Towne Bank Mortgage Rates, Fees & Info

Portsmouth, VA

LEI: 54930039UO39UJGI7078

Tax ID: 54-1910608

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Bank Data

Review & Overview

Towne Bank is a small bank specializing in Home Purchase loans. Towne Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Virginia Beach, Washington, Baltimore, Richmond, and Charlotte among others. We have data for 101 markets. (Some data included below & more in-depth data is available with an active subscription.)

Towne 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. Towne Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 6.63% 3/28/24
30 Year Conventional Refi 6.49% 3/28/24
30 Year Cash-out Refi 6.66% 3/28/24
30 Year FHA Purchase 7.14% 3/28/24
30 Year FHA Refi 7.16% 3/28/24
30 Year VA Purchase 6.15% 3/28/24
30 Year VA Refi 5.87% 3/28/24
30 Year USDA Purchase 6.60% 3/28/24
30 Year USDA Refi 6.78% 3/28/24
15 Year Conventional Purchase 6.12% 3/28/24
15 Year Conventional Refi 6.12% 3/28/24
15 Year Cash-out Refi 6.12% 3/28/24
15 Year VA Refi 6.04% 3/28/24
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.

Towne Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Towne 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

9,063

Origination Dollar Volume (All Markets)

$2,500,155,000

Employee count

2,174 Show all (6) awards

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) 2,421 $634,305,000 $262,001 $5,990 4.72%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1,713 $554,235,000 $323,546 $6,714 4.63%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,288 $359,110,000 $278,812 $6,198 4.63%
RICHMOND, VA (FHA|USDA|VA) 892 $231,940,000 $260,022 $5,318 4.74%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 644 $153,580,000 $238,478 $4,813 4.80%
RALEIGH-CARY, NC (FHA|USDA|VA) 462 $145,850,000 $315,693 $5,215 4.76%
WILMINGTON, NC (FHA|USDA|VA) 277 $77,735,000 $280,632 $3,652 4.69%
Kill Devil Hills, NC (FHA|USDA|VA) 252 $67,870,000 $269,325 $4,070 4.65%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 138 $36,680,000 $265,797 $3,426 4.75%
Outside of Metro Areas 147 $34,155,000 $232,347 $4,855 4.77%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 63 $28,485,000 $452,143 $4,554 4.80%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 101 $27,295,000 $270,248 $5,380 4.64%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 101 $21,275,000 $210,644 $4,742 4.69%
FAYETTEVILLE, NC (FHA|USDA|VA) 82 $14,510,000 $176,951 $4,439 4.83%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 47 $10,005,000 $212,872 $5,305 4.70%
SALISBURY, MD-DE (FHA|USDA|VA) 42 $8,590,000 $204,524 $4,426 4.58%
ASHEVILLE, NC (FHA|USDA|VA) 27 $7,145,000 $264,630 $4,858 4.72%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 21 $5,605,000 $266,905 $6,518 4.60%
Morehead City, NC (FHA|USDA|VA) 14 $5,600,000 $400,000 $4,149 4.85%
YORK-HANOVER, PA (FHA|USDA|VA) 23 $5,235,000 $227,609 $6,248 4.57%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $4,125,000 $375,000 $6,930 4.72%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 14 $3,640,000 $260,000 $4,923 4.74%
Albemarle, NC (FHA|USDA|VA) 22 $3,490,000 $158,636 $4,131 4.82%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 11 $3,205,000 $291,364 $5,794 4.75%
Elizabeth City, NC (FHA|USDA|VA) 20 $3,110,000 $155,500 $4,607 4.94%
BURLINGTON, NC (FHA|USDA|VA) 15 $3,045,000 $203,000 $4,934 4.88%
Easton, MD (FHA|USDA|VA) 7 $2,995,000 $427,857 $5,551 4.48%
JACKSONVILLE, NC (FHA|USDA|VA) 10 $2,910,000 $291,000 $5,383 4.76%
ROCKY MOUNT, NC (FHA|USDA|VA) 18 $2,560,000 $142,222 $3,709 4.91%
Roanoke Rapids, NC (FHA|USDA|VA) 3 $2,115,000 $705,000 $3,587 4.21%
PITTSBURGH, PA (FHA|USDA|VA) 8 $1,940,000 $242,500 $6,723 4.53%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 4 $1,870,000 $467,500 $5,051 4.54%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 11 $1,645,000 $149,545 $3,156 5.05%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,475,000 $295,000 $4,562 4.93%
GETTYSBURG, PA (FHA|USDA|VA) 7 $1,385,000 $197,857 $6,125 4.36%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 5 $1,345,000 $269,000 $3,745 4.80%
WINSTON-SALEM, NC (FHA|USDA|VA) 4 $1,130,000 $282,500 $4,526 4.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,110,000 $555,000 $4,886 4.88%
ROANOKE, VA (FHA|USDA|VA) 4 $1,100,000 $275,000 $3,407 4.81%
