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: Crestview, Morristown, Greeneville, Kingsport, and Bluefield among others. We have data for 8 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)

    $12,495,000

    Employee count

    57

    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
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $5,510,000 $2,755,000 $0 0.00%
    MORRISTOWN, TN (FHA|USDA|VA) 2 $1,600,000 $800,000 $0 0.00%
    Greeneville, TN (FHA|USDA|VA) 2 $1,570,000 $785,000 $0 0.00%
    Outside of Metro Areas 15 $1,355,000 $90,333 $0 0.00%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 3 $1,185,000 $395,000 $0 0.00%
    Bluefield, WV-VA (FHA|USDA|VA) 6 $720,000 $120,000 $0 0.00%
    Sevierville, TN (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Legacybank's top markets include Crestview, Morristown, Greeneville, Kingsport, and Bluefield among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $12,495,000 $378,636 $0 0.00%

    For 2021, 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 23 $8,045,000 $349,783 $0 0.00%
    Refi 7 $4,105,000 $586,429 $0 0.00%
    Other 2 $300,000 $150,000 $0 0.00%
    Home Improvement 1 $45,000 $45,000 $0 0.00%

    For 2021, Legacybank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 33 $12,495,000 $378,636 $0 0.00%

    For 2021, 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 16 $820,000 $51,250 $0 0.00%
    $200k-400k 6 $1,700,000 $283,333 $0 0.00%
    $100k-200k 5 $735,000 $147,000 $0 0.00%
    $1MM+ 4 $8,020,000 $2,005,000 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%
    $600k-1MM 1 $815,000 $815,000 $0 0.00%

    2021 saw Legacybank place emphasis on $100,000 or less loans with 16 originations, totaling $820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 7 $6,525,000 $932,143 $0 0.00%
    $50k-75k 5 $275,000 $55,000 $0 0.00%
    $100k-150k 4 $690,000 $172,500 $0 0.00%
    $150k-250k 4 $600,000 $150,000 $0 0.00%
    $50k or less 4 $150,000 $37,500 $0 0.00%
    $75k-100k 3 $275,000 $91,667 $0 0.00%

    Legacybank lent most frequently to those with incomes in the $250k+ range, with 7 originations. The second most popular income band? $50k-75k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 33 $12,495,000 $378,636 $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
    White 26 $8,370,000 $321,923 $0 0.00%
    Not applicable 6 $3,980,000 $663,333 $0 0.00%
    Asian 1 $145,000 $145,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.91%

    Legacybank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.79%

    Legacybank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 33 $12,495,000 $378,636

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    33 $12,495,000 $378,636

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Legacy Bank 10073 Hurley Road Hurley, VA 24620 Full Service B&M $27,816
    Legacy Bank 12660 Governor G. C. Peery Highway Pounding Mill, VA 24637 Full Service B&M $30,739
    Legacy Bank 17203 Riverside Drive Vansant, VA 24656 Full Service B&M $9,775
    Legacy Bank 20957 Riverside Drive Grundy, VA 24614 Full Service B&M $174,698
    Legacy Bank 498 Cummings Street Abingdon, VA 24210 Full Service B&M $18,682
    Legacy Bank U.S. 460 West At Stiltner's Creek Grundy, VA 24614 Full Service B&M $6,085

    For 2021, Legacybank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,309
    Net interest income $8,337
    Total noninterest income $206
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $231
    Trading account gains and fees $0
    Additional Noninterest Income $-25
    Pre-tax net operating income $3,178
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,767
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,767
    Minority interest net income $0
    Net income $2,767
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,767

    Legacybank's gross interest income from loans was $9,309,000.
    Legacybank's net interest income from loans was $8,337,000.
    Legacybank's fee based income from loans was $231,000.
    Legacybank's net income from loans was $2,767,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $972
    Provision for credit losses $0
    Total noninterest expense $5,365
    Salaries and employee benefits $2,946
    Premises and equipment expense $664
    Additional noninterest expense $1,755
    Applicable income taxes $411
    Net charge-offs $-91
    Cash dividends $1,731

    Legacybank's interest expense for loans was $972,000.
    Legacybank's payroll and benefits expense were $2,946,000.
    Legacybank's property, plant and equipment expenses $664,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 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 $262,202
    Deposits held in domestic offices $262,202
    Deposits by Individuals, partnerships, and corporations $249,530
    Deposits by U.S. Government $24
    Deposits by States and political subdivisions in the U.S. $12,648
    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 $92,127
    Demand deposits $72,904
    Nontransaction accounts $170,075
    Money market deposit accounts (MMDAs) $5,033
    Other savings deposits (excluding MMDAs) $80,772
    Total time deposits $84,270
    Total time and savings deposits $189,298
    Noninterest-bearing deposits $72,904
    Interest-bearing deposits $189,298
    Retail deposits $235,045
    IRAs and Keogh plan accounts $15,601
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $332,846
    Cash & Balances due from depository institutions $35,766
    Interest-bearing balances $29,804
    Total securities $126,036
    Federal funds sold & reverse repurchase $0
    Net loans and leases $145,849
    Loan and leases loss allowance $2,991
    Trading account assets $0
    Bank premises and fixed assets $7,419
    Other real estate owned $3,074
    Goodwill and other intangibles $0
    All other assets $14,702

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $332,846
    Total Liabilities $262,816
    Total deposits $262,202
    Interest-bearing deposits $189,298
    Deposits held in domestic offices $262,202
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $614

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $145,849
    Loan and leases loss allowance $2,991
    Total loans and leases (domestic) $148,840
    All real estate loans $112,752
    Real estate loans in domestic offices $112,752
    Construction and development loans $2,188
    Residential 1-4 family construction $280
    Other construction, all land development and other land $1,908
    Loans secured by nonfarm nonresidential properties $74,150
    Nonfarm nonresidential secured by owner-occupied properties $34,838
    Commercial real estate & other non-farm, non-residential $39,312
    Multifamily residential real estate $3,979
    1-4 family residential loans $25,439
    Farmland loans $6,996
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $15,501
    To non-U.S. addressees $0
    Loans to individuals $12,171
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $3,768
    Other loans to individuals $8,403
    All other loans & leases $8,417
    Loans to foreign governments and official institutions $0
    Other loans $222
    Loans to depository institutions and acceptances of other banks $2,142
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $440
    Non 1-4 family restructured loans & leases $2
    Total loans and leases (foreign) $0

    LegacyBank had $145,849,000 of loans outstanding in 2021. $112,752,000 of loans were in real estate loans. $2,188,000 of loans were in development loans. $3,979,000 of loans were in multifamily mortgage loans. $25,439,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,768,000 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 92 $14,741 $160,228
    Nonfarm, nonresidential loans - <$100k 20 $602 $30,100
    Nonfarm, nonresidential loans - $100-250k 17 $830 $48,824
    Nonfarm, nonresidential loans - $250k-1MM 55 $13,309 $241,982
    Commercial & Industrial, US addressed loans - <$1MM 104 $3,020 $29,038
    Commercial & Industrial, US addressed loans - <$100k 63 $549 $8,714
    Commercial & Industrial, US addressed loans - $100-250k 22 $631 $28,682
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $1,840 $96,842
    Farmland loans - <$1MM 5 $490 $98,000
    Farmland loans - $100-250k 3 $190 $63,333
    Farmland loans - $250k-1MM 2 $300 $150,000