Reading Co-operative Bank Mortgage Rates, Fees & Info
Reading, MALEI: 549300BNF48S5Z88UL34
Tax ID: 04-1760720
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Mortgage Data
Bank Data
Review & Overview
Reading Co-operative Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Reading Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Portland, Barnstable Town, and Manchester among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Reading 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.
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Originations
249Origination Dollar Volume (All Markets)
$110,455,000Employee count
93Top 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) | 230 | $99,430,000 | $432,304 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 12 | $8,610,000 | $717,500 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 249 | $110,455,000 | $443,594 | $0 | 0.00% |
For 2021, Reading Co-operative Bank's most frequently originated type of loan was Conventional, with 249 originations.
Loan Reason
For 2021, Reading Co-operative Bank's most frequently cited loan purpose was Refi, with 119 originations. The 2nd most popular reason was Cash Out Refi, with 74 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 249 | $110,455,000 | $443,594 | $0 | 0.00% |
For 2021, Reading Co-operative Bank's most frequently cited loan duration was Other, with 249 originations.
Loan Sizing
2021 saw Reading Co-operative Bank place emphasis on $200k-400k loans with 94 originations, totaling $27,270,000 in origination value.
Applicant Income
Reading Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $150k-250k, with 47 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 249 | $110,455,000 | $443,594 | $0 | 0.00% |
Reading Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 249 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.12%
Reading Co-operative Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination83.53%
Reading Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 249 | $110,455,000 | $443,594 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Reading Co-Operative Bank | 100 Hemlock Road Wakefield, MA 1880 | Full Service Retail | $1,098 |
| Reading Co-Operative Bank | 10 Wall Street Burlington, MA 1803 | Full Service B&M | $13,420 |
| Reading Co-Operative Bank | 170 Park Street North Reading, MA 1864 | Full Service B&M | $63,400 |
| Reading Co-Operative Bank | 18-20 Central Street Andover, MA 1810 | Full Service B&M | $29,978 |
| Reading Co-Operative Bank | 180 Haven St Reading, MA 1867 | Full Service B&M | $329,841 |
| Reading Co-Operative Bank | 230 Lowell Street Wilmington, MA 1887 | Full Service B&M | $30,857 |
| Reading Co-Operative Bank | 352 Middlesex Avenue Wilmington, MA 1887 | Full Service B&M | $102,863 |
| Reading Co-Operative Bank | 62 Oakland Road Reading, MA 1867 | Full Service B&M | $2,703 |
For 2021, Reading Co-operative Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $23,524 |
| Net interest income | $21,923 |
| Total noninterest income | $1,750 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $301 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,449 |
| Pre-tax net operating income | $6,648 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $5,167 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,167 |
| Minority interest net income | $0 |
| Net income | $5,167 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,167 |
Reading Co-operative Bank's gross interest income from loans was $23,524,000.
Reading Co-operative Bank's net interest income from loans was $21,923,000.
Reading Co-operative Bank's fee based income from loans was $301,000.
Reading Co-operative Bank's net income from loans was $5,167,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,601 |
| Provision for credit losses | $100 |
| Total noninterest expense | $16,925 |
| Salaries and employee benefits | $9,677 |
| Premises and equipment expense | $1,834 |
| Additional noninterest expense | $5,414 |
| Applicable income taxes | $1,481 |
| Net charge-offs | $-5 |
| Cash dividends | $0 |
Reading Co-operative Bank's interest expense for loans was $1,601,000.
Reading Co-operative Bank's payroll and benefits expense were $9,677,000.
Reading Co-operative Bank's property, plant and equipment expenses $1,834,000.
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 | $648,519 |
| Deposits held in domestic offices | $648,519 |
| Deposits by Individuals, partnerships, and corporations | $580,928 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $67,591 |
| 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 | $291,876 |
| Demand deposits | $169,467 |
| Nontransaction accounts | $356,643 |
| Money market deposit accounts (MMDAs) | $95,751 |
| Other savings deposits (excluding MMDAs) | $184,935 |
| Total time deposits | $75,956 |
| Total time and savings deposits | $479,052 |
| Noninterest-bearing deposits | $171,781 |
| Interest-bearing deposits | $476,738 |
| Retail deposits | $608,051 |
| IRAs and Keogh plan accounts | $11,579 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $722,466 |
| Cash & Balances due from depository institutions | $5,398 |
| Interest-bearing balances | $630 |
| Total securities | $110,325 |
| Federal funds sold & reverse repurchase | $51,081 |
| Net loans and leases | $521,502 |
| Loan and leases loss allowance | $3,641 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,170 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $2,196 |
| All other assets | $25,794 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $722,466 |
| Total Liabilities | $660,014 |
| Total deposits | $648,519 |
| Interest-bearing deposits | $476,738 |
| Deposits held in domestic offices | $648,519 |
| % insured (estimated) | $71 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $11,495 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $521,502 |
| Loan and leases loss allowance | $3,641 |
| Total loans and leases (domestic) | $525,143 |
| All real estate loans | $495,861 |
| Real estate loans in domestic offices | $495,861 |
| Construction and development loans | $49,218 |
| Residential 1-4 family construction | $21,775 |
| Other construction, all land development and other land | $27,443 |
| Loans secured by nonfarm nonresidential properties | $84,795 |
| Nonfarm nonresidential secured by owner-occupied properties | $39,953 |
| Commercial real estate & other non-farm, non-residential | $44,842 |
| Multifamily residential real estate | $56,538 |
| 1-4 family residential loans | $305,310 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $28,894 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $310 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $122 |
| Other loans to individuals | $188 |
| All other loans & leases | $78 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $78 |
| 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 | $469 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Reading Co-Operative Bank had $521,502,000 of loans outstanding in 2021. $495,861,000 of loans were in real estate loans. $49,218,000 of loans were in development loans. $56,538,000 of loans were in multifamily mortgage loans. $305,310,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $122,000 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 | 99 | $32,219 | $325,444 |
| Nonfarm, nonresidential loans - <$100k | 7 | $281 | $40,143 |
| Nonfarm, nonresidential loans - $100-250k | 31 | $4,609 | $148,677 |
| Nonfarm, nonresidential loans - $250k-1MM | 61 | $27,329 | $448,016 |
| Commercial & Industrial, US addressed loans - <$1MM | 320 | $22,761 | $71,128 |
| Commercial & Industrial, US addressed loans - <$100k | 249 | $5,281 | $21,209 |
| Commercial & Industrial, US addressed loans - $100-250k | 39 | $5,300 | $135,897 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 32 | $12,180 | $380,625 |