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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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

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  • Deposit Mix
  • Loan Performance
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    • Review & Overview

    Towne Bank is a small bank specializing in Home Purchase and Refi 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: Washington, Virginia Beach, Baltimore, Raleigh, and Richmond among others. We have data for 94 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% 4/22/24
    30 Year Conventional Purchase 6.63% 4/22/24
    30 Year Conventional Refi 6.49% 4/22/24
    30 Year Cash-out Refi 6.66% 4/22/24
    30 Year FHA Purchase 7.14% 4/22/24
    30 Year FHA Refi 7.16% 4/22/24
    30 Year VA Purchase 6.15% 4/22/24
    30 Year VA Refi 5.87% 4/22/24
    30 Year USDA Purchase 6.60% 4/22/24
    30 Year USDA Refi 6.78% 4/22/24
    15 Year Conventional Purchase 6.12% 4/22/24
    15 Year Conventional Refi 6.12% 4/22/24
    15 Year Cash-out Refi 6.12% 4/22/24
    15 Year VA Refi 6.04% 4/22/24
    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

    9,071

    Origination Dollar Volume (All Markets)

    $2,666,335,000

    Employee count

    2,425 Show all (9) 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
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1,987 $689,605,000 $347,058 $6,291 3.96%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2,175 $559,225,000 $257,115 $5,307 4.67%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,349 $402,135,000 $298,099 $5,788 4.01%
    RALEIGH-CARY, NC (FHA|USDA|VA) 556 $216,630,000 $389,622 $5,236 4.16%
    RICHMOND, VA (FHA|USDA|VA) 750 $174,390,000 $232,520 $5,392 4.30%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 565 $167,075,000 $295,708 $5,304 4.24%
    Kill Devil Hills, NC (FHA|USDA|VA) 296 $83,130,000 $280,845 $4,451 4.37%
    WILMINGTON, NC (FHA|USDA|VA) 288 $82,920,000 $287,917 $3,433 4.23%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 159 $43,875,000 $275,943 $6,267 3.98%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 138 $37,600,000 $272,464 $3,578 4.26%
    Outside of Metro Areas 126 $33,520,000 $266,032 $4,726 4.36%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 59 $25,975,000 $440,254 $5,252 4.42%
    SALISBURY, MD-DE (FHA|USDA|VA) 51 $13,605,000 $266,765 $4,450 3.93%
    GREENVILLE, NC (FHA|USDA|VA) 81 $13,065,000 $161,296 $3,786 4.45%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 45 $10,875,000 $241,667 $5,202 3.95%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 30 $6,740,000 $224,667 $5,212 3.78%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 30 $6,680,000 $222,667 $4,517 4.52%
    YORK-HANOVER, PA (FHA|USDA|VA) 28 $5,560,000 $198,571 $4,775 4.06%
    Washington, NC (FHA|USDA|VA) 21 $5,505,000 $262,143 $4,108 4.23%
    FAYETTEVILLE, NC (FHA|USDA|VA) 30 $5,400,000 $180,000 $4,779 4.27%
    Morehead City, NC (FHA|USDA|VA) 16 $5,180,000 $323,750 $5,365 4.51%
    WINSTON-SALEM, NC (FHA|USDA|VA) 14 $4,530,000 $323,571 $4,638 4.17%
    Easton, MD (FHA|USDA|VA) 5 $4,175,000 $835,000 $4,755 3.80%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 13 $3,805,000 $292,692 $5,106 4.22%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 14 $3,700,000 $264,286 $5,774 4.23%
    Elizabeth City, NC (FHA|USDA|VA) 27 $3,625,000 $134,259 $4,234 4.41%
    NAPA, CA (FHA|USDA|VA) 1 $3,495,000 $3,495,000 $0 5.24%
    Boone, NC (FHA|USDA|VA) 6 $2,950,000 $491,667 $5,805 4.88%
    GETTYSBURG, PA (FHA|USDA|VA) 13 $2,795,000 $215,000 $5,928 3.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 9 $2,485,000 $276,111 $5,540 4.75%
    JACKSONVILLE, FL (FHA|USDA|VA) 6 $2,420,000 $403,333 $5,887 4.50%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 8 $2,330,000 $291,250 $4,122 4.56%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 5 $2,195,000 $439,000 $11,522 4.43%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 7 $2,085,000 $297,857 $3,522 4.37%
    JACKSONVILLE, NC (FHA|USDA|VA) 6 $1,940,000 $323,333 $4,842 4.23%
    STAUNTON, VA (FHA|USDA|VA) 11 $1,855,000 $168,636 $4,007 4.70%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $1,745,000 $249,286 $5,088 4.00%
    LYNCHBURG, VA (FHA|USDA|VA) 7 $1,635,000 $233,571 $3,959 4.33%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 9 $1,575,000 $175,000 $4,222 4.36%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,480,000 $370,000 $5,520 4.94%
