Cross River Bank Mortgage Rates, Fees & Info

Teaneck, NJ

LEI: 5493007V8ZEVXWVS3567

Tax ID: 26-1942598

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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

    Cross River Bank is a smaller bank specializing in Refi loans. Cross River Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Naples, and Worcester among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cross River 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

    36

    Origination Dollar Volume (All Markets)

    $197,580,000

    Employee count

    580

    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
    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.

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

    • Product Mix

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

    For 2021, Cross River Bank's most frequently originated type of loan was Conventional, with 36 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Cross River Bank's most frequently cited loan purpose was Refi, with 31 originations. The 2nd most popular reason was 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 2021, Cross River Bank's most frequently cited loan duration was 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
    90.77%

    Cross River Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    44.44%

    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