Westfield Bank Mortgage Rates, Fees & Info
Westfield, MALEI: 549300KV83NH6PNL5E48
Tax ID: 04-3305700
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Bank Data
Overview
Westfield Bank is a smaller bank specializing in Refi and Home Purchase loans. Westfield Bank has a high proportion of conventional loans. Their top markets include Springfield, Hartford, Boston, Worcester, and New Haven among others. Westfield 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. Westfield Bank is typically an average fee lendor.Originations
822Origination Dollar Volume (All Markets)
$254,770,000Employee count
309Awards
Westfield Bank - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Westfield Bank's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Westfield Bank's average total fees for a 30 year fixed rate
mortgage are $3,544.
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 |
|---|---|---|---|---|---|
| SPRINGFIELD, MA (FHA|USDA|VA) | 662 | $146,090,000 | $220,680 | $2,774 | 3.19% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 102 | $65,040,000 | $637,647 | $3,735 | 3.10% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 11 | $15,705,000 | $1,427,727 | $3,901 | 3.30% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 13 | $13,955,000 | $1,073,462 | $2,856 | 3.60% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 4 | $2,830,000 | $707,500 | $4,806 | 3.39% |
| PITTSFIELD, MA (FHA|USDA|VA) | 9 | $2,355,000 | $261,667 | $3,741 | 3.25% |
| Lebanon, NH-VT (FHA|USDA|VA) | 2 | $2,120,000 | $1,060,000 | $5,360 | 3.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,745,000 | $581,667 | $4,465 | 3.08% |
| Outside of Metro Areas | 4 | $1,570,000 | $392,500 | $6,240 | 3.25% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $4,130 | 3.06% |
| Torrington, CT (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $2,808 | 3.25% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $3,501 | 3.25% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,331 | 3.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,827 | 3.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,372 | 3.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,754 | 3.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,343 | 3.00% |
Westfield Bank's top markets include Springfield, Hartford, Boston, Worcester, and New Haven among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 822 | $254,770,000 | $309,939 | $2,957 | 3.18% |
For the 2021 period, Westfield Bank's most frequently originated loan type of loans were Conventional, with 822 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 338 | $101,830,000 | $301,272 | $2,339 | 3.26% |
| Home Purchase | 276 | $95,460,000 | $345,870 | $4,015 | 3.13% |
| Cash Out Refi | 159 | $32,625,000 | $205,189 | $3,135 | 2.89% |
| Home Improvement | 32 | $23,360,000 | $730,000 | $541 | 3.97% |
| Other | 17 | $1,495,000 | $87,941 | $648 | 3.84% |
For the 2021, Westfield Bank's most frequently cited loan purpose of loans were Refi, with 338 originations. The 2nd most popular reason of loans were Home Purchase, with 276 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 447 | $133,545,000 | $298,758 | $3,544 | 3.11% |
| 15 Year | 147 | $26,885,000 | $182,891 | $2,032 | 3.19% |
| 20 Year | 93 | $21,865,000 | $235,108 | $2,303 | 3.23% |
| 10 Year | 63 | $42,935,000 | $681,508 | $937 | 3.52% |
| 30+ year | 35 | $15,325,000 | $437,857 | $5,541 | 3.08% |
| Other | 22 | $13,440,000 | $610,909 | $3,828 | 3.63% |
