Abacus Federal Savings Bank Mortgage Rates, Fees & Info

New York, NY

LEI: 549300YOGGZET04TZM44

Tax ID: 13-3234580

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Mortgage Data

  • Originations
  • 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 (Closing Costs)

    • Bank Data

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

    • 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, Bridgeport, New Haven, and Buffalo 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    143

    Origination Dollar Volume (All Markets)

    $66,505,000

    Employee count

    82

    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) 140 $65,550,000 $468,214 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $555,000 $555,000 $0 0.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    Abacus Federal Savings Bank's top markets include New York, Bridgeport, New Haven, and Buffalo among others.

    Their top states include:
  • New York (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 143 $66,505,000 $465,070 $0 0.00%

    For 2021, Abacus Federal Savings Bank's most frequently originated type of loan was Conventional, with 143 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 90 $41,530,000 $461,444 $0 0.00%
    Home Purchase 50 $22,190,000 $443,800 $0 0.00%
    Cash Out Refi 3 $2,785,000 $928,333 $0 0.00%

    For 2021, Abacus Federal Savings Bank's most frequently cited loan purpose was Refi, with 90 originations. The 2nd most popular reason was Home Purchase, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 143 $66,505,000 $465,070 $0 0.00%

    For 2021, Abacus Federal Savings Bank's most frequently cited loan duration was Other, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 53 $25,365,000 $478,585 $0 0.00%
    $200k-400k 52 $15,810,000 $304,038 $0 0.00%
    $600k-1MM 28 $20,800,000 $742,857 $0 0.00%
    $100k-200k 7 $1,145,000 $163,571 $0 0.00%
    $1MM+ 3 $3,385,000 $1,128,333 $0 0.00%

    2021 saw Abacus Federal Savings Bank place emphasis on $400k-600k loans with 53 originations, totaling $25,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 33 $10,555,000 $319,848 $0 0.00%
    $100k-150k 32 $15,910,000 $497,188 $0 0.00%
    $75k-100k 31 $14,725,000 $475,000 $0 0.00%
    $150k-250k 28 $16,290,000 $581,786 $0 0.00%
    $50k or less 15 $6,125,000 $408,333 $0 0.00%
    $250k+ 3 $2,275,000 $758,333 $0 0.00%

    Abacus Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 33 originations. The second most popular income band? $100k-150k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 143 $66,505,000 $465,070 $0 0.00%

    Abacus Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 134 $61,410,000 $458,284 $0 0.00%
    Not provided 5 $2,885,000 $577,000 $0 0.00%
    White 3 $1,585,000 $528,333 $0 0.00%
    Not applicable 1 $625,000 $625,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.57%

    Abacus Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    50.35%

    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 143 $66,505,000 $465,070

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    143 $66,505,000 $465,070

    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 $493
    Abacus Federal Savings Bank 147-151 North 10th Street Philadelphia, PA 19107 Full Service B&M $24,377
    Abacus Federal Savings Bank 36-30 Main Street Flushing, NY 11354 Full Service B&M $34,970
    Abacus Federal Savings Bank 4824 8th Ave Brooklyn, NY 11220 Full Service B&M $48,659
    Abacus Federal Savings Bank 6 Bowery New York, NY 10013 Full Service B&M $178,889
    Abacus Federal Savings Bank 869 U.S. Route 1 South Edison, NJ 8817 Full Service B&M $15,031

    For 2021, Abacus Federal Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,843
    Net interest income $10,116
    Total noninterest income $4,105
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $192
    Trading account gains and fees $0
    Additional Noninterest Income $3,913
    Pre-tax net operating income $2,745
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,980
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,980
    Minority interest net income $0
    Net income $1,980
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,980

    Abacus Federal Savings Bank's gross interest income from loans was $11,843,000.
    Abacus Federal Savings Bank's net interest income from loans was $10,116,000.
    Abacus Federal Savings Bank's fee based income from loans was $192,000.
    Abacus Federal Savings Bank's net income from loans was $1,980,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,727
    Provision for credit losses $-295
    Total noninterest expense $11,771
    Salaries and employee benefits $5,854
    Premises and equipment expense $2,347
    Additional noninterest expense $3,570
    Applicable income taxes $765
    Net charge-offs $0
    Cash dividends $0

    Abacus Federal Savings Bank's interest expense for loans was $1,727,000.
    Abacus Federal Savings Bank's payroll and benefits expense were $5,854,000.
    Abacus Federal Savings Bank's property, plant and equipment expenses $2,347,000.

    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 $284,764
    Deposits held in domestic offices $284,764
    Deposits by Individuals, partnerships, and corporations $284,764
    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 $112,232
    Demand deposits $107,708
    Nontransaction accounts $172,532
    Money market deposit accounts (MMDAs) $16,355
    Other savings deposits (excluding MMDAs) $73,425
    Total time deposits $82,750
    Total time and savings deposits $177,056
    Noninterest-bearing deposits $111,280
    Interest-bearing deposits $173,484
    Retail deposits $239,377
    IRAs and Keogh plan accounts $3,899
    Brokered deposits $40,025
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $336,780
    Cash & Balances due from depository institutions $90,179
    Interest-bearing balances $87,100
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $233,656
    Loan and leases loss allowance $3,018
    Trading account assets $0
    Bank premises and fixed assets $4,093
    Other real estate owned $0
    Goodwill and other intangibles $2,560
    All other assets $6,292

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $336,780
    Total Liabilities $286,261
    Total deposits $284,764
    Interest-bearing deposits $173,484
    Deposits held in domestic offices $284,764
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,497

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $233,656
    Loan and leases loss allowance $3,018
    Total loans and leases (domestic) $236,674
    All real estate loans $236,539
    Real estate loans in domestic offices $236,539
    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 $42,559
    Nonfarm nonresidential secured by owner-occupied properties $279
    Commercial real estate & other non-farm, non-residential $42,280
    Multifamily residential real estate $20,178
    1-4 family residential loans $173,802
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $681
    To non-U.S. addressees $0
    Loans to individuals $82
    Credit card loans $82
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $0
    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 $410
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Abacus Federal Savings Bank had $233,656,000 of loans outstanding in 2021. $236,539,000 of loans were in real estate loans. $0 of loans were in development loans. $20,178,000 of loans were in multifamily mortgage loans. $173,802,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $82,000 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 113 $33,939 $300,345
    Nonfarm, nonresidential loans - <$100k 5 $66 $13,200
    Nonfarm, nonresidential loans - $100-250k 9 $1,415 $157,222
    Nonfarm, nonresidential loans - $250k-1MM 99 $32,458 $327,859
    Commercial & Industrial, US addressed loans - <$1MM 68 $672 $9,882
    Commercial & Industrial, US addressed loans - <$100k 67 $475 $7,090
    Commercial & Industrial, US addressed loans - $100-250k 1 $197 $197,000