    Albemarle, NC (FHA|USDA|VA) 8 $1,330,000 $166,250 $5,063 3.84%
    Roanoke Rapids, NC (FHA|USDA|VA) 5 $1,185,000 $237,000 $5,605 4.37%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,150,000 $287,500 $5,970 4.28%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,020,000 $255,000 $3,467 3.88%
    ROANOKE, VA (FHA|USDA|VA) 3 $995,000 $331,667 $5,111 3.92%
    ROCKY MOUNT, NC (FHA|USDA|VA) 6 $940,000 $156,667 $4,797 4.38%
    Georgetown, SC (FHA|USDA|VA) 3 $915,000 $305,000 $3,654 4.31%
    Cambridge, MD (FHA|USDA|VA) 5 $865,000 $173,000 $4,673 4.00%
    ASHEVILLE, NC (FHA|USDA|VA) 4 $860,000 $215,000 $4,073 4.13%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $840,000 $210,000 $3,969 4.44%
    NEW BERN, NC (FHA|USDA|VA) 4 $830,000 $207,500 $5,055 4.03%
    PUNTA GORDA, FL (FHA|USDA|VA) 3 $765,000 $255,000 $5,768 4.08%
    Jefferson, GA (FHA|USDA|VA) 2 $730,000 $365,000 $3,430 4.50%
    LANCASTER, PA (FHA|USDA|VA) 2 $690,000 $345,000 $5,702 4.38%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $635,000 $211,667 $3,290 4.23%
    Wilson, NC (FHA|USDA|VA) 5 $625,000 $125,000 $3,904 4.72%
    OCALA, FL (FHA|USDA|VA) 2 $600,000 $300,000 $4,640 3.69%
    READING, PA (FHA|USDA|VA) 2 $590,000 $295,000 $4,994 4.06%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $580,000 $290,000 $4,405 3.75%
    COLUMBIA, SC (FHA|USDA|VA) 2 $530,000 $265,000 $3,390 4.38%
    BURLINGTON, NC (FHA|USDA|VA) 3 $515,000 $171,667 $3,807 3.67%
    Sanford, NC (FHA|USDA|VA) 3 $505,000 $168,333 $4,364 4.25%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $500,000 $250,000 $5,933 4.38%
    SAVANNAH, GA (FHA|USDA|VA) 2 $500,000 $250,000 $5,628 4.06%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,759 3.88%
    HARRISONBURG, VA (FHA|USDA|VA) 2 $490,000 $245,000 $3,290 4.12%
    Brevard, NC (FHA|USDA|VA) 2 $480,000 $240,000 $4,175 3.94%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $465,000 $465,000 $9,404 4.00%
    WINCHESTER, VA-WV (FHA|USDA|VA) 2 $460,000 $230,000 $4,713 4.13%
    Sevierville, TN (FHA|USDA|VA) 1 $385,000 $385,000 $8,099 4.88%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $365,000 $365,000 $3,497 3.75%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 2 $310,000 $155,000 $5,330 4.75%
    WILLIAMSPORT, PA (FHA|USDA|VA) 1 $305,000 $305,000 $4,205 3.88%
    Marion, NC (FHA|USDA|VA) 1 $305,000 $305,000 $10,160 3.63%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $305,000 $305,000 $10,341 4.25%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $305,000 $305,000 $3,388 3.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,043 4.13%
    COLUMBUS, GA-AL (FHA|USDA|VA) 1 $295,000 $295,000 $4,907 4.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,326 3.88%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,853 3.88%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $265,000 $265,000 $8,450 3.13%
    DOVER, DE (FHA|USDA|VA) 1 $255,000 $255,000 $3,691 4.25%
    Forest City, NC (FHA|USDA|VA) 2 $230,000 $115,000 $2,635 4.88%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $7,533 5.13%
    Gaffney, SC (FHA|USDA|VA) 1 $205,000 $205,000 $5,353 3.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,257 4.13%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $145,000 $145,000 $4,025 3.63%
    GOLDSBORO, NC (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.75%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.98%
    Kinston, NC (FHA|USDA|VA) 1 $135,000 $135,000 $103 3.88%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,388 3.50%
    Shelby, NC (FHA|USDA|VA) 1 $105,000 $105,000 $4,283 4.38%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $85,000 $85,000 $2,911 3.88%
    Henderson, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.88%
    Towne Bank's top markets include Washington, Virginia Beach, Baltimore, Raleigh, and Richmond 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)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Towne Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    POINT BREEZE
    Similarity Rank: 27
    US COMMUNITY
    Similarity Rank: 64
    ABNB Federal Credit Union
    Similarity Rank: 75
    EXCITE Credit Union
    Similarity Rank: 114
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 122
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 160
    Prudential Bank
    Similarity Rank: 162
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 165
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 180
    Calvin B. Taylor Banking Company of Berlin, Maryland
    Similarity Rank: 204