| 5 Year | 15 | $775,000 | $51,667 | $107 | 3.27% |
For the 2021, Westfield Bank's most frequently cited loan length of loans were 30 Year, with 447 originations. The 2nd most popular length of loans were 15 Year, with 147 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 719 | $159,985,000 | $222,510 |
| $1k-2k | 8 | $3,710,000 | $463,750 |
$3,544 of loans were Westfield Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 719 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 499 | $126,265,000 | $253,036 |
| 3-4% | 247 | $117,535,000 | $475,850 |
| 4-5% | 53 | $6,375,000 | $120,283 |
| <2.5% | 15 | $3,815,000 | $254,333 |
| 5-6% | 8 | $780,000 | $97,500 |
During 2021, Westfield Bank's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 499 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 313 | $83,505,000 | $266,789 | $3,566 | 3.03% |
| $100k-200k | 280 | $42,590,000 | $152,107 | $2,757 | 3.12% |
| $100,000 or less | 125 | $6,955,000 | $55,640 | $613 | 3.71% |
| $400k-600k | 64 | $29,910,000 | $467,344 | $4,541 | 3.05% |
| $1MM+ | 23 | $79,865,000 | $3,472,391 | $6,210 | 3.58% |
| $600k-1MM | 17 | $11,945,000 | $702,647 | $5,385 | 3.07% |
2021 saw Westfield Bank place emphasis on $200k-400k loans with 313 originations, totaling $83,505,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 188 | $30,430,000 | $161,862 | $2,631 | 3.15% |
| $100k-150k | 179 | $44,195,000 | $246,899 | $3,220 | 3.19% |
| $75k-100k | 133 | $25,795,000 | $193,947 | $2,949 | 3.08% |
| $150k-250k | 105 | $31,495,000 | $299,952 | $3,282 | 3.10% |
| $50k or less | 101 | $12,335,000 | $122,129 | $2,319 | 3.16% |
| $250k+ | 56 | $26,780,000 | $478,214 | $4,044 | 3.18% |
Westfield Bank lent most frequently to those with incomes in the $50k-75k range, with 188 originations. The second most popular income band? $100k-150k, with 179 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 202 | $46,430,000 | $229,851 | $3,078 | 3.08% |
| 30-36% | 139 | $29,875,000 | $214,928 | $2,805 | 3.11% |
| <20% | 92 | $21,480,000 | $233,478 | $2,749 | 3.12% |
| 36% | 34 | $9,390,000 | $276,176 | $2,893 | 3.28% |
| 44% | 32 | $7,240,000 | $226,250 | $3,367 | 3.04% |
| 42% | 30 | $5,850,000 | $195,000 | $2,679 | 3.34% |
| 38% | 28 | $5,760,000 | $205,714 | $2,929 | 3.07% |
| 41% | 26 | $5,820,000 | $223,846 | $2,860 | 3.07% |
| 39% | 25 | $5,965,000 | $238,600 | $3,718 | 3.18% |
| 43% | 24 | $4,600,000 | $191,667 | $2,735 | 3.21% |
| 45% | 22 | $4,240,000 | $192,727 | $2,880 | 3.26% |
| 37% | 22 | $3,450,000 | $156,818 | $2,927 | 3.14% |
| 49% | 22 | $5,080,000 | $230,909 | $2,538 | 3.45% |
| 40% | 20 | $4,420,000 | $221,000 | $3,337 | 3.11% |
| 48% | 17 | $3,705,000 | $217,941 | $2,805 | 3.21% |
| 46% | 16 | $4,710,000 | $294,375 | $3,449 | 3.23% |
| 47% | 15 | $3,315,000 | $221,000 | $3,029 | 3.16% |
| 50-60% | 14 | $3,240,000 | $231,429 | $3,092 | 3.17% |
Westfield Bank lent most frequently to those with DTI ratios of 20-30%, with 202 originations. The next most common DTI ratio? 30-36%, with 139 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 653 | $147,075,000 | $225,230 | $2,931 | 3.14% |
| Not applicable | 41 | $78,115,000 | $1,905,244 | $0 | 3.93% |
| Not provided | 99 | $22,785,000 | $230,152 | $3,101 | 3.18% |
| Asian | 17 | $4,605,000 | $270,882 | $3,045 | 3.33% |
| Black | 12 | $2,190,000 | $182,500 | $3,136 | 3.02% |
Approval Rates
Total approvals of all applications93.23%
Westfield Bank has an average approval rate.
