Ridgewood Savings Bank Mortgage Rates, Fees & Info

Ridgewood, NY

LEI: 549300YLIY5SO2XSK094

Tax ID: 11-1241830

1 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Overview

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


    Originations

    553

    Origination Dollar Volume (All Markets)

    $605,715,000

    Employee count

    519

    Relative Rate

    Ridgewood Savings Bank's average 30 year fixed rate mortgage of loans were 3.11%.

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

    This yields a difference of -0.04%.

    Relative Fees

    Ridgewood Savings Bank's average total fees for a 30 year fixed rate mortgage are $10,521.

    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) 495 $552,175,000 $1,115,505 $10,490 3.15%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 55 $47,525,000 $864,091 $7,713 2.92%
    KINGSTON, NY (FHA|USDA|VA) 3 $6,015,000 $2,005,000 $0 3.25%

    Ridgewood Savings Bank's top markets include New York, Bridgeport, and Kingston among others.

    Product Mix

    Loan Type Originations Total Value Average Loan Average Fees Average Rate
    Conventional 553 $605,715,000 $1,095,325 $10,133 3.13%

    For the 2021 period, Ridgewood Savings Bank's most frequently originated loan type of loans were Conventional, with 553 originations.

    Loan Reason

    Loan Reason Originations Total Value Average Loan Average Fees Average Rate
    Cash Out Refi 291 $382,085,000 $1,313,007 $9,815 3.20%
    Home Purchase 140 $141,760,000 $1,012,571 $12,648 3.15%
    Refi 98 $66,420,000 $677,755 $7,826 2.90%
    Other 16 $11,960,000 $747,500 $9,588 3.12%
    Home Improvement 8 $3,490,000 $436,250 $4,371 3.09%

    For the 2021, Ridgewood Savings Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 291 originations. The 2nd most popular reason of loans were Home Purchase, with 140 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 325 $272,995,000 $839,985 $10,521 3.11%
    10 Year 85 $176,005,000 $2,070,647 $3,481 3.42%
    Other 64 $106,680,000 $1,666,875 $15,660 3.40%
    15 Year 57 $40,525,000 $710,965 $6,814 2.63%
    20 Year 21 $9,465,000 $450,714 $4,855 2.71%
    5 Year 1 $45,000 $45,000 $0 5.00%

    For the 2021, Ridgewood Savings Bank's most frequently cited loan length of loans were 30 Year, with 325 originations. The 2nd most popular length of loans were 10 Year, with 85 originations.

    Origination Fees

    Origination Fee Originations Total Value Average Loan
    $<1k 248 $174,280,000 $702,742
    $5k+ 104 $112,750,000 $1,084,135
    $1k-2k 21 $10,325,000 $491,667
    $2k-3k 16 $13,810,000 $863,125
    $3k-4k 15 $13,045,000 $869,667

    $10,521 of loans were Ridgewood Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 248 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 304 $425,630,000 $1,400,099
    2.5-3% 192 $148,980,000 $775,938
    <2.5% 51 $28,325,000 $555,392
    4-5% 6 $2,780,000 $463,333

    During 2021, Ridgewood Savings Bank's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 304 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 212 $424,870,000 $2,004,104 $17,591 3.26%
    $600k-1MM 136 $104,820,000 $770,735 $9,503 3.15%
    $400k-600k 94 $46,440,000 $494,043 $6,962 3.06%
    $200k-400k 83 $25,375,000 $305,723 $4,799 2.95%
    $100k-200k 26 $4,070,000 $156,538 $3,798 2.73%
    $100,000 or less 2 $140,000 $70,000 $1,227 3.81%

    2021 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 212 originations, totaling $424,870,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 203 $227,225,000 $1,119,335 $13,290 3.07%
    $150k-250k 115 $78,075,000 $678,913 $8,971 3.05%
    $100k-150k 81 $34,845,000 $430,185 $6,431 3.00%
    $75k-100k 29 $9,135,000 $315,000 $6,032 2.88%
    $50k-75k 16 $4,030,000 $251,875 $4,608 2.88%
    $50k or less 2 $270,000 $135,000 $3,284 3.13%

