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 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, Manchester, Barnstable Town, Worcester, and Laconia among others. We have data for 13 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%	11/21/24
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

Purchase Price:

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% Deposit:

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Estimated Loan Payment: Update the calculator values and click calculate payment!

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

652

Origination Dollar Volume (All Markets)

$319,350,000

Employee count

175

Awards

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

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)	614	$307,840,000	$501,368	$3,224	3.20%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	7	$2,775,000	$396,429	$2,906	3.25%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	7	$2,385,000	$340,714	$3,028	2.88%
WORCESTER, MA-CT (FHA\|USDA\|VA)	6	$2,110,000	$351,667	$3,006	2.94%
Laconia, NH (FHA\|USDA\|VA)	3	$795,000	$265,000	$2,993	3.08%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	3	$685,000	$228,333	$3,171	3.21%
Barre, VT (FHA\|USDA\|VA)	3	$655,000	$218,333	$2,948	2.88%
SPRINGFIELD, MA (FHA\|USDA\|VA)	2	$650,000	$325,000	$2,725	2.81%
Lebanon, NH-VT (FHA\|USDA\|VA)	2	$560,000	$280,000	$3,115	3.19%
Outside of Metro Areas	2	$430,000	$215,000	$2,795	2.75%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	1	$265,000	$265,000	$0	3.63%
PITTSFIELD, MA (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	3.25%
Concord, NH (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,762	2.88%

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

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Vermont (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.

Sharon & Crescent United Credit Union
Similarity Rank: 335

LUSO-AMERICAN CREDIT UNION
Similarity Rank: 474

Middlesex Savings Bank
Similarity Rank: 672

Bridgewater Savings Bank
Similarity Rank: 672

East Boston Savings Bank
Similarity Rank: 755

Piscataqua Savings Bank
Similarity Rank: 789

Norwood Co-operative Bank
Similarity Rank: 820

QUINCY CREDIT UNION
Similarity Rank: 900

HARVARD UNIVERSITY EMPLOYEES
Similarity Rank: 1001

Walpole Co-operative Bank
Similarity Rank: 1052

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	527	$300,245,000	$569,725	$3,205	3.17%
HELOC	125	$19,105,000	$152,840	n/a	3.25%

For 2021, North Shore Bank A Co-operative Bank's most frequently originated type of loan was Conventional, with 527 originations. Their 2nd most popular type was HELOC, with 125 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	210	$130,660,000	$622,190	$2,891	3.09%
Home Purchase	166	$115,050,000	$693,072	$3,758	3.51%
Cash Out Refi	160	$54,120,000	$338,250	$3,116	2.95%
Home Improvement	73	$10,555,000	$144,589	$4,886	3.29%
Other	43	$8,965,000	$208,488	$3,027	3.17%

For 2021, North Shore Bank A Co-operative Bank's most frequently cited loan purpose was Refi, with 210 originations. The 2nd most popular reason was Home Purchase, with 166 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	320	$140,340,000	$438,563	$3,113	3.04%
20 Year	157	$44,965,000	$286,401	$2,795	3.16%
Other	83	$90,895,000	$1,095,120	$2,985	3.93%
15 Year	58	$14,780,000	$254,828	$2,813	2.60%
10 Year	14	$11,040,000	$788,571	$2,686	3.21%
1 Year	12	$10,990,000	$915,833	$0	5.15%
30+ year	8	$6,340,000	$792,500	$11,239	3.44%

For 2021, North Shore Bank A Co-operative Bank's most frequently cited loan duration was 30 Year, with 320 originations. The 2nd most popular length was 20 Year, with 157 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	336	$121,060,000	$360,298
$1k-2k	45	$12,025,000	$267,222
$4k-5k	9	$6,695,000	$743,889
$2k-3k	6	$2,120,000	$353,333
$3k-4k	3	$1,185,000	$395,000
$5k+	1	$435,000	$435,000

North Shore Bank A Co-operative Bank's average total fees were $3,113, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 336 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	323	$177,315,000	$548,963
2.5-3%	233	$82,555,000	$354,313
<2.5%	58	$15,000,000	$258,621
4-5%	27	$35,595,000	$1,318,333
5-6%	11	$8,885,000	$807,727

During 2021, North Shore Bank A Co-operative Bank's average interest rate for loans was 3.04%, while their most frequently originated rate bucket for loans was 3-4%, with 323 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	252	$74,240,000	$294,603	$2,830	3.04%
$400k-600k	118	$56,500,000	$478,814	$3,528	3.18%
$100k-200k	111	$16,155,000	$145,541	$2,650	2.95%
$100,000 or less	59	$3,535,000	$59,915	$2,734	3.18%
$600k-1MM	59	$42,695,000	$723,644	$5,118	3.55%
$1MM+	53	$126,225,000	$2,381,604	$6,372	4.03%

