North Shore Bank A Co-operative Bank Mortgage Rates, Fees & Info

Peabody, MA

LEI: 549300B3J2ZHX7QFH171

Tax ID: 04-3414678

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

North Shore Bank A Co-operative Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. North Shore Bank A Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Jacksonville, Worcester, and Providence among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

North Shore Bank A 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. North Shore Bank A Co-operative Bank is typically a low 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
Home Equity Line of Credit (HELOC)	6.63%	11/21/24
30 Year Conventional Purchase	6.10%	11/21/24
30 Year Conventional Refi	6.27%	11/21/24
30 Year Cash-out Refi	6.09%	11/21/24
15 Year Conventional Purchase	6.48%	11/21/24
15 Year Conventional Refi	5.52%	11/21/24
15 Year Cash-out Refi	5.52%	11/21/24
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.

North Shore Bank A Co-operative Bank Mortgage Calculator

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This is not an official calculator from North Shore Bank A Co-operative Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

354

Origination Dollar Volume (All Markets)

$101,510,000

Employee count

141

Awards

North Shore Bank a Co-operative Bank 30 Year Conventional Loans gold

Show all (1) awards

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)	346	$99,920,000	$288,786	$3,563	3.45%
Outside of Metro Areas	2	$360,000	$180,000	$2,604	3.25%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	1	$355,000	$355,000	$0	5.25%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$255,000	$255,000	$4,264	4.00%
WORCESTER, MA-CT (FHA\|USDA\|VA)	1	$245,000	$245,000	$5,133	4.50%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,628	3.75%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	2.74%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	2.49%

North Shore Bank A Co-operative Bank's top markets include Boston, Manchester, Jacksonville, Worcester, and Providence among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Maine (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Similar Lenders

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

MERRIMACK VALLEY
Similarity Rank: 110

Middlesex Federal Savings, F.A.
Similarity Rank: 111

Triangle Credit Union
Similarity Rank: 147

First Ipswich Bank
Similarity Rank: 164

Middlesex Savings Bank
Similarity Rank: 165

Coastal Heritage Bank
Similarity Rank: 180

Bristol County Savings Bank
Similarity Rank: 210

Milford Federal Bank
Similarity Rank: 285

Methuen Cooperative Bank
Similarity Rank: 330

The Cooperative Bank
Similarity Rank: 380

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
HELOC	215	$29,995,000	$139,512	n/a	2.66%
Conventional	139	$71,515,000	$514,496	$3,567	4.68%

For 2018, North Shore Bank A Co-operative Bank's most frequently originated type of loan was HELOC, with 215 originations. Their 2nd most popular type was Conventional, with 139 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	96	$12,820,000	$133,542	$4,954	2.87%
Home Purchase	95	$42,335,000	$445,632	$3,726	4.54%
Refi	88	$17,920,000	$203,636	$2,726	2.84%
Cash Out Refi	38	$24,580,000	$646,842	$3,374	4.30%
Other	37	$3,855,000	$104,189	$3,853	2.76%

For 2018, North Shore Bank A Co-operative Bank's most frequently cited loan purpose was Home Improvement, with 96 originations. The 2nd most popular reason was Home Purchase, with 95 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
20 Year	211	$28,235,000	$133,815	$2,949	2.59%
30 Year	78	$25,960,000	$332,821	$3,462	4.30%
10 Year	31	$28,875,000	$931,452	$2,587	5.27%
Other	15	$9,745,000	$649,667	$0	5.75%
1 Year	9	$5,485,000	$609,444	$0	5.89%
15 Year	7	$1,575,000	$225,000	$3,928	3.88%
30+ year	3	$1,635,000	$545,000	$6,264	3.83%

For 2018, North Shore Bank A Co-operative Bank's most frequently cited loan duration was 20 Year, with 211 originations. The 2nd most popular length was 30 Year, with 78 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	61	$20,165,000	$330,574
$1k-2k	17	$5,205,000	$306,176
$2k-3k	5	$1,605,000	$321,000
$3k-4k	3	$1,135,000	$378,333
$5k+	2	$550,000	$275,000
$4k-5k	1	$295,000	$295,000

North Shore Bank A Co-operative Bank's average total fees were $3,462, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 61 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
<2.5%	112	$14,800,000	$132,143
2.5-3%	99	$13,325,000	$134,596
4-5%	53	$25,795,000	$486,698
5-6%	50	$30,670,000	$613,400
3-4%	35	$12,365,000	$353,286
6-7%	5	$4,555,000	$911,000