STAUNTON, VA (FHA|USDA|VA) 6 $1,100,000 $183,333 $4,667 4.98%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,070,000 $267,500 $5,494 4.56%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 5 $1,065,000 $213,000 $6,368 4.69%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $1,055,000 $351,667 $4,768 4.58%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 6 $1,040,000 $173,333 $4,202 4.74%
LYNCHBURG, VA (FHA|USDA|VA) 6 $1,010,000 $168,333 $4,123 4.93%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $985,000 $328,333 $4,387 4.96%
Greenwood, SC (FHA|USDA|VA) 6 $970,000 $161,667 $3,723 4.60%
GREENVILLE, NC (FHA|USDA|VA) 6 $940,000 $156,667 $3,968 5.06%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $920,000 $230,000 $4,042 4.56%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $825,000 $275,000 $5,887 4.71%
Kinston, NC (FHA|USDA|VA) 1 $815,000 $815,000 $0 4.99%
Key West, FL (FHA|USDA|VA) 1 $795,000 $795,000 $7,584 4.88%
Boone, NC (FHA|USDA|VA) 2 $750,000 $375,000 $6,469 4.88%
READING, PA (FHA|USDA|VA) 2 $740,000 $370,000 $6,716 4.50%
LANCASTER, PA (FHA|USDA|VA) 3 $655,000 $218,333 $3,276 4.46%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $600,000 $300,000 $4,501 5.38%
Sanford, NC (FHA|USDA|VA) 3 $525,000 $175,000 $4,292 4.67%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $520,000 $260,000 $2,389 4.63%
Brevard, NC (FHA|USDA|VA) 2 $510,000 $255,000 $3,609 4.69%
NEW BERN, NC (FHA|USDA|VA) 1 $505,000 $505,000 $7,473 4.38%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 3 $495,000 $165,000 $5,048 4.50%
Cambridge, MD (FHA|USDA|VA) 5 $455,000 $91,000 $5,441 4.50%
Wilson, NC (FHA|USDA|VA) 3 $445,000 $148,333 $5,796 4.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 4.96%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $415,000 $415,000 $3,410 4.75%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $390,000 $195,000 $8,557 4.19%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $365,000 $365,000 $3,467 4.88%
HARRISONBURG, VA (FHA|USDA|VA) 1 $325,000 $325,000 $3,251 4.63%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $310,000 $155,000 $4,662 4.88%
LEBANON, PA (FHA|USDA|VA) 1 $295,000 $295,000 $9,470 4.00%
Sayre, PA (FHA|USDA|VA) 1 $295,000 $295,000 $9,435 4.50%
GOLDSBORO, NC (FHA|USDA|VA) 1 $295,000 $295,000 $8,586 5.38%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $265,000 $265,000 $6,196 4.88%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $265,000 $265,000 $0 5.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,364 5.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,419 4.50%
Cullowhee, NC (FHA|USDA|VA) 1 $235,000 $235,000 $5,597 4.13%
FLORENCE, SC (FHA|USDA|VA) 3 $235,000 $78,333 $0 3.90%
Washington, NC (FHA|USDA|VA) 2 $220,000 $110,000 $3,475 4.94%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $215,000 $215,000 $5,899 4.13%
North Wilkesboro, NC (FHA|USDA|VA) 1 $215,000 $215,000 $3,057 5.00%
DOVER, DE (FHA|USDA|VA) 2 $210,000 $105,000 $3,009 4.81%
Danville, VA (FHA|USDA|VA) 2 $210,000 $105,000 $0 5.42%
Georgetown, SC (FHA|USDA|VA) 1 $205,000 $205,000 $3,165 4.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $8,229 4.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 5.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,311 4.38%
COLUMBIA, SC (FHA|USDA|VA) 1 $145,000 $145,000 $2,698 5.00%
ALBANY, GA (FHA|USDA|VA) 1 $145,000 $145,000 $2,696 4.00%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $145,000 $145,000 $4,092 5.88%
UTICA-ROME, NY (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.25%
SPARTANBURG, SC (FHA|USDA|VA) 1 $125,000 $125,000 $2,599 5.75%
HINESVILLE, GA (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.13%
SUMTER, SC (FHA|USDA|VA) 1 $125,000 $125,000 $3,854 4.38%
Henderson, NC (FHA|USDA|VA) 1 $115,000 $115,000 $6,725 5.00%
Lumberton, NC (FHA|USDA|VA) 1 $105,000 $105,000 $2,638 4.88%
Gaffney, SC (FHA|USDA|VA) 1 $95,000 $95,000 $4,643 5.13%
OCALA, FL (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.18%
Shelby, NC (FHA|USDA|VA) 1 $85,000 $85,000 $5,074 4.88%
Rockingham, NC (FHA|USDA|VA) 1 $75,000 $75,000 $2,838 5.13%
Orangeburg, SC (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.93%
Towne Bank's top markets include Virginia Beach, Washington, Baltimore, Richmond, and Charlotte among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,581 $1,637,415,000 $293,391 $4,511 4.84%
    FHA 1,441 $366,725,000 $254,493 $8,565 4.61%
    HELOC 864 $153,370,000 $177,512 n/a 4.17%
    VA 841 $277,705,000 $330,208 $7,428 4.50%
    USDA 217 $46,585,000 $214,677 $5,883 4.63%
    FHA 60 $9,240,000 $154,000 $0 5.02%
    FHA 59 $9,115,000 $154,492 $0 4.51%

