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, Worcester, Barnstable Town, Manchester, and Concord among others. We have data for 7 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%	4/18/24
30 Year Conventional Purchase	6.10%	4/18/24
30 Year Conventional Refi	6.27%	4/18/24
30 Year Cash-out Refi	6.09%	4/18/24
15 Year Conventional Purchase	6.48%	4/18/24
15 Year Conventional Refi	5.52%	4/18/24
15 Year Cash-out Refi	5.52%	4/18/24
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

418

Origination Dollar Volume (All Markets)

$142,700,000

Employee count

207

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)	405	$139,035,000	$343,296	$3,872	3.71%
WORCESTER, MA-CT (FHA\|USDA\|VA)	5	$1,355,000	$271,000	$3,105	3.83%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	2	$830,000	$415,000	$4,362	3.43%
Outside of Metro Areas	2	$690,000	$345,000	$3,331	3.81%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	2	$350,000	$175,000	$0	3.68%
Concord, NH (FHA\|USDA\|VA)	1	$285,000	$285,000	$3,011	3.75%
Lebanon, NH-VT (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,660	3.63%

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

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Maine (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.

Piscataqua Savings Bank
Similarity Rank: 118

First Ipswich Bank
Similarity Rank: 139

Middlesex Savings Bank
Similarity Rank: 310

St. Anne's Credit Union of Fall River, Mass.
Similarity Rank: 417

QUINCY CREDIT UNION
Similarity Rank: 435

Members Plus Credit Union
Similarity Rank: 505

Sharon & Crescent United Credit Union
Similarity Rank: 525

Bristol County Savings Bank
Similarity Rank: 544

Milford Federal Bank
Similarity Rank: 570

St. Mary's Credit Union
Similarity Rank: 630

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	273	$125,725,000	$460,531	$3,845	4.10%
HELOC	145	$16,975,000	$117,069	n/a	2.98%

For 2019, North Shore Bank A Co-operative Bank's most frequently originated type of loan was Conventional, with 273 originations. Their 2nd most popular type was HELOC, with 145 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	132	$54,900,000	$415,909	$4,006	4.18%
Refi	99	$23,005,000	$232,374	$3,446	3.48%
Cash Out Refi	81	$50,115,000	$618,704	$3,857	3.98%
Home Improvement	70	$10,240,000	$146,286	$4,482	3.18%
Other	36	$4,440,000	$123,333	$2,967	3.08%

For 2019, North Shore Bank A Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 132 originations. The 2nd most popular reason was Refi, with 99 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	175	$56,885,000	$325,057	$3,826	3.89%
20 Year	152	$19,500,000	$128,289	$5,356	3.03%
10 Year	38	$34,210,000	$900,263	$2,858	4.49%
15 Year	23	$5,495,000	$238,913	$3,139	3.51%
Other	14	$16,790,000	$1,199,286	$0	5.37%
1 Year	9	$6,465,000	$718,333	$0	5.83%
30+ year	5	$2,755,000	$551,000	$7,440	4.08%
3 Year	1	$395,000	$395,000	$0	6.00%
5 Year	1	$205,000	$205,000	$0	4.80%

For 2019, North Shore Bank A Co-operative Bank's most frequently cited loan duration was 30 Year, with 175 originations. The 2nd most popular length was 20 Year, with 152 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	145	$44,745,000	$308,586
$1k-2k	28	$8,290,000	$296,071
$2k-3k	13	$4,515,000	$347,308
$5k+	9	$3,765,000	$418,333
$4k-5k	7	$2,205,000	$315,000
$3k-4k	6	$1,830,000	$305,000

North Shore Bank A Co-operative Bank's average total fees were $3,826, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 145 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	167	$51,885,000	$310,689
2.5-3%	147	$17,465,000	$118,810
4-5%	78	$59,650,000	$764,744
5-6%	18	$10,010,000	$556,111
6-7%	8	$3,690,000	$461,250

During 2019, North Shore Bank A Co-operative Bank's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 167 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	178	$52,770,000	$296,461	$3,719	3.91%
$100k-200k	86	$12,210,000	$141,977	$2,901	3.32%
$100,000 or less	77	$4,485,000	$58,247	$2,911	3.07%
$400k-600k	43	$19,685,000	$457,791	$5,405	4.10%
$600k-1MM	21	$15,725,000	$748,810	$4,820	4.61%
$1MM+	13	$37,825,000	$2,909,615	$0	4.73%

