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In an ultra-prolonged, ultra-low interest rate environment, some Massachusetts financial institutions are still beefing up their loan portfolios.
The Fast 50, compiled from data collected by The Warren Group, publisher of Banker & Tradesman, reveals the 50 fastest growing lenders in Massachusetts for the first six months of the year, compared with the year-ago period.
And while larger financial institutions may be originating greater volumes of loans, smaller community banks and credit unions saw some of the greatest year-over-year increases in this year’s list. Mansfield Bank, for instance, increased its residential lending volume by 129 percent year-over-year to $42.8 million.
Or consider Tremont Credit Union, which increased its residential loan volume 218 percent this year, to $13.2 million from $4.2 million last year.
Michael Lemelin, the credit union’s senior vice president of lending, said that the organization had revamped its entire mortgage portfolio and benefitted from decent purchase activity and refinance activity.
Mortgage companies made out well, too. Cross Country Mortgage Inc. dominated the list, with 456 residential loans totaling $144.8 million this year, compared with 36 loans totaling $9.8 million last year. That’s a whopping 1,377 percent increase in volume.
Community banks benefitted greatly where commercial lending was concerned in this year’s Fast 50. That may be due in part to increasing regulatory focus on commercial real estate concentration, motivating larger institutions to not add on loans as quickly as they did in recent years. Or it may simply be that demand at the high end of the market is cooling off. Whatever the case, smaller institutions began to bulk up this year.
For instance, Pentucket Bank took the top spot in commercial lending by volume of loans, making commercial real estate mortgages totaling $26.9 million this year, compared with $1.6 million in the first half of 2015. By number of loans, Greenfield Cooperative Bank dominated the list, making 34 commercial real estate loans this year, compared with 11 this year, totaling $9.1 million and $1.9 million, respectively.
Charles Walker, president of Pentucket Bank, said the bank booked a couple of large deals earlier this year, which helped boost its commercial volume, and also benefitted from modest improvements in the local economy. He added that Pentucket Bank was holding pricing and credit quality standards steady and had added one new commercial lender in Massachusetts.
HarborOne Bank also added new commercial lenders and credit support staff to help augment its growth, said Scott Sanborn, senior vice president of commercial lending. The bank made 30 commercial real estate loans totaling $59.5 million in the first half of 2016, compared with 13 loans totaling $35.4 million, earning it a place among this year’s Fast 50.
“I’d say within Massachusetts, we’ve found a lot of opportunities outside of Greater Boston; between 128 out to 495, we’ve found that market to be busier,” he told Banker & Tradesman. “I would say there’s certainly a lot more purchase activity than refinance activity. Investors have been active, but certainly the activity has remained strong and we’ve seen more purchase transaction opportunities and properties changing hands.”
Residential: Volume of Loans
Cross Country Mortgage Inc.
2015: $9,798,953 2016: $144,768,487 % Change: 1377%
Home Point Financial Corp.
2015: $24,627,191 2016: $119,349,821 % Change: 385%
Pennymac Loan Services LLC
2015: $8,168,196 2016: $34,133,745 % Change: 318%
Tremont Credit Union
2015: $4,156,500 2016: $13,226,700 % Change: 218%
Eagle Bank
