Legacybank Mortgage Rates, Fees & Info

Grundy, VA

LEI: 254900QIXIWRRJZY1H73

Tax ID: 54-0739484

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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

    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: Morristown, Bluefield, Kingsport, and Sevierville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Legacybank has an above 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

    33

    Origination Dollar Volume (All Markets)

    $6,875,000

    Employee count

    60

    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
    MORRISTOWN, TN (FHA|USDA|VA) 6 $2,960,000 $493,333 $0 0.00%
    Bluefield, WV-VA (FHA|USDA|VA) 7 $1,705,000 $243,571 $0 0.00%
    Outside of Metro Areas 13 $885,000 $68,077 $0 0.00%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 5 $835,000 $167,000 $0 0.00%
    Sevierville, TN (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
    Legacybank's top markets include Morristown, Bluefield, Kingsport, and Sevierville among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $6,875,000 $208,333 $0 0.00%

    For 2020, Legacybank's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $4,260,000 $193,636 $0 0.00%
    Refi 6 $1,780,000 $296,667 $0 0.00%
    Other 4 $790,000 $197,500 $0 0.00%
    Home Improvement 1 $45,000 $45,000 $0 0.00%

    For 2020, Legacybank's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 33 $6,875,000 $208,333 $0 0.00%

    For 2020, Legacybank's most frequently cited loan duration was Other, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $825,000 $43,421 $0 0.00%
    $100k-200k 4 $620,000 $155,000 $0 0.00%
    $200k-400k 4 $1,220,000 $305,000 $0 0.00%
    $400k-600k 3 $1,405,000 $468,333 $0 0.00%
    $600k-1MM 2 $1,700,000 $850,000 $0 0.00%
    $1MM+ 1 $1,105,000 $1,105,000 $0 0.00%

    2020 saw Legacybank place emphasis on $100,000 or less loans with 19 originations, totaling $825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 8 $380,000 $47,500 $0 0.00%
    $50k or less 5 $145,000 $29,000 $0 0.00%
    $100k-150k 4 $600,000 $150,000 $0 0.00%
    $150k-250k 3 $705,000 $235,000 $0 0.00%
    $75k-100k 3 $325,000 $108,333 $0 0.00%
    $250k+ 2 $440,000 $220,000 $0 0.00%

    Legacybank lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 33 $6,875,000 $208,333 $0 0.00%

    Legacybank lent most frequently to those with DTI ratios of Exempt%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 8 $4,280,000 $535,000 $0 0.00%
    White 24 $2,460,000 $102,500 $0 0.00%
    Asian 1 $135,000 $135,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.11%

    Legacybank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.76%

    Legacybank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 33 $6,875,000 $208,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,970,000 $742,500
    Single Family (1-4 Units):Manufactured 11 $335,000 $30,455
    Single Family (1-4 Units):Site-Built 18 $3,570,000 $198,333

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Legacy Bank 10073 Hurley Road Hurley, VA 24620 Full Service B&M $25,097
    Legacy Bank 12660 Governor G. C. Peery Highway Pounding Mill, VA 24637 Full Service B&M $19,815
    Legacy Bank 17203 Riverside Drive Vansant, VA 24656 Full Service B&M $10,236
    Legacy Bank 20957 Riverside Drive Grundy, VA 24614 Full Service B&M $163,242
    Legacy Bank 498 Cummings Street Abingdon, VA 24210 Full Service B&M $21,707
    Legacy Bank U.S. 460 West At Stiltner's Creek Grundy, VA 24614 Full Service B&M $5,675

    For 2020, Legacybank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,102
    Net interest income $7,611
    Total noninterest income $1,567
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $237
    Trading account gains and fees $0
    Additional Noninterest Income $1,330
    Pre-tax net operating income $3,502
    Securities gains (or losses, -) $3
    Income before extraordinary items $3,127
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,127
    Minority interest net income $0
    Net income $3,127
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,124

