Prudential Bank Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300CR6ELPCYKQRB34

Tax ID: 23-1107072

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Refi, Home Purchase, and Home Improvement loans. Prudential Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, New York, Ocean City, Atlantic City, and Allentown among others. We have data for 5 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. Prudential Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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

    89

    Origination Dollar Volume (All Markets)

    $47,835,000

    Employee count

    95

    Awards

    Prudential Bank 30 Year Conventional Loans bronze Prudential Bank 30 Year Conventional Loans bronze
    Show all (2) awards

    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) 84 $46,600,000 $554,762 $3,150 3.69%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $800,000 $400,000 $3,741 3.19%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $215,000 $215,000 $3,522 4.88%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $125,000 $125,000 $2,657 3.63%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $95,000 $95,000 $3,210 3.00%
    Prudential Bank's top markets include Philadelphia, New York, Ocean City, Atlantic City, and Allentown 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.

    First Citizens Community Bank
    Similarity Rank: 589
    BHCU
    Similarity Rank: 625
    Prudential Bank
    Similarity Rank: 640
    Unity Bank
    Similarity Rank: 1258
    GLENDENNING MORTGAGE CORPORATION
    Similarity Rank: 1340
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 1585
    FEDERATED LENDING CORPORATION
    Similarity Rank: 1932
    Penn Community Bank
    Similarity Rank: 1950
    Columbia Bank
    Similarity Rank: 1971
    PINNACLE MORTGAGE, INC.
    Similarity Rank: 1978

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 89 $47,835,000 $537,472 $3,175 3.69%

    For 2020, Prudential Bank's most frequently originated type of loan was Conventional, with 89 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 63 $19,845,000 $315,000 $3,314 3.55%
    Home Purchase 12 $14,430,000 $1,202,500 $3,802 4.02%
    Home Improvement 8 $12,240,000 $1,530,000 $0 4.33%
    Cash Out Refi 5 $1,305,000 $261,000 $2,171 3.55%
    Other 1 $15,000 $15,000 $0 3.49%

    For 2020, Prudential Bank's most frequently cited loan purpose was Refi, with 63 originations. The 2nd most popular reason was Home Purchase, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 26 $5,070,000 $195,000 $0 3.98%
    30 Year 19 $5,035,000 $265,000 $3,875 3.17%
    5 Year 14 $11,140,000 $795,714 $0 4.34%
    15 Year 13 $3,855,000 $296,538 $3,409 2.77%
    Other 9 $20,135,000 $2,237,222 $0 4.43%
    20 Year 5 $1,635,000 $327,000 $3,549 3.27%
    1 Year 3 $965,000 $321,667 $4,034 3.75%

    For 2020, Prudential Bank's most frequently cited loan duration was 10 Year, with 26 originations. The 2nd most popular length was 30 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 44 $11,150,000 $253,409

    Prudential Bank's average total fees were $3,875, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 44 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 33 $9,415,000 $285,303
    4-5% 27 $29,525,000 $1,093,519
    2.5-3% 21 $6,395,000 $304,524
    <2.5% 8 $2,500,000 $312,500

    During 2020, Prudential Bank's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 24 $6,660,000 $277,500 $3,810 3.42%
    $100k-200k 21 $2,985,000 $142,143 $2,618 3.60%
    $100,000 or less 16 $970,000 $60,625 $401 3.89%
    $400k-600k 15 $7,175,000 $478,333 $4,817 3.39%
    $1MM+ 10 $27,520,000 $2,752,000 $0 4.43%
    $600k-1MM 3 $2,525,000 $841,667 $0 4.25%

    2020 saw Prudential Bank place emphasis on $200k-400k loans with 24 originations, totaling $6,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 12 $4,370,000 $364,167 $4,074 3.27%
    $100k-150k 9 $2,455,000 $272,778 $3,431 3.03%
    $150k-250k 7 $2,305,000 $329,286 $4,096 3.02%
    $50k or less 6 $520,000 $86,667 $1,500 3.64%
    $75k-100k 6 $1,260,000 $210,000 $2,952 3.54%
    $50k-75k 5 $715,000 $143,000 $2,187 3.22%

    Prudential Bank lent most frequently to those with incomes in the $250k+ range, with 12 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $2,190,000 $219,000 $3,278 3.01%
    <20% 7 $2,565,000 $366,429 $3,963 2.93%
    43% 5 $1,435,000 $287,000 $2,761 3.30%
    30-36% 4 $980,000 $245,000 $3,724 3.50%
    38% 3 $455,000 $151,667 $2,026 2.99%
    37% 2 $590,000 $295,000 $2,376 3.37%
    45% 2 $470,000 $235,000 $3,662 3.00%
    41% 2 $330,000 $165,000 $1,898 4.37%
    36% 2 $640,000 $320,000 $3,833 2.69%
    >60% 1 $15,000 $15,000 $0 3.49%
    39% 1 $125,000 $125,000 $3,427 2.50%
    42% 1 $125,000 $125,000 $2,919 3.75%
    44% 1 $45,000 $45,000 $0 3.75%
    46% 1 $465,000 $465,000 $5,219 2.88%
    48% 1 $205,000 $205,000 $3,761 2.88%
    49% 1 $515,000 $515,000 $5,556 2.63%

    Prudential Bank lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? <20%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 42 $35,870,000 $854,048 $0 4.18%
    White 36 $8,330,000 $231,389 $2,920 3.37%
    Not provided 7 $2,425,000 $346,429 $4,314 2.80%
    Asian 2 $560,000 $280,000 $3,665 2.69%
    American Indian 1 $465,000 $465,000 $3,448 3.13%
    Black 1 $185,000 $185,000 $2,394 2.99%

