Everett Co-operative Bank Mortgage Rates, Fees & Info
Everett, MALEI: 549300C2GTHMQQJ5CS20
Tax ID: 04-1294820
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Mortgage Data
Bank Data
Review & 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 by origination volume include: Boston, Manchester, Providence, Barnstable Town, and Laconia among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Everett Co-operative Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
130Origination Dollar Volume (All Markets)
$76,950,000Employee count
44Top 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) | 123 | $74,865,000 | $608,659 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 130 | $76,950,000 | $591,923 | $0 | 0.00% |
For 2018, Everett Co-operative Bank's most frequently originated type of loan was Conventional, with 130 originations.
Loan Reason
For 2018, Everett Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Refi, with 28 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 130 | $76,950,000 | $591,923 | $0 | 0.00% |
For 2018, Everett Co-operative Bank's most frequently cited loan duration was Other, with 130 originations.
Loan Sizing
2018 saw Everett Co-operative Bank place emphasis on $200k-400k loans with 34 originations, totaling $10,470,000 in origination value.
Applicant Income
Everett Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $150k-250k, with 28 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 130 | $76,950,000 | $591,923 | $0 | 0.00% |
Everett Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 130 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.67%
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 origination90.00%
Everett Co-operative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 130 | $76,950,000 | $591,923 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Everett Co-operative Bank | 419 Broadway Everett, MA 2149 | Full Service B&M | $367,685 |
| Everett Co-operative Bank | 771 Salem St Lynnfield, MA 1940 | Full Service B&M | $33,201 |
For 2018, Everett Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $20,513 |
| Net interest income | $14,742 |
| Total noninterest income | $931 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $142 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $789 |
| Pre-tax net operating income | $5,971 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $4,362 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,362 |
| Minority interest net income | $0 |
| Net income | $4,362 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,362 |
Everett Co-operative Bank's gross interest income from loans was $20,513,000.
Everett Co-operative Bank's net interest income from loans was $14,742,000.
Everett Co-operative Bank's fee based income from loans was $142,000.
Everett Co-operative Bank's net income from loans was $4,362,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $5,771 |
| Provision for credit losses | $220 |
| Total noninterest expense | $9,482 |
| Salaries and employee benefits | $5,718 |
| Premises and equipment expense | $749 |
| Additional noninterest expense | $3,015 |
| Applicable income taxes | $1,609 |
| Net charge-offs | $-116 |
| Cash dividends | $0 |
Everett Co-operative Bank's interest expense for loans was $5,771,000.
Everett Co-operative Bank's payroll and benefits expense were $5,718,000.
Everett Co-operative Bank's property, plant and equipment expenses $749,000.
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 | $406,924 |
| Deposits held in domestic offices | $406,924 |
| Deposits by Individuals, partnerships, and corporations | $378,206 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $28,718 |
| 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 | $60,224 |
| Demand deposits | $38,816 |
| Nontransaction accounts | $346,700 |
| Money market deposit accounts (MMDAs) | $126,174 |
| Other savings deposits (excluding MMDAs) | $32,866 |
| Total time deposits | $187,659 |
| Total time and savings deposits | $368,108 |
| Noninterest-bearing deposits | $40,303 |
| Interest-bearing deposits | $366,621 |
| Retail deposits | $330,700 |
| IRAs and Keogh plan accounts | $22,861 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $497,897 |
| Cash & Balances due from depository institutions | $10,109 |
| Interest-bearing balances | $2,647 |
| Total securities | $37,877 |
| Federal funds sold & reverse repurchase | $4,286 |
| Net loans and leases | $425,697 |
| Loan and leases loss allowance | $3,485 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,518 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $15,410 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $497,897 |
| Total Liabilities | $434,025 |
| Total deposits | $406,924 |
| Interest-bearing deposits | $366,621 |
| Deposits held in domestic offices | $406,924 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $24,000 |
| Subordinated debt | $0 |
| All other liabilities | $3,101 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $425,697 |
| Loan and leases loss allowance | $3,485 |
| Total loans and leases (domestic) | $429,182 |
| All real estate loans | $424,005 |
| Real estate loans in domestic offices | $424,005 |
| Construction and development loans | $47,876 |
| Residential 1-4 family construction | $23,829 |
| Other construction, all land development and other land | $24,047 |
| Loans secured by nonfarm nonresidential properties | $92,686 |
| Nonfarm nonresidential secured by owner-occupied properties | $40,690 |
| Commercial real estate & other non-farm, non-residential | $51,996 |
| Multifamily residential real estate | $41,150 |
| 1-4 family residential loans | $242,293 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $4,410 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $759 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $16 |
| Other loans to individuals | $743 |
| All other loans & leases | $8 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $8 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $14 |
| 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 $425,697,000 of loans outstanding in 2018. $424,005,000 of loans were in real estate loans. $47,876,000 of loans were in development loans. $41,150,000 of loans were in multifamily mortgage loans. $242,293,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $16,000 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 | 147 | $44,358 | $301,755 |
| Nonfarm, nonresidential loans - <$100k | 13 | $526 | $40,462 |
| Nonfarm, nonresidential loans - $100-250k | 37 | $5,502 | $148,703 |
| Nonfarm, nonresidential loans - $250k-1MM | 97 | $38,330 | $395,155 |
| Commercial & Industrial, US addressed loans - <$1MM | 70 | $3,705 | $52,929 |
| Commercial & Industrial, US addressed loans - <$100k | 48 | $785 | $16,354 |
| Commercial & Industrial, US addressed loans - $100-250k | 13 | $651 | $50,077 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 9 | $2,269 | $252,111 |