584
Construction and development loans $156,477
Residential 1-4 family construction $29,163
Other construction, all land development and other land $127,314
Loans secured by nonfarm nonresidential properties $1,351,456
Nonfarm nonresidential secured by owner-occupied properties $282,298
Commercial real estate & other non-farm, non-residential $1,069,158
Multifamily residential real estate $447,615
1-4 family residential loans $1,986,036
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $235,774
To non-U.S. addressees $0
Loans to individuals $12,478
Credit card loans $0
Related Plans $260
Consumer Auto Loans $139
Other loans to individuals $12,079
All other loans & leases $123,541
Loans to foreign governments and official institutions $0
Other loans $94
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $3,544
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $16,329
Non 1-4 family restructured loans & leases $13,395
Total loans and leases (foreign) $0

The Washington Trust Company of Westerly had $4,274,289,000 of loans outstanding in 2021. $3,941,584,000 of loans were in real estate loans. $156,477,000 of loans were in development loans. $447,615,000 of loans were in multifamily mortgage loans. $1,986,036,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $139,000 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 430 $93,651 $217,793
Nonfarm, nonresidential loans - <$100k 53 $1,639 $30,925
Nonfarm, nonresidential loans - $100-250k 119 $11,300 $94,958
Nonfarm, nonresidential loans - $250k-1MM 258 $80,712 $312,837
Commercial & Industrial, US addressed loans - <$1MM 1,029 $62,340 $60,583
Commercial & Industrial, US addressed loans - <$100k 649 $8,363 $12,886
Commercial & Industrial, US addressed loans - $100-250k 152 $12,247 $80,572
Commercial & Industrial, US addressed loans - $250k-1MM 228 $41,730 $183,026