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,931 $1,827,355,000 $308,102 $4,553 4.24%
    FHA 1,192 $304,750,000 $255,663 $8,403 4.05%
    VA 934 $330,600,000 $353,961 $7,106 3.92%
    HELOC 773 $151,345,000 $195,789 n/a 5.11%
    USDA 173 $39,195,000 $226,561 $5,887 3.99%
    FHA 53 $9,505,000 $179,340 $0 4.35%
    FHA 12 $2,040,000 $170,000 $0 4.62%
    Reverse Mortgage 3 $1,545,000 $515,000 $0 6.40%

    For 2019, Towne Bank's most frequently originated type of loan was Conventional, with 5,931 originations. Their 2nd most popular type was FHA, with 1,192 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 6,336 $1,798,450,000 $283,846 $5,767 4.22%
    Refi 1,548 $576,720,000 $372,558 $4,505 4.10%
    Cash Out Refi 700 $217,570,000 $310,814 $5,308 4.26%
    Other 288 $47,030,000 $163,299 $786 5.05%
    Home Improvement 199 $26,565,000 $133,492 $4,249 5.10%

    For 2019, Towne Bank's most frequently cited loan purpose was Home Purchase, with 6,336 originations. The 2nd most popular reason was Refi, with 1,548 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 7,092 $2,151,120,000 $303,316 $5,543 4.14%
    30+ year 784 $182,600,000 $232,908 $11,294 5.03%
    15 Year 359 $88,695,000 $247,061 $3,858 3.49%
    Other 226 $72,210,000 $319,513 $4,659 5.11%
    1 Year 224 $39,430,000 $176,027 $3,641 5.95%
    5 Year 209 $51,485,000 $246,340 $0 2.69%
    20 Year 127 $39,355,000 $309,882 $3,783 4.30%
    10 Year 43 $30,545,000 $710,349 $3,230 4.47%
    3 Year 7 $10,895,000 $1,556,429 $0 5.41%

