Sterling National Bank Mortgage Rates, Fees & Info

Pearl River, NY

LEI: 549300TN38DPH732VI61

Tax ID: 13-1726107

3.7 stars - out of 5 stars, based on 15 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Sterling National Bank is a smaller bank specializing in Cash Out Refi loans. Sterling National Bank has a high proportion of conventional loans. Their top markets include New York, Poughkeepsie, Bridgeport, Houma, and San Jose among others. Sterling National 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. Sterling National Bank is typically a high fee lendor.


Originations

229

Origination Dollar Volume (All Markets)

$810,725,000

Employee count

1,439

Relative Rate

Sterling National Bank's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Sterling National Bank's average total fees for a 30 year fixed rate mortgage are $6,398.

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) 201 $774,955,000 $3,855,498 $6,435 3.02%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 10 $11,210,000 $1,121,000 $4,732 3.27%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $8,670,000 $1,445,000 $7,632 3.31%
Outside of Metro Areas 3 $3,905,000 $1,301,667 $4,205 3.33%
HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $3,075,000 $3,075,000 $0 3.75%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $2,405,000 $2,405,000 $9,783 3.13%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $2,150,000 $1,075,000 $6,861 3.06%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $2,393 3.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $11,053 3.13%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $7,197 3.00%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $685,000 $685,000 $5,518 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $435,000 $435,000 $4,511 3.00%

Sterling National Bank's top markets include New York, Poughkeepsie, Bridgeport, Houma, and San Jose among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 229 $810,725,000 $3,540,284 $6,386 3.04%

For the 2021 period, Sterling National Bank's most frequently originated loan type of loans were Conventional, with 229 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 100 $655,440,000 $6,554,400 $7,716 3.04%
Home Purchase 85 $107,805,000 $1,268,294 $5,532 3.05%
Refi 40 $39,300,000 $982,500 $7,423 3.02%
Home Improvement 4 $8,180,000 $2,045,000 $4,674 3.03%

For the 2021, Sterling National Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 100 originations. The 2nd most popular reason of loans were Home Purchase, with 85 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 129 $101,725,000 $788,566 $6,398 3.04%
Other 49 $372,365,000 $7,599,286 $4,541 2.98%
5 Year 38 $313,170,000 $8,241,316 $0 3.11%
10 Year 6 $18,260,000 $3,043,333 $0 3.48%
15 Year 5 $3,005,000 $601,000 $6,623 2.50%
20 Year 1 $495,000 $495,000 $5,562 3.00%
3 Year 1 $1,705,000 $1,705,000 $0 3.36%

For the 2021, Sterling National Bank's most frequently cited loan length of loans were 30 Year, with 129 originations. The 2nd most popular length of loans were Other, with 49 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 72 $50,260,000 $698,056
$3k-4k 20 $18,580,000 $929,000
$<1k 17 $6,175,000 $363,235
$2k-3k 16 $12,460,000 $778,750
$5k+ 11 $18,235,000 $1,657,727

$6,398 of loans were Sterling National Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 72 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 123 $480,505,000 $3,906,545
3-4% 88 $273,030,000 $3,102,614
<2.5% 14 $52,270,000 $3,733,571
4-5% 3 $4,735,000 $1,578,333

During 2021, Sterling National Bank's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 123 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 122 $755,770,000 $6,194,836 $9,209 3.01%
$600k-1MM 39 $30,675,000 $786,538 $6,403 3.04%
$400k-600k 36 $18,490,000 $513,611 $6,159 3.00%
$200k-400k 13 $3,885,000 $298,846 $4,337 3.19%
$100k-200k 11 $1,625,000 $147,727 $4,326 3.21%
$100,000 or less 8 $280,000 $35,000 $441 3.25%