2019 saw North Shore Bank A Co-operative Bank place emphasis on $200k-400k loans with 178 originations, totaling $52,770,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	107	$22,905,000	$214,065	$3,924	3.45%
$150k-250k	77	$21,785,000	$282,922	$4,318	3.45%
$75k-100k	64	$13,680,000	$213,750	$4,006	3.50%
$50k-75k	56	$11,750,000	$209,821	$3,511	3.67%
$250k+	33	$13,115,000	$397,424	$3,723	3.69%
$50k or less	17	$1,865,000	$109,706	$2,961	3.53%

North Shore Bank A Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $150k-250k, with 77 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	89	$20,005,000	$224,775	$3,865	3.48%
30-36%	66	$15,010,000	$227,424	$3,506	3.50%
42%	29	$7,675,000	$264,655	$4,525	3.43%
41%	25	$5,065,000	$202,600	$4,509	3.26%
<20%	23	$6,135,000	$266,739	$3,643	3.48%
40%	17	$2,665,000	$156,765	$4,926	3.35%
39%	17	$4,415,000	$259,706	$3,367	3.56%
37%	15	$4,185,000	$279,000	$4,102	3.54%
36%	14	$2,890,000	$206,429	$3,645	3.50%
43%	14	$3,130,000	$223,571	$3,169	3.58%
38%	14	$3,150,000	$225,000	$3,902	3.32%
46%	9	$2,235,000	$248,333	$4,128	3.54%
44%	8	$2,830,000	$353,750	$4,326	3.89%
45%	8	$2,060,000	$257,500	$3,185	3.80%
49%	4	$1,250,000	$312,500	$3,667	3.59%
47%	3	$735,000	$245,000	$3,299	4.25%
48%	2	$480,000	$240,000	$3,458	3.43%
50-60%	2	$370,000	$185,000	$6,268	3.37%

North Shore Bank A Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 66 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	346	$84,000,000	$242,775	$3,873	3.53%
Not applicable	53	$55,345,000	$1,044,245	$0	5.05%
Asian	5	$1,475,000	$295,000	$2,949	3.89%
Not provided	7	$905,000	$129,286	$3,102	3.23%
Black	5	$745,000	$149,000	$2,635	3.22%
American Indian	2	$230,000	$115,000	$0	2.99%

Approval Rates

Total approvals of all applications
88.41%

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

Pick Rate

Approvals leading to origination
85.65%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	418	$142,700,000	$341,388

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	21	$39,885,000	$1,899,286
Single Family (1-4 Units):Site-Built	397	$102,815,000	$258,980

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	90	$17,290,000	$192,111	$3,061	3.33%
40-60%	84	$38,520,000	$458,571	$3,500	3.93%
60-80%	107	$62,365,000	$582,850	$4,560	4.28%
80-100%	56	$18,730,000	$334,464	$3,753	3.89%
Under 20%	81	$5,795,000	$71,543	$2,869	3.04%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
NORTHWEST BANCSHARES INC	Other type of mortgage	Trouble during payment process	1	100.0%

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	$56,488
North Shore Bank, a Co-operative Bank	140 Brimbal Avenue Beverly, MA 1915	Full Service B&M	$33,556
North Shore Bank, a Co-operative Bank	237 South Main Street Middleton, MA 1949	Full Service B&M	$58,114
North Shore Bank, a Co-operative Bank	248 Andover Street Peabody, MA 1960	Full Service B&M	$97,973
North Shore Bank, a Co-operative Bank	29 South Main Street Newton, NH 3858	Full Service B&M	$31,305
North Shore Bank, a Co-operative Bank	319 Highland Avenue Salem, MA 1970	Full Service B&M	$42,874
North Shore Bank, a Co-operative Bank	32 Main Street Peabody, MA 1960	Full Service B&M	$118,983
North Shore Bank, a Co-operative Bank	412 Lynn Fells Parkway Saugus, MA 1906	Full Service B&M	$48,253
North Shore Bank, a Co-operative Bank	48 Elm Street Danvers, MA 1923	Full Service B&M	$76,222
North Shore Bank, a Co-operative Bank	489 Lincoln Avenue Saugus, MA 1906	Full Service B&M	$73,724
North Shore Bank, a Co-operative Bank	637 Lowell Street Peabody, MA 1960	Full Service Retail	$28,868
North Shore Bank, a Co-operative Bank	One Hamilton Street Saugus, MA 1906	Full Service B&M	$68,125