2015: $23,883,808 2016: $75,765,791 % Change: 217%
American Financial Resources
2015: $11,476,857 2016: $33,229,171 % Change: 190%
Westfield Bank
2015: $6,951,118 2016: $17,048,903 % Change: 145%
River Works Credit Union
2015: $9,679,434 2016: $23,735,583 % Change: 145%
Endeavor Capital LLC
2015: $23,257,150 2016: $55,516,696 % Change: 139%
Mansfield Cooperative Bank
2015: $18,646,390 2016: $42,782,400 % Change: 129%
Envoy Mortgage LTD
2015: $19,764,840 2016: $45,002,621 % Change: 128%
Middlesex Federal Savings and Loan Association
2015: $13,551,060 2016: $27,751,100 % Change: 105%
New Day Financial LLC
2015: $10,192,293 2016: $20,384,359 % Change: 100%
Blue Hills Bank
2015: $127,193,638 2016: $239,438,258 % Change:88%
Reverse Mortgage Funding LLC
2015: $23,673,750 2016: $44,258,925 % Change: 87%
Foxboro Federal Savings & Loan Association
2015: $8,188,450 2016: $15,263,185 % Change: 86%
First Ipswich Bank
2015: $12,994,020 2016: $24,001,576 % Change: 85%
United Shore Financial Services LLC
2015: $153,937,950 2016: $271,840,312 % Change: 77%
Braintree Cooperative Bank
2015: $12,472,666 2016: $21,953,250 % Change: 76%
Bank of New York Mellon
2015: $70,698,497 2016: $122,229,081 % Change: 73%
Security First Mortgage Funding
2015: $9,541,327 2016: $16,304,803 % Change: 71%
Provident Funding Associates
2015: $59,010,400 2016: $100,623,800 % Change: 71%
Mechanics Cooperative Bank
2015: $16,261,220 2016: $27,552,228 % Change: 69%
Homefield Credit Union
2015: $9,284,700 2016: $15,437,510 % Change: 66%
Hometown Bank
2015: $30,474,937 2016: $50,251,396 % Change: 65%
City Of Boston Credit Union
2015: $17,532,950 2016: $28,453,144 % Change: 62%
Rollstone Bank & Trust
2015: $14,200,990 2016: $22,261,444 % Change: 57%
Wintrust Mortgage Corp.
2015: $23,337,203 2016: $36,575,415 % Change: 57%
Allied Mortgage Group
2015: $7,547,422 2016: $11,823,182 % Change: 57%
Seamens Savings Bank
2015: $11,892,65 2016: $18,625,660 % Increase 57%
New England Regional Mortgage Corp.
2015: $10,259,544 2016: $15,971,764 % Change: 56%
Family Federal Savings & Loan Association
2015: $11,268,421 2016: $17,379,222 % Change: 54%
Homestead Funding Corp.
2015: $13,122,712 2016: $20,112,141 % Change: 53%
Savers Cooperative Bank
2015: $19,742,750 2016: $29,948,267 % Change: 52%
TIAA CREF Trust Co. FSB
2015: $9,483,358 2016: $14,370,656 % Change: 52%
Rockland Trust Co.
2015: $339,102,584 2016: $513,103,208 % Change: 51%
Milford National Bank and Trust Co.
2015: $12,247,800 2016: $18,427,571 % Change: 51%
Academy Mortgage Corp.
2015: $47,303,466 2016: $71,015,332 % Change: 50%
Bridgewater Savings Bank
2015: $46,900,755 2016: $69,765,241 % Change: 49%
Neighborhood Assistance Corp. of America
2015: $17,784,403 2016: $26,286,572 % Change: 48%
First Home Mortgage
2015: $60,074,475 2016: $87,855,999 % Change: 46%
TD Bank NA
2015: $261,819,084 2016: $380,482,558 % Change: 45%
Melrose Cooperative Bank
2015: $15,281,750 2016: $21,963,082 % Change: 44%
National Bank of Kansas
2015: $11,802,957 2016:$16,870,913 % Change: 43%
Community Credit Union Lynn
2015: $10,429,270 2016: $14,658,669 % Change: 41%
GMH Mortgage Services LLC
2015: $49,145,432 2016: $69,036,174 % Change: 41%
Spencer Savings Bank
2015: $21,272,155 2016: $29,876,292 % Change: 40%
Peoples United Bank
2015: $71,100,982 2016: $99,592,153 % Change: 40%
Semper Home Loans
2015: $9,774,526 2016: $13,613,766 % Change: 39%
East Cambridge Savings Bank
2015: $68,021,523 2016: $94,559,352 % Change:39%
Residential: Number of Loans
Cross Country Mortgage Inc.
2015: 36 2016: 456 % Change: 1167%
Pennymac Loan Services LLC
2015: 29 2016: 122 % Change: 321%
Home Point Financial Corp.
2015: 94 2016: 387 % Change: 312%
Commerce Bank & Trust Co.
