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, 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, Manchester, Worcester, Laconia, and Providence 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
187Origination Dollar Volume (All Markets)
$89,335,000Employee 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) | 174 | $84,120,000 | $483,448 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $1,455,000 | $1,455,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 0.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 187 | $89,335,000 | $477,727 | $0 | 0.00% |
For 2021, Wakefield Co-operative Bank's most frequently originated type of loan was Conventional, with 187 originations.
Loan Reason
For 2021, Wakefield Co-operative Bank's most frequently cited loan purpose was Refi, with 67 originations. The 2nd most popular reason was Home Purchase, with 60 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 187 | $89,335,000 | $477,727 | $0 | 0.00% |
For 2021, Wakefield Co-operative Bank's most frequently cited loan duration was Other, with 187 originations.
Loan Sizing
2021 saw Wakefield Co-operative Bank place emphasis on $200k-400k loans with 84 originations, totaling $24,340,000 in origination value.
Applicant Income
Wakefield Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 46 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% | 187 | $89,335,000 | $477,727 | $0 | 0.00% |
Wakefield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 187 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.79%
Wakefield Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.49%
Wakefield Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 187 | $89,335,000 | $477,727 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WAKEFIELD & ASSOCIATES, INC. | Other type of mortgage | Incorrect information on your report | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Wakefield Co-Operative Bank | 342 Main St Wakefield, MA 1880 | Full Service B&M | $126,625 |
| Wakefield Co-Operative Bank | 526 Main Street Melrose, MA 2176 | Full Service B&M | $4,627 |
| Wakefield Co-Operative Bank | 596 Main Street Lynnfield, MA 1940 | Full Service B&M | $112,715 |
For 2021, Wakefield Co-operative Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $8,351 |
| Net interest income | $7,273 |
| Total noninterest income | $1,205 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $87 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,118 |
| Pre-tax net operating income | $1,223 |
| Securities gains (or losses, -) | $3 |
| Income before extraordinary items | $977 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $977 |
| Minority interest net income | $0 |
| Net income | $977 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $974 |
Wakefield Co-operative Bank's gross interest income from loans was $8,351,000.
Wakefield Co-operative Bank's net interest income from loans was $7,273,000.
Wakefield Co-operative Bank's fee based income from loans was $87,000.
Wakefield Co-operative Bank's net income from loans was $977,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,078 |
| Provision for credit losses | $50 |
| Total noninterest expense | $7,205 |
| Salaries and employee benefits | $4,282 |
| Premises and equipment expense | $753 |
| Additional noninterest expense | $2,170 |
| Applicable income taxes | $249 |
| Net charge-offs | $2 |
| Cash dividends | $0 |
Wakefield Co-operative Bank's interest expense for loans was $1,078,000.
Wakefield Co-operative Bank's payroll and benefits expense were $4,282,000.
Wakefield Co-operative Bank's property, plant and equipment expenses $753,000.
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 | 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 | $245,351 |
| Deposits held in domestic offices | $245,351 |
| Deposits by Individuals, partnerships, and corporations | $244,916 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $406 |
| Deposits by Commercial banks and other depository institutions in U.S. | $29 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $70,017 |
| Demand deposits | $38,498 |
| Nontransaction accounts | $175,334 |
| Money market deposit accounts (MMDAs) | $63,686 |
| Other savings deposits (excluding MMDAs) | $44,452 |
| Total time deposits | $67,196 |
| Total time and savings deposits | $206,853 |
| Noninterest-bearing deposits | $38,498 |
| Interest-bearing deposits | $206,853 |
| Retail deposits | $223,521 |
| IRAs and Keogh plan accounts | $8,102 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $268,488 |
| Cash & Balances due from depository institutions | $13,024 |
| Interest-bearing balances | $10,346 |
| Total securities | $53,588 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $191,861 |
| Loan and leases loss allowance | $1,719 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $3,180 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $847 |
| All other assets | $5,988 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $268,488 |
| Total Liabilities | $245,959 |
| Total deposits | $245,351 |
| Interest-bearing deposits | $206,853 |
| Deposits held in domestic offices | $245,351 |
| % insured (estimated) | $80 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $608 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $191,861 |
| Loan and leases loss allowance | $1,719 |
| Total loans and leases (domestic) | $193,580 |
| All real estate loans | $192,284 |
| Real estate loans in domestic offices | $192,284 |
| Construction and development loans | $22,926 |
| Residential 1-4 family construction | $21,273 |
| Other construction, all land development and other land | $1,653 |
| Loans secured by nonfarm nonresidential properties | $24,163 |
| Nonfarm nonresidential secured by owner-occupied properties | $6,266 |
| Commercial real estate & other non-farm, non-residential | $17,897 |
| Multifamily residential real estate | $16,391 |
| 1-4 family residential loans | $128,804 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $1,289 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4 |
| Credit card loans | $0 |
| Related Plans | $4 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $0 |
| All other loans & leases | $3 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $3 |
| 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 $191,861,000 of loans outstanding in 2021. $192,284,000 of loans were in real estate loans. $22,926,000 of loans were in development loans. $16,391,000 of loans were in multifamily mortgage loans. $128,804,000 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 | 19 | $8,167 | $429,842 |
| Nonfarm, nonresidential loans - $100-250k | 2 | $349 | $174,500 |
| Nonfarm, nonresidential loans - $250k-1MM | 17 | $7,818 | $459,882 |
| Commercial & Industrial, US addressed loans - <$1MM | 35 | $1,289 | $36,829 |
| Commercial & Industrial, US addressed loans - <$100k | 30 | $499 | $16,633 |
| Commercial & Industrial, US addressed loans - $100-250k | 5 | $790 | $158,000 |