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
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  • Loan Sizes
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  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
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  • Origination Fees (Closing Costs)

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    • Review & Overview

    Towne Bank is a mid-sized 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: Washington, Virginia Beach, Baltimore, Charlotte, and Raleigh among others. We have data for 112 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

    13,472

    Origination Dollar Volume (All Markets)

    $4,643,600,000

    Employee count

    2,489 Show all (24) 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) 3,048 $1,171,080,000 $384,213 $5,719 2.87%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3,010 $918,560,000 $305,169 $6,235 3.22%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,939 $654,905,000 $337,754 $5,369 2.87%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 833 $335,785,000 $403,103 $5,889 3.11%
    RALEIGH-CARY, NC (FHA|USDA|VA) 783 $303,955,000 $388,193 $5,623 3.08%
    RICHMOND, VA (FHA|USDA|VA) 1,020 $287,750,000 $282,108 $5,655 3.14%
    WILMINGTON, NC (FHA|USDA|VA) 411 $139,415,000 $339,209 $4,439 3.12%
    Kill Devil Hills, NC (FHA|USDA|VA) 352 $128,780,000 $365,852 $5,168 3.26%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 269 $86,175,000 $320,353 $6,092 2.86%
    Outside of Metro Areas 255 $71,355,000 $279,824 $5,143 2.92%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 192 $70,040,000 $364,792 $4,814 3.12%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 92 $54,040,000 $587,391 $5,450 3.33%
    SALISBURY, MD-DE (FHA|USDA|VA) 164 $47,610,000 $290,305 $5,002 2.90%
    GREENVILLE, NC (FHA|USDA|VA) 180 $43,170,000 $239,833 $4,604 3.09%
    ASHEVILLE, NC (FHA|USDA|VA) 11 $36,895,000 $3,354,091 $3,351 3.37%
    Morehead City, NC (FHA|USDA|VA) 30 $20,500,000 $683,333 $5,748 3.20%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 84 $20,470,000 $243,690 $5,413 2.95%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 60 $18,510,000 $308,500 $4,697 3.23%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 26 $13,430,000 $516,538 $7,215 3.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 48 $13,240,000 $275,833 $5,588 2.91%
    YORK-HANOVER, PA (FHA|USDA|VA) 51 $13,195,000 $258,725 $6,672 2.83%
    Forest City, NC (FHA|USDA|VA) 6 $11,340,000 $1,890,000 $5,167 3.37%
    WINSTON-SALEM, NC (FHA|USDA|VA) 29 $10,525,000 $362,931 $5,102 3.08%
    JACKSONVILLE, NC (FHA|USDA|VA) 32 $8,970,000 $280,313 $5,502 3.02%
    Elizabeth City, NC (FHA|USDA|VA) 52 $8,810,000 $169,423 $5,540 2.96%
    FAYETTEVILLE, NC (FHA|USDA|VA) 34 $7,900,000 $232,353 $6,220 2.84%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 14 $7,530,000 $537,857 $5,493 2.98%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 20 $7,270,000 $363,500 $4,089 2.90%
    BURLINGTON, NC (FHA|USDA|VA) 9 $6,705,000 $745,000 $3,322 3.01%
    Washington, NC (FHA|USDA|VA) 32 $6,490,000 $202,813 $3,937 3.06%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 14 $5,960,000 $425,714 $4,517 3.26%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 17 $5,935,000 $349,118 $4,919 3.07%
    GETTYSBURG, PA (FHA|USDA|VA) 21 $5,285,000 $251,667 $5,751 2.94%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 15 $4,665,000 $311,000 $4,527 3.19%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 13 $4,415,000 $339,615 $4,009 2.92%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 9 $4,275,000 $475,000 $6,753 2.94%
    ROANOKE, VA (FHA|USDA|VA) 11 $4,025,000 $365,909 $5,269 2.85%
    Albemarle, NC (FHA|USDA|VA) 7 $3,945,000 $563,571 $5,283 3.19%
    Easton, MD (FHA|USDA|VA) 10 $3,910,000 $391,000 $4,934 2.79%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 13 $3,585,000 $275,769 $4,809 3.04%
    WINCHESTER, VA-WV (FHA|USDA|VA) 10 $3,530,000 $353,000 $4,260 2.89%
    JACKSONVILLE, FL (FHA|USDA|VA) 11 $3,495,000 $317,727 $5,413 2.88%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 7 $3,345,000 $477,857 $7,199 2.84%
    NEW BERN, NC (FHA|USDA|VA) 12 $3,020,000 $251,667 $5,179 3.20%
    ROCKY MOUNT, NC (FHA|USDA|VA) 10 $2,660,000 $266,000 $6,539 3.08%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 11 $2,585,000 $235,000 $5,537 2.99%
    PITTSBURGH, PA (FHA|USDA|VA) 8 $2,450,000 $306,250 $8,835 2.91%
    Key West, FL (FHA|USDA|VA) 4 $2,420,000 $605,000 $5,892 2.84%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 8 $2,350,000 $293,750 $5,620 3.38%
    Roanoke Rapids, NC (FHA|USDA|VA) 7 $2,285,000 $326,429 $4,053 3.29%
    Sanford, NC (FHA|USDA|VA) 13 $2,225,000 $171,154 $3,936 2.38%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 7 $2,155,000 $307,857 $5,463 3.04%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $2,035,000 $407,000 $5,176 2.80%
    DOVER, DE (FHA|USDA|VA) 8 $1,820,000 $227,500 $4,512 3.05%