2015: 28 2016: 73 % Change: 161%
Tremont Credit Union
2015: 37 2016: 96 % Change: 160%
American Financial Resources
2015: 50 2016: 125 % Change: 150%
Envoy Mortgage LTD
2015: 81 2016: 160 % Change: 98%
Mansfield Cooperative Bank
2015: 75 2016: 142 % Change: 89%
New Day Financial LLC
2015: 36 2016: 67 % Change: 86%
United Shore Financial Services LLC
2015: 500 2016: 906 % Change: 81%
Westfield Bank
2015: 90 2016: 154 % Change: 71%
River Works Credit Union
2015: 57 2016: 97 % Change: 70%
Security First Mortgage Funding
2015: 42 2016: 70 % Change: 67%
Seamens Savings Bank
2015: 46 2016: 76 % Change: 65%
Rockland Trust Co.
2015: 1,466 2016: 2,418 % Change: 65%
Allied Mortgage Group
2015: 28 2016: 46 % Change: 64%
Provident Funding Associates
2015: 199 2016: 323 % Change: 62%
Braintree Cooperative Bank
2015: 60 2016: 94 % Change: 57%
Bridgewater Credit Union
2015: 62 2016: 97 % Change: 57%
Reverse Mortgage Funding LLC
2015: 48 2016: 75 % Change: 56%
Shrewsbury Municiple Employee Federal Credit Union
2015: 51 2016: 79 % Change: 55%
New England Regional Mortgage Corp.
2015: 39 2016: 60 % Change: 54%
Wintrust Mortgage Corp.
2015: 65 2016: 98 % Change: 51%
Bristol County Savings Bank
2015: 200 2016: 300 % Change: 50%
Digital Federal Credit Union
2015: 1,079 2016: 1,617 % Change: 50%
New Bedford Credit Union
2015: 27 2016: 40 % Change: 48%
Homefield Credit Union
2015: 61 2016: 90 % Change: 48%
Middlesex Federal Savings andLoan Association
2015: 38 2016: 56 % Change: 47%
Blue Hills Bank
2015: 377 2016: 553 % Change: 47%
Milford National Bank and Trust Co.
2015: 43 2016: 62 % Change: 44%
Pawtucket Credit Union
2015: 98 2016: 141 % Change: 44%
Fall River Five Cents Savings Bank
2015: 104 2016: 149 % Change: 43%
First Ipswich Bank
2015: 51 2016: 73 % Change: 43%
Mechanics Cooperative Bank
2015: 80 2016: 114 % Change: 43%
First Home Mortgage
2015: 215 2016: 306 % Change 42%
Luso Federal Credit Union
2015: 121 2016: 170 % Change 41%
Flagstar Bank FSB
2015: 97 2016: 136 % Change 40%
Clinton Savings Bank
2015: 127 2016: 178 % Change 40%
Bridgewater Savings Bank
2015: 191 2016: 266 % Change 39%
Federal Savings Bank
2015: 67 2016: 93 % Change 39%
Fall River Municipal Employees Credit Union
2015: 40 2016: 55 % Change 38%
Semper Home Loans
2015: 41 2016: 56 % Change 37%
City Of Boston Credit Union
2015: 107 2016: 146 % Change36%
Neighborhood Assistance Corp. of America
2015: 69 2016: 94 % Change36%
GMH Mortgage Services LLC
2015: 159 2016: 216 % Change 36%
InterContinental Capital Group Inc.
2015: 29 2016: 39 % Change 35%
American Internet Mortgage
2015: 39 2016: 52 % Change 33%
Brookline Bank
2015: 328 2016: 437 % Change 33%
Fairway Independent Mortgage
2015: 1,355 2016: 1,803 % Change 33%
Eagle Bank
2015: 70 2016: 93 % Change 33%
Commercial: Volume of Loans
Pentucket Bank
2015: $1,593,000 2016: $26,927,000 % Change: 1590%
Freedom Credit Union
2015: $1,478,040 2016: $8,061,850 % Change: 445%
Greenfield Cooperative Bank
2015: $1,978,600 2016: $9,114,338 % Change: 361%
St. Anne’s Credit Union
2015: $6,051,410 2016: $27,735,427 % Change: 358%
Bay State Savings Bank
2015: $2,543,750 2016: $11,535,666 % Change: 354%
Milford National Bank and Trust Co.
