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

Peabody, MA

LEI: 549300B3J2ZHX7QFH171

Tax ID: 04-3414678

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    North Shore Bank A Co-operative Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. North Shore Bank A Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Portland, Laconia, and Manchester 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 above 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.

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    Originations

    787

    Origination Dollar Volume (All Markets)

    $289,875,000

    Employee count

    194

    Awards

    North Shore Bank a Co-operative Bank 30 Year Conventional Loans bronze North Shore Bank a Co-operative Bank 30 Year Conventional Loans bronze
    Show all (2) 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) 752 $278,860,000 $370,824 $3,021 3.20%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $2,895,000 $321,667 $2,823 3.36%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 6 $2,200,000 $366,667 $2,835 3.08%
    Laconia, NH (FHA|USDA|VA) 4 $1,490,000 $372,500 $3,567 3.12%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 4 $1,460,000 $365,000 $2,643 4.09%
    Outside of Metro Areas 5 $1,285,000 $257,000 $3,157 3.58%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,245,000 $249,000 $2,513 3.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $440,000 $220,000 $2,804 4.25%
    North Shore Bank A Co-operative Bank's top markets include Boston, Worcester, Portland, Laconia, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (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.

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Bridgewater Savings Bank
    Similarity Rank: 600
    Triangle Credit Union
    Similarity Rank: 696
    NEW HAMPSHIRE
    Similarity Rank: 756
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798
    Sharon & Crescent United Credit Union
    Similarity Rank: 830
    QUINCY CREDIT UNION
    Similarity Rank: 876

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 659 $274,425,000 $416,426 $3,015 3.17%
    HELOC 128 $15,450,000 $120,703 n/a 3.42%

    For 2020, North Shore Bank A Co-operative Bank's most frequently originated type of loan was Conventional, with 659 originations. Their 2nd most popular type was HELOC, with 128 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 324 $121,590,000 $375,278 $2,824 3.08%
    Cash Out Refi 215 $68,635,000 $319,233 $2,968 3.10%
    Home Purchase 148 $81,310,000 $549,392 $3,544 3.48%
    Home Improvement 61 $13,535,000 $221,885 $4,806 3.60%
    Other 39 $4,805,000 $123,205 $2,830 3.25%

    For 2020, North Shore Bank A Co-operative Bank's most frequently cited loan purpose was Refi, with 324 originations. The 2nd most popular reason was Cash Out Refi, with 215 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 428 $158,090,000 $369,369 $3,071 3.14%
    20 Year 183 $32,885,000 $179,699 $2,805 3.27%
    15 Year 72 $19,320,000 $268,333 $2,736 2.78%
    Other 55 $30,665,000 $557,545 $2,870 3.37%
    10 Year 33 $35,435,000 $1,073,788 $2,721 3.75%
    1 Year 13 $11,615,000 $893,462 $0 5.12%
    30+ year 2 $1,260,000 $630,000 $9,518 4.13%
    5 Year 1 $605,000 $605,000 $0 3.50%

    For 2020, North Shore Bank A Co-operative Bank's most frequently cited loan duration was 30 Year, with 428 originations. The 2nd most popular length was 20 Year, with 183 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 470 $165,650,000 $352,447
    $1k-2k 84 $22,900,000 $272,619
    $2k-3k 9 $3,125,000 $347,222
    $4k-5k 2 $1,260,000 $630,000
    $5k+ 2 $740,000 $370,000
    $3k-4k 1 $495,000 $495,000

    North Shore Bank A Co-operative Bank's average total fees were $3,071, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 470 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 360 $104,450,000 $290,139
    3-4% 284 $120,950,000 $425,880
    4-5% 73 $46,635,000 $638,836
    <2.5% 62 $14,420,000 $232,581
    5-6% 8 $3,420,000 $427,500

    During 2020, North Shore Bank A Co-operative Bank's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 360 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 359 $108,575,000 $302,437 $2,917 3.11%
    $400k-600k 160 $74,730,000 $467,063 $3,273 3.26%
    $100k-200k 138 $20,970,000 $151,957 $2,638 3.05%
    $100,000 or less 71 $4,025,000 $56,690 $2,346 3.36%
    $600k-1MM 39 $28,635,000 $734,231 $4,240 3.83%
    $1MM+ 20 $52,940,000 $2,647,000 $5,519 3.97%

    2020 saw North Shore Bank A Co-operative Bank place emphasis on $200k-400k loans with 359 originations, totaling $108,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 208 $62,070,000 $298,413 $2,985 3.11%
    $150k-250k 200 $68,820,000 $344,100 $3,103 3.16%
    $75k-100k 134 $33,250,000 $248,134 $2,961 3.10%
    $50k-75k 85 $17,535,000 $206,294 $2,801 3.06%
    $250k+ 64 $31,370,000 $490,156 $3,468 3.23%
    $50k or less 21 $3,525,000 $167,857 $2,675 3.14%

