Abacus Federal Savings Bank Mortgage Rates, Fees & Info
New York, NYLEI: 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 and Refi loans. Abacus Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, and Pittsburgh among others. We have data for 4 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
133Origination Dollar Volume (All Markets)
$59,205,000Employee count
99Top 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) | 120 | $56,940,000 | $474,500 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 11 | $2,005,000 | $182,273 | $0 | 0.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 133 | $59,205,000 | $445,150 | $0 | 0.00% |
For 2019, Abacus Federal Savings Bank's most frequently originated type of loan was Conventional, with 133 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 80 | $31,300,000 | $391,250 | $0 | 0.00% |
| Refi | 53 | $27,905,000 | $526,509 | $0 | 0.00% |
For 2019, Abacus Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Refi, with 53 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 133 | $59,205,000 | $445,150 | $0 | 0.00% |
For 2019, Abacus Federal Savings Bank's most frequently cited loan duration was Other, with 133 originations.
Loan Sizing
2019 saw Abacus Federal Savings Bank place emphasis on $200k-400k loans with 55 originations, totaling $17,635,000 in origination value.
Applicant Income
Abacus Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 46 originations. The second most popular income band? $50k or less, with 29 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 133 | $59,205,000 | $445,150 | $0 | 0.00% |
Abacus Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 133 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.18%
Abacus Federal Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination80.45%
Abacus Federal Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 133 | $59,205,000 | $445,150 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 11 | $7,705,000 | $700,455 |
| Single Family (1-4 Units):Site-Built | 122 | $51,500,000 | $422,131 |
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 | $1,246 |
| Abacus Federal Savings Bank | 147-151 North 10th Street Philadelphia, PA 19107 | Full Service B&M | $19,023 |
| Abacus Federal Savings Bank | 36-30 Main Street Flushing, NY 11354 | Full Service B&M | $33,399 |
| Abacus Federal Savings Bank | 5518 8th Ave New York City, NY 11220 | Full Service B&M | $40,038 |
| Abacus Federal Savings Bank | 6 Bowery New York, NY 10013 | Full Service B&M | $184,025 |
| Abacus Federal Savings Bank | 869 U.S. Route 1 South Edison, NJ 8817 | Full Service B&M | $16,611 |
For 2019, Abacus Federal Savings Bank had 6 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $14,392 |
| Net interest income | $10,910 |
| Total noninterest income | $1,884 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $242 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,642 |
| Pre-tax net operating income | $2,668 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $2,032 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,032 |
| Minority interest net income | $0 |
| Net income | $2,032 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,032 |
Abacus Federal Savings Bank's gross interest income from loans was $14,392,000.
Abacus Federal Savings Bank's net interest income from loans was $10,910,000.
Abacus Federal Savings Bank's fee based income from loans was $242,000.
Abacus Federal Savings Bank's net income from loans was $2,032,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,482 |
| Provision for credit losses | $97 |
| Total noninterest expense | $10,029 |
| Salaries and employee benefits | $5,948 |
| Premises and equipment expense | $746 |
| Additional noninterest expense | $3,335 |
| Applicable income taxes | $636 |
| Net charge-offs | $10 |
| Cash dividends | $0 |
Abacus Federal Savings Bank's interest expense for loans was $3,482,000.
Abacus Federal Savings Bank's payroll and benefits expense were $5,948,000.
Abacus Federal Savings Bank's property, plant and equipment expenses $746,000.
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 | $304,861 |
| Deposits held in domestic offices | $304,861 |
| Deposits by Individuals, partnerships, and corporations | $304,860 |
| 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 | $86,858 |
| Demand deposits | $80,637 |
| Nontransaction accounts | $218,002 |
| Money market deposit accounts (MMDAs) | $9,338 |
| Other savings deposits (excluding MMDAs) | $73,024 |
| Total time deposits | $135,640 |
| Total time and savings deposits | $224,223 |
| Noninterest-bearing deposits | $86,071 |
| Interest-bearing deposits | $218,790 |
| Retail deposits | $235,847 |
| IRAs and Keogh plan accounts | $3,424 |
| Brokered deposits | $60,058 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $353,374 |
| Cash & Balances due from depository institutions | $46,766 |
| Interest-bearing balances | $42,632 |
| Total securities | $0 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $294,094 |
| Loan and leases loss allowance | $2,993 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,500 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $2,075 |
| All other assets | $5,939 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $353,375 |
| Total Liabilities | $306,375 |
| Total deposits | $304,861 |
| Interest-bearing deposits | $218,790 |
| Deposits held in domestic offices | $304,861 |
| % insured (estimated) | $91 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $1,514 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $294,094 |
| Loan and leases loss allowance | $2,993 |
| Total loans and leases (domestic) | $297,087 |
| All real estate loans | $297,920 |
| Real estate loans in domestic offices | $297,920 |
| 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 | $54,336 |
| Nonfarm nonresidential secured by owner-occupied properties | $302 |
| Commercial real estate & other non-farm, non-residential | $54,034 |
| Multifamily residential real estate | $22,554 |
| 1-4 family residential loans | $221,030 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $18 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $124 |
| Credit card loans | $120 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $4 |
| 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 | $802 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Abacus Federal Savings Bank had $294,094,000 of loans outstanding in 2019. $297,920,000 of loans were in real estate loans. $0 of loans were in development loans. $22,554,000 of loans were in multifamily mortgage loans. $221,030,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $120,000 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 | 130 | $43,290 | $333,000 |
| Nonfarm, nonresidential loans - <$100k | 5 | $78 | $15,600 |
| Nonfarm, nonresidential loans - $100-250k | 13 | $1,967 | $151,308 |
| Nonfarm, nonresidential loans - $250k-1MM | 112 | $41,245 | $368,259 |
| Commercial & Industrial, US addressed loans - <$1MM | 4 | $8 | $2,000 |
| Commercial & Industrial, US addressed loans - <$100k | 4 | $8 | $2,000 |