    For 2018, Towne Bank's most frequently originated type of loan was Conventional, with 5,581 originations. Their 2nd most popular type was FHA, with 1,441 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 7,057 $1,969,485,000 $279,082 $5,804 4.75%
    Refi 990 $327,320,000 $330,626 $5,003 4.61%
    Cash Out Refi 422 $110,310,000 $261,398 $5,433 4.84%
    Other 374 $61,520,000 $164,492 $4,289 4.08%
    Home Improvement 219 $31,215,000 $142,534 $4,200 4.23%
    NA 1 $305,000 $305,000 $0 4.25%

    For 2018, Towne Bank's most frequently cited loan purpose was Home Purchase, with 7,057 originations. The 2nd most popular reason was Refi, with 990 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 6,952 $1,958,660,000 $281,741 $5,721 4.72%
    30+ year 853 $164,315,000 $192,632 $18,743 4.15%
    Other 293 $107,845,000 $368,072 $8,683 5.13%
    15 Year 284 $65,350,000 $230,106 $4,274 4.35%
    5 Year 233 $55,165,000 $236,760 $2,270 5.02%
    1 Year 232 $40,280,000 $173,621 $2,847 5.66%
    20 Year 107 $29,225,000 $273,131 $3,595 5.02%
    10 Year 99 $76,655,000 $774,293 $6,190 4.80%
    3 Year 10 $2,660,000 $266,000 $0 5.26%

