Mainstreet Bank Mortgage Rates, Fees & Info

Alexandria, VA

LEI: 254900SOAE0WU8JM0177

Tax ID: 47-0914596

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mainstreet Bank is a smaller bank specializing in Home Purchase and Refi loans. Mainstreet Bank has a high proportion of conventional loans. Their top markets include Washington, Richmond, Hagerstown, Baltimore, and Philadelphia among others. Mainstreet Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

122

Origination Dollar Volume (All Markets)

$237,680,000

Employee count

138

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 116 $233,340,000 $2,011,552 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 1 $1,575,000 $1,575,000 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $985,000 $985,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $150,000 $75,000 $0 0.00%

Mainstreet Bank's top markets include Washington, Richmond, Hagerstown, Baltimore, and Philadelphia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 122 $237,680,000 $1,948,197 $0 0.00%

For the 2021 period, Mainstreet Bank's most frequently originated loan type of loans were Conventional, with 122 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 93 $183,465,000 $1,972,742 $0 0.00%
Refi 23 $49,205,000 $2,139,348 $0 0.00%
Home Improvement 6 $5,010,000 $835,000 $0 0.00%

For the 2021, Mainstreet Bank's most frequently cited loan purpose of loans were Home Purchase, with 93 originations. The 2nd most popular reason of loans were Refi, with 23 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 122 $237,680,000 $1,948,197 $0 0.00%

For the 2021, Mainstreet Bank's most frequently cited loan length of loans were Other, with 122 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 84 $214,320,000 $2,551,429 $0 0.00%
$600k-1MM 19 $16,625,000 $875,000 $0 0.00%
$400k-600k 9 $4,615,000 $512,778 $0 0.00%
$100k-200k 4 $620,000 $155,000 $0 0.00%
$200k-400k 4 $1,350,000 $337,500 $0 0.00%
$100,000 or less 2 $150,000 $75,000 $0 0.00%

2021 saw Mainstreet Bank place emphasis on $1MM+ loans with 84 originations, totaling $214,320,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 3 $4,175,000 $1,391,667 $0 0.00%
$100k-150k 1 $365,000 $365,000 $0 0.00%

Mainstreet Bank lent most frequently to those with incomes in the $250k+ range, with 3 originations. The second most popular income band? $100k-150k, with 1 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 122 $237,680,000 $1,948,197 $0 0.00%

Mainstreet Bank lent most frequently to those with DTI ratios of Exempt%, with 122 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 115 $230,705,000 $2,006,130 $0 0.00%
Not provided 3 $4,035,000 $1,345,000 $0 0.00%
White 2 $1,550,000 $775,000 $0 0.00%
Black 1 $1,235,000 $1,235,000 $0 0.00%
Asian 1 $155,000 $155,000 $0 0.00%

Approval Rates

Total approvals of all applications
91.74%

Mainstreet Bank has an average approval rate.

Pick Rate

Approvals leading to origination
80.87%

Mainstreet Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 122 $237,680,000 $1,948,197

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
122 $237,680,000 $1,948,197

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Mainstreet Bank 1000 N. Highland Street Arlington, VA 22201 Full Service B&M $52,797
Mainstreet Bank 10089 Fairfax Blvd Fairfax, VA 22030 Full Service B&M $371,764
Mainstreet Bank 1130 Connecticut Ave Nw Ste 110 Washington, DC 20036 Full Service B&M $400,128
Mainstreet Bank 1354 Old Chain Bridge Rd Mclean, VA 22101 Full Service B&M $191,571
Mainstreet Bank 307 E Market St Leesburg, VA 20176 Full Service B&M $51,820
Mainstreet Bank 4029 Chain Bridge Road Fairfax, VA 22030 Full Service B&M $241,822
Mainstreet Bank 727 Elden Street Herndon, VA 20170 Full Service B&M $173,090

