Norwood Co-operative Bank Mortgage Rates, Fees & Info
Norwood, MALEI: 54930034MXV88NNFY879
Tax ID: 27-2251017
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Mortgage Data
Bank Data
Review & Overview
Norwood Co-operative Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Norwood Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, and Worcester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Norwood Co-operative Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
235Origination Dollar Volume (All Markets)
$83,795,000Employee count
52Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 212 | $76,670,000 | $361,651 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 11 | $2,785,000 | $253,182 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 6 | $2,330,000 | $388,333 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 6 | $2,010,000 | $335,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Norwood Co-operative Bank 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 235 | $83,795,000 | $356,574 | $0 | 0.00% |
For 2018, Norwood Co-operative Bank's most frequently originated type of loan was Conventional, with 235 originations.
Loan Reason
For 2018, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Cash Out Refi, with 76 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 235 | $83,795,000 | $356,574 | $0 | 0.00% |
For 2018, Norwood Co-operative Bank's most frequently cited loan duration was Other, with 235 originations.
Loan Sizing
2018 saw Norwood Co-operative Bank place emphasis on $200k-400k loans with 75 originations, totaling $23,055,000 in origination value.
Applicant Income
Norwood Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 65 originations. The second most popular income band? $150k-250k, with 63 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 235 | $83,795,000 | $356,574 | $0 | 0.00% |
Norwood Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 235 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.83%
Norwood Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination89.36%
Norwood Co-operative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 235 | $83,795,000 | $356,574 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 6 | $13,800,000 | $2,300,000 |
| Single Family (1-4 Units):Site-Built | 229 | $69,995,000 | $305,655 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Norwood Co-operative Bank | 11 Central Street Norwood, MA 2062 | Full Service B&M | $413,304 |
For 2018, Norwood Co-operative Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $20,254 |
| Net interest income | $15,775 |
| Total noninterest income | $1,630 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $70 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,560 |
| Pre-tax net operating income | $6,168 |
| Securities gains (or losses, -) | $2,081 |
| Income before extraordinary items | $5,761 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,761 |
| Minority interest net income | $0 |
| Net income | $5,761 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,117 |
Norwood Co-operative Bank's gross interest income from loans was $20,254,000.
Norwood Co-operative Bank's net interest income from loans was $15,775,000.
Norwood Co-operative Bank's fee based income from loans was $70,000.
Norwood Co-operative Bank's net income from loans was $5,761,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,479 |
| Provision for credit losses | $123 |
| Total noninterest expense | $11,114 |
| Salaries and employee benefits | $6,965 |
| Premises and equipment expense | $881 |
| Additional noninterest expense | $3,268 |
| Applicable income taxes | $2,488 |
| Net charge-offs | $-44 |
| Cash dividends | $0 |
Norwood Co-operative Bank's interest expense for loans was $4,479,000.
Norwood Co-operative Bank's payroll and benefits expense were $6,965,000.
Norwood Co-operative Bank's property, plant and equipment expenses $881,000.
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 | $424,696 |
| Deposits held in domestic offices | $424,696 |
| Deposits by Individuals, partnerships, and corporations | $417,059 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $6,879 |
| Deposits by Commercial banks and other depository institutions in U.S. | $758 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $77,617 |
| Demand deposits | $77,617 |
| Nontransaction accounts | $347,079 |
| Money market deposit accounts (MMDAs) | $88,297 |
| Other savings deposits (excluding MMDAs) | $75,975 |
| Total time deposits | $182,807 |
| Total time and savings deposits | $347,079 |
| Noninterest-bearing deposits | $36,449 |
| Interest-bearing deposits | $388,247 |
| Retail deposits | $373,852 |
| IRAs and Keogh plan accounts | $30,214 |
| Brokered deposits | $20,500 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $536,259 |
| Cash & Balances due from depository institutions | $6,603 |
| Interest-bearing balances | $4,301 |
| Total securities | $56,094 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $442,640 |
| Loan and leases loss allowance | $3,301 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,999 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $734 |
| All other assets | $25,189 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $536,259 |
| Total Liabilities | $461,873 |
| Total deposits | $424,696 |
| Interest-bearing deposits | $388,247 |
| Deposits held in domestic offices | $424,696 |
| % insured (estimated) | $89 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $32,584 |
| Subordinated debt | $0 |
| All other liabilities | $4,593 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $442,640 |
| Loan and leases loss allowance | $3,301 |
| Total loans and leases (domestic) | $445,941 |
| All real estate loans | $436,472 |
| Real estate loans in domestic offices | $436,472 |
| Construction and development loans | $64,107 |
| Residential 1-4 family construction | $40,194 |
| Other construction, all land development and other land | $23,913 |
| Loans secured by nonfarm nonresidential properties | $132,195 |
| Nonfarm nonresidential secured by owner-occupied properties | $48,163 |
| Commercial real estate & other non-farm, non-residential | $84,032 |
| Multifamily residential real estate | $28,577 |
| 1-4 family residential loans | $211,593 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $9,686 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $207 |
| Credit card loans | $0 |
| Related Plans | $62 |
| Consumer Auto Loans | $36 |
| Other loans to individuals | $109 |
| All other loans & leases | $0 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $5,303 |
| Non 1-4 family restructured loans & leases | $3,875 |
| Total loans and leases (foreign) | $0 |
Norwood Co-operative Bank had $442,640,000 of loans outstanding in 2018. $436,472,000 of loans were in real estate loans. $64,107,000 of loans were in development loans. $28,577,000 of loans were in multifamily mortgage loans. $211,593,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $36,000 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 | 93 | $31,437 | $338,032 |
| Nonfarm, nonresidential loans - <$100k | 5 | $227 | $45,400 |
| Nonfarm, nonresidential loans - $100-250k | 20 | $2,259 | $112,950 |
| Nonfarm, nonresidential loans - $250k-1MM | 68 | $28,951 | $425,750 |
| Commercial & Industrial, US addressed loans - <$1MM | 48 | $7,494 | $156,125 |
| Commercial & Industrial, US addressed loans - <$100k | 17 | $472 | $27,765 |
| Commercial & Industrial, US addressed loans - $100-250k | 12 | $1,239 | $103,250 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 19 | $5,783 | $304,368 |