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

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $79,099
Net interest income $68,838
Total noninterest income $4,759
Gross Fiduciary activities income $0
Service charges on deposit accounts $546
Trading account gains and fees $0
Additional Noninterest Income $4,213
Pre-tax net operating income $33,597
Securities gains (or losses, -) $-65
Income before extraordinary items $24,031
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $24,031
Minority interest net income $0
Net income $24,031
Sale, conversion, retirement of capital stock, net $0
Net operating income $24,082

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.

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 $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