    For 2019, Towne Bank's most frequently cited loan duration was 30 Year, with 7,092 originations. The 2nd most popular length was 30+ year, with 784 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 3,731 $1,135,995,000 $304,475
    $<1k 2,217 $581,295,000 $262,199
    $2k-3k 590 $175,490,000 $297,441
    $3k-4k 339 $114,615,000 $338,097
    $5k+ 260 $166,960,000 $642,154
    $4k-5k 188 $81,710,000 $434,628

    Towne Bank's average total fees were $5,543, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,731 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 4,020 $1,307,380,000 $325,219
    4-5% 3,586 $1,068,870,000 $298,067
    5-6% 1,062 $250,860,000 $236,215
    6-7% 152 $23,660,000 $155,658
    <2.5% 86 $460,000 $5,349
    2.5-3% 44 $11,910,000 $270,682
    7-8% 4 $1,160,000 $290,000
    Over 8% 2 $1,100,000 $550,000
    % 1 $105,000 $105,000

    During 2019, Towne Bank's average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 3-4%, with 4,020 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4,320 $1,232,560,000 $285,315 $5,414 4.14%
    $100k-200k 2,010 $310,600,000 $154,527 $4,035 4.49%
    $400k-600k 1,321 $617,805,000 $467,680 $6,315 4.08%
    $100,000 or less 950 $41,440,000 $43,621 $3,246 4.48%
    $600k-1MM 371 $269,015,000 $725,108 $8,305 4.22%
    $1MM+ 99 $194,915,000 $1,968,838 $12,079 4.44%

    2019 saw Towne Bank place emphasis on $200k-400k loans with 4,320 originations, totaling $1,232,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,930 $398,580,000 $206,518 $5,144 4.12%
    $100k-150k 1,788 $556,410,000 $311,191 $5,761 4.20%
    $75k-100k 1,424 $380,260,000 $267,037 $5,563 4.14%
    $150k-250k 1,377 $512,015,000 $371,834 $5,657 4.24%
    $50k or less 1,021 $139,095,000 $136,234 $4,507 4.09%
    $250k+ 854 $428,660,000 $501,944 $6,483 4.47%

    Towne Bank lent most frequently to those with incomes in the $50k-75k range, with 1,930 originations. The second most popular income band? $100k-150k, with 1,788 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,582 $477,590,000 $301,890 $4,979 4.19%
    30-36% 1,528 $439,890,000 $287,886 $5,222 4.17%
    <20% 650 $189,390,000 $291,369 $4,392 4.45%
    44% 377 $99,875,000 $264,920 $6,097 4.13%
    41% 367 $105,775,000 $288,215 $5,809 4.15%
    39% 365 $102,455,000 $280,699 $5,202 4.14%
    42% 363 $107,155,000 $295,193 $6,332 4.18%
    43% 362 $93,340,000 $257,845 $5,504 4.24%
    40% 356 $93,020,000 $261,292 $5,469 4.13%
    37% 327 $92,155,000 $281,820 $5,162 4.13%
    38% 315 $88,785,000 $281,857 $5,639 4.19%
    50-60% 296 $94,470,000 $319,155 $7,996 4.10%
    36% 288 $81,200,000 $281,944 $5,488 4.19%
    49% 271 $78,125,000 $288,284 $6,039 4.23%
    48% 256 $67,900,000 $265,234 $6,132 4.12%
    45% 235 $64,955,000 $276,404 $5,507 4.15%
    46% 217 $65,615,000 $302,373 $5,609 4.05%
    47% 217 $65,645,000 $302,512 $6,289 4.22%
    >60% 35 $9,985,000 $285,286 $2,857 4.99%

