The Cooperative Bank Mortgage Rates, Fees & Info

Boston, MA

LEI: 5493007OJ7D42T6RE854

Tax ID: 04-1789020

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Mortgage Data

Bank Data

Review & Overview

The Cooperative Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. The Cooperative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, and Barnstable Town among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Cooperative Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

274

Origination Dollar Volume (All Markets)

$148,730,000

Employee count

76

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 256 $142,260,000 $555,703 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 10 $3,960,000 $396,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,510,000 $313,750 $0 0.00%
The Cooperative Bank's top markets include Boston, Providence, and Barnstable Town among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 274 $148,730,000 $542,810 $0 0.00%

    For 2020, The Cooperative Bank's most frequently originated type of loan was Conventional, with 274 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 113 $56,675,000 $501,549 $0 0.00%
    Cash Out Refi 95 $40,095,000 $422,053 $0 0.00%
    Home Purchase 62 $50,540,000 $815,161 $0 0.00%
    Other 4 $1,420,000 $355,000 $0 0.00%

    For 2020, The Cooperative Bank's most frequently cited loan purpose was Refi, with 113 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 274 $148,730,000 $542,810 $0 0.00%

    For 2020, The Cooperative Bank's most frequently cited loan duration was Other, with 274 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 101 $30,735,000 $304,307 $0 0.00%
    $400k-600k 84 $40,480,000 $481,905 $0 0.00%
    $600k-1MM 39 $29,185,000 $748,333 $0 0.00%
    $100k-200k 27 $4,215,000 $156,111 $0 0.00%
    $1MM+ 23 $44,115,000 $1,918,043 $0 0.00%

    2020 saw The Cooperative Bank place emphasis on $200k-400k loans with 101 originations, totaling $30,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 66 $23,700,000 $359,091 $0 0.00%
    $150k-250k 52 $23,800,000 $457,692 $0 0.00%
    $250k+ 49 $29,495,000 $601,939 $0 0.00%
    $50k-75k 31 $8,855,000 $285,645 $0 0.00%
    $75k-100k 29 $9,795,000 $337,759 $0 0.00%
    $50k or less 5 $925,000 $185,000 $0 0.00%

    The Cooperative Bank lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 274 $148,730,000 $542,810 $0 0.00%

    The Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 274 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 204 $85,710,000 $420,147 $0 0.00%
    Not applicable 38 $50,480,000 $1,328,421 $0 0.00%
    Not provided 15 $5,435,000 $362,333 $0 0.00%
    Black 11 $4,115,000 $374,091 $0 0.00%
    Asian 4 $2,090,000 $522,500 $0 0.00%
    Other Asian 1 $475,000 $475,000 $0 0.00%
    Asian Indian 1 $425,000 $425,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.44%

    The Cooperative Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.15%

    The Cooperative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 274 $148,730,000 $542,810

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $13,115,000 $1,873,571
    Single Family (1-4 Units):Site-Built 267 $135,615,000 $507,921

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Cooperative Bank 201 Main Street Charlestown, MA 2129 Full Service B&M $99,514
    The Cooperative Bank 3531 Washington St, Ste 104 Jamaica Plain, MA 2130 Full Service B&M $10,849
    The Cooperative Bank 36 Springs Street West Roxbury, MA 2132 Full Service B&M $118,773
    The Cooperative Bank 40 Belgrade Avenue Roslindale, MA 2131 Full Service B&M $154,976

    For 2020, The Cooperative Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,406
    Net interest income $14,233
    Total noninterest income $2,225
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $246
    Trading account gains and fees $0
    Additional Noninterest Income $1,979
    Pre-tax net operating income $1,939
    Securities gains (or losses, -) $251
    Income before extraordinary items $1,868
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,868
    Minority interest net income $0
    Net income $1,868
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,654

    The Cooperative Bank's gross interest income from loans was $17,406,000.
    The Cooperative Bank's net interest income from loans was $14,233,000.
    The Cooperative Bank's fee based income from loans was $246,000.
    The Cooperative Bank's net income from loans was $1,868,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,173
    Provision for credit losses $940
    Total noninterest expense $13,579
    Salaries and employee benefits $7,870
    Premises and equipment expense $1,670
    Additional noninterest expense $4,039
    Applicable income taxes $322
    Net charge-offs $0
    Cash dividends $0

    The Cooperative Bank's interest expense for loans was $3,173,000.
    The Cooperative Bank's payroll and benefits expense were $7,870,000.
    The Cooperative Bank's property, plant and equipment expenses $1,670,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 3.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $375,495
    Deposits held in domestic offices $375,495
    Deposits by Individuals, partnerships, and corporations $371,026
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $4,469
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $137,861
    Demand deposits $96,554
    Nontransaction accounts $237,634
    Money market deposit accounts (MMDAs) $97,029
    Other savings deposits (excluding MMDAs) $56,437
    Total time deposits $84,168
    Total time and savings deposits $278,941
    Noninterest-bearing deposits $96,554
    Interest-bearing deposits $278,941
    Retail deposits $337,586
    IRAs and Keogh plan accounts $5,561
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $452,898
    Cash & Balances due from depository institutions $14,220
    Interest-bearing balances $12,684
    Total securities $45,249
    Federal funds sold & reverse repurchase $520
    Net loans and leases $369,716
    Loan and leases loss allowance $3,946
    Trading account assets $0
    Bank premises and fixed assets $8,183
    Other real estate owned $0
    Goodwill and other intangibles $541
    All other assets $14,469

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $452,898
    Total Liabilities $406,322
    Total deposits $375,495
    Interest-bearing deposits $278,941
    Deposits held in domestic offices $375,495
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $28,000
    Subordinated debt $0
    All other liabilities $2,827

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $369,716
    Loan and leases loss allowance $3,946
    Total loans and leases (domestic) $373,662
    All real estate loans $353,822
    Real estate loans in domestic offices $353,822
    Construction and development loans $37,401
    Residential 1-4 family construction $29,790
    Other construction, all land development and other land $7,611
    Loans secured by nonfarm nonresidential properties $81,500
    Nonfarm nonresidential secured by owner-occupied properties $39,571
    Commercial real estate & other non-farm, non-residential $41,929
    Multifamily residential real estate $36,291
    1-4 family residential loans $197,618
    Farmland loans $1,012
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $16,602
    To non-U.S. addressees $0
    Loans to individuals $3,184
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $3,184
    All other loans & leases $54
    Loans to foreign governments and official institutions $0
    Other loans $54
    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 $1,175
    Non 1-4 family restructured loans & leases $6
    Total loans and leases (foreign) $0

    The Cooperative Bank had $369,716,000 of loans outstanding in 2020. $353,822,000 of loans were in real estate loans. $37,401,000 of loans were in development loans. $36,291,000 of loans were in multifamily mortgage loans. $197,618,000 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 135 $38,035 $281,741
    Nonfarm, nonresidential loans - <$100k 26 $94 $3,615
    Nonfarm, nonresidential loans - $100-250k 29 $3,262 $112,483
    Nonfarm, nonresidential loans - $250k-1MM 80 $34,679 $433,488
    Commercial & Industrial, US addressed loans - <$1MM 272 $8,808 $32,382
    Commercial & Industrial, US addressed loans - <$100k 231 $1,991 $8,619
    Commercial & Industrial, US addressed loans - $100-250k 25 $2,844 $113,760
    Commercial & Industrial, US addressed loans - $250k-1MM 16 $3,973 $248,313