For 2021, Mainstreet Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $64,366
Net interest income $55,588
Total noninterest income $5,937
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,587
Trading account gains and fees $0
Additional Noninterest Income $4,350
Pre-tax net operating income $29,835
Securities gains (or losses, -) $6
Income before extraordinary items $23,661
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $23,661
Minority interest net income $0
Net income $23,661
Sale, conversion, retirement of capital stock, net $0
Net operating income $23,656

Mainstreet Bank's gross interest income from loans was $64,366,000.
Mainstreet Bank's net interest income from loans was $55,588,000.
Mainstreet Bank's fee based income from loans was $1,587,000.
Mainstreet Bank's net income from loans was $23,661,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,778
Provision for credit losses $-1,175
Total noninterest expense $32,865
Salaries and employee benefits $19,344
Premises and equipment expense $4,009
Additional noninterest expense $9,512
Applicable income taxes $6,180
Net charge-offs $5
Cash dividends $2,156

Mainstreet Bank's interest expense for loans was $8,778,000.
Mainstreet Bank's payroll and benefits expense were $19,344,000.
Mainstreet Bank's property, plant and equipment expenses $4,009,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
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 $1,412,340
Deposits held in domestic offices $1,412,340
Deposits by Individuals, partnerships, and corporations $1,230,377
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $23,363
Deposits by Commercial banks and other depository institutions in U.S. $158,600
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $650,050
Demand deposits $597,973
Nontransaction accounts $762,290
Money market deposit accounts (MMDAs) $270,045
Other savings deposits (excluding MMDAs) $33,098
Total time deposits $459,147
Total time and savings deposits $814,367
Noninterest-bearing deposits $528,692
Interest-bearing deposits $883,648
Retail deposits $1,097,582
IRAs and Keogh plan accounts $5,175
Brokered deposits $245,468
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,647,008
Cash & Balances due from depository institutions $93,199
Interest-bearing balances $73,540
Total securities $117,261
Federal funds sold & reverse repurchase $0
Net loans and leases $1,341,760
Loan and leases loss allowance $11,697
Trading account assets $0
Bank premises and fixed assets $21,976
Other real estate owned $775
Goodwill and other intangibles $0
All other assets $72,037

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,647,008
Total Liabilities $1,431,149
Total deposits $1,412,340
Interest-bearing deposits $883,648
Deposits held in domestic offices $1,412,340
% insured (estimated) $45
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $18,809

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,341,760
Loan and leases loss allowance $11,697
Total loans and leases (domestic) $1,353,457
All real estate loans $1,172,167
Real estate loans in domestic offices $1,172,167
Construction and development loans $337,173
Residential 1-4 family construction $111,219
Other construction, all land development and other land $225,954
Loans secured by nonfarm nonresidential properties $534,604
Nonfarm nonresidential secured by owner-occupied properties $173,086
Commercial real estate & other non-farm, non-residential $361,518
Multifamily residential real estate $137,705
1-4 family residential loans $161,362
Farmland loans $1,323
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $163,597
To non-U.S. addressees $0
Loans to individuals $23,171
Credit card loans $0
Related Plans $1,657
Consumer Auto Loans $21,338
Other loans to individuals $176
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

MainStreet Bank had $1,341,760,000 of loans outstanding in 2021. $1,172,167,000 of loans were in real estate loans. $337,173,000 of loans were in development loans. $137,705,000 of loans were in multifamily mortgage loans. $161,362,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $21,338,000 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 142 $64,889 $456,965
Nonfarm, nonresidential loans - $100-250k 22 $3,657 $166,227
Nonfarm, nonresidential loans - $250k-1MM 120 $61,232 $510,267
Commercial & Industrial, US addressed loans - <$1MM 444 $51,666 $116,365
Commercial & Industrial, US addressed loans - <$100k 275 $9,250 $33,636
Commercial & Industrial, US addressed loans - $100-250k 94 $14,521 $154,479
Commercial & Industrial, US addressed loans - $250k-1MM 75 $27,895 $371,933
Farmland loans - <$1MM 3 $653 $217,667
Farmland loans - <$100k 1 $75 $75,000
Farmland loans - $100-250k 1 $90 $90,000
Farmland loans - $250k-1MM 1 $488 $488,000