Iron Workers Savings Bank Mortgage Rates, Fees & Info

Aston, PA

LEI: 254900SBY94JVYQ1Y131

Tax ID: 23-0725980

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Iron Workers Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Iron Workers Savings Bank has a high proportion of conventional loans. Their top (well, only) market is Philadelphia.

Iron Workers Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Iron Workers Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

Originations

Origination Dollar Volume (All Markets)

$12,035,000

Employee count

Awards

Iron Workers Savings Bank 30 Year Conventional Loans silver

Show all (3) awards

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	53	$12,035,000	$227,075	$1,789	4.41%

Iron Workers Savings Bank's top markets include and Philadelphia among others.

Their top states include:

Pennsylvania (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Iron Workers Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Iron Workers Savings Bank
Similarity Rank: 63

Haddon Savings Bank
Similarity Rank: 116

FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
Similarity Rank: 126

ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
Similarity Rank: 135

Columbia Bank
Similarity Rank: 136

WASHINGTON SAVINGS BANK
Similarity Rank: 225

COMMUNITY POWERED
Similarity Rank: 228

Penn Community Bank
Similarity Rank: 576

Third Federal Savings and Loan Association of Cleveland
Similarity Rank: 614

ESSA Bank & Trust
Similarity Rank: 710

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	53	$12,035,000	$227,075	$1,789	4.41%

For 2018, Iron Workers Savings Bank's most frequently originated type of loan was Conventional, with 53 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	29	$7,515,000	$259,138	$1,959	4.37%
Home Purchase	12	$3,400,000	$283,333	$3,425	4.59%
Home Improvement	6	$570,000	$95,000	$128	4.67%
Other	6	$550,000	$91,667	$612	3.98%

For 2018, Iron Workers Savings Bank's most frequently cited loan purpose was Refi, with 29 originations. The 2nd most popular reason was Home Purchase, with 12 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	15	$4,795,000	$319,667	$3,537	4.36%
15 Year	14	$1,410,000	$100,714	$1,251	4.07%
20 Year	11	$2,515,000	$228,636	$730	5.14%
Other	6	$2,590,000	$431,667	$100	4.64%
10 Year	5	$635,000	$127,000	$131	3.95%
5 Year	2	$90,000	$45,000	$128	3.69%

For 2018, Iron Workers Savings Bank's most frequently cited loan duration was 30 Year, with 15 originations. The 2nd most popular length was 15 Year, with 14 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	41	$7,485,000	$182,561

Iron Workers Savings Bank's average total fees were $3,537, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 41 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	27	$7,365,000	$272,778
3-4%	18	$2,440,000	$135,556
5-6%	8	$2,230,000	$278,750

During 2018, Iron Workers Savings Bank's average interest rate for loans was 4.36%, while their most frequently originated rate bucket for loans was 4-5%, with 27 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	17	$975,000	$57,353	$689	4.13%
$200k-400k	14	$3,710,000	$265,000	$2,641	4.52%
$100k-200k	13	$1,895,000	$145,769	$1,663	4.43%
$400k-600k	5	$2,325,000	$465,000	$3,752	4.70%
$600k-1MM	3	$1,925,000	$641,667	$4,265	4.83%
$1MM+	1	$1,205,000	$1,205,000	$0	4.70%

2018 saw Iron Workers Savings Bank place emphasis on $100,000 or less loans with 17 originations, totaling $975,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	13	$2,815,000	$216,538	$2,292	4.28%
$150k-250k	8	$1,310,000	$163,750	$1,720	4.06%
$250k+	8	$2,360,000	$295,000	$1,753	4.47%
$50k-75k	6	$670,000	$111,667	$1,063	4.13%
$50k or less	4	$360,000	$90,000	$2,079	3.84%
$75k-100k	3	$465,000	$155,000	$2,479	4.79%

Iron Workers Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $150k-250k, with 8 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	16	$2,720,000	$170,000	$1,769	4.25%
30-36%	10	$2,090,000	$209,000	$2,715	3.98%
<20%	5	$1,275,000	$255,000	$885	4.25%
36%	4	$620,000	$155,000	$1,358	3.91%
>60%	2	$210,000	$105,000	$123	5.00%
38%	2	$520,000	$260,000	$2,663	4.50%
50-60%	2	$450,000	$225,000	$0	5.44%
41%	1	$95,000	$95,000	$2,419	3.88%

Iron Workers Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 10 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	41	$7,925,000	$193,293	$1,809	4.31%
Not applicable	8	$3,320,000	$415,000	$0	5.24%
Black	1	$415,000	$415,000	$3,955	4.50%
Not provided	3	$375,000	$125,000	$814	3.54%

Approval Rates

Total approvals of all applications
90.77%

Iron Workers Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
94.34%

Iron Workers Savings Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	53	$12,035,000	$227,075

