Greenfield Co-operative Bank Mortgage Rates, Fees & Info

Greenfield, MA

LEI: 549300V6HTJCSW4YN309

Tax ID: 04-1400390

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Greenfield Co-operative Bank is a smaller bank specializing in Cash Out Refi and Home Purchase loans. Greenfield Co-operative Bank has a high proportion of conventional loans. Their top markets include Springfield, Barnstable Town, and Worcester among others. Greenfield Co-operative Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

406

Origination Dollar Volume (All Markets)

$94,570,000

Employee count

105

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SPRINGFIELD, MA (FHA|USDA|VA) 404 $93,930,000 $232,500 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%

Greenfield Co-operative Bank's top markets include Springfield, Barnstable Town, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 406 $94,570,000 $232,931 $0 0.00%

For the 2021 period, Greenfield Co-operative Bank's most frequently originated loan type of loans were Conventional, with 406 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 174 $41,370,000 $237,759 $0 0.00%
Home Purchase 118 $34,130,000 $289,237 $0 0.00%
Refi 87 $17,345,000 $199,368 $0 0.00%
Home Improvement 18 $1,340,000 $74,444 $0 0.00%
Other 9 $385,000 $42,778 $0 0.00%

For the 2021, Greenfield Co-operative Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 174 originations. The 2nd most popular reason of loans were Home Purchase, with 118 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 406 $94,570,000 $232,931 $0 0.00%

For the 2021, Greenfield Co-operative Bank's most frequently cited loan length of loans were Other, with 406 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 163 $43,615,000 $267,577 $0 0.00%
$100k-200k 150 $23,100,000 $154,000 $0 0.00%
$100,000 or less 54 $2,850,000 $52,778 $0 0.00%
$400k-600k 28 $13,370,000 $477,500 $0 0.00%
$600k-1MM 8 $5,710,000 $713,750 $0 0.00%
$1MM+ 3 $5,925,000 $1,975,000 $0 0.00%

2021 saw Greenfield Co-operative Bank place emphasis on $200k-400k loans with 163 originations, totaling $43,615,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 99 $16,735,000 $169,040 $0 0.00%
$100k-150k 80 $17,650,000 $220,625 $0 0.00%
$75k-100k 74 $16,200,000 $218,919 $0 0.00%
$50k or less 42 $5,120,000 $121,905 $0 0.00%
$150k-250k 33 $9,035,000 $273,788 $0 0.00%
$250k+ 9 $2,565,000 $285,000 $0 0.00%

Greenfield Co-operative Bank lent most frequently to those with incomes in the $50k-75k range, with 99 originations. The second most popular income band? $100k-150k, with 80 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 406 $94,570,000 $232,931 $0 0.00%

Greenfield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 406 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 304 $59,520,000 $195,789 $0 0.00%
Not applicable 63 $26,055,000 $413,571 $0 0.00%
Not provided 30 $6,930,000 $231,000 $0 0.00%
Black 4 $800,000 $200,000 $0 0.00%
American Indian 2 $450,000 $225,000 $0 0.00%
Asian 2 $410,000 $205,000 $0 0.00%
Japanese 1 $405,000 $405,000 $0 0.00%

Approval Rates

Total approvals of all applications
92.18%

Greenfield Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.81%

Greenfield Co-operative Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 406 $94,570,000 $232,931

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
406 $94,570,000 $232,931

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Greenfield Co-Operative Bank 144 Main Street Northfield, MA 1360 Full Service B&M $52,507
Greenfield Co-Operative Bank 176 Avenue A Turners Falls, MA 1376 Full Service B&M $25,369
Greenfield Co-Operative Bank 18 Amherst Road Sunderland, MA 1375 Full Service B&M $57,820
Greenfield Co-Operative Bank 277 Federal Street Greenfield, MA 1301 Full Service B&M $129,725
Greenfield Co-Operative Bank 33-37 Bridge Road Shelburne Falls, MA 1370 Full Service B&M $47,922
Greenfield Co-Operative Bank 390 College Street Amherst, MA 1002 Full Service B&M $87,435
Greenfield Co-Operative Bank 487 Newton Street South Hadley, MA 1075 Full Service B&M $4,833
Greenfield Co-Operative Bank 6 Main Street Florence, MA 1062 Full Service B&M $45,279
Greenfield Co-Operative Bank 63 Federal St Greenfield, MA 1301 Full Service B&M $166,837
Greenfield Co-Operative Bank 67 King Street Northampton, MA 1060 Full Service B&M $84,980