    North Shore Bank A Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 208 originations. The second most popular income band? $150k-250k, with 200 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 220 $64,510,000 $293,227 $2,957 3.03%
    30-36% 153 $44,585,000 $291,405 $3,055 3.14%
    <20% 74 $26,090,000 $352,568 $2,897 2.95%
    42% 35 $6,725,000 $192,143 $2,865 3.20%
    37% 34 $10,800,000 $317,647 $2,988 3.27%
    39% 28 $8,220,000 $293,571 $3,374 3.19%
    36% 27 $8,435,000 $312,407 $3,152 3.37%
    40% 25 $7,245,000 $289,800 $3,001 3.23%
    38% 22 $6,140,000 $279,091 $2,921 3.04%
    41% 20 $6,330,000 $316,500 $2,841 3.06%
    44% 13 $4,315,000 $331,923 $3,655 3.09%
    43% 13 $4,735,000 $364,231 $3,237 3.27%
    46% 11 $4,855,000 $441,364 $3,503 3.11%
    49% 11 $3,325,000 $302,273 $2,905 3.33%
    45% 8 $2,460,000 $307,500 $2,539 3.14%
    48% 8 $2,980,000 $372,500 $3,670 3.09%
    47% 8 $2,590,000 $323,750 $2,688 2.95%
    50-60% 3 $1,325,000 $441,667 $3,220 3.29%
    >60% 3 $555,000 $185,000 $2,624 3.25%

    North Shore Bank A Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 220 originations. The next most common DTI ratio? 30-36%, with 153 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 669 $204,325,000 $305,419 $3,020 3.13%
    Not applicable 58 $65,570,000 $1,130,517 $0 4.26%
    Not provided 29 $8,195,000 $282,586 $2,855 3.00%
    Black 16 $6,060,000 $378,750 $3,149 3.22%
    Asian 10 $3,460,000 $346,000 $2,963 3.21%
    Asian Indian 3 $1,625,000 $541,667 $0 3.75%
    American Indian 2 $640,000 $320,000 $3,243 3.12%

    Approval Rates

    Total approvals of all applications
    91.40%

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

    Pick Rate

    Approvals leading to origination
    82.97%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 787 $289,875,000 $368,329

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 25 $46,985,000 $1,879,400
    Single Family (1-4 Units):Site-Built 762 $242,890,000 $318,753

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 130 $29,010,000 $223,154 $2,706 3.10%
    40-60% 203 $80,095,000 $394,557 $2,858 3.02%
    60-80% 286 $140,870,000 $492,552 $3,086 3.36%
    80-100% 80 $31,360,000 $392,000 $3,519 3.12%
    Under 20% 88 $8,540,000 $97,045 $2,676 3.43%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 1 50.0%

    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 $64,967
    North Shore Bank, A Co-Operative Bank 140 Brimbal Avenue Beverly, MA 1915 Full Service B&M $43,966
    North Shore Bank, A Co-Operative Bank 167 Washington St Peabody, MA 1960 Full Service B&M $4,551
    North Shore Bank, A Co-Operative Bank 237 South Main Street Middleton, MA 1949 Full Service B&M $75,751
    North Shore Bank, A Co-Operative Bank 248 Andover Street Peabody, MA 1960 Full Service B&M $120,472
    North Shore Bank, A Co-Operative Bank 254 Cabot Street Beverly, MA 1915 Full Service Cyber Office $4,319
    North Shore Bank, A Co-Operative Bank 254 Cabot Street Beverly, MA 1915 Full Service B&M $165,567
    North Shore Bank, A Co-Operative Bank 29 South Main Street Newton, NH 3858 Full Service B&M $45,369
    North Shore Bank, A Co-Operative Bank 31 Harnden Street Reading, MA 1867 Full Service B&M $1,830
    North Shore Bank, A Co-Operative Bank 319 Highland Avenue Salem, MA 1970 Full Service B&M $43,891
    North Shore Bank, A Co-Operative Bank 32 Main Street Peabody, MA 1960 Full Service B&M $129,626
    North Shore Bank, A Co-Operative Bank 412 Lynn Fells Parkway Saugus, MA 1906 Full Service B&M $63,659
    North Shore Bank, A Co-Operative Bank 48 Elm Street Danvers, MA 1923 Full Service B&M $112,510
    North Shore Bank, A Co-Operative Bank 48 Enon Street Beverly, MA 1915 Full Service B&M $60,354
    North Shore Bank, A Co-Operative Bank 489 Lincoln Avenue Saugus, MA 1906 Full Service B&M $68,741
    North Shore Bank, A Co-Operative Bank 63 Dodge Street Beverly, MA 1915 Full Service B&M $94,045
    North Shore Bank, A Co-Operative Bank 637 Lowell Street Peabody, MA 1960 Full Service Retail $36,474
    North Shore Bank, A Co-Operative Bank 73 Lafayette Street Salem, MA 1970 Full Service B&M $81,615
    North Shore Bank, A Co-Operative Bank One Hamilton Street Saugus, MA 1906 Full Service B&M $71,500

