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 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

137

Origination Dollar Volume (All Markets)

$52,825,000

Employee count

88

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) 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%
Abacus Federal Savings Bank's top markets include New York, Philadelphia, Lancaster, and Torrington among others.

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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 72 $21,770,000 $302,361 $0 0.00%
    $400k-600k 40 $18,810,000 $470,250 $0 0.00%
    $600k-1MM 13 $9,225,000 $709,615 $0 0.00%
    $100k-200k 10 $1,530,000 $153,000 $0 0.00%
    $100,000 or less 1 $95,000 $95,000 $0 0.00%
    $1MM+ 1 $1,395,000 $1,395,000 $0 0.00%

    2020 saw Abacus Federal Savings Bank place emphasis on $200k-400k loans with 72 originations, totaling $21,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $13,620,000 $340,500 $0 0.00%
    $100k-150k 33 $13,585,000 $411,667 $0 0.00%
    $75k-100k 25 $10,235,000 $409,400 $0 0.00%
    $50k or less 19 $5,435,000 $286,053 $0 0.00%
    $150k-250k 18 $8,240,000 $457,778 $0 0.00%
    $250k+ 2 $1,710,000 $855,000 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 132 $50,660,000 $383,788 $0 0.00%
    Not provided 1 $735,000 $735,000 $0 0.00%
    Not applicable 1 $735,000 $735,000 $0 0.00%
    White 3 $695,000 $231,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    81.86%

    Abacus Federal Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.96%

    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