    Towne Bank lent most frequently to those with DTI ratios of 20-30%, with 1,582 originations. The next most common DTI ratio? 30-36%, with 1,528 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 6,179 $1,811,045,000 $293,097 $5,325 4.19%
    Black 1,112 $273,380,000 $245,845 $6,460 4.11%
    Not provided 852 $253,840,000 $297,934 $5,761 4.35%
    Not applicable 439 $177,195,000 $403,633 $0 5.54%
    Asian 444 $138,220,000 $311,306 $5,170 4.03%
    American Indian 26 $5,680,000 $218,462 $5,870 4.18%
    Asian Indian 6 $3,300,000 $550,000 $8,085 4.24%
    Native Hawaiian or Islander 10 $3,250,000 $325,000 $7,414 3.93%
    Korean 1 $255,000 $255,000 $0 5.25%
    Vietnamese 1 $105,000 $105,000 $0 3.96%
    Filipino 1 $65,000 $65,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    95.85%

    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
    82.80%

    Towne Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 9,071 $2,666,335,000 $293,941

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 54 $89,930,000 $1,665,370
    Single Family (1-4 Units):Manufactured 11 $865,000 $78,636
    Single Family (1-4 Units):Site-Built 9,006 $2,575,540,000 $285,980

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 459 $108,235,000 $235,806 $3,475 4.73%
    40-60% 717 $196,975,000 $274,721 $3,699 4.45%
    60-80% 2,232 $769,160,000 $344,606 $4,250 4.37%
    80-100% 4,669 $1,448,785,000 $310,299 $5,889 4.14%
    Over 100% 300 $104,150,000 $347,167 $10,789 4.01%
    Under 20% 666 $27,890,000 $41,877 $2,510 4.17%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    TOWNEBANK FHA mortgage Closing on a mortgage 2 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Towne Bank 1 Colley Avenue, Suite 100 Norfolk, VA 23510 Full Service B&M $84,700
    Towne Bank 1 Old Oyster Point Road, Suite 100 Newport News, VA 23602 Full Service B&M $519,744
    Towne Bank 1006 Colley Avenue Norfolk, VA 23507 Full Service B&M $121,717
    Towne Bank 109 East Main Street Norfolk, VA 23510 Full Service B&M $704,852
    Towne Bank 11001 Warwick Boulevard Newport News, VA 23601 Full Service B&M $169,088
    Towne Bank 1312 Greenbrier Parkway Chesapeake, VA 23320 Full Service B&M $767,481
    Towne Bank 137 Mount Pleasant Road Chesapeake, VA 23322 Full Service B&M $256,574
    Towne Bank 1510 Quarterpath Road Williamsburg, VA 23185 Full Service B&M $144,828
    Towne Bank 1717 Bellevue Ave Richmond, VA 23227 Limited, Mobile/Seasonal Office $10,621
    Towne Bank 178 Hwy 158 W Camden, NC 27921 Full Service B&M $45,827
    Towne Bank 2 Juniper Trail Southern Shores, NC 27949 Full Service B&M $242,137
