Reading Co-operative Bank Mortgage Rates, Fees & Info

Reading, MA

LEI: 549300BNF48S5Z88UL34

Tax ID: 04-1760720

2021 Data | 2020 Data | 2019 Data | 2018 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

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