Cross River Bank Mortgage Rates, Fees & Info

Teaneck, NJ

LEI: 5493007V8ZEVXWVS3567

Tax ID: 26-1942598

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cross River Bank is a smaller bank specializing in Refi loans. Cross River Bank has a high proportion of conventional loans. Their top markets include New York, Naples, and Worcester among others. Cross River Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

36

Origination Dollar Volume (All Markets)

$197,580,000

Employee count

580

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 34 $163,880,000 $4,820,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $32,005,000 $32,005,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $1,695,000 $1,695,000 $0 0.00%

Cross River Bank's top markets include New York, Naples, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 36 $197,580,000 $5,488,333 $0 0.00%

For the 2021 period, Cross River Bank's most frequently originated loan type of loans were Conventional, with 36 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 31 $182,885,000 $5,899,516 $0 0.00%
Home Purchase 5 $14,695,000 $2,939,000 $0 0.00%

For the 2021, Cross River Bank's most frequently cited loan purpose of loans were Refi, with 31 originations. The 2nd most popular reason of loans were Home Purchase, with 5 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 36 $197,580,000 $5,488,333 $0 0.00%

For the 2021, Cross River Bank's most frequently cited loan length of loans were Other, with 36 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 23 $189,855,000 $8,254,565 $0 0.00%
$400k-600k 8 $4,160,000 $520,000 $0 0.00%
$600k-1MM 5 $3,565,000 $713,000 $0 0.00%

2021 saw Cross River Bank place emphasis on $1MM+ loans with 23 originations, totaling $189,855,000 in origination value.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 36 $197,580,000 $5,488,333 $0 0.00%

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 36 $197,580,000 $5,488,333 $0 0.00%

Approval Rates

Total approvals of all applications
77.41%

Cross River Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
51.92%

Cross River Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
Exempt 36 $197,580,000 $5,488,333

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
36 $197,580,000 $5,488,333

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Crossroads Systems Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Crossroads Systems Inc. Other type of mortgage Struggling to pay mortgage 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Cross River Bank 2365 Nostrand Avenue Brooklyn, NY 11210 Full Service B&M $0
Cross River Bank 2365 Nostrand Avenue Brooklyn, NY 11210 Full Service B&M $64,832
Cross River Bank 885 Teaneck Road Teaneck, NJ 7666 Full Service B&M $3,412,527

For 2021, Cross River Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $675,456
Net interest income $616,936
Total noninterest income $106,937
Gross Fiduciary activities income $0
Service charges on deposit accounts $451
Trading account gains and fees $0
Additional Noninterest Income $106,486
Pre-tax net operating income $463,541
Securities gains (or losses, -) $214
Income before extraordinary items $369,531
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $369,531
Minority interest net income $0
Net income $369,531
Sale, conversion, retirement of capital stock, net $0
Net operating income $369,359

Cross River Bank's gross interest income from loans was $675,456,000.
Cross River Bank's net interest income from loans was $616,936,000.
Cross River Bank's fee based income from loans was $451,000.
Cross River Bank's net income from loans was $369,531,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $58,520
Provision for credit losses $10,677
Total noninterest expense $249,655
Salaries and employee benefits $97,300
Premises and equipment expense $10,286
Additional noninterest expense $142,069
Applicable income taxes $94,224
Net charge-offs $19,499
Cash dividends $0

Cross River Bank's interest expense for loans was $58,520,000.
Cross River Bank's payroll and benefits expense were $97,300,000.
Cross River Bank's property, plant and equipment expenses $10,286,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 2.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 2.0%
Multifamily residential loans 3.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
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 $3,930,696
Deposits held in domestic offices $3,930,696
Deposits by Individuals, partnerships, and corporations $3,930,696
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $0
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 $2,142,661
Demand deposits $2,141,570
Nontransaction accounts $1,788,035
Money market deposit accounts (MMDAs) $637,859
Other savings deposits (excluding MMDAs) $590,135
Total time deposits $560,041
Total time and savings deposits $1,789,126
Noninterest-bearing deposits $1,291,525
Interest-bearing deposits $2,639,171
Retail deposits $2,639,592
IRAs and Keogh plan accounts $0
Brokered deposits $1,789,795
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $9,130,310
Cash & Balances due from depository institutions $362,587
Interest-bearing balances $357,530
Total securities $132,289
Federal funds sold & reverse repurchase $0
Net loans and leases $7,999,952
Loan and leases loss allowance $42,120
Trading account assets $0
Bank premises and fixed assets $30,239
Other real estate owned $0
Goodwill and other intangibles $1,226
All other assets $604,017

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $9,130,310
Total Liabilities $8,402,723
Total deposits $3,930,696
Interest-bearing deposits $2,639,171
Deposits held in domestic offices $3,930,696
% insured (estimated) $48
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $4,316,566
Subordinated debt $0
All other liabilities $155,461

Issued Loan Types

Type Value (in 000's)
Net loans and leases $7,999,952
Loan and leases loss allowance $42,120
Total loans and leases (domestic) $8,042,072
All real estate loans $855,198
Real estate loans in domestic offices $855,198
Construction and development loans $86,077
Residential 1-4 family construction $31,315
Other construction, all land development and other land $54,762
Loans secured by nonfarm nonresidential properties $457,119
Nonfarm nonresidential secured by owner-occupied properties $41,956
Commercial real estate & other non-farm, non-residential $415,163
Multifamily residential real estate $267,019
1-4 family residential loans $44,983
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $5,565,974
To non-U.S. addressees $0
Loans to individuals $1,664,911
Credit card loans $3
Related Plans $0
Consumer Auto Loans $0
Other loans to individuals $1,664,908
All other loans & leases $137,166
Loans to foreign governments and official institutions $0
Other loans $137,166
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 $2,351
Non 1-4 family restructured loans & leases $2,351
Total loans and leases (foreign) $0

Cross River Bank had $7,999,952,000 of loans outstanding in 2021. $855,198,000 of loans were in real estate loans. $86,077,000 of loans were in development loans. $267,019,000 of loans were in multifamily mortgage loans. $44,983,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $3,000 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 93 $48,633 $522,935
Nonfarm, nonresidential loans - $250k-1MM 93 $48,633 $522,935
Commercial & Industrial, US addressed loans - <$1MM 556,231 $4,651,057 $8,362
Commercial & Industrial, US addressed loans - <$100k 536,000 $3,568,145 $6,657
Commercial & Industrial, US addressed loans - $100-250k 16,054 $854,227 $53,210
Commercial & Industrial, US addressed loans - $250k-1MM 4,177 $228,685 $54,749