    Cambridge, MD (FHA|USDA|VA) 7 $1,715,000 $245,000 $3,892 3.18%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $1,580,000 $395,000 $3,412 3.13%
    STAUNTON, VA (FHA|USDA|VA) 4 $1,550,000 $387,500 $4,119 2.81%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $1,525,000 $305,000 $5,309 2.85%
    LYNCHBURG, VA (FHA|USDA|VA) 6 $1,480,000 $246,667 $4,411 2.83%
    SPARTANBURG, SC (FHA|USDA|VA) 5 $1,445,000 $289,000 $5,113 3.08%
    Boone, NC (FHA|USDA|VA) 4 $1,280,000 $320,000 $5,543 3.35%
    Georgetown, SC (FHA|USDA|VA) 4 $1,260,000 $315,000 $6,847 3.41%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $1,225,000 $408,333 $4,201 2.75%
    COLUMBIA, SC (FHA|USDA|VA) 6 $1,220,000 $203,333 $4,027 3.09%
    Seneca, SC (FHA|USDA|VA) 2 $1,200,000 $600,000 $5,169 2.88%
    OCALA, FL (FHA|USDA|VA) 4 $1,170,000 $292,500 $4,568 2.72%
    KNOXVILLE, TN (FHA|USDA|VA) 4 $920,000 $230,000 $4,747 3.19%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $825,000 $275,000 $5,435 2.38%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $785,000 $261,667 $4,444 3.08%
    Cullowhee, NC (FHA|USDA|VA) 2 $760,000 $380,000 $6,576 3.44%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $760,000 $380,000 $3,292 3.31%
    THE VILLAGES, FL (FHA|USDA|VA) 3 $755,000 $251,667 $5,143 3.00%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $750,000 $375,000 $4,626 2.88%
    LEBANON, PA (FHA|USDA|VA) 2 $730,000 $365,000 $6,524 2.63%
    MORGANTOWN, WV (FHA|USDA|VA) 2 $690,000 $345,000 $3,843 3.44%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $680,000 $340,000 $2,358 2.75%
    Somerset, PA (FHA|USDA|VA) 2 $680,000 $340,000 $5,931 3.00%
    Wilson, NC (FHA|USDA|VA) 4 $650,000 $162,500 $4,388 3.27%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $630,000 $315,000 $5,765 2.81%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 3 $625,000 $208,333 $3,402 3.17%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $620,000 $310,000 $6,199 2.75%
    HARRISONBURG, VA (FHA|USDA|VA) 3 $605,000 $201,667 $3,976 2.75%
    CUMBERLAND, MD-WV (FHA|USDA|VA) 2 $570,000 $285,000 $9,878 2.75%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $545,000 $545,000 $2,618 2.75%
    NAPA, CA (FHA|USDA|VA) 1 $475,000 $475,000 $0 3.75%
    Newberry, SC (FHA|USDA|VA) 1 $465,000 $465,000 $6,322 3.63%
    BRUNSWICK, GA (FHA|USDA|VA) 2 $450,000 $225,000 $3,381 3.00%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $435,000 $435,000 $4,511 3.13%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $425,000 $425,000 $4,590 3.13%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $410,000 $205,000 $3,743 3.19%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $385,000 $385,000 $3,945 3.25%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $380,000 $190,000 $2,859 3.31%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $360,000 $180,000 $3,068 3.06%
    Union, SC (FHA|USDA|VA) 1 $355,000 $355,000 $12,201 3.63%
    Shelby, NC (FHA|USDA|VA) 3 $335,000 $111,667 $6,320 2.17%
    SAVANNAH, GA (FHA|USDA|VA) 2 $300,000 $150,000 $2,628 2.88%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $295,000 $295,000 $10,250 2.63%
    Laurinburg, NC (FHA|USDA|VA) 1 $275,000 $275,000 $3,660 3.13%
    HINESVILLE, GA (FHA|USDA|VA) 1 $245,000 $245,000 $7,492 2.25%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.50%
    Henderson, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,577 3.38%
    Rockingham, NC (FHA|USDA|VA) 1 $185,000 $185,000 $6,363 2.88%
    Marion, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.89%
    LANCASTER, PA (FHA|USDA|VA) 1 $175,000 $175,000 $2,574 3.25%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $165,000 $165,000 $2,923 3.25%
    Greeneville, TN (FHA|USDA|VA) 1 $165,000 $165,000 $6,895 2.38%
    GOLDSBORO, NC (FHA|USDA|VA) 3 $145,000 $48,333 $0 2.29%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $135,000 $135,000 $3,780 3.50%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,359 3.38%
    Frankfort, KY (FHA|USDA|VA) 1 $125,000 $125,000 $3,359 3.38%
    Lumberton, NC (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.38%
    ERIE, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.75%
    Towne Bank's top markets include Washington, Virginia Beach, Baltimore, Charlotte, and Raleigh among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • District of Columbia (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: 63
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    Similarity Rank: 266
    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    Louviers Federal Credit Union
    Similarity Rank: 410
    HENRICO Federal Credit Union
    Similarity Rank: 420
    BHCU
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    ABNB Federal Credit Union
    Similarity Rank: 544
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    First Vision Bank of Tennessee
    Similarity Rank: 657
    Farmers and Merchants Trust Company of Chambersburg
    Similarity Rank: 666

