Parke Bank Mortgage Rates, Fees & Info

Sewell, NJ

LEI: 5493008HV53MEILG2D59

Tax ID: 22-3621091

1 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Parke Bank is a smaller bank specializing in Home Purchase loans. Parke Bank has a high proportion of conventional loans. Their top markets include Philadelphia, New York, Atlantic City, Ocean City, and Allentown among others. Parke Bank has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Parke Bank is typically a high fee lendor.


Originations

949

Origination Dollar Volume (All Markets)

$278,655,000

Employee count

110

Relative Rate

Parke Bank's average 30 year fixed rate mortgage of loans were 4.24%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 1.09%.

Relative Fees

Parke Bank's average total fees for a 30 year fixed rate mortgage are $9,369.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 906 $240,990,000 $265,993 $9,431 4.25%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 13 $22,755,000 $1,750,385 $9,609 4.40%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 9 $6,055,000 $672,778 $4,429 4.60%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $3,755,000 $1,251,667 $11,892 5.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $1,715,000 $245,000 $13,483 4.46%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $4,625 4.00%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $470,000 $235,000 $13,385 4.25%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $370,000 $185,000 $0 4.38%
LANCASTER, PA (FHA|USDA|VA) 2 $310,000 $155,000 $7,679 4.19%
DOVER, DE (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.50%
ALTOONA, PA (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.25%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $145,000 $145,000 $6,251 3.75%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.50%

Parke Bank's top markets include Philadelphia, New York, Atlantic City, Ocean City, and Allentown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 949 $278,655,000 $293,630 $9,388 4.26%

For the 2021 period, Parke Bank's most frequently originated loan type of loans were Conventional, with 949 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 880 $246,580,000 $280,205 $9,488 4.25%
Refi 68 $31,660,000 $465,588 $6,501 4.40%
Home Improvement 1 $415,000 $415,000 $0 4.25%

For the 2021, Parke Bank's most frequently cited loan purpose of loans were Home Purchase, with 880 originations. The 2nd most popular reason of loans were Refi, with 68 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 879 $204,065,000 $232,156 $9,369 4.24%
Other 40 $52,160,000 $1,304,000 $0 4.36%
10 Year 25 $19,165,000 $766,600 $0 4.70%
15 Year 2 $620,000 $310,000 $13,313 5.00%
20 Year 1 $1,855,000 $1,855,000 $0 4.25%
1 Year 1 $555,000 $555,000 $0 4.25%
3 Year 1 $235,000 $235,000 $0 4.25%

For the 2021, Parke Bank's most frequently cited loan length of loans were 30 Year, with 879 originations. The 2nd most popular length of loans were Other, with 40 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 117 $39,915,000 $341,154
$3k-4k 70 $14,740,000 $210,571
$2k-3k 15 $3,215,000 $214,333
$<1k 4 $6,490,000 $1,622,500
$1k-2k 2 $260,000 $130,000

$9,369 of loans were Parke Bank's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 117 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 755 $219,895,000 $291,252
3-4% 190 $58,190,000 $306,263
5-6% 4 $570,000 $142,500

During 2021, Parke Bank's average interest rate of loans were 4.24%, while their most frequently originated rate bucket of loans were 4-5%, with 755 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 434 $109,130,000 $251,452 $9,414 4.22%
$100k-200k 412 $67,110,000 $162,888 $6,618 4.31%
$400k-600k 56 $26,620,000 $475,357 $13,349 4.07%
$600k-1MM 18 $13,880,000 $771,111 $17,534 4.31%
$1MM+ 17 $60,825,000 $3,577,941 $13,570 4.44%
$100,000 or less 12 $1,090,000 $90,833 $3,508 4.40%