2021 saw Sterling National Bank place emphasis on $1MM+ loans with 122 originations, totaling $755,770,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 58 $68,840,000 $1,186,897 $8,028 2.94%
$150k-250k 32 $22,980,000 $718,125 $6,344 2.97%
$50k-75k 14 $2,370,000 $169,286 $2,977 3.25%
$100k-150k 13 $6,975,000 $536,538 $6,384 3.02%
$50k or less 10 $1,180,000 $118,000 $3,101 3.25%
$75k-100k 9 $3,365,000 $373,889 $4,911 3.18%

Sterling National Bank lent most frequently to those with incomes in the $250k+ range, with 58 originations. The second most popular income band? $150k-250k, with 32 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 34 $28,480,000 $837,647 $6,616 3.01%
20-30% 29 $25,125,000 $866,379 $6,665 2.95%
42% 16 $8,260,000 $516,250 $5,011 3.01%
39% 13 $8,265,000 $635,769 $4,616 3.13%
<20% 11 $8,635,000 $785,000 $6,670 3.00%
38% 9 $5,095,000 $566,111 $6,148 3.06%
40% 7 $4,265,000 $609,286 $5,794 3.00%
41% 6 $2,520,000 $420,000 $4,703 3.10%
37% 5 $4,255,000 $851,000 $9,075 3.05%
36% 4 $4,560,000 $1,140,000 $5,832 2.94%
43% 1 $595,000 $595,000 $8,502 3.13%
>60% 1 $5,655,000 $5,655,000 $35,423 3.75%

Sterling National Bank lent most frequently to those with DTI ratios of 30-36%, with 34 originations. The next most common DTI ratio? 20-30%, with 29 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 92 $704,470,000 $7,657,283 $0 3.07%
White 74 $62,240,000 $841,081 $7,054 3.00%
Not provided 36 $31,620,000 $878,333 $6,027 3.03%
Asian 10 $7,990,000 $799,000 $7,019 2.94%
Black 17 $4,405,000 $259,118 $3,906 3.21%

Approval Rates

Total approvals of all applications
95.14%

Sterling National 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 origination
85.93%

Sterling National Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 229 $810,725,000 $3,540,284

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
229 $810,725,000 $3,540,284