    For 2018, Towne Bank's most frequently cited loan duration was 30 Year, with 6,952 originations. The 2nd most popular length was 30+ year, with 853 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,999 $848,155,000 $282,813
    $<1k 2,572 $660,200,000 $256,687
    $2k-3k 610 $164,600,000 $269,836
    $5k+ 320 $197,190,000 $616,219
    $3k-4k 319 $104,915,000 $328,887
    $4k-5k 203 $83,655,000 $412,094

    Towne Bank's average total fees were $5,721, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,999 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 6,261 $1,907,795,000 $304,711
    5-6% 1,648 $385,940,000 $234,187
    3-4% 453 $144,185,000 $318,289
    2.5-3% 367 $43,195,000 $117,698
    6-7% 111 $17,685,000 $159,324
    7-8% 4 $240,000 $60,000
    <2.5% 2 $10,000 $5,000

    During 2018, Towne Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 6,261 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4,115 $1,158,935,000 $281,637 $5,693 4.66%
    $100k-200k 2,430 $372,370,000 $153,239 $4,148 4.82%
    $100,000 or less 1,073 $48,985,000 $45,652 $3,051 4.66%
    $400k-600k 1,048 $490,830,000 $468,349 $7,437 4.62%
    $600k-1MM 294 $211,490,000 $719,354 $8,126 4.68%
    $1MM+ 103 $217,545,000 $2,112,087 $13,377 4.71%

    2018 saw Towne Bank place emphasis on $200k-400k loans with 4,115 originations, totaling $1,158,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 2,107 $423,185,000 $200,847 $5,315 4.68%
    $100k-150k 1,738 $526,990,000 $303,216 $6,169 4.63%
    $75k-100k 1,376 $359,510,000 $261,272 $5,860 4.64%
    $50k or less 1,339 $179,645,000 $134,164 $4,467 4.74%
    $150k-250k 1,187 $418,455,000 $352,532 $5,899 4.59%
    $250k+ 696 $362,350,000 $520,618 $7,076 4.60%

    Towne Bank lent most frequently to those with incomes in the $50k-75k range, with 2,107 originations. The second most popular income band? $100k-150k, with 1,738 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,436 $407,960,000 $284,095 $5,200 4.60%
    30-36% 1,406 $376,010,000 $267,432 $5,431 4.64%
    <20% 568 $150,370,000 $264,736 $4,756 4.49%
    44% 442 $103,230,000 $233,552 $6,003 4.70%
    42% 410 $108,130,000 $263,732 $5,595 4.75%
    50-60% 392 $118,800,000 $303,061 $8,340 4.51%
    40% 381 $100,105,000 $262,743 $5,593 4.73%
    39% 363 $97,505,000 $268,609 $5,635 4.71%
    41% 361 $90,175,000 $249,792 $5,380 4.75%
    43% 341 $87,705,000 $257,199 $6,079 4.76%
    49% 329 $86,155,000 $261,869 $5,695 4.65%
    38% 312 $84,190,000 $269,840 $5,514 4.73%
    36% 301 $83,195,000 $276,395 $5,649 4.70%
    37% 296 $81,560,000 $275,541 $5,471 4.71%
    45% 281 $76,365,000 $271,762 $6,029 4.66%
    48% 279 $77,865,000 $279,086 $5,796 4.70%
    46% 266 $67,480,000 $253,684 $6,104 4.70%
    47% 264 $72,670,000 $275,265 $5,896 4.71%
    >60% 44 $14,310,000 $325,227 $7,214 4.50%

