Manasquan Bank Mortgage Rates, Fees & Info
Manasquan, NJ
LEI: 549300VACYYK343SKH92
Tax ID: 21-0506080
4.6 stars
-
out of 5 stars, based on 26 reviews
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Mortgage Data
Bank Data
Overview
Manasquan Bank is a
smaller
bank
specializing in
Refi and Home Purchase loans.
Manasquan Bank has a high proportion of conventional loans.
Their top markets include New York, Trenton, Miami, Philadelphia, and Port St. Lucie among others. Manasquan 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.
Manasquan Bank is typically
an average fee
lendor.
Originations
666
Origination Dollar Volume (All Markets)
$312,840,000
Employee count
217
Relative Rate
Manasquan Bank's average 30 year fixed rate mortgage of loans were
3.07%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.08%.
Relative Fees
Manasquan Bank's average total fees for a 30 year fixed rate
mortgage are $5,431.
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)
|
644
|
$303,100,000 |
$470,652 |
$4,275 |
3.18% |
|
TRENTON-PRINCETON, NJ (FHA|USDA|VA)
|
7
|
$4,005,000 |
$572,143 |
$5,284 |
3.27% |
|
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)
|
2
|
$1,650,000 |
$825,000 |
$6,054 |
3.00% |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA)
|
6
|
$1,270,000 |
$211,667 |
$3,087 |
3.14% |
|
PORT ST. LUCIE, FL (FHA|USDA|VA)
|
1
|
$1,005,000 |
$1,005,000 |
$6,339 |
2.63% |
|
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA)
|
2
|
$840,000 |
$420,000 |
$6,700 |
3.38% |
|
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)
|
1
|
$385,000 |
$385,000 |
$5,355 |
2.63% |
|
OCALA, FL (FHA|USDA|VA)
|
1
|
$255,000 |
$255,000 |
$2,812 |
2.75% |
|
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)
|
1
|
$205,000 |
$205,000 |
$3,347 |
3.00% |
|
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)
|
1
|
$125,000 |
$125,000 |
$0 |
3.88% |
Manasquan Bank's top markets include New York, Trenton, Miami, Philadelphia, and Port St. Lucie among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
666 |
$312,840,000 |
$469,730 |
$4,288 |
3.18% |
For the 2021 period, Manasquan Bank's most frequently
originated loan type
of loans were Conventional, with 666 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
271 |
$134,925,000 |
$497,878 |
$3,592 |
3.14% |
| Home Purchase |
206 |
$110,300,000 |
$535,437 |
$6,575 |
3.27% |
| Cash Out Refi |
119 |
$43,435,000 |
$365,000 |
$3,337 |
2.88% |
| Home Improvement |
43 |
$8,525,000 |
$198,256 |
$1,409 |
3.72% |
| Other |
27 |
$15,655,000 |
$579,815 |
$6,039 |
3.19% |
For the 2021, Manasquan Bank's most frequently cited loan
purpose
of loans were Refi, with 271
originations.
The 2nd most popular reason of loans were Home Purchase,
with 206 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
336 |
$175,830,000 |
$523,304 |
$5,431 |
3.07% |
| 15 Year |
103 |
$31,875,000 |
$309,466 |
$3,264 |
2.80% |
| 20 Year |
102 |
$41,790,000 |
$409,706 |
$2,332 |
3.33% |
| Other |
74 |
$48,810,000 |
$659,595 |
$3,937 |
3.56% |
| 10 Year |
37 |
$12,325,000 |
$333,108 |
$462 |
3.83% |
| 5 Year |
13 |
$995,000 |
$76,538 |
$0 |
3.77% |
| 1 Year |
1 |
$1,215,000 |
$1,215,000 |
$0 |
3.75% |
For the 2021, Manasquan Bank's most frequently cited loan
length
of loans were 30 Year, with 336 originations.
