Everett Co-operative Bank Mortgage Rates, Fees & Info

Everett, MA

LEI: 549300C2GTHMQQJ5CS20

Tax ID: 04-1294820

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $22,352
Net interest income $18,671
Total noninterest income $1,202
Gross Fiduciary activities income $0
Service charges on deposit accounts $90
Trading account gains and fees $0
Additional Noninterest Income $1,112
Pre-tax net operating income $5,515
Securities gains (or losses, -) $0
Income before extraordinary items $4,089
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $4,089
Minority interest net income $0
Net income $4,089
Sale, conversion, retirement of capital stock, net $0
Net operating income $4,089

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.

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 $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