Sturdy Savings Bank Mortgage Rates, Fees & Info

Stone Harbor, NJ

LEI: 5493003DHZPFGQQJCU86

Tax ID: 21-0605343

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

Jump to:

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 loans. Sturdy Savings Bank has a high proportion of conventional loans. Their top two markets are Ocean City and Atlantic City .

    Sturdy Savings Bank has an 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.

    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

    169

    Origination Dollar Volume (All Markets)

    $46,395,000

    Employee count

    158

    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) 167 $45,405,000 $271,886 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $990,000 $495,000 $0 0.00%
    Sturdy Savings Bank's top markets include Ocean City and Atlantic 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 169 $46,395,000 $274,527 $0 0.00%

    For 2019, Sturdy Savings Bank's most frequently originated type of loan was Conventional, with 169 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 122 $35,820,000 $293,607 $0 0.00%
    Refi 27 $8,675,000 $321,296 $0 0.00%
    Home Improvement 15 $1,165,000 $77,667 $0 0.00%
    Other 5 $735,000 $147,000 $0 0.00%

    For 2019, Sturdy Savings Bank's most frequently cited loan purpose was Home Purchase, with 122 originations. The 2nd most popular reason was Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 169 $46,395,000 $274,527 $0 0.00%

    For 2019, Sturdy Savings Bank's most frequently cited loan duration was Other, with 169 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 50 $7,520,000 $150,400 $0 0.00%
    $100,000 or less 46 $3,010,000 $65,435 $0 0.00%
    $200k-400k 36 $9,910,000 $275,278 $0 0.00%
    $400k-600k 18 $8,810,000 $489,444 $0 0.00%
    $600k-1MM 14 $10,470,000 $747,857 $0 0.00%
    $1MM+ 5 $6,675,000 $1,335,000 $0 0.00%

    2019 saw Sturdy Savings Bank place emphasis on $100k-200k loans with 50 originations, totaling $7,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $5,905,000 $190,484 $0 0.00%
    $150k-250k 30 $6,420,000 $214,000 $0 0.00%
    $50k-75k 28 $4,180,000 $149,286 $0 0.00%
    $250k+ 27 $15,635,000 $579,074 $0 0.00%
    $75k-100k 18 $2,420,000 $134,444 $0 0.00%
    $50k or less 13 $1,235,000 $95,000 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $150k-250k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 169 $46,395,000 $274,527 $0 0.00%

    Sturdy Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 169 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 129 $30,995,000 $240,271 $0 0.00%
    Not applicable 18 $10,030,000 $557,222 $0 0.00%
    Not provided 17 $4,785,000 $281,471 $0 0.00%
    Vietnamese 1 $255,000 $255,000 $0 0.00%
    Black 3 $175,000 $58,333 $0 0.00%
    Filipino 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.44%

    Sturdy Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.39%

    Sturdy Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 169 $46,395,000 $274,527

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $1,170,000 $146,250
    Single Family (1-4 Units):Site-Built 161 $45,225,000 $280,901

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Stewart Information Services Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Sturdy Savings Bank 101 East 34th Street Ocean City, NJ 8226 Full Service B&M $32,337
    Sturdy Savings Bank 103 North Main Street Cape May Court House, NJ 8210 Full Service B&M $0
    Sturdy Savings Bank 1224 Route 47 Dennisville, NJ 8214 Full Service B&M $55,969
    Sturdy Savings Bank 17 S Main St Cape May Court House, NJ 8210 Full Service B&M $128,341
    Sturdy Savings Bank 1900 New Jersey Avenue North Wildwood, NJ 8260 Full Service B&M $36,662
    Sturdy Savings Bank 2201 Route 50 Woodbine, NJ 8270 Full Service B&M $29,596
    Sturdy Savings Bank 2628 Dune Drive Avalon, NJ 8202 Full Service B&M $103,707
    Sturdy Savings Bank 3195 Route 9 S Rio Grande, NJ 8242 Full Service B&M $24,007
    Sturdy Savings Bank 3851 Bayshore Road North Cape May, NJ 8204 Full Service B&M $80,383
    Sturdy Savings Bank 49 South Shore Road Marmora, NJ 8223 Full Service B&M $6,290
    Sturdy Savings Bank 521 New Road Somers Point, NJ 8244 Full Service B&M $25,054
    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 $13,986
    Sturdy Savings Bank 701 Washington Street Cape May, NJ 8204 Full Service B&M $125,876
    Sturdy Savings Bank 9417 Third Ave Stone Harbor, NJ 8247 Full Service B&M $61,888