During 2018, North Shore Bank A Co-operative Bank's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was <2.5%, with 112 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	114	$31,420,000	$275,614	$3,579	3.98%
$100,000 or less	97	$5,385,000	$55,515	$2,330	2.62%
$100k-200k	85	$11,905,000	$140,059	$2,781	2.94%
$400k-600k	37	$17,445,000	$471,486	$4,061	4.13%
$1MM+	13	$29,205,000	$2,246,538	$5,532	5.27%
$600k-1MM	8	$6,150,000	$768,750	$3,679	5.55%

2018 saw North Shore Bank A Co-operative Bank place emphasis on $200k-400k loans with 114 originations, totaling $31,420,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	102	$18,060,000	$177,059	$3,953	3.06%
$150k-250k	81	$18,995,000	$234,506	$3,607	3.09%
$50k-75k	46	$6,590,000	$143,261	$3,268	3.09%
$75k-100k	44	$7,020,000	$159,545	$2,970	3.28%
$250k+	20	$8,320,000	$416,000	$4,199	3.48%
$50k or less	17	$1,875,000	$110,294	$3,080	3.51%

North Shore Bank A Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 102 originations. The second most popular income band? $150k-250k, with 81 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	72	$13,010,000	$180,694	$3,657	3.08%
30-36%	64	$12,620,000	$197,188	$4,096	3.10%
42%	30	$4,420,000	$147,333	$0	2.62%
<20%	21	$3,465,000	$165,000	$2,929	3.26%
40%	20	$3,110,000	$155,500	$3,341	2.78%
41%	18	$3,180,000	$176,667	$3,327	2.73%
36%	13	$3,045,000	$234,231	$2,803	3.15%
43%	12	$2,450,000	$204,167	$2,843	3.34%
37%	11	$2,215,000	$201,364	$3,325	3.07%
39%	8	$1,920,000	$240,000	$2,981	3.10%
44%	7	$1,765,000	$252,143	$4,601	3.78%
38%	7	$1,535,000	$219,286	$2,952	3.73%
45%	5	$1,165,000	$233,000	$3,676	3.87%
46%	4	$640,000	$160,000	$2,937	3.50%
49%	4	$1,890,000	$472,500	$3,660	4.22%
48%	3	$875,000	$291,667	$4,133	3.66%
47%	1	$235,000	$235,000	$0	2.74%
50-60%	1	$135,000	$135,000	$0	2.24%
>60%	1	$305,000	$305,000	$0	2.24%

North Shore Bank A Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? 30-36%, with 64 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	247	$50,475,000	$204,352	$3,433	3.25%
Not applicable	43	$40,145,000	$933,605	$0	5.57%
Not provided	54	$8,740,000	$161,852	$6,237	2.71%
Asian	6	$1,330,000	$221,667	$4,867	3.75%
American Indian	3	$545,000	$181,667	$0	2.57%
Black	1	$275,000	$275,000	$2,587	3.75%

Approval Rates

Total approvals of all applications
86.78%

North Shore Bank A Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
80.79%

North Shore Bank A Co-operative Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	354	$101,510,000	$286,751

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	11	$19,055,000	$1,732,273
Single Family (1-4 Units):Site-Built	343	$82,455,000	$240,394

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	99	$20,245,000	$204,495	$2,941	3.02%
40-60%	46	$24,480,000	$532,174	$2,975	3.85%
60-80%	75	$37,455,000	$499,400	$3,963	4.43%
80-100%	27	$10,545,000	$390,556	$3,639	4.36%
Over 100%	1	$775,000	$775,000	$0	6.00%
Under 20%	106	$8,010,000	$75,566	$2,510	2.73%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
North Shore Bank, a Co-operative Bank	1 West Main Street Merrimac, MA 1860	Full Service B&M	$54,654
North Shore Bank, a Co-operative Bank	237 South Main Street Middleton, MA 1949	Full Service B&M	$58,069
North Shore Bank, a Co-operative Bank	248 Andover Street Peabody, MA 1960	Full Service B&M	$85,279
North Shore Bank, a Co-operative Bank	29 South Main Street Newton, NH 3858	Full Service B&M	$30,636
North Shore Bank, a Co-operative Bank	319 Highland Avenue Salem, MA 1970	Full Service B&M	$42,923
North Shore Bank, a Co-operative Bank	32 Main Street Peabody, MA 1960	Full Service B&M	$100,890
North Shore Bank, a Co-operative Bank	412 Lynn Fells Parkway Saugus, MA 1906	Full Service B&M	$46,046
North Shore Bank, a Co-operative Bank	48 Elm Street Danvers, MA 1923	Full Service B&M	$74,772
North Shore Bank, a Co-operative Bank	489 Lincoln Avenue Saugus, MA 1906	Full Service B&M	$71,453
North Shore Bank, a Co-operative Bank	50 Dodge Street Beverly, MA 1915	Full Service B&M	$28,622
North Shore Bank, a Co-operative Bank	637 Lowell Street Peabody, MA 1960	Full Service Retail	$25,942
North Shore Bank, a Co-operative Bank	One Hamilton Street Saugus, MA 1906	Full Service B&M	$66,675