    For 2020, North Shore Bank A Co-operative Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $58,312
    Net interest income $50,378
    Total noninterest income $6,749
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $993
    Trading account gains and fees $0
    Additional Noninterest Income $5,756
    Pre-tax net operating income $14,824
    Securities gains (or losses, -) $537
    Income before extraordinary items $11,674
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,674
    Minority interest net income $0
    Net income $11,674
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,249

    North Shore Bank A Co-operative Bank's gross interest income from loans was $58,312,000.
    North Shore Bank A Co-operative Bank's net interest income from loans was $50,378,000.
    North Shore Bank A Co-operative Bank's fee based income from loans was $993,000.
    North Shore Bank A Co-operative Bank's net income from loans was $11,674,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,934
    Provision for credit losses $5,500
    Total noninterest expense $36,803
    Salaries and employee benefits $22,276
    Premises and equipment expense $4,767
    Additional noninterest expense $9,760
    Applicable income taxes $3,687
    Net charge-offs $35
    Cash dividends $250

    North Shore Bank A Co-operative Bank's interest expense for loans was $7,934,000.
    North Shore Bank A Co-operative Bank's payroll and benefits expense were $22,276,000.
    North Shore Bank A Co-operative Bank's property, plant and equipment expenses $4,767,000.

    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 $1,307,503
    Deposits held in domestic offices $1,307,503
    Deposits by Individuals, partnerships, and corporations $1,240,016
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $67,487
    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 $96,087
    Demand deposits $71,516
    Nontransaction accounts $1,211,416
    Money market deposit accounts (MMDAs) $338,958
    Other savings deposits (excluding MMDAs) $592,187
    Total time deposits $280,271
    Total time and savings deposits $1,235,987
    Noninterest-bearing deposits $346,766
    Interest-bearing deposits $960,737
    Retail deposits $1,233,859
    IRAs and Keogh plan accounts $45,858
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,498,233
    Cash & Balances due from depository institutions $180,077
    Interest-bearing balances $168,950
    Total securities $120,457
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,139,603
    Loan and leases loss allowance $14,967
    Trading account assets $0
    Bank premises and fixed assets $19,620
    Other real estate owned $0
    Goodwill and other intangibles $4,662
    All other assets $33,814

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,498,233
    Total Liabilities $1,340,560
    Total deposits $1,307,503
    Interest-bearing deposits $960,737
    Deposits held in domestic offices $1,307,503
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $22,070
    Subordinated debt $0
    All other liabilities $10,987

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,139,603
    Loan and leases loss allowance $14,967
    Total loans and leases (domestic) $1,154,570
    All real estate loans $953,300
    Real estate loans in domestic offices $953,300
    Construction and development loans $98,540
    Residential 1-4 family construction $42,827
    Other construction, all land development and other land $55,713
    Loans secured by nonfarm nonresidential properties $323,970
    Nonfarm nonresidential secured by owner-occupied properties $134,952
    Commercial real estate & other non-farm, non-residential $189,018
    Multifamily residential real estate $148,692
    1-4 family residential loans $381,520
    Farmland loans $578
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $198,773
    To non-U.S. addressees $0
    Loans to individuals $2,411
    Credit card loans $0
    Related Plans $69
    Consumer Auto Loans $1,398
    Other loans to individuals $944
    All other loans & leases $86
    Loans to foreign governments and official institutions $0
    Other loans $86
    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 $181
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    North Shore Bank a Co-operative Bank had $1,139,603,000 of loans outstanding in 2020. $953,300,000 of loans were in real estate loans. $98,540,000 of loans were in development loans. $148,692,000 of loans were in multifamily mortgage loans. $381,520,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,398,000 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 469 $139,686 $297,838
    Nonfarm, nonresidential loans - <$100k 25 $1,156 $46,240
    Nonfarm, nonresidential loans - $100-250k 141 $18,568 $131,688
    Nonfarm, nonresidential loans - $250k-1MM 303 $119,962 $395,914
    Commercial & Industrial, US addressed loans - <$1MM 1,251 $141,723 $113,288
    Commercial & Industrial, US addressed loans - <$100k 710 $23,114 $32,555
    Commercial & Industrial, US addressed loans - $100-250k 287 $33,783 $117,711
    Commercial & Industrial, US addressed loans - $250k-1MM 254 $84,826 $333,961