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 Refi, Cash Out Refi, and Home Purchase loans. Wakefield Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Portland, Manchester, Providence, and Worcester among others. We have data for 9 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
210Origination Dollar Volume (All Markets)
$91,960,000Employee count
43Top 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) | 194 | $86,570,000 | $446,237 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $0 | 0.00% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $460,000 | $230,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 210 | $91,960,000 | $437,905 | $0 | 0.00% |
For 2020, Wakefield Co-operative Bank's most frequently originated type of loan was Conventional, with 210 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 106 | $35,280,000 | $332,830 | $0 | 0.00% |
| Cash Out Refi | 57 | $30,365,000 | $532,719 | $0 | 0.00% |
| Home Purchase | 47 | $26,315,000 | $559,894 | $0 | 0.00% |
For 2020, Wakefield Co-operative Bank's most frequently cited loan purpose was Refi, with 106 originations. The 2nd most popular reason was Cash Out Refi, with 57 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 210 | $91,960,000 | $437,905 | $0 | 0.00% |
For 2020, Wakefield Co-operative Bank's most frequently cited loan duration was Other, with 210 originations.
Loan Sizing
2020 saw Wakefield Co-operative Bank place emphasis on $200k-400k loans with 93 originations, totaling $28,095,000 in origination value.
Applicant Income
Wakefield Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 68 originations. The second most popular income band? $100k-150k, with 41 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 210 | $91,960,000 | $437,905 | $0 | 0.00% |
Wakefield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 210 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.31%
Wakefield Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination82.86%
Wakefield Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 210 | $91,960,000 | $437,905 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 7 | $6,875,000 | $982,143 |
| Single Family (1-4 Units):Site-Built | 203 | $85,085,000 | $419,138 |
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 | $126,234 |
| Wakefield Co-Operative Bank | 596 Main Street Lynnfield, MA 1940 | Full Service B&M | $110,495 |
For 2020, Wakefield Co-operative Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $9,496 |
| Net interest income | $7,346 |
| Total noninterest income | $1,823 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $36 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,787 |
| Pre-tax net operating income | $2,670 |
| Securities gains (or losses, -) | $111 |
| Income before extraordinary items | $2,070 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,070 |
| Minority interest net income | $0 |
| Net income | $2,070 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,982 |
Wakefield Co-operative Bank's gross interest income from loans was $9,496,000.
Wakefield Co-operative Bank's net interest income from loans was $7,346,000.
Wakefield Co-operative Bank's fee based income from loans was $36,000.
Wakefield Co-operative Bank's net income from loans was $2,070,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,150 |
| Provision for credit losses | $75 |
| Total noninterest expense | $6,424 |
| Salaries and employee benefits | $3,800 |
| Premises and equipment expense | $503 |
| Additional noninterest expense | $2,121 |
| Applicable income taxes | $711 |
| Net charge-offs | $6 |
| Cash dividends | $0 |
Wakefield Co-operative Bank's interest expense for loans was $2,150,000.
Wakefield Co-operative Bank's payroll and benefits expense were $3,800,000.
Wakefield Co-operative Bank's property, plant and equipment expenses $503,000.
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 | 1.0% |
| 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 | $238,905 |
| Deposits held in domestic offices | $238,905 |
| Deposits by Individuals, partnerships, and corporations | $238,568 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $196 |
| Deposits by Commercial banks and other depository institutions in U.S. | $141 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $60,323 |
| Demand deposits | $34,214 |
| Nontransaction accounts | $178,582 |
| Money market deposit accounts (MMDAs) | $49,275 |
| Other savings deposits (excluding MMDAs) | $40,866 |
| Total time deposits | $88,441 |
| Total time and savings deposits | $204,691 |
| Noninterest-bearing deposits | $34,214 |
| Interest-bearing deposits | $204,691 |
| Retail deposits | $208,544 |
| IRAs and Keogh plan accounts | $9,622 |
| Brokered deposits | $5,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $266,640 |
| Cash & Balances due from depository institutions | $30,906 |
| Interest-bearing balances | $28,965 |
| Total securities | $33,194 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $196,816 |
| Loan and leases loss allowance | $1,671 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,888 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $804 |
| All other assets | $2,032 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $266,640 |
| Total Liabilities | $244,722 |
| Total deposits | $238,905 |
| Interest-bearing deposits | $204,691 |
| Deposits held in domestic offices | $238,905 |
| % insured (estimated) | $83 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $5,158 |
| Subordinated debt | $0 |
| All other liabilities | $659 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $196,816 |
| Loan and leases loss allowance | $1,671 |
| Total loans and leases (domestic) | $198,487 |
| All real estate loans | $196,218 |
| Real estate loans in domestic offices | $196,218 |
| Construction and development loans | $17,763 |
| Residential 1-4 family construction | $15,813 |
| Other construction, all land development and other land | $1,950 |
| Loans secured by nonfarm nonresidential properties | $20,570 |
| Nonfarm nonresidential secured by owner-occupied properties | $4,631 |
| Commercial real estate & other non-farm, non-residential | $15,939 |
| Multifamily residential real estate | $15,298 |
| 1-4 family residential loans | $142,587 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $2,261 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $6 |
| Credit card loans | $0 |
| Related Plans | $6 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $0 |
| All other loans & leases | $2 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $2 |
| 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 | $218 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Wakefield Co-operative Bank had $196,816,000 of loans outstanding in 2020. $196,218,000 of loans were in real estate loans. $17,763,000 of loans were in development loans. $15,298,000 of loans were in multifamily mortgage loans. $142,587,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 | $5,644 | $352,750 |
| Nonfarm, nonresidential loans - $250k-1MM | 16 | $5,644 | $352,750 |
| Commercial & Industrial, US addressed loans - <$1MM | 65 | $2,261 | $34,785 |
| Commercial & Industrial, US addressed loans - <$100k | 53 | $987 | $18,623 |
| Commercial & Industrial, US addressed loans - $100-250k | 8 | $897 | $112,125 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 4 | $377 | $94,250 |