For 2019, North Shore Bank A Co-operative Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$43,538
Net interest income	$35,155
Total noninterest income	$3,383
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,018
Trading account gains and fees	$0
Additional Noninterest Income	$2,365
Pre-tax net operating income	$9,497
Securities gains (or losses, -)	$114
Income before extraordinary items	$7,123
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,123
Minority interest net income	$0
Net income	$7,123
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,032

North Shore Bank A Co-operative Bank's gross interest income from loans was $43,538,000.
North Shore Bank A Co-operative Bank's net interest income from loans was $35,155,000.
North Shore Bank A Co-operative Bank's fee based income from loans was $1,018,000.
North Shore Bank A Co-operative Bank's net income from loans was $7,123,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$8,383
Provision for credit losses	$1,230
Total noninterest expense	$27,811
Salaries and employee benefits	$16,397
Premises and equipment expense	$3,685
Additional noninterest expense	$7,729
Applicable income taxes	$2,488
Net charge-offs	$34
Cash dividends	$5,300

North Shore Bank A Co-operative Bank's interest expense for loans was $8,383,000.
North Shore Bank A Co-operative Bank's payroll and benefits expense were $16,397,000.
North Shore Bank A Co-operative Bank's property, plant and equipment expenses $3,685,000.

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	$1,160,786
Deposits held in domestic offices	$1,160,786
Deposits by Individuals, partnerships, and corporations	$1,094,117
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$66,669
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	$76,651
Demand deposits	$54,628
Nontransaction accounts	$1,084,135
Money market deposit accounts (MMDAs)	$260,882
Other savings deposits (excluding MMDAs)	$448,379
Total time deposits	$374,874
Total time and savings deposits	$1,106,158
Noninterest-bearing deposits	$235,808
Interest-bearing deposits	$924,978
Retail deposits	$1,056,883
IRAs and Keogh plan accounts	$47,769
Brokered deposits	$9,453
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,386,709
Cash & Balances due from depository institutions	$40,915
Interest-bearing balances	$27,126
Total securities	$138,243
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,141,914
Loan and leases loss allowance	$9,502
Trading account assets	$0
Bank premises and fixed assets	$20,644
Other real estate owned	$475
Goodwill and other intangibles	$4,859
All other assets	$39,659

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,386,709
Total Liabilities	$1,241,052
Total deposits	$1,160,786
Interest-bearing deposits	$924,978
Deposits held in domestic offices	$1,160,786
% insured (estimated)	$79
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$69,713
Subordinated debt	$0
All other liabilities	$10,553

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,141,914
Loan and leases loss allowance	$9,502
Total loans and leases (domestic)	$1,151,416
All real estate loans	$1,025,167
Real estate loans in domestic offices	$1,025,167
Construction and development loans	$127,845
Residential 1-4 family construction	$57,708
Other construction, all land development and other land	$70,137
Loans secured by nonfarm nonresidential properties	$329,936
Nonfarm nonresidential secured by owner-occupied properties	$142,188
Commercial real estate & other non-farm, non-residential	$187,748
Multifamily residential real estate	$140,878
1-4 family residential loans	$425,572
Farmland loans	$936
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$124,078
To non-U.S. addressees	$0
Loans to individuals	$2,060
Credit card loans	$0
Related Plans	$115
Consumer Auto Loans	$1,178
Other loans to individuals	$767
All other loans & leases	$111
Loans to foreign governments and official institutions	$0
Other loans	$111
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	$185
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

North Shore Bank a Co-operative Bank had $1,141,914,000 of loans outstanding in 2019. $1,025,167,000 of loans were in real estate loans. $127,845,000 of loans were in development loans. $140,878,000 of loans were in multifamily mortgage loans. $425,572,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,178,000 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	514	$150,065	$291,955
Nonfarm, nonresidential loans - <$100k	37	$1,699	$45,919
Nonfarm, nonresidential loans - $100-250k	156	$21,031	$134,814
Nonfarm, nonresidential loans - $250k-1MM	321	$127,335	$396,682
Commercial & Industrial, US addressed loans - <$1MM	638	$79,070	$123,934
Commercial & Industrial, US addressed loans - <$100k	256	$8,212	$32,078
Commercial & Industrial, US addressed loans - $100-250k	186	$18,222	$97,968
Commercial & Industrial, US addressed loans - $250k-1MM	196	$52,636	$268,551
Farmland loans - <$1MM	2	$333	$166,500
Farmland loans - <$100k	1	$3	$3,000
Farmland loans - $250k-1MM	1	$330	$330,000