    For 2019, Sturdy Savings Bank had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $30,448
    Net interest income $27,913
    Total noninterest income $3,514
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $788
    Trading account gains and fees $0
    Additional Noninterest Income $2,726
    Pre-tax net operating income $4,055
    Securities gains (or losses, -) $91
    Income before extraordinary items $3,088
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,088
    Minority interest net income $0
    Net income $3,088
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,016

    Sturdy Savings Bank's gross interest income from loans was $30,448,000.
    Sturdy Savings Bank's net interest income from loans was $27,913,000.
    Sturdy Savings Bank's fee based income from loans was $788,000.
    Sturdy Savings Bank's net income from loans was $3,088,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,535
    Provision for credit losses $506
    Total noninterest expense $26,866
    Salaries and employee benefits $15,979
    Premises and equipment expense $2,503
    Additional noninterest expense $8,384
    Applicable income taxes $1,058
    Net charge-offs $379
    Cash dividends $0

    Sturdy Savings Bank's interest expense for loans was $2,535,000.
    Sturdy Savings Bank's payroll and benefits expense were $15,979,000.
    Sturdy Savings Bank's property, plant and equipment expenses $2,503,000.

    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 6.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    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 $741,123
    Deposits held in domestic offices $741,123
    Deposits by Individuals, partnerships, and corporations $598,899
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $142,224
    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 $82,064
    Demand deposits $33,021
    Nontransaction accounts $659,059
    Money market deposit accounts (MMDAs) $84,676
    Other savings deposits (excluding MMDAs) $538,494
    Total time deposits $35,889
    Total time and savings deposits $708,102
    Noninterest-bearing deposits $165,024
    Interest-bearing deposits $576,099
    Retail deposits $734,448
    IRAs and Keogh plan accounts $7,643
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $845,848
    Cash & Balances due from depository institutions $14,095
    Interest-bearing balances $5,358
    Total securities $222,295
    Federal funds sold & reverse repurchase $0
    Net loans and leases $543,240
    Loan and leases loss allowance $2,907
    Trading account assets $0
    Bank premises and fixed assets $21,243
    Other real estate owned $1,357
    Goodwill and other intangibles $7,037
    All other assets $36,581

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $845,848
    Total Liabilities $757,601
    Total deposits $741,123
    Interest-bearing deposits $576,099
    Deposits held in domestic offices $741,123
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $16,478

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $543,240
    Loan and leases loss allowance $2,907
    Total loans and leases (domestic) $546,147
    All real estate loans $508,182
    Real estate loans in domestic offices $508,182
    Construction and development loans $20,946
    Residential 1-4 family construction $6,322
    Other construction, all land development and other land $14,624
    Loans secured by nonfarm nonresidential properties $220,097
    Nonfarm nonresidential secured by owner-occupied properties $134,017
    Commercial real estate & other non-farm, non-residential $86,080
    Multifamily residential real estate $8,949
    1-4 family residential loans $256,152
    Farmland loans $2,038
    Loans held in foreign offices $0
    Farm loans $12,131
    Commercial and industrial loans $23,418
    To non-U.S. addressees $0
    Loans to individuals $451
    Credit card loans $0
    Related Plans $23
    Consumer Auto Loans $0
    Other loans to individuals $428
    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 $543,240,000 of loans outstanding in 2019. $508,182,000 of loans were in real estate loans. $20,946,000 of loans were in development loans. $8,949,000 of loans were in multifamily mortgage loans. $256,152,000 of loans were in 1-4 family mortgage loans. $12,131,000 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 320 $76,951 $240,472
    Nonfarm, nonresidential loans - <$100k 58 $2,247 $38,741
    Nonfarm, nonresidential loans - $100-250k 98 $12,931 $131,949
    Nonfarm, nonresidential loans - $250k-1MM 164 $61,773 $376,665
    Commercial & Industrial, US addressed loans - <$1MM 99 $13,364 $134,990
    Commercial & Industrial, US addressed loans - <$100k 44 $1,435 $32,614
    Commercial & Industrial, US addressed loans - $100-250k 25 $2,571 $102,840
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $9,358 $311,933
    Farmland loans - <$1MM 4 $820 $205,000
    Farmland loans - $100-250k 2 $210 $105,000
    Farmland loans - $250k-1MM 2 $610 $305,000
    Agriculture operations loans - <$1MM 5 $687 $137,400
    Agriculture operations loans - $100-250k 4 $587 $146,750
    Agriculture operations loans - $250k-1MM 1 $100 $100,000