The Washington Trust Company Of Westerly Mortgage Rates, Fees & Info
Westerly, RILEI: 549300HKYBSATM44Q425
Tax ID: 05-0235370
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Review & 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 by origination volume include: Providence, Boston, Norwich, Hartford, and Bridgeport among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)The Washington Trust Company Of Westerly has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Washington Trust Company Of Westerly 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
Home Equity Line of Credit (HELOC) | 6.27% | 11/21/24 |
30 Year Conventional Purchase | 6.29% | 11/21/24 |
30 Year Conventional Refi | 6.43% | 11/21/24 |
30 Year Cash-out Refi | 6.53% | 11/21/24 |
30 Year FHA Purchase | 6.89% | 11/21/24 |
30 Year FHA Refi | 6.27% | 11/21/24 |
30 Year VA Purchase | 6.01% | 11/21/24 |
30 Year VA Refi | 5.81% | 11/21/24 |
15 Year Conventional Purchase | 6.83% | 11/21/24 |
15 Year Conventional Refi | 6.16% | 11/21/24 |
15 Year Cash-out Refi | 6.16% | 11/21/24 |
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. |
The Washington Trust Company Of Westerly Mortgage Calculator
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Originations
2,583Origination Dollar Volume (All Markets)
$689,665,000Employee count
609 Show all (3) awardsThe Washington Trust Company of Westerly - 2020
The Washington Trust Company of Westerly is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 2,164 | $560,420,000 | $258,974 | $3,186 | 3.21% |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 205 | $45,645,000 | $222,659 | $1,736 | 3.81% |
NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 89 | $24,295,000 | $272,978 | $3,201 | 3.32% |
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 42 | $21,210,000 | $505,000 | $1,306 | 4.17% |
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 16 | $9,970,000 | $623,125 | $5,065 | 3.14% |
WORCESTER, MA-CT (FHA|USDA|VA) | 23 | $9,965,000 | $433,261 | $2,215 | 3.15% |
BARNSTABLE TOWN, MA (FHA|USDA|VA) | 12 | $7,410,000 | $617,500 | $4,785 | 2.76% |
Torrington, CT (FHA|USDA|VA) | 5 | $5,225,000 | $1,045,000 | $3,034 | 3.34% |
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 12 | $2,730,000 | $227,500 | $2,417 | 3.70% |
Outside of Metro Areas | 6 | $1,050,000 | $175,000 | $2,413 | 3.71% |
Vineyard Haven, MA (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $2,749 | 3.56% |
Lebanon, NH-VT (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $1,608 | 4.06% |
MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $1,590 | 4.37% |
SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,133 | 3.00% |
Concord, NH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.99% |
PITTSFIELD, MA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.99% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against The Washington Trust Company of Westerly based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2020, The Washington Trust Company Of Westerly's most frequently originated type of loan was Conventional, with 1,834 originations. Their 2nd most popular type was HELOC, with 708 originations.
Loan Reason
For 2020, The Washington Trust Company Of Westerly's most frequently cited loan purpose was Refi, with 1,103 originations. The 2nd most popular reason was Home Purchase, with 648 originations.
Loan Duration/Length
For 2020, The Washington Trust Company Of Westerly's most frequently cited loan duration was 30 Year, with 1,244 originations. The 2nd most popular length was Other, with 762 originations.
Origination Fees/Closing Costs
The Washington Trust Company Of Westerly's average total fees were $3,226, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,510 originations.
Interest Rates
During 2020, The Washington Trust Company Of Westerly's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 1,230 originations.
Loan Sizing
2020 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 1,110 originations, totaling $312,310,000 in origination value.
Applicant Income
The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $100k-150k range, with 586 originations. The second most popular income band? $150k-250k, with 565 originations.
Applicant Debt to Income Ratio
The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 20-30%, with 736 originations. The next most common DTI ratio? 30-36%, with 574 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.67%
The Washington Trust Company Of Westerly has an average approval rate.