2015: $4,562,501 2016: $18,674,500 % Change: 309%
Bridgewater Savings Bank
2015: $4,371,984 2016: $16,438,449 % Change: 276%
Mansfield Cooperative Bank
2015: $5,411,380 2016: $20,339,500 % Change: 276%
Endeavor Capital LLC
2015: $3,750,600 2016: $13,495,814 % Change: 260%
Cambridge Savings Bank
2015: $39,173,000 2016: $140,540,014 % Change: 259%
Fidelity Cooperative Bank
2015: $4,281,425 2016: $15,310,108 % Change: 258%
Cape Ann Savings Bank
2015: $4,281,425 2016: $17,611,500 % Change: 248%
Dean Cooperative Bank
2015: $895,000 2016: $3,048,964 % Change: 241%
First Commons Bank
2015: $10,536,555 2016: $31,960,781 % Change: 203%
Stoneham Cooperative Bank
2015: $6,593,125 2016: $19,094,800 % Change: 190%
Millbury Savings Bank
2015: $4,233,841 2016: $11,536,300 % Change: 173%
Rollstone Bank & Trust
2015: $12,000,703 2016: $32,245,416 % Change: 169%
Rollstone Bank & Trust
2015: $12,000,703 2016: $32,245,416 % Change: 169%
Savers Cooperative Bank
2015: $4,021,000 2016: $10,594,100 % Change: 164%
Charles River Bank
2015: $3,037,600 2016: $8,004,366 % Change: 164%
Hometown Bank
2015: $11,726,036 2016: $29,192,546 % Change: 149%
Institution for Savings Newburyport
2015: $19,917,875 2016: $47,047,501 % Change: 136%
Newburyport Five CentsSavings Bank
2015: $4,791,500 2016: $11,265,420 % Change: 135%
Middlesex Federal Savings and Loan Association
2015: $7,788,250 2016: $17,106,000 % Change: 120%
MutualOne Bank
2015: $25,358,375 2016: $55,275,388 % Change: 118%
Radius Bank
2015: $7,224,800 2016: $14,300,250 % Change: 98%
Pilgrim Cooperative Bank
2015: $10,965,500 2016: $21,357,500 % Change: 95%
Mutual Bank
2015: $8,460,750 2016: $16,365,325 % Change: 93%
Citicorp Mortgage Inc.
2015: $30,004,951 2016: $57,286,222 % Change: 91%
Westfield Bank
2015: $13,921,800 2016: $26,382,243 % Change: 90%
Northern Bank & Trust
2015: $51,893,258 2016: $97,893,310 % Change: 89%
Metro Credit Union
2015: $7,947,837 2016: $14,850,200 % Change: 87%
Spencer Savings Bank
2015: $11,245,000 2016: $19,323,250 % Change: 72%
Washington Savings Bank
2015: $3,265,750 2016: $5,607,000 % Change: 72%
Winter Hill Federal Savings Bank
2015: $5,113,150 2016: $8,716,500 % Change: 71%
HarborOne Bank
2015: $35,377,700 2016: $59,451,500 % Change: 68%
Northmark Bank
2015: $5,303,000 2016: $8,730,000 % Change: 65%
Adams Community Bank
2015: $3,136,891 2016: $5,105,700 % Change: 63%
Rockland Trust Co.
2015: $125,659,802 2016: $199,190,351 % Change: 59%
Farm Credit East ACA
2015: $4,683,000 2016: $7,384,905 % Change: 58%
Bristol County Savings Bank
2015: $24,873,750 2016: $39,072,540 % Change: 57%
Bay Colony Development Corp.
2015: $12,858,000 2016: $18,687,570 % Change: 45%
Edgartown National Bank
2015: $3,286,436 2016: $4,734,000 % Change: 44%
Mechanics Cooperative Bank
2015: $8,482,850 2016: $12,168,820 % Change: 44%
East Boston Savings Bank
2015: $119,176,228 2016: $166,160,507 % Change: 39%
Eastern Bank
2015: $173,843,277 2016: $241,280,239 % Change: 39%
Granite State Economic Development Corp.
