Mechanics Cooperative Bank Mortgage Rates, Fees & Info

Taunton, MA

LEI: 549300BOX0L2YKKXKO38

Tax ID: 04-1608620

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mechanics Cooperative Bank is a smaller bank specializing in Home Purchase loans. Mechanics Cooperative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Barnstable Town, Portland, and Vineyard Haven among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mechanics Cooperative Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    174

    Origination Dollar Volume (All Markets)

    $63,010,000

    Employee count

    96

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 136 $32,470,000 $238,750 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 33 $26,655,000 $807,727 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $1,710,000 $855,000 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,445,000 $1,445,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $555,000 $555,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    Mechanics Cooperative Bank's top markets include Providence, Boston, Barnstable Town, Portland, and Vineyard Haven among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 174 $63,010,000 $362,126 $0 0.00%

    For 2018, Mechanics Cooperative Bank's most frequently originated type of loan was Conventional, with 174 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 92 $45,340,000 $492,826 $0 0.00%
    Refi 49 $12,135,000 $247,653 $0 0.00%
    Home Improvement 16 $2,540,000 $158,750 $0 0.00%
    Cash Out Refi 16 $2,940,000 $183,750 $0 0.00%
    Other 1 $55,000 $55,000 $0 0.00%

    For 2018, Mechanics Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 174 $63,010,000 $362,126 $0 0.00%

    For 2018, Mechanics Cooperative Bank's most frequently cited loan duration was Other, with 174 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 59 $8,735,000 $148,051 $0 0.00%
    $200k-400k 56 $14,840,000 $265,000 $0 0.00%
    $100,000 or less 19 $1,235,000 $65,000 $0 0.00%
    $400k-600k 18 $8,460,000 $470,000 $0 0.00%
    $1MM+ 15 $24,915,000 $1,661,000 $0 0.00%
    $600k-1MM 7 $4,825,000 $689,286 $0 0.00%

    2018 saw Mechanics Cooperative Bank place emphasis on $100k-200k loans with 59 originations, totaling $8,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 16 $3,650,000 $228,125 $0 0.00%
    $150k-250k 15 $3,415,000 $227,667 $0 0.00%
    $250k+ 13 $4,325,000 $332,692 $0 0.00%
    $50k-75k 11 $1,585,000 $144,091 $0 0.00%
    $50k or less 9 $905,000 $100,556 $0 0.00%
    $75k-100k 8 $1,680,000 $210,000 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $150k-250k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 174 $63,010,000 $362,126 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 174 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 95 $45,475,000 $478,684 $0 0.00%
    White 77 $16,985,000 $220,584 $0 0.00%
    Asian 2 $550,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.95%

    Mechanics Cooperative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.06%

    Mechanics Cooperative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 174 $63,010,000 $362,126

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 39 $21,575,000 $553,205
    Single Family (1-4 Units):Manufactured 2 $180,000 $90,000
    Single Family (1-4 Units):Site-Built 133 $41,255,000 $310,188

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Cooperative Bank 1236 County Street Somerset, MA 2726 Full Service B&M $25,071
    Mechanics Cooperative Bank 165 State Road Westport, MA 2790 Full Service B&M $56,525
    Mechanics Cooperative Bank 201 Gar Highway Swansea, MA 2777 Full Service B&M $44,764
    Mechanics Cooperative Bank 308 Bay Street Taunton, MA 2780 Limited, Administrative $0
    Mechanics Cooperative Bank 316 Broadway Taunton, MA 2780 Full Service B&M $127,261
    Mechanics Cooperative Bank 596 Somerset Avenue North Dighton, MA 2764 Full Service B&M $47,601
    Mechanics Cooperative Bank 60 Bedford Street Fall River, MA 2720 Full Service B&M $52,497
    Mechanics Cooperative Bank 72 Main Street Bridgewater, MA 2324 Full Service B&M $33,654
    Mechanics Cooperative Bank 75 County Street Taunton, MA 2780 Full Service B&M $47,688

    For 2018, Mechanics Cooperative Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $26,226
    Net interest income $20,747
    Total noninterest income $1,744
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $780
    Trading account gains and fees $0
    Additional Noninterest Income $964
    Pre-tax net operating income $8,332
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,258
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,258
    Minority interest net income $0
    Net income $6,258
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,258

