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
  • 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 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, and Scranton among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Prudential Bank has an above 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

    66

    Origination Dollar Volume (All Markets)

    $122,750,000

    Employee count

    91

    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) 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.

    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.

    Louviers Federal Credit Union
    Similarity Rank: 410
    BHCU
    Similarity Rank: 504
    Columbia Bank
    Similarity Rank: 1105
    FEDERATED LENDING CORPORATION
    Similarity Rank: 1448
    AmeriServ Financial Bank
    Similarity Rank: 1505
    MILLENIUM HOME MORTGAGE, LLC
    Similarity Rank: 2052
    Dover Federal Credit Union
    Similarity Rank: 2208
    Penn Community Bank
    Similarity Rank: 2431
    SOUTH JERSEY
    Similarity Rank: 2450
    PINNACLE MORTGAGE, INC.
    Similarity Rank: 2603

    Product Mix

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

    For 2021, Prudential Bank's most frequently originated type of loan was Conventional, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Prudential Bank's most frequently cited loan purpose was Home Purchase, with 30 originations. The 2nd most popular reason was 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 2021, Prudential Bank's most frequently cited loan duration was 5 Year, with 22 originations. The 2nd most popular length was Other, with 17 originations.

    Origination Fees/Closing Costs

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

    Prudential Bank's average total fees were $3,765, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.03%, while their most frequently originated rate bucket for loans was 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
    92.54%

    Prudential Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    48.48%

    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 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 2133 Spring Garden Street Philadelphia, PA 19130 Full Service B&M $32,860
    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