The 2nd most popular length of loans were 15 Year,
with 103 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
513 |
$194,415,000 |
$378,977 |
| $5k+ |
14 |
$23,640,000 |
$1,688,571 |
| $3k-4k |
10 |
$7,300,000 |
$730,000 |
| $2k-3k |
6 |
$3,100,000 |
$516,667 |
| $1k-2k |
3 |
$1,225,000 |
$408,333 |
$5,431 of loans were Manasquan Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 513 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 3-4% |
311 |
$159,305,000 |
$512,235 |
| 2.5-3% |
285 |
$127,775,000 |
$448,333 |
| <2.5% |
47 |
$14,855,000 |
$316,064 |
| 4-5% |
20 |
$10,650,000 |
$532,500 |
| 5-6% |
3 |
$255,000 |
$85,000 |
During 2021, Manasquan Bank's average interest
rate of loans were 3.07%, while their
most frequently originated rate bucket of loans were 3-4%,
with 311 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
250 |
$73,360,000 |
$293,440 |
$3,883 |
3.05% |
| $400k-600k |
140 |
$66,460,000 |
$474,714 |
$4,753 |
3.08% |
| $100k-200k |
92 |
$14,190,000 |
$154,239 |
$2,588 |
3.19% |
| $600k-1MM |
80 |
$60,080,000 |
$751,000 |
$5,834 |
3.20% |
| $1MM+ |
54 |
$95,980,000 |
$1,777,407 |
$11,592 |
3.32% |
| $100,000 or less |
50 |
$2,770,000 |
$55,400 |
$354 |
3.83% |
2021 saw Manasquan Bank place emphasis on
$200k-400k loans
with 250 originations, totaling
$73,360,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $250k+ |
153 |
$111,415,000 |
$728,203 |
$6,437 |
3.13% |
| $100k-150k |
136 |
$40,910,000 |
$300,809 |
$3,399 |
3.07% |
| $150k-250k |
128 |
$56,210,000 |
$439,141 |
$4,324 |
3.03% |
| $50k-75k |
76 |
$14,480,000 |
$190,526 |
$3,082 |
3.15% |
| $75k-100k |
67 |
$17,225,000 |
$257,090 |
$3,686 |
3.03% |
| $50k or less |
15 |
$2,235,000 |
$149,000 |
$2,080 |
3.31% |
Manasquan Bank lent most frequently to those with incomes in the
$250k+ range, with
153 originations.
The second most popular income band? $100k-150k,
with 136 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
140 |
$60,960,000 |
$435,429 |
$4,430 |
2.98% |
| 30-36% |
110 |
$42,730,000 |
$388,455 |
$4,014 |
3.12% |
| <20% |
61 |
$30,395,000 |
$498,279 |
$4,637 |
3.03% |
| 42% |
34 |
$14,350,000 |
$422,059 |
$3,692 |
3.06% |
| 40% |
28 |
$10,130,000 |
$361,786 |
$3,746 |
3.16% |
| 39% |
26 |
$7,820,000 |
$300,769 |
$3,560 |
3.34% |
| 41% |
26 |
$11,820,000 |
$454,615 |
$4,490 |
3.10% |
| 44% |
25 |
$9,715,000 |
$388,600 |
$4,807 |
3.04% |
| 38% |
22 |
$10,830,000 |
$492,273 |
$4,129 |
3.11% |
| 37% |
21 |
$11,905,000 |
$566,905 |
$4,620 |
2.96% |
| 36% |
21 |
$6,565,000 |
$312,619 |
$3,865 |
3.13% |
| 43% |
21 |
$7,205,000 |
$343,095 |
$3,660 |
3.16% |
| 47% |
13 |
$7,235,000 |
$556,538 |
$6,487 |
3.21% |
| 45% |
10 |
$2,600,000 |
$260,000 |
$3,147 |
3.16% |
| 46% |
8 |
$2,730,000 |
$341,250 |
$3,475 |
3.11% |
| 48% |
7 |
$3,965,000 |
$566,429 |
$7,320 |
3.04% |
| 50-60% |
4 |
$1,890,000 |
$472,500 |
$5,185 |
3.75% |
| 49% |
3 |
$1,165,000 |
$388,333 |
$4,155 |
2.71% |
Manasquan Bank lent most frequently to those with DTI ratios
of 20-30%, with
140 originations.
