Blue Foundry Bank Mortgage Rates, Fees & Info

Rutherford, NJ

LEI: 5493008TK613NXC2EN84

Tax ID: 22-0780922

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Blue Foundry Bank is a smaller bank specializing in Home Purchase and Refi loans. Blue Foundry Bank has a high proportion of conventional loans. Their top markets include New York, Philadelphia, New Haven, Hartford, and Allentown among others. Blue Foundry 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

115

Origination Dollar Volume (All Markets)

$140,245,000

Employee count

181

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 110 $123,690,000 $1,124,455 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $5,930,000 $2,965,000 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $5,305,000 $5,305,000 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $4,745,000 $4,745,000 $0 0.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $575,000 $575,000 $0 0.00%

Blue Foundry Bank's top markets include New York, Philadelphia, New Haven, Hartford, and Allentown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 115 $140,245,000 $1,219,522 $0 0.00%

For the 2021 period, Blue Foundry Bank's most frequently originated loan type of loans were Conventional, with 115 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 53 $98,885,000 $1,865,755 $0 0.00%
Refi 36 $35,060,000 $973,889 $0 0.00%
Cash Out Refi 16 $5,490,000 $343,125 $0 0.00%
Home Improvement 8 $620,000 $77,500 $0 0.00%
Other 2 $190,000 $95,000 $0 0.00%

For the 2021, Blue Foundry Bank's most frequently cited loan purpose of loans were Home Purchase, with 53 originations. The 2nd most popular reason of loans were Refi, with 36 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 115 $140,245,000 $1,219,522 $0 0.00%

For the 2021, Blue Foundry Bank's most frequently cited loan length of loans were Other, with 115 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 29 $104,555,000 $3,605,345 $0 0.00%
$200k-400k 26 $7,600,000 $292,308 $0 0.00%
$600k-1MM 22 $16,280,000 $740,000 $0 0.00%
$400k-600k 20 $9,940,000 $497,000 $0 0.00%
$100,000 or less 9 $585,000 $65,000 $0 0.00%
$100k-200k 9 $1,285,000 $142,778 $0 0.00%

2021 saw Blue Foundry Bank place emphasis on $1MM+ loans with 29 originations, totaling $104,555,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 16 $5,080,000 $317,500 $0 0.00%
$150k-250k 15 $5,215,000 $347,667 $0 0.00%
$75k-100k 10 $1,790,000 $179,000 $0 0.00%
$250k+ 7 $3,885,000 $555,000 $0 0.00%
$50k-75k 7 $1,215,000 $173,571 $0 0.00%
$50k or less 1 $95,000 $95,000 $0 0.00%

Blue Foundry Bank lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $150k-250k, with 15 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 115 $140,245,000 $1,219,522 $0 0.00%

Blue Foundry Bank lent most frequently to those with DTI ratios of Exempt%, with 115 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 58 $122,310,000 $2,108,793 $0 0.00%
White 48 $14,920,000 $310,833 $0 0.00%
Not provided 4 $1,400,000 $350,000 $0 0.00%
Asian 4 $1,290,000 $322,500 $0 0.00%
Black 1 $325,000 $325,000 $0 0.00%

Approval Rates

Total approvals of all applications
87.73%

Blue Foundry Bank has an average approval rate.

Pick Rate

Approvals leading to origination
77.07%

Blue Foundry Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 115 $140,245,000 $1,219,522

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
115 $140,245,000 $1,219,522

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Blue Foundry Bank 60 Beaverbrook Road Lincoln Park, NJ 7035 Full Service B&M $59,051
Blue Foundry Bank 102 Kingsland Road Clifton, NJ 7014 Full Service B&M $75,428
Blue Foundry Bank 123 Montgomery St Jersey City, NJ 7302 Full Service B&M $402
Blue Foundry Bank 19 Park Avenue Rutherford, NJ 7070 Full Service B&M $10,536
Blue Foundry Bank 209 Ridgedale Ave Florham Park, NJ 7932 Full Service B&M $64,498
Blue Foundry Bank 217 Rock Road Glen Rock, NJ 7452 Full Service B&M $59,289
Blue Foundry Bank 222 Ridgewood Avenue Glen Ridge, NJ 7028 Full Service B&M $27,034
Blue Foundry Bank 235 E Ridgewood Ave Ridgewood, NJ 7450 Full Service B&M $161
Blue Foundry Bank 250 West Passaic Street Rochelle Park, NJ 7662 Full Service B&M $105,917
Blue Foundry Bank 280 Union Ave Rutherford, NJ 7070 Full Service B&M $107,607
Blue Foundry Bank 319 Franklin Ave Wyckoff, NJ 7481 Full Service B&M $93,165
Blue Foundry Bank 4 East Ramapo Avenue Mahwah, NJ 7430 Full Service B&M $71,665
Blue Foundry Bank 440 Hillsdale Avenue Hillsdale, NJ 7642 Full Service B&M $59,374
Blue Foundry Bank 448 Main Road Towaco, NJ 7082 Full Service B&M $42,630
Blue Foundry Bank 453 Main St Chatham, NJ 7928 Full Service B&M $1,079
Blue Foundry Bank 66 North Beverwyck Road Lake Hiawatha, NJ 7034 Full Service B&M $29,916
Blue Foundry Bank 7 Sylvan Way Rutherford, NJ 7054 Full Service B&M $1,065,397
Blue Foundry Bank 753 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $147,599

