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, Barnstable Town, Manchester, Lebanon, and Laconia among others. We have data for 7 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
242Origination Dollar Volume (All Markets)
$195,570,000Employee count
54Top 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) | 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% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 242 | $195,570,000 | $808,140 | $0 | 0.00% |
For 2021, Everett Co-operative Bank's most frequently originated type of loan was Conventional, with 242 originations.
Loan Reason
For 2021, Everett Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was 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 2021, Everett Co-operative Bank's most frequently cited loan duration was Other, with 242 originations.
Loan Sizing
2021 saw Everett Co-operative Bank place emphasis on $200k-400k loans with 68 originations, totaling $20,710,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications98.17%
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 origination90.08%
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 |
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 |