    Towne Bank 200 High Street Portsmouth, VA 23704 Full Service B&M $150,277
    Towne Bank 250 Caratoke Highway Moyock, NC 27958 Full Service B&M $112,144
    Towne Bank 2525 S. Croatan Hwy Nags Head, NC 27959 Full Service B&M $73,184
    Towne Bank 2539 Princess Anne Road Virginia Beach, VA 23456 Full Service B&M $115,128
    Towne Bank 2839 Charles Boulevard Greenville, NC 27858 Full Service B&M $101,861
    Towne Bank 297 Constitution Drive Virginia Beach, VA 23462 Full Service B&M $428,315
    Towne Bank 3100 Shore Drive Virginia Beach, VA 23451 Limited, Mobile/Seasonal Office $22,200
    Towne Bank 3535 Glenwood Avenue Raleigh, NC 27612 Full Service B&M $837,737
    Towne Bank 4501 Cox Road Glen Allen, VA 23060 Full Service B&M $239,539
    Towne Bank 4901 Libbie Mill East Boulevard Richmond, VA 23230 Full Service B&M $106,121
    Towne Bank 5000 Valleystone Dr., Ste110 Cary, NC 27519 Full Service B&M $124,351
    Towne Bank 5100 Nine Mile Road Richmond, VA 23223 Full Service B&M $40,419
    Towne Bank 5200 Providence Road Virginia Beach, VA 23464 Full Service B&M $112,337
    Towne Bank 5216 Monticello Avenue Williamsburg, VA 23188 Full Service B&M $260,944
    Towne Bank 550 Settlers Landing Road Hampton, VA 23669 Full Service B&M $119,947
    Towne Bank 5716 High Street Portsmouth, VA 23703 Full Service B&M $490,951
    Towne Bank 5806 Harbour View Boulevard Suffolk, VA 23435 Full Service B&M $252,985
    Towne Bank 600 22nd Street, Ste 100 Virginia Beach, VA 23451 Full Service B&M $584,983
    Towne Bank 6001 Harbour View Boulevard Suffolk, VA 23435 Limited, Administrative $0
    Towne Bank 6201 Portsmouth Boulevard Portsmouth, VA 23701 Full Service B&M $166,315
    Towne Bank 6337 Morrison Boulevard Charlotte, NC 28210 Full Service B&M $559,105
    Towne Bank 6515 George Washington Memorial Highway Yorktown, VA 23692 Full Service B&M $71,185
    Towne Bank 6670 Caratoke Highway Grandy, NC 27939 Full Service B&M $25,166
    Towne Bank 7013 Three Chopt Road Richmond, VA 23226 Full Service B&M $193,092
    Towne Bank 7279 Bell Creek Road, South Mechanicsville, VA 23111 Full Service B&M $134,674
    Towne Bank 7500 Granby Street Norfolk, VA 23505 Full Service B&M $55,068
    Towne Bank 800 E. Canal St, Suite 100 Richmond, VA 23219 Full Service B&M $153,860
    Towne Bank 824 Ocean Trail Corolla, NC 27927 Full Service B&M $30,926
    Towne Bank 9000 West Huguenot Road Richmond, VA 23235 Full Service B&M $123,927
    Towne Bank 9761 Iron Bridge Road Chesterfield, VA 23832 Full Service B&M $99,675
    Towne Bank 984 First Colonial Road Virginia Beach, VA 23454 Full Service B&M $472,377

