Everett Co-operative Bank Mortgage Rates, Fees & Info
Everett, MA
LEI: 549300C2GTHMQQJ5CS20
Tax ID: 04-1294820
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Mortgage Data
Bank Data
Overview
Everett Co-operative Bank is a
smaller
bank
specializing in
Home Purchase and Refi loans.
Everett Co-operative Bank has a high proportion of conventional loans.
Their top markets include Boston, Barnstable Town, Manchester, Lebanon, and Laconia among others. Everett Co-operative 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
242
Origination Dollar Volume (All Markets)
$195,570,000
Employee count
54
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
232
|
$189,310,000 |
$815,991 |
$0 |
0.00% |
|
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
4
|
$4,460,000 |
$1,115,000 |
$0 |
0.00% |
|
MANCHESTER-NASHUA, NH (FHA|USDA|VA)
|
2
|
$480,000 |
$240,000 |
$0 |
0.00% |
|
Lebanon, NH-VT (FHA|USDA|VA)
|
1
|
$455,000 |
$455,000 |
$0 |
0.00% |
|
Laconia, NH (FHA|USDA|VA)
|
1
|
$345,000 |
$345,000 |
$0 |
0.00% |
|
Outside of Metro Areas
|
1 |
$315,000 |
$315,000 |
$0 |
0.00% |
|
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)
|
1
|
$205,000 |
$205,000 |
$0 |
0.00% |
Everett Co-operative Bank's top markets include Boston, Barnstable Town, Manchester, Lebanon, and Laconia among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
242 |
$195,570,000 |
$808,140 |
$0 |
0.00% |
For the 2021 period, Everett Co-operative Bank's most frequently
originated loan type
of loans were Conventional, with 242 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Purchase |
87 |
$83,285,000 |
$957,299 |
$0 |
0.00% |
| Refi |
72 |
$60,280,000 |
$837,222 |
$0 |
0.00% |
| Cash Out Refi |
69 |
$35,085,000 |
$508,478 |
$0 |
0.00% |
| Other |
8 |
$2,800,000 |
$350,000 |
$0 |
0.00% |
| Home Improvement |
6 |
$14,120,000 |
$2,353,333 |
$0 |
0.00% |
For the 2021, Everett Co-operative Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 87
originations.
The 2nd most popular reason of loans were Refi,
with 72 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Other |
242 |
$195,570,000 |
$808,140 |
$0 |
0.00% |
For the 2021, Everett Co-operative Bank's most frequently cited loan
length
of loans were Other, with 242 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
68 |
$20,710,000 |
$304,559 |
$0 |
0.00% |
| $400k-600k |
62 |
$31,150,000 |
$502,419 |
$0 |
0.00% |
| $1MM+ |
50 |
$108,100,000 |
$2,162,000 |
$0 |
0.00% |
| $600k-1MM |
43 |
$32,995,000 |
$767,326 |
$0 |
0.00% |
| $100k-200k |
16 |
$2,400,000 |
$150,000 |
$0 |
0.00% |
| $100,000 or less |
3 |
$215,000 |
$71,667 |
$0 |
0.00% |
2021 saw Everett Co-operative Bank place emphasis on
$200k-400k loans
with 68 originations, totaling
$20,710,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $150k-250k |
55 |
$27,655,000 |
$502,818 |
$0 |
0.00% |
| $100k-150k |
44 |
$20,130,000 |
$457,500 |
$0 |
0.00% |
| $250k+ |
33 |
$28,115,000 |
$851,970 |
$0 |
0.00% |
| $50k-75k |
17 |
$3,855,000 |
$226,765 |
$0 |
0.00% |
| $75k-100k |
15 |
$4,895,000 |
$326,333 |
$0 |
0.00% |
| $50k or less |
8 |
$2,020,000 |
$252,500 |
$0 |
0.00% |
Everett Co-operative Bank lent most frequently to those with incomes in the
$150k-250k range, with
55 originations.
The second most popular income band? $100k-150k,
with 44 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Exempt% |
242 |
$195,570,000 |
$808,140 |
$0 |
0.00% |
Everett Co-operative Bank lent most frequently to those with DTI ratios
of Exempt%, with
242 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Not applicable |
66 |
$106,600,000 |
$1,615,152 |
$0 |
0.00% |
| White |
144 |
$69,400,000 |
$481,944 |
$0 |
0.00% |
| Not provided |
21 |
$12,135,000 |
$577,857 |
$0 |
0.00% |
| Asian |
9 |
$5,875,000 |
$652,778 |
$0 |
0.00% |
| American Indian |
1 |
$1,005,000 |
$1,005,000 |
$0 |
0.00% |
| Black |
1 |
$555,000 |
$555,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
98.45%
Everett 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
89.30%
Everett Co-operative Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| Exempt |
242 |
$195,570,000 |
$808,140 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
242 |
$195,570,000 |
$808,140 |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Everett Co-Operative Bank |
419 Broadway Everett, MA 2149 |
Full Service B&M
|
$441,477 |
| Everett Co-Operative Bank |
771 Salem St Lynnfield, MA 1940 |
Full Service B&M
|
$98,486 |
For 2021, Everett Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
Everett Co-operative Bank's gross interest income from loans was $22,352,000.