2021 saw Parke Bank place emphasis on $200k-400k loans with 434 originations, totaling $109,130,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 608 $126,010,000 $207,253 $7,903 4.27%
$50k-75k 119 $31,075,000 $261,134 $9,949 4.10%
$75k-100k 45 $13,695,000 $304,333 $11,352 4.07%
$100k-150k 30 $7,960,000 $265,333 $10,526 4.29%
$250k+ 13 $11,975,000 $921,154 $16,568 4.19%
$150k-250k 9 $2,525,000 $280,556 $14,063 4.33%

Parke Bank lent most frequently to those with incomes in the $50k or less range, with 608 originations. The second most popular income band? $50k-75k, with 119 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
<20% 255 $49,515,000 $194,176 $6,517 4.38%
20-30% 162 $40,260,000 $248,519 $8,517 4.25%
30-36% 134 $31,730,000 $236,791 $9,274 4.17%
42% 36 $10,590,000 $294,167 $10,343 4.00%
40% 34 $8,820,000 $259,412 $9,466 4.06%
38% 29 $6,845,000 $236,034 $11,060 4.18%
39% 26 $7,410,000 $285,000 $9,162 4.15%
41% 26 $6,420,000 $246,923 $9,317 4.03%
37% 25 $5,645,000 $225,800 $8,744 4.14%
45% 22 $6,980,000 $317,273 $11,510 4.22%
36% 21 $5,385,000 $256,429 $9,173 4.14%
44% 21 $4,735,000 $225,476 $9,513 4.15%
43% 19 $5,055,000 $266,053 $9,060 4.08%
46% 2 $1,040,000 $520,000 $14,410 4.13%

Parke Bank lent most frequently to those with DTI ratios of <20%, with 255 originations. The next most common DTI ratio? 20-30%, with 162 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 803 $183,715,000 $228,786 $9,471 4.23%
Not applicable 116 $81,550,000 $703,017 $0 4.43%
White 9 $8,085,000 $898,333 $6,344 4.51%
Chinese 12 $3,010,000 $250,833 $10,643 4.25%
Not provided 3 $1,005,000 $335,000 $0 4.25%
Black 3 $665,000 $221,667 $6,431 4.33%
Asian Indian 3 $625,000 $208,333 $5,364 4.13%

Approval Rates

Total approvals of all applications
99.25%

Parke Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
96.31%

Parke Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
NA 949 $278,655,000 $293,630

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
949 $278,655,000 $293,630

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 9 $3,995,000 $443,889 $6,761 4.08%
40-60% 66 $33,830,000 $512,576 $7,460 4.31%
60-80% 686 $193,650,000 $282,289 $9,450 4.27%
80-100% 187 $46,625,000 $249,332 $10,198 4.21%
Under 20% 1 $555,000 $555,000 $0 4.25%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PROSPERITY BANCSHARES, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
PROSPERITY BANCSHARES, INC. Conventional home mortgage Incorrect information on your report 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Parke Bank 1032 Arch Street Philadelphia, PA 19107 Full Service B&M $69,074
Parke Bank 1150 Haddon Avenue Collingswood, NJ 8108 Full Service B&M $121,354
Parke Bank 1610 Spruce Street Philadelphia, PA 19103 Full Service B&M $86,511
Parke Bank 501 Tilton Road Northfield, NJ 8225 Full Service B&M $240,395
Parke Bank 567 Egg Harbor Road At Hurffville Cross Keys Road Sewell, NJ 8080 Full Service B&M $88,573
Parke Bank 601 Delsea Drive Sewell, NJ 8080 Full Service B&M $944,814
Parke Bank 67 E Jimmie Leeds Rd Galloway, NJ 8205 Full Service B&M $177,163

For 2021, Parke Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $82,072
Net interest income $71,509
Total noninterest income $8,797
Gross Fiduciary activities income $0
Service charges on deposit accounts $5,662
Trading account gains and fees $0
Additional Noninterest Income $3,135
Pre-tax net operating income $57,605
Securities gains (or losses, -) $0
Income before extraordinary items $43,668
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $43,668
Minority interest net income $215
Net income $43,453
Sale, conversion, retirement of capital stock, net $212
Net operating income $43,668

