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 Refi and Home Purchase loans. Salem Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Laconia, Concord, and Keene among others. We have data for 7 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
167Origination Dollar Volume (All Markets)
$48,985,000Employee count
68Top 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) | 140 | $39,980,000 | $285,571 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 15 | $3,715,000 | $247,667 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $2,085,000 | $695,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 3 | $1,505,000 | $501,667 | $0 | 0.00% |
| Concord, NH (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $0 | 0.00% |
| Keene, NH (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 167 | $48,985,000 | $293,323 | $0 | 0.00% |
For 2020, Salem Co-operative Bank's most frequently originated type of loan was Conventional, with 167 originations.
Loan Reason
For 2020, Salem Co-operative Bank's most frequently cited loan purpose was Refi, with 95 originations. The 2nd most popular reason was Home Purchase, with 56 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 167 | $48,985,000 | $293,323 | $0 | 0.00% |
For 2020, Salem Co-operative Bank's most frequently cited loan duration was Other, with 167 originations.
Loan Sizing
2020 saw Salem Co-operative Bank place emphasis on $200k-400k loans with 82 originations, totaling $23,880,000 in origination value.
Applicant Income
Salem Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $150k-250k, with 38 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 167 | $48,985,000 | $293,323 | $0 | 0.00% |
Salem Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 167 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.44%
Salem Co-operative Bank has a below average approval rate.
Pick Rate
Approvals leading to origination73.65%
Salem Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 167 | $48,985,000 | $293,323 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $1,860,000 | $930,000 |
| Single Family (1-4 Units):Site-Built | 165 | $47,125,000 | $285,606 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SLM CORPORATION | Other type of mortgage | Trouble during payment process | 1 | 100.0% |
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 | $65,416 |
| Salem Co-Operative Bank | 3 South Broadway Salem, NH 3079 | Full Service B&M | $256,981 |
For 2020, Salem Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $16,194 |
| Net interest income | $11,810 |
| Total noninterest income | $825 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $38 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $787 |
| Pre-tax net operating income | $1,977 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,630 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,630 |
| Minority interest net income | $0 |
| Net income | $1,630 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,630 |
Salem Co-operative Bank's gross interest income from loans was $16,194,000.
Salem Co-operative Bank's net interest income from loans was $11,810,000.
Salem Co-operative Bank's fee based income from loans was $38,000.
Salem Co-operative Bank's net income from loans was $1,630,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,384 |
| Provision for credit losses | $246 |
| Total noninterest expense | $10,412 |
| Salaries and employee benefits | $6,351 |
| Premises and equipment expense | $811 |
| Additional noninterest expense | $3,250 |
| Applicable income taxes | $347 |
| Net charge-offs | $15 |
| Cash dividends | $0 |
Salem Co-operative Bank's interest expense for loans was $4,384,000.
Salem Co-operative Bank's payroll and benefits expense were $6,351,000.
Salem Co-operative Bank's property, plant and equipment expenses $811,000.
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 | $327,616 |
| Deposits held in domestic offices | $327,616 |
| Deposits by Individuals, partnerships, and corporations | $327,311 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $287 |
| Deposits by Commercial banks and other depository institutions in U.S. | $18 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $77,702 |
| Demand deposits | $46,386 |
| Nontransaction accounts | $249,914 |
| Money market deposit accounts (MMDAs) | $9,110 |
| Other savings deposits (excluding MMDAs) | $109,275 |
| Total time deposits | $131,528 |
| Total time and savings deposits | $281,230 |
| Noninterest-bearing deposits | $43,193 |
| Interest-bearing deposits | $284,423 |
| Retail deposits | $307,833 |
| IRAs and Keogh plan accounts | $36,805 |
| Brokered deposits | $18 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $469,445 |
| Cash & Balances due from depository institutions | $53,222 |
| Interest-bearing balances | $51,258 |
| Total securities | $53,372 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $335,054 |
| Loan and leases loss allowance | $3,120 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $3,236 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $24,561 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $469,445 |
| Total Liabilities | $398,781 |
| Total deposits | $327,616 |
| Interest-bearing deposits | $284,423 |
| Deposits held in domestic offices | $327,616 |
| % insured (estimated) | $90 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $65,517 |
| Subordinated debt | $0 |
| All other liabilities | $5,648 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $335,054 |
| Loan and leases loss allowance | $3,120 |
| Total loans and leases (domestic) | $338,174 |
| All real estate loans | $320,503 |
| Real estate loans in domestic offices | $320,503 |
| Construction and development loans | $12,828 |
| Residential 1-4 family construction | $3,280 |
| Other construction, all land development and other land | $9,548 |
| Loans secured by nonfarm nonresidential properties | $53,214 |
| Nonfarm nonresidential secured by owner-occupied properties | $33,005 |
| Commercial real estate & other non-farm, non-residential | $20,209 |
| Multifamily residential real estate | $2,903 |
| 1-4 family residential loans | $251,558 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $17,574 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $97 |
| Credit card loans | $0 |
| Related Plans | $8 |
| Consumer Auto Loans | $4 |
| Other loans to individuals | $85 |
| All other loans & leases | $0 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| 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 | $748 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Salem Co-Operative Bank had $335,054,000 of loans outstanding in 2020. $320,503,000 of loans were in real estate loans. $12,828,000 of loans were in development loans. $2,903,000 of loans were in multifamily mortgage loans. $251,558,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,000 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 | 77 | $25,149 | $326,610 |
| Nonfarm, nonresidential loans - <$100k | 20 | $1,075 | $53,750 |
| Nonfarm, nonresidential loans - $100-250k | 22 | $3,765 | $171,136 |
| Nonfarm, nonresidential loans - $250k-1MM | 35 | $20,309 | $580,257 |
| Commercial & Industrial, US addressed loans - <$1MM | 181 | $13,265 | $73,287 |
| Commercial & Industrial, US addressed loans - <$100k | 144 | $3,867 | $26,854 |
| Commercial & Industrial, US addressed loans - $100-250k | 25 | $3,629 | $145,160 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 12 | $5,769 | $480,750 |