Chesapeake Bank Mortgage Rates, Fees & Info
Kilmarnock, VALEI: 254900YJPIZ3RCMEM452
Tax ID: 54-0276760
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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, Charlottesville, Washington, and Kill Devil Hills among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Chesapeake Bank 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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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
263Origination Dollar Volume (All Markets)
$57,955,000Employee count
213Top 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) | 135 | $27,815,000 | $206,037 | $0 | 0.00% |
| Outside of Metro Areas | 69 | $13,635,000 | $197,609 | $0 | 0.00% |
| RICHMOND, VA (FHA|USDA|VA) | 51 | $13,285,000 | $260,490 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 5 | $1,655,000 | $331,000 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $0 | 0.00% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $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 | 263 | $57,955,000 | $220,361 | $0 | 0.00% |
For 2019, Chesapeake Bank's most frequently originated type of loan was Conventional, with 263 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 109 | $24,615,000 | $225,826 | $0 | 0.00% |
| Refi | 83 | $21,235,000 | $255,843 | $0 | 0.00% |
| Cash Out Refi | 71 | $12,105,000 | $170,493 | $0 | 0.00% |
For 2019, Chesapeake Bank's most frequently cited loan purpose was Home Purchase, with 109 originations. The 2nd most popular reason was Refi, with 83 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 263 | $57,955,000 | $220,361 | $0 | 0.00% |
For 2019, Chesapeake Bank's most frequently cited loan duration was Other, with 263 originations.
Loan Sizing
2019 saw Chesapeake Bank place emphasis on $200k-400k loans with 92 originations, totaling $25,250,000 in origination value.
Applicant Income
Chesapeake Bank lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $50k-75k, with 47 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 263 | $57,955,000 | $220,361 | $0 | 0.00% |
Chesapeake Bank lent most frequently to those with DTI ratios of Exempt%, with 263 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.35%
Chesapeake Bank has an average approval rate.
Pick Rate
Approvals leading to origination73.00%
Chesapeake Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 263 | $57,955,000 | $220,361 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Chesapeake Bank | 10 Lancaster Drive Irvington, VA 22480 | Full Service Retail | $7,688 |
| Chesapeake Bank | 10839 Buckley Hall Rd Mathews, VA 23109 | Full Service B&M | $114,734 |
| Chesapeake Bank | 1229 Lafayette Street Williamsburg, VA 23185 | Full Service B&M | $148,068 |
| Chesapeake Bank | 1900 Lauderdale Drive Richmond, VA 23238 | Full Service B&M | $12,913 |
| Chesapeake Bank | 2300 Cedarfield Parkway Richmond, VA 23233 | Full Service B&M | $10,811 |
| Chesapeake Bank | 2824 White Chapel Rd Lancaster, VA 22503 | Full Service B&M | $39,833 |
| Chesapeake Bank | 3029 George Washington Memorial Hwy Hayes, VA 23072 | Full Service B&M | $43,795 |
| Chesapeake Bank | 35 School Street Kilmarnock, VA 22482 | Limited, Administrative | $0 |
| Chesapeake Bank | 35 School Street Kilmarnock, VA 22482 | Full Service Cyber Office | $19,176 |
| Chesapeake Bank | 4492 John Tyler Highway Williamsburg, VA 23185 | Full Service B&M | $37,738 |
| Chesapeake Bank | 5501 Patterson Ave Richmond, VA 23226 | Full Service B&M | $53,104 |
| Chesapeake Bank | 5700 Williamsburg Landing Drive Williamsburg, VA 23185 | Full Service Retail | $19,991 |
| Chesapeake Bank | 6000 Patriots Colony Drive Williamsburg, VA 23188 | Full Service Retail | $12,177 |
| Chesapeake Bank | 6619 Richmond Road Williamsburg, VA 23188 | Full Service B&M | $22,220 |
| Chesapeake Bank | 6793 George Washington Memorial Hwy Gloucester, VA 23061 | Full Service B&M | $66,710 |
| Chesapeake Bank | 97 North Main Street Kilmarnock, VA 22482 | Full Service B&M | $197,257 |
| Chesapeake Bank | 98 King Carter Drive Irvington, VA 22480 | Full Service B&M | $14,508 |
For 2019, Chesapeake Bank had 17 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $41,660 |
| Net interest income | $33,720 |
| Total noninterest income | $23,647 |
| Gross Fiduciary activities income | $122 |
| Service charges on deposit accounts | $1,080 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $22,445 |
| Pre-tax net operating income | $12,152 |
| Securities gains (or losses, -) | $1,891 |
| Income before extraordinary items | $11,977 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $11,977 |
| Minority interest net income | $0 |
| Net income | $11,977 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $10,369 |
Chesapeake Bank's gross interest income from loans was $41,660,000.