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 23 $46,595,000 $2,025,870 $9,664 3.02%
40-60% 34 $150,590,000 $4,429,118 $7,546 2.99%
60-80% 123 $576,175,000 $4,684,350 $6,819 3.02%
80-100% 42 $19,850,000 $472,619 $4,493 3.12%
Under 20% 7 $17,515,000 $2,502,143 $5,518 3.24%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
STERLING BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 5.3%
STERLING BANCORP Conventional home mortgage Closing on a mortgage 1 5.3%
STERLING BANCORP Conventional home mortgage Struggling to pay mortgage 4 21.1%
STERLING BANCORP Conventional home mortgage Trouble during payment process 9 47.4%
STERLING BANCORP Home equity loan or line of credit (HELOC) Trouble during payment process 1 5.3%
STERLING BANCORP Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 5.3%
STERLING BANCORP Other type of mortgage Trouble during payment process 2 10.5%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Sterling National Bank 1 Industrial Drive, Suite 100 Middletown, NY 10941 Full Service B&M $282,222
Sterling National Bank 153-17 Cross Island Parkway Whitestone, NY 11357 Full Service B&M $372,780
Sterling National Bank 155 Jericho Turnpike Floral Park, NY 11001 Full Service B&M $198,009
Sterling National Bank 1550 Flatbush Avenue Brooklyn, NY 11210 Full Service B&M $135,314
Sterling National Bank 162 Hillside Avenue Williston Park, NY 11596 Full Service B&M $143,532
Sterling National Bank 164 Manetto Hill Rd Plainview, NY 11803 Full Service B&M $162,445
Sterling National Bank 179 South Main Street New City, NY 10956 Full Service B&M $133,299
Sterling National Bank 179-25 Hillside Avenue Jamaica, NY 11432 Full Service B&M $124,159
Sterling National Bank 18 Oakland Avenue Warwick, NY 10990 Full Service B&M $188,274
Sterling National Bank 180 East Main Street East Islip, NY 11730 Full Service B&M $225,550
Sterling National Bank 180 West Main Street Babylon, NY 11702 Full Service B&M $203,858
Sterling National Bank 1880 Middle Country Rd Ridge, NY 11961 Full Service B&M $119,141
Sterling National Bank 196 Route 59 Airmont, NY 10901 Full Service B&M $144,427
Sterling National Bank 2 Blue Hill Plz, Second Floor Pearl River, NY 10965 Full Service B&M $8,771,063
Sterling National Bank 2090 East Merrick Road Merrick, NY 11566 Full Service B&M $125,761
Sterling National Bank 300 East Main Street Bay Shore, NY 11706 Full Service B&M $94,331
Sterling National Bank 31-24 Ditmars Blvd Long Island City, NY 11105 Full Service B&M $261,470
Sterling National Bank 3105 Hempstead Tpke Levittown, NY 11756 Full Service B&M $177,075
Sterling National Bank 320 Walt Whitman Rd Huntington Station, NY 11746 Full Service B&M $192,637
Sterling National Bank 325 Route 25a Rocky Point, NY 11778 Full Service B&M $172,062
Sterling National Bank 33 Main St Kings Park, NY 11754 Full Service B&M $132,685
Sterling National Bank 339 Merrick Road Rockville Centre, NY 11570 Full Service B&M $107,681
Sterling National Bank 35 E Grassy Sprain Rd Yonkers, NY 10710 Full Service B&M $3,064,796
Sterling National Bank 44 West Route 59 Nanuet, NY 10954 Full Service B&M $110,178
Sterling National Bank 459 5th Avenue Brooklyn, NY 11215 Full Service B&M $137,387
Sterling National Bank 46-08 Francis Lewis Blvd Flushing, NY 11361 Full Service B&M $229,937
Sterling National Bank 489 Fifth Avenue New York, NY 10017 Full Service B&M $0
Sterling National Bank 489 Neptune Avenue Brooklyn, NY 11224 Full Service B&M $223,616
Sterling National Bank 50 Jackson Avenue Syosset, NY 11791 Full Service B&M $112,499
Sterling National Bank 500 7th Ave New York, NY 10018 Full Service B&M $368,356
Sterling National Bank 5193 Main Street South Fallsburg, NY 12779 Full Service B&M $61,774
Sterling National Bank 5220 13th Avenue Brooklyn, NY 11219 Full Service B&M $88,144
