Fairfield County Bank Mortgage Rates, Fees & Info

Ridgefield, CT

LEI: U9WBLC3ZT2VBJSNY2Y81

Tax ID: 06-0510330

5 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Fairfield County Bank is a smaller bank specializing in Home Purchase and Refi loans. Fairfield County Bank has a high proportion of conventional loans. Their top markets include Bridgeport, New York, New Haven, Torrington, and Hartford among others. Fairfield County 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. Fairfield County Bank is typically an average fee lendor.


Originations

377

Origination Dollar Volume (All Markets)

$211,905,000

Employee count

255

Relative Rate

Fairfield County Bank's average 30 year fixed rate mortgage of loans were 3.07%.

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

This yields a difference of -0.08%.

Relative Fees

Fairfield County Bank's average total fees for a 30 year fixed rate mortgage are $4,873.

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
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 333 $184,645,000 $554,489 $4,553 3.03%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 13 $15,105,000 $1,161,923 $7,229 3.76%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 12 $5,540,000 $461,667 $4,225 2.97%
Torrington, CT (FHA|USDA|VA) 12 $4,500,000 $375,000 $4,089 3.05%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,260,000 $315,000 $3,926 3.31%
Bennington, VT (FHA|USDA|VA) 1 $325,000 $325,000 $3,266 3.13%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $275,000 $275,000 $2,835 3.38%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $255,000 $255,000 $2,986 3.25%

Fairfield County Bank's top markets include Bridgeport, New York, New Haven, Torrington, and Hartford among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 377 $211,905,000 $562,082 $4,572 3.06%

For the 2021 period, Fairfield County Bank's most frequently originated loan type of loans were Conventional, with 377 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 179 $115,245,000 $643,827 $5,703 3.21%
Refi 162 $82,660,000 $510,247 $3,689 2.87%
Cash Out Refi 23 $8,485,000 $368,913 $3,557 3.14%
Home Improvement 7 $2,935,000 $419,286 $3,110 3.46%
Other 6 $2,580,000 $430,000 $4,684 2.92%

For the 2021, Fairfield County Bank's most frequently cited loan purpose of loans were Home Purchase, with 179 originations. The 2nd most popular reason of loans were Refi, with 162 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 226 $115,340,000 $510,354 $4,873 3.07%
Other 73 $67,235,000 $921,027 $4,689 3.53%
15 Year 55 $18,955,000 $344,636 $3,629 2.45%
20 Year 17 $8,405,000 $494,412 $3,842 3.05%
10 Year 6 $1,970,000 $328,333 $3,290 2.70%

For the 2021, Fairfield County Bank's most frequently cited loan length of loans were 30 Year, with 226 originations. The 2nd most popular length of loans were Other, with 73 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 287 $142,075,000 $495,035
$1k-2k 33 $17,625,000 $534,091
$2k-3k 7 $3,525,000 $503,571
$5k+ 4 $3,920,000 $980,000
$3k-4k 3 $1,845,000 $615,000

$4,873 of loans were Fairfield County Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 287 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 213 $119,365,000 $560,399
3-4% 99 $62,155,000 $627,828
<2.5% 46 $15,300,000 $332,609
4-5% 11 $3,455,000 $314,091
5-6% 4 $6,620,000 $1,655,000
6-7% 4 $5,010,000 $1,252,500

During 2021, Fairfield County Bank's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were 2.5-3%, with 213 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 114 $34,700,000 $304,386 $3,709 2.93%
$400k-600k 96 $46,610,000 $485,521 $4,493 3.02%
$600k-1MM 86 $64,840,000 $753,953 $5,492 3.02%
$100k-200k 38 $6,030,000 $158,684 $3,248 3.01%
$1MM+ 38 $59,300,000 $1,560,526 $7,769 3.65%
$100,000 or less 5 $425,000 $85,000 $3,157 3.45%

2021 saw Fairfield County Bank place emphasis on $200k-400k loans with 114 originations, totaling $34,700,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 103 $51,595,000 $500,922 $4,485 2.92%
$250k+ 103 $77,195,000 $749,466 $5,611 2.90%
$100k-150k 69 $23,935,000 $346,884 $3,855 2.93%
$75k-100k 36 $9,840,000 $273,333 $3,954 3.08%
$50k-75k 22 $4,910,000 $223,182 $3,763 2.99%
$50k or less 4 $710,000 $177,500 $4,025 3.13%