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$1,880,000	$940,000
Single Family (1-4 Units):Site-Built	51	$10,155,000	$199,118

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	13	$2,455,000	$188,846	$717	4.20%
40-60%	9	$1,565,000	$173,889	$2,391	3.90%
60-80%	19	$5,435,000	$286,053	$2,808	4.70%
80-100%	4	$1,420,000	$355,000	$3,171	4.53%
Over 100%	1	$645,000	$645,000	$0	5.75%
Under 20%	7	$515,000	$73,571	$122	4.43%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Iron Workers Savings Bank	100 Ridge Road Suite 1 Chadds Ford, PA 19317	Full Service B&M	$32,062
Iron Workers Savings Bank	3 State Road Media, PA 19063	Full Service B&M	$39,413
Iron Workers Savings Bank	3333 Concord Road Aston, PA 19014	Full Service B&M	$76,414

For 2018, Iron Workers Savings Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$6,892
Net interest income	$5,481
Total noninterest income	$251
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$146
Trading account gains and fees	$0
Additional Noninterest Income	$105
Pre-tax net operating income	$778
Securities gains (or losses, -)	$0
Income before extraordinary items	$613
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$613
Minority interest net income	$0
Net income	$613
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$613

Iron Workers Savings Bank's gross interest income from loans was $6,892,000.
Iron Workers Savings Bank's net interest income from loans was $5,481,000.
Iron Workers Savings Bank's fee based income from loans was $146,000.
Iron Workers Savings Bank's net income from loans was $613,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,411
Provision for credit losses	$36
Total noninterest expense	$4,918
Salaries and employee benefits	$2,706
Premises and equipment expense	$612
Additional noninterest expense	$1,600
Applicable income taxes	$165
Net charge-offs	$50
Cash dividends	$0

Iron Workers Savings Bank's interest expense for loans was $1,411,000.
Iron Workers Savings Bank's payroll and benefits expense were $2,706,000.
Iron Workers Savings Bank's property, plant and equipment expenses $612,000.

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	$146,079
Deposits held in domestic offices	$146,079
Deposits by Individuals, partnerships, and corporations	$142,683
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$3,396
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$34,272
Demand deposits	$16,427
Nontransaction accounts	$111,807
Money market deposit accounts (MMDAs)	$29,316
Other savings deposits (excluding MMDAs)	$20,326
Total time deposits	$62,165
Total time and savings deposits	$129,652
Noninterest-bearing deposits	$17,461
Interest-bearing deposits	$128,618
Retail deposits	$138,992
IRAs and Keogh plan accounts	$15,691
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$175,982
Cash & Balances due from depository institutions	$10,603
Interest-bearing balances	$9,600
Total securities	$13,048
Federal funds sold & reverse repurchase	$0
Net loans and leases	$144,288
Loan and leases loss allowance	$807
Trading account assets	$0
Bank premises and fixed assets	$2,066
Other real estate owned	$0
Goodwill and other intangibles	$2
All other assets	$5,975

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$175,982
Total Liabilities	$158,757
Total deposits	$146,079
Interest-bearing deposits	$128,618
Deposits held in domestic offices	$146,079
% insured (estimated)	$94
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$10,000
Subordinated debt	$0
All other liabilities	$2,678

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$144,288
Loan and leases loss allowance	$807
Total loans and leases (domestic)	$145,095
All real estate loans	$141,632
Real estate loans in domestic offices	$141,632
Construction and development loans	$472
Residential 1-4 family construction	$0
Other construction, all land development and other land	$472
Loans secured by nonfarm nonresidential properties	$51,731
Nonfarm nonresidential secured by owner-occupied properties	$39,537
Commercial real estate & other non-farm, non-residential	$12,194
Multifamily residential real estate	$953
1-4 family residential loans	$88,476
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$3,417
To non-U.S. addressees	$0
Loans to individuals	$43
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$0
Other loans to individuals	$43
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	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Iron Workers Savings Bank had $144,288,000 of loans outstanding in 2018. $141,632,000 of loans were in real estate loans. $472,000 of loans were in development loans. $953,000 of loans were in multifamily mortgage loans. $88,476,000 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	153	$29,980	$195,948
Nonfarm, nonresidential loans - <$100k	37	$1,313	$35,486
Nonfarm, nonresidential loans - $100-250k	51	$5,389	$105,667
Nonfarm, nonresidential loans - $250k-1MM	65	$23,278	$358,123
Commercial & Industrial, US addressed loans - <$1MM	31	$3,399	$109,645
Commercial & Industrial, US addressed loans - <$100k	19	$363	$19,105
Commercial & Industrial, US addressed loans - $100-250k	6	$771	$128,500
Commercial & Industrial, US addressed loans - $250k-1MM	6	$2,265	$377,500