Pick Rate
Approvals leading to origination74.18%
The Washington Trust Company Of Westerly has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 2,583 | $689,665,000 | $267,002 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
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 | $20,858 |
The Washington Trust Company, of Westerly | 1200 Main Street Wyoming, RI 2898 | Full Service B&M | $166,686 |
The Washington Trust Company, of Westerly | 1203 Oaklawn Avenue Cranston, RI 2920 | Full Service B&M | $135,767 |
The Washington Trust Company, of Westerly | 126 Franklin Street Westerly, RI 2891 | Full Service B&M | $253,613 |
The Washington Trust Company, of Westerly | 1383 Atwood Avenue Johnston, RI 2919 | Full Service B&M | $67,677 |
The Washington Trust Company, of Westerly | 14 Clara Drive Mystic, CT 6355 | Full Service Retail | $64,167 |
The Washington Trust Company, of Westerly | 1473 Warwick Avenue Warwick, RI 2888 | Full Service B&M | $93,962 |
The Washington Trust Company, of Westerly | 156 Westminster Street Providence, RI 2903 | Full Service B&M | $335,519 |
The Washington Trust Company, of Westerly | 1588 Mineral Spring Avenue North Providence, RI 2904 | Full Service B&M | $22,555 |
The Washington Trust Company, of Westerly | 20 Point Judith Road Narragansett, RI 2882 | Full Service B&M | $319,895 |
The Washington Trust Company, of Westerly | 2174 Plainfield Pike Cranston, RI 2921 | Full Service B&M | $47,533 |
The Washington Trust Company, of Westerly | 229 Waterman Street Providence, RI 2906 | Full Service B&M | $37,391 |
The Washington Trust Company, of Westerly | 23 Broad Street Westerly, RI 2891 | Full Service B&M | $1,370,353 |
The Washington Trust Company, of Westerly | 236 Centerville Road (Rt. 117) Warwick, RI 2886 | Full Service B&M | $256,942 |
The Washington Trust Company, of Westerly | 330 Newport Avenue Rumford, RI 2916 | Full Service B&M | $20,657 |
The Washington Trust Company, of Westerly | 4137 Old Post Road Charlestown, RI 2813 | Full Service B&M | $183,651 |
The Washington Trust Company, of Westerly | 587 Taunton Avenue East Providence, RI 2914 | Full Service B&M | $100,180 |
The Washington Trust Company, of Westerly | 645 Reservoir Avenue Cranston, RI 2910 | Full Service B&M | $144,887 |
The Washington Trust Company, of Westerly | 730 Kingstown Road Wakefield, RI 2879 | Full Service B&M | $124,962 |
The Washington Trust Company, of Westerly | 732 Tiogue Avenue Coventry, RI 2816 | Full Service B&M | $21,113 |
The Washington Trust Company, of Westerly | 7625 Post Road North Kingstown, RI 2852 | Full Service B&M | $193,652 |
The Washington Trust Company, of Westerly | 885 Boston Neck Road Narragansett, RI 2882 | Full Service B&M | $80,092 |
The Washington Trust Company, of Westerly | Ocean Avenue And Corn Neck Road Block Island, RI 2807 | Full Service B&M | $58,033 |
For 2020, The Washington Trust Company Of Westerly had 24 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $183,607 |
Net interest income | $128,084 |
Total noninterest income | $99,383 |
Gross Fiduciary activities income | $28,281 |
Service charges on deposit accounts | $2,680 |
Trading account gains and fees | $3,991 |
Additional Noninterest Income | $64,431 |
Pre-tax net operating income | $90,312 |
Securities gains (or losses, -) | $0 |
Income before extraordinary items | $70,741 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $70,741 |
Minority interest net income | $0 |
Net income | $70,741 |
Sale, conversion, retirement of capital stock, net | $3,766 |
Net operating income | $70,741 |
The Washington Trust Company Of Westerly's gross interest income from loans was $183,607,000.
The Washington Trust Company Of Westerly's net interest income from loans was $128,084,000.
The Washington Trust Company Of Westerly's fee based income from loans was $2,680,000.
The Washington Trust Company Of Westerly's net income from loans was $70,741,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $55,523 |
Provision for credit losses | $12,342 |
Total noninterest expense | $124,813 |
Salaries and employee benefits | $83,018 |
Premises and equipment expense | $10,547 |
Additional noninterest expense | $31,248 |
Applicable income taxes | $19,571 |
Net charge-offs | $1,145 |
Cash dividends | $43,139 |
The Washington Trust Company Of Westerly's interest expense for loans was $55,523,000.
The Washington Trust Company Of Westerly's payroll and benefits expense were $83,018,000.
