Essex Bank Mortgage Rates, Fees & Info

Richmond, VA

LEI: 5493002ONSVZNJT6QU36

Tax ID: 54-0132580

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Mortgage Data

Bank Data

Review & Overview

Essex Bank is a smaller bank specializing in Refi and Home Purchase loans. Essex Bank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Lynchburg, Baltimore, Washington, and Virginia Beach among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Essex Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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Originations

418

Origination Dollar Volume (All Markets)

$104,490,000

Employee count

245

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
RICHMOND, VA (FHA|USDA|VA) 192 $40,110,000 $208,906 $0 0.00%
LYNCHBURG, VA (FHA|USDA|VA) 21 $33,475,000 $1,594,048 $0 0.00%
Outside of Metro Areas 108 $12,540,000 $116,111 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 58 $11,600,000 $200,000 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 31 $5,485,000 $176,935 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $615,000 $205,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $350,000 $175,000 $0 0.00%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
STAUNTON, VA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Essex Bank's top markets include Richmond, Lynchburg, Baltimore, Washington, and Virginia Beach among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 418 $104,490,000 $249,976 $0 0.00%

    For 2019, Essex Bank's most frequently originated type of loan was Conventional, with 418 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 168 $57,310,000 $341,131 $0 0.00%
    Home Purchase 95 $32,855,000 $345,842 $0 0.00%
    Home Improvement 89 $8,775,000 $98,596 $0 0.00%
    Other 66 $5,550,000 $84,091 $0 0.00%

    For 2019, Essex Bank's most frequently cited loan purpose was Refi, with 168 originations. The 2nd most popular reason was Home Purchase, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 418 $104,490,000 $249,976 $0 0.00%

    For 2019, Essex Bank's most frequently cited loan duration was Other, with 418 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 162 $8,540,000 $52,716 $0 0.00%
    $100k-200k 130 $17,540,000 $134,923 $0 0.00%
    $200k-400k 82 $21,390,000 $260,854 $0 0.00%
    $400k-600k 20 $9,520,000 $476,000 $0 0.00%
    $1MM+ 13 $38,805,000 $2,985,000 $0 0.00%
    $600k-1MM 11 $8,695,000 $790,455 $0 0.00%

    2019 saw Essex Bank place emphasis on $100,000 or less loans with 162 originations, totaling $8,540,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 73 $10,665,000 $146,096 $0 0.00%
    $150k-250k 65 $10,215,000 $157,154 $0 0.00%
    $50k-75k 53 $4,575,000 $86,321 $0 0.00%
    $250k+ 50 $10,240,000 $204,800 $0 0.00%
    $75k-100k 45 $4,815,000 $107,000 $0 0.00%
    $50k or less 36 $2,860,000 $79,444 $0 0.00%

    Essex Bank lent most frequently to those with incomes in the $100k-150k range, with 73 originations. The second most popular income band? $150k-250k, with 65 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 418 $104,490,000 $249,976 $0 0.00%

    Essex Bank lent most frequently to those with DTI ratios of Exempt%, with 418 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 92 $60,450,000 $657,065 $0 0.00%
    White 262 $33,140,000 $126,489 $0 0.00%
    Not provided 35 $7,455,000 $213,000 $0 0.00%
    Black 19 $2,125,000 $111,842 $0 0.00%
    Asian 6 $1,050,000 $175,000 $0 0.00%
    American Indian 3 $165,000 $55,000 $0 0.00%
    Filipino 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.15%

    Essex Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    94.26%

    Essex Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 418 $104,490,000 $249,976

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 30 $47,440,000 $1,581,333
    Single Family (1-4 Units):Manufactured 3 $385,000 $128,333
    Single Family (1-4 Units):Site-Built 385 $56,665,000 $147,182

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Essex Bank 100 Broad Street Road Manakin Sabot, VA 23103 Full Service B&M $82,501
    Essex Bank 1101 Nelson Street Rockville, MD 20850 Full Service B&M $32,101
    Essex Bank 12254 West Broad Marketplace Henrico, VA 23233 Full Service B&M $35,038
    Essex Bank 1230 Race Rd Baltimore, MD 21237 Full Service B&M $27,285
    Essex Bank 12640 Stone Village Way Midlothian, VA 23113 Full Service B&M $11,818
    Essex Bank 1325tappahannock Blvd Tappahannock, VA 22560 Full Service B&M $113,670
    Essex Bank 14750 Northumberland Highway Burgess, VA 22432 Full Service B&M $24,453
    Essex Bank 1496 Anderson Highway Cumberland, VA 23040 Full Service B&M $5,481
    Essex Bank 1681 Main Street West Point, VA 23181 Full Service B&M $41,088
    Essex Bank 1835 West Street Annapolis, MD 21401 Full Service B&M $45,667
    Essex Bank 1949 Sandy Hook Road Goochland, VA 23063 Full Service B&M $57,532
    Essex Bank 2120 Baldwin Avenue Crofton, MD 21114 Full Service Retail $68,973
    Essex Bank 21437 Timberlake Road Lynchburg, VA 24502 Full Service B&M $20,935
    Essex Bank 217 East Main Street Louisa, VA 23093 Full Service B&M $103,135
    Essex Bank 2320 Anderson Highway Powhatan, VA 23139 Full Service B&M $119,616
    Essex Bank 2703 Buford Road Richmond, VA 23235 Full Service B&M $38,703
    Essex Bank 3062 Solomons Island Rd Edgewater, MD 21037 Full Service B&M $7,679
    Essex Bank 3638 Old Forest Road Lynchburg, VA 24501 Full Service B&M $12,112
    Essex Bank 3740 Winterfield Road Midlothian, VA 23113 Full Service B&M $54,270
    Essex Bank 4935 Richmond Tappahannock Hwy Manquin, VA 23106 Full Service B&M $40,552
    Essex Bank 6143 High Bridge Road Bowie, MD 20720 Full Service B&M $46,075
    Essex Bank 6315 Mechanicsville Turnpike Mechanicsville, VA 23111 Full Service B&M $71,064
    Essex Bank 654 Northumberland Highway Callao, VA 22435 Full Service B&M $29,749
    Essex Bank 9951 Brook Road Glenn Allen, VA 23060 Full Service B&M $73,233
    Essex Bank 9954 Mayland Drive, Suite 2100 Richmond, VA 23233 Full Service B&M $55,223

