Wakefield Co-operative Bank Mortgage Rates, Fees & Info
Wakefield, MALEI: 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, Providence, Barnstable Town, Manchester, and Worcester among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Wakefield 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
165Origination Dollar Volume (All Markets)
$80,805,000Employee count
38Top 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) | 155 | $77,565,000 | $500,419 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 3 | $1,205,000 | $401,667 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 165 | $80,805,000 | $489,727 | $0 | 0.00% |
For 2019, Wakefield Co-operative Bank's most frequently originated type of loan was Conventional, with 165 originations.
Loan Reason
For 2019, Wakefield Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 85 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 165 | $80,805,000 | $489,727 | $0 | 0.00% |
For 2019, Wakefield Co-operative Bank's most frequently cited loan duration was Other, with 165 originations.
Loan Sizing
2019 saw Wakefield Co-operative Bank place emphasis on $200k-400k loans with 65 originations, totaling $19,415,000 in origination value.
Applicant Income
Wakefield Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $150k-250k, with 31 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 165 | $80,805,000 | $489,727 | $0 | 0.00% |
Wakefield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 165 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.03%
Wakefield Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination89.09%
Wakefield Co-operative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 165 | $80,805,000 | $489,727 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 6 | $3,840,000 | $640,000 |
| Single Family (1-4 Units):Site-Built | 159 | $76,965,000 | $484,057 |
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 | $110,297 |
| Wakefield Co-operative Bank | 596 Main Street Lynnfield, MA 1940 | Full Service B&M | $92,787 |
For 2019, Wakefield Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $9,236 |
| Net interest income | $6,752 |
| Total noninterest income | $660 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $102 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $558 |
| Pre-tax net operating income | $1,613 |
| Securities gains (or losses, -) | $-1 |
| Income before extraordinary items | $1,208 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,208 |
| Minority interest net income | $0 |
| Net income | $1,208 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,208 |
Wakefield Co-operative Bank's gross interest income from loans was $9,236,000.
Wakefield Co-operative Bank's net interest income from loans was $6,752,000.
Wakefield Co-operative Bank's fee based income from loans was $102,000.
Wakefield Co-operative Bank's net income from loans was $1,208,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,484 |
| Provision for credit losses | $180 |
| Total noninterest expense | $5,619 |
| Salaries and employee benefits | $3,402 |
| Premises and equipment expense | $372 |
| Additional noninterest expense | $1,845 |
| Applicable income taxes | $404 |
| Net charge-offs | $4 |
| Cash dividends | $0 |
Wakefield Co-operative Bank's interest expense for loans was $2,484,000.
Wakefield Co-operative Bank's payroll and benefits expense were $3,402,000.
Wakefield Co-operative Bank's property, plant and equipment expenses $372,000.
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 | $208,832 |
| Deposits held in domestic offices | $208,832 |
| Deposits by Individuals, partnerships, and corporations | $208,405 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $224 |
| Deposits by Commercial banks and other depository institutions in U.S. | $203 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $49,047 |
| Demand deposits | $26,239 |
| Nontransaction accounts | $159,785 |
| Money market deposit accounts (MMDAs) | $33,387 |
| Other savings deposits (excluding MMDAs) | $35,208 |
| Total time deposits | $91,190 |
| Total time and savings deposits | $182,593 |
| Noninterest-bearing deposits | $26,239 |
| Interest-bearing deposits | $182,593 |
| Retail deposits | $174,399 |
| IRAs and Keogh plan accounts | $9,862 |
| Brokered deposits | $13,010 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $246,633 |
| Cash & Balances due from depository institutions | $3,310 |
| Interest-bearing balances | $2,101 |
| Total securities | $36,717 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $201,185 |
| Loan and leases loss allowance | $1,602 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,813 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $446 |
| All other assets | $3,162 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $246,633 |
| Total Liabilities | $227,375 |
| Total deposits | $208,832 |
| Interest-bearing deposits | $182,593 |
| Deposits held in domestic offices | $208,832 |
| % insured (estimated) | $87 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $17,983 |
| Subordinated debt | $0 |
| All other liabilities | $560 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $201,185 |
| Loan and leases loss allowance | $1,602 |
| Total loans and leases (domestic) | $202,787 |
| All real estate loans | $202,333 |
| Real estate loans in domestic offices | $202,333 |
| Construction and development loans | $11,878 |
| Residential 1-4 family construction | $10,454 |
| Other construction, all land development and other land | $1,424 |
| Loans secured by nonfarm nonresidential properties | $21,353 |
| Nonfarm nonresidential secured by owner-occupied properties | $3,731 |
| Commercial real estate & other non-farm, non-residential | $17,622 |
| Multifamily residential real estate | $12,143 |
| 1-4 family residential loans | $156,959 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $435 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $15 |
| Credit card loans | $0 |
| Related Plans | $10 |
| Consumer Auto Loans | $5 |
| Other loans to individuals | $0 |
| All other loans & leases | $4 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $4 |
| 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 $201,185,000 of loans outstanding in 2019. $202,333,000 of loans were in real estate loans. $11,878,000 of loans were in development loans. $12,143,000 of loans were in multifamily mortgage loans. $156,959,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $5,000 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 | $6,357 | $397,313 |
| Nonfarm, nonresidential loans - $100-250k | 1 | $171 | $171,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 15 | $6,186 | $412,400 |
| Commercial & Industrial, US addressed loans - <$1MM | 13 | $435 | $33,462 |
| Commercial & Industrial, US addressed loans - <$100k | 11 | $134 | $12,182 |
| Commercial & Industrial, US addressed loans - $100-250k | 1 | $179 | $179,000 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 1 | $122 | $122,000 |