For 2021, Greenfield Co-operative Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $19,965
Net interest income $17,696
Total noninterest income $2,136
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,282
Trading account gains and fees $0
Additional Noninterest Income $854
Pre-tax net operating income $4,223
Securities gains (or losses, -) $0
Income before extraordinary items $3,317
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,317
Minority interest net income $0
Net income $3,317
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,317

Greenfield Co-operative Bank's gross interest income from loans was $19,965,000.
Greenfield Co-operative Bank's net interest income from loans was $17,696,000.
Greenfield Co-operative Bank's fee based income from loans was $1,282,000.
Greenfield Co-operative Bank's net income from loans was $3,317,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,269
Provision for credit losses $198
Total noninterest expense $15,411
Salaries and employee benefits $9,382
Premises and equipment expense $1,225
Additional noninterest expense $4,804
Applicable income taxes $906
Net charge-offs $-41
Cash dividends $15

Greenfield Co-operative Bank's interest expense for loans was $2,269,000.
Greenfield Co-operative Bank's payroll and benefits expense were $9,382,000.
Greenfield Co-operative Bank's property, plant and equipment expenses $1,225,000.

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 2.0%
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 $710,444
Deposits held in domestic offices $710,444
Deposits by Individuals, partnerships, and corporations $684,791
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $25,653
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 $257,696
Demand deposits $125,627
Nontransaction accounts $452,748
Money market deposit accounts (MMDAs) $190,901
Other savings deposits (excluding MMDAs) $81,182
Total time deposits $180,666
Total time and savings deposits $584,817
Noninterest-bearing deposits $125,627
Interest-bearing deposits $584,817
Retail deposits $664,119
IRAs and Keogh plan accounts $33,465
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $807,563
Cash & Balances due from depository institutions $164,654
Interest-bearing balances $159,860
Total securities $148,866
Federal funds sold & reverse repurchase $320
Net loans and leases $459,743
Loan and leases loss allowance $4,654
Trading account assets $0
Bank premises and fixed assets $9,480
Other real estate owned $0
Goodwill and other intangibles $440
All other assets $24,060

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $807,563
Total Liabilities $723,779
Total deposits $710,444
Interest-bearing deposits $584,817
Deposits held in domestic offices $710,444
% insured (estimated) $80
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $10,835
Subordinated debt $0
All other liabilities $2,500

Issued Loan Types

Type Value (in 000's)
Net loans and leases $459,743
Loan and leases loss allowance $4,654
Total loans and leases (domestic) $464,397
All real estate loans $395,856
Real estate loans in domestic offices $395,856
Construction and development loans $4,986
Residential 1-4 family construction $2,168
Other construction, all land development and other land $2,818
Loans secured by nonfarm nonresidential properties $49,048
Nonfarm nonresidential secured by owner-occupied properties $35,473
Commercial real estate & other non-farm, non-residential $13,575
Multifamily residential real estate $46,731
1-4 family residential loans $293,880
Farmland loans $1,211
Loans held in foreign offices $0
Farm loans $3,145
Commercial and industrial loans $27,689
To non-U.S. addressees $0
Loans to individuals $3,103
Credit card loans $0
Related Plans $10
Consumer Auto Loans $137
Other loans to individuals $2,956
All other loans & leases $34,604
Loans to foreign governments and official institutions $0
Other loans $47
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $80
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $447
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Greenfield Co-operative Bank had $459,743,000 of loans outstanding in 2021. $395,856,000 of loans were in real estate loans. $4,986,000 of loans were in development loans. $46,731,000 of loans were in multifamily mortgage loans. $293,880,000 of loans were in 1-4 family mortgage loans. $3,145,000 of loans were in farm loans. $0 of loans were in credit card loans. $137,000 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 168 $32,519 $193,565
Nonfarm, nonresidential loans - <$100k 35 $1,873 $53,514
Nonfarm, nonresidential loans - $100-250k 67 $9,100 $135,821
Nonfarm, nonresidential loans - $250k-1MM 66 $21,546 $326,455
Commercial & Industrial, US addressed loans - <$1MM 356 $23,370 $65,646
Commercial & Industrial, US addressed loans - <$100k 230 $5,195 $22,587
Commercial & Industrial, US addressed loans - $100-250k 83 $8,347 $100,566
Commercial & Industrial, US addressed loans - $250k-1MM 43 $9,828 $228,558
Farmland loans - <$1MM 3 $308 $102,667
Farmland loans - $100-250k 3 $308 $102,667
Agriculture operations loans - <$1MM 11 $1,246 $113,273
Agriculture operations loans - <$100k 7 $118 $16,857
Agriculture operations loans - $100-250k 1 $185 $185,000
Agriculture operations loans - $250k-1MM 3 $943 $314,333