Chesapeake Bank Mortgage Rates, Fees & Info

Kilmarnock, VA

LEI: 254900YJPIZ3RCMEM452

Tax ID: 54-0276760

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Chesapeake Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Chesapeake Bank has a high proportion of conventional loans. Their top markets include Virginia Beach, Richmond, Washington, Lynchburg, and Staunton among others. Chesapeake Bank has an 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

443

Origination Dollar Volume (All Markets)

$119,825,000

Employee count

223

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 204 $48,880,000 $239,608 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 106 $39,310,000 $370,849 $0 0.00%
Outside of Metro Areas 127 $29,935,000 $235,709 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $875,000 $291,667 $0 0.00%
LYNCHBURG, VA (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
STAUNTON, VA (FHA|USDA|VA) 2 $280,000 $140,000 $0 0.00%

Chesapeake Bank's top markets include Virginia Beach, Richmond, Washington, Lynchburg, and Staunton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 443 $119,825,000 $270,485 $0 0.00%

For the 2021 period, Chesapeake Bank's most frequently originated loan type of loans were Conventional, with 443 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 168 $50,470,000 $300,417 $0 0.00%
Refi 150 $34,470,000 $229,800 $0 0.00%
Cash Out Refi 107 $31,145,000 $291,075 $0 0.00%
Other 11 $2,665,000 $242,273 $0 0.00%
Home Improvement 7 $1,075,000 $153,571 $0 0.00%

For the 2021, Chesapeake Bank's most frequently cited loan purpose of loans were Home Purchase, with 168 originations. The 2nd most popular reason of loans were Refi, with 150 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 443 $119,825,000 $270,485 $0 0.00%

For the 2021, Chesapeake Bank's most frequently cited loan length of loans were Other, with 443 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 160 $45,990,000 $287,438 $0 0.00%
$100k-200k 143 $21,145,000 $147,867 $0 0.00%
$100,000 or less 65 $4,405,000 $67,769 $0 0.00%
$400k-600k 59 $28,725,000 $486,864 $0 0.00%
$600k-1MM 9 $6,135,000 $681,667 $0 0.00%
$1MM+ 7 $13,425,000 $1,917,857 $0 0.00%

2021 saw Chesapeake Bank place emphasis on $200k-400k loans with 160 originations, totaling $45,990,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 72 $21,880,000 $303,889 $0 0.00%
$50k-75k 65 $11,505,000 $177,000 $0 0.00%
$50k or less 65 $8,175,000 $125,769 $0 0.00%
$150k-250k 60 $17,470,000 $291,167 $0 0.00%
$250k+ 53 $20,995,000 $396,132 $0 0.00%
$75k-100k 46 $10,670,000 $231,957 $0 0.00%

Chesapeake Bank lent most frequently to those with incomes in the $100k-150k range, with 72 originations. The second most popular income band? $50k-75k, with 65 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 443 $119,825,000 $270,485 $0 0.00%

Chesapeake Bank lent most frequently to those with DTI ratios of Exempt%, with 443 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 320 $78,600,000 $245,625 $0 0.00%
Not applicable 74 $26,200,000 $354,054 $0 0.00%
Not provided 29 $8,235,000 $283,966 $0 0.00%
Asian 7 $2,705,000 $386,429 $0 0.00%
Native Hawaiian 1 $2,285,000 $2,285,000 $0 0.00%
Black 7 $855,000 $122,143 $0 0.00%
Other Asian 2 $500,000 $250,000 $0 0.00%
Asian Indian 2 $340,000 $170,000 $0 0.00%
American Indian 1 $105,000 $105,000 $0 0.00%

Approval Rates

Total approvals of all applications
89.90%

Chesapeake Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.10%

Chesapeake Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 443 $119,825,000 $270,485

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
443 $119,825,000 $270,485

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Chesapeake Bank 10 Lancaster Drive Irvington, VA 22480 Full Service Retail $13,609
Chesapeake Bank 6619 Richmond Road Williamsburg, VA 23188 Full Service B&M $38,556
Chesapeake Bank 6793 George Washington Memorial Hwy Gloucester, VA 23061 Full Service B&M $125,666
Chesapeake Bank 97 North Main Street Kilmarnock, VA 22482 Full Service B&M $198,975
Chesapeake Bank 98 King Carter Drive Irvington, VA 22480 Full Service B&M $20,538
Chesapeake Bank 10000 Courtview Lane Chesterfield, VA 23832 Full Service B&M $18,318
Chesapeake Bank 10839 Buckley Hall Rd Mathews, VA 23109 Full Service B&M $156,829
Chesapeake Bank 1229 Lafayette Street Williamsburg, VA 23185 Full Service B&M $207,970
Chesapeake Bank 1900 Lauderdale Drive Richmond, VA 23238 Full Service B&M $12,232
Chesapeake Bank 2300 Cedarfield Parkway Richmond, VA 23233 Full Service B&M $11,756
Chesapeake Bank 2824 White Chapel Rd Lancaster, VA 22503 Full Service B&M $47,347
Chesapeake Bank 3029 George Washington Memorial Hwy Hayes, VA 23072 Full Service B&M $59,092
Chesapeake Bank 35 School Street Kilmarnock, VA 22482 Limited, Administrative $0
Chesapeake Bank 35 School Street Kilmarnock, VA 22482 Full Service Cyber Office $20,306
Chesapeake Bank 4492 John Tyler Highway Williamsburg, VA 23185 Full Service B&M $54,641
Chesapeake Bank 5501 Patterson Ave Richmond, VA 23226 Full Service B&M $65,565
Chesapeake Bank 5700 Williamsburg Landing Drive Williamsburg, VA 23185 Full Service Retail $21,978
Chesapeake Bank 6000 Patriots Colony Drive Williamsburg, VA 23188 Full Service Retail $13,568