    For 2019, Essex Bank had 25 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $65,448
    Net interest income $50,184
    Total noninterest income $5,832
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,833
    Trading account gains and fees $0
    Additional Noninterest Income $3,999
    Pre-tax net operating income $19,709
    Securities gains (or losses, -) $235
    Income before extraordinary items $16,252
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,252
    Minority interest net income $0
    Net income $16,252
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $16,061

    Essex Bank's gross interest income from loans was $65,448,000.
    Essex Bank's net interest income from loans was $50,184,000.
    Essex Bank's fee based income from loans was $1,833,000.
    Essex Bank's net income from loans was $16,252,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $15,264
    Provision for credit losses $325
    Total noninterest expense $35,982
    Salaries and employee benefits $21,135
    Premises and equipment expense $4,937
    Additional noninterest expense $9,910
    Applicable income taxes $3,692
    Net charge-offs $879
    Cash dividends $0

    Essex Bank's interest expense for loans was $15,264,000.
    Essex Bank's payroll and benefits expense were $21,135,000.
    Essex Bank's property, plant and equipment expenses $4,937,000.

    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 3.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $1,164,259
    Deposits held in domestic offices $1,164,259
    Deposits by Individuals, partnerships, and corporations $1,106,306
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $57,953
    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 $74,968
    Demand deposits $46,216
    Nontransaction accounts $1,089,291
    Money market deposit accounts (MMDAs) $120,841
    Other savings deposits (excluding MMDAs) $371,528
    Total time deposits $596,921
    Total time and savings deposits $1,118,043
    Noninterest-bearing deposits $179,395
    Interest-bearing deposits $984,864
    Retail deposits $1,042,266
    IRAs and Keogh plan accounts $60,131
    Brokered deposits $11,613
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,431,111
    Cash & Balances due from depository institutions $28,684
    Interest-bearing balances $11,708
    Total securities $222,702
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,082,767
    Loan and leases loss allowance $8,585
    Trading account assets $0
    Bank premises and fixed assets $37,533
    Other real estate owned $4,527
    Goodwill and other intangibles $0
    All other assets $54,898

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,431,111
    Total Liabilities $1,272,605
    Total deposits $1,164,259
    Interest-bearing deposits $984,864
    Deposits held in domestic offices $1,164,259
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $24,437
    Trading liabilities $0
    Other borrowed funds $75,237
    Subordinated debt $0
    All other liabilities $8,672

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,082,767
    Loan and leases loss allowance $8,585
    Total loans and leases (domestic) $1,091,352
    All real estate loans $887,954
    Real estate loans in domestic offices $887,954
    Construction and development loans $147,738
    Residential 1-4 family construction $33,424
    Other construction, all land development and other land $114,314
    Loans secured by nonfarm nonresidential properties $397,348
    Nonfarm nonresidential secured by owner-occupied properties $175,630
    Commercial real estate & other non-farm, non-residential $221,718
    Multifamily residential real estate $73,210
    1-4 family residential loans $261,312
    Farmland loans $8,346
    Loans held in foreign offices $0
    Farm loans $6,438
    Commercial and industrial loans $184,745
    To non-U.S. addressees $0
    Loans to individuals $11,163
    Credit card loans $0
    Related Plans $333
    Consumer Auto Loans $7,566
    Other loans to individuals $3,264
    All other loans & leases $1,052
    Loans to foreign governments and official institutions $0
    Other loans $469
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $7,118
    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

    Essex Bank had $1,082,767,000 of loans outstanding in 2019. $887,954,000 of loans were in real estate loans. $147,738,000 of loans were in development loans. $73,210,000 of loans were in multifamily mortgage loans. $261,312,000 of loans were in 1-4 family mortgage loans. $6,438,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,566,000 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 479 $144,182 $301,006
    Nonfarm, nonresidential loans - <$100k 59 $3,234 $54,814
    Nonfarm, nonresidential loans - $100-250k 150 $22,382 $149,213
    Nonfarm, nonresidential loans - $250k-1MM 270 $118,566 $439,133
    Commercial & Industrial, US addressed loans - <$1MM 715 $89,914 $125,754
    Commercial & Industrial, US addressed loans - <$100k 439 $13,326 $30,355
    Commercial & Industrial, US addressed loans - $100-250k 149 $21,527 $144,477
    Commercial & Industrial, US addressed loans - $250k-1MM 127 $55,061 $433,551
    Farmland loans - <$1MM 30 $4,673 $155,767
    Farmland loans - <$100k 8 $489 $61,125
    Farmland loans - $100-250k 15 $2,201 $146,733
    Farmland loans - $250k-1MM 7 $1,983 $283,286
    Agriculture operations loans - <$1MM 44 $2,914 $66,227
    Agriculture operations loans - <$100k 36 $1,213 $33,694
    Agriculture operations loans - $100-250k 5 $867 $173,400
    Agriculture operations loans - $250k-1MM 3 $834 $278,000