Chesapeake Bank Mortgage Rates, Fees & Info

Kilmarnock, VA

LEI: 254900YJPIZ3RCMEM452

Tax ID: 54-0276760

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Virginia Beach, Richmond, Blacksburg, and Charlottesville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chesapeake Bank 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.82% 12/16/24
30 Year Conventional Refi 6.91% 12/16/24
30 Year Cash-out Refi 6.86% 12/16/24
15 Year Conventional Purchase 6.58% 12/16/24
15 Year Conventional Refi 6.18% 12/16/24
15 Year Cash-out Refi 6.18% 12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Chesapeake Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Chesapeake Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

226

Origination Dollar Volume (All Markets)

$44,990,000

Employee count

197

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 118 $22,620,000 $191,695 $0 0.00%
Outside of Metro Areas 64 $12,160,000 $190,000 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 42 $9,300,000 $221,429 $0 0.00%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $805,000 $805,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Chesapeake Bank's top markets include Virginia Beach, Richmond, Blacksburg, and Charlottesville among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 226 $44,990,000 $199,071 $0 0.00%

    For 2018, Chesapeake Bank's most frequently originated type of loan was Conventional, with 226 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 101 $18,295,000 $181,139 $0 0.00%
    Refi 66 $15,960,000 $241,818 $0 0.00%
    Cash Out Refi 59 $10,735,000 $181,949 $0 0.00%

    For 2018, Chesapeake Bank's most frequently cited loan purpose was Home Purchase, with 101 originations. The 2nd most popular reason was Refi, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 226 $44,990,000 $199,071 $0 0.00%

    For 2018, Chesapeake Bank's most frequently cited loan duration was Other, with 226 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 77 $11,225,000 $145,779 $0 0.00%
    $200k-400k 71 $19,425,000 $273,592 $0 0.00%
    $100,000 or less 58 $3,820,000 $65,862 $0 0.00%
    $400k-600k 15 $6,675,000 $445,000 $0 0.00%
    $600k-1MM 5 $3,845,000 $769,000 $0 0.00%

    2018 saw Chesapeake Bank place emphasis on $100k-200k loans with 77 originations, totaling $11,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 44 $9,690,000 $220,227 $0 0.00%
    $50k-75k 44 $7,860,000 $178,636 $0 0.00%
    $75k-100k 33 $6,055,000 $183,485 $0 0.00%
    $50k or less 31 $3,085,000 $99,516 $0 0.00%
    $150k-250k 23 $6,165,000 $268,043 $0 0.00%
    $250k+ 23 $7,565,000 $328,913 $0 0.00%

    Chesapeake Bank lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $50k-75k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 226 $44,990,000 $199,071 $0 0.00%

    Chesapeake Bank lent most frequently to those with DTI ratios of Exempt%, with 226 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 174 $36,660,000 $210,690 $0 0.00%
    Not provided 22 $4,120,000 $187,273 $0 0.00%
    Not applicable 22 $3,490,000 $158,636 $0 0.00%
    Black 4 $400,000 $100,000 $0 0.00%
    Asian 4 $320,000 $80,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.38%

    Chesapeake Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.42%

    Chesapeake Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 226 $44,990,000 $199,071

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 12 $1,020,000 $85,000
    Single Family (1-4 Units):Site-Built 214 $43,970,000 $205,467

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Chesapeake Bank 10 Lancaster Drive Irvington, VA 22480 Full Service Retail $6,563
    Chesapeake Bank 10839 Buckley Hall Rd Mathews, VA 23109 Full Service B&M $93,533
    Chesapeake Bank 1229 Lafayette Street Williamsburg, VA 23185 Full Service B&M $124,985
    Chesapeake Bank 1900 Lauderdale Drive Richmond, VA 23238 Full Service B&M $6,774
    Chesapeake Bank 2300 Cedarfield Parkway Richmond, VA 23233 Full Service B&M $4,574
    Chesapeake Bank 2824 White Chapel Rd Lancaster, VA 22503 Full Service B&M $32,494
    Chesapeake Bank 3029 George Washington Memorial Hwy Hayes, VA 23072 Full Service B&M $39,159
    Chesapeake Bank 35 School Street Kilmarnock, VA 22482 Limited, Administrative $0
    Chesapeake Bank 35 School Street Kilmarnock, VA 22482 Full Service Cyber Office $18,706
    Chesapeake Bank 4492 John Tyler Highway Williamsburg, VA 23185 Full Service B&M $36,660
    Chesapeake Bank 5501 Patterson Ave Richmond, VA 23226 Full Service B&M $25,216
    Chesapeake Bank 5700 Williamsburg Landing Drive Williamsburg, VA 23185 Full Service Retail $14,673
    Chesapeake Bank 6000 Patriots Colony Drive Williamsburg, VA 23188 Full Service Retail $11,182
    Chesapeake Bank 6619 Richmond Road Williamsburg, VA 23188 Full Service B&M $17,990
    Chesapeake Bank 6793 George Washington Memorial Hwy Gloucester, VA 23061 Full Service B&M $66,371
    Chesapeake Bank 97 North Main Street Kilmarnock, VA 22482 Full Service B&M $178,956
    Chesapeake Bank 98 King Carter Drive Irvington, VA 22480 Full Service B&M $13,821

