Lakeland Bank Mortgage Rates, Fees & Info

Newfoundland, NJ

LEI: 549300ZJ3ZL66QGSGO48

Tax ID: 22-1867508

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Lakeland Bank is a smaller bank specializing in Refi and Home Purchase loans. Lakeland Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include New York, Poughkeepsie, Philadelphia, Easton, and Allentown among others. Lakeland Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Lakeland Bank is typically an average fee lendor.


Originations

1,732

Origination Dollar Volume (All Markets)

$792,390,000

Employee count

736

Awards

Lakeland Bank 30 Year Conventional Loans bronze Lakeland Bank 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Lakeland Bank's average 30 year fixed rate mortgage of loans were 2.76%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.39%.

Relative Fees

Lakeland Bank's average total fees for a 30 year fixed rate mortgage are $4,548.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,605 $645,575,000 $402,227 $2,740 2.87%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 23 $50,035,000 $2,175,435 $3,592 3.06%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 25 $36,125,000 $1,445,000 $4,001 3.37%
Easton, MD (FHA|USDA|VA) 1 $16,235,000 $16,235,000 $0 4.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 40 $14,450,000 $361,250 $2,685 3.10%
Athens, TN (FHA|USDA|VA) 1 $8,005,000 $8,005,000 $0 3.00%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $6,960,000 $3,480,000 $0 3.45%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 14 $5,810,000 $415,000 $4,108 2.79%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $1,725,000 $1,725,000 $0 3.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,500,000 $750,000 $3,908 2.88%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 3.50%
Outside of Metro Areas 2 $970,000 $485,000 $0 3.13%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $675,000 $675,000 $4,685 3.63%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $660,000 $330,000 $5,198 3.06%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $510,000 $255,000 $3,084 2.81%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $415,000 $415,000 $4,250 2.75%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $305,000 $305,000 $0 2.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,908 3.38%
KINGSTON, NY (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.24%
GETTYSBURG, PA (FHA|USDA|VA) 1 $195,000 $195,000 $3,588 2.75%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $185,000 $185,000 $2,744 2.75%
LANCASTER, PA (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.50%
Oneonta, NY (FHA|USDA|VA) 1 $155,000 $155,000 $3,299 3.00%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $125,000 $125,000 $3,149 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.50%

Lakeland Bank's top markets include New York, Poughkeepsie, Philadelphia, Easton, and Allentown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,725 $790,235,000 $458,107 $2,733 2.89%
FHA 7 $2,155,000 $307,857 $9,942 2.75%

For the 2021 period, Lakeland Bank's most frequently originated loan type of loans were Conventional, with 1,725 originations. Their 2nd most popular type is FHA, with 7 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 703 $276,515,000 $393,336 $2,170 2.86%
Home Improvement 401 $102,595,000 $255,848 $58 2.79%
Home Purchase 380 $358,550,000 $943,553 $4,879 3.10%
Other 125 $14,625,000 $117,000 $205 2.67%
Cash Out Refi 123 $40,105,000 $326,057 $3,592 2.93%

For the 2021, Lakeland Bank's most frequently cited loan purpose of loans were Refi, with 703 originations. The 2nd most popular reason of loans were Home Improvement, with 401 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 772 $226,310,000 $293,148 $4,548 2.76%
Other 387 $297,235,000 $768,049 $163 2.74%
15 Year 242 $52,600,000 $217,355 $1,877 2.80%
10 Year 187 $180,115,000 $963,182 $584 3.48%
20 Year 98 $18,060,000 $184,286 $825 3.20%
5 Year 33 $6,865,000 $208,030 $0 3.26%
1 Year 11 $4,875,000 $443,182 $0 4.89%
3 Year 2 $6,330,000 $3,165,000 $0 3.45%

For the 2021, Lakeland Bank's most frequently cited loan length of loans were 30 Year, with 772 originations. The 2nd most popular length of loans were Other, with 387 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 627 $150,965,000 $240,774
$1k-2k 170 $74,680,000 $439,294
$2k-3k 27 $10,045,000 $372,037
$3k-4k 12 $6,660,000 $555,000
$5k+ 12 $9,580,000 $798,333

$4,548 of loans were Lakeland Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 627 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 771 $153,495,000 $199,086
2.5-3% 497 $190,515,000 $383,330
3-4% 427 $391,675,000 $917,272
4-5% 25 $53,295,000 $2,131,800
5-6% 12 $3,410,000 $284,167