    Towne Bank lent most frequently to those with DTI ratios of 20-30%, with 1,436 originations. The next most common DTI ratio? 30-36%, with 1,406 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 6,222 $1,693,650,000 $272,203 $5,458 4.64%
    Black 1,249 $303,725,000 $243,175 $6,978 4.73%
    Not applicable 458 $194,960,000 $425,677 $0 5.48%
    Not provided 593 $155,805,000 $262,740 $5,906 4.69%
    Asian 494 $140,460,000 $284,332 $5,512 4.66%
    American Indian 20 $5,260,000 $263,000 $5,639 4.68%
    Native Hawaiian or Islander 16 $3,830,000 $239,375 $5,313 4.73%
    Asian Indian 3 $725,000 $241,667 $0 3.74%
    Other Pacific Islander 3 $715,000 $238,333 $3,874 5.25%
    Vietnamese 2 $410,000 $205,000 $0 4.00%
    Other Asian 1 $385,000 $385,000 $3,689 4.38%
    Japanese 1 $195,000 $195,000 $2,981 4.88%
    Korean 1 $35,000 $35,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    95.58%

    Towne Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.12%

    Towne Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 9,063 $2,500,155,000 $275,864

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,605,000 $1,605,000
    Multifamily:Site-Built 47 $108,685,000 $2,312,447
    Single Family (1-4 Units):Manufactured 8 $1,050,000 $131,250
    Single Family (1-4 Units):Site-Built 9,007 $2,388,815,000 $265,218

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 448 $88,280,000 $197,054 $3,617 4.43%
    40-60% 733 $180,785,000 $246,637 $3,836 4.73%
    60-80% 1,953 $669,385,000 $342,747 $4,362 4.88%
    80-100% 4,920 $1,436,340,000 $291,939 $6,016 4.70%
    Over 100% 283 $93,945,000 $331,961 $10,911 4.51%
    Under 20% 726 $31,420,000 $43,278 $3,035 4.32%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Towne Bank 5100 Nine Mile Road Richmond, VA 23223 Full Service B&M $37,961
    Towne Bank 1 Colley Avenue, Suite 100 Norfolk, VA 23510 Full Service B&M $93,241
    Towne Bank 1 Old Oyster Point Road, Suite 100 Newport News, VA 23602 Full Service B&M $456,525
    Towne Bank 1006 Colley Avenue Norfolk, VA 23507 Full Service B&M $120,044
    Towne Bank 109 East Main Street Norfolk, VA 23510 Full Service B&M $633,206
    Towne Bank 11001 Warwick Boulevard Newport News, VA 23601 Full Service B&M $164,998
    Towne Bank 1312 Greenbrier Parkway Chesapeake, VA 23320 Full Service B&M $676,782
    Towne Bank 137 Mount Pleasant Road Chesapeake, VA 23322 Full Service B&M $232,727
    Towne Bank 1510 Quarterpath Road Williamsburg, VA 23185 Full Service B&M $91,150
    Towne Bank 1717 Bellevue Ave Richmond, VA 23227 Limited, Mobile/Seasonal Office $9,984
