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, Torrington, and Springfield among others. We have data for 3 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
152Origination Dollar Volume (All Markets)
$43,250,000Employee 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) | 149 | $41,115,000 | $275,940 | $0 | 0.00% |
| Torrington, CT (FHA|USDA|VA) | 2 | $1,850,000 | $925,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 152 | $43,250,000 | $284,539 | $0 | 0.00% |
For 2021, The Pittsfield Co-operative Bank's most frequently originated type of loan was Conventional, with 152 originations.
Loan Reason
For 2021, The Pittsfield Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 64 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 152 | $43,250,000 | $284,539 | $0 | 0.00% |
For 2021, The Pittsfield Co-operative Bank's most frequently cited loan duration was Other, with 152 originations.
Loan Sizing
2021 saw The Pittsfield Co-operative Bank place emphasis on $100k-200k loans with 62 originations, totaling $8,670,000 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 or less, with 26 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 152 | $43,250,000 | $284,539 | $0 | 0.00% |
The Pittsfield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 152 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.42%
The Pittsfield Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination79.61%
The Pittsfield Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 152 | $43,250,000 | $284,539 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| The Pittsfield Co-Operative Bank | 110 Dalton Avenue Pittsfield, MA 1201 | Full Service B&M | $31,511 |
| The Pittsfield Co-Operative Bank | 325 Main Street Great Barrington, MA 1230 | Full Service B&M | $50,528 |
| The Pittsfield Co-Operative Bank | 431 Main Street Dalton, MA 1226 | Full Service B&M | $57,385 |
| The Pittsfield Co-Operative Bank | 70 South St Pittsfield, MA 1201 | Full Service B&M | $172,582 |
For 2021, The Pittsfield Co-operative Bank had 4 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $11,369 |
| Net interest income | $9,957 |
| Total noninterest income | $3,784 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $280 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,504 |
| Pre-tax net operating income | $3,567 |
| Securities gains (or losses, -) | $306 |
| Income before extraordinary items | $3,098 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,098 |
| Minority interest net income | $0 |
| Net income | $3,098 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,853 |
The Pittsfield Co-operative Bank's gross interest income from loans was $11,369,000.
The Pittsfield Co-operative Bank's net interest income from loans was $9,957,000.
The Pittsfield Co-operative Bank's fee based income from loans was $280,000.
The Pittsfield Co-operative Bank's net income from loans was $3,098,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,412 |
| Provision for credit losses | $-202 |
| Total noninterest expense | $10,376 |
| Salaries and employee benefits | $6,026 |
| Premises and equipment expense | $949 |
| Additional noninterest expense | $3,401 |
| Applicable income taxes | $775 |
| Net charge-offs | $-9 |
| Cash dividends | $0 |
The Pittsfield Co-operative Bank's interest expense for loans was $1,412,000.
The Pittsfield Co-operative Bank's payroll and benefits expense were $6,026,000.
The Pittsfield Co-operative Bank's property, plant and equipment expenses $949,000.
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 | 2.0% |
| Credit card loans | 0.0% |
| Other individual loans | 2.0% |
| Auto loans | 0.0% |
| Other consumer loans | 13.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $329,908 |
| Deposits held in domestic offices | $329,908 |
| Deposits by Individuals, partnerships, and corporations | $309,729 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $20,179 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $115,165 |
| Demand deposits | $110,129 |
| Nontransaction accounts | $214,743 |
| Money market deposit accounts (MMDAs) | $50,916 |
| Other savings deposits (excluding MMDAs) | $93,197 |
| Total time deposits | $70,630 |
| Total time and savings deposits | $219,779 |
| Noninterest-bearing deposits | $90,987 |
| Interest-bearing deposits | $238,921 |
| Retail deposits | $296,363 |
| IRAs and Keogh plan accounts | $14,015 |
| Brokered deposits | $5,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $397,368 |
| Cash & Balances due from depository institutions | $36,230 |
| Interest-bearing balances | $34,137 |
| Total securities | $90,200 |
| Federal funds sold & reverse repurchase | $606 |
| Net loans and leases | $243,724 |
| Loan and leases loss allowance | $2,646 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,671 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $7,500 |
| All other assets | $16,437 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $397,368 |
| Total Liabilities | $341,669 |
| Total deposits | $329,908 |
| Interest-bearing deposits | $238,921 |
| Deposits held in domestic offices | $329,908 |
| % insured (estimated) | $73 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $9,716 |
| Subordinated debt | $0 |
| All other liabilities | $2,045 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $243,724 |
| Loan and leases loss allowance | $2,646 |
| Total loans and leases (domestic) | $246,370 |
| All real estate loans | $222,527 |
| Real estate loans in domestic offices | $222,527 |
| Construction and development loans | $4,670 |
| Residential 1-4 family construction | $2,895 |
| Other construction, all land development and other land | $1,775 |
| Loans secured by nonfarm nonresidential properties | $47,912 |
| Nonfarm nonresidential secured by owner-occupied properties | $33,597 |
| Commercial real estate & other non-farm, non-residential | $14,315 |
| Multifamily residential real estate | $6,520 |
| 1-4 family residential loans | $163,425 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $21,498 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,589 |
| Credit card loans | $0 |
| Related Plans | $30 |
| Consumer Auto Loans | $1,321 |
| Other loans to individuals | $238 |
| All other loans & leases | $756 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $756 |
| 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 | $1,229 |
| Non 1-4 family restructured loans & leases | $1,225 |
| Total loans and leases (foreign) | $0 |
The Pittsfield Co-operative Bank had $243,724,000 of loans outstanding in 2021. $222,527,000 of loans were in real estate loans. $4,670,000 of loans were in development loans. $6,520,000 of loans were in multifamily mortgage loans. $163,425,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $1,321,000 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 | 124 | $24,666 | $198,919 |
| Nonfarm, nonresidential loans - <$100k | 23 | $699 | $30,391 |
| Nonfarm, nonresidential loans - $100-250k | 43 | $5,046 | $117,349 |
| Nonfarm, nonresidential loans - $250k-1MM | 58 | $18,921 | $326,224 |
| Commercial & Industrial, US addressed loans - <$1MM | 341 | $20,139 | $59,059 |
| Commercial & Industrial, US addressed loans - <$100k | 247 | $5,381 | $21,785 |
| Commercial & Industrial, US addressed loans - $100-250k | 63 | $6,830 | $108,413 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 31 | $7,928 | $255,742 |