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 Refi and Home Purchase loans. The Pittsfield Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Pittsfield, Boston, Springfield, Torrington, and Worcester among others. We have data for 6 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
155Origination Dollar Volume (All Markets)
$34,355,000Employee count
53Top 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) | 150 | $33,220,000 | $221,467 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Torrington, CT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Hudson, NY (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 155 | $34,355,000 | $221,645 | $0 | 0.00% |
For 2020, The Pittsfield Co-operative Bank's most frequently originated type of loan was Conventional, with 155 originations.
Loan Reason
For 2020, The Pittsfield Co-operative Bank's most frequently cited loan purpose was Refi, with 84 originations. The 2nd most popular reason was Home Purchase, with 67 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 155 | $34,355,000 | $221,645 | $0 | 0.00% |
For 2020, The Pittsfield Co-operative Bank's most frequently cited loan duration was Other, with 155 originations.
Loan Sizing
2020 saw The Pittsfield Co-operative Bank place emphasis on $100k-200k loans with 57 originations, totaling $8,165,000 in origination value.
Applicant Income
The Pittsfield Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $50k-75k, with 27 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 155 | $34,355,000 | $221,645 | $0 | 0.00% |
The Pittsfield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 155 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.92%
The Pittsfield Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
The Pittsfield Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 155 | $34,355,000 | $221,645 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $490,000 | $245,000 |
| Single Family (1-4 Units):Site-Built | 153 | $33,865,000 | $221,340 |
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 | $155,968 |
| The Pittsfield Co-Operative Bank | 110 Dalton Avenue Pittsfield, MA 1201 | Full Service B&M | $31,590 |
| The Pittsfield Co-Operative Bank | 325 Main Street Great Barrington, MA 1230 | Full Service B&M | $47,799 |
| The Pittsfield Co-Operative Bank | 431 Main Street Dalton, MA 1226 | Full Service B&M | $50,199 |
For 2020, The Pittsfield Co-operative Bank had 4 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $12,421 |
| Net interest income | $10,254 |
| Total noninterest income | $1,866 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $243 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,623 |
| Pre-tax net operating income | $2,274 |
| Securities gains (or losses, -) | $363 |
| Income before extraordinary items | $2,131 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,131 |
| Minority interest net income | $0 |
| Net income | $2,131 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,836 |
The Pittsfield Co-operative Bank's gross interest income from loans was $12,421,000.
The Pittsfield Co-operative Bank's net interest income from loans was $10,254,000.
The Pittsfield Co-operative Bank's fee based income from loans was $243,000.
The Pittsfield Co-operative Bank's net income from loans was $2,131,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,167 |
| Provision for credit losses | $762 |
| Total noninterest expense | $9,084 |
| Salaries and employee benefits | $5,336 |
| Premises and equipment expense | $870 |
| Additional noninterest expense | $2,878 |
| Applicable income taxes | $506 |
| Net charge-offs | $46 |
| Cash dividends | $0 |
The Pittsfield Co-operative Bank's interest expense for loans was $2,167,000.
The Pittsfield Co-operative Bank's payroll and benefits expense were $5,336,000.
The Pittsfield Co-operative Bank's property, plant and equipment expenses $870,000.
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 | 1.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 3.0% |
| Credit card loans | 0.0% |
| Other individual loans | 3.0% |
| Auto loans | 1.0% |
| Other consumer loans | 10.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $296,981 |
| Deposits held in domestic offices | $296,981 |
| Deposits by Individuals, partnerships, and corporations | $273,437 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $23,539 |
| 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 | $104,888 |
| Demand deposits | $83,081 |
| Nontransaction accounts | $192,092 |
| Money market deposit accounts (MMDAs) | $43,689 |
| Other savings deposits (excluding MMDAs) | $76,629 |
| Total time deposits | $71,775 |
| Total time and savings deposits | $213,899 |
| Noninterest-bearing deposits | $61,503 |
| Interest-bearing deposits | $235,478 |
| Retail deposits | $265,399 |
| IRAs and Keogh plan accounts | $14,468 |
| Brokered deposits | $5,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $365,375 |
| Cash & Balances due from depository institutions | $26,198 |
| Interest-bearing balances | $17,273 |
| Total securities | $63,829 |
| Federal funds sold & reverse repurchase | $135 |
| Net loans and leases | $246,970 |
| Loan and leases loss allowance | $2,839 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,834 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $7,500 |
| All other assets | $17,909 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $365,375 |
| Total Liabilities | $310,996 |
| Total deposits | $296,981 |
| Interest-bearing deposits | $235,478 |
| Deposits held in domestic offices | $296,981 |
| % insured (estimated) | $71 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $12,247 |
| Subordinated debt | $0 |
| All other liabilities | $1,768 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $246,970 |
| Loan and leases loss allowance | $2,839 |
| Total loans and leases (domestic) | $249,809 |
| All real estate loans | $224,568 |
| Real estate loans in domestic offices | $224,568 |
| Construction and development loans | $4,057 |
| Residential 1-4 family construction | $2,998 |
| Other construction, all land development and other land | $1,059 |
| Loans secured by nonfarm nonresidential properties | $49,869 |
| Nonfarm nonresidential secured by owner-occupied properties | $34,018 |
| Commercial real estate & other non-farm, non-residential | $15,851 |
| Multifamily residential real estate | $6,510 |
| 1-4 family residential loans | $164,132 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $22,888 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,627 |
| Credit card loans | $0 |
| Related Plans | $26 |
| Consumer Auto Loans | $1,294 |
| Other loans to individuals | $307 |
| All other loans & leases | $726 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $726 |
| 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 | $2,510 |
| Non 1-4 family restructured loans & leases | $2,510 |
| Total loans and leases (foreign) | $0 |
The Pittsfield Co-operative Bank had $246,970,000 of loans outstanding in 2020. $224,568,000 of loans were in real estate loans. $4,057,000 of loans were in development loans. $6,510,000 of loans were in multifamily mortgage loans. $164,132,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,294,000 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 | 129 | $26,630 | $206,434 |
| Nonfarm, nonresidential loans - <$100k | 24 | $894 | $37,250 |
| Nonfarm, nonresidential loans - $100-250k | 44 | $5,071 | $115,250 |
| Nonfarm, nonresidential loans - $250k-1MM | 61 | $20,665 | $338,770 |
| Commercial & Industrial, US addressed loans - <$1MM | 398 | $19,847 | $49,867 |
| Commercial & Industrial, US addressed loans - <$100k | 292 | $6,453 | $22,099 |
| Commercial & Industrial, US addressed loans - $100-250k | 76 | $7,778 | $102,342 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 30 | $5,616 | $187,200 |