    Towne Bank 178 Hwy 158 W Camden, NC 27921 Full Service B&M $44,761
    Towne Bank 2 Juniper Trail Southern Shores, NC 27949 Full Service B&M $266,881
    Towne Bank 200 High Street Portsmouth, VA 23704 Full Service B&M $160,363
    Towne Bank 250 Caratoke Highway Moyock, NC 27958 Full Service B&M $118,902
    Towne Bank 2525 S. Croatan Hwy Nags Head, NC 27959 Full Service B&M $69,255
    Towne Bank 2539 Princess Anne Road Virginia Beach, VA 23456 Full Service B&M $94,986
    Towne Bank 297 Constitution Drive Virginia Beach, VA 23462 Full Service B&M $417,623
    Towne Bank 3100 Shore Drive Virginia Beach, VA 23451 Limited, Mobile/Seasonal Office $20,075
    Towne Bank 3535 Glenwood Avenue Raleigh, NC 27612 Full Service B&M $641,693
    Towne Bank 4501 Cox Road Glen Allen, VA 23060 Full Service B&M $179,520
    Towne Bank 4901 Libbie Mill East Boulevard Richmond, VA 23230 Full Service B&M $85,314
    Towne Bank 5000 Valleystone Dr., Ste110 Cary, NC 27519 Full Service B&M $94,533
    Towne Bank 5200 Providence Road Virginia Beach, VA 23464 Full Service B&M $94,428
    Towne Bank 5216 Monticello Avenue Williamsburg, VA 23188 Full Service B&M $247,434
    Towne Bank 550 Settlers Landing Road Hampton, VA 23669 Full Service B&M $105,415
    Towne Bank 5716 High Street Portsmouth, VA 23703 Full Service B&M $408,949
    Towne Bank 5806 Harbour View Boulevard Suffolk, VA 23435 Full Service B&M $225,542
    Towne Bank 600 22nd Street, Ste 100 Virginia Beach, VA 23451 Full Service B&M $482,963
    Towne Bank 6001 Harbour View Boulevard Suffolk, VA 23435 Limited, Administrative $0
    Towne Bank 6201 Portsmouth Boulevard Portsmouth, VA 23701 Full Service B&M $152,936
    Towne Bank 6337 Morrison Boulevard Charlotte, NC 28210 Full Service B&M $445,791
    Towne Bank 6515 George Washington Memorial Highway Yorktown, VA 23692 Full Service B&M $65,988
    Towne Bank 6670 Caratoke Highway Grandy, NC 27939 Full Service B&M $24,171
    Towne Bank 7013 Three Chopt Road Richmond, VA 23226 Full Service B&M $168,550
    Towne Bank 7279 Bell Creek Road, South Mechanicsville, VA 23111 Full Service B&M $115,038
    Towne Bank 7500 Granby Street Norfolk, VA 23505 Full Service B&M $57,210
    Towne Bank 800 E. Canal St, Suite 100 Richmond, VA 23219 Full Service B&M $80,419
    Towne Bank 824 Ocean Trail Corolla, NC 27927 Full Service B&M $27,599
    Towne Bank 9000 West Huguenot Road Richmond, VA 23235 Full Service B&M $106,239
    Towne Bank 984 First Colonial Road Virginia Beach, VA 23454 Full Service B&M $470,948
    Towne Bank 9961 Iron Bridge Road Chesterfield, VA 23832 Full Service B&M $77,240