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 9,424 $3,385,700,000 $359,264 $4,592 3.10%
    VA 1,633 $668,515,000 $409,378 $8,632 2.63%
    FHA 1,140 $328,590,000 $288,237 $9,155 2.89%
    HELOC 1,025 $197,615,000 $192,795 n/a 3.32%
    USDA 225 $57,725,000 $256,556 $6,408 2.71%
    FHA 15 $2,765,000 $184,333 $0 2.53%
    FHA 10 $2,690,000 $269,000 $0 3.40%

    For 2021, Towne Bank's most frequently originated type of loan was Conventional, with 9,424 originations. Their 2nd most popular type was VA, with 1,633 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 8,226 $2,944,900,000 $357,999 $6,422 3.04%
    Cash Out Refi 2,577 $819,985,000 $318,194 $4,348 2.99%
    Refi 1,887 $736,705,000 $390,411 $4,152 2.94%
    Home Improvement 415 $74,905,000 $180,494 $5,637 3.21%
    Other 361 $66,605,000 $184,501 $3,696 3.35%
    NA 6 $500,000 $83,333 $0 4.00%

    For 2021, Towne Bank's most frequently cited loan purpose was Home Purchase, with 8,226 originations. The 2nd most popular reason was Cash Out Refi, with 2,577 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 10,549 $3,662,235,000 $347,164 $5,723 3.01%
    30+ year 1,137 $304,715,000 $267,999 $12,632 3.36%
    15 Year 724 $195,870,000 $270,539 $3,710 2.48%
    Other 331 $210,905,000 $637,175 $4,163 3.57%
    20 Year 283 $78,355,000 $276,873 $3,546 2.98%
    5 Year 205 $124,805,000 $608,805 $0 2.40%
    1 Year 154 $40,590,000 $263,571 $4,853 4.45%
    10 Year 81 $25,195,000 $311,049 $3,684 3.34%
    3 Year 8 $930,000 $116,250 $0 4.63%

    For 2021, Towne Bank's most frequently cited loan duration was 30 Year, with 10,549 originations. The 2nd most popular length was 30+ year, with 1,137 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 6,506 $2,197,140,000 $337,710
    $<1k 2,343 $735,045,000 $313,720
    $2k-3k 1,035 $342,575,000 $330,990
    $3k-4k 543 $201,435,000 $370,967
    $5k+ 542 $370,570,000 $683,708
    $4k-5k 301 $129,755,000 $431,080