    Ridgewood Savings Bank lent most frequently to those with incomes in the $250k+ range, with 203 originations. The second most popular income band? $150k-250k, with 115 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 126 $97,460,000 $773,492 $7,868 3.01%
    30-36% 108 $79,750,000 $738,426 $10,826 3.05%
    <20% 49 $37,875,000 $772,959 $8,312 3.02%
    42% 29 $31,665,000 $1,091,897 $18,672 3.24%
    36% 23 $21,075,000 $916,304 $13,564 3.02%
    39% 22 $16,720,000 $760,000 $12,885 3.03%
    41% 19 $12,695,000 $668,158 $7,859 3.07%
    37% 19 $14,885,000 $783,421 $10,863 3.01%
    38% 18 $15,570,000 $865,000 $10,969 2.94%
    40% 12 $10,740,000 $895,000 $10,447 3.08%
    43% 8 $6,100,000 $762,500 $8,988 2.83%
    44% 7 $3,585,000 $512,143 $7,354 2.93%
    45% 3 $2,665,000 $888,333 $8,964 2.92%
    46% 1 $435,000 $435,000 $4,358 3.00%
    47% 1 $565,000 $565,000 $11,771 2.75%
    50-60% 1 $1,795,000 $1,795,000 $0 3.88%

    Ridgewood Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 126 originations. The next most common DTI ratio? 30-36%, with 108 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 330 $273,450,000 $828,636 $9,698 3.03%
    Not applicable 104 $244,620,000 $2,352,115 $0 3.52%
    Not provided 52 $39,300,000 $755,769 $10,124 3.11%
    Black 33 $24,045,000 $728,636 $14,385 3.08%
    Asian 31 $23,825,000 $768,548 $11,020 2.86%
    Chinese 1 $305,000 $305,000 $12,639 3.00%
    Asian Indian 1 $125,000 $125,000 $2,490 2.88%
    Native Hawaiian 1 $45,000 $45,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    83.93%

    Ridgewood Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.30%

    Ridgewood Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 553 $605,715,000 $1,095,325

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    553 $605,715,000 $1,095,325