The next most common DTI ratio? 30-36%,
with 110 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
519 |
$217,475,000 |
$419,027 |
$4,285 |
3.08% |
| Not applicable |
78 |
$62,120,000 |
$796,410 |
$0 |
3.83% |
| Not provided |
62 |
$30,210,000 |
$487,258 |
$4,352 |
3.14% |
| Asian |
5 |
$2,775,000 |
$555,000 |
$5,141 |
3.35% |
| Black |
1 |
$215,000 |
$215,000 |
$3,042 |
2.50% |
| American Indian |
1 |
$45,000 |
$45,000 |
$0 |
3.75% |
Approval Rates
Total approvals of all applications
95.55%
Manasquan 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
89.53%
Manasquan Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
666 |
$312,840,000 |
$469,730 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
666 |
$312,840,000 |
$469,730 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
87 |
$31,435,000 |
$361,322 |
$3,342 |
3.05% |
| 40-60% |
146 |
$69,320,000 |
$474,795 |
$4,174 |
3.02% |
| 60-80% |
279 |
$147,525,000 |
$528,763 |
$4,732 |
3.26% |
| 80-100% |
99 |
$56,965,000 |
$575,404 |
$6,238 |
3.01% |
| Over 100% |
1 |
$455,000 |
$455,000 |
$0 |
4.25% |
| Under 20% |
54 |
$7,140,000 |
$132,222 |
$934 |
3.65% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Manasquan Bank |
1050 Route 9 South Howell, NJ 7731 |
Full Service B&M
|
$64,479 |
| Manasquan Bank |
85 Bridge Avenue Bay Head, NJ 8742 |
Full Service B&M
|
$164,359 |
| Manasquan Bank |
185 Main St Manasquan, NJ 8736 |
Full Service B&M
|
$296,157 |
| Manasquan Bank |
2221 Landmark Place Manasquan, NJ 8736 |
Full Service B&M
|
$218,789 |
| Manasquan Bank |
2307 Route 88 Point Pleasant Beach, NJ 8742 |
Full Service B&M
|
$196,744 |
| Manasquan Bank |
24 Princeton Avenue Brick, NJ 8724 |
Full Service B&M
|
$159,373 |
| Manasquan Bank |
305 Highway 71 Spring Lake, NJ 7762 |
Full Service B&M
|
$171,225 |
| Manasquan Bank |
330 Route 34 Colts Neck, NJ 7722 |
Full Service B&M
|
$0 |
| Manasquan Bank |
330 State Highway 34 Colts Neck, NJ 7722 |
Full Service B&M
|
$33,436 |
| Manasquan Bank |
429 Main St Metuchen, NJ 8840 |
Limited, Administrative
|
$0 |
| Manasquan Bank |
442 Main Street Metuchen, NJ 8840 |
Full Service B&M
|
$285,988 |
| Manasquan Bank |
525 Route 72 , East Stafford Township, NJ 8050 |
Full Service B&M
|
$33,277 |
| Manasquan Bank |
540 Route 9 South Little Egg Harbor Townshi, NJ 8087 |
Full Service B&M
|
$22,297 |
| Manasquan Bank |
541 Sycamore Avenue Shrewsbury, NJ 7702 |
Full Service B&M
|
$86,488 |
| Manasquan Bank |
1115 Highway 35 North Ocean, NJ 7712 |
Full Service B&M
|
$141,361 |
| Manasquan Bank |
1410 Meetinghouse Road Manasquan, NJ 8736 |
Full Service B&M
|
$200,792 |
| Manasquan Bank |
167 Newton's Corner And Ramtown Road Howell, NJ 7731 |
Full Service B&M
|
$102,572 |
For 2021, Manasquan Bank had 17 branches.
Yearly Performance Overview
Bank Income
Manasquan Bank's gross interest income from loans was $79,099,000.
Manasquan Bank's net interest income from loans was $68,838,000.
Manasquan Bank's fee based income from loans was $546,000.
