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

  • Originations
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  • Loan to Value Info
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  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

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    • Review & Overview

    Towne Bank is a mid-sized 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.) 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, Charlotte, and Raleigh among others. We have data for 115 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% 11/17/24
    30 Year Conventional Purchase 6.63% 11/17/24
    30 Year Conventional Refi 6.49% 11/17/24
    30 Year Cash-out Refi 6.66% 11/17/24
    30 Year FHA Purchase 7.14% 11/17/24
    30 Year FHA Refi 7.16% 11/17/24
    30 Year VA Purchase 6.15% 11/17/24
    30 Year VA Refi 5.87% 11/17/24
    30 Year USDA Purchase 6.60% 11/17/24
    30 Year USDA Refi 6.78% 11/17/24
    15 Year Conventional Purchase 6.12% 11/17/24
    15 Year Conventional Refi 6.12% 11/17/24
    15 Year Cash-out Refi 6.12% 11/17/24
    15 Year VA Refi 6.04% 11/17/24
    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

    15,004

    Origination Dollar Volume (All Markets)

    $4,843,920,000

    Employee count

    2,448 Show all (32) 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) 4,048 $1,536,710,000 $379,622 $5,235 2.98%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2,902 $871,450,000 $300,293 $5,286 3.44%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2,462 $785,800,000 $319,171 $4,750 2.97%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 937 $307,305,000 $327,967 $5,368 3.14%
    RALEIGH-CARY, NC (FHA|USDA|VA) 760 $255,530,000 $336,224 $5,628 3.10%
    RICHMOND, VA (FHA|USDA|VA) 993 $234,715,000 $236,370 $5,331 3.22%
    WILMINGTON, NC (FHA|USDA|VA) 462 $154,380,000 $334,156 $4,185 3.18%
    Kill Devil Hills, NC (FHA|USDA|VA) 344 $109,710,000 $318,924 $4,128 3.41%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 326 $99,920,000 $306,503 $5,466 2.91%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 242 $76,300,000 $315,289 $3,965 3.17%
    Outside of Metro Areas 249 $62,175,000 $249,699 $4,655 3.18%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 105 $39,885,000 $379,857 $4,854 3.26%
    GREENVILLE, NC (FHA|USDA|VA) 179 $37,425,000 $209,078 $3,782 3.31%
    SALISBURY, MD-DE (FHA|USDA|VA) 127 $36,115,000 $284,370 $4,243 2.98%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 94 $22,660,000 $241,064 $5,149 2.94%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 49 $13,275,000 $270,918 $5,113 2.91%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 38 $13,070,000 $343,947 $3,841 3.27%
    Elizabeth City, NC (FHA|USDA|VA) 64 $10,750,000 $167,969 $5,003 3.23%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 18 $9,920,000 $551,111 $5,854 3.15%
    Washington, NC (FHA|USDA|VA) 43 $9,465,000 $220,116 $3,610 3.25%
    YORK-HANOVER, PA (FHA|USDA|VA) 43 $9,205,000 $214,070 $4,667 2.88%
    FAYETTEVILLE, NC (FHA|USDA|VA) 43 $8,815,000 $205,000 $5,586 2.68%
    Morehead City, NC (FHA|USDA|VA) 20 $8,100,000 $405,000 $4,171 3.39%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 23 $8,025,000 $348,913 $5,614 3.23%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 21 $6,705,000 $319,286 $4,073 2.78%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 18 $6,230,000 $346,111 $4,048 3.09%