During 2021, Lakeland Bank's average interest rate of loans were 2.76%, while their most frequently originated rate bucket of loans were <2.5%, with 771 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 475 $132,095,000 $278,095 $3,201 2.87%
$100k-200k 424 $59,210,000 $139,646 $1,657 2.76%
$100,000 or less 421 $23,175,000 $55,048 $173 2.77%
$400k-600k 191 $92,085,000 $482,120 $4,517 2.95%
$600k-1MM 133 $104,135,000 $782,970 $6,114 3.18%
$1MM+ 88 $381,690,000 $4,337,386 $8,513 3.52%

2021 saw Lakeland Bank place emphasis on $200k-400k loans with 475 originations, totaling $132,095,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 408 $103,670,000 $254,093 $2,768 2.77%
$100k-150k 356 $65,500,000 $183,989 $2,257 2.78%
$250k+ 293 $129,815,000 $443,055 $4,733 2.75%
$75k-100k 228 $37,970,000 $166,535 $2,197 2.80%
$50k-75k 155 $22,105,000 $142,613 $2,435 2.73%
$50k or less 59 $5,555,000 $94,153 $1,739 2.81%

Lakeland Bank lent most frequently to those with incomes in the $150k-250k range, with 408 originations. The second most popular income band? $100k-150k, with 356 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 411 $96,115,000 $233,856 $2,634 2.77%
30-36% 297 $72,585,000 $244,394 $2,828 2.77%
<20% 140 $32,800,000 $234,286 $2,624 2.78%
44% 127 $28,105,000 $221,299 $3,418 2.62%
42% 86 $19,370,000 $225,233 $2,194 2.77%
40% 68 $18,400,000 $270,588 $2,829 2.81%
39% 67 $18,175,000 $271,269 $2,782 2.76%
41% 66 $15,050,000 $228,030 $2,102 2.78%
38% 66 $14,640,000 $221,818 $2,286 2.76%
37% 65 $15,035,000 $231,308 $2,318 2.77%
36% 44 $11,030,000 $250,682 $3,109 2.82%
43% 36 $7,840,000 $217,778 $2,752 2.76%
49% 21 $5,625,000 $267,857 $3,623 2.89%
46% 15 $5,525,000 $368,333 $5,610 3.07%
47% 13 $5,255,000 $404,231 $3,902 2.93%
48% 11 $2,895,000 $263,182 $3,398 2.94%
45% 9 $2,195,000 $243,889 $4,062 2.79%
>60% 4 $1,100,000 $275,000 $3,392 3.38%
50-60% 3 $1,045,000 $348,333 $10,491 2.75%

Lakeland Bank lent most frequently to those with DTI ratios of 20-30%, with 411 originations. The next most common DTI ratio? 30-36%, with 297 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 177 $417,115,000 $2,356,582 $0 3.88%
White 1,289 $305,335,000 $236,877 $2,804 2.77%
Not provided 168 $34,780,000 $207,024 $1,552 2.76%
Asian 61 $26,415,000 $433,033 $4,293 2.83%
Black 21 $5,035,000 $239,762 $3,502 2.88%
Asian Indian 5 $1,695,000 $339,000 $4,843 2.75%
American Indian 6 $760,000 $126,667 $3,169 2.58%
Other Asian 1 $415,000 $415,000 $0 2.50%
Chinese 1 $395,000 $395,000 $0 2.50%
Korean 1 $275,000 $275,000 $2,652 2.75%
Filipino 1 $115,000 $115,000 $0 2.50%
Other Pacific Islander 1 $55,000 $55,000 $0 2.50%

Approval Rates

Total approvals of all applications
76.05%

Lakeland Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
84.37%

Lakeland Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,732 $792,390,000 $457,500

