Kearny Bank Mortgage Rates, Fees & Info

Kearny, NJ

LEI: 549300N6U5XCH70TOK35

Tax ID: 22-1032860

5 stars - out of 5 stars, based on 40 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Kearny Bank is a small bank specializing in Refi and Home Purchase loans. Kearny Bank has a high proportion of conventional loans. Their top markets include New York, Philadelphia, Bridgeport, Trenton, and Dover among others. Kearny Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Kearny Bank is typically an average fee lendor.


Originations

1,606

Origination Dollar Volume (All Markets)

$1,044,630,000

Employee count

541 Show all (6) awards

Relative Rate

Kearny Bank's average 30 year fixed rate mortgage of loans were 2.86%.

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

This yields a difference of -0.29%.

Relative Fees

Kearny Bank's average total fees for a 30 year fixed rate mortgage are $4,586.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,485 $901,935,000 $607,364 $4,125 2.83%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 41 $68,175,000 $1,662,805 $4,561 3.12%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 5 $19,605,000 $3,921,000 $3,562 2.95%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 24 $15,500,000 $645,833 $4,529 2.74%
DOVER, DE (FHA|USDA|VA) 1 $11,105,000 $11,105,000 $0 2.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 15 $7,095,000 $473,000 $4,094 3.09%
OCEAN CITY, NJ (FHA|USDA|VA) 7 $4,815,000 $687,857 $4,147 2.84%
READING, PA (FHA|USDA|VA) 2 $3,770,000 $1,885,000 $4,086 3.19%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $2,925,000 $2,925,000 $0 3.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 6 $2,250,000 $375,000 $3,577 2.83%
Outside of Metro Areas 6 $1,520,000 $253,333 $6,223 2.90%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $935,000 $935,000 $4,909 2.75%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $695,000 $695,000 $4,651 2.63%
GETTYSBURG, PA (FHA|USDA|VA) 1 $615,000 $615,000 $6,185 2.75%
KINGSTON, NY (FHA|USDA|VA) 1 $545,000 $545,000 $4,601 2.75%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $465,000 $465,000 $4,324 2.88%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $465,000 $465,000 $3,479 2.63%
Morehead City, NC (FHA|USDA|VA) 1 $455,000 $455,000 $2,542 2.88%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $435,000 $435,000 $2,800 2.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $355,000 $355,000 $3,254 3.13%
Georgetown, SC (FHA|USDA|VA) 1 $355,000 $355,000 $4,039 2.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $225,000 $225,000 $11,669 2.50%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $195,000 $195,000 $2,453 2.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,875 2.88%

Kearny Bank's top markets include New York, Philadelphia, Bridgeport, Trenton, and Dover among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,606 $1,044,630,000 $650,455 $4,147 2.84%

For the 2021 period, Kearny Bank's most frequently originated loan type of loans were Conventional, with 1,606 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 763 $544,015,000 $712,995 $3,521 2.75%
Home Purchase 515 $367,065,000 $712,748 $5,533 2.84%
Cash Out Refi 277 $122,495,000 $442,220 $3,724 2.90%
Home Improvement 30 $5,000,000 $166,667 $1,453 3.99%
Other 21 $6,055,000 $288,333 $2,223 3.57%

For the 2021, Kearny Bank's most frequently cited loan purpose of loans were Refi, with 763 originations. The 2nd most popular reason of loans were Home Purchase, with 515 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,042 $573,870,000 $550,739 $4,586 2.86%
15 Year 278 $100,450,000 $361,331 $3,312 2.49%
20 Year 133 $59,565,000 $447,857 $3,422 2.75%
10 Year 81 $169,395,000 $2,091,296 $1,632 3.43%
5 Year 42 $95,190,000 $2,266,429 $195 3.54%
Other 21 $18,655,000 $888,333 $3,456 3.07%
3 Year 9 $27,505,000 $3,056,111 $0 3.33%

For the 2021, Kearny Bank's most frequently cited loan length of loans were 30 Year, with 1,042 originations. The 2nd most popular length of loans were 15 Year, with 278 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,348 $684,700,000 $507,938
$1k-2k 81 $28,545,000 $352,407
$2k-3k 15 $5,905,000 $393,667
$3k-4k 7 $3,985,000 $569,286
$5k+ 4 $1,560,000 $390,000

$4,586 of loans were Kearny Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,348 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 993 $625,435,000 $629,844
<2.5% 305 $113,345,000 $371,623
3-4% 266 $295,780,000 $1,111,955
4-5% 41 $9,815,000 $239,390
5-6% 1 $255,000 $255,000

