Legacybank Mortgage Rates, Fees & Info

Grundy, VA

LEI: 254900QIXIWRRJZY1H73

Tax ID: 54-0739484

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Mortgage Data

Bank Data

Review & Overview

Legacybank is a smaller bank specializing in Home Purchase and Refi loans. Legacybank has a high proportion of conventional loans. Their top markets by origination volume include: Bluefield, Kingsport, and Lynchburg among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Legacybank 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

29

Origination Dollar Volume (All Markets)

$2,385,000

Employee count

72

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
Bluefield, WV-VA (FHA|USDA|VA) 11 $935,000 $85,000 $0 0.00%
Outside of Metro Areas 14 $710,000 $50,714 $0 0.00%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 3 $685,000 $228,333 $0 0.00%
LYNCHBURG, VA (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Legacybank's top markets include Bluefield, Kingsport, and Lynchburg among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $2,385,000 $82,241 $0 0.00%

    For 2019, Legacybank's most frequently originated type of loan was Conventional, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 15 $1,745,000 $116,333 $0 0.00%
    Refi 8 $520,000 $65,000 $0 0.00%
    Other 5 $95,000 $19,000 $0 0.00%
    Home Improvement 1 $25,000 $25,000 $0 0.00%

    For 2019, Legacybank's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 29 $2,385,000 $82,241 $0 0.00%

    For 2019, Legacybank's most frequently cited loan duration was Other, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 23 $935,000 $40,652 $0 0.00%
    $100k-200k 3 $475,000 $158,333 $0 0.00%
    $200k-400k 2 $570,000 $285,000 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2019 saw Legacybank place emphasis on $100,000 or less loans with 23 originations, totaling $935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 10 $400,000 $40,000 $0 0.00%
    $75k-100k 6 $810,000 $135,000 $0 0.00%
    $50k-75k 4 $120,000 $30,000 $0 0.00%
    $150k-250k 3 $185,000 $61,667 $0 0.00%
    $100k-150k 2 $210,000 $105,000 $0 0.00%
    $250k+ 2 $510,000 $255,000 $0 0.00%

    Legacybank lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $75k-100k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 29 $2,385,000 $82,241 $0 0.00%

    Legacybank lent most frequently to those with DTI ratios of Exempt%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 27 $2,235,000 $82,778 $0 0.00%
    Not applicable 2 $150,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.49%

    Legacybank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.66%

    Legacybank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 29 $2,385,000 $82,241

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 12 $370,000 $30,833
    Single Family (1-4 Units):Site-Built 17 $2,015,000 $118,529

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Grundy National Bank 20957 Riverside Drive Grundy, VA 24614 Full Service B&M $153,716
    Grundy National Bank 498 Cummings Street Abingdon, VA 24210 Full Service B&M $21,920
    Grundy National Bank 10073 Hurley Road Hurley, VA 24620 Full Service B&M $23,737
    Grundy National Bank 12660 Governor G. C. Peery Highway Pounding Mill, VA 24637 Full Service B&M $5,516
    Grundy National Bank 143 Riverside Drive North Tazewell, VA 24630 Full Service B&M $6,403
    Grundy National Bank 17203 Riverside Drive Vansant, VA 24656 Full Service B&M $8,591
    Grundy National Bank 501 Railroad Avenue Richlands, VA 24641 Full Service B&M $10,088
    Grundy National Bank U.S. 460 West At Stiltner's Creek Grundy, VA 24614 Full Service B&M $6,006

    For 2019, Legacybank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,647
    Net interest income $7,763
    Total noninterest income $576
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $339
    Trading account gains and fees $0
    Additional Noninterest Income $237
    Pre-tax net operating income $1,490
    Securities gains (or losses, -) $27
    Income before extraordinary items $1,352
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,352
    Minority interest net income $0
    Net income $1,352
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,327

