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, Concord, Laconia, and Worcester among others. We have data for 5 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
193Origination Dollar Volume (All Markets)
$69,875,000Employee count
63Top 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) | 163 | $60,765,000 | $372,791 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 23 | $7,215,000 | $313,696 | $0 | 0.00% |
| Concord, NH (FHA|USDA|VA) | 4 | $1,320,000 | $330,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 193 | $69,875,000 | $362,047 | $0 | 0.00% |
For 2021, Salem Co-operative Bank's most frequently originated type of loan was Conventional, with 193 originations.
Loan Reason
For 2021, Salem Co-operative Bank's most frequently cited loan purpose was Refi, with 109 originations. The 2nd most popular reason was Home Purchase, with 74 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 193 | $69,875,000 | $362,047 | $0 | 0.00% |
For 2021, Salem Co-operative Bank's most frequently cited loan duration was Other, with 193 originations.
Loan Sizing
2021 saw Salem Co-operative Bank place emphasis on $200k-400k loans with 87 originations, totaling $25,995,000 in origination value.
Applicant Income
Salem Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 48 originations. The second most popular income band? $100k-150k, with 45 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 193 | $69,875,000 | $362,047 | $0 | 0.00% |
Salem Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 193 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.27%
Salem Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination82.38%
Salem Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 193 | $69,875,000 | $362,047 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Siwell Inc | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 28.6% |
| Siwell Inc | Conventional home mortgage | Trouble during payment process | 4 | 57.1% |
| Siwell Inc | FHA mortgage | Trouble during payment process | 1 | 14.3% |
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 | $72,533 |
| Salem Co-Operative Bank | 3 S Broadway Salem, NH 3079 | Full Service B&M | $278,028 |
For 2021, Salem Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $14,279 |
| Net interest income | $11,637 |
| Total noninterest income | $925 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $40 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $885 |
| Pre-tax net operating income | $1,614 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,363 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,363 |
| Minority interest net income | $0 |
| Net income | $1,363 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,363 |
Salem Co-operative Bank's gross interest income from loans was $14,279,000.
Salem Co-operative Bank's net interest income from loans was $11,637,000.
Salem Co-operative Bank's fee based income from loans was $40,000.
Salem Co-operative Bank's net income from loans was $1,363,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,642 |
| Provision for credit losses | $-50 |
| Total noninterest expense | $10,998 |
| Salaries and employee benefits | $6,877 |
| Premises and equipment expense | $765 |
| Additional noninterest expense | $3,356 |
| Applicable income taxes | $251 |
| Net charge-offs | $0 |
| Cash dividends | $0 |
Salem Co-operative Bank's interest expense for loans was $2,642,000.
Salem Co-operative Bank's payroll and benefits expense were $6,877,000.
Salem Co-operative Bank's property, plant and equipment expenses $765,000.
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 | $353,520 |
| Deposits held in domestic offices | $353,520 |
| Deposits by Individuals, partnerships, and corporations | $353,182 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $337 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $88,090 |
| Demand deposits | $54,196 |
| Nontransaction accounts | $265,430 |
| Money market deposit accounts (MMDAs) | $12,832 |
| Other savings deposits (excluding MMDAs) | $129,287 |
| Total time deposits | $123,311 |
| Total time and savings deposits | $299,324 |
| Noninterest-bearing deposits | $51,944 |
| Interest-bearing deposits | $301,576 |
| Retail deposits | $333,366 |
| IRAs and Keogh plan accounts | $32,572 |
| Brokered deposits | $1 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $445,217 |
| Cash & Balances due from depository institutions | $13,842 |
| Interest-bearing balances | $11,028 |
| Total securities | $59,296 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $345,856 |
| Loan and leases loss allowance | $3,070 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $3,262 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $22,961 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $445,217 |
| Total Liabilities | $374,131 |
| Total deposits | $353,520 |
| Interest-bearing deposits | $301,576 |
| Deposits held in domestic offices | $353,520 |
| % insured (estimated) | $87 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $15,490 |
| Subordinated debt | $0 |
| All other liabilities | $5,121 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $345,856 |
| Loan and leases loss allowance | $3,070 |
| Total loans and leases (domestic) | $348,926 |
| All real estate loans | $313,808 |
| Real estate loans in domestic offices | $313,808 |
| Construction and development loans | $15,590 |
| Residential 1-4 family construction | $7,874 |
| Other construction, all land development and other land | $7,716 |
| Loans secured by nonfarm nonresidential properties | $49,532 |
| Nonfarm nonresidential secured by owner-occupied properties | $26,893 |
| Commercial real estate & other non-farm, non-residential | $22,639 |
| Multifamily residential real estate | $1,480 |
| 1-4 family residential loans | $247,206 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $21,920 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $13,198 |
| Credit card loans | $0 |
| Related Plans | $7 |
| Consumer Auto Loans | $13,101 |
| Other loans to individuals | $90 |
| 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 | $223 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Salem Co-Operative Bank had $345,856,000 of loans outstanding in 2021. $313,808,000 of loans were in real estate loans. $15,590,000 of loans were in development loans. $1,480,000 of loans were in multifamily mortgage loans. $247,206,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $13,101,000 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 | 48 | $12,916 | $269,083 |
| Nonfarm, nonresidential loans - <$100k | 12 | $613 | $51,083 |
| Nonfarm, nonresidential loans - $100-250k | 15 | $2,543 | $169,533 |
| Nonfarm, nonresidential loans - $250k-1MM | 21 | $9,760 | $464,762 |
| Commercial & Industrial, US addressed loans - <$1MM | 102 | $18,438 | $180,765 |
| Commercial & Industrial, US addressed loans - <$100k | 47 | $1,668 | $35,489 |
| Commercial & Industrial, US addressed loans - $100-250k | 23 | $3,873 | $168,391 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 32 | $12,897 | $403,031 |