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 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.

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%	11/23/24
30 Year Conventional Purchase	6.10%	11/23/24
30 Year Conventional Refi	6.27%	11/23/24
30 Year Cash-out Refi	6.09%	11/23/24
15 Year Conventional Purchase	6.48%	11/23/24
15 Year Conventional Refi	5.52%	11/23/24
15 Year Cash-out Refi	5.52%	11/23/24
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

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

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

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Bridgewater Savings Bank
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Triangle Credit Union
Similarity Rank: 696

NEW HAMPSHIRE
Similarity Rank: 756

NESC
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East Boston Savings Bank
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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