Salem Co-operative Bank Mortgage Rates, Fees & Info
Salem, NHLEI: 549300O2WI1UYPLRU579
Tax ID: 02-0187470
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Mortgage Data
Bank Data
Review & Overview
Salem Co-operative Bank is a smaller bank specializing in Home Purchase and Refi loans. Salem Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Laconia, and Concord among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Salem Co-operative Bank has an 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
177Origination Dollar Volume (All Markets)
$55,695,000Employee count
56Top 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) | 144 | $46,030,000 | $319,653 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 26 | $6,880,000 | $264,615 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 2 | $1,620,000 | $810,000 | $0 | 0.00% |
| Concord, NH (FHA|USDA|VA) | 5 | $1,165,000 | $233,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 177 | $55,695,000 | $314,661 | $0 | 0.00% |
For 2018, Salem Co-operative Bank's most frequently originated type of loan was Conventional, with 177 originations.
Loan Reason
For 2018, Salem Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Refi, with 38 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 177 | $55,695,000 | $314,661 | $0 | 0.00% |
For 2018, Salem Co-operative Bank's most frequently cited loan duration was Other, with 177 originations.
Loan Sizing
2018 saw Salem Co-operative Bank place emphasis on $200k-400k loans with 79 originations, totaling $22,045,000 in origination value.
Applicant Income
Salem Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $150k-250k, with 36 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 177 | $55,695,000 | $314,661 | $0 | 0.00% |
Salem Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 177 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.32%
Salem Co-operative Bank has a below average approval rate.
Pick Rate
Approvals leading to origination78.53%
Salem Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 177 | $55,695,000 | $314,661 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Siwell Inc | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 15.8% |
| Siwell Inc | Conventional home mortgage | Closing on a mortgage | 1 | 5.3% |
| Siwell Inc | Conventional home mortgage | Incorrect information on your report | 2 | 10.5% |
| Siwell Inc | Conventional home mortgage | Struggling to pay mortgage | 1 | 5.3% |
| Siwell Inc | Conventional home mortgage | Trouble during payment process | 6 | 31.6% |
| Siwell Inc | FHA mortgage | Closing on a mortgage | 1 | 5.3% |
| Siwell Inc | FHA mortgage | Trouble during payment process | 2 | 10.5% |
| Siwell Inc | Other type of mortgage | Struggling to pay mortgage | 1 | 5.3% |
| Siwell Inc | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 5.3% |
| Siwell Inc | VA mortgage | Struggling to pay mortgage | 1 | 5.3% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Salem Co-operative Bank | 284 Merrimack Street Methuen, MA 1844 | Full Service B&M | $48,712 |
| Salem Co-operative Bank | 3 South Broadway Salem, NH 3079 | Full Service B&M | $243,647 |
For 2018, Salem Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $15,731 |
| Net interest income | $11,174 |
| Total noninterest income | $971 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $54 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $917 |
| Pre-tax net operating income | $1,584 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,412 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,412 |
| Minority interest net income | $0 |
| Net income | $1,412 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,412 |
Salem Co-operative Bank's gross interest income from loans was $15,731,000.
Salem Co-operative Bank's net interest income from loans was $11,174,000.
Salem Co-operative Bank's fee based income from loans was $54,000.
Salem Co-operative Bank's net income from loans was $1,412,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,557 |
| Provision for credit losses | $118 |
| Total noninterest expense | $10,443 |
| Salaries and employee benefits | $5,937 |
| Premises and equipment expense | $898 |
| Additional noninterest expense | $3,608 |
| Applicable income taxes | $172 |
| Net charge-offs | $0 |
| Cash dividends | $0 |
Salem Co-operative Bank's interest expense for loans was $4,557,000.
Salem Co-operative Bank's payroll and benefits expense were $5,937,000.
Salem Co-operative Bank's property, plant and equipment expenses $898,000.
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 | 15.0% |
| 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 | $318,294 |
| Deposits held in domestic offices | $318,294 |
| Deposits by Individuals, partnerships, and corporations | $313,492 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $4,046 |
| Deposits by Commercial banks and other depository institutions in U.S. | $756 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $57,081 |
| Demand deposits | $30,745 |
| Nontransaction accounts | $261,213 |
| Money market deposit accounts (MMDAs) | $17,485 |
| Other savings deposits (excluding MMDAs) | $91,622 |
| Total time deposits | $152,106 |
| Total time and savings deposits | $287,549 |
| Noninterest-bearing deposits | $57,081 |
| Interest-bearing deposits | $261,213 |
| Retail deposits | $261,600 |
| IRAs and Keogh plan accounts | $37,215 |
| Brokered deposits | $41,980 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $439,089 |
| Cash & Balances due from depository institutions | $3,032 |
| Interest-bearing balances | $952 |
| Total securities | $63,307 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $346,413 |
| Loan and leases loss allowance | $2,769 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $3,554 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $22,783 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $439,089 |
| Total Liabilities | $372,264 |
| Total deposits | $318,294 |
| Interest-bearing deposits | $261,213 |
| Deposits held in domestic offices | $318,294 |
| % insured (estimated) | $90 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $49,834 |
| Subordinated debt | $0 |
| All other liabilities | $4,136 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $346,413 |
| Loan and leases loss allowance | $2,769 |
| Total loans and leases (domestic) | $349,182 |
| All real estate loans | $338,950 |
| Real estate loans in domestic offices | $338,950 |
| Construction and development loans | $14,823 |
| Residential 1-4 family construction | $4,023 |
| Other construction, all land development and other land | $10,800 |
| Loans secured by nonfarm nonresidential properties | $48,940 |
| Nonfarm nonresidential secured by owner-occupied properties | $28,692 |
| Commercial real estate & other non-farm, non-residential | $20,248 |
| Multifamily residential real estate | $1,239 |
| 1-4 family residential loans | $273,948 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $9,917 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $214 |
| Credit card loans | $0 |
| Related Plans | $11 |
| Consumer Auto Loans | $25 |
| Other loans to individuals | $178 |
| All other loans & leases | $101 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $101 |
| 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 | $396 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Salem Co-Operative Bank had $346,413,000 of loans outstanding in 2018. $338,950,000 of loans were in real estate loans. $14,823,000 of loans were in development loans. $1,239,000 of loans were in multifamily mortgage loans. $273,948,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $25,000 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 | 79 | $20,437 | $258,696 |
| Nonfarm, nonresidential loans - <$100k | 19 | $846 | $44,526 |
| Nonfarm, nonresidential loans - $100-250k | 30 | $4,745 | $158,167 |
| Nonfarm, nonresidential loans - $250k-1MM | 30 | $14,846 | $494,867 |
| Commercial & Industrial, US addressed loans - <$1MM | 77 | $6,213 | $80,688 |
| Commercial & Industrial, US addressed loans - <$100k | 46 | $2,280 | $49,565 |
| Commercial & Industrial, US addressed loans - $100-250k | 20 | $1,433 | $71,650 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 11 | $2,500 | $227,273 |