Fairfield County Bank lent most frequently to those with incomes in the $150k-250k range, with 103 originations. The second most popular income band? $250k+, with 103 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 109 $53,255,000 $488,578 $4,645 2.87%
30-36% 70 $36,880,000 $526,857 $4,527 2.91%
<20% 44 $24,810,000 $563,864 $4,567 2.84%
36% 21 $12,125,000 $577,381 $4,849 2.80%
38% 20 $10,040,000 $502,000 $4,648 3.07%
39% 16 $7,830,000 $489,375 $4,670 2.92%
37% 14 $6,190,000 $442,143 $4,394 2.87%
40% 14 $6,860,000 $490,000 $4,566 3.00%
45% 6 $2,440,000 $406,667 $4,569 3.48%
44% 6 $1,730,000 $288,333 $4,242 3.12%
42% 4 $1,120,000 $280,000 $4,289 3.32%
41% 4 $1,860,000 $465,000 $3,893 3.19%
43% 4 $1,500,000 $375,000 $3,504 2.93%
47% 4 $1,470,000 $367,500 $4,680 3.13%
48% 4 $960,000 $240,000 $4,583 3.47%
46% 3 $1,015,000 $338,333 $4,324 3.63%
49% 2 $480,000 $240,000 $3,595 3.31%
50-60% 1 $435,000 $435,000 $4,283 3.65%

Fairfield County Bank lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 70 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 274 $137,860,000 $503,139 $4,598 2.96%
Not applicable 30 $40,400,000 $1,346,667 $0 4.45%
Not provided 51 $24,465,000 $479,706 $4,587 2.87%
Asian 11 $4,855,000 $441,364 $4,615 2.92%
Asian Indian 4 $1,690,000 $422,500 $3,971 2.85%
Chinese 1 $1,275,000 $1,275,000 $4,678 2.88%
Black 5 $1,205,000 $241,000 $3,725 2.82%
Other Asian 1 $155,000 $155,000 $3,083 2.80%

Approval Rates

Total approvals of all applications
91.24%

Fairfield County Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.03%

Fairfield County Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 377 $211,905,000 $562,082

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
377 $211,905,000 $562,082

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 36 $12,610,000 $350,278 $3,716 2.75%
40-60% 80 $41,110,000 $513,875 $3,849 3.09%
60-80% 192 $117,450,000 $611,719 $4,766 3.11%
80-100% 60 $34,160,000 $569,333 $5,508 3.01%
Over 100% 1 $4,675,000 $4,675,000 $0 3.50%
Under 20% 8 $1,900,000 $237,500 $3,646 3.17%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Fairfield County Bank 69 Wall Street Norwalk, CT 6852 Full Service B&M $133,244
Fairfield County Bank 1089 Madison Avenue Bridgeport, CT 6606 Full Service B&M $60,929
Fairfield County Bank 114 Federal Road Danbury, CT 6811 Full Service B&M $53,833
Fairfield County Bank 121 New Canaan Avenue Norwalk, CT 6850 Full Service B&M $68,801
Fairfield County Bank 150 Danbury Road Ridgefield, CT 6877 Full Service B&M $291,979
Fairfield County Bank 190 Old Ridgefield Road Wilton, CT 6897 Full Service B&M $56,967
Fairfield County Bank 190 Weston Road Weston, CT 6883 Full Service B&M $43,390
Fairfield County Bank 2 Mckinley Street Norwalk, CT 6853 Full Service B&M $103,532
Fairfield County Bank 20 Compo Road South Westport, CT 6880 Full Service B&M $154,295
Fairfield County Bank 2000 Post Road Suite 103 Fairfield, CT 6824 Full Service B&M $73,837
Fairfield County Bank 255 Tunxis Hill Road Fairfield, CT 6825 Full Service B&M $107,428
Fairfield County Bank 26 Chestnut Hill Road Norwalk, CT 6851 Full Service B&M $65,152
Fairfield County Bank 374 Main St. Ridgefield, CT 6877 Full Service B&M $116,589
Fairfield County Bank 714 Post Road Darien, CT 6820 Full Service B&M $77,368
Fairfield County Bank 850 East Main Street Stamford, CT 6902 Full Service B&M $40,531
Fairfield County Bank 941 Danbury Road Wilton, CT 6897 Full Service B&M $98,009

