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 Refi and Home Purchase loans. Reading Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Barnstable Town, and Lebanon among others. We have data for 5 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
233Origination Dollar Volume (All Markets)
$119,055,000Employee count
79Top 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) | 223 | $116,155,000 | $520,874 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 0.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 233 | $119,055,000 | $510,966 | $0 | 0.00% |
For 2020, Reading Co-operative Bank's most frequently originated type of loan was Conventional, with 233 originations.
Loan Reason
For 2020, Reading Co-operative Bank's most frequently cited loan purpose was Refi, with 93 originations. The 2nd most popular reason was Home Purchase, with 71 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 233 | $119,055,000 | $510,966 | $0 | 0.00% |
For 2020, Reading Co-operative Bank's most frequently cited loan duration was Other, with 233 originations.
Loan Sizing
2020 saw Reading Co-operative Bank place emphasis on $200k-400k loans with 93 originations, totaling $27,655,000 in origination value.
Applicant Income
Reading Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 49 originations. The second most popular income band? $150k-250k, with 49 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 233 | $119,055,000 | $510,966 | $0 | 0.00% |
Reading Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 233 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.35%
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 origination71.24%
Reading Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 233 | $119,055,000 | $510,966 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 25 | $33,905,000 | $1,356,200 |
| Single Family (1-4 Units):Site-Built | 208 | $85,150,000 | $409,375 |
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 | $23,903 |
| Reading Co-Operative Bank | 100 Hemlock Road Wakefield, MA 1880 | Full Service Retail | $1,056 |
| Reading Co-Operative Bank | 170 Park Street North Reading, MA 1864 | Full Service B&M | $51,163 |
| Reading Co-Operative Bank | 18-20 Central Street Andover, MA 1810 | Full Service B&M | $27,811 |
| Reading Co-Operative Bank | 180 Haven Street Reading, MA 1867 | Full Service B&M | $292,097 |
| Reading Co-Operative Bank | 230 Lowell Street Wilmington, MA 1887 | Full Service B&M | $26,014 |
| Reading Co-Operative Bank | 352 Middlesex Avenue Wilmington, MA 1887 | Full Service B&M | $89,482 |
| Reading Co-Operative Bank | 62 Oakland Road Reading, MA 1867 | Full Service B&M | $2,486 |
For 2020, Reading Co-operative Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $23,889 |
| Net interest income | $20,766 |
| Total noninterest income | $1,766 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $224 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,542 |
| Pre-tax net operating income | $5,994 |
| Securities gains (or losses, -) | $8 |
| Income before extraordinary items | $4,646 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,646 |
| Minority interest net income | $0 |
| Net income | $4,646 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,639 |
Reading Co-operative Bank's gross interest income from loans was $23,889,000.
Reading Co-operative Bank's net interest income from loans was $20,766,000.
Reading Co-operative Bank's fee based income from loans was $224,000.
Reading Co-operative Bank's net income from loans was $4,646,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,123 |
| Provision for credit losses | $778 |
| Total noninterest expense | $15,760 |
| Salaries and employee benefits | $9,620 |
| Premises and equipment expense | $1,856 |
| Additional noninterest expense | $4,284 |
| Applicable income taxes | $1,356 |
| Net charge-offs | $35 |
| Cash dividends | $0 |
Reading Co-operative Bank's interest expense for loans was $3,123,000.
Reading Co-operative Bank's payroll and benefits expense were $9,620,000.
Reading Co-operative Bank's property, plant and equipment expenses $1,856,000.
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 | $542,825 |
| Deposits held in domestic offices | $542,825 |
| Deposits by Individuals, partnerships, and corporations | $493,088 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $49,737 |
| 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 | $207,495 |
| Demand deposits | $134,548 |
| Nontransaction accounts | $335,330 |
| Money market deposit accounts (MMDAs) | $96,965 |
| Other savings deposits (excluding MMDAs) | $130,735 |
| Total time deposits | $107,630 |
| Total time and savings deposits | $408,277 |
| Noninterest-bearing deposits | $136,496 |
| Interest-bearing deposits | $406,329 |
| Retail deposits | $468,308 |
| IRAs and Keogh plan accounts | $10,422 |
| Brokered deposits | $36,542 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $649,197 |
| Cash & Balances due from depository institutions | $7,454 |
| Interest-bearing balances | $605 |
| Total securities | $79,295 |
| Federal funds sold & reverse repurchase | $49,643 |
| Net loans and leases | $485,024 |
| Loan and leases loss allowance | $3,536 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,788 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $264 |
| All other assets | $22,729 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $649,197 |
| Total Liabilities | $589,670 |
| Total deposits | $542,825 |
| Interest-bearing deposits | $406,329 |
| Deposits held in domestic offices | $542,825 |
| % insured (estimated) | $71 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $35,000 |
| Subordinated debt | $0 |
| All other liabilities | $11,845 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $485,024 |
| Loan and leases loss allowance | $3,536 |
| Total loans and leases (domestic) | $488,560 |
| All real estate loans | $449,275 |
| Real estate loans in domestic offices | $449,275 |
| Construction and development loans | $41,147 |
| Residential 1-4 family construction | $20,220 |
| Other construction, all land development and other land | $20,927 |
| Loans secured by nonfarm nonresidential properties | $69,506 |
| Nonfarm nonresidential secured by owner-occupied properties | $29,068 |
| Commercial real estate & other non-farm, non-residential | $40,438 |
| Multifamily residential real estate | $44,687 |
| 1-4 family residential loans | $293,935 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $39,001 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $263 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $13 |
| Other loans to individuals | $250 |
| All other loans & leases | $22 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $22 |
| 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 | $62 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Reading Co-Operative Bank had $485,024,000 of loans outstanding in 2020. $449,275,000 of loans were in real estate loans. $41,147,000 of loans were in development loans. $44,687,000 of loans were in multifamily mortgage loans. $293,935,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $13,000 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 | 85 | $24,202 | $284,729 |
| Nonfarm, nonresidential loans - <$100k | 14 | $764 | $54,571 |
| Nonfarm, nonresidential loans - $100-250k | 25 | $3,673 | $146,920 |
| Nonfarm, nonresidential loans - $250k-1MM | 46 | $19,765 | $429,674 |
| Commercial & Industrial, US addressed loans - <$1MM | 559 | $30,060 | $53,775 |
| Commercial & Industrial, US addressed loans - <$100k | 477 | $9,872 | $20,696 |
| Commercial & Industrial, US addressed loans - $100-250k | 44 | $5,933 | $134,841 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 38 | $14,255 | $375,132 |