Somerset Savings Bank Sla Mortgage Rates, Fees & Info

Bound Brook, NJ

LEI: 549300B201Z415GE5E85

Tax ID: 22-0784760

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

    Somerset Savings Bank Sla is a smaller bank specializing in various types of mortgages.



    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

    0

    Origination Dollar Volume (All Markets)

    $0

    Employee count

    64

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Synergy One Lending, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Synergy One Lending, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Somerset Savings Bank, SLA 141 Broad Street Flemington, NJ 8822 Full Service B&M $69,821
    Somerset Savings Bank, SLA 1305 Bound Brook Road Middlesex, NJ 8846 Full Service B&M $77,491
    Somerset Savings Bank, SLA 220 West Union Avenue Bound Brook, NJ 8805 Full Service B&M $136,977
    Somerset Savings Bank, SLA 41 South Main Street Manville, NJ 8835 Full Service B&M $66,585
    Somerset Savings Bank, SLA 410 Us 22 Whitehouse Station, NJ 8889 Full Service B&M $51,686
    Somerset Savings Bank, SLA 64 West End Avenue Somerville, NJ 8876 Full Service B&M $49,916
    Somerset Savings Bank, SLA 802 Somerset Street Raritan, NJ 8869 Full Service B&M $61,403

    For 2021, Somerset Savings Bank Sla had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,079
    Net interest income $11,102
    Total noninterest income $1,287
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $95
    Trading account gains and fees $0
    Additional Noninterest Income $1,192
    Pre-tax net operating income $1,915
    Securities gains (or losses, -) $12
    Income before extraordinary items $1,640
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,640
    Minority interest net income $0
    Net income $1,640
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,629

    Somerset Savings Bank Sla's gross interest income from loans was $13,079,000.
    Somerset Savings Bank Sla's net interest income from loans was $11,102,000.
    Somerset Savings Bank Sla's fee based income from loans was $95,000.
    Somerset Savings Bank Sla's net income from loans was $1,640,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,977
    Provision for credit losses $0
    Total noninterest expense $10,474
    Salaries and employee benefits $5,989
    Premises and equipment expense $1,424
    Additional noninterest expense $3,061
    Applicable income taxes $287
    Net charge-offs $0
    Cash dividends $0

    Somerset Savings Bank Sla's interest expense for loans was $1,977,000.
    Somerset Savings Bank Sla's payroll and benefits expense were $5,989,000.
    Somerset Savings Bank Sla's property, plant and equipment expenses $1,424,000.

    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 0.0%
    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 $524,018
    Deposits held in domestic offices $524,018
    Deposits by Individuals, partnerships, and corporations $524,018
    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 $164,978
    Demand deposits $40,472
    Nontransaction accounts $359,040
    Money market deposit accounts (MMDAs) $23,011
    Other savings deposits (excluding MMDAs) $182,797
    Total time deposits $153,232
    Total time and savings deposits $483,546
    Noninterest-bearing deposits $45,434
    Interest-bearing deposits $478,584
    Retail deposits $514,543
    IRAs and Keogh plan accounts $41,986
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $649,805
    Cash & Balances due from depository institutions $44,834
    Interest-bearing balances $37,852
    Total securities $265,097
    Federal funds sold & reverse repurchase $0
    Net loans and leases $304,879
    Loan and leases loss allowance $1,116
    Trading account assets $0
    Bank premises and fixed assets $3,553
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $31,442

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $649,805
    Total Liabilities $527,637
    Total deposits $524,018
    Interest-bearing deposits $478,584
    Deposits held in domestic offices $524,018
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,619

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $304,879
    Loan and leases loss allowance $1,116
    Total loans and leases (domestic) $305,995
    All real estate loans $305,169
    Real estate loans in domestic offices $305,169
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $470
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $470
    Multifamily residential real estate $30
    1-4 family residential loans $304,669
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $12
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $12
    All other loans & leases $815
    Loans to foreign governments and official institutions $0
    Other loans $815
    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

    Somerset Savings Bank SLA had $304,879,000 of loans outstanding in 2021. $305,169,000 of loans were in real estate loans. $0 of loans were in development loans. $30,000 of loans were in multifamily mortgage loans. $304,669,000 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 3 $467 $155,667
    Nonfarm, nonresidential loans - $100-250k 2 $312 $156,000
    Nonfarm, nonresidential loans - $250k-1MM 1 $155 $155,000