During 2021, Kearny Bank's average interest rate of loans were 2.86%, while their most frequently originated rate bucket of loans were 2.5-3%, with 993 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 511 $151,585,000 $296,644 $3,424 2.76%
$600k-1MM 377 $288,965,000 $766,485 $5,223 2.79%
$400k-600k 373 $184,855,000 $495,590 $4,307 2.80%
$1MM+ 159 $394,555,000 $2,481,478 $6,908 3.10%
$100k-200k 142 $22,270,000 $156,831 $2,797 2.70%
$100,000 or less 44 $2,400,000 $54,545 $755 3.92%

2021 saw Kearny Bank place emphasis on $200k-400k loans with 511 originations, totaling $151,585,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 480 $244,550,000 $509,479 $4,256 2.79%
$250k+ 431 $321,185,000 $745,209 $5,093 2.76%
$100k-150k 313 $110,865,000 $354,201 $3,579 2.81%
$75k-100k 133 $37,955,000 $285,376 $3,427 2.84%
$50k-75k 124 $24,950,000 $201,210 $3,068 2.77%
$50k or less 19 $2,155,000 $113,421 $2,511 3.15%

Kearny Bank lent most frequently to those with incomes in the $150k-250k range, with 480 originations. The second most popular income band? $250k+, with 431 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 415 $213,285,000 $513,940 $4,132 2.73%
30-36% 304 $156,150,000 $513,651 $4,065 2.81%
<20% 130 $60,760,000 $467,385 $4,184 2.70%
42% 83 $42,965,000 $517,651 $4,255 3.02%
41% 71 $39,115,000 $550,915 $4,414 2.86%
40% 69 $35,355,000 $512,391 $4,387 2.80%
38% 68 $36,770,000 $540,735 $4,573 2.80%
36% 65 $30,425,000 $468,077 $4,031 2.72%
37% 57 $29,015,000 $509,035 $3,974 2.89%
39% 54 $24,640,000 $456,296 $4,052 2.84%
43% 33 $14,235,000 $431,364 $4,267 2.83%
44% 30 $11,870,000 $395,667 $3,569 2.95%
48% 29 $12,855,000 $443,276 $4,116 2.78%
45% 27 $9,155,000 $339,074 $3,866 2.81%
49% 27 $9,875,000 $365,741 $4,584 2.79%
47% 23 $8,905,000 $387,174 $3,847 2.85%
46% 14 $6,030,000 $430,714 $3,799 2.70%
50-60% 1 $255,000 $255,000 $0 2.88%

Kearny Bank lent most frequently to those with DTI ratios of 20-30%, with 415 originations. The next most common DTI ratio? 30-36%, with 304 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,211 $574,825,000 $474,670 $4,038 2.79%
Not applicable 97 $298,285,000 $3,075,103 $0 3.51%
Asian 217 $134,435,000 $619,516 $4,934 2.72%
Not provided 37 $15,175,000 $410,135 $2,967 3.21%
Asian Indian 15 $9,565,000 $637,667 $4,850 2.74%
Black 25 $9,465,000 $378,600 $3,578 3.16%
Other Asian 3 $2,465,000 $821,667 $5,877 2.75%
Native Hawaiian 1 $415,000 $415,000 $6,539 2.38%

Approval Rates

Total approvals of all applications
94.77%

Kearny Bank has an average approval rate.

Pick Rate

Approvals leading to origination
76.89%

Kearny Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,606 $1,044,630,000 $650,455

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,606 $1,044,630,000 $650,455