    For 2018, Towne Bank had 41 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $422,141
    Net interest income $341,390
    Total noninterest income $271,599
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $11,491
    Trading account gains and fees $0
    Additional Noninterest Income $260,108
    Pre-tax net operating income $171,997
    Securities gains (or losses, -) $3
    Income before extraordinary items $137,774
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $137,774
    Minority interest net income $3,981
    Net income $133,793
    Sale, conversion, retirement of capital stock, net $7,204
    Net operating income $137,771

    Towne Bank's gross interest income from loans was $422,141,000.
    Towne Bank's net interest income from loans was $341,390,000.
    Towne Bank's fee based income from loans was $11,491,000.
    Towne Bank's net income from loans was $133,793,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $80,751
    Provision for credit losses $8,541
    Total noninterest expense $432,451
    Salaries and employee benefits $281,793
    Premises and equipment expense $42,121
    Additional noninterest expense $108,537
    Applicable income taxes $34,226
    Net charge-offs $1,578
    Cash dividends $44,865

    Towne Bank's interest expense for loans was $80,751,000.
    Towne Bank's payroll and benefits expense were $281,793,000.
    Towne Bank's property, plant and equipment expenses $42,121,000.

    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 $8,411,320
    Deposits held in domestic offices $8,411,320
    Deposits by Individuals, partnerships, and corporations $7,890,549
    Deposits by U.S. Government $18
    Deposits by States and political subdivisions in the U.S. $513,311
    Deposits by Commercial banks and other depository institutions in U.S. $7,442
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $654,375
    Demand deposits $654,375
    Nontransaction accounts $7,756,945
    Money market deposit accounts (MMDAs) $5,158,387
    Other savings deposits (excluding MMDAs) $787,091
    Total time deposits $1,811,468
    Total time and savings deposits $7,756,945
    Noninterest-bearing deposits $2,663,659
    Interest-bearing deposits $5,747,661
    Retail deposits $7,452,430
    IRAs and Keogh plan accounts $214,036
    Brokered deposits $428,891
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $11,163,043
    Cash & Balances due from depository institutions $686,697
    Interest-bearing balances $592,093
    Total securities $1,145,936
    Federal funds sold & reverse repurchase $0
    Net loans and leases $8,187,138
    Loan and leases loss allowance $52,094
    Trading account assets $0
    Bank premises and fixed assets $211,796
    Other real estate owned $19,366
    Goodwill and other intangibles $492,410
    All other assets $419,700

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $11,163,043
    Total Liabilities $9,624,624
    Total deposits $8,411,320
    Interest-bearing deposits $5,747,661
    Deposits held in domestic offices $8,411,320
    % insured (estimated) $53
    Federal funds purchased and repurchase agreements $46,439
    Trading liabilities $0
    Other borrowed funds $800,032
    Subordinated debt $247,861
    All other liabilities $118,972

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $8,187,138
    Loan and leases loss allowance $52,094
    Total loans and leases (domestic) $8,239,232
    All real estate loans $6,417,450
    Real estate loans in domestic offices $6,417,450
    Construction and development loans $1,067,240
    Residential 1-4 family construction $537,134
    Other construction, all land development and other land $530,106
    Loans secured by nonfarm nonresidential properties $3,230,597
    Nonfarm nonresidential secured by owner-occupied properties $1,262,749
    Commercial real estate & other non-farm, non-residential $1,967,848
    Multifamily residential real estate $260,987
    1-4 family residential loans $1,847,882
    Farmland loans $10,744
    Loans held in foreign offices $0
    Farm loans $4
    Commercial and industrial loans $1,172,728
    To non-U.S. addressees $0
    Loans to individuals $311,310
    Credit card loans $0
    Related Plans $32,674
    Consumer Auto Loans $254,197
    Other loans to individuals $24,439
    All other loans & leases $337,740
    Loans to foreign governments and official institutions $0
    Other loans $7,464
    Loans to depository institutions and acceptances of other banks $9,669
    Loans not secured by real estate $58,871
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $20,417
    Non 1-4 family restructured loans & leases $12,990
    Total loans and leases (foreign) $0

    Towne Bank had $8,187,138,000 of loans outstanding in 2018. $6,417,450,000 of loans were in real estate loans. $1,067,240,000 of loans were in development loans. $260,987,000 of loans were in multifamily mortgage loans. $1,847,882,000 of loans were in 1-4 family mortgage loans. $4,000 of loans were in farm loans. $0 of loans were in credit card loans. $254,197,000 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 2,210 $670,797 $303,528
    Nonfarm, nonresidential loans - <$100k 254 $14,036 $55,260
    Nonfarm, nonresidential loans - $100-250k 610 $79,295 $129,992
    Nonfarm, nonresidential loans - $250k-1MM 1,346 $577,466 $429,024
    Commercial & Industrial, US addressed loans - <$1MM 6,135 $444,215 $72,407
    Commercial & Industrial, US addressed loans - <$100k 4,223 $101,088 $23,937
    Commercial & Industrial, US addressed loans - $100-250k 944 $84,462 $89,472
    Commercial & Industrial, US addressed loans - $250k-1MM 968 $258,665 $267,216
    Farmland loans - <$1MM 29 $4,902 $169,034
    Farmland loans - <$100k 7 $231 $33,000
    Farmland loans - $100-250k 10 $1,182 $118,200
    Farmland loans - $250k-1MM 12 $3,489 $290,750
    Agriculture operations loans - <$1MM 2 $4 $2,000
    Agriculture operations loans - <$100k 1 $4 $4,000
    Agriculture operations loans - $100-250k 1 $0 $0