Pick Rate
Approvals leading to origination83.15%
Westfield Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 822 | $254,770,000 | $309,939 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 822 | $254,770,000 | $309,939 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 88 | $9,350,000 | $106,250 | $1,609 | 3.26% |
| 40-60% | 151 | $32,575,000 | $215,728 | $2,846 | 3.08% |
| 60-80% | 338 | $149,580,000 | $442,544 | $3,391 | 3.13% |
| 80-100% | 190 | $60,650,000 | $319,211 | $3,919 | 3.07% |
| Over 100% | 1 | $575,000 | $575,000 | $0 | 3.85% |
| Under 20% | 54 | $2,040,000 | $37,778 | $125 | 4.04% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Westfield Bank | 10 Hartford Avenue Granby, CT 6035 | Full Service B&M | $33,773 |
| Westfield Bank | 382 North Main Street East Longmeadow, MA 1028 | Full Service B&M | $99,641 |
| Westfield Bank | 39 Morgan Road West Springfield, MA 1089 | Full Service B&M | $92,826 |
| Westfield Bank | 462 College Highway Southwick, MA 1077 | Full Service B&M | $72,695 |
| Westfield Bank | 47 Palomba Drive Enfield, CT 6082 | Full Service B&M | $75,969 |
| Westfield Bank | 477 Center Street Ludlow, MA 1056 | Full Service B&M | $97,131 |
| Westfield Bank | 560 East Main Street Westfield, MA 1085 | Full Service B&M | $136,927 |
| Westfield Bank | 569 East Street Chicopee, MA 1020 | Full Service B&M | $73,268 |
| Westfield Bank | 599 Memorial Drive Chicopee, MA 1020 | Full Service B&M | $65,117 |
| Westfield Bank | 655 Main Street Agawam, MA 1001 | Full Service B&M | $162,420 |
| Westfield Bank | 70 Center Street Chicopee, MA 1013 | Full Service B&M | $228,558 |
| Westfield Bank | 977 Farmington Avenue West Hartford, CT 6107 | Full Service B&M | $14,692 |
| Westfield Bank | 14 Russell Road Huntington, MA 1050 | Full Service B&M | $27,109 |
| Westfield Bank | 141 Elm St Westfield, MA 1085 | Full Service B&M | $295,981 |
| Westfield Bank | 141 Elm Street Westfield, MA 1085 | Full Service Cyber Office | $32,881 |
| Westfield Bank | 1500 Main Street Springfield, MA 1103 | Full Service B&M | $47,835 |
| Westfield Bank | 1650 Northhampton Street Holyoke, MA 1040 | Full Service B&M | $67,959 |
| Westfield Bank | 206 Park Street West Springfield, MA 1089 | Full Service B&M | $178,908 |
| Westfield Bank | 241 Burnett Road Chicopee, MA 1013 | Full Service B&M | $55,279 |
| Westfield Bank | 241 South Westfield Street Feeding Hills, MA 1030 | Full Service B&M | $67,029 |
| Westfield Bank | 26 Arnold Street Westfield, MA 1085 | Full Service B&M | $35,833 |
| Westfield Bank | 300 Southampton Road Westfield, MA 1085 | Full Service B&M | $123,979 |
| Westfield Bank | 32 Willimansett Street South Hadley, MA 1075 | Full Service B&M | $44,873 |
| Westfield Bank | 350 Palmer Road, Suite 100 Ware, MA 1082 | Full Service B&M | $24,040 |
| Westfield Bank | 377 Cottage Grove Rd Bloomfield, CT 6002 | Full Service B&M | $5,387 |
| Westfield Bank | 1305 Memorial Avenue West Springfield, MA 1089 | Limited, Mobile/Seasonal Office | $0 |
| Westfield Bank | 1342 Liberty Street Springfield, MA 1104 | Full Service B&M | $29,422 |
For 2021, Westfield Bank had 27 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $79,849 |
| Net interest income | $73,883 |
| Total noninterest income | $12,804 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $2,306 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $10,498 |
| Pre-tax net operating income | $35,115 |
| Securities gains (or losses, -) | $-240 |
| Income before extraordinary items | $26,033 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $26,033 |
| Minority interest net income | $0 |
| Net income | $26,033 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $26,222 |
Westfield Bank's gross interest income from loans was $79,849,000.
Westfield Bank's net interest income from loans was $73,883,000.
Westfield Bank's fee based income from loans was $2,306,000.
