Reading Co-operative Bank Mortgage Rates, Fees & Info

Reading, MA

LEI: 549300BNF48S5Z88UL34

Tax ID: 04-1760720

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Reading Co-operative Bank is a smaller bank specializing in Home Purchase and Refi loans. Reading Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Portland among others. We have data for 8 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

169

Origination Dollar Volume (All Markets)

$86,035,000

Employee count

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)	157	$81,285,000	$517,739	$0	0.00%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	4	$1,980,000	$495,000	$0	0.00%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	2	$940,000	$470,000	$0	0.00%
WORCESTER, MA-CT (FHA\|USDA\|VA)	2	$590,000	$295,000	$0	0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	1	$425,000	$425,000	$0	0.00%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	1	$355,000	$355,000	$0	0.00%
Outside of Metro Areas	1	$305,000	$305,000	$0	0.00%
SPRINGFIELD, MA (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	0.00%

Reading Co-operative Bank's top markets include Boston, Barnstable Town, Providence, Worcester, and Portland among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Maine (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	169	$86,035,000	$509,083	$0	0.00%

For 2019, Reading Co-operative Bank's most frequently originated type of loan was Conventional, with 169 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	82	$42,900,000	$523,171	$0	0.00%
Cash Out Refi	45	$16,335,000	$363,000	$0	0.00%
Refi	28	$17,450,000	$623,214	$0	0.00%
Home Improvement	10	$8,320,000	$832,000	$0	0.00%
Other	4	$1,030,000	$257,500	$0	0.00%

For 2019, Reading Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Cash Out Refi, with 45 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	169	$86,035,000	$509,083	$0	0.00%

For 2019, Reading Co-operative Bank's most frequently cited loan duration was Other, with 169 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	59	$18,255,000	$309,407	$0	0.00%
$400k-600k	54	$26,200,000	$485,185	$0	0.00%
$600k-1MM	24	$16,810,000	$700,417	$0	0.00%
$100k-200k	12	$1,860,000	$155,000	$0	0.00%
$100,000 or less	10	$510,000	$51,000	$0	0.00%
$1MM+	10	$22,400,000	$2,240,000	$0	0.00%

2019 saw Reading Co-operative Bank place emphasis on $200k-400k loans with 59 originations, totaling $18,255,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	43	$15,935,000	$370,581	$0	0.00%
$150k-250k	40	$16,780,000	$419,500	$0	0.00%
$75k-100k	18	$5,690,000	$316,111	$0	0.00%
$250k+	15	$8,075,000	$538,333	$0	0.00%
$50k-75k	13	$3,235,000	$248,846	$0	0.00%
$50k or less	5	$845,000	$169,000	$0	0.00%

Reading Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 43 originations. The second most popular income band? $150k-250k, with 40 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	169	$86,035,000	$509,083	$0	0.00%

Reading Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 169 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	110	$39,930,000	$363,000	$0	0.00%
Not applicable	29	$31,915,000	$1,100,517	$0	0.00%
Not provided	16	$7,600,000	$475,000	$0	0.00%
Asian	8	$3,850,000	$481,250	$0	0.00%
Black	4	$1,910,000	$477,500	$0	0.00%
Chinese	1	$445,000	$445,000	$0	0.00%
Asian Indian	1	$385,000	$385,000	$0	0.00%

Approval Rates

Total approvals of all applications
95.34%

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
76.92%

Reading Co-operative Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	169	$86,035,000	$509,083

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	11	$13,795,000	$1,254,091
Single Family (1-4 Units):Site-Built	158	$72,240,000	$457,215

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	$22,225
Reading Co-operative Bank	100 Hemlock Road Wakefield, MA 1880	Full Service Retail	$725
Reading Co-operative Bank	170 Park Street North Reading, MA 1864	Full Service B&M	$45,753
Reading Co-operative Bank	18-20 Central Street Andover, MA 1810	Full Service B&M	$20,315
Reading Co-operative Bank	180 Haven Street Reading, MA 1867	Full Service B&M	$285,847
Reading Co-operative Bank	230 Lowell Street Wilmington, MA 1887	Full Service B&M	$21,610
Reading Co-operative Bank	352 Middlesex Avenue Wilmington, MA 1887	Full Service B&M	$76,650
Reading Co-operative Bank	62 Oakland Road Reading, MA 1867	Full Service B&M	$2,003