    Towne Bank's average total fees were $5,723, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 6,506 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 5,743 $2,042,785,000 $355,700
    2.5-3% 5,361 $1,883,885,000 $351,406
    <2.5% 1,969 $620,545,000 $315,157
    4-5% 366 $90,870,000 $248,279
    5-6% 33 $5,515,000 $167,121

    During 2021, Towne Bank's average interest rate for loans was 3.01%, while their most frequently originated rate bucket for loans was 3-4%, with 5,743 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 6,523 $1,912,105,000 $293,133 $5,213 3.01%
    $400k-600k 2,719 $1,310,225,000 $481,878 $6,398 2.95%
    $100k-200k 2,316 $358,610,000 $154,840 $3,676 3.20%
    $100,000 or less 912 $43,420,000 $47,610 $2,979 2.91%
    $600k-1MM 744 $545,210,000 $732,809 $9,092 3.08%
    $1MM+ 258 $474,030,000 $1,837,326 $13,585 3.32%

    2021 saw Towne Bank place emphasis on $200k-400k loans with 6,523 originations, totaling $1,912,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 2,819 $968,865,000 $343,691 $5,910 3.01%
    $50k-75k 2,607 $616,595,000 $236,515 $5,347 2.95%
    $150k-250k 2,344 $956,250,000 $407,956 $5,872 3.06%
    $75k-100k 2,096 $616,890,000 $294,318 $5,662 2.99%
    $250k+ 1,402 $761,860,000 $543,409 $6,950 3.17%
    $50k or less 1,167 $192,405,000 $164,871 $4,331 2.87%

    Towne Bank lent most frequently to those with incomes in the $100k-150k range, with 2,819 originations. The second most popular income band? $50k-75k, with 2,607 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,916 $968,590,000 $332,164 $5,046 3.03%
    30-36% 2,295 $791,695,000 $344,965 $5,777 2.99%
    <20% 1,391 $447,905,000 $322,002 $4,372 3.07%
    44% 551 $160,625,000 $291,515 $6,188 3.03%
    42% 537 $178,015,000 $331,499 $6,106 2.93%
    41% 500 $163,560,000 $327,120 $6,154 3.05%
    39% 475 $152,155,000 $320,326 $5,598 3.01%
    40% 451 $158,065,000 $350,477 $6,449 3.05%
    38% 450 $147,160,000 $327,022 $6,018 3.03%
    37% 449 $152,865,000 $340,457 $5,875 3.05%
    43% 449 $136,835,000 $304,755 $5,797 3.01%
    36% 383 $137,685,000 $359,491 $5,740 3.03%
    45% 322 $100,720,000 $312,795 $6,093 2.93%
    48% 319 $106,665,000 $334,373 $6,333 2.93%
    46% 298 $93,870,000 $315,000 $5,894 2.93%
    49% 294 $91,810,000 $312,279 $6,427 2.92%
    47% 263 $84,965,000 $323,061 $6,394 2.96%
    50-60% 226 $80,620,000 $356,726 $10,358 2.79%
    >60% 9 $2,475,000 $275,000 $6,297 3.52%

    Towne Bank lent most frequently to those with DTI ratios of 20-30%, with 2,916 originations. The next most common DTI ratio? 30-36%, with 2,295 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 8,238 $2,744,920,000 $333,202 $5,429 2.99%
    Not provided 2,490 $875,510,000 $351,610 $5,834 3.05%
    Black 1,519 $453,425,000 $298,502 $6,517 2.94%
    Not applicable 518 $334,390,000 $645,541 $0 4.07%
    Asian 621 $210,455,000 $338,897 $5,253 2.91%
    American Indian 41 $11,795,000 $287,683 $5,912 2.75%
    Native Hawaiian or Islander 15 $6,005,000 $400,333 $8,345 3.09%
    Asian Indian 11 $2,975,000 $270,455 $6,615 2.87%
    Vietnamese 3 $1,295,000 $431,667 $0 3.08%
    Filipino 5 $985,000 $197,000 $8,227 3.05%
    Other Asian 4 $750,000 $187,500 $5,442 2.69%
    Korean 3 $595,000 $198,333 $2,942 3.68%
    Chinese 2 $320,000 $160,000 $0 3.73%
    Other Pacific Islander 2 $180,000 $90,000 $3,051 3.41%

    Approval Rates

    Total approvals of all applications
    95.83%

    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
    85.83%

    Towne Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $75,000 $75,000
    NA 13,471 $4,643,525,000 $344,705