    Boone, NC (FHA|USDA|VA) 13 $5,155,000 $396,538 $4,161 3.27%
    Easton, MD (FHA|USDA|VA) 15 $5,115,000 $341,000 $4,498 3.04%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 16 $4,800,000 $300,000 $4,178 3.04%
    WINSTON-SALEM, NC (FHA|USDA|VA) 18 $4,750,000 $263,889 $3,709 3.19%
    JACKSONVILLE, NC (FHA|USDA|VA) 19 $4,345,000 $228,684 $3,279 3.28%
    ASHEVILLE, NC (FHA|USDA|VA) 15 $4,335,000 $289,000 $4,322 3.23%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 16 $4,130,000 $258,125 $4,771 3.20%
    WINCHESTER, VA-WV (FHA|USDA|VA) 12 $3,850,000 $320,833 $3,775 3.03%
    BURLINGTON, NC (FHA|USDA|VA) 5 $3,795,000 $759,000 $3,025 2.88%
    Roanoke Rapids, NC (FHA|USDA|VA) 8 $3,290,000 $411,250 $5,762 3.56%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 13 $3,215,000 $247,308 $5,535 2.92%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 7 $2,865,000 $409,286 $4,862 2.79%
    NEW BERN, NC (FHA|USDA|VA) 9 $2,735,000 $303,889 $5,218 2.59%
    GETTYSBURG, PA (FHA|USDA|VA) 11 $2,565,000 $233,182 $5,318 2.94%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 6 $2,540,000 $423,333 $4,332 3.52%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 9 $2,425,000 $269,444 $3,548 2.79%
    ROANOKE, VA (FHA|USDA|VA) 7 $2,295,000 $327,857 $3,274 3.07%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 6 $2,180,000 $363,333 $7,060 3.40%
    Cambridge, MD (FHA|USDA|VA) 9 $1,965,000 $218,333 $7,560 2.67%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $1,910,000 $477,500 $4,530 3.72%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 4 $1,870,000 $467,500 $10,249 2.69%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $1,715,000 $343,000 $3,977 3.00%
    Albemarle, NC (FHA|USDA|VA) 9 $1,695,000 $188,333 $5,885 3.22%
    Key West, FL (FHA|USDA|VA) 2 $1,660,000 $830,000 $10,051 3.25%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 7 $1,635,000 $233,571 $3,877 3.00%
    LYNCHBURG, VA (FHA|USDA|VA) 11 $1,625,000 $147,727 $3,535 3.03%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 7 $1,595,000 $227,857 $3,169 3.63%
    JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,530,000 $382,500 $4,435 3.00%
    PITTSBURGH, PA (FHA|USDA|VA) 6 $1,390,000 $231,667 $4,631 2.94%
    Sanford, NC (FHA|USDA|VA) 5 $1,175,000 $235,000 $5,769 2.98%
    ROCKY MOUNT, NC (FHA|USDA|VA) 8 $1,160,000 $145,000 $4,000 2.72%
    GOLDSBORO, NC (FHA|USDA|VA) 5 $1,135,000 $227,000 $4,866 2.85%
    LANCASTER, PA (FHA|USDA|VA) 4 $1,080,000 $270,000 $4,075 3.09%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $1,040,000 $260,000 $4,221 2.88%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 3 $1,035,000 $345,000 $3,728 3.17%
    STAUNTON, VA (FHA|USDA|VA) 4 $1,010,000 $252,500 $5,203 2.81%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $905,000 $905,000 $4,677 2.75%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $895,000 $298,333 $2,704 3.04%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 4 $750,000 $187,500 $3,766 3.69%
    Kinston, NC (FHA|USDA|VA) 4 $750,000 $187,500 $3,911 3.18%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $720,000 $360,000 $3,763 3.00%
    Cullowhee, NC (FHA|USDA|VA) 3 $695,000 $231,667 $3,308 3.46%
    JOHNSON CITY, TN (FHA|USDA|VA) 2 $670,000 $335,000 $4,030 3.06%
