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 Home Purchase loans. Reading Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Portland 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
146Origination Dollar Volume (All Markets)
$70,330,000Employee count
77Top 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) | 131 | $64,365,000 | $491,336 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 6 | $2,230,000 | $371,667 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $1,620,000 | $810,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 146 | $70,330,000 | $481,712 | $0 | 0.00% |
For 2018, Reading Co-operative Bank's most frequently originated type of loan was Conventional, with 146 originations.
Loan Reason
For 2018, Reading Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 146 | $70,330,000 | $481,712 | $0 | 0.00% |
For 2018, Reading Co-operative Bank's most frequently cited loan duration was Other, with 146 originations.
Loan Sizing
2018 saw Reading Co-operative Bank place emphasis on $200k-400k loans with 62 originations, totaling $18,940,000 in origination value.
Applicant Income
Reading Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 32 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 146 | $70,330,000 | $481,712 | $0 | 0.00% |
Reading Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 146 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.94%
Reading Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination60.27%
Reading Co-operative Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 146 | $70,330,000 | $481,712 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 5 | $10,465,000 | $2,093,000 |
| Single Family (1-4 Units):Site-Built | 141 | $59,865,000 | $424,574 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Reading Co-operative Bank | 10 Wall Street Burlington, MA 1803 | Full Service B&M | $21,587 |
| Reading Co-operative Bank | 100 Hemlock Road Wakefield, MA 1880 | Full Service Retail | $430 |
| Reading Co-operative Bank | 170 Park Street North Reading, MA 1864 | Full Service B&M | $42,604 |
| Reading Co-operative Bank | 18-20 Central Street Andover, MA 1810 | Full Service B&M | $8,633 |
| Reading Co-operative Bank | 180 Haven Street Reading, MA 1867 | Full Service B&M | $245,765 |
| Reading Co-operative Bank | 230 Lowell Street Wilmington, MA 1887 | Full Service B&M | $21,828 |
| Reading Co-operative Bank | 352 Middlesex Avenue Wilmington, MA 1887 | Full Service B&M | $73,990 |
| Reading Co-operative Bank | 62 Oakland Road Reading, MA 1867 | Full Service B&M | $1,874 |
For 2018, Reading Co-operative Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $22,725 |
| Net interest income | $18,492 |
| Total noninterest income | $2,005 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $341 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,664 |
| Pre-tax net operating income | $5,537 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $4,151 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,151 |
| Minority interest net income | $0 |
| Net income | $4,151 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,151 |
Reading Co-operative Bank's gross interest income from loans was $22,725,000.
Reading Co-operative Bank's net interest income from loans was $18,492,000.
Reading Co-operative Bank's fee based income from loans was $341,000.
Reading Co-operative Bank's net income from loans was $4,151,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,233 |
| Provision for credit losses | $320 |
| Total noninterest expense | $14,640 |
| Salaries and employee benefits | $8,111 |
| Premises and equipment expense | $1,880 |
| Additional noninterest expense | $4,649 |
| Applicable income taxes | $1,386 |
| Net charge-offs | $-112 |
| Cash dividends | $0 |
Reading Co-operative Bank's interest expense for loans was $4,233,000.
Reading Co-operative Bank's payroll and benefits expense were $8,111,000.
Reading Co-operative Bank's property, plant and equipment expenses $1,880,000.
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 | $442,438 |
| Deposits held in domestic offices | $442,438 |
| Deposits by Individuals, partnerships, and corporations | $399,014 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $43,424 |
| 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 | $140,378 |
| Demand deposits | $92,011 |
| Nontransaction accounts | $302,060 |
| Money market deposit accounts (MMDAs) | $70,599 |
| Other savings deposits (excluding MMDAs) | $109,364 |
| Total time deposits | $122,097 |
| Total time and savings deposits | $350,427 |
| Noninterest-bearing deposits | $94,658 |
| Interest-bearing deposits | $347,780 |
| Retail deposits | $350,668 |
| IRAs and Keogh plan accounts | $8,764 |
| Brokered deposits | $46,674 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $570,447 |
| Cash & Balances due from depository institutions | $9,034 |
| Interest-bearing balances | $3,582 |
| Total securities | $74,404 |
| Federal funds sold & reverse repurchase | $290 |
| Net loans and leases | $459,068 |
| Loan and leases loss allowance | $3,008 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,577 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $327 |
| All other assets | $21,747 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $570,447 |
| Total Liabilities | $521,683 |
| Total deposits | $442,438 |
| Interest-bearing deposits | $347,780 |
| Deposits held in domestic offices | $442,438 |
| % insured (estimated) | $75 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $71,000 |
| Subordinated debt | $0 |
| All other liabilities | $8,245 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $459,068 |
| Loan and leases loss allowance | $3,008 |
| Total loans and leases (domestic) | $462,076 |
| All real estate loans | $436,069 |
| Real estate loans in domestic offices | $436,069 |
| Construction and development loans | $30,867 |
| Residential 1-4 family construction | $20,825 |
| Other construction, all land development and other land | $10,042 |
| Loans secured by nonfarm nonresidential properties | $75,403 |
| Nonfarm nonresidential secured by owner-occupied properties | $29,168 |
| Commercial real estate & other non-farm, non-residential | $46,235 |
| Multifamily residential real estate | $32,842 |
| 1-4 family residential loans | $296,596 |
| Farmland loans | $361 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $24,818 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $282 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $10 |
| Other loans to individuals | $272 |
| All other loans & leases | $907 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $907 |
| 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 | $228 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Reading Co-Operative Bank had $459,068,000 of loans outstanding in 2018. $436,069,000 of loans were in real estate loans. $30,867,000 of loans were in development loans. $32,842,000 of loans were in multifamily mortgage loans. $296,596,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $10,000 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 | 92 | $24,269 | $263,793 |
| Nonfarm, nonresidential loans - <$100k | 12 | $690 | $57,500 |
| Nonfarm, nonresidential loans - $100-250k | 28 | $4,267 | $152,393 |
| Nonfarm, nonresidential loans - $250k-1MM | 52 | $19,312 | $371,385 |
| Commercial & Industrial, US addressed loans - <$1MM | 101 | $15,224 | $150,733 |
| Commercial & Industrial, US addressed loans - <$100k | 71 | $2,507 | $35,310 |
| Commercial & Industrial, US addressed loans - $100-250k | 9 | $1,421 | $157,889 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 21 | $11,296 | $537,905 |
| Farmland loans - <$1MM | 1 | $361 | $361,000 |
| Farmland loans - $250k-1MM | 1 | $361 | $361,000 |