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    13,472 $4,643,600,000 $344,685

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 729 $164,495,000 $225,645 $3,544 3.13%
    40-60% 1,413 $497,075,000 $351,787 $3,802 3.02%
    60-80% 3,988 $1,546,610,000 $387,816 $4,527 3.16%
    80-100% 6,028 $2,162,360,000 $358,719 $5,944 3.01%
    Over 100% 523 $218,435,000 $417,658 $14,675 2.71%
    Under 20% 770 $48,600,000 $63,117 $2,971 2.74%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    TOWNEBANK Conventional home mortgage Closing on a mortgage 1 50.0%
    TOWNEBANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Towne Bank 5100 Nine Mile Road Richmond, VA 23223 Full Service B&M $35,370
    Towne Bank 150 Providence Rd Charlotte, NC 28207 Full Service B&M $54,020
    Towne Bank 1 Colley Avenue, Suite 100 Norfolk, VA 23510 Full Service B&M $107,324
    Towne Bank 1 Old Oyster Point Road, Suite 100 Newport News, VA 23602 Full Service B&M $775,730
    Towne Bank 1006 Colley Avenue Norfolk, VA 23507 Full Service B&M $126,966
    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 $1,060,044
    Towne Bank 11001 Warwick Boulevard Newport News, VA 23601 Full Service B&M $213,758
    Towne Bank 1203 Duck Road Duck, NC 27949 Full Service B&M $38,333
    Towne Bank 1312 Greenbrier Parkway Chesapeake, VA 23320 Full Service B&M $937,862
    Towne Bank 137 Mount Pleasant Road Chesapeake, VA 23322 Full Service B&M $302,038
    Towne Bank 1510 Quarterpath Road Williamsburg, VA 23185 Full Service B&M $151,663
    Towne Bank 178 Hwy 158 W Camden, NC 27921 Full Service B&M $68,284
    Towne Bank 2 Juniper Trail Southern Shores, NC 27949 Full Service B&M $381,062
    Towne Bank 200 High Street Portsmouth, VA 23704 Full Service B&M $264,809
    Towne Bank 250 Caratoke Highway Moyock, NC 27958 Full Service B&M $148,497
    Towne Bank 2525 S. Croatan Hwy Nags Head, NC 27959 Full Service B&M $110,068
    Towne Bank 2539 Princess Anne Road Virginia Beach, VA 23456 Full Service B&M $138,337
    Towne Bank 2839 Charles Boulevard Greenville, NC 27858 Full Service B&M $140,088
    Towne Bank 297 Constitution Drive Virginia Beach, VA 23462 Full Service B&M $632,693
    Towne Bank 3100 Shore Drive Virginia Beach, VA 23451 Limited, Mobile/Seasonal Office $20,274
    Towne Bank 3535 Glenwood Avenue Raleigh, NC 27612 Full Service B&M $1,108,986
    Towne Bank 4501 Cox Road Glen Allen, VA 23060 Full Service B&M $296,327
    Towne Bank 4901 Libbie Mill East Boulevard Richmond, VA 23230 Full Service B&M $99,332
    Towne Bank 5000 Valleystone Dr., Ste110 Cary, NC 27519 Full Service B&M $171,787
    Towne Bank 5200 Providence Road Virginia Beach, VA 23464 Full Service B&M $107,143
    Towne Bank 5216 Monticello Avenue Williamsburg, VA 23188 Full Service B&M $483,513
    Towne Bank 550 Settlers Landing Road Hampton, VA 23669 Full Service B&M $160,748
    Towne Bank 5716 High Street Portsmouth, VA 23703 Full Service B&M $602,808
    Towne Bank 5806 Harbour View Boulevard Suffolk, VA 23435 Full Service B&M $355,700
    Towne Bank 600 22nd Street, Ste 100 Virginia Beach, VA 23451 Full Service B&M $982,161
    Towne Bank 6001 Harbour View Boulevard Suffolk, VA 23435 Limited, Administrative $0
    Towne Bank 6201 Portsmouth Boulevard Portsmouth, VA 23701 Full Service B&M $203,851
    Towne Bank 6337 Morrison Boulevard Charlotte, NC 28210 Full Service B&M $949,187
    Towne Bank 6515 George Washington Memorial Highway Yorktown, VA 23692 Full Service B&M $99,252
    Towne Bank 6670 Caratoke Highway Grandy, NC 27939 Full Service B&M $35,280
    Towne Bank 7013 Three Chopt Road Richmond, VA 23226 Full Service B&M $198,745
    Towne Bank 7279 Bell Creek Road, South Mechanicsville, VA 23111 Full Service B&M $122,105
    Towne Bank 7500 Granby Street Norfolk, VA 23505 Full Service B&M $70,847
    Towne Bank 800 E. Canal St, Suite 100 Richmond, VA 23219 Full Service B&M $330,353
    Towne Bank 802 Green Valley Rd. Greensboro, NC 27408 Full Service B&M $121,515
    Towne Bank 9000 West Huguenot Road Richmond, VA 23235 Full Service B&M $114,127
    Towne Bank 984 First Colonial Road Virginia Beach, VA 23454 Full Service B&M $613,648
    Towne Bank 9961 Iron Bridge Rd. Chesterfield, VA 23832 Full Service B&M $144,759

