Spencer Savings Bank, SLA
Headquarters
611 River Dr
Elmwood Park, NJ 07407
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2024 Overview
General Bank Information
Spencer Savings Bank, SLA is an FDIC insured institution located in Elmwood Park, NJ. It was founded in 1939 and has approximately $3.86 billion in assets. Customers can open an account at one of its 22 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 30076 |
| Date Established | 1939 |
| Assets | $ 3.86 billion |
| Loans | $ 3.18 billion |
| Deposits | $ 2.88 billion |
| Capital | $ 424.17 million |
For a more detailed analysis of Spencer Savings Bank, SLA's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - April 18, 2024
Your Current Location: Ohio, OH 43085
Loan Rates - April 18, 2024
Your Current Location: Ohio, OH 43085
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit See Table |
8.50% | 7.75% | Varies | |
Compare with 7.49 RATE Line of Credit from Third Federal Savings and Loan
See All Home Equity Rates |
||||
| 5 Year Loan
See Table |
6.75% | 5.00% | $1,887.12 | |
| 7 Year Loan
See Table |
6.75% | 5.00% | $1,413.39 | |
| 10 Year Loan
See Table |
7.00% | 5.50% | $1,085.26 | |
| 15 Year Loan
See Table |
7.25% | 5.75% | $830.41 | |
| 20 Year Loan
See Table |
7.50% | 6.13% | $723.66 | |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year Adjustable Jumbo See Amortization Table |
7.25% | 6.82% | $2,089.36 | |
| 7 Year Adjustable Jumbo See Amortization Table |
7.45% | 6.73% | $2,070.62 | |
| 10 Year Adjustable Jumbo See Amortization Table |
7.55% | 6.67% | $2,057.47 | |
| 15 Year Fixed Jumbo See Amortization Table |
7.04% | 5.44% | $2,604.49 | |
| 20 Year Fixed Conforming See Amortization Table |
6.79% | 5.04% | $2,119.64 | |
| 20 Year Fixed Jumbo See Amortization Table |
7.04% | 5.44% | $2,190.41 | |
| 30 Year Fixed Conforming See Amortization Table |
6.04% | 5.54% | $1,823.96 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year Adjustable Jumbo See Amortization Table |
7.25% | 6.82% | $2,089.36 | |
| 7 Year Adjustable Jumbo See Amortization Table |
7.45% | 6.73% | $2,070.62 | |
| 10 Year Adjustable Jumbo See Amortization Table |
7.55% | 6.67% | $2,057.47 | |
| 15 Year Fixed Jumbo See Amortization Table |
7.04% | 5.44% | $2,604.49 | |
| 20 Year Fixed Conforming See Amortization Table |
6.79% | 5.04% | $2,119.64 | |
| 20 Year Fixed Jumbo See Amortization Table |
7.04% | 5.44% | $2,190.41 | |
| 30 Year Fixed Conforming See Amortization Table |
6.04% | 5.54% | $1,823.96 | |
Compare with 6.787% APR and 6.750% 30-Year Fixed RATE from District Lending
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Spencer Savings Bank, SLA branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
Spencer Savings Bank, SLA is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
Spencer Savings Bank, SLA Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Spencer Savings Bank, SLA. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Spencer Savings Bank, SLA | U.S. Bank Average |
|---|---|
| 2.22% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, Spencer Savings Bank, SLA had $10,052,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $424,170,000 in equity and $29,159,000 in loans loss reserves. That gives it a Texas Ratio of 2.22%.