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,732 $792,390,000 $457,500

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 375 $72,375,000 $193,000 $1,466 2.73%
40-60% 315 $156,065,000 $495,444 $2,876 2.93%
60-80% 458 $451,420,000 $985,633 $4,135 3.11%
80-100% 125 $48,395,000 $387,160 $4,781 2.84%
Under 20% 456 $63,530,000 $139,320 $68 2.76%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Lakeland Bank 25 Main Street Hackensack, NJ 7601 Full Service B&M $85,284
Lakeland Bank 11 Ackerman Avenue, Botany Plaza Shopping Center Clifton, NJ 7011 Full Service B&M $10,511
Lakeland Bank 11 Hampton House Road Newton, NJ 7860 Full Service B&M $273,276
Lakeland Bank 1410 Route 23 North Butler, NJ 7405 Full Service B&M $212,029
Lakeland Bank 143 Route 183 Stanhope, NJ 7874 Full Service B&M $73,523
Lakeland Bank 151 South Street Morristown, NJ 7960 Full Service B&M $118,931
Lakeland Bank 1527 Union Valley Road West Milford, NJ 7480 Full Service B&M $171,854
Lakeland Bank 155 Morristown Road Bernardsville, NJ 7924 Full Service B&M $123,607
Lakeland Bank 165 Kinderkamack Road Park Ridge, NJ 7656 Full Service B&M $83,129
Lakeland Bank 166 Changebridge Road Montville, NJ 7045 Full Service B&M $268,802
Lakeland Bank 21 Jefferson Avenue Westwood, NJ 7675 Full Service B&M $126,533
Lakeland Bank 2120 West County Line Road Jackson, NJ 8527 Full Service B&M $200,984
Lakeland Bank 231 Black Oak Ridge Road Wayne, NJ 7470 Full Service B&M $226,779
Lakeland Bank 64 Crescent Avenue Waldwick, NJ 7463 Full Service B&M $100,769
Lakeland Bank 650 Union Boulevard Totowa, NJ 7512 Full Service B&M $217,422
Lakeland Bank 652 Wyckoff Avenue Wyckoff, NJ 7481 Full Service B&M $249,781
Lakeland Bank 7 Town Center Drive Sparta, NJ 7871 Full Service B&M $248,615
Lakeland Bank 86-88 Main Street Little Falls, NJ 7424 Full Service B&M $460,094
Lakeland Bank 9 Polifly Road Hackensack, NJ 7601 Full Service B&M $82,202
Lakeland Bank One Cedar Crest Village Drive Pompton Plains, NJ 7444 Full Service B&M $45,280
Lakeland Bank Www.Lakelandbank.Com Oak Ridge, NJ 7438 Full Service Cyber Office $9,476
Lakeland Bank 1 East Passaic Street Rochelle Park, NJ 7662 Full Service B&M $206,712
Lakeland Bank 1 Woodland Commons Pompton Plains, NJ 7444 Full Service B&M $15,440
Lakeland Bank 103 Ringwood Avenue Wanaque, NJ 7465 Full Service B&M $104,670
Lakeland Bank 104 Route 37 East Toms River, NJ 8753 Full Service B&M $132,949
Lakeland Bank 106 East Main Street Mendham, NJ 7945 Full Service B&M $113,563
Lakeland Bank 417 Cedar Lane Teaneck, NJ 7666 Full Service B&M $126,846
Lakeland Bank 42 N. Dean Street Englewood, NJ 7631 Full Service B&M $44,222
Lakeland Bank 45 Skyline Drive Ringwood, NJ 7456 Full Service B&M $75,195
Lakeland Bank 455 Route 23 North Wantage, NJ 7461 Full Service B&M $130,939
Lakeland Bank 49-53 Bloomfield Avenue Caldwell, NJ 7006 Full Service B&M $190,583
Lakeland Bank 500 River Avenue Lakewood, NJ 8701 Full Service B&M $224,367
Lakeland Bank 510 Morris Avenue Summit, NJ 7901 Full Service B&M $55,958
Lakeland Bank 529 Route 515 Vernon, NJ 7462 Full Service B&M $149,999
Lakeland Bank 55 Broadway Denville, NJ 7834 Full Service Retail $80,384
Lakeland Bank 556 Route 32 Highland Mills, NY 10930 Full Service B&M $195,028
Lakeland Bank 5729 Berkshire Valley Road Oak Ridge, NJ 7438 Full Service B&M $157,367
Lakeland Bank 615 Us 206 Newton, NJ 7860 Full Service B&M $79,743
Lakeland Bank 25 Route 23 Franklin, NJ 7416 Full Service B&M $99,325
Lakeland Bank 265 Main Street Madison, NJ 7940 Full Service B&M $66,620
Lakeland Bank 2717 Route 23 South Newfoundland, NJ 7435 Full Service B&M $321,021
Lakeland Bank 28 Main Street Bloomingdale, NJ 7403 Full Service B&M $108,896
Lakeland Bank 3 Broad Street Branchville, NJ 7826 Full Service B&M $184,873
Lakeland Bank 321 W Main Street Boonton, NJ 7005 Full Service B&M $113,115
Lakeland Bank 325 Garden Street Carlstadt, NJ 7072 Full Service B&M $47,617
Lakeland Bank 350 North Main Street, Wharton Mall Wharton, NJ 7885 Full Service B&M $68,798
Lakeland Bank 356 Franklin Avenue Nutley, NJ 7110 Full Service B&M $83,140
Lakeland Bank 37 Route 15 Lafayette, NJ 7848 Full Service B&M $60,542
Lakeland Bank 395 Route 94 North Fredon Township, NJ 7860 Full Service B&M $119,138

