Westfield Bank Mortgage Rates, Fees & Info

Westfield, MA

LEI: 549300KV83NH6PNL5E48

Tax ID: 04-3305700

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

822

Origination Dollar Volume (All Markets)

$254,770,000

Employee count

309

Awards

Westfield Bank 30 Year Conventional Loans silver Westfield Bank 30 Year Conventional Loans bronze Westfield Bank 30 Year Conventional Loans bronze
Show all (3) awards

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 applications
93.23%

Westfield Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.15%

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