Chesapeake Bank Mortgage Rates, Fees & Info
Kilmarnock, VALEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.82% | 4/21/24 |
| 30 Year Conventional Refi | 6.91% | 4/21/24 |
| 30 Year Cash-out Refi | 6.86% | 4/21/24 |
| 15 Year Conventional Purchase | 6.58% | 4/21/24 |
| 15 Year Conventional Refi | 6.18% | 4/21/24 |
| 15 Year Cash-out Refi | 6.18% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
226Origination Dollar Volume (All Markets)
$44,990,000Employee count
197Top 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Chesapeake Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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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
2018 saw Chesapeake Bank place emphasis on $100k-200k loans with 77 originations, totaling $11,225,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications84.38%
Chesapeake Bank has a below average approval rate.
Pick Rate
Approvals leading to origination81.42%
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 |