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 163 $45,195,000 $277,270 $3,144 2.72%
40-60% 404 $169,350,000 $419,183 $3,649 2.67%
60-80% 725 $667,945,000 $921,303 $4,460 2.91%
80-100% 276 $158,970,000 $575,978 $5,172 2.79%
Under 20% 38 $3,170,000 $83,421 $782 4.01%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Kearny Bank 130 Mountain Avenue Springfield, NJ 7081 Full Service B&M $83,211
Kearny Bank 252 Park Ave Rutherford, NJ 7070 Full Service B&M $99,638
Kearny Bank 259 Paterson Ave Wallington, NJ 7057 Full Service B&M $148,182
Kearny Bank 267 Changebridge Road Pine Brook, NJ 7058 Full Service B&M $156,322
Kearny Bank 270 Ryders Lane Milltown, NJ 8850 Full Service B&M $112,635
Kearny Bank 300 West Sylvania Avenue Neptune, NJ 7753 Full Service B&M $55,559
Kearny Bank 307 Stuyvesant Avenue Lyndhurst, NJ 7071 Full Service B&M $191,085
Kearny Bank 33-11 Broadway Fair Lawn, NJ 7410 Full Service B&M $60,790
Kearny Bank 369 Lanza Avenue Garfield, NJ 7026 Full Service B&M $107,638
Kearny Bank 417 Bloomfield Avenue Caldwell, NJ 7006 Full Service B&M $92,809
Kearny Bank 425 Route 9 Bayville, NJ 8721 Full Service B&M $54,953
Kearny Bank 478 Fifth Avenue Brooklyn, NY 11215 Full Service B&M $62,317
Kearny Bank 487 Pleasant Valley Way West Orange, NJ 7052 Full Service B&M $78,534
Kearny Bank 1055 Clifton Avenue Clifton, NJ 7013 Full Service B&M $222,543
Kearny Bank 1158 Hamburg Turnpike Wayne, NJ 7470 Full Service B&M $92,380
Kearny Bank 119 Paris Avenue Northvale, NJ 7647 Full Service B&M $61,070
Kearny Bank 122 Morristown Road, Route 202 South Bernardsville, NJ 7924 Full Service B&M $34,232
Kearny Bank 501 Main Street Bradley Beach, NJ 7720 Full Service B&M $74,962
Kearny Bank 510 State Highway 34 Matawan, NJ 7747 Full Service B&M $92,386
Kearny Bank 520 Main Street Spotswood, NJ 8884 Full Service B&M $66,426
Kearny Bank 534 Harrison Avenue Harrison, NJ 7029 Full Service B&M $31,585
Kearny Bank 601 Frank E.Rogers Blvd. N. Harrison, NJ 7029 Full Service B&M $0
Kearny Bank 61 Main Avenue Ocean Grove, NJ 7756 Full Service B&M $63,866
Kearny Bank 611 Main Street Belmar, NJ 7719 Full Service B&M $68,037
Kearny Bank 614 Kearny Ave Kearny, NJ 7032 Full Service B&M $792,436
Kearny Bank 627 Second Avenue Long Branch, NJ 7740 Full Service B&M $125,662
Kearny Bank 630 North Main Street Lanoka Harbor, NJ 8734 Full Service B&M $110,352
Kearny Bank 640 Bloomfield Avenue Montclair, NJ 7042 Full Service B&M $9,587
Kearny Bank 661 Wyckoff Avenue Wyckoff, NJ 7481 Full Service B&M $113,923
Kearny Bank 675 Martinsville Road Basking Ridge, NJ 7920 Full Service B&M $84,546
Kearny Bank 700 Allaire Road Spring Lake, NJ 7762 Full Service B&M $99,801
Kearny Bank 700 Branch Avenue Little Silver, NJ 7739 Full Service B&M $58,350
Kearny Bank 757 Palisade Avenue Cliffside Park, NJ 7010 Full Service B&M $33,845
Kearny Bank 80 Ridge Road North Arlington, NJ 7031 Full Service B&M $151,746
Kearny Bank 827 Fischer Blvd Toms River, NJ 8753 Full Service B&M $101,503
Kearny Bank 875 Manhattan Avenue Brooklyn, NY 11222 Full Service B&M $28,467
Kearny Bank 8901 Kennedy Boulevard North Bergen, NJ 7047 Full Service B&M $118,521
Kearny Bank 917 Route 23 Pompton Plains, NJ 7444 Full Service B&M $141,449
Kearny Bank 1400 Hylan Boulevard Staten Island, NY 10305 Full Service B&M $31,402
Kearny Bank 1433 Van Houten Avenue, 3rd Floor Clifton, NJ 7013 Full Service B&M $210,571
Kearny Bank 1470 Garden St Hoboken, NJ 7030 Full Service B&M $56,059
Kearny Bank 155 Main Street Manasquan, NJ 8736 Full Service B&M $53,442
Kearny Bank 1902 Long Hill Road Millington, NJ 7946 Full Service B&M $289,316
Kearny Bank 1903 Highway 35 Oakhurst, NJ 7755 Full Service B&M $101,747
Kearny Bank 2 Brick Boulevard Brick, NJ 8723 Full Service B&M $112,361
Kearny Bank 207 Old Tappan Road Old Tappan, NJ 7675 Full Service B&M $92,620
Kearny Bank 2200 Route 35 Sea Girt, NJ 8750 Full Service B&M $126,556
Kearny Bank 2201 Bridge Avenue Point Pleasant, NJ 8742 Full Service B&M $62,070
Kearny Bank 250 Valley Blvd Wood-Ridge, NJ 7075 Full Service B&M $346,439