Everett Co-operative Bank's net interest income from loans was $18,671,000.
Everett Co-operative Bank's fee based income from loans was $90,000.
Everett Co-operative Bank's net income from loans was $4,089,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$3,681 |
| Provision for credit losses |
$360 |
| Total noninterest expense |
$13,998 |
| Salaries and employee benefits |
$9,709 |
| Premises and equipment expense |
$700 |
| Additional noninterest expense |
$3,589 |
| Applicable income taxes |
$1,426 |
| Net charge-offs |
$0 |
| Cash dividends |
$0 |
Everett Co-operative Bank's interest expense for loans was $3,681,000.
Everett Co-operative Bank's payroll and benefits expense were $9,709,000.
Everett Co-operative Bank's property, plant and equipment expenses $700,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$571,909 |
| Deposits held in domestic offices |
$571,909 |
| Deposits by Individuals, partnerships, and corporations |
$532,928 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$38,981 |
| 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 |
$113,487 |
| Demand deposits |
$82,154 |
| Nontransaction accounts |
$458,422 |
| Money market deposit accounts (MMDAs) |
$183,246 |
| Other savings deposits (excluding MMDAs) |
$48,225 |
| Total time deposits |
$226,951 |
| Total time and savings deposits |
$489,755 |
| Noninterest-bearing deposits |
$83,467 |
| Interest-bearing deposits |
$488,442 |
| Retail deposits |
$443,706 |
| IRAs and Keogh plan accounts |
$30,425 |
| Brokered deposits |
$19,868 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$666,472 |
| Cash & Balances due from depository institutions |
$31,075 |
| Interest-bearing balances |
$23,749 |
| Total securities |
$70,581 |
| Federal funds sold & reverse repurchase |
$21,900 |
| Net loans and leases |
$518,528 |
| Loan and leases loss allowance |
$4,236 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$3,784 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$0 |
| All other assets |
$20,604 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$666,472 |
| Total Liabilities |
$589,368 |
| Total deposits |
$571,909 |
| Interest-bearing deposits |
$488,442 |
| Deposits held in domestic offices |
$571,909 |
| % insured (estimated) |
$67 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$9,000 |
| Subordinated debt |
$0 |
| All other liabilities |
$8,459 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$518,528 |
| Loan and leases loss allowance |
$4,236 |
| Total loans and leases (domestic) |
$522,764 |
| All real estate loans |
$516,821 |
| Real estate loans in domestic offices |
$516,821 |
| Construction and development loans |
$70,668 |
| Residential 1-4 family construction |
$36,063 |
| Other construction, all land development and other land |
$34,605 |
| Loans secured by nonfarm nonresidential properties |
$99,612 |
| Nonfarm nonresidential secured by owner-occupied properties |
$52,023 |
| Commercial real estate & other non-farm, non-residential |
$47,589 |
| Multifamily residential real estate |
$59,517 |
| 1-4 family residential loans |
$287,024 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$5,439 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$501 |
| Credit card loans |
$0 |
| Related Plans |
$0 |
| Consumer Auto Loans |
$2 |
| Other loans to individuals |
$499 |
| All other loans & leases |
$3 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$3 |
| 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 |
$0 |
| Non 1-4 family restructured loans & leases |
$0 |
| Total loans and leases (foreign) |
$0 |
Everett Co-operative Bank had $518,528,000 of loans outstanding in 2021. $516,821,000 of loans were in real estate loans.
$70,668,000 of loans were in development loans. $59,517,000 of loans were in multifamily mortgage loans.
$287,024,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $2,000 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 |
170 |
$40,649 |
$239,112 |
| Nonfarm, nonresidential loans - <$100k |
45 |
$379 |
$8,422 |
| Nonfarm, nonresidential loans - $100-250k |
27 |
$3,222 |
$119,333 |
| Nonfarm, nonresidential loans - $250k-1MM |
98 |
$37,048 |
$378,041 |
| Commercial & Industrial, US addressed loans - <$1MM |
196 |
$5,359 |
$27,342 |
| Commercial & Industrial, US addressed loans - <$100k |
169 |
$1,990 |
$11,775 |
| Commercial & Industrial, US addressed loans - $100-250k |
17 |
$1,456 |
$85,647 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
10 |
$1,913 |
$191,300 |