    Legacybank's gross interest income from loans was $9,102,000.
    Legacybank's net interest income from loans was $7,611,000.
    Legacybank's fee based income from loans was $237,000.
    Legacybank's net income from loans was $3,127,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,491
    Provision for credit losses $-90
    Total noninterest expense $5,766
    Salaries and employee benefits $3,301
    Premises and equipment expense $765
    Additional noninterest expense $1,700
    Applicable income taxes $378
    Net charge-offs $-520
    Cash dividends $1,730

    Legacybank's interest expense for loans was $1,491,000.
    Legacybank's payroll and benefits expense were $3,301,000.
    Legacybank's property, plant and equipment expenses $765,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 2.0%
    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 $250,537
    Deposits held in domestic offices $250,537
    Deposits by Individuals, partnerships, and corporations $245,336
    Deposits by U.S. Government $23
    Deposits by States and political subdivisions in the U.S. $5,178
    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 $83,706
    Demand deposits $63,633
    Nontransaction accounts $166,831
    Money market deposit accounts (MMDAs) $5,100
    Other savings deposits (excluding MMDAs) $81,650
    Total time deposits $80,081
    Total time and savings deposits $186,904
    Noninterest-bearing deposits $63,633
    Interest-bearing deposits $186,904
    Retail deposits $230,959
    IRAs and Keogh plan accounts $15,966
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $323,586
    Cash & Balances due from depository institutions $51,277
    Interest-bearing balances $45,915
    Total securities $106,991
    Federal funds sold & reverse repurchase $0
    Net loans and leases $142,844
    Loan and leases loss allowance $2,900
    Trading account assets $0
    Bank premises and fixed assets $7,665
    Other real estate owned $4,283
    Goodwill and other intangibles $0
    All other assets $10,526

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $323,586
    Total Liabilities $251,690
    Total deposits $250,537
    Interest-bearing deposits $186,904
    Deposits held in domestic offices $250,537
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,153

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $142,844
    Loan and leases loss allowance $2,900
    Total loans and leases (domestic) $145,744
    All real estate loans $102,784
    Real estate loans in domestic offices $102,784
    Construction and development loans $2,946
    Residential 1-4 family construction $0
    Other construction, all land development and other land $2,946
    Loans secured by nonfarm nonresidential properties $67,629
    Nonfarm nonresidential secured by owner-occupied properties $28,770
    Commercial real estate & other non-farm, non-residential $38,859
    Multifamily residential real estate $2,594
    1-4 family residential loans $25,718
    Farmland loans $3,897
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $20,985
    To non-U.S. addressees $0
    Loans to individuals $13,183
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,081
    Other loans to individuals $9,102
    All other loans & leases $8,796
    Loans to foreign governments and official institutions $0
    Other loans $218
    Loans to depository institutions and acceptances of other banks $2,315
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $452
    Non 1-4 family restructured loans & leases $7
    Total loans and leases (foreign) $0

    LegacyBank had $142,844,000 of loans outstanding in 2020. $102,784,000 of loans were in real estate loans. $2,946,000 of loans were in development loans. $2,594,000 of loans were in multifamily mortgage loans. $25,718,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,081,000 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 93 $17,935 $192,849
    Nonfarm, nonresidential loans - <$100k 20 $633 $31,650
    Nonfarm, nonresidential loans - $100-250k 17 $917 $53,941
    Nonfarm, nonresidential loans - $250k-1MM 56 $16,385 $292,589
    Commercial & Industrial, US addressed loans - <$1MM 108 $3,057 $28,306
    Commercial & Industrial, US addressed loans - <$100k 71 $679 $9,563
    Commercial & Industrial, US addressed loans - $100-250k 22 $985 $44,773
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $1,393 $92,867
    Farmland loans - <$1MM 5 $589 $117,800
    Farmland loans - $100-250k 3 $289 $96,333
    Farmland loans - $250k-1MM 2 $300 $150,000