    DOVER, DE (FHA|USDA|VA) 4 $660,000 $165,000 $3,598 2.25%
    Laurinburg, NC (FHA|USDA|VA) 2 $660,000 $330,000 $3,665 3.56%
    PUNTA GORDA, FL (FHA|USDA|VA) 3 $605,000 $201,667 $3,391 2.96%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $590,000 $295,000 $3,221 3.92%
    BRUNSWICK, GA (FHA|USDA|VA) 2 $580,000 $290,000 $5,689 3.44%
    Wilson, NC (FHA|USDA|VA) 3 $545,000 $181,667 $4,727 2.71%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $535,000 $178,333 $3,165 3.21%
    Seneca, SC (FHA|USDA|VA) 1 $505,000 $505,000 $0 2.75%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.00%
    Sevierville, TN (FHA|USDA|VA) 1 $495,000 $495,000 $4,453 3.38%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $490,000 $245,000 $3,546 3.31%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $485,000 $161,667 $6,990 2.67%
    ALTOONA, PA (FHA|USDA|VA) 1 $445,000 $445,000 $10,320 2.63%
    PANAMA CITY, FL (FHA|USDA|VA) 2 $440,000 $220,000 $3,832 2.94%
    COLUMBIA, SC (FHA|USDA|VA) 2 $420,000 $210,000 $6,436 2.63%
    HARRISONBURG, VA (FHA|USDA|VA) 2 $400,000 $200,000 $2,418 2.69%
    OCALA, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,067 3.13%
    ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $315,000 $315,000 $2,973 2.75%
    WILLIAMSPORT, PA (FHA|USDA|VA) 1 $305,000 $305,000 $4,265 2.63%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $7,508 2.25%
    SAVANNAH, GA (FHA|USDA|VA) 1 $285,000 $285,000 $9,231 2.75%
    Georgetown, SC (FHA|USDA|VA) 1 $275,000 $275,000 $4,297 2.88%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $265,000 $265,000 $4,818 2.63%
    Marion, NC (FHA|USDA|VA) 1 $265,000 $265,000 $5,866 2.50%
    Shelby, NC (FHA|USDA|VA) 3 $255,000 $85,000 $7,810 1.71%
    READING, PA (FHA|USDA|VA) 1 $255,000 $255,000 $4,199 3.00%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $2,483 3.25%
    CUMBERLAND, MD-WV (FHA|USDA|VA) 2 $240,000 $120,000 $3,140 2.94%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.50%
    Forest City, NC (FHA|USDA|VA) 2 $220,000 $110,000 $0 3.75%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,011 3.13%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,069 2.75%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $175,000 $175,000 $3,228 4.00%
    Lewisburg, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,145 3.38%
    FLORENCE, SC (FHA|USDA|VA) 1 $155,000 $155,000 $5,804 3.25%
    St. Marys, GA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.63%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,086 3.25%
    MORGANTOWN, WV (FHA|USDA|VA) 1 $145,000 $145,000 $3,284 4.13%
    Henderson, NC (FHA|USDA|VA) 2 $130,000 $65,000 $0 2.00%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,651 2.75%
    North Wilkesboro, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,413 3.50%
    Danville, VA (FHA|USDA|VA) 1 $105,000 $105,000 $1,734 3.38%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $105,000 $105,000 $3,652 3.13%
    LEBANON, PA (FHA|USDA|VA) 1 $95,000 $95,000 $2,040 2.75%
    Lumberton, NC (FHA|USDA|VA) 1 $75,000 $75,000 $3,581 3.25%
    ERIE, PA (FHA|USDA|VA) 1 $65,000 $65,000 $4,171 3.00%
    Towne Bank's top markets include Washington, Virginia Beach, Baltimore, Charlotte, and Raleigh among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (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.

