Prudential Bank Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300CR6ELPCYKQRB34

Tax ID: 23-1107072

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

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

    Prudential Bank has an 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    47

    Origination Dollar Volume (All Markets)

    $34,835,000

    Employee count

    84

    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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 45 $30,355,000 $674,556 $385 5.12%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $4,375,000 $4,375,000 $0 4.75%
    READING, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.13%
    Prudential Bank's top markets include Philadelphia, New York, and Reading among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Prudential Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Iron Workers Savings Bank
    Similarity Rank: 63
    Haddon Savings Bank
    Similarity Rank: 116
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 126
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 135
    Columbia Bank
    Similarity Rank: 136
    WASHINGTON SAVINGS BANK
    Similarity Rank: 225
    COMMUNITY POWERED
    Similarity Rank: 228
    Penn Community Bank
    Similarity Rank: 576
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    ESSA Bank & Trust
    Similarity Rank: 710

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 47 $34,835,000 $741,170 $362 5.09%

    For 2018, Prudential Bank's most frequently originated type of loan was Conventional, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 22 $3,950,000 $179,545 $458 5.25%
    Home Purchase 16 $30,520,000 $1,907,500 $1,705 5.37%
    Other 6 $190,000 $31,667 $0 4.23%
    Home Improvement 3 $175,000 $58,333 $0 4.21%

    For 2018, Prudential Bank's most frequently cited loan purpose was Refi, with 22 originations. The 2nd most popular reason was Home Purchase, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 16 $17,220,000 $1,076,250 $0 5.17%
    Other 12 $14,940,000 $1,245,000 $0 5.56%
    10 Year 6 $1,320,000 $220,000 $0 4.38%
    20 Year 5 $465,000 $93,000 $355 4.65%
    15 Year 4 $430,000 $107,500 $1,095 4.06%
    3 Year 4 $460,000 $115,000 $0 6.00%

    For 2018, Prudential Bank's most frequently cited loan duration was 5 Year, with 16 originations. The 2nd most popular length was Other, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 17 $1,165,000 $68,529

    Prudential Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 27 $28,175,000 $1,043,519
    4-5% 13 $6,495,000 $499,615
    3-4% 7 $165,000 $23,571

    During 2018, Prudential Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 15 $675,000 $45,000 $136 4.46%
    $100k-200k 12 $1,560,000 $130,000 $444 5.32%
    $1MM+ 8 $27,170,000 $3,396,250 $0 5.50%
    $400k-600k 6 $3,150,000 $525,000 $0 5.63%
    $200k-400k 5 $1,525,000 $305,000 $2,746 5.05%
    $600k-1MM 1 $755,000 $755,000 $0 5.50%

    2018 saw Prudential Bank place emphasis on $100,000 or less loans with 15 originations, totaling $675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 7 $445,000 $63,571 $487 4.25%
    $50k or less 4 $80,000 $20,000 $0 3.96%
    $100k-150k 3 $755,000 $251,667 $0 4.67%
    $150k-250k 3 $595,000 $198,333 $1,373 4.46%
    $75k-100k 2 $80,000 $40,000 $0 4.13%

    Prudential Bank lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $50k or less, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 6 $840,000 $140,000 $0 4.19%
    20-30% 6 $580,000 $96,667 $458 4.21%
    30-36% 4 $200,000 $50,000 $444 4.43%
    37% 2 $120,000 $60,000 $817 4.06%

    Prudential Bank lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 28 $32,880,000 $1,174,286 $0 5.64%
    White 19 $1,955,000 $102,895 $362 4.27%

    Approval Rates

    Total approvals of all applications
    76.04%

    Prudential Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    46.81%

    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 47 $34,835,000 $741,170

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $27,925,000 $3,102,778
    Single Family (1-4 Units):Site-Built 38 $6,910,000 $181,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $920,000 $115,000 $392 4.33%
    40-60% 8 $6,060,000 $757,500 $0 5.67%
    60-80% 23 $27,585,000 $1,199,348 $1,705 5.47%
    Under 20% 8 $270,000 $33,750 $0 4.18%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Partners for Payment Relief Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Prudential Bank 1270 Township Line Road Drexel Hill, PA 19026 Full Service B&M $27,471
    Prudential Bank 1722 South Broad Street Philadelphia, PA 19145 Full Service B&M $38,992
    Prudential Bank 1834 West Oregon Avenue Philadelphia, PA 19145 Full Service B&M $456,637
    Prudential Bank 2 Penn Center Philadelphia, PA 19102 Full Service B&M $16,922
    Prudential Bank 2133 Spring Garden Street Philadelphia, PA 19130 Full Service B&M $27,717
    Prudential Bank 238a Moore Street Philadelphia, PA 19148 Full Service B&M $34,564
    Prudential Bank 2646 East Allegheny Ave Philadelphia, PA 19134 Full Service B&M $49,402
    Prudential Bank 3993 Huntingdon Pike Huntingdon Valley, PA 19006 Full Service B&M $42,787
    Prudential Bank 4800 Richmond Street Philadelphia, PA 19137 Full Service B&M $4,075
    Prudential Bank 8000 Frankford Ave Philadelphia, PA 19136 Full Service B&M $25,134

