Prudential Bank Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300CR6ELPCYKQRB34

Tax ID: 23-1107072

5 stars - out of 5 stars, based on 8 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Prudential Bank is a smaller bank specializing in Home Purchase and Home Improvement loans. Prudential Bank has a high proportion of conventional loans. Their top markets include Philadelphia, New York, Ocean City, and Scranton among others. Prudential 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. Prudential Bank is typically an average fee lendor.


Originations

66

Origination Dollar Volume (All Markets)

$122,750,000

Employee count

91

Relative Rate

Prudential Bank's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

Prudential Bank's average total fees for a 30 year fixed rate mortgage are $3,765.

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) 62 $114,740,000 $1,850,645 $2,803 3.89%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $7,510,000 $3,755,000 $0 3.49%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $345,000 $345,000 $4,065 2.63%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,642 3.63%

Prudential Bank's top markets include Philadelphia, New York, Ocean City, and Scranton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 66 $122,750,000 $1,859,848 $2,899 3.86%

For the 2021 period, Prudential Bank's most frequently originated loan type of loans were Conventional, with 66 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 30 $60,980,000 $2,032,667 $4,215 4.20%
Refi 14 $8,140,000 $581,429 $2,927 3.23%
Home Improvement 11 $51,655,000 $4,695,909 $0 4.41%
Cash Out Refi 9 $1,905,000 $211,667 $3,079 3.10%
Other 2 $70,000 $35,000 $0 3.50%

For the 2021, Prudential Bank's most frequently cited loan purpose of loans were Home Purchase, with 30 originations. The 2nd most popular reason of loans were Refi, with 14 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
5 Year 22 $30,710,000 $1,395,909 $0 4.40%
Other 17 $81,275,000 $4,780,882 $0 4.34%
30 Year 11 $2,845,000 $258,636 $3,765 3.03%
10 Year 6 $6,070,000 $1,011,667 $0 3.73%
20 Year 6 $1,360,000 $226,667 $2,772 2.81%
15 Year 4 $490,000 $122,500 $1,432 2.84%

For the 2021, Prudential Bank's most frequently cited loan length of loans were 5 Year, with 22 originations. The 2nd most popular length of loans were Other, with 17 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 22 $4,720,000 $214,545

$3,765 of loans were Prudential Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 22 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 35 $94,085,000 $2,688,143
3-4% 17 $25,105,000 $1,476,765
2.5-3% 10 $2,600,000 $260,000
<2.5% 4 $960,000 $240,000

During 2021, Prudential Bank's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 4-5%, with 35 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 21 $108,985,000 $5,189,762 $0 4.23%
$200k-400k 21 $6,025,000 $286,905 $3,592 3.37%
$100k-200k 7 $1,065,000 $152,143 $3,110 3.80%
$400k-600k 7 $3,605,000 $515,000 $5,599 4.23%
$100,000 or less 6 $350,000 $58,333 $956 3.31%
$600k-1MM 4 $2,720,000 $680,000 $0 4.71%

2021 saw Prudential Bank place emphasis on $1MM+ loans with 21 originations, totaling $108,985,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 7 $2,735,000 $390,714 $3,625 2.84%
$50k or less 5 $495,000 $99,000 $1,798 3.05%
$150k-250k 4 $1,890,000 $472,500 $4,140 3.55%
$250k+ 3 $965,000 $321,667 $3,552 2.54%
$50k-75k 3 $565,000 $188,333 $3,403 3.25%
$75k-100k 3 $355,000 $118,333 $1,296 3.46%

Prudential Bank lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k or less, with 5 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 7 $1,185,000 $169,286 $2,837 3.09%
44% 3 $625,000 $208,333 $3,353 2.71%
<20% 2 $260,000 $130,000 $1,404 2.75%
36% 2 $390,000 $195,000 $2,033 3.06%
39% 2 $410,000 $205,000 $1,828 2.88%
43% 2 $670,000 $335,000 $3,548 2.88%
40% 1 $205,000 $205,000 $2,886 2.75%
46% 1 $205,000 $205,000 $3,682 3.38%
37% 1 $435,000 $435,000 $5,599 2.99%
30-36% 1 $335,000 $335,000 $4,066 3.13%

Prudential Bank lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 44%, with 3 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 41 $115,745,000 $2,823,049 $0 4.33%
White 23 $6,525,000 $283,696 $2,909 3.07%
Asian 2 $480,000 $240,000 $2,800 3.25%

Approval Rates

Total approvals of all applications
82.54%

Prudential Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
49.07%

Prudential 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
NA 66 $122,750,000 $1,859,848