Westfield Bank's net income from loans was $26,033,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $5,966 |
| Provision for credit losses | $-925 |
| Total noninterest expense | $52,497 |
| Salaries and employee benefits | $29,951 |
| Premises and equipment expense | $7,143 |
| Additional noninterest expense | $15,403 |
| Applicable income taxes | $8,842 |
| Net charge-offs | $445 |
| Cash dividends | $13,024 |
Westfield Bank's interest expense for loans was $5,966,000.
Westfield Bank's payroll and benefits expense were $29,951,000.
Westfield Bank's property, plant and equipment expenses $7,143,000.
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 | $2,259,093 |
| Deposits held in domestic offices | $2,259,093 |
| Deposits by Individuals, partnerships, and corporations | $2,132,102 |
| Deposits by U.S. Government | $1,334 |
| Deposits by States and political subdivisions in the U.S. | $123,444 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,213 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $147,006 |
| Demand deposits | $147,006 |
| Nontransaction accounts | $2,112,087 |
| Money market deposit accounts (MMDAs) | $850,329 |
| Other savings deposits (excluding MMDAs) | $859,726 |
| Total time deposits | $402,032 |
| Total time and savings deposits | $2,112,087 |
| Noninterest-bearing deposits | $117,505 |
| Interest-bearing deposits | $2,141,588 |
| Retail deposits | $2,193,483 |
| IRAs and Keogh plan accounts | $96,206 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $2,532,479 |
| Cash & Balances due from depository institutions | $94,475 |
| Interest-bearing balances | $79,342 |
| Total securities | $428,520 |
| Federal funds sold & reverse repurchase | $4,898 |
| Net loans and leases | $1,844,929 |
| Loan and leases loss allowance | $19,787 |
| Trading account assets | $1,692 |
| Bank premises and fixed assets | $34,670 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $15,743 |
| All other assets | $107,552 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $2,532,479 |
| Total Liabilities | $2,306,463 |
| Total deposits | $2,259,093 |
| Interest-bearing deposits | $2,141,588 |
| Deposits held in domestic offices | $2,259,093 |
| % insured (estimated) | $68 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $1,692 |
| Other borrowed funds | $2,653 |
| Subordinated debt | $0 |
| All other liabilities | $43,025 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,844,929 |
| Loan and leases loss allowance | $19,787 |
| Total loans and leases (domestic) | $1,864,716 |
| All real estate loans | $1,606,080 |
| Real estate loans in domestic offices | $1,606,080 |
| Construction and development loans | $91,572 |
| Residential 1-4 family construction | $10,975 |
| Other construction, all land development and other land | $80,597 |
| Loans secured by nonfarm nonresidential properties | $652,591 |
| Nonfarm nonresidential secured by owner-occupied properties | $176,365 |
| Commercial real estate & other non-farm, non-residential | $476,226 |
| Multifamily residential real estate | $175,981 |
| 1-4 family residential loans | $685,936 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $214,525 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4,097 |
| Credit card loans | $0 |
| Related Plans | $917 |
| Consumer Auto Loans | $3,009 |
| Other loans to individuals | $171 |
| All other loans & leases | $40,014 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $9,068 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $266 |
| Loans secured by real estate to non-U.S. addressees | $670 |
| Restructured Loans & leases | $3,957 |
| Non 1-4 family restructured loans & leases | $3,347 |
| Total loans and leases (foreign) | $0 |
Westfield Bank had $1,844,929,000 of loans outstanding in 2021. $1,606,080,000 of loans were in real estate loans. $91,572,000 of loans were in development loans. $175,981,000 of loans were in multifamily mortgage loans. $685,936,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,009,000 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 | 455 | $112,210 | $246,615 |
| Nonfarm, nonresidential loans - <$100k | 31 | $1,299 | $41,903 |
| Nonfarm, nonresidential loans - $100-250k | 172 | $19,980 | $116,163 |
| Nonfarm, nonresidential loans - $250k-1MM | 252 | $90,931 | $360,837 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,254 | $83,376 | $66,488 |
| Commercial & Industrial, US addressed loans - <$100k | 835 | $17,921 | $21,462 |
| Commercial & Industrial, US addressed loans - $100-250k | 215 | $20,507 | $95,381 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 204 | $44,948 | $220,333 |