The Washington Trust Company Of Westerly's property, plant and equipment expenses $10,547,000.
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 | $4,380,626 |
Deposits held in domestic offices | $4,380,626 |
Deposits by Individuals, partnerships, and corporations | $4,085,802 |
Deposits by U.S. Government | $0 |
Deposits by States and political subdivisions in the U.S. | $290,865 |
Deposits by Commercial banks and other depository institutions in U.S. | $3,959 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $547,171 |
Demand deposits | $340,692 |
Nontransaction accounts | $3,833,455 |
Money market deposit accounts (MMDAs) | $910,168 |
Other savings deposits (excluding MMDAs) | $1,626,891 |
Total time deposits | $1,296,396 |
Total time and savings deposits | $4,039,934 |
Noninterest-bearing deposits | $834,300 |
Interest-bearing deposits | $3,546,326 |
Retail deposits | $3,657,363 |
IRAs and Keogh plan accounts | $144,494 |
Brokered deposits | $591,541 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $5,712,705 |
Cash & Balances due from depository institutions | $193,980 |
Interest-bearing balances | $138,443 |
Total securities | $902,696 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $4,214,017 |
Loan and leases loss allowance | $44,106 |
Trading account assets | $75,804 |
Bank premises and fixed assets | $57,495 |
Other real estate owned | $0 |
Goodwill and other intangibles | $77,647 |
All other assets | $191,066 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $5,712,705 |
Total Liabilities | $5,161,719 |
Total deposits | $4,380,626 |
Interest-bearing deposits | $3,546,326 |
Deposits held in domestic offices | $4,380,626 |
% insured (estimated) | $75 |
Federal funds purchased and repurchase agreements | $0 |
Trading liabilities | $76,248 |
Other borrowed funds | $593,859 |
Subordinated debt | $0 |
All other liabilities | $110,986 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $4,214,017 |
Loan and leases loss allowance | $44,106 |
Total loans and leases (domestic) | $4,258,123 |
All real estate loans | $3,694,588 |
Real estate loans in domestic offices | $3,694,588 |
Construction and development loans | $140,128 |
Residential 1-4 family construction | $24,311 |
Other construction, all land development and other land | $115,817 |
Loans secured by nonfarm nonresidential properties | $1,330,053 |
Nonfarm nonresidential secured by owner-occupied properties | $267,874 |
Commercial real estate & other non-farm, non-residential | $1,062,179 |
Multifamily residential real estate | $460,058 |
1-4 family residential loans | $1,764,349 |
Farmland loans | $0 |
Loans held in foreign offices | $0 |
Farm loans | $0 |
Commercial and industrial loans | $409,252 |
To non-U.S. addressees | $0 |
Loans to individuals | $14,060 |
Credit card loans | $0 |
Related Plans | $316 |
Consumer Auto Loans | $144 |
Other loans to individuals | $13,600 |
All other loans & leases | $140,223 |
Loans to foreign governments and official institutions | $0 |
Other loans | $76 |
Loans to depository institutions and acceptances of other banks | $0 |
Loans not secured by real estate | $3,785 |
Loans secured by real estate to non-U.S. addressees | $0 |
Restructured Loans & leases | $13,350 |
Non 1-4 family restructured loans & leases | $8,621 |
Total loans and leases (foreign) | $0 |
The Washington Trust Company of Westerly had $4,214,017,000 of loans outstanding in 2020. $3,694,588,000 of loans were in real estate loans. $140,128,000 of loans were in development loans. $460,058,000 of loans were in multifamily mortgage loans. $1,764,349,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $144,000 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 | 500 | $103,831 | $207,662 |
Nonfarm, nonresidential loans - <$100k | 72 | $2,192 | $30,444 |
Nonfarm, nonresidential loans - $100-250k | 143 | $13,182 | $92,182 |
Nonfarm, nonresidential loans - $250k-1MM | 285 | $88,457 | $310,375 |
Commercial & Industrial, US addressed loans - <$1MM | 2,433 | $160,066 | $65,790 |
Commercial & Industrial, US addressed loans - <$100k | 1,791 | $43,398 | $24,231 |
Commercial & Industrial, US addressed loans - $100-250k | 358 | $42,431 | $118,522 |
Commercial & Industrial, US addressed loans - $250k-1MM | 284 | $74,237 | $261,398 |