Wakefield Co-operative Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 549300YEQNQT8LV5N068

Tax ID: 04-1939190

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Mortgage Data

Bank Data

Review & Overview

Wakefield Co-operative Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Wakefield Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, and Worcester among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Wakefield Co-operative Bank has an 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

102

Origination Dollar Volume (All Markets)

$52,590,000

Employee count

38

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 99 $51,985,000 $525,101 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Wakefield Co-operative Bank's top markets include Boston, Barnstable Town, and Worcester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 102 $52,590,000 $515,588 $0 0.00%

    For 2018, Wakefield Co-operative Bank's most frequently originated type of loan was Conventional, with 102 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 65 $35,665,000 $548,692 $0 0.00%
    Cash Out Refi 25 $13,315,000 $532,600 $0 0.00%
    Refi 8 $2,580,000 $322,500 $0 0.00%
    Home Improvement 4 $1,030,000 $257,500 $0 0.00%

    For 2018, Wakefield Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 65 originations. The 2nd most popular reason was Cash Out Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 102 $52,590,000 $515,588 $0 0.00%

    For 2018, Wakefield Co-operative Bank's most frequently cited loan duration was Other, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 40 $12,280,000 $307,000 $0 0.00%
    $400k-600k 25 $12,035,000 $481,400 $0 0.00%
    $1MM+ 11 $18,865,000 $1,715,000 $0 0.00%
    $100k-200k 10 $1,660,000 $166,000 $0 0.00%
    $600k-1MM 10 $7,370,000 $737,000 $0 0.00%
    $100,000 or less 6 $380,000 $63,333 $0 0.00%

    2018 saw Wakefield Co-operative Bank place emphasis on $200k-400k loans with 40 originations, totaling $12,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 25 $10,115,000 $404,600 $0 0.00%
    $150k-250k 17 $7,735,000 $455,000 $0 0.00%
    $50k-75k 13 $2,425,000 $186,538 $0 0.00%
    $75k-100k 13 $4,255,000 $327,308 $0 0.00%
    $50k or less 5 $1,045,000 $209,000 $0 0.00%
    $250k+ 3 $815,000 $271,667 $0 0.00%

    Wakefield Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $150k-250k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 102 $52,590,000 $515,588 $0 0.00%

    Wakefield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 26 $26,200,000 $1,007,692 $0 0.00%
    White 57 $17,195,000 $301,667 $0 0.00%
    Not provided 14 $6,980,000 $498,571 $0 0.00%
    Asian 4 $1,810,000 $452,500 $0 0.00%
    American Indian 1 $405,000 $405,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.55%

    Wakefield Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.25%

    Wakefield Co-operative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 102 $52,590,000 $515,588

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $11,835,000 $1,315,000
    Single Family (1-4 Units):Site-Built 93 $40,755,000 $438,226

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Wakefield Co-operative Bank 342 Main Street Wakefield, MA 1880 Full Service B&M $97,840
    Wakefield Co-operative Bank 596 Main Street Lynnfield, MA 1940 Full Service B&M $88,996

    For 2018, Wakefield Co-operative Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,213
    Net interest income $6,324
    Total noninterest income $482
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $99
    Trading account gains and fees $0
    Additional Noninterest Income $383
    Pre-tax net operating income $1,138
    Securities gains (or losses, -) $-85
    Income before extraordinary items $802
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $802
    Minority interest net income $0
    Net income $802
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $869

    Wakefield Co-operative Bank's gross interest income from loans was $8,213,000.
    Wakefield Co-operative Bank's net interest income from loans was $6,324,000.
    Wakefield Co-operative Bank's fee based income from loans was $99,000.
    Wakefield Co-operative Bank's net income from loans was $802,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,889
    Provision for credit losses $185
    Total noninterest expense $5,483
    Salaries and employee benefits $3,290
    Premises and equipment expense $345
    Additional noninterest expense $1,848
    Applicable income taxes $251
    Net charge-offs $2
    Cash dividends $0

    Wakefield Co-operative Bank's interest expense for loans was $1,889,000.
    Wakefield Co-operative Bank's payroll and benefits expense were $3,290,000.
    Wakefield Co-operative Bank's property, plant and equipment expenses $345,000.

    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 1.0%
    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 $193,947
    Deposits held in domestic offices $193,947
    Deposits by Individuals, partnerships, and corporations $193,475
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $205
    Deposits by Commercial banks and other depository institutions in U.S. $267
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $45,099
    Demand deposits $23,492
    Nontransaction accounts $148,848
    Money market deposit accounts (MMDAs) $32,278
    Other savings deposits (excluding MMDAs) $35,610
    Total time deposits $80,960
    Total time and savings deposits $170,455
    Noninterest-bearing deposits $23,492
    Interest-bearing deposits $170,455
    Retail deposits $161,921
    IRAs and Keogh plan accounts $9,789
    Brokered deposits $15,276
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $225,219
    Cash & Balances due from depository institutions $1,726
    Interest-bearing balances $751
    Total securities $41,334
    Federal funds sold & reverse repurchase $0
    Net loans and leases $177,792
    Loan and leases loss allowance $1,425
    Trading account assets $0
    Bank premises and fixed assets $508
    Other real estate owned $0
    Goodwill and other intangibles $385
    All other assets $3,474

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $225,219
    Total Liabilities $207,908
    Total deposits $193,947
    Interest-bearing deposits $170,455
    Deposits held in domestic offices $193,947
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $13,402
    Subordinated debt $0
    All other liabilities $559

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $177,792
    Loan and leases loss allowance $1,425
    Total loans and leases (domestic) $179,217
    All real estate loans $178,571
    Real estate loans in domestic offices $178,571
    Construction and development loans $13,627
    Residential 1-4 family construction $11,411
    Other construction, all land development and other land $2,216
    Loans secured by nonfarm nonresidential properties $21,879
    Nonfarm nonresidential secured by owner-occupied properties $3,821
    Commercial real estate & other non-farm, non-residential $18,058
    Multifamily residential real estate $8,575
    1-4 family residential loans $134,490
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $613
    To non-U.S. addressees $0
    Loans to individuals $28
    Credit card loans $0
    Related Plans $13
    Consumer Auto Loans $9
    Other loans to individuals $6
    All other loans & leases $5
    Loans to foreign governments and official institutions $0
    Other loans $5
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Wakefield Co-operative Bank had $177,792,000 of loans outstanding in 2018. $178,571,000 of loans were in real estate loans. $13,627,000 of loans were in development loans. $8,575,000 of loans were in multifamily mortgage loans. $134,490,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $9,000 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 16 $6,481 $405,063
    Nonfarm, nonresidential loans - <$100k 1 $6 $6,000
    Nonfarm, nonresidential loans - $250k-1MM 15 $6,475 $431,667
    Commercial & Industrial, US addressed loans - <$1MM 14 $612 $43,714
    Commercial & Industrial, US addressed loans - <$100k 11 $223 $20,273
    Commercial & Industrial, US addressed loans - $100-250k 2 $215 $107,500
    Commercial & Industrial, US addressed loans - $250k-1MM 1 $174 $174,000