    Farmers and Merchants Trust Company of Chambersburg
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    Old Hickory Credit Union
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10,611 $3,480,605,000 $328,019 $4,270 3.16%
    VA 1,999 $782,915,000 $391,653 $6,647 2.74%
    FHA 1,205 $331,555,000 $275,149 $8,888 3.01%
    HELOC 861 $169,955,000 $197,393 n/a 3.91%
    USDA 274 $67,620,000 $246,788 $6,202 2.84%
    FHA 52 $10,930,000 $210,192 $0 2.90%
    FHA 1 $235,000 $235,000 $0 3.43%
    FHA 1 $105,000 $105,000 $0 3.95%

    For 2020, Towne Bank's most frequently originated type of loan was Conventional, with 10,611 originations. Their 2nd most popular type was VA, with 1,999 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 7,885 $2,511,515,000 $318,518 $5,962 3.10%
    Refi 5,365 $1,833,535,000 $341,759 $3,913 3.06%
    Cash Out Refi 1,158 $382,130,000 $329,991 $4,717 3.23%
    Other 352 $66,410,000 $188,665 $4,625 3.94%
    Home Improvement 244 $50,330,000 $206,270 $5,159 3.88%

    For 2020, Towne Bank's most frequently cited loan purpose was Home Purchase, with 7,885 originations. The 2nd most popular reason was Refi, with 5,365 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 11,899 $3,953,445,000 $332,250 $5,176 3.09%
    15 Year 926 $239,190,000 $258,305 $3,467 2.59%
    30+ year 894 $224,990,000 $251,667 $13,836 3.91%
    Other 402 $147,520,000 $366,965 $4,004 3.57%
    20 Year 402 $116,490,000 $289,776 $3,492 3.15%
    5 Year 211 $87,115,000 $412,867 $0 1.79%
    1 Year 193 $39,325,000 $203,756 $6,899 4.73%
    10 Year 72 $34,660,000 $481,389 $3,036 3.50%
    3 Year 5 $1,185,000 $237,000 $0 4.83%

    For 2020, Towne Bank's most frequently cited loan duration was 30 Year, with 11,899 originations. The 2nd most popular length was 15 Year, with 926 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 8,116 $2,650,650,000 $326,596
    $<1k 2,575 $756,815,000 $293,909
    $2k-3k 948 $300,940,000 $317,447
    $3k-4k 552 $188,130,000 $340,815
    $5k+ 417 $298,735,000 $716,391
    $4k-5k 303 $133,755,000 $441,436

    Towne Bank's average total fees were $5,176, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8,116 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 6,484 $2,099,970,000 $323,870
    2.5-3% 5,901 $1,988,465,000 $336,971
    <2.5% 1,745 $534,605,000 $306,364
    4-5% 713 $198,485,000 $278,380
    5-6% 156 $21,560,000 $138,205
    6-7% 3 $265,000 $88,333
    % 2 $570,000 $285,000

    During 2020, Towne Bank's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 3-4%, with 6,484 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 7,670 $2,234,550,000 $291,336 $4,771 3.08%
    $400k-600k 2,965 $1,401,425,000 $472,656 $5,564 3.01%
    $100k-200k 2,616 $407,260,000 $155,680 $3,659 3.37%
    $100,000 or less 967 $42,985,000 $44,452 $3,018 3.03%
    $600k-1MM 610 $438,300,000 $718,525 $8,500 3.27%
    $1MM+ 176 $319,400,000 $1,814,773 $13,423 3.63%

    2020 saw Towne Bank place emphasis on $200k-400k loans with 7,670 originations, totaling $2,234,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 3,153 $1,048,895,000 $332,666 $5,179 3.12%
    $50k-75k 2,761 $625,475,000 $226,539 $4,775 3.03%
    $150k-250k 2,594 $1,005,670,000 $387,691 $5,167 3.16%
    $75k-100k 2,304 $646,000,000 $280,382 $5,218 3.10%
    $250k+ 1,428 $714,130,000 $500,091 $6,003 3.35%
    $50k or less 1,319 $211,355,000 $160,239 $4,309 2.92%

    Towne Bank lent most frequently to those with incomes in the $100k-150k range, with 3,153 originations. The second most popular income band? $50k-75k, with 2,761 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 3,263 $1,047,745,000 $321,099 $4,623 3.13%
    30-36% 2,614 $829,270,000 $317,242 $4,979 3.12%
    <20% 1,505 $477,565,000 $317,319 $4,225 3.20%
    44% 562 $148,100,000 $263,523 $5,344 3.15%
    43% 546 $159,520,000 $292,161 $5,414 3.15%
    42% 536 $159,560,000 $297,687 $5,546 3.04%
    41% 526 $155,850,000 $296,293 $5,464 3.05%
    40% 512 $154,100,000 $300,977 $5,461 3.12%
    38% 490 $150,050,000 $306,224 $5,255 3.03%
    36% 473 $152,825,000 $323,097 $5,323 3.11%
    37% 465 $141,285,000 $303,839 $5,126 3.09%
    39% 462 $145,900,000 $315,801 $5,248 3.13%
    45% 348 $114,100,000 $327,874 $5,837 3.06%
    49% 312 $95,740,000 $306,859 $6,021 3.04%
    47% 279 $88,005,000 $315,430 $5,919 3.00%
    48% 276 $87,930,000 $318,587 $5,618 3.03%
    46% 270 $87,430,000 $323,815 $5,565 3.02%
    50-60% 210 $78,230,000 $372,524 $9,110 3.03%
    >60% 19 $7,215,000 $379,737 $7,117 4.00%

