Reading Co-operative Bank Mortgage Rates, Fees & Info

Reading, MA

LEI: 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 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

79

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