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 61 $31,105,000 $509,918 $7,363 2.81%
    40-60% 106 $84,040,000 $792,830 $6,850 2.95%
    60-80% 303 $431,195,000 $1,423,086 $12,772 3.27%
    80-100% 69 $55,185,000 $799,783 $10,350 3.07%
    Over 100% 1 $415,000 $415,000 $21,929 3.13%
    Under 20% 13 $3,775,000 $290,385 $4,943 3.15%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ridgewood Savings Bank 1010 Hempstead Turnpike Franklin Square, NY 11010 Full Service B&M $241,351
    Ridgewood Savings Bank 1770 E. Gun Hill Rd. Bronx, NY 10469 Full Service B&M $53,032
    Ridgewood Savings Bank 202-16 Rockaway Point Blvd Breezy Point, NY 11697 Full Service B&M $198,771
    Ridgewood Savings Bank 205-11 Hillside Av Hollis, NY 11423 Full Service B&M $174,924
    Ridgewood Savings Bank 208-24 Cross Island Parkway Bayside, NY 11360 Full Service B&M $100,381
    Ridgewood Savings Bank 2080 Bellmore Avenue Bellmore, NY 11710 Full Service B&M $202,373
    Ridgewood Savings Bank 220 Old Country Rd Hicksville, NY 11801 Full Service B&M $182,953
    Ridgewood Savings Bank 230-22 Merrick Boulevard Laurelton, NY 11413 Full Service B&M $163,842
    Ridgewood Savings Bank 2435 Jericho Turnpike Garden City Park, NY 11040 Full Service B&M $291,573
    Ridgewood Savings Bank 244 Court Street Brooklyn, NY 11201 Full Service B&M $54,848
    Ridgewood Savings Bank 25-29 Parsons Boulevard Flushing, NY 11354 Full Service B&M $258,718
    Ridgewood Savings Bank 2520 East 17th Street Brooklyn, NY 11235 Full Service B&M $86,276
    Ridgewood Savings Bank 317 South Wellwood Avenue Lindenhurst, NY 11757 Full Service B&M $95,703
    Ridgewood Savings Bank 711 Allerton Ave. Bronx, NY 10467 Full Service B&M $56,907
    Ridgewood Savings Bank 7124 18th Avenue Brooklyn, NY 11204 Full Service B&M $94,002
    Ridgewood Savings Bank 74-25 Grand Avenue Elmhurst, NY 11373 Full Service B&M $170,516
    Ridgewood Savings Bank 835 Atlantic Avenue Baldwin, NY 11510 Full Service B&M $161,499
    Ridgewood Savings Bank 8522 Third Avenue Brooklyn, NY 11209 Full Service B&M $151,448
    Ridgewood Savings Bank 3445 Jerome Avenue Bronx, NY 10467 Full Service B&M $54,048
    Ridgewood Savings Bank 382 Pelham Road New Rochelle, NY 10805 Full Service B&M $58,279
    Ridgewood Savings Bank 3824 White Plains Road Bronx, NY 10467 Full Service B&M $38,758
    Ridgewood Savings Bank 3899 Sedgwick Ave. Bronx, NY 10463 Full Service B&M $38,523
    Ridgewood Savings Bank 43-14 Ditmars Blvd Astoria, NY 11105 Full Service B&M $109,576
    Ridgewood Savings Bank 50 Farmingdale Road (Nys Route 109) West Babylon, NY 11704 Full Service B&M $79,813
    Ridgewood Savings Bank 65-01 Myrtle Avenue Glendale, NY 11385 Full Service B&M $132,666
    Ridgewood Savings Bank 670 Mclean Ave Yonkers, NY 10704 Full Service B&M $144,868
    Ridgewood Savings Bank 7020 13th Avenue Brooklyn, NY 11228 Full Service B&M $60,035
    Ridgewood Savings Bank 71-02 Forest Avenue Ridgewood, NY 11385 Limited, Mobile/Seasonal Office $866
    Ridgewood Savings Bank 71-02 Forest Avenue Ridgewood, NY 11385 Full Service Cyber Office $567,010
    Ridgewood Savings Bank 7102 Forest Avenue Ridgewood, NY 11385 Full Service B&M $571,349
    Ridgewood Savings Bank 1035 Fulton Street Brooklyn, NY 11238 Full Service B&M $29,557
    Ridgewood Savings Bank 107-55 Queens Boulevard Forest Hills, NY 11375 Full Service B&M $308,008
    Ridgewood Savings Bank 1125 Old Country Road Plainview, NY 11803 Full Service B&M $49,748
    Ridgewood Savings Bank 1134 Morris Park Avenue Bronx, NY 10461 Full Service B&M $75,230
    Ridgewood Savings Bank 1404 2nd Avenue New York, NY 10021 Full Service B&M $68,101
    Ridgewood Savings Bank 1646 First Avenue New York, NY 10028 Full Service B&M $109,992
    Ridgewood Savings Bank 169 Old Country Road Hicksville, NY 11801 Limited, Drive-thru $2,738
    Ridgewood Savings Bank 1745 Crosby Avenue Bronx, NY 10461 Full Service B&M $39,667

    For 2021, Ridgewood Savings Bank had 38 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $166,753
    Net interest income $129,658
    Total noninterest income $13,044
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,279
    Trading account gains and fees $0
    Additional Noninterest Income $10,765
    Pre-tax net operating income $41,041
    Securities gains (or losses, -) $15,377
    Income before extraordinary items $43,642
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $43,642
    Minority interest net income $15
    Net income $43,627
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $31,494