    For 2019, Towne Bank had 42 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $468,167
    Net interest income $358,697
    Total noninterest income $296,635
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $8,302
    Trading account gains and fees $0
    Additional Noninterest Income $288,333
    Pre-tax net operating income $177,114
    Securities gains (or losses, -) $-845
    Income before extraordinary items $143,672
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $143,672
    Minority interest net income $4,890
    Net income $138,782
    Sale, conversion, retirement of capital stock, net $6,789
    Net operating income $144,364

    Towne Bank's gross interest income from loans was $468,167,000.
    Towne Bank's net interest income from loans was $358,697,000.
    Towne Bank's fee based income from loans was $8,302,000.
    Towne Bank's net income from loans was $138,782,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $109,470
    Provision for credit losses $9,371
    Total noninterest expense $468,847
    Salaries and employee benefits $308,866
    Premises and equipment expense $45,732
    Additional noninterest expense $114,249
    Applicable income taxes $32,597
    Net charge-offs $3,231
    Cash dividends $50,835

    Towne Bank's interest expense for loans was $109,470,000.
    Towne Bank's payroll and benefits expense were $308,866,000.
    Towne Bank's property, plant and equipment expenses $45,732,000.

    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 $9,331,163
    Deposits held in domestic offices $9,331,163
    Deposits by Individuals, partnerships, and corporations $8,740,548
    Deposits by U.S. Government $8
    Deposits by States and political subdivisions in the U.S. $581,867
    Deposits by Commercial banks and other depository institutions in U.S. $8,740
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $759,877
    Demand deposits $759,877
    Nontransaction accounts $8,571,286
    Money market deposit accounts (MMDAs) $5,701,376
    Other savings deposits (excluding MMDAs) $750,335
    Total time deposits $2,119,575
    Total time and savings deposits $8,571,286
    Noninterest-bearing deposits $3,011,471
    Interest-bearing deposits $6,319,692
    Retail deposits $8,147,249
    IRAs and Keogh plan accounts $218,874
    Brokered deposits $448,452
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $11,947,775
    Cash & Balances due from depository institutions $442,616
    Interest-bearing balances $345,023
    Total securities $1,484,996
    Federal funds sold & reverse repurchase $0
    Net loans and leases $8,780,399
    Loan and leases loss allowance $58,234
    Trading account assets $0
    Bank premises and fixed assets $279,322
    Other real estate owned $15,006
    Goodwill and other intangibles $501,215
    All other assets $444,221

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $11,947,775
    Total Liabilities $10,294,081
    Total deposits $9,331,163
    Interest-bearing deposits $6,319,692
    Deposits held in domestic offices $9,331,163
    % insured (estimated) $52
    Federal funds purchased and repurchase agreements $51,717
    Trading liabilities $0
    Other borrowed funds $472,361
    Subordinated debt $248,458
    All other liabilities $190,382

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $8,780,399
    Loan and leases loss allowance $58,234
    Total loans and leases (domestic) $8,838,633
    All real estate loans $6,948,268
    Real estate loans in domestic offices $6,948,268
    Construction and development loans $1,120,533
    Residential 1-4 family construction $527,446
    Other construction, all land development and other land $593,087
    Loans secured by nonfarm nonresidential properties $3,499,115
    Nonfarm nonresidential secured by owner-occupied properties $1,329,143
    Commercial real estate & other non-farm, non-residential $2,169,972
    Multifamily residential real estate $243,041
    1-4 family residential loans $2,072,318
    Farmland loans $13,261
    Loans held in foreign offices $0
    Farm loans $214
    Commercial and industrial loans $1,224,765
    To non-U.S. addressees $0
    Loans to individuals $315,262
    Credit card loans $0
    Related Plans $38,336
    Consumer Auto Loans $252,037
    Other loans to individuals $24,889
    All other loans & leases $350,124
    Loans to foreign governments and official institutions $0
    Other loans $24,748
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $84,525
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $14,393
    Non 1-4 family restructured loans & leases $10,444
    Total loans and leases (foreign) $0

    Towne Bank had $8,780,399,000 of loans outstanding in 2019. $6,948,268,000 of loans were in real estate loans. $1,120,533,000 of loans were in development loans. $243,041,000 of loans were in multifamily mortgage loans. $2,072,318,000 of loans were in 1-4 family mortgage loans. $214,000 of loans were in farm loans. $0 of loans were in credit card loans. $252,037,000 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 2,487 $713,379 $286,843
    Nonfarm, nonresidential loans - <$100k 248 $14,551 $58,673
    Nonfarm, nonresidential loans - $100-250k 634 $76,269 $120,298
    Nonfarm, nonresidential loans - $250k-1MM 1,605 $622,559 $387,887
    Commercial & Industrial, US addressed loans - <$1MM 6,368 $443,020 $69,570
    Commercial & Industrial, US addressed loans - <$100k 4,373 $101,149 $23,130
    Commercial & Industrial, US addressed loans - $100-250k 1,002 $86,649 $86,476
    Commercial & Industrial, US addressed loans - $250k-1MM 993 $255,222 $257,021
    Farmland loans - <$1MM 34 $5,069 $149,088
    Farmland loans - <$100k 9 $266 $29,556
    Farmland loans - $100-250k 11 $1,256 $114,182
    Farmland loans - $250k-1MM 14 $3,547 $253,357
    Agriculture operations loans - <$1MM 4 $214 $53,500
    Agriculture operations loans - <$100k 1 $11 $11,000
    Agriculture operations loans - $100-250k 3 $203 $67,667