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
66 $122,750,000 $1,859,848

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 7 $4,035,000 $576,429 $2,033 3.13%
40-60% 17 $9,675,000 $569,118 $3,263 3.58%
60-80% 39 $102,765,000 $2,635,000 $4,104 4.11%
80-100% 1 $6,205,000 $6,205,000 $0 4.50%
Under 20% 2 $70,000 $35,000 $0 3.50%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Partners for Payment Relief Other type of mortgage Trouble during payment process 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Prudential Bank 2133 Spring Garden Street Philadelphia, PA 19130 Full Service B&M $32,860
Prudential Bank 1270 Township Line Road Drexel Hill, PA 19026 Full Service B&M $50,962
Prudential Bank 1722 South Broad Street Philadelphia, PA 19145 Full Service B&M $48,387
Prudential Bank 1834 West Oregon Avenue Philadelphia, PA 19145 Full Service B&M $436,391
Prudential Bank 2 Penn Center, 1500 John F. Kennedy Blvd., Suite #110 Philadelphia, PA 19102 Full Service B&M $15,120
Prudential Bank 238a Moore Street Philadelphia, PA 19148 Full Service B&M $38,063
Prudential Bank 2646 East Allegheny Ave Philadelphia, PA 19134 Full Service B&M $48,845
Prudential Bank 3993 Huntingdon Pike Huntingdon Valley, PA 19006 Full Service B&M $31,126
Prudential Bank 4800 Richmond Street Philadelphia, PA 19137 Full Service B&M $5,560
Prudential Bank 8000 Frankford Ave Philadelphia, PA 19136 Full Service B&M $27,098

For 2021, Prudential Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $37,585
Net interest income $23,483
Total noninterest income $2,048
Gross Fiduciary activities income $0
Service charges on deposit accounts $0
Trading account gains and fees $0
Additional Noninterest Income $2,048
Pre-tax net operating income $7,902
Securities gains (or losses, -) $1,666
Income before extraordinary items $8,216
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,216
Minority interest net income $0
Net income $8,216
Sale, conversion, retirement of capital stock, net $335
Net operating income $6,783

Prudential Bank's gross interest income from loans was $37,585,000.
Prudential Bank's net interest income from loans was $23,483,000.
Prudential Bank's fee based income from loans was $0.
Prudential Bank's net income from loans was $8,216,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $14,102
Provision for credit losses $200
Total noninterest expense $17,429
Salaries and employee benefits $10,510
Premises and equipment expense $1,386
Additional noninterest expense $5,533
Applicable income taxes $1,352
Net charge-offs $136
Cash dividends $6,000

Prudential Bank's interest expense for loans was $14,102,000.
Prudential Bank's payroll and benefits expense were $10,510,000.
Prudential Bank's property, plant and equipment expenses $1,386,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 3.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
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 $723,665
Deposits held in domestic offices $723,665
Deposits by Individuals, partnerships, and corporations $653,689
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $55,071
Deposits by Commercial banks and other depository institutions in U.S. $14,905
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $283,068
Demand deposits $32,060
Nontransaction accounts $440,597
Money market deposit accounts (MMDAs) $112,205
Other savings deposits (excluding MMDAs) $93,333
Total time deposits $235,059
Total time and savings deposits $691,605
Noninterest-bearing deposits $35,692
Interest-bearing deposits $687,973
Retail deposits $464,987
IRAs and Keogh plan accounts $36,038
Brokered deposits $239,557
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,084,167
Cash & Balances due from depository institutions $114,928
Interest-bearing balances $110,362
Total securities $315,379
Federal funds sold & reverse repurchase $0
Net loans and leases $585,164
Loan and leases loss allowance $8,382
Trading account assets $0
Bank premises and fixed assets $6,807
Other real estate owned $4,109
Goodwill and other intangibles $6,326
All other assets $51,454

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,084,167
Total Liabilities $952,375
Total deposits $723,665
Interest-bearing deposits $687,973
Deposits held in domestic offices $723,665
% insured (estimated) $88
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $209,052
Subordinated debt $0
All other liabilities $19,658

Issued Loan Types

Type Value (in 000's)
Net loans and leases $585,164
Loan and leases loss allowance $8,382
Total loans and leases (domestic) $593,546
All real estate loans $529,224
Real estate loans in domestic offices $529,224
Construction and development loans $100,487
Residential 1-4 family construction $6,978
Other construction, all land development and other land $93,509
Loans secured by nonfarm nonresidential properties $164,202
Nonfarm nonresidential secured by owner-occupied properties $14,965
Commercial real estate & other non-farm, non-residential $149,237
Multifamily residential real estate $72,944
1-4 family residential loans $191,591
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $63,806
To non-U.S. addressees $0
Loans to individuals $515
Credit card loans $0
Related Plans $97
Consumer Auto Loans $0
Other loans to individuals $418
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 $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

Prudential Bank had $585,164,000 of loans outstanding in 2021. $529,224,000 of loans were in real estate loans. $100,487,000 of loans were in development loans. $72,944,000 of loans were in multifamily mortgage loans. $191,591,000 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 52 $14,558 $279,962
Nonfarm, nonresidential loans - <$100k 8 $185 $23,125
Nonfarm, nonresidential loans - $100-250k 16 $1,873 $117,063
Nonfarm, nonresidential loans - $250k-1MM 28 $12,500 $446,429
Commercial & Industrial, US addressed loans - <$1MM 415 $41,937 $101,053
Commercial & Industrial, US addressed loans - <$100k 250 $15,315 $61,260
Commercial & Industrial, US addressed loans - $100-250k 154 $20,944 $136,000
Commercial & Industrial, US addressed loans - $250k-1MM 11 $5,678 $516,182