Mechanics Cooperative Bank Mortgage Rates, Fees & Info

Taunton, MA

LEI: 549300BOX0L2YKKXKO38

Tax ID: 04-1608620

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mechanics Cooperative Bank is a smaller bank specializing in Home Purchase and Refi loans. Mechanics Cooperative Bank has a high proportion of conventional loans. Their top markets include Boston, Providence, North Port, Barnstable Town, and Port St. Lucie among others. Mechanics Cooperative 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

184

Origination Dollar Volume (All Markets)

$96,720,000

Employee count

94

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 39 $43,265,000 $1,109,359 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 132 $38,220,000 $289,545 $0 0.00%
Outside of Metro Areas 6 $13,440,000 $2,240,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%

Mechanics Cooperative Bank's top markets include Boston, Providence, North Port, Barnstable Town, and Port St. Lucie among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 184 $96,720,000 $525,652 $0 0.00%

For the 2021 period, Mechanics Cooperative Bank's most frequently originated loan type of loans were Conventional, with 184 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 68 $47,530,000 $698,971 $0 0.00%
Refi 60 $34,990,000 $583,167 $0 0.00%
Cash Out Refi 47 $11,395,000 $242,447 $0 0.00%
Home Improvement 8 $2,770,000 $346,250 $0 0.00%
Other 1 $35,000 $35,000 $0 0.00%

For the 2021, Mechanics Cooperative Bank's most frequently cited loan purpose of loans were Home Purchase, with 68 originations. The 2nd most popular reason of loans were Refi, with 60 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 184 $96,720,000 $525,652 $0 0.00%

For the 2021, Mechanics Cooperative Bank's most frequently cited loan length of loans were Other, with 184 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 78 $22,900,000 $293,590 $0 0.00%
$100k-200k 42 $6,500,000 $154,762 $0 0.00%
$1MM+ 24 $51,110,000 $2,129,583 $0 0.00%
$400k-600k 21 $9,745,000 $464,048 $0 0.00%
$100,000 or less 11 $685,000 $62,273 $0 0.00%
$600k-1MM 8 $5,780,000 $722,500 $0 0.00%

2021 saw Mechanics Cooperative Bank place emphasis on $200k-400k loans with 78 originations, totaling $22,900,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 25 $5,795,000 $231,800 $0 0.00%
$50k-75k 24 $5,020,000 $209,167 $0 0.00%
$150k-250k 22 $7,090,000 $322,273 $0 0.00%
$250k+ 21 $10,735,000 $511,190 $0 0.00%
$75k-100k 20 $4,150,000 $207,500 $0 0.00%
$50k or less 10 $1,180,000 $118,000 $0 0.00%

Mechanics Cooperative Bank lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $50k-75k, with 24 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 184 $96,720,000 $525,652 $0 0.00%

Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 184 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 60 $62,050,000 $1,034,167 $0 0.00%
White 104 $29,390,000 $282,596 $0 0.00%
Not provided 13 $3,065,000 $235,769 $0 0.00%
Asian 5 $1,855,000 $371,000 $0 0.00%
Other Asian 1 $285,000 $285,000 $0 0.00%
American Indian 1 $75,000 $75,000 $0 0.00%

Approval Rates

Total approvals of all applications
91.31%

Mechanics Cooperative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.53%

Mechanics Cooperative Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 184 $96,720,000 $525,652

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
184 $96,720,000 $525,652

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MECHANICS BANK Conventional home mortgage Closing on a mortgage 1 50.0%
MECHANICS BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Mechanics Cooperative Bank 1236 County Street Somerset, MA 2726 Full Service B&M $29,605
Mechanics Cooperative Bank 1238 Kempton Street New Bedford, MA 2740 Full Service B&M $2,059
Mechanics Cooperative Bank 165 State Road Westport, MA 2790 Full Service B&M $74,991
Mechanics Cooperative Bank 201 Gar Highway Swansea, MA 2777 Full Service B&M $57,216
Mechanics Cooperative Bank 308 Bay Street Taunton, MA 2780 Limited, Administrative $0
Mechanics Cooperative Bank 316 Broadway Taunton, MA 2780 Full Service B&M $145,078
Mechanics Cooperative Bank 596 Somerset Avenue North Dighton, MA 2764 Full Service B&M $63,125
Mechanics Cooperative Bank 60 Bedford Street Fall River, MA 2720 Full Service B&M $49,868
Mechanics Cooperative Bank 72 Main Street Bridgewater, MA 2324 Full Service B&M $50,507
Mechanics Cooperative Bank 75 County Street Taunton, MA 2780 Full Service B&M $70,481