Chesapeake Bank's net interest income from loans was $33,720,000.
Chesapeake Bank's fee based income from loans was $1,080,000.
Chesapeake Bank's net income from loans was $11,977,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $7,940 |
| Provision for credit losses | $615 |
| Total noninterest expense | $44,600 |
| Salaries and employee benefits | $17,859 |
| Premises and equipment expense | $3,682 |
| Additional noninterest expense | $23,059 |
| Applicable income taxes | $2,066 |
| Net charge-offs | $567 |
| Cash dividends | $3,100 |
Chesapeake Bank's interest expense for loans was $7,940,000.
Chesapeake Bank's payroll and benefits expense were $17,859,000.
Chesapeake Bank's property, plant and equipment expenses $3,682,000.
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 | $841,076 |
| Deposits held in domestic offices | $841,076 |
| Deposits by Individuals, partnerships, and corporations | $810,558 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $30,518 |
| 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 | $88,829 |
| Demand deposits | $57,165 |
| Nontransaction accounts | $752,247 |
| Money market deposit accounts (MMDAs) | $186,233 |
| Other savings deposits (excluding MMDAs) | $360,370 |
| Total time deposits | $205,644 |
| Total time and savings deposits | $783,911 |
| Noninterest-bearing deposits | $178,971 |
| Interest-bearing deposits | $662,105 |
| Retail deposits | $784,608 |
| IRAs and Keogh plan accounts | $13,457 |
| Brokered deposits | $16,860 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $955,048 |
| Cash & Balances due from depository institutions | $48,736 |
| Interest-bearing balances | $33,672 |
| Total securities | $292,523 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $559,968 |
| Loan and leases loss allowance | $6,696 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $16,698 |
| Other real estate owned | $4,385 |
| Goodwill and other intangibles | $0 |
| All other assets | $32,738 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $955,048 |
| Total Liabilities | $849,072 |
| Total deposits | $841,076 |
| Interest-bearing deposits | $662,105 |
| Deposits held in domestic offices | $841,076 |
| % insured (estimated) | $76 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $7,996 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $559,968 |
| Loan and leases loss allowance | $6,696 |
| Total loans and leases (domestic) | $566,664 |
| All real estate loans | $417,947 |
| Real estate loans in domestic offices | $417,947 |
| Construction and development loans | $37,922 |
| Residential 1-4 family construction | $17,506 |
| Other construction, all land development and other land | $20,416 |
| Loans secured by nonfarm nonresidential properties | $232,031 |
| Nonfarm nonresidential secured by owner-occupied properties | $88,024 |
| Commercial real estate & other non-farm, non-residential | $144,007 |
| Multifamily residential real estate | $13,226 |
| 1-4 family residential loans | $134,717 |
| Farmland loans | $51 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,691 |
| Commercial and industrial loans | $120,845 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,326 |
| Credit card loans | $0 |
| Related Plans | $1,616 |
| Consumer Auto Loans | $2,472 |
| Other loans to individuals | $4,238 |
| All other loans & leases | $17,855 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $256 |
| 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 | $3,011 |
| Non 1-4 family restructured loans & leases | $3,011 |
| Total loans and leases (foreign) | $0 |
Chesapeake Bank had $559,968,000 of loans outstanding in 2019. $417,947,000 of loans were in real estate loans. $37,922,000 of loans were in development loans. $13,226,000 of loans were in multifamily mortgage loans. $134,717,000 of loans were in 1-4 family mortgage loans. $1,691,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,472,000 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 | 263 | $70,334 | $267,430 |
| Nonfarm, nonresidential loans - <$100k | 30 | $1,403 | $46,767 |
| Nonfarm, nonresidential loans - $100-250k | 89 | $10,775 | $121,067 |
| Nonfarm, nonresidential loans - $250k-1MM | 144 | $58,156 | $403,861 |
| Commercial & Industrial, US addressed loans - <$1MM | 469 | $39,821 | $84,906 |
| Commercial & Industrial, US addressed loans - <$100k | 269 | $6,850 | $25,465 |
| Commercial & Industrial, US addressed loans - $100-250k | 114 | $11,075 | $97,149 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 86 | $21,896 | $254,605 |
| Farmland loans - <$1MM | 2 | $51 | $25,500 |
| Farmland loans - <$100k | 1 | $29 | $29,000 |
| Farmland loans - $250k-1MM | 1 | $22 | $22,000 |
| Agriculture operations loans - <$1MM | 2 | $55 | $27,500 |
| Agriculture operations loans - <$100k | 2 | $55 | $27,500 |