The Pittsfield Co-operative Bank Mortgage Rates, Fees & Info

Pittsfield, MA

LEI: 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

124

Origination Dollar Volume (All Markets)

$28,470,000

Employee count

50

Top 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%
The Pittsfield Co-operative Bank's top markets include Pittsfield, Boston, Barnstable Town, and Springfield among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 60 $16,090,000 $268,167 $0 0.00%
    Refi 42 $9,940,000 $236,667 $0 0.00%
    Home Improvement 13 $1,365,000 $105,000 $0 0.00%
    Other 8 $960,000 $120,000 $0 0.00%
    Cash Out Refi 1 $115,000 $115,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 43 $6,235,000 $145,000 $0 0.00%
    $100,000 or less 33 $1,815,000 $55,000 $0 0.00%
    $200k-400k 32 $8,990,000 $280,938 $0 0.00%
    $600k-1MM 8 $5,690,000 $711,250 $0 0.00%
    $400k-600k 6 $2,950,000 $491,667 $0 0.00%
    $1MM+ 2 $2,790,000 $1,395,000 $0 0.00%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 27 $4,805,000 $177,963 $0 0.00%
    $50k-75k 22 $2,520,000 $114,545 $0 0.00%
    $250k+ 19 $9,815,000 $516,579 $0 0.00%
    $75k-100k 17 $2,425,000 $142,647 $0 0.00%
    $150k-250k 13 $3,005,000 $231,154 $0 0.00%
    $50k or less 12 $1,530,000 $127,500 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 98 $22,280,000 $227,347 $0 0.00%
    Not applicable 14 $4,370,000 $312,143 $0 0.00%
    Not provided 8 $1,440,000 $180,000 $0 0.00%
    Asian 2 $310,000 $155,000 $0 0.00%
    Black 2 $70,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.57%

    The Pittsfield Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.87%

    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