    For 2018, Prudential Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $36,815
    Net interest income $24,592
    Total noninterest income $3,080
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $0
    Trading account gains and fees $0
    Additional Noninterest Income $3,080
    Pre-tax net operating income $11,774
    Securities gains (or losses, -) $-376
    Income before extraordinary items $9,407
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,407
    Minority interest net income $0
    Net income $9,407
    Sale, conversion, retirement of capital stock, net $1,124
    Net operating income $9,719

    Prudential Bank's gross interest income from loans was $36,815,000.
    Prudential Bank's net interest income from loans was $24,592,000.
    Prudential Bank's fee based income from loans was $0.
    Prudential Bank's net income from loans was $9,407,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,223
    Provision for credit losses $600
    Total noninterest expense $15,298
    Salaries and employee benefits $8,036
    Premises and equipment expense $1,670
    Additional noninterest expense $5,592
    Applicable income taxes $1,991
    Net charge-offs $109
    Cash dividends $5,000

    Prudential Bank's interest expense for loans was $12,223,000.
    Prudential Bank's payroll and benefits expense were $8,036,000.
    Prudential Bank's property, plant and equipment expenses $1,670,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 8.0%
    Nonfarm, nonresidential loans 1.0%
    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 $758,967
    Deposits held in domestic offices $758,967
    Deposits by Individuals, partnerships, and corporations $564,225
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $126,208
    Deposits by Commercial banks and other depository institutions in U.S. $68,533
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $63,633
    Demand deposits $14,360
    Nontransaction accounts $695,333
    Money market deposit accounts (MMDAs) $65,752
    Other savings deposits (excluding MMDAs) $94,525
    Total time deposits $535,056
    Total time and savings deposits $744,606
    Noninterest-bearing deposits $14,360
    Interest-bearing deposits $744,607
    Retail deposits $513,642
    IRAs and Keogh plan accounts $45,601
    Brokered deposits $210,760
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,115,161
    Cash & Balances due from depository institutions $11,501
    Interest-bearing balances $9,282
    Total securities $450,785
    Federal funds sold & reverse repurchase $0
    Net loans and leases $588,511
    Loan and leases loss allowance $5,167
    Trading account assets $0
    Bank premises and fixed assets $7,310
    Other real estate owned $1,027
    Goodwill and other intangibles $6,640
    All other assets $49,387

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,115,161
    Total Liabilities $988,945
    Total deposits $758,967
    Interest-bearing deposits $744,607
    Deposits held in domestic offices $758,967
    % insured (estimated) $95
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $217,400
    Subordinated debt $0
    All other liabilities $12,578

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $588,511
    Loan and leases loss allowance $5,167
    Total loans and leases (domestic) $593,678
    All real estate loans $567,992
    Real estate loans in domestic offices $567,992
    Construction and development loans $100,339
    Residential 1-4 family construction $5,337
    Other construction, all land development and other land $95,002
    Loans secured by nonfarm nonresidential properties $112,975
    Nonfarm nonresidential secured by owner-occupied properties $20,307
    Commercial real estate & other non-farm, non-residential $92,668
    Multifamily residential real estate $34,480
    1-4 family residential loans $320,198
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $17,333
    To non-U.S. addressees $0
    Loans to individuals $891
    Credit card loans $1
    Related Plans $154
    Consumer Auto Loans $0
    Other loans to individuals $736
    All other loans & leases $7,462
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $5,990
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $645
    Non 1-4 family restructured loans & leases $506
    Total loans and leases (foreign) $0

    Prudential Bank had $588,511,000 of loans outstanding in 2018. $567,992,000 of loans were in real estate loans. $100,339,000 of loans were in development loans. $34,480,000 of loans were in multifamily mortgage loans. $320,198,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $1,000 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 137 $19,355 $141,277
    Nonfarm, nonresidential loans - <$100k 39 $886 $22,718
    Nonfarm, nonresidential loans - $100-250k 45 $3,893 $86,511
    Nonfarm, nonresidential loans - $250k-1MM 53 $14,576 $275,019
    Commercial & Industrial, US addressed loans - <$1MM 8 $1,168 $146,000
    Commercial & Industrial, US addressed loans - <$100k 5 $33 $6,600
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $1,135 $378,333