Return on Equity
| Spencer Savings Bank, SLA | U.S. Bank Average |
|---|---|
| 4.2% | 12.20% |
Spencer Savings Bank, SLA has a Return on Equity of 4.2% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Spencer Savings Bank, SLA | U.S. Bank Average |
|---|---|
| 10.99% | 10.76% |
Spencer Savings Bank, SLA has a Capitalization of 10.99% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Spencer Savings Bank, SLA Balance Sheet Analysis
As of December 31, 2023, Spencer Savings Bank, SLA had assets of $3,860,319,000, loans of $3,184,386,000, and deposits of $2,881,878,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 43.94 million |
| Interest-bearing balances | $ 28.44 million |
| Total securities | $ 371.41 million |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 3.18 billion |
| Loan loss allowance | $ 29.16 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 34.11 million |
| All other assets | $ 167.78 million |
| Total Assets | $ 3.44 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 2.88 billion |
| Interest-bearing deposits | $ 2.55 billion |
| Deposits held in domestic offices | $ 2.88 billion |
| % insured (estimated) | 61.19% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 168.55 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 51.60 million |
| Total Liabilities | $ 3.44 billion |
| Shareholders’ Equity | $ 424.17 million |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 162.99 million |
| Total Interest Expense | $ 79.50 million |
| Net interest income | $ 83.48 million |
| Provision for loan and lease losses | $ 1.31 million |
| Total non interest income | $ 8.25 million |
| Total non interest expense | $ 65.57 million |
| Pre-tax Net Operating Income | $ 20.85 million |
Bank Loan Profile?
The top three loan types in Spencer Savings Bank, SLA’s loan portfolio are Multifamily Mortgages, Commercial Real Estate, and 1-4 Family Residential Loans.
Compared to other banks in New Jersey, Spencer Savings Bank, SLA has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 21.17 | ✓ | ||
| Multifamily Mortgages |
36.66 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 4.17 | ✓ | ||
| Construction and Development Loans | 1.71 | ✓ | ||
| Commercial Real Estate | 32.63 | ✓ | ||
| Commercial and Industrial Loans | 1.52 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Spencer Savings Bank, SLA
Customer18
March 26, 2021 |
Spencer Bank is by far, the ABSOLUTE WORST Banking institution there is. The Bank - and the Headquarters - display a host of shortcomings and clearly are the most substandard bank - dealing with numerous staff members in the Corporate Office and bank location, I can easily say that across the board, each person failed miserably in their competencies...there was incompetence, unprofessionalism, a lack of knowledge, and complete disregard displayed - a Bank Manager who left an urgent situation hanging and unresolved - never to have the decency to properly handle customer's needs.....and members in the Corporate Office following the same pattern - with absolutely no accountability, conscience or morals. The Bank Manager comes from a place of NO...as do the other staff members...they go through the motion to do nothing ...and handling any question or request for them is utterly challenging and mishandled - they are literally clueless and inept.
The bank couldn't have failed worse in their non-actions in supporting their clients - they have antiquated ways of handling situations and horrendous follow-through in meeting customer needs - it's non-existent and actually creates stress and aggravation to a situation. Who would need that? It's no wonder Spencer Bank exists in a bubble in New Jersey and fails to be a national bank - they're ill equipped on every staff level. It's a small, isolated banking institution ...and instead of at least offering more personalized service, as a result, they actually fall short in that too....but rather, they're impersonal, backwards, unresponsive and irresponsible in performing tasks that other banks can do with ease.
I decided to google - "what skills are crucial for bank professionals" ...and the following was listed - Patience...Attentiveness...Emotional Intelligence...Ability to Communicate Clearly...Problem Solving Skills...A Methodical Approach...Creativity and Resourcefulness...and Ability to Use Positive Language." So, what I find remarkable is - There Is Not One Skill Listed That Would Encompass Spencer Savings Bank - They Literally FAILED On All Counts.
In assessing my experience with their employees and the abilities of Spencer Savings, it is so deplorable that the traits, listed above, are the complete opposite skills to what was offered at Spencer Bank - they come from a place of NO...they lack resourcefulness, they lack accountability and they cannot be depended on...the Bank Manager was so ineffective and seemed completely disinterested in her job...after dealing with other Company members, I realized that this seems to be the trend there - sadly, it starts from the Top Down. Low Expectations seem to be their motto - and their goal....it's too bad that clients suffer, as a result. I only recommend using Spencer Savings if you are comfortable with failure and incompetence.
Life lesson: If you go to a "Rinky-Dink" Bank, then expect "Rinky-Dink" service!
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