2021 saw North Shore Bank A Co-operative Bank place emphasis on $200k-400k loans with 252 originations, totaling $74,240,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	153	$54,155,000	$353,954	$3,657	3.06%
$100k-150k	145	$44,225,000	$305,000	$3,097	2.97%
$75k-100k	95	$22,645,000	$238,368	$2,837	2.97%
$50k-75k	69	$14,585,000	$211,377	$2,784	3.02%
$250k+	61	$31,055,000	$509,098	$3,907	3.08%
$50k or less	25	$4,125,000	$165,000	$2,729	2.96%

North Shore Bank A Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 153 originations. The second most popular income band? $100k-150k, with 145 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	148	$46,120,000	$311,622	$3,274	2.95%
30-36%	124	$38,720,000	$312,258	$3,156	3.05%
<20%	48	$15,380,000	$320,417	$2,894	2.85%
37%	27	$8,105,000	$300,185	$3,000	3.06%
42%	25	$7,565,000	$302,600	$3,011	3.09%
39%	22	$6,720,000	$305,455	$4,393	3.10%
38%	22	$5,430,000	$246,818	$2,924	3.04%
40%	21	$8,225,000	$391,667	$3,056	2.99%
44%	20	$6,100,000	$305,000	$3,224	3.13%
41%	19	$6,045,000	$318,158	$3,265	3.14%
36%	15	$4,795,000	$319,667	$3,407	3.07%
43%	12	$3,490,000	$290,833	$2,857	3.04%
47%	11	$2,695,000	$245,000	$2,812	2.87%
45%	10	$2,900,000	$290,000	$2,885	2.94%
48%	8	$2,600,000	$325,000	$2,992	2.91%
46%	7	$2,485,000	$355,000	$4,411	3.00%
49%	5	$1,375,000	$275,000	$3,372	2.93%
50-60%	2	$870,000	$435,000	$6,859	3.06%
>60%	1	$305,000	$305,000	$0	3.25%

North Shore Bank A Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 148 originations. The next most common DTI ratio? 30-36%, with 124 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	512	$160,850,000	$314,160	$3,193	3.01%
Not applicable	98	$145,830,000	$1,488,061	$0	4.16%
Not provided	30	$9,840,000	$328,000	$3,573	3.17%
Asian	7	$2,025,000	$289,286	$3,309	3.02%
Black	5	$805,000	$161,000	$2,767	2.93%

Approval Rates

Total approvals of all applications
92.05%

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

Pick Rate

Approvals leading to origination
85.74%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	652	$319,350,000	$489,801

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	652	$319,350,000	$489,801

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	132	$30,460,000	$230,758	$2,714	2.95%
40-60%	165	$89,285,000	$541,121	$3,063	3.11%
60-80%	218	$165,990,000	$761,422	$3,426	3.43%
80-100%	54	$26,480,000	$490,370	$3,933	3.08%
Under 20%	83	$7,135,000	$85,964	$2,644	3.18%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
NORTHWEST BANCSHARES INC	Conventional home mortgage	Struggling to pay mortgage	1	11.1%
NORTHWEST BANCSHARES INC	Conventional home mortgage	Trouble during payment process	5	55.6%
NORTHWEST BANCSHARES INC	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	11.1%
NORTHWEST BANCSHARES INC	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	11.1%
NORTHWEST BANCSHARES INC	Other type of mortgage	Struggling to pay mortgage	1	11.1%

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	$72,243
North Shore Bank, A Co-Operative Bank	140 Brimbal Avenue Beverly, MA 1915	Full Service B&M	$77,880
North Shore Bank, A Co-Operative Bank	237 South Main Street Middleton, MA 1949	Full Service B&M	$95,208
North Shore Bank, A Co-Operative Bank	248 Andover St Peabody, MA 1960	Full Service B&M	$128,807
North Shore Bank, A Co-Operative Bank	254 Cabot Street Beverly, MA 1915	Full Service Cyber Office	$5,531
North Shore Bank, A Co-Operative Bank	254 Cabot Street Beverly, MA 1915	Full Service B&M	$177,343
North Shore Bank, A Co-Operative Bank	29 South Main Street Newton, NH 3858	Full Service B&M	$52,335
North Shore Bank, A Co-Operative Bank	31 Harnden Street Reading, MA 1867	Full Service B&M	$7,355
North Shore Bank, A Co-Operative Bank	319 Highland Avenue Salem, MA 1970	Full Service B&M	$47,234
North Shore Bank, A Co-Operative Bank	32 Main Street Peabody, MA 1960	Full Service B&M	$147,981
North Shore Bank, A Co-Operative Bank	412 Lynn Fells Parkway Saugus, MA 1906	Full Service B&M	$107,204
North Shore Bank, A Co-Operative Bank	48 Elm Street Danvers, MA 1923	Full Service B&M	$121,918
North Shore Bank, A Co-Operative Bank	48 Enon Street Beverly, MA 1915	Full Service B&M	$108,793
North Shore Bank, A Co-Operative Bank	637 Lowell Street, Shopping Plaza Peabody, MA 1960	Full Service Retail	$38,017
North Shore Bank, A Co-Operative Bank	73 Lafayette Street Salem, MA 1970	Full Service B&M	$90,711
North Shore Bank, A Co-Operative Bank	One Hamilton Street Saugus, MA 1906	Full Service B&M	$113,897

