The Pittsfield Co-operative Bank Mortgage Rates, Fees & Info
Pittsfield, MALEI: 549300UN8J4H5P8XWP62
Tax ID: 04-1731230
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Mortgage Data
Bank Data
Review & Overview
The Pittsfield Co-operative Bank is a smaller bank specializing in Home Purchase and Refi loans. The Pittsfield Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Pittsfield, Boston, Barnstable Town, and Springfield among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)The Pittsfield 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
124Origination Dollar Volume (All Markets)
$28,470,000Employee count
50Top 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 |
|---|---|---|---|---|---|
| PITTSFIELD, MA (FHA|USDA|VA) | 120 | $26,110,000 | $217,583 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $1,185,000 | $1,185,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $990,000 | $495,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 124 | $28,470,000 | $229,597 | $0 | 0.00% |
For 2019, The Pittsfield Co-operative Bank's most frequently originated type of loan was Conventional, with 124 originations.
Loan Reason
For 2019, The Pittsfield Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 60 originations. The 2nd most popular reason was Refi, with 42 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 124 | $28,470,000 | $229,597 | $0 | 0.00% |
For 2019, The Pittsfield Co-operative Bank's most frequently cited loan duration was Other, with 124 originations.
Loan Sizing
2019 saw The Pittsfield Co-operative Bank place emphasis on $100k-200k loans with 43 originations, totaling $6,235,000 in origination value.
Applicant Income
The Pittsfield Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $50k-75k, with 22 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 124 | $28,470,000 | $229,597 | $0 | 0.00% |
The Pittsfield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 124 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.57%
The Pittsfield Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination83.87%
The Pittsfield Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 124 | $28,470,000 | $229,597 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 6 | $2,590,000 | $431,667 |
| Single Family (1-4 Units):Site-Built | 118 | $25,880,000 | $219,322 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| The Pittsfield Co-operative Bank | 70 South Street Pittsfield, MA 1201 | Full Service B&M | $133,501 |
| The Pittsfield Co-operative Bank | 110 Dalton Avenue Pittsfield, MA 1201 | Full Service B&M | $26,290 |
| The Pittsfield Co-operative Bank | 325 Main Street Great Barrington, MA 1230 | Full Service B&M | $40,069 |
| The Pittsfield Co-operative Bank | 431 Main Street Dalton, MA 1226 | Full Service B&M | $42,975 |
For 2019, The Pittsfield Co-operative Bank had 4 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $12,207 |
| Net interest income | $9,898 |
| Total noninterest income | $1,837 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $311 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,526 |
| Pre-tax net operating income | $2,810 |
| Securities gains (or losses, -) | $91 |
| Income before extraordinary items | $2,295 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,295 |
| Minority interest net income | $0 |
| Net income | $2,295 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,223 |
The Pittsfield Co-operative Bank's gross interest income from loans was $12,207,000.
The Pittsfield Co-operative Bank's net interest income from loans was $9,898,000.
The Pittsfield Co-operative Bank's fee based income from loans was $311,000.
The Pittsfield Co-operative Bank's net income from loans was $2,295,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,309 |
| Provision for credit losses | $239 |
| Total noninterest expense | $8,686 |
| Salaries and employee benefits | $4,863 |
| Premises and equipment expense | $868 |
| Additional noninterest expense | $2,955 |
| Applicable income taxes | $606 |
| Net charge-offs | $-10 |
| Cash dividends | $0 |
The Pittsfield Co-operative Bank's interest expense for loans was $2,309,000.
The Pittsfield Co-operative Bank's payroll and benefits expense were $4,863,000.
The Pittsfield Co-operative Bank's property, plant and equipment expenses $868,000.
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 | 2.0% |
| Credit card loans | 0.0% |
| Other individual loans | 2.0% |
| Auto loans | 1.0% |
| Other consumer loans | 3.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $252,359 |
| Deposits held in domestic offices | $252,359 |
| Deposits by Individuals, partnerships, and corporations | $233,989 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $18,366 |
| Deposits by Commercial banks and other depository institutions in U.S. | $4 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $77,182 |
| Demand deposits | $61,854 |
| Nontransaction accounts | $175,177 |
| Money market deposit accounts (MMDAs) | $38,409 |
| Other savings deposits (excluding MMDAs) | $61,605 |
| Total time deposits | $75,163 |
| Total time and savings deposits | $190,505 |
| Noninterest-bearing deposits | $42,492 |
| Interest-bearing deposits | $209,867 |
| Retail deposits | $221,848 |
| IRAs and Keogh plan accounts | $13,892 |
| Brokered deposits | $5,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $321,823 |
| Cash & Balances due from depository institutions | $22,277 |
| Interest-bearing balances | $17,193 |
| Total securities | $39,445 |
| Federal funds sold & reverse repurchase | $1,054 |
| Net loans and leases | $229,894 |
| Loan and leases loss allowance | $2,123 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,935 |
| Other real estate owned | $319 |
| Goodwill and other intangibles | $7,558 |
| All other assets | $18,341 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $321,823 |
| Total Liabilities | $270,252 |
| Total deposits | $252,359 |
| Interest-bearing deposits | $209,867 |
| Deposits held in domestic offices | $252,359 |
| % insured (estimated) | $73 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $16,410 |
| Subordinated debt | $0 |
| All other liabilities | $1,483 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $229,894 |
| Loan and leases loss allowance | $2,123 |
| Total loans and leases (domestic) | $232,017 |
| All real estate loans | $215,448 |
| Real estate loans in domestic offices | $215,448 |
| Construction and development loans | $8,049 |
| Residential 1-4 family construction | $6,848 |
| Other construction, all land development and other land | $1,201 |
| Loans secured by nonfarm nonresidential properties | $39,474 |
| Nonfarm nonresidential secured by owner-occupied properties | $27,808 |
| Commercial real estate & other non-farm, non-residential | $11,666 |
| Multifamily residential real estate | $6,352 |
| 1-4 family residential loans | $161,573 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $13,795 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,925 |
| Credit card loans | $0 |
| Related Plans | $46 |
| Consumer Auto Loans | $1,525 |
| Other loans to individuals | $354 |
| All other loans & leases | $849 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $849 |
| 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 | $1,540 |
| Non 1-4 family restructured loans & leases | $1,433 |
| Total loans and leases (foreign) | $0 |
The Pittsfield Co-operative Bank had $229,894,000 of loans outstanding in 2019. $215,448,000 of loans were in real estate loans. $8,049,000 of loans were in development loans. $6,352,000 of loans were in multifamily mortgage loans. $161,573,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,525,000 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 | 108 | $23,197 | $214,787 |
| Nonfarm, nonresidential loans - <$100k | 23 | $858 | $37,304 |
| Nonfarm, nonresidential loans - $100-250k | 35 | $4,315 | $123,286 |
| Nonfarm, nonresidential loans - $250k-1MM | 50 | $18,024 | $360,480 |
| Commercial & Industrial, US addressed loans - <$1MM | 245 | $11,166 | $45,576 |
| Commercial & Industrial, US addressed loans - <$100k | 177 | $3,575 | $20,198 |
| Commercial & Industrial, US addressed loans - $100-250k | 49 | $4,014 | $81,918 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 19 | $3,577 | $188,263 |