2023 Overview
General Bank Information
Ridgewood Savings Bank is an FDIC insured institution located in Ridgewood, NY. It was founded in 0000 and has approximately $6.83 billion in assets. Customers can open an account at one of its 39 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 16026 |
| Date Established | 0000 |
| Assets | $ 6.83 billion |
| Loans | $ 4.30 billion |
| Deposits | $ 5.45 billion |
| Capital | $ 774.85 million |
For a more detailed analysis of Ridgewood Savings Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - June 7, 2023
Your Current Location: Virginia, VA 20146
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Smart Move Online Savings Rate
|
3.25% | $0 | - |
Learn More
|
|
Money Market
|
4.50% | $10,000 | - |
Learn More
|
Loan Rates - June 7, 2023
Your Current Location: Virginia, VA 20146
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit See Table |
6.49% | 5.49% | Varies | |
Compare with RATE Line of Credit from New American Funding, LLC
See All Home Equity Rates |
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| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 10 Year Fixed Conforming See Amortization Table |
6.47% | 5.78% | $2,747.97 | |
| 15 Year Fixed Conforming See Amortization Table |
6.66% | 6.23% | $2,140.83 | |
| 20 Year Fixed Conforming See Amortization Table |
6.88% | 6.59% | $1,877.20 | |
| 30 Year Fixed Conforming See Amortization Table |
6.97% | 6.69% | $1,611.54 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 10 Year Fixed Conforming See Amortization Table |
6.47% | 5.78% | $2,747.97 | |
| 15 Year Fixed Conforming See Amortization Table |
6.66% | 6.23% | $2,140.83 | |
| 20 Year Fixed Conforming See Amortization Table |
6.88% | 6.59% | $1,877.20 | |
| 30 Year Fixed Conforming See Amortization Table |
6.97% | 6.69% | $1,611.54 | |
Compare with 5.910% APR and 5.750% 30-Year Fixed RATE from PenFed Credit Union
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
Ridgewood Savings Bank 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:
Ashburn,Virginia
Climate Initiatives
Ridgewood Savings Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
Financial Details
Ridgewood Savings Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Ridgewood Savings Bank. 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
| Ridgewood Savings Bank | U.S. Bank Average |
|---|---|
| 5.58% | 4.09% |
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, 2022, Ridgewood Savings Bank had $44,213,000 in non-current loans and $731,000 in owned real estate. To cover these potential losses it had $774,849,000 in equity and $29,879,000 in loans loss reserves. That gives it a Texas Ratio of 5.58%.
Return on Equity
| Ridgewood Savings Bank | U.S. Bank Average |
|---|---|
| 4.13% | 10.02% |
Ridgewood Savings Bank has a Return on Equity of 4.13% versus the BestCashCow average of 10.02%. 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
| Ridgewood Savings Bank | U.S. Bank Average |
|---|---|
| 11.34% | 10.44% |
Ridgewood Savings Bank has a Capitalization of 11.34% versus the BestCashCow average of 10.44. 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.
Ridgewood Savings Bank Balance Sheet Analysis
As of December 31, 2022, Ridgewood Savings Bank had assets of $6,834,299,000, loans of $4,295,316,000, and deposits of $5,447,460,000. 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, 2022| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 112.26 million |
| Interest-bearing balances | $ 86.76 million |
| Total securities | $ 1,928.99 million |
| Federal funds sold and reverse repurchase | $ 64.37 million |
| Net loans and leases | $ 4.30 billion |
| Loan loss allowance | $ 29.88 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 0.73 million |
| Goodwill and other intangibles | $ 80.21 million |
| All other assets | $ 274.88 million |
| Total Assets | $ 6.06 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 5.45 billion |
| Interest-bearing deposits | $ 4.92 billion |
| Deposits held in domestic offices | $ 5.45 billion |
| % insured (estimated) | 88.69% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 402.86 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 114.65 million |
| Total Liabilities | $ 6.06 billion |
| Shareholders’ Equity | $ 774.85 million |
Summary Income Statement
December 31, 2022| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 196.87 million |
| Total Interest Expense | $ 44.97 million |
| Net interest income | $ 151.90 million |
| Provision for loan and lease losses | $ 4.19 million |
| Total non interest income | $ 13.67 million |
| Total non interest expense | $ 96.70 million |
| Pre-tax Net Operating Income | $ 31.79 million |
Bank Loan Profile?
The top three loan types in Ridgewood Savings Bank’s loan portfolio are 1-4 Family Residential Loans, Multifamily Mortgages, and Commercial Real Estate.
Compared to other banks in New York, Ridgewood Savings Bank 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 | 45.69 | ✓ | ||
| Multifamily Mortgages |
43.11 | ✓ | ||
| Credit Card Loans | 0.02 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 0.29 | ✓ | ||
| Construction and Development Loans | 0.02 | ✓ | ||
| Commercial Real Estate | 3.80 | ✓ | ||
| Commercial and Industrial Loans | 0.04 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Ridgewood Savings Bank
an
April 25, 2022
We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
Is this review helpful? Yes:0 / No: 0
an
April 25, 2022
We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
Is this review helpful? Yes:0 / No: 0
Randall A
November 18, 2020 |
I've been very pleased over the first six months - now feel cheated by silent .05% drops. How difficult is it to send a blast email notifying customers as a courtesy?
Is this review helpful? Yes:3 / No: 0
BC Weldman
September 13, 2020 |
Ridgewood is a New York bank, not a New Jerzey bank. I wanted to correct this because it means that they are moderately competent, but you will still be better off with a real online bank.
Is this review helpful? Yes:3 / No: 0
elaine johnston
July 18, 2020 |
This is a New Jersey bank. Nice folks and all, but not really set up for online banking or at least I don't think so. Would rather use Ally or some of the places with better online functionality.
Is this review helpful? Yes:3 / No: 0
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