For 2021, Chesapeake Bank had 18 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $46,881
Net interest income $43,942
Total noninterest income $19,719
Gross Fiduciary activities income $0
Service charges on deposit accounts $806
Trading account gains and fees $0
Additional Noninterest Income $18,913
Pre-tax net operating income $17,144
Securities gains (or losses, -) $730
Income before extraordinary items $15,432
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $15,432
Minority interest net income $0
Net income $15,432
Sale, conversion, retirement of capital stock, net $0
Net operating income $14,804

Chesapeake Bank's gross interest income from loans was $46,881,000.
Chesapeake Bank's net interest income from loans was $43,942,000.
Chesapeake Bank's fee based income from loans was $806,000.
Chesapeake Bank's net income from loans was $15,432,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,939
Provision for credit losses $1,445
Total noninterest expense $45,072
Salaries and employee benefits $20,051
Premises and equipment expense $4,341
Additional noninterest expense $20,680
Applicable income taxes $2,442
Net charge-offs $2,441
Cash dividends $2,400

Chesapeake Bank's interest expense for loans was $2,939,000.
Chesapeake Bank's payroll and benefits expense were $20,051,000.
Chesapeake Bank's property, plant and equipment expenses $4,341,000.

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 $1,128,973
Deposits held in domestic offices $1,128,973
Deposits by Individuals, partnerships, and corporations $1,063,973
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $65,000
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 $152,832
Demand deposits $102,019
Nontransaction accounts $976,141
Money market deposit accounts (MMDAs) $243,028
Other savings deposits (excluding MMDAs) $593,804
Total time deposits $139,309
Total time and savings deposits $1,026,954
Noninterest-bearing deposits $317,859
Interest-bearing deposits $811,114
Retail deposits $1,105,606
IRAs and Keogh plan accounts $15,166
Brokered deposits $601
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,383,224
Cash & Balances due from depository institutions $20,790
Interest-bearing balances $2,190
Total securities $600,644
Federal funds sold & reverse repurchase $0
Net loans and leases $691,605
Loan and leases loss allowance $8,220
Trading account assets $0
Bank premises and fixed assets $21,377
Other real estate owned $1,278
Goodwill and other intangibles $0
All other assets $47,530

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,383,224
Total Liabilities $1,237,889
Total deposits $1,128,973
Interest-bearing deposits $811,114
Deposits held in domestic offices $1,128,973
% insured (estimated) $70
Federal funds purchased and repurchase agreements $12,046
Trading liabilities $0
Other borrowed funds $87,000
Subordinated debt $0
All other liabilities $9,870

Issued Loan Types

Type Value (in 000's)
Net loans and leases $691,605
Loan and leases loss allowance $8,220
Total loans and leases (domestic) $699,825
All real estate loans $538,868
Real estate loans in domestic offices $538,868
Construction and development loans $67,786
Residential 1-4 family construction $21,910
Other construction, all land development and other land $45,876
Loans secured by nonfarm nonresidential properties $294,658
Nonfarm nonresidential secured by owner-occupied properties $97,578
Commercial real estate & other non-farm, non-residential $197,080
Multifamily residential real estate $21,153
1-4 family residential loans $154,973
Farmland loans $298
Loans held in foreign offices $0
Farm loans $1,544
Commercial and industrial loans $142,260
To non-U.S. addressees $0
Loans to individuals $7,984
Credit card loans $0
Related Plans $1,845
Consumer Auto Loans $2,530
Other loans to individuals $3,609
All other loans & leases $9,169
Loans to foreign governments and official institutions $0
Other loans $300
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 $947
Non 1-4 family restructured loans & leases $947
Total loans and leases (foreign) $0

Chesapeake Bank had $691,605,000 of loans outstanding in 2021. $538,868,000 of loans were in real estate loans. $67,786,000 of loans were in development loans. $21,153,000 of loans were in multifamily mortgage loans. $154,973,000 of loans were in 1-4 family mortgage loans. $1,544,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,530,000 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 271 $80,374 $296,583
Nonfarm, nonresidential loans - <$100k 28 $1,351 $48,250
Nonfarm, nonresidential loans - $100-250k 79 $8,911 $112,797
Nonfarm, nonresidential loans - $250k-1MM 164 $70,112 $427,512
Commercial & Industrial, US addressed loans - <$1MM 509 $46,516 $91,387
Commercial & Industrial, US addressed loans - <$100k 262 $6,300 $24,046
Commercial & Industrial, US addressed loans - $100-250k 145 $14,156 $97,628
Commercial & Industrial, US addressed loans - $250k-1MM 102 $26,060 $255,490
Farmland loans - <$1MM 2 $298 $149,000
Farmland loans - $250k-1MM 2 $298 $149,000
Agriculture operations loans - <$1MM 3 $33 $11,000
Agriculture operations loans - <$100k 2 $6 $3,000
Agriculture operations loans - $100-250k 1 $27 $27,000