Abacus Federal Savings Bank Mortgage Rates, Fees & Info

New York, NY

LEI: 549300YOGGZET04TZM44

Tax ID: 13-3234580

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Mortgage Data

Bank Data

Review & Overview

Abacus Federal Savings Bank is a smaller bank specializing in Home Purchase loans. Abacus Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Bridgeport, and East Stroudsburg among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Abacus Federal Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

197

Origination Dollar Volume (All Markets)

$85,155,000

Employee count

79

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 185 $82,505,000 $445,973 $0 0.00%
Outside of Metro Areas 5 $1,765,000 $353,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $555,000 $111,000 $0 0.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Abacus Federal Savings Bank's top markets include New York, Philadelphia, Bridgeport, and East Stroudsburg among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 197 $85,155,000 $432,259 $0 0.00%

    For 2018, Abacus Federal Savings Bank's most frequently originated type of loan was Conventional, with 197 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 171 $71,305,000 $416,988 $0 0.00%
    Cash Out Refi 19 $9,155,000 $481,842 $0 0.00%
    Refi 7 $4,695,000 $670,714 $0 0.00%

    For 2018, Abacus Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 171 originations. The 2nd most popular reason was Cash Out Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 197 $85,155,000 $432,259 $0 0.00%

    For 2018, Abacus Federal Savings Bank's most frequently cited loan duration was Other, with 197 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 87 $27,315,000 $313,966 $0 0.00%
    $400k-600k 61 $28,715,000 $470,738 $0 0.00%
    $600k-1MM 29 $21,325,000 $735,345 $0 0.00%
    $100k-200k 13 $1,835,000 $141,154 $0 0.00%
    $100,000 or less 4 $300,000 $75,000 $0 0.00%
    $1MM+ 3 $5,665,000 $1,888,333 $0 0.00%

    2018 saw Abacus Federal Savings Bank place emphasis on $200k-400k loans with 87 originations, totaling $27,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 63 $20,595,000 $326,905 $0 0.00%
    $75k-100k 37 $17,515,000 $473,378 $0 0.00%
    $50k or less 29 $7,175,000 $247,414 $0 0.00%
    $100k-150k 23 $13,115,000 $570,217 $0 0.00%
    $150k-250k 7 $2,865,000 $409,286 $0 0.00%
    $250k+ 1 $385,000 $385,000 $0 0.00%

    Abacus Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 63 originations. The second most popular income band? $75k-100k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 197 $85,155,000 $432,259 $0 0.00%

    Abacus Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 197 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 159 $60,465,000 $380,283 $0 0.00%
    Not applicable 25 $16,095,000 $643,800 $0 0.00%
    Not provided 11 $7,505,000 $682,273 $0 0.00%
    White 1 $785,000 $785,000 $0 0.00%
    Native Hawaiian or Islander 1 $305,000 $305,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.00%

    Abacus Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.74%

    Abacus Federal Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 197 $85,155,000 $432,259

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $3,635,000 $727,000
    Single Family (1-4 Units):Site-Built 192 $81,520,000 $424,583

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Abacus Federal Savings Bank 116 Nassau Street New York, NY 10038 Full Service B&M $1,669
    Abacus Federal Savings Bank 147-151 North 10th Street Philadelphia, PA 19107 Full Service B&M $18,167
    Abacus Federal Savings Bank 36-30 Main Street Flushing, NY 11354 Full Service B&M $34,778
    Abacus Federal Savings Bank 5518 8th Ave New York City, NY 11220 Full Service B&M $41,651
    Abacus Federal Savings Bank 6 Bowery New York, NY 10013 Full Service B&M $161,761
    Abacus Federal Savings Bank 869 U.S. Route 1 South Edison, NJ 8817 Full Service B&M $16,482

    For 2018, Abacus Federal Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,006
    Net interest income $10,511
    Total noninterest income $2,860
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $268
    Trading account gains and fees $0
    Additional Noninterest Income $2,592
    Pre-tax net operating income $2,374
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,756
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,756
    Minority interest net income $0
    Net income $1,756
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,756

    Abacus Federal Savings Bank's gross interest income from loans was $13,006,000.
    Abacus Federal Savings Bank's net interest income from loans was $10,511,000.
    Abacus Federal Savings Bank's fee based income from loans was $268,000.
    Abacus Federal Savings Bank's net income from loans was $1,756,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,495
    Provision for credit losses $301
    Total noninterest expense $10,696
    Salaries and employee benefits $6,161
    Premises and equipment expense $748
    Additional noninterest expense $3,787
    Applicable income taxes $618
    Net charge-offs $0
    Cash dividends $0

    Abacus Federal Savings Bank's interest expense for loans was $2,495,000.
    Abacus Federal Savings Bank's payroll and benefits expense were $6,161,000.
    Abacus Federal Savings Bank's property, plant and equipment expenses $748,000.

    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 21.0%
    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 $293,131
    Deposits held in domestic offices $293,131
    Deposits by Individuals, partnerships, and corporations $293,131
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    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 $78,085
    Demand deposits $75,585
    Nontransaction accounts $215,046
    Money market deposit accounts (MMDAs) $10,482
    Other savings deposits (excluding MMDAs) $69,197
    Total time deposits $135,367
    Total time and savings deposits $217,546
    Noninterest-bearing deposits $77,463
    Interest-bearing deposits $215,668
    Retail deposits $222,847
    IRAs and Keogh plan accounts $2,584
    Brokered deposits $63,220
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $339,694
    Cash & Balances due from depository institutions $43,033
    Interest-bearing balances $39,833
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $283,891
    Loan and leases loss allowance $2,905
    Trading account assets $0
    Bank premises and fixed assets $4,405
    Other real estate owned $0
    Goodwill and other intangibles $2,632
    All other assets $5,733

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $339,694
    Total Liabilities $294,766
    Total deposits $293,131
    Interest-bearing deposits $215,668
    Deposits held in domestic offices $293,131
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,635

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $283,891
    Loan and leases loss allowance $2,905
    Total loans and leases (domestic) $286,796
    All real estate loans $287,517
    Real estate loans in domestic offices $287,517
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $60,394
    Nonfarm nonresidential secured by owner-occupied properties $313
    Commercial real estate & other non-farm, non-residential $60,081
    Multifamily residential real estate $22,225
    1-4 family residential loans $204,898
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $19
    To non-U.S. addressees $0
    Loans to individuals $139
    Credit card loans $136
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $3
    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 $822
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Abacus Federal Savings Bank had $283,891,000 of loans outstanding in 2018. $287,517,000 of loans were in real estate loans. $0 of loans were in development loans. $22,225,000 of loans were in multifamily mortgage loans. $204,898,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $136,000 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 129 $45,047 $349,202
    Nonfarm, nonresidential loans - <$100k 2 $83 $41,500
    Nonfarm, nonresidential loans - $100-250k 15 $2,252 $150,133
    Nonfarm, nonresidential loans - $250k-1MM 112 $42,712 $381,357
    Commercial & Industrial, US addressed loans - <$1MM 17 $10 $588
    Commercial & Industrial, US addressed loans - <$100k 17 $10 $588