    Towne Bank lent most frequently to those with DTI ratios of 20-30%, with 3,263 originations. The next most common DTI ratio? 30-36%, with 2,614 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 10,111 $3,233,795,000 $319,829 $4,887 3.10%
    Not provided 2,018 $661,080,000 $327,592 $5,255 3.17%
    Black 1,535 $432,745,000 $281,919 $6,051 3.00%
    Asian 793 $269,175,000 $339,439 $4,606 2.89%
    Not applicable 462 $221,380,000 $479,177 $0 4.44%
    American Indian 38 $12,990,000 $341,842 $5,120 3.03%
    Native Hawaiian or Islander 26 $6,780,000 $260,769 $6,312 3.13%
    Asian Indian 10 $3,060,000 $306,000 $4,064 3.18%
    Filipino 4 $1,010,000 $252,500 $8,664 2.75%
    Chinese 2 $610,000 $305,000 $2,949 3.94%
    Other Asian 2 $520,000 $260,000 $3,228 2.75%
    Korean 1 $375,000 $375,000 $4,237 2.75%
    Japanese 1 $315,000 $315,000 $2,751 3.25%
    Vietnamese 1 $85,000 $85,000 $0 3.50%

    Approval Rates

    Total approvals of all applications
    97.56%

    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
    84.40%

    Towne Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 15,004 $4,843,920,000 $322,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 64 $129,600,000 $2,025,000
    Single Family (1-4 Units):Manufactured 9 $855,000 $95,000
    Single Family (1-4 Units):Site-Built 14,931 $4,713,465,000 $315,683