For 2021, Fairfield County Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $60,733
Net interest income $58,346
Total noninterest income $16,922
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,360
Trading account gains and fees $0
Additional Noninterest Income $15,562
Pre-tax net operating income $19,142
Securities gains (or losses, -) $147
Income before extraordinary items $15,196
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,196
Minority interest net income $0
Net income $15,196
Sale, conversion, retirement of capital stock, net $0
Net operating income $15,079

Fairfield County Bank's gross interest income from loans was $60,733,000.
Fairfield County Bank's net interest income from loans was $58,346,000.
Fairfield County Bank's fee based income from loans was $1,360,000.
Fairfield County Bank's net income from loans was $15,196,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,387
Provision for credit losses $300
Total noninterest expense $55,826
Salaries and employee benefits $36,416
Premises and equipment expense $7,945
Additional noninterest expense $11,465
Applicable income taxes $4,093
Net charge-offs $-345
Cash dividends $0

Fairfield County Bank's interest expense for loans was $2,387,000.
Fairfield County Bank's payroll and benefits expense were $36,416,000.
Fairfield County Bank's property, plant and equipment expenses $7,945,000.

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 $1,584,739
Deposits held in domestic offices $1,584,739
Deposits by Individuals, partnerships, and corporations $1,509,159
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $75,242
Deposits by Commercial banks and other depository institutions in U.S. $338
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $158,840
Demand deposits $64,729
Nontransaction accounts $1,425,899
Money market deposit accounts (MMDAs) $319,263
Other savings deposits (excluding MMDAs) $990,518
Total time deposits $116,118
Total time and savings deposits $1,520,010
Noninterest-bearing deposits $401,992
Interest-bearing deposits $1,182,747
Retail deposits $1,544,587
IRAs and Keogh plan accounts $10,718
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,939,644
Cash & Balances due from depository institutions $250,980
Interest-bearing balances $237,914
Total securities $377,945
Federal funds sold & reverse repurchase $0
Net loans and leases $1,206,368
Loan and leases loss allowance $16,069
Trading account assets $0
Bank premises and fixed assets $23,427
Other real estate owned $0
Goodwill and other intangibles $10,704
All other assets $70,220

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,939,644
Total Liabilities $1,700,941
Total deposits $1,584,739
Interest-bearing deposits $1,182,747
Deposits held in domestic offices $1,584,739
% insured (estimated) $59
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $76,942
Subordinated debt $0
All other liabilities $39,260

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,206,368
Loan and leases loss allowance $16,069
Total loans and leases (domestic) $1,222,437
All real estate loans $1,019,187
Real estate loans in domestic offices $1,019,187
Construction and development loans $137,977
Residential 1-4 family construction $44,913
Other construction, all land development and other land $93,064
Loans secured by nonfarm nonresidential properties $507,065
Nonfarm nonresidential secured by owner-occupied properties $171,541
Commercial real estate & other non-farm, non-residential $335,524
Multifamily residential real estate $20,253
1-4 family residential loans $353,532
Farmland loans $360
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $199,518
To non-U.S. addressees $0
Loans to individuals $648
Credit card loans $0
Related Plans $232
Consumer Auto Loans $0
Other loans to individuals $416
All other loans & leases $3,084
Loans to foreign governments and official institutions $0
Other loans $62
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $28,128
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $12,106
Non 1-4 family restructured loans & leases $10,988
Total loans and leases (foreign) $0

Fairfield County Bank had $1,206,368,000 of loans outstanding in 2021. $1,019,187,000 of loans were in real estate loans. $137,977,000 of loans were in development loans. $20,253,000 of loans were in multifamily mortgage loans. $353,532,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 389 $114,089 $293,288
Nonfarm, nonresidential loans - <$100k 47 $1,552 $33,021
Nonfarm, nonresidential loans - $100-250k 91 $12,002 $131,890
Nonfarm, nonresidential loans - $250k-1MM 251 $100,535 $400,538
Commercial & Industrial, US addressed loans - <$1MM 1,715 $77,143 $44,981
Commercial & Industrial, US addressed loans - <$100k 1,252 $13,767 $10,996
Commercial & Industrial, US addressed loans - $100-250k 258 $23,424 $90,791
Commercial & Industrial, US addressed loans - $250k-1MM 205 $39,952 $194,888
Farmland loans - <$1MM 1 $360 $360,000
Farmland loans - $250k-1MM 1 $360 $360,000