For 2021, Blue Foundry Bank had 18 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $57,134
Net interest income $43,687
Total noninterest income $1,503
Gross Fiduciary activities income $0
Service charges on deposit accounts $844
Trading account gains and fees $0
Additional Noninterest Income $659
Pre-tax net operating income $-17,370
Securities gains (or losses, -) $-1
Income before extraordinary items $-27,048
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $-27,048
Minority interest net income $0
Net income $-27,048
Sale, conversion, retirement of capital stock, net $-21,905
Net operating income $-27,047

Blue Foundry Bank's gross interest income from loans was $57,134,000.
Blue Foundry Bank's net interest income from loans was $43,687,000.
Blue Foundry Bank's fee based income from loans was $844,000.
Blue Foundry Bank's net income from loans was $-27,048,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $13,447
Provision for credit losses $-2,518
Total noninterest expense $65,078
Salaries and employee benefits $24,587
Premises and equipment expense $8,057
Additional noninterest expense $32,434
Applicable income taxes $9,677
Net charge-offs $16
Cash dividends $0

Blue Foundry Bank's interest expense for loans was $13,447,000.
Blue Foundry Bank's payroll and benefits expense were $24,587,000.
Blue Foundry Bank's property, plant and equipment expenses $8,057,000.

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 1.0%
HELOC loans 1.0%
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 $1,371,857
Deposits held in domestic offices $1,371,857
Deposits by Individuals, partnerships, and corporations $1,297,001
Deposits by U.S. Government $5
Deposits by States and political subdivisions in the U.S. $8,947
Deposits by Commercial banks and other depository institutions in U.S. $65,904
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $533,718
Demand deposits $169,369
Nontransaction accounts $838,139
Money market deposit accounts (MMDAs) $13,085
Other savings deposits (excluding MMDAs) $351,260
Total time deposits $473,795
Total time and savings deposits $1,202,488
Noninterest-bearing deposits $169,369
Interest-bearing deposits $1,202,488
Retail deposits $1,325,049
IRAs and Keogh plan accounts $101,874
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,914,512
Cash & Balances due from depository institutions $194,075
Interest-bearing balances $186,798
Total securities $348,173
Federal funds sold & reverse repurchase $0
Net loans and leases $1,273,178
Loan and leases loss allowance $14,425
Trading account assets $0
Bank premises and fixed assets $53,583
Other real estate owned $0
Goodwill and other intangibles $437
All other assets $45,066

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,914,512
Total Liabilities $1,621,098
Total deposits $1,371,857
Interest-bearing deposits $1,202,488
Deposits held in domestic offices $1,371,857
% insured (estimated) $80
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $207,337
Subordinated debt $0
All other liabilities $41,904

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,273,178
Loan and leases loss allowance $14,425
Total loans and leases (domestic) $1,287,603
All real estate loans $1,266,696
Real estate loans in domestic offices $1,266,696
Construction and development loans $23,420
Residential 1-4 family construction $120
Other construction, all land development and other land $23,300
Loans secured by nonfarm nonresidential properties $141,557
Nonfarm nonresidential secured by owner-occupied properties $45,561
Commercial real estate & other non-farm, non-residential $95,996
Multifamily residential real estate $516,595
1-4 family residential loans $585,124
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $20,966
To non-U.S. addressees $0
Loans to individuals $30
Credit card loans $0
Related Plans $30
Consumer Auto Loans $0
Other loans to individuals $0
All other loans & leases $58
Loans to foreign governments and official institutions $0
Other loans $58
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 $688
Non 1-4 family restructured loans & leases $37
Total loans and leases (foreign) $0

Blue Foundry Bank had $1,273,178,000 of loans outstanding in 2021. $1,266,696,000 of loans were in real estate loans. $23,420,000 of loans were in development loans. $516,595,000 of loans were in multifamily mortgage loans. $585,124,000 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 148 $38,905 $262,872
Nonfarm, nonresidential loans - <$100k 1 $8 $8,000
Nonfarm, nonresidential loans - $100-250k 31 $3,963 $127,839
Nonfarm, nonresidential loans - $250k-1MM 116 $34,934 $301,155
Commercial & Industrial, US addressed loans - <$1MM 150 $10,250 $68,333
Commercial & Industrial, US addressed loans - <$100k 120 $2,950 $24,583
Commercial & Industrial, US addressed loans - $100-250k 19 $2,896 $152,421
Commercial & Industrial, US addressed loans - $250k-1MM 11 $4,404 $400,364