Sturdy Savings Bank Mortgage Rates, Fees & Info

Stone Harbor, NJ

LEI: 5493003DHZPFGQQJCU86

Tax ID: 21-0605343

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

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

    Sturdy Savings 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.

    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.

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    Originations

    179

    Origination Dollar Volume (All Markets)

    $42,805,000

    Employee count

    150

    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
    OCEAN CITY, NJ (FHA|USDA|VA) 179 $42,805,000 $239,134 $0 0.00%
    Sturdy Savings Bank's top markets include and Ocean City among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 179 $42,805,000 $239,134 $0 0.00%

    For 2018, Sturdy Savings Bank's most frequently originated type of loan was Conventional, with 179 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 115 $30,605,000 $266,130 $0 0.00%
    Refi 34 $9,570,000 $281,471 $0 0.00%
    Home Improvement 16 $1,640,000 $102,500 $0 0.00%
    Other 14 $990,000 $70,714 $0 0.00%

    For 2018, Sturdy Savings Bank's most frequently cited loan purpose was Home Purchase, with 115 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 179 $42,805,000 $239,134 $0 0.00%

    For 2018, Sturdy Savings Bank's most frequently cited loan duration was Other, with 179 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $3,545,000 $62,193 $0 0.00%
    $100k-200k 51 $6,935,000 $135,980 $0 0.00%
    $200k-400k 41 $12,425,000 $303,049 $0 0.00%
    $400k-600k 17 $7,975,000 $469,118 $0 0.00%
    $600k-1MM 8 $6,080,000 $760,000 $0 0.00%
    $1MM+ 5 $5,845,000 $1,169,000 $0 0.00%

    2018 saw Sturdy Savings Bank place emphasis on $100,000 or less loans with 57 originations, totaling $3,545,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 43 $10,085,000 $234,535 $0 0.00%
    $100k-150k 33 $6,535,000 $198,030 $0 0.00%
    $250k+ 31 $13,685,000 $441,452 $0 0.00%
    $50k-75k 23 $3,145,000 $136,739 $0 0.00%
    $75k-100k 20 $2,250,000 $112,500 $0 0.00%
    $50k or less 18 $1,610,000 $89,444 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 43 originations. The second most popular income band? $100k-150k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 179 $42,805,000 $239,134 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 179 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 143 $32,705,000 $228,706 $0 0.00%
    Not provided 21 $4,635,000 $220,714 $0 0.00%
    Not applicable 10 $4,610,000 $461,000 $0 0.00%
    Asian 3 $675,000 $225,000 $0 0.00%
    Black 1 $145,000 $145,000 $0 0.00%
    American Indian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.88%

    Sturdy Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.24%

    Sturdy Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 179 $42,805,000 $239,134

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $145,000 $145,000
    Single Family (1-4 Units):Manufactured 3 $375,000 $125,000
    Single Family (1-4 Units):Site-Built 175 $42,285,000 $241,629

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Stewart Information Services Other type of mortgage Trouble during payment process 3 75.0%
    Stewart Information Services Reverse mortgage Trouble during payment process 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Sturdy Savings Bank 701 Washington Street Cape May, NJ 8204 Full Service B&M $126,582
    Sturdy Savings Bank 101 East 34th Street Ocean City, NJ 8226 Full Service B&M $34,784
    Sturdy Savings Bank 1224 Route 47 Dennisville, NJ 8214 Full Service B&M $56,013
    Sturdy Savings Bank 17 S Main St Cape May Court House, NJ 8210 Full Service B&M $135,150
    Sturdy Savings Bank 1900 New Jersey Avenue North Wildwood, NJ 8260 Full Service B&M $29,767
    Sturdy Savings Bank 2201 Route 50 Woodbine, NJ 8270 Full Service B&M $28,678
    Sturdy Savings Bank 2628 Dune Drive Avalon, NJ 8202 Full Service B&M $95,363
    Sturdy Savings Bank 3195 Route 9 S Rio Grande, NJ 8242 Full Service B&M $23,927
    Sturdy Savings Bank 3851 Bayshore Road North Cape May, NJ 8204 Full Service B&M $94,598
    Sturdy Savings Bank 49 South Shore Road Marmora, NJ 8223 Full Service B&M $3,280
    Sturdy Savings Bank 521 New Road Somers Point, NJ 8244 Full Service B&M $26,030
    Sturdy Savings Bank 5611 New Jersey Avenue Wildwood Crest, NJ 8260 Limited, Drive-thru $0
    Sturdy Savings Bank 661 Asbury Avenue Ocean City, NJ 8226 Full Service B&M $14,375
    Sturdy Savings Bank 9417 Third Ave Stone Harbor, NJ 8247 Full Service B&M $62,065

