Gibraltar Bank Mortgage Rates, Fees & Info
Oak Ridge, NJLEI: 549300MR7438Q5IB2F95
Tax ID: 22-0940130
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Mortgage Data
Bank Data
Review & Overview
Gibraltar Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Gibraltar Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Chicago, Washington, Philadelphia, and Orlando among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Gibraltar Bank has an above average approval rate when compared to the average across all lenders.
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Originations
78Origination Dollar Volume (All Markets)
$26,040,000Employee count
22Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 71 | $24,305,000 | $342,324 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 77 | $25,805,000 | $335,130 | $0 | 0.00% |
| VA | 1 | $235,000 | $235,000 | $0 | 0.00% |
For 2019, Gibraltar Bank's most frequently originated type of loan was Conventional, with 77 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 36 | $11,310,000 | $314,167 | $0 | 0.00% |
| Cash Out Refi | 29 | $9,795,000 | $337,759 | $0 | 0.00% |
| Refi | 13 | $4,935,000 | $379,615 | $0 | 0.00% |
For 2019, Gibraltar Bank's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 78 | $26,040,000 | $333,846 | $0 | 0.00% |
For 2019, Gibraltar Bank's most frequently cited loan duration was Other, with 78 originations.
Loan Sizing
2019 saw Gibraltar Bank place emphasis on $200k-400k loans with 34 originations, totaling $9,680,000 in origination value.
Applicant Income
Gibraltar Bank lent most frequently to those with incomes in the $150k-250k range, with 24 originations. The second most popular income band? $50k-75k, with 12 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 78 | $26,040,000 | $333,846 | $0 | 0.00% |
Gibraltar Bank lent most frequently to those with DTI ratios of Exempt%, with 78 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Gibraltar Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 78 | $26,040,000 | $333,846 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 6 | $2,600,000 | $433,333 |
| Single Family (1-4 Units):Site-Built | 72 | $23,440,000 | $325,556 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Gibraltar Bank | 1039 South Orange Ave. Newark, NJ 7106 | Full Service B&M | $14,934 |
| Gibraltar Bank | 2 Railroad Plaza Whippany, NJ 7981 | Full Service B&M | $40,070 |
| Gibraltar Bank | 5527 Berkshire Valley Road Oak Ridge, NJ 7438 | Full Service B&M | $23,302 |
For 2019, Gibraltar Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $4,216 |
| Net interest income | $2,933 |
| Total noninterest income | $680 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $22 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $658 |
| Pre-tax net operating income | $278 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $200 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $200 |
| Minority interest net income | $0 |
| Net income | $200 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $200 |
Gibraltar Bank's gross interest income from loans was $4,216,000.
Gibraltar Bank's net interest income from loans was $2,933,000.
Gibraltar Bank's fee based income from loans was $22,000.
Gibraltar Bank's net income from loans was $200,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,283 |
| Provision for credit losses | $10 |
| Total noninterest expense | $3,325 |
| Salaries and employee benefits | $1,971 |
| Premises and equipment expense | $370 |
| Additional noninterest expense | $984 |
| Applicable income taxes | $78 |
| Net charge-offs | $0 |
| Cash dividends | $0 |
Gibraltar Bank's interest expense for loans was $1,283,000.
Gibraltar Bank's payroll and benefits expense were $1,971,000.
Gibraltar Bank's property, plant and equipment expenses $370,000.
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 | $82,562 |
| Deposits held in domestic offices | $82,562 |
| Deposits by Individuals, partnerships, and corporations | $82,562 |
| 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 | $9,792 |
| Demand deposits | $4,685 |
| Nontransaction accounts | $72,770 |
| Money market deposit accounts (MMDAs) | $4,348 |
| Other savings deposits (excluding MMDAs) | $24,309 |
| Total time deposits | $44,113 |
| Total time and savings deposits | $77,877 |
| Noninterest-bearing deposits | $4,685 |
| Interest-bearing deposits | $77,877 |
| Retail deposits | $72,279 |
| IRAs and Keogh plan accounts | $7,357 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $104,358 |
| Cash & Balances due from depository institutions | $7,573 |
| Interest-bearing balances | $7,293 |
| Total securities | $8,423 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $85,947 |
| Loan and leases loss allowance | $694 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $409 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $2,006 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $104,358 |
| Total Liabilities | $91,737 |
| Total deposits | $82,562 |
| Interest-bearing deposits | $77,877 |
| Deposits held in domestic offices | $82,562 |
| % insured (estimated) | $88 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $9,000 |
| Subordinated debt | $0 |
| All other liabilities | $175 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $85,947 |
| Loan and leases loss allowance | $694 |
| Total loans and leases (domestic) | $86,641 |
| All real estate loans | $86,641 |
| Real estate loans in domestic offices | $86,641 |
| Construction and development loans | $5,302 |
| Residential 1-4 family construction | $3,416 |
| Other construction, all land development and other land | $1,886 |
| Loans secured by nonfarm nonresidential properties | $7,789 |
| Nonfarm nonresidential secured by owner-occupied properties | $7,789 |
| Commercial real estate & other non-farm, non-residential | $0 |
| Multifamily residential real estate | $6,056 |
| 1-4 family residential loans | $67,494 |
| 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 | $0 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $0 |
| 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 |
Gibraltar Bank had $85,947,000 of loans outstanding in 2019. $86,641,000 of loans were in real estate loans. $5,302,000 of loans were in development loans. $6,056,000 of loans were in multifamily mortgage loans. $67,494,000 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 | 21 | $7,789 | $370,905 |
| Nonfarm, nonresidential loans - $100-250k | 7 | $982 | $140,286 |
| Nonfarm, nonresidential loans - $250k-1MM | 14 | $6,807 | $486,214 |