For 2021, Kearny Bank had 49 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $229,360
Net interest income $194,099
Total noninterest income $15,957
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,470
Trading account gains and fees $0
Additional Noninterest Income $14,487
Pre-tax net operating income $100,871
Securities gains (or losses, -) $332
Income before extraordinary items $74,105
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $74,105
Minority interest net income $0
Net income $74,105
Sale, conversion, retirement of capital stock, net $7,698
Net operating income $73,842

Kearny Bank's gross interest income from loans was $229,360,000.
Kearny Bank's net interest income from loans was $194,099,000.
Kearny Bank's fee based income from loans was $1,470,000.
Kearny Bank's net income from loans was $74,105,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $35,261
Provision for credit losses $-11,635
Total noninterest expense $120,820
Salaries and employee benefits $71,439
Premises and equipment expense $23,145
Additional noninterest expense $26,236
Applicable income taxes $27,098
Net charge-offs $3,535
Cash dividends $249,162

Kearny Bank's interest expense for loans was $35,261,000.
Kearny Bank's payroll and benefits expense were $71,439,000.
Kearny Bank's property, plant and equipment expenses $23,145,000.

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 1.0%
Nonfarm, nonresidential loans 2.0%
Multifamily residential loans 1.0%
1-4 family residential loans 0.0%
HELOC loans 5.0%
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 $5,594,794
Deposits held in domestic offices $5,594,794
Deposits by Individuals, partnerships, and corporations $5,100,270
Deposits by U.S. Government $19
Deposits by States and political subdivisions in the U.S. $481,188
Deposits by Commercial banks and other depository institutions in U.S. $13,317
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $678,649
Demand deposits $353,114
Nontransaction accounts $4,916,145
Money market deposit accounts (MMDAs) $824,412
Other savings deposits (excluding MMDAs) $2,436,946
Total time deposits $1,654,787
Total time and savings deposits $5,241,680
Noninterest-bearing deposits $643,247
Interest-bearing deposits $4,951,547
Retail deposits $5,005,134
IRAs and Keogh plan accounts $296,876
Brokered deposits $458,419
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $7,183,862
Cash & Balances due from depository institutions $58,686
Interest-bearing balances $31,678
Total securities $1,644,208
Federal funds sold & reverse repurchase $0
Net loans and leases $4,790,737
Loan and leases loss allowance $48,216
Trading account assets $0
Bank premises and fixed assets $69,151
Other real estate owned $658
Goodwill and other intangibles $214,434
All other assets $405,988

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $7,183,862
Total Liabilities $6,343,280
Total deposits $5,594,794
Interest-bearing deposits $4,951,547
Deposits held in domestic offices $5,594,794
% insured (estimated) $76
Federal funds purchased and repurchase agreements $20,000
Trading liabilities $0
Other borrowed funds $695,196
Subordinated debt $0
All other liabilities $33,290

Issued Loan Types

Type Value (in 000's)
Net loans and leases $4,790,737
Loan and leases loss allowance $48,216
Total loans and leases (domestic) $4,838,953
All real estate loans $4,656,252
Real estate loans in domestic offices $4,656,252
Construction and development loans $108,677
Residential 1-4 family construction $0
Other construction, all land development and other land $108,677
Loans secured by nonfarm nonresidential properties $1,016,180
Nonfarm nonresidential secured by owner-occupied properties $106,100
Commercial real estate & other non-farm, non-residential $910,080
Multifamily residential real estate $2,003,864
1-4 family residential loans $1,527,531
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $179,653
To non-U.S. addressees $0
Loans to individuals $3,048
Credit card loans $0
Related Plans $139
Consumer Auto Loans $0
Other loans to individuals $2,909
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 $8,666
Non 1-4 family restructured loans & leases $3,983
Total loans and leases (foreign) $0

Kearny Bank had $4,790,737,000 of loans outstanding in 2021. $4,656,252,000 of loans were in real estate loans. $108,677,000 of loans were in development loans. $2,003,864,000 of loans were in multifamily mortgage loans. $1,527,531,000 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 339 $108,375 $319,690
Nonfarm, nonresidential loans - <$100k 8 $263 $32,875
Nonfarm, nonresidential loans - $100-250k 71 $8,143 $114,690
Nonfarm, nonresidential loans - $250k-1MM 260 $99,969 $384,496
Commercial & Industrial, US addressed loans - <$1MM 631 $70,143 $111,162
Commercial & Industrial, US addressed loans - <$100k 283 $8,462 $29,901
Commercial & Industrial, US addressed loans - $100-250k 176 $15,508 $88,114
Commercial & Industrial, US addressed loans - $250k-1MM 172 $46,173 $268,448