For 2019, Reading Co-operative Bank had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$24,141
Net interest income	$18,316
Total noninterest income	$1,700
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$311
Trading account gains and fees	$0
Additional Noninterest Income	$1,389
Pre-tax net operating income	$4,354
Securities gains (or losses, -)	$0
Income before extraordinary items	$3,547
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$3,547
Minority interest net income	$0
Net income	$3,547
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$3,547

Reading Co-operative Bank's gross interest income from loans was $24,141,000.
Reading Co-operative Bank's net interest income from loans was $18,316,000.
Reading Co-operative Bank's fee based income from loans was $311,000.
Reading Co-operative Bank's net income from loans was $3,547,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$5,825
Provision for credit losses	$918
Total noninterest expense	$14,744
Salaries and employee benefits	$8,527
Premises and equipment expense	$1,883
Additional noninterest expense	$4,334
Applicable income taxes	$807
Net charge-offs	$1,132
Cash dividends	$0

Reading Co-operative Bank's interest expense for loans was $5,825,000.
Reading Co-operative Bank's payroll and benefits expense were $8,527,000.
Reading Co-operative Bank's property, plant and equipment expenses $1,883,000.

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	$478,025
Deposits held in domestic offices	$478,025
Deposits by Individuals, partnerships, and corporations	$426,123
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$51,903
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	$145,587
Demand deposits	$92,526
Nontransaction accounts	$332,439
Money market deposit accounts (MMDAs)	$82,482
Other savings deposits (excluding MMDAs)	$107,161
Total time deposits	$142,796
Total time and savings deposits	$385,500
Noninterest-bearing deposits	$93,873
Interest-bearing deposits	$384,152
Retail deposits	$369,418
IRAs and Keogh plan accounts	$10,046
Brokered deposits	$62,636
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$597,505
Cash & Balances due from depository institutions	$12,320
Interest-bearing balances	$3,623
Total securities	$95,847
Federal funds sold & reverse repurchase	$0
Net loans and leases	$460,374
Loan and leases loss allowance	$2,793
Trading account assets	$0
Bank premises and fixed assets	$5,318
Other real estate owned	$0
Goodwill and other intangibles	$269
All other assets	$23,377

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$597,506
Total Liabilities	$543,178
Total deposits	$478,025
Interest-bearing deposits	$384,152
Deposits held in domestic offices	$478,025
% insured (estimated)	$73
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$55,827
Subordinated debt	$0
All other liabilities	$9,326

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$460,374
Loan and leases loss allowance	$2,793
Total loans and leases (domestic)	$463,167
All real estate loans	$443,244
Real estate loans in domestic offices	$443,244
Construction and development loans	$31,559
Residential 1-4 family construction	$18,520
Other construction, all land development and other land	$13,039
Loans secured by nonfarm nonresidential properties	$66,978
Nonfarm nonresidential secured by owner-occupied properties	$28,441
Commercial real estate & other non-farm, non-residential	$38,537
Multifamily residential real estate	$34,384
1-4 family residential loans	$310,323
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$18,597
To non-U.S. addressees	$0
Loans to individuals	$325
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$18
Other loans to individuals	$307
All other loans & leases	$1,001
Loans to foreign governments and official institutions	$0
Other loans	$1,001
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	$221
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Reading Co-Operative Bank had $460,374,000 of loans outstanding in 2019. $443,244,000 of loans were in real estate loans. $31,559,000 of loans were in development loans. $34,384,000 of loans were in multifamily mortgage loans. $310,323,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $18,000 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	87	$21,816	$250,759
Nonfarm, nonresidential loans - <$100k	13	$753	$57,923
Nonfarm, nonresidential loans - $100-250k	27	$3,786	$140,222
Nonfarm, nonresidential loans - $250k-1MM	47	$17,277	$367,596
Commercial & Industrial, US addressed loans - <$1MM	127	$12,664	$99,717
Commercial & Industrial, US addressed loans - <$100k	95	$2,602	$27,389
Commercial & Industrial, US addressed loans - $100-250k	10	$1,010	$101,000
Commercial & Industrial, US addressed loans - $250k-1MM	22	$9,052	$411,455