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 686 $157,490,000 $229,577 $3,265 3.46%
    40-60% 1,544 $524,830,000 $339,916 $3,621 3.16%
    60-80% 4,481 $1,553,035,000 $346,582 $3,986 3.23%
    80-100% 6,895 $2,335,315,000 $338,697 $5,593 3.10%
    Over 100% 461 $172,815,000 $374,870 $12,204 2.82%
    Under 20% 743 $40,035,000 $53,883 $2,786 2.73%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TOWNEBANK Conventional home mortgage Trouble during payment process 3 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Towne Bank 2 Juniper Trail Southern Shores, NC 27949 Full Service B&M $319,330
    Towne Bank 9000 West Huguenot Road Richmond, VA 23235 Full Service B&M $125,546
    Towne Bank 9761 Iron Bridge Road Chesterfield, VA 23832 Full Service B&M $103,394
    Towne Bank 5100 Nine Mile Road Richmond, VA 23223 Full Service B&M $39,207
    Towne Bank 800 E. Canal St, Suite 100 Richmond, VA 23219 Full Service B&M $250,853
    Towne Bank 178 Hwy 158 W Camden, NC 27921 Full Service B&M $58,407
    Towne Bank 1510 Quarterpath Road Williamsburg, VA 23185 Full Service B&M $127,261
    Towne Bank 1 Colley Avenue, Suite 100 Norfolk, VA 23510 Full Service B&M $79,515
    Towne Bank 1 Old Oyster Point Road, Suite 100 Newport News, VA 23602 Full Service B&M $652,974
    Towne Bank 1006 Colley Avenue Norfolk, VA 23507 Full Service B&M $123,652
    Towne Bank 101 W Main St, Ste 1000 Norfolk, VA 23510 Limited, Administrative $0
    Towne Bank 109 East Main Street Norfolk, VA 23510 Full Service B&M $897,788
    Towne Bank 11001 Warwick Boulevard Newport News, VA 23601 Full Service B&M $199,855
    Towne Bank 1203 Duck Road Duck, NC 27949 Full Service B&M $39,186
    Towne Bank 1312 Greenbrier Parkway Chesapeake, VA 23320 Full Service B&M $858,246
    Towne Bank 137 Mount Pleasant Road Chesapeake, VA 23322 Full Service B&M $275,625
    Towne Bank 200 High Street Portsmouth, VA 23704 Full Service B&M $211,863
    Towne Bank 250 Caratoke Highway Moyock, NC 27958 Full Service B&M $141,380
    Towne Bank 2525 S. Croatan Hwy Nags Head, NC 27959 Full Service B&M $89,204
    Towne Bank 2539 Princess Anne Road Virginia Beach, VA 23456 Full Service B&M $118,282
    Towne Bank 2839 Charles Boulevard Greenville, NC 27858 Full Service B&M $132,306
    Towne Bank 297 Constitution Drive Virginia Beach, VA 23462 Full Service B&M $549,413
    Towne Bank 3100 Shore Drive Virginia Beach, VA 23451 Limited, Mobile/Seasonal Office $20,180
    Towne Bank 3535 Glenwood Avenue Raleigh, NC 27612 Full Service B&M $947,408
    Towne Bank 4501 Cox Road Glen Allen, VA 23060 Full Service B&M $256,801
    Towne Bank 4901 Libbie Mill East Boulevard Richmond, VA 23230 Full Service B&M $108,476
    Towne Bank 5000 Valleystone Dr., Ste110 Cary, NC 27519 Full Service B&M $172,110
    Towne Bank 5200 Providence Road Virginia Beach, VA 23464 Full Service B&M $111,706
    Towne Bank 5216 Monticello Avenue Williamsburg, VA 23188 Full Service B&M $309,430
    Towne Bank 550 Settlers Landing Road Hampton, VA 23669 Full Service B&M $146,992
    Towne Bank 5716 High Street Portsmouth, VA 23703 Full Service B&M $547,296
    Towne Bank 5806 Harbour View Boulevard Suffolk, VA 23435 Full Service B&M $298,566
    Towne Bank 600 22nd Street, Ste 100 Virginia Beach, VA 23451 Full Service B&M $830,032
    Towne Bank 6001 Harbour View Boulevard Suffolk, VA 23435 Limited, Administrative $0
    Towne Bank 6201 Portsmouth Boulevard Portsmouth, VA 23701 Full Service B&M $199,173
    Towne Bank 6337 Morrison Boulevard Charlotte, NC 28210 Full Service B&M $743,073
    Towne Bank 6515 George Washington Memorial Highway Yorktown, VA 23692 Full Service B&M $88,972
    Towne Bank 6670 Caratoke Highway Grandy, NC 27939 Full Service B&M $31,545
    Towne Bank 7013 Three Chopt Road Richmond, VA 23226 Full Service B&M $186,935
    Towne Bank 7279 Bell Creek Road, South Mechanicsville, VA 23111 Full Service B&M $126,566
    Towne Bank 7500 Granby Street Norfolk, VA 23505 Full Service B&M $65,821
    Towne Bank 802 Green Valley Rd. Greensboro, NC 27408 Full Service B&M $124,484
    Towne Bank 824 Ocean Trail Corolla, NC 27927 Limited, Drive-thru $1,617
    Towne Bank 984 First Colonial Road Virginia Beach, VA 23454 Full Service B&M $611,253

    For 2020, Towne Bank had 44 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $460,416
    Net interest income $380,401
    Total noninterest income $404,544
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $7,939
    Trading account gains and fees $0
    Additional Noninterest Income $396,605
    Pre-tax net operating income $191,698
    Securities gains (or losses, -) $9,634
    Income before extraordinary items $169,432
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $169,432
    Minority interest net income $23,898
    Net income $145,534
    Sale, conversion, retirement of capital stock, net $5,509
    Net operating income $161,339

    Towne Bank's gross interest income from loans was $460,416,000.
    Towne Bank's net interest income from loans was $380,401,000.
    Towne Bank's fee based income from loans was $7,939,000.
    Towne Bank's net income from loans was $145,534,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $80,015
    Provision for credit losses $62,084
    Total noninterest expense $531,163
    Salaries and employee benefits $382,231
    Premises and equipment expense $45,231
    Additional noninterest expense $103,701
    Applicable income taxes $31,900
    Net charge-offs $238
    Cash dividends $52,302

    Towne Bank's interest expense for loans was $80,015,000.
    Towne Bank's payroll and benefits expense were $382,231,000.
    Towne Bank's property, plant and equipment expenses $45,231,000.