Parke Bank's gross interest income from loans was $82,072,000.
Parke Bank's net interest income from loans was $71,509,000.
Parke Bank's fee based income from loans was $5,662,000.
Parke Bank's net income from loans was $43,453,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $10,563
Provision for credit losses $500
Total noninterest expense $22,201
Salaries and employee benefits $9,571
Premises and equipment expense $2,381
Additional noninterest expense $10,249
Applicable income taxes $13,937
Net charge-offs $353
Cash dividends $12,008

Parke Bank's interest expense for loans was $10,563,000.
Parke Bank's payroll and benefits expense were $9,571,000.
Parke Bank's property, plant and equipment expenses $2,381,000.

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 2.0%
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 $1,771,804
Deposits held in domestic offices $1,771,804
Deposits by Individuals, partnerships, and corporations $1,505,025
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $245,035
Deposits by Commercial banks and other depository institutions in U.S. $21,744
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $650,393
Demand deposits $557,204
Nontransaction accounts $1,121,411
Money market deposit accounts (MMDAs) $348,428
Other savings deposits (excluding MMDAs) $179,238
Total time deposits $593,746
Total time and savings deposits $1,214,600
Noninterest-bearing deposits $557,204
Interest-bearing deposits $1,214,600
Retail deposits $1,598,768
IRAs and Keogh plan accounts $62,060
Brokered deposits $9,120
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,136,044
Cash & Balances due from depository institutions $596,553
Interest-bearing balances $565,244
Total securities $23,269
Federal funds sold & reverse repurchase $0
Net loans and leases $1,455,002
Loan and leases loss allowance $29,845
Trading account assets $0
Bank premises and fixed assets $6,265
Other real estate owned $1,654
Goodwill and other intangibles $0
All other assets $53,301

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,136,044
Total Liabilities $1,861,915
Total deposits $1,771,804
Interest-bearing deposits $1,214,600
Deposits held in domestic offices $1,771,804
% insured (estimated) $55
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $78,150
Subordinated debt $0
All other liabilities $11,961

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,455,002
Loan and leases loss allowance $29,845
Total loans and leases (domestic) $1,484,847
All real estate loans $1,419,724
Real estate loans in domestic offices $1,419,724
Construction and development loans $154,077
Residential 1-4 family construction $11,806
Other construction, all land development and other land $142,271
Loans secured by nonfarm nonresidential properties $429,397
Nonfarm nonresidential secured by owner-occupied properties $122,911
Commercial real estate & other non-farm, non-residential $306,486
Multifamily residential real estate $84,964
1-4 family residential loans $750,525
Farmland loans $761
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $57,151
To non-U.S. addressees $0
Loans to individuals $7,972
Credit card loans $0
Related Plans $0
Consumer Auto Loans $0
Other loans to individuals $7,972
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $75
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $5,994
Non 1-4 family restructured loans & leases $5,534
Total loans and leases (foreign) $0

Parke Bank had $1,455,002,000 of loans outstanding in 2021. $1,419,724,000 of loans were in real estate loans. $154,077,000 of loans were in development loans. $84,964,000 of loans were in multifamily mortgage loans. $750,525,000 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 372 $105,632 $283,957
Nonfarm, nonresidential loans - <$100k 14 $1,023 $73,071
Nonfarm, nonresidential loans - $100-250k 138 $17,568 $127,304
Nonfarm, nonresidential loans - $250k-1MM 220 $87,041 $395,641
Commercial & Industrial, US addressed loans - <$1MM 152 $20,281 $133,428
Commercial & Industrial, US addressed loans - <$100k 64 $2,443 $38,172
Commercial & Industrial, US addressed loans - $100-250k 52 $8,181 $157,327
Commercial & Industrial, US addressed loans - $250k-1MM 36 $9,657 $268,250