2015: $14,996,001 2016: $20,691,002 % Change: 38%
North Brookfield Savings Bank
2015: $6,311,350 2016: $8,695,140 % Change: 38%
Dedham Institution for Savings
2015: $26,186,725 2016: $36,021,250 % Change: 38%
Seamens Savings Bank
2015: $6,030,250 2016: $8,110,750 % Change: 35%
JP Morgan Chase Bank
2015: $40,094,132 2016: $53,205,583 % Change: 33%
Commercial: Number of Loans
Greenfield Cooperative Bank
2015: 11 2016: 34 % Change: 209%
Farm Credit East ACA
2015: 5 2016: 14 % Change: 180%
Mechanics Cooperative Bank
2015: 15 2016: 40 % Change: 167%
Millbury Savings Bank
2015: 8 2016: 21 % Change: 163%
Milford National Bank and Trust Co.
2015: 9 2016: 23 % Change: 156%
Rollstone Bank & Trust
2015: 9 2016: 22 % Change: 144%
Bay State Savings Bank
2015: 7 2016: 17 % Change: 143%
HarborOne Bank
2015: 13 2016: 30 % Change: 131%
Stoneham Cooperative Bank
2015: 10 2016: 21 % Change: 110%
Savers Cooperative Bank
2015: 7 2016: 14 % Change: 100%
Pentucket Bank
2015: 6 2016: 12 % Change: 100%
Cambridge Savings Bank
2015: 20 2016: 39 % Change: 95%
Cape Ann Savings Bank
2015: 18 2016: 33 % Change: 83%
Dean Cooperative Bank
2015: 5 2016: 9 % Change: 80%
Endeavor Capital LLC
2015: 8 2016: 14 % Change: 75%
Northern Bank & Trust
2015: 33 2016: 54 % Change: 64%
MutualOne Bank
2015: 21 2016: 34 % Change: 62%
North Easton Savings Bank
2015: 7 2016: 11 % Change: 57%
Mansfield Cooperative Bank
2015: 7 2016: 11 % Change: 57%
Colonial Federal Savings Bank-Quincy
2015: 6 2016: 9 % Change: 50%
Mutual Bank
2015: 15 2016: 22 % Change: 47%
Institution for Savings Newburyport
2015: 26 2016: 38 % Change: 46%
Greylock Federal Credit Union
2015: 11 2016: 16 % Change: 46%
Massachusetts Housing Partnership Fund
2015: 7 2016: 10 % Change: 43%
Bridgewater Savings Bank
2015: 14 2016: 20 % Change: 43%
North Middlesex Savings Bank
2015: 15 2016: 21 % Change: 40%
First Commons Bank
2015: 10 2016: 14 % Change: 40%
Freedom Credit Union
2015: 8 2016: 11 % Change: 38%
Leader Bank NA
2015: 45 2016: 61 % Change: 36%
Easthampton Savings Bank
2015: 17 2016: 23 % Change: 35%
Westfield Bank
2015: 18 2016: 24 % Change: 33%
Middlesex Federal Savings and Loan Association
2015: 9 2016: 12 % Change: 33%
First Republic Bank
2015: 18 2016: 24 % Change: 33%
Farmington Bank
2015: 6 2016: 8 % Change: 33%
Eagle Bank
2015: 9 2016: 12 % Change: 33%
Charles River Bank
2015: 9 2016: 12 % Change: 33%
Dedham Institution for Savings
2015: 19 2016: 25 % Change: 32%
Citicorp Mortgage Inc.
2015: 16 2016: 21 % Change: 31%
North Shore Bank
2015: 29 2016: 38 % Change: 31%
Salem Five Mortgage Co.
2015: 55 2016: 72 % Change: 31%
Winter Hill Federal Savings Bank
2015: 10 2016: 13 % Change: 30%
Santander Bank NA
2015: 62 2016: 80 % Change: 29%
Bay Colony Development Corp.
2015: 28 2016: 36 % Change: 29%
St. Anne’s Credit Union
2015: 18 2016: 23 % Change: 28%
East Boston Savings Bank
2015: 72 2016: 89 % Change: 24%
Martha Vineyard Saving Bank
2015: 18 2016: 22 % Change: 22%
LoanDepot.Com LLC
2015: 14 2016: 17 % Change: 21%
Lee Bank
2015: 14 2016: 17 % Change: 21%
South Shore Bank
2015: 29 2016: 35 % Change: 21%
Seamens Savings Bank
2015: 16 2016: 19 % Change: 19%