Sterling National Bank 526 Union Blvd West Islip, NY 11795 Full Service B&M $112,070
Sterling National Bank 591 Route 17m Monroe, NY 10950 Full Service B&M $215,802
Sterling National Bank 845 Wheeler Road Hauppauge, NY 11788 Full Service B&M $141,274
Sterling National Bank 865 Mclean Avenue Yonkers, NY 10704 Full Service B&M $86,911
Sterling National Bank 955 Hempstead Turnpike Franklin Square, NY 11010 Full Service B&M $242,015
Sterling National Bank 97-33 Queens Blvd. Rego Park, NY 11374 Full Service B&M $127,190
Sterling National Bank 975 Allerton Avenue Bronx, NY 10469 Full Service B&M $102,313
Sterling National Bank 995 Hicksville Rd Massapequa, NY 11758 Full Service B&M $133,400
Sterling National Bank Towne Center At Somers 325 Route 100 Somers, NY 10589 Full Service B&M $132,278
Sterling National Bank 1 Lake Road West, Suite 1 Congers, NY 10920 Full Service B&M $103,649
Sterling National Bank 1001 Park Blvd. Massapequa Park, NY 11762 Full Service B&M $106,202
Sterling National Bank 101 Church Avenue Brooklyn, NY 11218 Full Service B&M $172,436
Sterling National Bank 1015 Route 112 Port Jefferson Station, NY 11776 Full Service B&M $165,191
Sterling National Bank 1047 North Country Road Stony Brook, NY 11790 Full Service B&M $100,405
Sterling National Bank 110 Seventh Avenue Brooklyn, NY 11215 Full Service B&M $105,630
Sterling National Bank 1149 Wantagh Avenue Wantagh, NY 11793 Full Service B&M $116,016
Sterling National Bank 1150 Franklin Ave Garden City, NY 11530 Full Service B&M $182,591
Sterling National Bank 120 South Franklin Avenue Valley Stream, NY 11580 Full Service B&M $126,718
Sterling National Bank 1401 Avenue M Brooklyn, NY 11230 Full Service B&M $111,325
Sterling National Bank 153 South Liberty Dr Route 9w Stony Point, NY 10980 Full Service B&M $172,021
Sterling National Bank 3535 Long Beach Road, Sands Shopping Center Oceanside, NY 11572 Full Service B&M $114,910
Sterling National Bank 361 Sunrise Hwy Patchogue, NY 11772 Full Service B&M $139,110
Sterling National Bank 363 Hempstead Avenue Malverne, NY 11565 Full Service B&M $127,637
Sterling National Bank 37-16 30th Avenue Long Island City, NY 11103 Full Service B&M $336,462
Sterling National Bank 375 Route 303 Orangeburg, NY 10962 Full Service B&M $827,922
Sterling National Bank 38-40 New Main Street Haverstraw, NY 10927 Full Service B&M $27,838
Sterling National Bank 3887 Merrick Road Seaford, NY 11783 Full Service B&M $99,837
Sterling National Bank 4 Great Neck Road Great Neck, NY 11021 Full Service B&M $132,578
Sterling National Bank 40 Church Street White Plains, NY 10601 Full Service B&M $103,177
Sterling National Bank 4302 18th Avenue Brooklyn, NY 11218 Full Service B&M $102,659
Sterling National Bank 44 Cedar Swamp Road Glen Cove, NY 11542 Full Service B&M $173,911
Sterling National Bank 60-20 Woodside Ave Woodside, NY 11377 Full Service B&M $158,567
Sterling National Bank 61 South Broadway Yonkers, NY 10701 Full Service B&M $38,405
Sterling National Bank 619 Sunrise Highway Lynbrook, NY 11563 Full Service B&M $173,496
Sterling National Bank 63-72 108th Street Forest Hills, NY 11375 Full Service B&M $179,137
Sterling National Bank 6348 Route 25a Wading River, NY 11792 Full Service B&M $104,469
Sterling National Bank 696 Horseblock Road Farmingville, NY 11738 Full Service B&M $132,552
Sterling National Bank 7 Edward J. Lempka Drive Florida, NY 10921 Full Service B&M $177,376
Sterling National Bank 70 Canal Street Ellenville, NY 12428 Full Service B&M $66,518
Sterling National Bank 72-35 Broadway Jackson Heights, NY 11372 Full Service B&M $120,393
Sterling National Bank 729 Saw Mill River Road Ardsley, NY 10502 Full Service B&M $197,151
Sterling National Bank 75-25 Metropolitan Avenue Middle Village, NY 11379 Full Service B&M $191,667

