Reading Co-operative Bank Mortgage Rates, Fees & Info
Reading, MA
LEI: 549300BNF48S5Z88UL34
Tax ID: 04-1760720
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Mortgage Data
Bank Data
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 include Boston, Worcester, Portland, Barnstable Town, and Manchester among others. Reading Co-operative Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
249
Origination Dollar Volume (All Markets)
$110,455,000
Employee count
93
Top Markets
| 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% |
Reading Co-operative Bank's top markets include Boston, Worcester, Portland, Barnstable Town, and Manchester among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
249 |
$110,455,000 |
$443,594 |
$0 |
0.00% |
For the 2021 period, Reading Co-operative Bank's most frequently
originated loan type
of loans were Conventional, with 249 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
119 |
$41,295,000 |
$347,017 |
$0 |
0.00% |
| Cash Out Refi |
74 |
$27,040,000 |
$365,405 |
$0 |
0.00% |
| Home Purchase |
47 |
$39,875,000 |
$848,404 |
$0 |
0.00% |
| Other |
5 |
$1,185,000 |
$237,000 |
$0 |
0.00% |
| Home Improvement |
4 |
$1,060,000 |
$265,000 |
$0 |
0.00% |
For the 2021, Reading Co-operative Bank's most frequently cited loan
purpose
of loans were Refi, with 119
originations.
The 2nd most popular reason of loans were 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 the 2021, Reading Co-operative Bank's most frequently cited loan
length
of loans were Other, with 249 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
94 |
$27,270,000 |
$290,106 |
$0 |
0.00% |
| $400k-600k |
59 |
$27,775,000 |
$470,763 |
$0 |
0.00% |
| $100k-200k |
51 |
$8,105,000 |
$158,922 |
$0 |
0.00% |
| $1MM+ |
17 |
$33,715,000 |
$1,983,235 |
$0 |
0.00% |
| $600k-1MM |
17 |
$12,935,000 |
$760,882 |
$0 |
0.00% |
| $100,000 or less |
11 |
$655,000 |
$59,545 |
$0 |
0.00% |
2021 saw Reading Co-operative Bank place emphasis on
$200k-400k loans
with 94 originations, totaling
$27,270,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
71 |
$23,065,000 |
$324,859 |
$0 |
0.00% |
| $150k-250k |
47 |
$16,245,000 |
$345,638 |
$0 |
0.00% |
| $75k-100k |
34 |
$8,100,000 |
$238,235 |
$0 |
0.00% |
| $250k+ |
27 |
$11,405,000 |
$422,407 |
$0 |
0.00% |
| $50k-75k |
24 |
$5,020,000 |
$209,167 |
$0 |
0.00% |
| $50k or less |
6 |
$1,280,000 |
$213,333 |
$0 |
0.00% |
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
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
182 |
$55,960,000 |
$307,473 |
$0 |
0.00% |
| Not applicable |
38 |
$44,680,000 |
$1,175,789 |
$0 |
0.00% |
| Asian |
11 |
$5,115,000 |
$465,000 |
$0 |
0.00% |
| Not provided |
14 |
$3,980,000 |
$284,286 |
$0 |
0.00% |
| Black |
3 |
$425,000 |
$141,667 |
$0 |
0.00% |
| Asian Indian |
1 |
$295,000 |
$295,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
96.15%
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 origination
74.28%
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 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
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
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.
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 |