    Mechanics Cooperative Bank's gross interest income from loans was $26,226,000.
    Mechanics Cooperative Bank's net interest income from loans was $20,747,000.
    Mechanics Cooperative Bank's fee based income from loans was $780,000.
    Mechanics Cooperative Bank's net income from loans was $6,258,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,479
    Provision for credit losses $413
    Total noninterest expense $13,746
    Salaries and employee benefits $8,991
    Premises and equipment expense $1,260
    Additional noninterest expense $3,495
    Applicable income taxes $2,074
    Net charge-offs $5
    Cash dividends $0

    Mechanics Cooperative Bank's interest expense for loans was $5,479,000.
    Mechanics Cooperative Bank's payroll and benefits expense were $8,991,000.
    Mechanics Cooperative Bank's property, plant and equipment expenses $1,260,000.

    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 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $433,461
    Deposits held in domestic offices $433,461
    Deposits by Individuals, partnerships, and corporations $421,653
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,911
    Deposits by Commercial banks and other depository institutions in U.S. $6,898
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $108,892
    Demand deposits $66,248
    Nontransaction accounts $324,570
    Money market deposit accounts (MMDAs) $24,767
    Other savings deposits (excluding MMDAs) $85,011
    Total time deposits $214,792
    Total time and savings deposits $367,214
    Noninterest-bearing deposits $66,526
    Interest-bearing deposits $366,935
    Retail deposits $366,256
    IRAs and Keogh plan accounts $24,979
    Brokered deposits $28,183
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $575,069
    Cash & Balances due from depository institutions $10,386
    Interest-bearing balances $2,871
    Total securities $68,590
    Federal funds sold & reverse repurchase $0
    Net loans and leases $469,820
    Loan and leases loss allowance $3,512
    Trading account assets $0
    Bank premises and fixed assets $6,944
    Other real estate owned $0
    Goodwill and other intangibles $92
    All other assets $19,237

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $575,069
    Total Liabilities $519,418
    Total deposits $433,461
    Interest-bearing deposits $366,935
    Deposits held in domestic offices $433,461
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $80,942
    Subordinated debt $0
    All other liabilities $5,015

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $469,820
    Loan and leases loss allowance $3,512
    Total loans and leases (domestic) $473,332
    All real estate loans $442,598
    Real estate loans in domestic offices $442,598
    Construction and development loans $62,763
    Residential 1-4 family construction $27,675
    Other construction, all land development and other land $35,088
    Loans secured by nonfarm nonresidential properties $156,513
    Nonfarm nonresidential secured by owner-occupied properties $53,690
    Commercial real estate & other non-farm, non-residential $102,823
    Multifamily residential real estate $41,827
    1-4 family residential loans $181,113
    Farmland loans $382
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $26,487
    To non-U.S. addressees $0
    Loans to individuals $4,220
    Credit card loans $0
    Related Plans $19
    Consumer Auto Loans $288
    Other loans to individuals $3,913
    All other loans & leases $27
    Loans to foreign governments and official institutions $0
    Other loans $27
    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 $696
    Non 1-4 family restructured loans & leases $529
    Total loans and leases (foreign) $0

    Mechanics Cooperative Bank had $469,820,000 of loans outstanding in 2018. $442,598,000 of loans were in real estate loans. $62,763,000 of loans were in development loans. $41,827,000 of loans were in multifamily mortgage loans. $181,113,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $288,000 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 215 $52,687 $245,056
    Nonfarm, nonresidential loans - <$100k 23 $1,231 $53,522
    Nonfarm, nonresidential loans - $100-250k 80 $12,191 $152,388
    Nonfarm, nonresidential loans - $250k-1MM 112 $39,265 $350,580
    Commercial & Industrial, US addressed loans - <$1MM 307 $19,051 $62,055
    Commercial & Industrial, US addressed loans - <$100k 226 $5,213 $23,066
    Commercial & Industrial, US addressed loans - $100-250k 53 $5,388 $101,660
    Commercial & Industrial, US addressed loans - $250k-1MM 28 $8,450 $301,786
    Farmland loans - <$1MM 2 $382 $191,000
    Farmland loans - $100-250k 1 $126 $126,000
    Farmland loans - $250k-1MM 1 $256 $256,000