    For 2018, Chesapeake Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $36,634
    Net interest income $31,846
    Total noninterest income $22,022
    Gross Fiduciary activities income $139
    Service charges on deposit accounts $1,155
    Trading account gains and fees $0
    Additional Noninterest Income $20,728
    Pre-tax net operating income $13,024
    Securities gains (or losses, -) $235
    Income before extraordinary items $11,626
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,626
    Minority interest net income $0
    Net income $11,626
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,419

    Chesapeake Bank's gross interest income from loans was $36,634,000.
    Chesapeake Bank's net interest income from loans was $31,846,000.
    Chesapeake Bank's fee based income from loans was $1,155,000.
    Chesapeake Bank's net income from loans was $11,626,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,788
    Provision for credit losses $605
    Total noninterest expense $40,239
    Salaries and employee benefits $16,130
    Premises and equipment expense $3,680
    Additional noninterest expense $20,429
    Applicable income taxes $1,633
    Net charge-offs $104
    Cash dividends $2,400

    Chesapeake Bank's interest expense for loans was $4,788,000.
    Chesapeake Bank's payroll and benefits expense were $16,130,000.
    Chesapeake Bank's property, plant and equipment expenses $3,680,000.

    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 1.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 1.0%
    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 $750,777
    Deposits held in domestic offices $750,777
    Deposits by Individuals, partnerships, and corporations $718,984
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $31,793
    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 $87,343
    Demand deposits $57,882
    Nontransaction accounts $663,434
    Money market deposit accounts (MMDAs) $103,239
    Other savings deposits (excluding MMDAs) $337,305
    Total time deposits $222,890
    Total time and savings deposits $692,895
    Noninterest-bearing deposits $167,224
    Interest-bearing deposits $583,553
    Retail deposits $665,832
    IRAs and Keogh plan accounts $12,794
    Brokered deposits $37,729
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $850,890
    Cash & Balances due from depository institutions $47,957
    Interest-bearing balances $30,704
    Total securities $218,406
    Federal funds sold & reverse repurchase $1
    Net loans and leases $539,396
    Loan and leases loss allowance $6,648
    Trading account assets $0
    Bank premises and fixed assets $15,011
    Other real estate owned $2,709
    Goodwill and other intangibles $0
    All other assets $27,410

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $850,890
    Total Liabilities $757,752
    Total deposits $750,777
    Interest-bearing deposits $583,553
    Deposits held in domestic offices $750,777
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,975

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $539,396
    Loan and leases loss allowance $6,648
    Total loans and leases (domestic) $546,044
    All real estate loans $407,385
    Real estate loans in domestic offices $407,385
    Construction and development loans $44,488
    Residential 1-4 family construction $14,486
    Other construction, all land development and other land $30,002
    Loans secured by nonfarm nonresidential properties $222,036
    Nonfarm nonresidential secured by owner-occupied properties $90,639
    Commercial real estate & other non-farm, non-residential $131,397
    Multifamily residential real estate $12,511
    1-4 family residential loans $128,036
    Farmland loans $314
    Loans held in foreign offices $0
    Farm loans $1,746
    Commercial and industrial loans $107,440
    To non-U.S. addressees $0
    Loans to individuals $10,814
    Credit card loans $0
    Related Plans $2,304
    Consumer Auto Loans $1,972
    Other loans to individuals $6,538
    All other loans & leases $18,659
    Loans to foreign governments and official institutions $0
    Other loans $262
    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 $11
    Non 1-4 family restructured loans & leases $11
    Total loans and leases (foreign) $0

    Chesapeake Bank had $539,396,000 of loans outstanding in 2018. $407,385,000 of loans were in real estate loans. $44,488,000 of loans were in development loans. $12,511,000 of loans were in multifamily mortgage loans. $128,036,000 of loans were in 1-4 family mortgage loans. $1,746,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,972,000 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 250 $63,872 $255,488
    Nonfarm, nonresidential loans - <$100k 28 $1,356 $48,429
    Nonfarm, nonresidential loans - $100-250k 89 $10,476 $117,708
    Nonfarm, nonresidential loans - $250k-1MM 133 $52,040 $391,278
    Commercial & Industrial, US addressed loans - <$1MM 394 $35,291 $89,571
    Commercial & Industrial, US addressed loans - <$100k 224 $5,243 $23,406
    Commercial & Industrial, US addressed loans - $100-250k 105 $9,779 $93,133
    Commercial & Industrial, US addressed loans - $250k-1MM 65 $20,269 $311,831
    Farmland loans - <$1MM 4 $314 $78,500
    Farmland loans - <$100k 2 $72 $36,000
    Farmland loans - $250k-1MM 2 $242 $121,000
    Agriculture operations loans - <$1MM 2 $85 $42,500
    Agriculture operations loans - <$100k 2 $85 $42,500