    Approval Rates

    Total approvals of all applications
    83.27%

    Prudential Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    46.07%

    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 89 $47,835,000 $537,472

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $29,625,000 $1,975,000
    Single Family (1-4 Units):Site-Built 74 $18,210,000 $246,081

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $2,105,000 $191,364 $3,229 3.68%
    40-60% 30 $8,250,000 $275,000 $3,843 3.50%
    60-80% 37 $36,075,000 $975,000 $3,617 3.82%
    80-100% 4 $1,100,000 $275,000 $3,840 3.40%
    Under 20% 7 $305,000 $43,571 $0 3.99%

    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 $28,211
    Prudential Bank 1722 South Broad Street Philadelphia, PA 19145 Full Service B&M $50,242
    Prudential Bank 1834 West Oregon Avenue Philadelphia, PA 19145 Full Service B&M $458,056
    Prudential Bank 2 Penn Center, 1500 John F. Kennedy Blvd., Suite #110 Philadelphia, PA 19102 Full Service B&M $15,830
    Prudential Bank 2133 Spring Garden Street Philadelphia, PA 19130 Full Service B&M $28,081
    Prudential Bank 238a Moore Street Philadelphia, PA 19148 Full Service B&M $37,518
    Prudential Bank 2646 East Allegheny Ave Philadelphia, PA 19134 Full Service B&M $46,117
    Prudential Bank 3993 Huntingdon Pike Huntingdon Valley, PA 19006 Full Service B&M $33,077
    Prudential Bank 4800 Richmond Street Philadelphia, PA 19137 Full Service B&M $5,280
    Prudential Bank 8000 Frankford Ave Philadelphia, PA 19136 Full Service B&M $28,849

    For 2020, Prudential Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,091
    Net interest income $22,143
    Total noninterest income $2,316
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $0
    Trading account gains and fees $0
    Additional Noninterest Income $2,316
    Pre-tax net operating income $5,046
    Securities gains (or losses, -) $5,731
    Income before extraordinary items $9,345
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,345
    Minority interest net income $0
    Net income $9,345
    Sale, conversion, retirement of capital stock, net $495
    Net operating income $4,359

    Prudential Bank's gross interest income from loans was $40,091,000.
    Prudential Bank's net interest income from loans was $22,143,000.
    Prudential Bank's fee based income from loans was $0.
    Prudential Bank's net income from loans was $9,345,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $17,948
    Provision for credit losses $2,900
    Total noninterest expense $16,513
    Salaries and employee benefits $9,680
    Premises and equipment expense $1,321
    Additional noninterest expense $5,512
    Applicable income taxes $1,432
    Net charge-offs $110
    Cash dividends $19,000

    Prudential Bank's interest expense for loans was $17,948,000.
    Prudential Bank's payroll and benefits expense were $9,680,000.
    Prudential Bank's property, plant and equipment expenses $1,321,000.

    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 4.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 2.0%
    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 $751,507
    Deposits held in domestic offices $751,507
    Deposits by Individuals, partnerships, and corporations $664,573
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $64,242
    Deposits by Commercial banks and other depository institutions in U.S. $22,693
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $265,260
    Demand deposits $28,844
    Nontransaction accounts $486,248
    Money market deposit accounts (MMDAs) $116,256
    Other savings deposits (excluding MMDAs) $90,039
    Total time deposits $279,951
    Total time and savings deposits $722,664
    Noninterest-bearing deposits $28,844
    Interest-bearing deposits $722,663
    Retail deposits $494,007
    IRAs and Keogh plan accounts $39,513
    Brokered deposits $234,866
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,193,261
    Cash & Balances due from depository institutions $93,060
    Interest-bearing balances $88,603
    Total securities $423,556
    Federal funds sold & reverse repurchase $0
    Net loans and leases $605,883
    Loan and leases loss allowance $8,318
    Trading account assets $0
    Bank premises and fixed assets $7,098
    Other real estate owned $0
    Goodwill and other intangibles $6,416
    All other assets $57,248

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,193,261
    Total Liabilities $1,063,810
    Total deposits $751,507
    Interest-bearing deposits $722,663
    Deposits held in domestic offices $751,507
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $281,258
    Subordinated debt $0
    All other liabilities $31,045

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $605,883
    Loan and leases loss allowance $8,318
    Total loans and leases (domestic) $614,201
    All real estate loans $591,642
    Real estate loans in domestic offices $591,642
    Construction and development loans $174,539
    Residential 1-4 family construction $10,236
    Other construction, all land development and other land $164,303
    Loans secured by nonfarm nonresidential properties $140,223
    Nonfarm nonresidential secured by owner-occupied properties $15,594
    Commercial real estate & other non-farm, non-residential $124,629
    Multifamily residential real estate $31,909
    1-4 family residential loans $244,971
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $21,908
    To non-U.S. addressees $0
    Loans to individuals $524
    Credit card loans $0
    Related Plans $115
    Consumer Auto Loans $0
    Other loans to individuals $409
    All other loans & leases $127
    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 $605,883,000 of loans outstanding in 2020. $591,642,000 of loans were in real estate loans. $174,539,000 of loans were in development loans. $31,909,000 of loans were in multifamily mortgage loans. $244,971,000 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 63 $14,465 $229,603
    Nonfarm, nonresidential loans - <$100k 14 $469 $33,500
    Nonfarm, nonresidential loans - $100-250k 20 $2,282 $114,100
    Nonfarm, nonresidential loans - $250k-1MM 29 $11,714 $403,931
    Commercial & Industrial, US addressed loans - <$1MM 69 $10,474 $151,797
    Commercial & Industrial, US addressed loans - <$100k 25 $1,433 $57,320
    Commercial & Industrial, US addressed loans - $100-250k 34 $4,418 $129,941
    Commercial & Industrial, US addressed loans - $250k-1MM 10 $4,623 $462,300