For 2021, Sterling National Bank had 74 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $917,918
Net interest income $887,840
Total noninterest income $133,962
Gross Fiduciary activities income $0
Service charges on deposit accounts $21,771
Trading account gains and fees $0
Additional Noninterest Income $112,191
Pre-tax net operating income $564,294
Securities gains (or losses, -) $2,967
Income before extraordinary items $446,331
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $446,331
Minority interest net income $0
Net income $446,331
Sale, conversion, retirement of capital stock, net $0
Net operating income $443,987

Sterling National Bank's gross interest income from loans was $917,918,000.
Sterling National Bank's net interest income from loans was $887,840,000.
Sterling National Bank's fee based income from loans was $21,771,000.
Sterling National Bank's net income from loans was $446,331,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $30,078
Provision for credit losses $-5,149
Total noninterest expense $462,657
Salaries and employee benefits $232,510
Premises and equipment expense $56,337
Additional noninterest expense $173,810
Applicable income taxes $120,930
Net charge-offs $43,868
Cash dividends $80,007

Sterling National Bank's interest expense for loans was $30,078,000.
Sterling National Bank's payroll and benefits expense were $232,510,000.
Sterling National Bank's property, plant and equipment expenses $56,337,000.

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 3.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 13.0%
All other family 0.0%
Commercial & industrial loans 1.0%
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 $22,959,164
Deposits held in domestic offices $22,959,164
Deposits by Individuals, partnerships, and corporations $21,027,365
Deposits by U.S. Government $60
Deposits by States and political subdivisions in the U.S. $1,931,739
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 $11,166,766
Demand deposits $11,166,766
Nontransaction accounts $11,792,398
Money market deposit accounts (MMDAs) $7,874,326
Other savings deposits (excluding MMDAs) $2,688,288
Total time deposits $1,229,784
Total time and savings deposits $11,792,398
Noninterest-bearing deposits $6,430,243
Interest-bearing deposits $16,528,921
Retail deposits $22,799,250
IRAs and Keogh plan accounts $399,652
Brokered deposits $60
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $29,558,731
Cash & Balances due from depository institutions $307,890
Interest-bearing balances $215,688
Total securities $4,434,604
Federal funds sold & reverse repurchase $0
Net loans and leases $21,085,648
Loan and leases loss allowance $278,232
Trading account assets $69,520
Bank premises and fixed assets $197,216
Other real estate owned $197
Goodwill and other intangibles $1,714,416
All other assets $1,749,240

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $29,558,731
Total Liabilities $24,354,369
Total deposits $22,959,164
Interest-bearing deposits $16,528,921
Deposits held in domestic offices $22,959,164
% insured (estimated) $54
Federal funds purchased and repurchase agreements $178,008
Trading liabilities $26,004
Other borrowed funds $542,000
Subordinated debt $0
All other liabilities $649,193

Issued Loan Types

Type Value (in 000's)
Net loans and leases $21,085,648
Loan and leases loss allowance $278,232
Total loans and leases (domestic) $21,363,880
All real estate loans $12,509,114
Real estate loans in domestic offices $12,509,114
Construction and development loans $704,670
Residential 1-4 family construction $30,493
Other construction, all land development and other land $674,177
Loans secured by nonfarm nonresidential properties $6,025,560
Nonfarm nonresidential secured by owner-occupied properties $862,913
Commercial real estate & other non-farm, non-residential $5,162,647
Multifamily residential real estate $4,287,764
1-4 family residential loans $1,490,945
Farmland loans $175
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $5,592,349
To non-U.S. addressees $0
Loans to individuals $5,209
Credit card loans $0
Related Plans $4,099
Consumer Auto Loans $0
Other loans to individuals $1,110
All other loans & leases $3,257,208
Loans to foreign governments and official institutions $0
Other loans $1,060,013
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $502,541
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $9,494
Non 1-4 family restructured loans & leases $2,672
Total loans and leases (foreign) $0

Sterling National Bank had $21,085,648,000 of loans outstanding in 2021. $12,509,114,000 of loans were in real estate loans. $704,670,000 of loans were in development loans. $4,287,764,000 of loans were in multifamily mortgage loans. $1,490,945,000 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 539 $182,753 $339,059
Nonfarm, nonresidential loans - <$100k 23 $825 $35,870
Nonfarm, nonresidential loans - $100-250k 93 $8,881 $95,495
Nonfarm, nonresidential loans - $250k-1MM 423 $173,047 $409,095
Commercial & Industrial, US addressed loans - <$1MM 3,982 $403,518 $101,336
Commercial & Industrial, US addressed loans - <$100k 1,736 $21,448 $12,355
Commercial & Industrial, US addressed loans - $100-250k 1,054 $66,582 $63,171
Commercial & Industrial, US addressed loans - $250k-1MM 1,192 $315,488 $264,671
Farmland loans - <$1MM 1 $87 $87,000
Farmland loans - $100-250k 1 $87 $87,000