For 2021, North Shore Bank A Co-operative Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$54,885
Net interest income	$51,121
Total noninterest income	$6,225
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$984
Trading account gains and fees	$0
Additional Noninterest Income	$5,241
Pre-tax net operating income	$20,157
Securities gains (or losses, -)	$667
Income before extraordinary items	$15,179
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$15,179
Minority interest net income	$0
Net income	$15,179
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$14,652

North Shore Bank A Co-operative Bank's gross interest income from loans was $54,885,000.
North Shore Bank A Co-operative Bank's net interest income from loans was $51,121,000.
North Shore Bank A Co-operative Bank's fee based income from loans was $984,000.
North Shore Bank A Co-operative Bank's net income from loans was $15,179,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,764
Provision for credit losses	$1,753
Total noninterest expense	$35,436
Salaries and employee benefits	$21,821
Premises and equipment expense	$4,823
Additional noninterest expense	$8,792
Applicable income taxes	$5,645
Net charge-offs	$21
Cash dividends	$250

North Shore Bank A Co-operative Bank's interest expense for loans was $3,764,000.
North Shore Bank A Co-operative Bank's payroll and benefits expense were $21,821,000.
North Shore Bank A Co-operative Bank's property, plant and equipment expenses $4,823,000.

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	$1,448,638
Deposits held in domestic offices	$1,448,638
Deposits by Individuals, partnerships, and corporations	$1,375,659
Deposits by U.S. Government	$3
Deposits by States and political subdivisions in the U.S.	$72,976
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	$107,569
Demand deposits	$82,414
Nontransaction accounts	$1,341,069
Money market deposit accounts (MMDAs)	$404,956
Other savings deposits (excluding MMDAs)	$706,800
Total time deposits	$229,313
Total time and savings deposits	$1,366,224
Noninterest-bearing deposits	$421,814
Interest-bearing deposits	$1,026,824
Retail deposits	$1,390,656
IRAs and Keogh plan accounts	$43,726
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,641,035
Cash & Balances due from depository institutions	$254,624
Interest-bearing balances	$245,290
Total securities	$171,780
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,159,672
Loan and leases loss allowance	$16,699
Trading account assets	$0
Bank premises and fixed assets	$15,503
Other real estate owned	$0
Goodwill and other intangibles	$4,283
All other assets	$35,173

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,641,035
Total Liabilities	$1,468,953
Total deposits	$1,448,638
Interest-bearing deposits	$1,026,824
Deposits held in domestic offices	$1,448,638
% insured (estimated)	$70
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$6,609
Subordinated debt	$0
All other liabilities	$13,706

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,159,672
Loan and leases loss allowance	$16,699
Total loans and leases (domestic)	$1,176,371
All real estate loans	$1,015,687
Real estate loans in domestic offices	$1,015,687
Construction and development loans	$114,167
Residential 1-4 family construction	$50,773
Other construction, all land development and other land	$63,394
Loans secured by nonfarm nonresidential properties	$394,410
Nonfarm nonresidential secured by owner-occupied properties	$156,831
Commercial real estate & other non-farm, non-residential	$237,579
Multifamily residential real estate	$143,008
1-4 family residential loans	$363,548
Farmland loans	$554
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$158,812
To non-U.S. addressees	$0
Loans to individuals	$1,802
Credit card loans	$0
Related Plans	$57
Consumer Auto Loans	$1,274
Other loans to individuals	$471
All other loans & leases	$70
Loans to foreign governments and official institutions	$0
Other loans	$70
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	$327
Non 1-4 family restructured loans & leases	$327
Total loans and leases (foreign)	$0

North Shore Bank a Co-operative Bank had $1,159,672,000 of loans outstanding in 2021. $1,015,687,000 of loans were in real estate loans. $114,167,000 of loans were in development loans. $143,008,000 of loans were in multifamily mortgage loans. $363,548,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,274,000 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	449	$139,214	$310,053
Nonfarm, nonresidential loans - <$100k	27	$1,053	$39,000
Nonfarm, nonresidential loans - $100-250k	119	$16,084	$135,160
Nonfarm, nonresidential loans - $250k-1MM	303	$122,077	$402,894
Commercial & Industrial, US addressed loans - <$1MM	769	$95,692	$124,437
Commercial & Industrial, US addressed loans - <$100k	370	$11,935	$32,257
Commercial & Industrial, US addressed loans - $100-250k	197	$20,981	$106,503
Commercial & Industrial, US addressed loans - $250k-1MM	202	$62,776	$310,772