    Ridgewood Savings Bank's gross interest income from loans was $166,753,000.
    Ridgewood Savings Bank's net interest income from loans was $129,658,000.
    Ridgewood Savings Bank's fee based income from loans was $2,279,000.
    Ridgewood Savings Bank's net income from loans was $43,627,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $37,095
    Provision for credit losses $-204
    Total noninterest expense $101,865
    Salaries and employee benefits $59,329
    Premises and equipment expense $18,514
    Additional noninterest expense $24,022
    Applicable income taxes $12,776
    Net charge-offs $345
    Cash dividends $0

    Ridgewood Savings Bank's interest expense for loans was $37,095,000.
    Ridgewood Savings Bank's payroll and benefits expense were $59,329,000.
    Ridgewood Savings Bank's property, plant and equipment expenses $18,514,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 2.0%
    1-4 family residential loans 1.0%
    HELOC loans 4.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.2%
    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 $5,417,337
    Deposits held in domestic offices $5,417,337
    Deposits by Individuals, partnerships, and corporations $5,371,236
    Deposits by U.S. Government $736
    Deposits by States and political subdivisions in the U.S. $45,123
    Deposits by Commercial banks and other depository institutions in U.S. $243
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $157,194
    Demand deposits $116,206
    Nontransaction accounts $5,260,144
    Money market deposit accounts (MMDAs) $278,368
    Other savings deposits (excluding MMDAs) $3,118,663
    Total time deposits $1,863,112
    Total time and savings deposits $5,301,132
    Noninterest-bearing deposits $543,962
    Interest-bearing deposits $4,873,375
    Retail deposits $4,983,348
    IRAs and Keogh plan accounts $407,961
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $6,765,343
    Cash & Balances due from depository institutions $236,526
    Interest-bearing balances $201,347
    Total securities $2,176,095
    Federal funds sold & reverse repurchase $222,575
    Net loans and leases $3,803,912
    Loan and leases loss allowance $26,757
    Trading account assets $0
    Bank premises and fixed assets $15,462
    Other real estate owned $215
    Goodwill and other intangibles $80,205
    All other assets $230,353

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $6,765,343
    Total Liabilities $5,909,067
    Total deposits $5,417,337
    Interest-bearing deposits $4,873,375
    Deposits held in domestic offices $5,417,337
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $392,847
    Subordinated debt $0
    All other liabilities $98,883

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,803,912
    Loan and leases loss allowance $26,757
    Total loans and leases (domestic) $3,830,669
    All real estate loans $3,795,842
    Real estate loans in domestic offices $3,795,842
    Construction and development loans $980
    Residential 1-4 family construction $0
    Other construction, all land development and other land $980
    Loans secured by nonfarm nonresidential properties $159,414
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $159,414
    Multifamily residential real estate $1,820,548
    1-4 family residential loans $1,814,900
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $17,446
    To non-U.S. addressees $0
    Loans to individuals $5,700
    Credit card loans $418
    Related Plans $241
    Consumer Auto Loans $0
    Other loans to individuals $5,041
    All other loans & leases $12,299
    Loans to foreign governments and official institutions $0
    Other loans $12,299
    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

    Ridgewood Savings Bank had $3,803,912,000 of loans outstanding in 2021. $3,795,842,000 of loans were in real estate loans. $980,000 of loans were in development loans. $1,820,548,000 of loans were in multifamily mortgage loans. $1,814,900,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $418,000 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 $14,817 $705,571
    Nonfarm, nonresidential loans - $100-250k 1 $196 $196,000
    Nonfarm, nonresidential loans - $250k-1MM 20 $14,621 $731,050
    Commercial & Industrial, US addressed loans - <$1MM 84 $5,127 $61,036
    Commercial & Industrial, US addressed loans - <$100k 67 $651 $9,716
    Commercial & Industrial, US addressed loans - $100-250k 11 $1,791 $162,818
    Commercial & Industrial, US addressed loans - $250k-1MM 6 $2,685 $447,500