    Legacybank's gross interest income from loans was $9,647,000.
    Legacybank's net interest income from loans was $7,763,000.
    Legacybank's fee based income from loans was $339,000.
    Legacybank's net income from loans was $1,352,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,884
    Provision for credit losses $147
    Total noninterest expense $6,702
    Salaries and employee benefits $3,889
    Premises and equipment expense $1,067
    Additional noninterest expense $1,746
    Applicable income taxes $165
    Net charge-offs $389
    Cash dividends $1,081

    Legacybank's interest expense for loans was $1,884,000.
    Legacybank's payroll and benefits expense were $3,889,000.
    Legacybank's property, plant and equipment expenses $1,067,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 3.0%
    Real Estate loans 4.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 46.0%
    1-4 family residential loans 3.0%
    HELOC loans 0.0%
    All other family 3.0%
    Commercial & industrial loans 3.0%
    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 $236,533
    Deposits held in domestic offices $236,533
    Deposits by Individuals, partnerships, and corporations $231,338
    Deposits by U.S. Government $31
    Deposits by States and political subdivisions in the U.S. $5,164
    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 $72,074
    Demand deposits $55,230
    Nontransaction accounts $164,459
    Money market deposit accounts (MMDAs) $3,177
    Other savings deposits (excluding MMDAs) $64,484
    Total time deposits $96,798
    Total time and savings deposits $181,303
    Noninterest-bearing deposits $55,226
    Interest-bearing deposits $181,307
    Retail deposits $206,816
    IRAs and Keogh plan accounts $16,204
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $304,925
    Cash & Balances due from depository institutions $34,366
    Interest-bearing balances $28,094
    Total securities $106,050
    Federal funds sold & reverse repurchase $0
    Net loans and leases $140,013
    Loan and leases loss allowance $2,470
    Trading account assets $0
    Bank premises and fixed assets $7,874
    Other real estate owned $5,266
    Goodwill and other intangibles $0
    All other assets $11,356

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $304,925
    Total Liabilities $237,106
    Total deposits $236,533
    Interest-bearing deposits $181,307
    Deposits held in domestic offices $236,533
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $573

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $140,013
    Loan and leases loss allowance $2,470
    Total loans and leases (domestic) $142,483
    All real estate loans $97,886
    Real estate loans in domestic offices $97,886
    Construction and development loans $2,672
    Residential 1-4 family construction $260
    Other construction, all land development and other land $2,412
    Loans secured by nonfarm nonresidential properties $61,864
    Nonfarm nonresidential secured by owner-occupied properties $22,423
    Commercial real estate & other non-farm, non-residential $39,441
    Multifamily residential real estate $4,981
    1-4 family residential loans $24,240
    Farmland loans $4,129
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $21,389
    To non-U.S. addressees $0
    Loans to individuals $15,792
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,842
    Other loans to individuals $10,950
    All other loans & leases $7,420
    Loans to foreign governments and official institutions $0
    Other loans $1,007
    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 $456
    Non 1-4 family restructured loans & leases $4
    Total loans and leases (foreign) $0

    LegacyBank had $140,013,000 of loans outstanding in 2019. $97,886,000 of loans were in real estate loans. $2,672,000 of loans were in development loans. $4,981,000 of loans were in multifamily mortgage loans. $24,240,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,842,000 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 91 $16,266 $178,747
    Nonfarm, nonresidential loans - <$100k 23 $681 $29,609
    Nonfarm, nonresidential loans - $100-250k 19 $1,201 $63,211
    Nonfarm, nonresidential loans - $250k-1MM 49 $14,384 $293,551
    Commercial & Industrial, US addressed loans - <$1MM 122 $3,991 $32,713
    Commercial & Industrial, US addressed loans - <$100k 76 $1,044 $13,737
    Commercial & Industrial, US addressed loans - $100-250k 31 $1,269 $40,935
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $1,678 $111,867
    Farmland loans - <$1MM 6 $644 $107,333
    Farmland loans - $100-250k 3 $313 $104,333
    Farmland loans - $250k-1MM 3 $331 $110,333