For 2018, North Shore Bank A Co-operative Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$35,053
Net interest income	$30,110
Total noninterest income	$3,069
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,038
Trading account gains and fees	$0
Additional Noninterest Income	$2,031
Pre-tax net operating income	$9,265
Securities gains (or losses, -)	$0
Income before extraordinary items	$6,947
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$6,947
Minority interest net income	$0
Net income	$6,947
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$6,947

North Shore Bank A Co-operative Bank's gross interest income from loans was $35,053,000.
North Shore Bank A Co-operative Bank's net interest income from loans was $30,110,000.
North Shore Bank A Co-operative Bank's fee based income from loans was $1,038,000.
North Shore Bank A Co-operative Bank's net income from loans was $6,947,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,943
Provision for credit losses	$1,086
Total noninterest expense	$22,828
Salaries and employee benefits	$14,053
Premises and equipment expense	$3,149
Additional noninterest expense	$5,626
Applicable income taxes	$2,318
Net charge-offs	$78
Cash dividends	$125

North Shore Bank A Co-operative Bank's interest expense for loans was $4,943,000.
North Shore Bank A Co-operative Bank's payroll and benefits expense were $14,053,000.
North Shore Bank A Co-operative Bank's property, plant and equipment expenses $3,149,000.

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	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	$693,706
Deposits held in domestic offices	$693,706
Deposits by Individuals, partnerships, and corporations	$668,740
Deposits by U.S. Government	$1
Deposits by States and political subdivisions in the U.S.	$24,965
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$49,439
Demand deposits	$35,462
Nontransaction accounts	$644,267
Money market deposit accounts (MMDAs)	$133,486
Other savings deposits (excluding MMDAs)	$296,485
Total time deposits	$214,296
Total time and savings deposits	$658,244
Noninterest-bearing deposits	$144,976
Interest-bearing deposits	$548,730
Retail deposits	$638,278
IRAs and Keogh plan accounts	$34,706
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$870,506
Cash & Balances due from depository institutions	$19,277
Interest-bearing balances	$10,107
Total securities	$105,299
Federal funds sold & reverse repurchase	$0
Net loans and leases	$704,923
Loan and leases loss allowance	$8,306
Trading account assets	$0
Bank premises and fixed assets	$12,242
Other real estate owned	$0
Goodwill and other intangibles	$1,162
All other assets	$27,603

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$870,506
Total Liabilities	$775,711
Total deposits	$693,706
Interest-bearing deposits	$548,730
Deposits held in domestic offices	$693,706
% insured (estimated)	$82
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$75,059
Subordinated debt	$0
All other liabilities	$6,946

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$704,923
Loan and leases loss allowance	$8,306
Total loans and leases (domestic)	$713,229
All real estate loans	$632,910
Real estate loans in domestic offices	$632,910
Construction and development loans	$94,908
Residential 1-4 family construction	$34,198
Other construction, all land development and other land	$60,710
Loans secured by nonfarm nonresidential properties	$251,702
Nonfarm nonresidential secured by owner-occupied properties	$128,901
Commercial real estate & other non-farm, non-residential	$122,801
Multifamily residential real estate	$52,734
1-4 family residential loans	$233,566
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$79,032
To non-U.S. addressees	$0
Loans to individuals	$1,227
Credit card loans	$0
Related Plans	$70
Consumer Auto Loans	$28
Other loans to individuals	$1,129
All other loans & leases	$60
Loans to foreign governments and official institutions	$0
Other loans	$60
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	$1,201
Non 1-4 family restructured loans & leases	$1,013
Total loans and leases (foreign)	$0

North Shore Bank a Co-operative Bank had $704,923,000 of loans outstanding in 2018. $632,910,000 of loans were in real estate loans. $94,908,000 of loans were in development loans. $52,734,000 of loans were in multifamily mortgage loans. $233,566,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $28,000 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	379	$110,637	$291,918
Nonfarm, nonresidential loans - <$100k	21	$806	$38,381
Nonfarm, nonresidential loans - $100-250k	103	$12,985	$126,068
Nonfarm, nonresidential loans - $250k-1MM	255	$96,846	$379,788
Commercial & Industrial, US addressed loans - <$1MM	459	$55,312	$120,505
Commercial & Industrial, US addressed loans - <$100k	168	$5,894	$35,083
Commercial & Industrial, US addressed loans - $100-250k	152	$14,622	$96,197
Commercial & Industrial, US addressed loans - $250k-1MM	139	$34,796	$250,331