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 Refi and Home Purchase loans. Abacus Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Lancaster, and Torrington 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 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
137Origination Dollar Volume (All Markets)
$52,825,000Employee count
88Top 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 | $48,730,000 | $406,083 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 12 | $2,700,000 | $225,000 | $0 | 0.00% |
| LANCASTER, PA (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $0 | 0.00% |
| Torrington, CT (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 137 | $52,825,000 | $385,584 | $0 | 0.00% |
For 2020, Abacus Federal Savings Bank's most frequently originated type of loan was Conventional, with 137 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 76 | $29,050,000 | $382,237 | $0 | 0.00% |
| Home Purchase | 61 | $23,775,000 | $389,754 | $0 | 0.00% |
For 2020, Abacus Federal Savings Bank's most frequently cited loan purpose was Refi, with 76 originations. The 2nd most popular reason was Home Purchase, with 61 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 137 | $52,825,000 | $385,584 | $0 | 0.00% |
For 2020, Abacus Federal Savings Bank's most frequently cited loan duration was Other, with 137 originations.
Loan Sizing
2020 saw Abacus Federal Savings Bank place emphasis on $200k-400k loans with 72 originations, totaling $21,770,000 in origination value.
Applicant Income
Abacus Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $100k-150k, with 33 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 137 | $52,825,000 | $385,584 | $0 | 0.00% |
Abacus Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 137 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.86%
Abacus Federal Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination64.96%
Abacus Federal Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 137 | $52,825,000 | $385,584 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $1,050,000 | $525,000 |
| Single Family (1-4 Units):Site-Built | 135 | $51,775,000 | $383,519 |
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 | $736 |
| Abacus Federal Savings Bank | 147-151 North 10th Street Philadelphia, PA 19107 | Full Service B&M | $20,921 |
| Abacus Federal Savings Bank | 36-30 Main Street Flushing, NY 11354 | Full Service B&M | $39,369 |
| Abacus Federal Savings Bank | 5518 8th Ave New York City, NY 11220 | Full Service B&M | $46,837 |
| Abacus Federal Savings Bank | 6 Bowery New York, NY 10013 | Full Service B&M | $188,018 |
| Abacus Federal Savings Bank | 869 U.S. Route 1 South Edison, NJ 8817 | Full Service B&M | $20,165 |
For 2020, Abacus Federal Savings Bank had 6 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $13,689 |
| Net interest income | $10,746 |
| Total noninterest income | $2,688 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $191 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,497 |
| Pre-tax net operating income | $2,041 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,575 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,575 |
| Minority interest net income | $0 |
| Net income | $1,575 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,575 |
Abacus Federal Savings Bank's gross interest income from loans was $13,689,000.
Abacus Federal Savings Bank's net interest income from loans was $10,746,000.
Abacus Federal Savings Bank's fee based income from loans was $191,000.
Abacus Federal Savings Bank's net income from loans was $1,575,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,943 |
| Provision for credit losses | $332 |
| Total noninterest expense | $11,061 |
| Salaries and employee benefits | $5,814 |
| Premises and equipment expense | $1,990 |
| Additional noninterest expense | $3,257 |
| Applicable income taxes | $466 |
| Net charge-offs | $0 |
| Cash dividends | $0 |
Abacus Federal Savings Bank's interest expense for loans was $2,943,000.
Abacus Federal Savings Bank's payroll and benefits expense were $5,814,000.
Abacus Federal Savings Bank's property, plant and equipment expenses $1,990,000.
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 | $302,211 |
| Deposits held in domestic offices | $302,211 |
| Deposits by Individuals, partnerships, and corporations | $302,211 |
| 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 | $90,938 |
| Demand deposits | $86,058 |
| Nontransaction accounts | $211,273 |
| Money market deposit accounts (MMDAs) | $17,429 |
| Other savings deposits (excluding MMDAs) | $72,513 |
| Total time deposits | $121,332 |
| Total time and savings deposits | $216,153 |
| Noninterest-bearing deposits | $90,419 |
| Interest-bearing deposits | $211,792 |
| Retail deposits | $235,431 |
| IRAs and Keogh plan accounts | $3,776 |
| Brokered deposits | $60,058 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $352,177 |
| Cash & Balances due from depository institutions | $50,030 |
| Interest-bearing balances | $46,843 |
| Total securities | $5,004 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $284,536 |
| Loan and leases loss allowance | $3,324 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $4,328 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $1,893 |
| All other assets | $6,386 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $352,177 |
| Total Liabilities | $303,638 |
| Total deposits | $302,211 |
| Interest-bearing deposits | $211,792 |
| Deposits held in domestic offices | $302,211 |
| % insured (estimated) | $89 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $1,427 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $284,536 |
| Loan and leases loss allowance | $3,324 |
| Total loans and leases (domestic) | $287,860 |
| All real estate loans | $284,954 |
| Real estate loans in domestic offices | $284,954 |
| 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 | $49,226 |
| Nonfarm nonresidential secured by owner-occupied properties | $291 |
| Commercial real estate & other non-farm, non-residential | $48,935 |
| Multifamily residential real estate | $22,101 |
| 1-4 family residential loans | $213,627 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $3,697 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $97 |
| Credit card loans | $92 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $5 |
| 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 | $669 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Abacus Federal Savings Bank had $284,536,000 of loans outstanding in 2020. $284,954,000 of loans were in real estate loans. $0 of loans were in development loans. $22,101,000 of loans were in multifamily mortgage loans. $213,627,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $92,000 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 | 126 | $39,030 | $309,762 |
| Nonfarm, nonresidential loans - <$100k | 5 | $74 | $14,800 |
| Nonfarm, nonresidential loans - $100-250k | 12 | $1,705 | $142,083 |
| Nonfarm, nonresidential loans - $250k-1MM | 109 | $37,251 | $341,752 |
| Commercial & Industrial, US addressed loans - <$1MM | 177 | $3,669 | $20,729 |
| Commercial & Industrial, US addressed loans - <$100k | 171 | $2,683 | $15,690 |
| Commercial & Industrial, US addressed loans - $100-250k | 4 | $552 | $138,000 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 2 | $434 | $217,000 |