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, Providence, and Manchester among others. We have data for 3 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 a below average pick rate when compared to similar lenders.
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Originations
103Origination Dollar Volume (All Markets)
$73,805,000Employee count
46Top 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) | 100 | $72,870,000 | $728,700 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 103 | $73,805,000 | $716,553 | $0 | 0.00% |
For 2019, Everett Co-operative Bank's most frequently originated type of loan was Conventional, with 103 originations.
Loan Reason
For 2019, Everett Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 48 originations. The 2nd most popular reason was Refi, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 103 | $73,805,000 | $716,553 | $0 | 0.00% |
For 2019, Everett Co-operative Bank's most frequently cited loan duration was Other, with 103 originations.
Loan Sizing
2019 saw Everett Co-operative Bank place emphasis on $200k-400k loans with 32 originations, totaling $10,280,000 in origination value.
Applicant Income
Everett Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $150k-250k, with 18 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 103 | $73,805,000 | $716,553 | $0 | 0.00% |
Everett Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 103 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.20%
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 origination80.58%
Everett Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 103 | $73,805,000 | $716,553 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 8 | $21,020,000 | $2,627,500 |
| Single Family (1-4 Units):Site-Built | 95 | $52,785,000 | $555,632 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Everett Co-operative Bank | 419 Broadway Everett, MA 2149 | Full Service B&M | $375,870 |
| Everett Co-operative Bank | 771 Salem St Lynnfield, MA 1940 | Full Service B&M | $44,211 |
For 2019, Everett Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $21,796 |
| Net interest income | $14,612 |
| Total noninterest income | $1,263 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $146 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,117 |
| Pre-tax net operating income | $5,831 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $4,353 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,353 |
| Minority interest net income | $0 |
| Net income | $4,353 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,353 |
Everett Co-operative Bank's gross interest income from loans was $21,796,000.
Everett Co-operative Bank's net interest income from loans was $14,612,000.
Everett Co-operative Bank's fee based income from loans was $146,000.
Everett Co-operative Bank's net income from loans was $4,353,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $7,184 |
| Provision for credit losses | $200 |
| Total noninterest expense | $9,844 |
| Salaries and employee benefits | $5,898 |
| Premises and equipment expense | $791 |
| Additional noninterest expense | $3,155 |
| Applicable income taxes | $1,478 |
| Net charge-offs | $102 |
| Cash dividends | $0 |
Everett Co-operative Bank's interest expense for loans was $7,184,000.
Everett Co-operative Bank's payroll and benefits expense were $5,898,000.
Everett Co-operative Bank's property, plant and equipment expenses $791,000.
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 | $424,235 |
| Deposits held in domestic offices | $424,235 |
| Deposits by Individuals, partnerships, and corporations | $388,948 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $35,287 |
| 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 | $65,206 |
| Demand deposits | $41,670 |
| Nontransaction accounts | $359,029 |
| Money market deposit accounts (MMDAs) | $128,753 |
| Other savings deposits (excluding MMDAs) | $33,054 |
| Total time deposits | $197,221 |
| Total time and savings deposits | $382,565 |
| Noninterest-bearing deposits | $43,656 |
| Interest-bearing deposits | $380,579 |
| Retail deposits | $346,587 |
| IRAs and Keogh plan accounts | $24,929 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $518,211 |
| Cash & Balances due from depository institutions | $15,297 |
| Interest-bearing balances | $8,663 |
| Total securities | $41,997 |
| Federal funds sold & reverse repurchase | $15,128 |
| Net loans and leases | $426,776 |
| Loan and leases loss allowance | $3,583 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,163 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $14,850 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $518,211 |
| Total Liabilities | $449,855 |
| Total deposits | $424,235 |
| Interest-bearing deposits | $380,579 |
| Deposits held in domestic offices | $424,235 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $22,000 |
| Subordinated debt | $0 |
| All other liabilities | $3,620 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $426,776 |
| Loan and leases loss allowance | $3,583 |
| Total loans and leases (domestic) | $430,359 |
| All real estate loans | $427,411 |
| Real estate loans in domestic offices | $427,411 |
| Construction and development loans | $61,935 |
| Residential 1-4 family construction | $30,416 |
| Other construction, all land development and other land | $31,519 |
| Loans secured by nonfarm nonresidential properties | $94,739 |
| Nonfarm nonresidential secured by owner-occupied properties | $42,356 |
| Commercial real estate & other non-farm, non-residential | $52,383 |
| Multifamily residential real estate | $39,440 |
| 1-4 family residential loans | $231,297 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $2,294 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $649 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $29 |
| Other loans to individuals | $620 |
| All other loans & leases | $5 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $5 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $36 |
| 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 $426,776,000 of loans outstanding in 2019. $427,411,000 of loans were in real estate loans. $61,935,000 of loans were in development loans. $39,440,000 of loans were in multifamily mortgage loans. $231,297,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $29,000 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 | 172 | $42,970 | $249,826 |
| Nonfarm, nonresidential loans - <$100k | 41 | $584 | $14,244 |
| Nonfarm, nonresidential loans - $100-250k | 36 | $5,091 | $141,417 |
| Nonfarm, nonresidential loans - $250k-1MM | 95 | $37,295 | $392,579 |
| Commercial & Industrial, US addressed loans - <$1MM | 152 | $2,294 | $15,092 |
| Commercial & Industrial, US addressed loans - <$100k | 133 | $839 | $6,308 |
| Commercial & Industrial, US addressed loans - $100-250k | 13 | $670 | $51,538 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 6 | $785 | $130,833 |