    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 $11,630,263
    Deposits held in domestic offices $11,630,263
    Deposits by Individuals, partnerships, and corporations $10,963,657
    Deposits by U.S. Government $6
    Deposits by States and political subdivisions in the U.S. $660,167
    Deposits by Commercial banks and other depository institutions in U.S. $6,433
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $1,129,203
    Demand deposits $1,129,203
    Nontransaction accounts $10,501,060
    Money market deposit accounts (MMDAs) $8,122,064
    Other savings deposits (excluding MMDAs) $652,205
    Total time deposits $1,726,791
    Total time and savings deposits $10,501,060
    Noninterest-bearing deposits $4,431,664
    Interest-bearing deposits $7,198,600
    Retail deposits $10,657,251
    IRAs and Keogh plan accounts $206,929
    Brokered deposits $397,619
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $14,626,444
    Cash & Balances due from depository institutions $1,864,289
    Interest-bearing balances $1,768,554
    Total securities $1,384,638
    Federal funds sold & reverse repurchase $0
    Net loans and leases $10,049,709
    Loan and leases loss allowance $120,157
    Trading account assets $0
    Bank premises and fixed assets $320,582
    Other real estate owned $4,853
    Goodwill and other intangibles $497,861
    All other assets $504,512

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $14,626,444
    Total Liabilities $12,842,614
    Total deposits $11,630,263
    Interest-bearing deposits $7,198,600
    Deposits held in domestic offices $11,630,263
    % insured (estimated) $48
    Federal funds purchased and repurchase agreements $68,981
    Trading liabilities $0
    Other borrowed funds $637,694
    Subordinated debt $249,055
    All other liabilities $256,621

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $10,049,709
    Loan and leases loss allowance $120,157
    Total loans and leases (domestic) $10,169,866
    All real estate loans $7,380,914
    Real estate loans in domestic offices $7,380,914
    Construction and development loans $1,199,772
    Residential 1-4 family construction $270,312
    Other construction, all land development and other land $929,460
    Loans secured by nonfarm nonresidential properties $3,697,169
    Nonfarm nonresidential secured by owner-occupied properties $1,380,516
    Commercial real estate & other non-farm, non-residential $2,316,653
    Multifamily residential real estate $295,488
    1-4 family residential loans $2,169,902
    Farmland loans $18,583
    Loans held in foreign offices $0
    Farm loans $449
    Commercial and industrial loans $2,009,199
    To non-U.S. addressees $0
    Loans to individuals $309,916
    Credit card loans $0
    Related Plans $33,278
    Consumer Auto Loans $252,088
    Other loans to individuals $24,550
    All other loans & leases $469,387
    Loans to foreign governments and official institutions $0
    Other loans $90,144
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $191,789
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $13,404
    Non 1-4 family restructured loans & leases $9,850
    Total loans and leases (foreign) $0

    Towne Bank had $10,049,709,000 of loans outstanding in 2020. $7,380,914,000 of loans were in real estate loans. $1,199,772,000 of loans were in development loans. $295,488,000 of loans were in multifamily mortgage loans. $2,169,902,000 of loans were in 1-4 family mortgage loans. $449,000 of loans were in farm loans. $0 of loans were in credit card loans. $252,088,000 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 2,200 $682,688 $310,313
    Nonfarm, nonresidential loans - <$100k 263 $19,936 $75,802
    Nonfarm, nonresidential loans - $100-250k 554 $68,621 $123,865
    Nonfarm, nonresidential loans - $250k-1MM 1,383 $594,131 $429,596
    Commercial & Industrial, US addressed loans - <$1MM 11,348 $917,754 $80,874
    Commercial & Industrial, US addressed loans - <$100k 7,888 $219,650 $27,846
    Commercial & Industrial, US addressed loans - $100-250k 1,901 $211,416 $111,213
    Commercial & Industrial, US addressed loans - $250k-1MM 1,559 $486,688 $312,180
    Farmland loans - <$1MM 33 $4,205 $127,424
    Farmland loans - <$100k 9 $347 $38,556
    Farmland loans - $100-250k 12 $1,237 $103,083
    Farmland loans - $250k-1MM 12 $2,621 $218,417
    Agriculture operations loans - <$1MM 4 $448 $112,000
    Agriculture operations loans - <$100k 1 $30 $30,000
    Agriculture operations loans - $100-250k 3 $418 $139,333