For 2021, Lakeland Bank had 49 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $257,318
Net interest income $240,254
Total noninterest income $22,602
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,643
Trading account gains and fees $0
Additional Noninterest Income $18,959
Pre-tax net operating income $134,494
Securities gains (or losses, -) $-276
Income before extraordinary items $100,479
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $100,479
Minority interest net income $0
Net income $100,479
Sale, conversion, retirement of capital stock, net $4,073
Net operating income $100,697

Lakeland Bank's gross interest income from loans was $257,318,000.
Lakeland Bank's net interest income from loans was $240,254,000.
Lakeland Bank's fee based income from loans was $3,643,000.
Lakeland Bank's net income from loans was $100,479,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $17,064
Provision for credit losses $-10,896
Total noninterest expense $139,258
Salaries and employee benefits $82,589
Premises and equipment expense $24,773
Additional noninterest expense $31,896
Applicable income taxes $33,739
Net charge-offs $2,162
Cash dividends $50,648

Lakeland Bank's interest expense for loans was $17,064,000.
Lakeland Bank's payroll and benefits expense were $82,589,000.
Lakeland Bank's property, plant and equipment expenses $24,773,000.

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 1.0%
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 $7,006,531
Deposits held in domestic offices $7,006,531
Deposits by Individuals, partnerships, and corporations $5,440,257
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $1,561,058
Deposits by Commercial banks and other depository institutions in U.S. $5,216
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $600,758
Demand deposits $600,758
Nontransaction accounts $6,405,773
Money market deposit accounts (MMDAs) $4,969,443
Other savings deposits (excluding MMDAs) $677,101
Total time deposits $759,229
Total time and savings deposits $6,405,773
Noninterest-bearing deposits $1,787,706
Interest-bearing deposits $5,218,825
Retail deposits $6,756,410
IRAs and Keogh plan accounts $96,602
Brokered deposits $114,286
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $8,195,337
Cash & Balances due from depository institutions $228,384
Interest-bearing balances $184,228
Total securities $1,612,280
Federal funds sold & reverse repurchase $148
Net loans and leases $5,920,044
Loan and leases loss allowance $58,047
Trading account assets $0
Bank premises and fixed assets $61,138
Other real estate owned $0
Goodwill and other intangibles $158,621
All other assets $214,722

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $8,195,337
Total Liabilities $7,242,069
Total deposits $7,006,531
Interest-bearing deposits $5,218,825
Deposits held in domestic offices $7,006,531
% insured (estimated) $54
Federal funds purchased and repurchase agreements $106,453
Trading liabilities $0
Other borrowed funds $25,000
Subordinated debt $0
All other liabilities $104,085

Issued Loan Types

Type Value (in 000's)
Net loans and leases $5,920,044
Loan and leases loss allowance $58,047
Total loans and leases (domestic) $5,978,091
All real estate loans $5,386,954
Real estate loans in domestic offices $5,386,954
Construction and development loans $302,228
Residential 1-4 family construction $59,862
Other construction, all land development and other land $242,366
Loans secured by nonfarm nonresidential properties $3,213,172
Nonfarm nonresidential secured by owner-occupied properties $896,819
Commercial real estate & other non-farm, non-residential $2,316,353
Multifamily residential real estate $972,233
1-4 family residential loans $887,816
Farmland loans $11,505
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $453,565
To non-U.S. addressees $0
Loans to individuals $5,725
Credit card loans $0
Related Plans $522
Consumer Auto Loans $2,041
Other loans to individuals $3,162
All other loans & leases $131,847
Loans to foreign governments and official institutions $0
Other loans $8,635
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $10,299
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,191
Non 1-4 family restructured loans & leases $2,942
Total loans and leases (foreign) $0

Lakeland Bank had $5,920,044,000 of loans outstanding in 2021. $5,386,954,000 of loans were in real estate loans. $302,228,000 of loans were in development loans. $972,233,000 of loans were in multifamily mortgage loans. $887,816,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,041,000 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 1,267 $433,794 $342,379
Nonfarm, nonresidential loans - <$100k 107 $4,406 $41,178
Nonfarm, nonresidential loans - $100-250k 267 $33,925 $127,060
Nonfarm, nonresidential loans - $250k-1MM 893 $395,463 $442,848
Commercial & Industrial, US addressed loans - <$1MM 1,248 $117,111 $93,839
Commercial & Industrial, US addressed loans - <$100k 771 $22,863 $29,654
Commercial & Industrial, US addressed loans - $100-250k 256 $30,914 $120,758
Commercial & Industrial, US addressed loans - $250k-1MM 221 $63,334 $286,579
Farmland loans - <$1MM 5 $645 $129,000
Farmland loans - $100-250k 4 $435 $108,750
Farmland loans - $250k-1MM 1 $210 $210,000