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

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 by origination volume include: Bridgeport, New York, New Haven, Torrington, and Hartford among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fairfield County Bank 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. Fairfield County Bank is typically an average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.35% 3/19/23
    30 Year Conventional Refi 6.45% 3/19/23
    30 Year Cash-out Refi 6.66% 3/19/23
    15 Year Conventional Purchase 6.00% 3/19/23
    15 Year Conventional Refi 5.91% 3/19/23
    15 Year Cash-out Refi 5.91% 3/19/23
    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.


    Originations

    377

    Origination Dollar Volume (All Markets)

    $211,905,000

    Employee count

    255

    Relative Rate

    Fairfield County Bank's average 30 year fixed mortgage rate was 3.07%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.08%.

    Relative Fees (Closing Costs)

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

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    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.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Fairfield County Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Northwest Community Bank
    Similarity Rank: 390
    The Torrington Savings Bank
    Similarity Rank: 455
    SIKORSKY FINANCIAL
    Similarity Rank: 552
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 580
    BNB Bank
    Similarity Rank: 590
    Ridgewood Savings Bank
    Similarity Rank: 591
    Fairfield County Bank
    Similarity Rank: 960
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 972
    Newtown Savings Bank
    Similarity Rank: 1115
    Thomaston Savings Bank
    Similarity Rank: 1145

    Product Mix

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

    For 2021, Fairfield County Bank's most frequently originated type of loan was Conventional, with 377 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Fairfield County Bank's most frequently cited loan purpose was Home Purchase, with 179 originations. The 2nd most popular reason was 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 2021, Fairfield County Bank's most frequently cited loan duration was 30 Year, with 226 originations. The 2nd most popular length was Other, with 73 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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
    $4k-5k 2 $1,490,000 $745,000
    $3k-4k 1 $355,000 $355,000

    Fairfield County Bank's average total fees were $4,873, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.07%, while their most frequently originated rate bucket for loans was 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
    91.43%

    Fairfield County Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.12%

    Fairfield County Bank has an 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 1089 Madison Avenue Bridgeport, CT 6606 Full Service B&M $60,929
    Fairfield County Bank 69 Wall Street Norwalk, CT 6852 Full Service B&M $133,244
    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
    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

    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