For 2021, Mechanics Cooperative Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $26,997
Net interest income $24,421
Total noninterest income $2,439
Gross Fiduciary activities income $0
Service charges on deposit accounts $678
Trading account gains and fees $0
Additional Noninterest Income $1,761
Pre-tax net operating income $9,871
Securities gains (or losses, -) $0
Income before extraordinary items $7,310
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,310
Minority interest net income $0
Net income $7,310
Sale, conversion, retirement of capital stock, net $0
Net operating income $7,310

Mechanics Cooperative Bank's gross interest income from loans was $26,997,000.
Mechanics Cooperative Bank's net interest income from loans was $24,421,000.
Mechanics Cooperative Bank's fee based income from loans was $678,000.
Mechanics Cooperative Bank's net income from loans was $7,310,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,576
Provision for credit losses $12
Total noninterest expense $16,977
Salaries and employee benefits $9,196
Premises and equipment expense $1,527
Additional noninterest expense $6,254
Applicable income taxes $2,561
Net charge-offs $-4
Cash dividends $0

Mechanics Cooperative Bank's interest expense for loans was $2,576,000.
Mechanics Cooperative Bank's payroll and benefits expense were $9,196,000.
Mechanics Cooperative Bank's property, plant and equipment expenses $1,527,000.

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 $536,271
Deposits held in domestic offices $536,271
Deposits by Individuals, partnerships, and corporations $523,150
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $4,512
Deposits by Commercial banks and other depository institutions in U.S. $8,609
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $172,207
Demand deposits $111,766
Nontransaction accounts $364,064
Money market deposit accounts (MMDAs) $49,252
Other savings deposits (excluding MMDAs) $127,584
Total time deposits $187,229
Total time and savings deposits $424,505
Noninterest-bearing deposits $111,775
Interest-bearing deposits $424,496
Retail deposits $478,516
IRAs and Keogh plan accounts $21,209
Brokered deposits $18,404
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $630,459
Cash & Balances due from depository institutions $11,796
Interest-bearing balances $8,025
Total securities $80,272
Federal funds sold & reverse repurchase $0
Net loans and leases $512,900
Loan and leases loss allowance $3,990
Trading account assets $324
Bank premises and fixed assets $6,195
Other real estate owned $0
Goodwill and other intangibles $254
All other assets $18,718

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $630,459
Total Liabilities $553,344
Total deposits $536,271
Interest-bearing deposits $424,496
Deposits held in domestic offices $536,271
% insured (estimated) $86
Federal funds purchased and repurchase agreements $0
Trading liabilities $324
Other borrowed funds $12,056
Subordinated debt $0
All other liabilities $4,693

Issued Loan Types

Type Value (in 000's)
Net loans and leases $512,900
Loan and leases loss allowance $3,990
Total loans and leases (domestic) $516,890
All real estate loans $465,304
Real estate loans in domestic offices $465,304
Construction and development loans $70,332
Residential 1-4 family construction $32,962
Other construction, all land development and other land $37,370
Loans secured by nonfarm nonresidential properties $153,450
Nonfarm nonresidential secured by owner-occupied properties $52,801
Commercial real estate & other non-farm, non-residential $100,649
Multifamily residential real estate $40,639
1-4 family residential loans $200,735
Farmland loans $148
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $44,141
To non-U.S. addressees $0
Loans to individuals $7,336
Credit card loans $0
Related Plans $10
Consumer Auto Loans $4,881
Other loans to individuals $2,445
All other loans & leases $109
Loans to foreign governments and official institutions $0
Other loans $109
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 $517
Non 1-4 family restructured loans & leases $362
Total loans and leases (foreign) $0

Mechanics Cooperative Bank had $512,900,000 of loans outstanding in 2021. $465,304,000 of loans were in real estate loans. $70,332,000 of loans were in development loans. $40,639,000 of loans were in multifamily mortgage loans. $200,735,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,881,000 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 219 $55,107 $251,630
Nonfarm, nonresidential loans - <$100k 25 $1,261 $50,440
Nonfarm, nonresidential loans - $100-250k 79 $11,057 $139,962
Nonfarm, nonresidential loans - $250k-1MM 115 $42,789 $372,078
Commercial & Industrial, US addressed loans - <$1MM 273 $23,918 $87,612
Commercial & Industrial, US addressed loans - <$100k 172 $3,798 $22,081
Commercial & Industrial, US addressed loans - $100-250k 56 $5,119 $91,411
Commercial & Industrial, US addressed loans - $250k-1MM 45 $15,001 $333,356
Farmland loans - <$1MM 1 $148 $148,000
Farmland loans - $250k-1MM 1 $148 $148,000