    For 2018, Sturdy Savings Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $30,410
    Net interest income $29,052
    Total noninterest income $3,094
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $834
    Trading account gains and fees $0
    Additional Noninterest Income $2,260
    Pre-tax net operating income $7,680
    Securities gains (or losses, -) $-18
    Income before extraordinary items $5,573
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,573
    Minority interest net income $0
    Net income $5,573
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,587

    Sturdy Savings Bank's gross interest income from loans was $30,410,000.
    Sturdy Savings Bank's net interest income from loans was $29,052,000.
    Sturdy Savings Bank's fee based income from loans was $834,000.
    Sturdy Savings Bank's net income from loans was $5,573,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,358
    Provision for credit losses $258
    Total noninterest expense $24,208
    Salaries and employee benefits $14,794
    Premises and equipment expense $2,521
    Additional noninterest expense $6,893
    Applicable income taxes $2,089
    Net charge-offs $83
    Cash dividends $0

    Sturdy Savings Bank's interest expense for loans was $1,358,000.
    Sturdy Savings Bank's payroll and benefits expense were $14,794,000.
    Sturdy Savings Bank's property, plant and equipment expenses $2,521,000.

    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 $742,829
    Deposits held in domestic offices $742,829
    Deposits by Individuals, partnerships, and corporations $576,929
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $165,900
    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 $76,080
    Demand deposits $28,141
    Nontransaction accounts $666,749
    Money market deposit accounts (MMDAs) $90,938
    Other savings deposits (excluding MMDAs) $523,097
    Total time deposits $52,714
    Total time and savings deposits $714,688
    Noninterest-bearing deposits $141,493
    Interest-bearing deposits $601,336
    Retail deposits $722,993
    IRAs and Keogh plan accounts $8,782
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $840,781
    Cash & Balances due from depository institutions $21,304
    Interest-bearing balances $11,723
    Total securities $202,713
    Federal funds sold & reverse repurchase $0
    Net loans and leases $550,253
    Loan and leases loss allowance $2,780
    Trading account assets $0
    Bank premises and fixed assets $21,380
    Other real estate owned $1,075
    Goodwill and other intangibles $7,285
    All other assets $36,771

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $840,781
    Total Liabilities $758,588
    Total deposits $742,829
    Interest-bearing deposits $601,336
    Deposits held in domestic offices $742,829
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $15,759

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $550,253
    Loan and leases loss allowance $2,780
    Total loans and leases (domestic) $553,033
    All real estate loans $510,482
    Real estate loans in domestic offices $510,482
    Construction and development loans $14,507
    Residential 1-4 family construction $4,712
    Other construction, all land development and other land $9,795
    Loans secured by nonfarm nonresidential properties $227,718
    Nonfarm nonresidential secured by owner-occupied properties $128,552
    Commercial real estate & other non-farm, non-residential $99,166
    Multifamily residential real estate $8,740
    1-4 family residential loans $257,906
    Farmland loans $1,611
    Loans held in foreign offices $0
    Farm loans $16,678
    Commercial and industrial loans $23,709
    To non-U.S. addressees $0
    Loans to individuals $194
    Credit card loans $0
    Related Plans $29
    Consumer Auto Loans $0
    Other loans to individuals $165
    All other loans & leases $2,400
    Loans to foreign governments and official institutions $0
    Other loans $2,400
    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

    Sturdy Savings Bank had $550,253,000 of loans outstanding in 2018. $510,482,000 of loans were in real estate loans. $14,507,000 of loans were in development loans. $8,740,000 of loans were in multifamily mortgage loans. $257,906,000 of loans were in 1-4 family mortgage loans. $16,678,000 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 364 $81,954 $225,148
    Nonfarm, nonresidential loans - <$100k 83 $3,450 $41,566
    Nonfarm, nonresidential loans - $100-250k 109 $14,406 $132,165
    Nonfarm, nonresidential loans - $250k-1MM 172 $64,098 $372,663
    Commercial & Industrial, US addressed loans - <$1MM 124 $14,770 $119,113
    Commercial & Industrial, US addressed loans - <$100k 65 $2,042 $31,415
    Commercial & Industrial, US addressed loans - $100-250k 27 $2,575 $95,370
    Commercial & Industrial, US addressed loans - $250k-1MM 32 $10,153 $317,281
    Farmland loans - <$1MM 4 $862 $215,500
    Farmland loans - $100-250k 2 $223 $111,500
    Farmland loans - $250k-1MM 2 $639 $319,500
    Agriculture operations loans - <$1MM 6 $959 $159,833
    Agriculture operations loans - $100-250k 4 $591 $147,750
    Agriculture operations loans - $250k-1MM 2 $368 $184,000