Manasquan Bank's net income from loans was $24,031,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$10,261 |
| Provision for credit losses |
$-5,400 |
| Total noninterest expense |
$45,400 |
| Salaries and employee benefits |
$24,939 |
| Premises and equipment expense |
$6,126 |
| Additional noninterest expense |
$14,335 |
| Applicable income taxes |
$9,501 |
| Net charge-offs |
$324 |
| Cash dividends |
$0 |
Manasquan Bank's interest expense for loans was $10,261,000.
Manasquan Bank's payroll and benefits expense were $24,939,000.
Manasquan Bank's property, plant and equipment expenses $6,126,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$2,335,823 |
| Deposits held in domestic offices |
$2,335,823 |
| Deposits by Individuals, partnerships, and corporations |
$2,248,130 |
| Deposits by U.S. Government |
$342 |
| Deposits by States and political subdivisions in the U.S. |
$87,351 |
| 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 |
$863,168 |
| Demand deposits |
$481,304 |
| Nontransaction accounts |
$1,472,655 |
| Money market deposit accounts (MMDAs) |
$636,899 |
| Other savings deposits (excluding MMDAs) |
$311,243 |
| Total time deposits |
$524,513 |
| Total time and savings deposits |
$1,854,519 |
| Noninterest-bearing deposits |
$481,356 |
| Interest-bearing deposits |
$1,854,467 |
| Retail deposits |
$2,217,467 |
| IRAs and Keogh plan accounts |
$98,015 |
| Brokered deposits |
$0 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$2,660,419 |
| Cash & Balances due from depository institutions |
$558,395 |
| Interest-bearing balances |
$554,130 |
| Total securities |
$169,062 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$1,841,710 |
| Loan and leases loss allowance |
$20,320 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$49,291 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$4,103 |
| All other assets |
$37,858 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$2,660,419 |
| Total Liabilities |
$2,431,059 |
| Total deposits |
$2,335,823 |
| Interest-bearing deposits |
$1,854,467 |
| Deposits held in domestic offices |
$2,335,823 |
| % insured (estimated) |
$54 |
| Federal funds purchased and repurchase agreements |
$27,253 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$56,178 |
| Subordinated debt |
$0 |
| All other liabilities |
$11,805 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$1,841,710 |
| Loan and leases loss allowance |
$20,320 |
| Total loans and leases (domestic) |
$1,862,030 |
| All real estate loans |
$1,647,454 |
| Real estate loans in domestic offices |
$1,647,454 |
| Construction and development loans |
$111,432 |
| Residential 1-4 family construction |
$57,747 |
| Other construction, all land development and other land |
$53,685 |
| Loans secured by nonfarm nonresidential properties |
$691,124 |
| Nonfarm nonresidential secured by owner-occupied properties |
$302,254 |
| Commercial real estate & other non-farm, non-residential |
$388,870 |
| Multifamily residential real estate |
$91,630 |
| 1-4 family residential loans |
$753,268 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$204,802 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$1,782 |
| Credit card loans |
$0 |
| Related Plans |
$85 |
| Consumer Auto Loans |
$26 |
| Other loans to individuals |
$1,671 |
| All other loans & leases |
$7,992 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$4,205 |
| 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 |
$1,023 |
| Non 1-4 family restructured loans & leases |
$0 |
| Total loans and leases (foreign) |
$0 |
Manasquan Bank had $1,841,710,000 of loans outstanding in 2021. $1,647,454,000 of loans were in real estate loans.
$111,432,000 of loans were in development loans. $91,630,000 of loans were in multifamily mortgage loans.
$753,268,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $26,000 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 |
621 |
$234,354 |
$377,382 |
| Nonfarm, nonresidential loans - <$100k |
29 |
$1,800 |
$62,069 |
| Nonfarm, nonresidential loans - $100-250k |
125 |
$17,659 |
$141,272 |
| Nonfarm, nonresidential loans - $250k-1MM |
467 |
$214,895 |
$460,161 |
| Commercial & Industrial, US addressed loans - <$1MM |
760 |
$123,762 |
$162,845 |
| Commercial & Industrial, US addressed loans - <$100k |
349 |
$14,927 |
$42,771 |
| Commercial & Industrial, US addressed loans - $100-250k |
198 |
$25,071 |
$126,621 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
213 |
$83,764 |
$393,258 |