    For 2021, Towne Bank had 44 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $443,713
    Net interest income $402,629
    Total noninterest income $426,889
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $9,782
    Trading account gains and fees $0
    Additional Noninterest Income $417,107
    Pre-tax net operating income $278,582
    Securities gains (or losses, -) $1,252
    Income before extraordinary items $225,036
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $225,036
    Minority interest net income $9,653
    Net income $215,383
    Sale, conversion, retirement of capital stock, net $4,337
    Net operating income $224,034

    Towne Bank's gross interest income from loans was $443,713,000.
    Towne Bank's net interest income from loans was $402,629,000.
    Towne Bank's fee based income from loans was $9,782,000.
    Towne Bank's net income from loans was $215,383,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $41,084
    Provision for credit losses $-16,242
    Total noninterest expense $567,178
    Salaries and employee benefits $395,117
    Premises and equipment expense $45,832
    Additional noninterest expense $126,229
    Applicable income taxes $54,798
    Net charge-offs $-172
    Cash dividends $56,667

    Towne Bank's interest expense for loans was $41,084,000.
    Towne Bank's payroll and benefits expense were $395,117,000.
    Towne Bank's property, plant and equipment expenses $45,832,000.

    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 $13,716,320
    Deposits held in domestic offices $13,716,320
    Deposits by Individuals, partnerships, and corporations $12,923,623
    Deposits by U.S. Government $56
    Deposits by States and political subdivisions in the U.S. $784,692
    Deposits by Commercial banks and other depository institutions in U.S. $7,949
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $7,356,117
    Demand deposits $7,356,117
    Nontransaction accounts $6,360,203
    Money market deposit accounts (MMDAs) $4,472,957
    Other savings deposits (excluding MMDAs) $677,054
    Total time deposits $1,210,194
    Total time and savings deposits $6,360,203
    Noninterest-bearing deposits $5,689,360
    Interest-bearing deposits $8,026,961
    Retail deposits $13,157,000
    IRAs and Keogh plan accounts $188,144
    Brokered deposits $78,148
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $16,361,399
    Cash & Balances due from depository institutions $3,296,636
    Interest-bearing balances $3,219,662
    Total securities $1,960,311
    Federal funds sold & reverse repurchase $0
    Net loans and leases $9,758,507
    Loan and leases loss allowance $106,059
    Trading account assets $0
    Bank premises and fixed assets $323,523
    Other real estate owned $4,410
    Goodwill and other intangibles $507,566
    All other assets $510,446

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $16,361,399
    Total Liabilities $14,445,223
    Total deposits $13,716,320
    Interest-bearing deposits $8,026,961
    Deposits held in domestic offices $13,716,320
    % insured (estimated) $44
    Federal funds purchased and repurchase agreements $77,434
    Trading liabilities $0
    Other borrowed funds $154,730
    Subordinated debt $249,652
    All other liabilities $247,087

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $9,758,507
    Loan and leases loss allowance $106,059
    Total loans and leases (domestic) $9,864,566
    All real estate loans $7,617,908
    Real estate loans in domestic offices $7,617,908
    Construction and development loans $1,125,863
    Residential 1-4 family construction $283,209
    Other construction, all land development and other land $842,654
    Loans secured by nonfarm nonresidential properties $4,090,966
    Nonfarm nonresidential secured by owner-occupied properties $1,494,000
    Commercial real estate & other non-farm, non-residential $2,596,966
    Multifamily residential real estate $332,659
    1-4 family residential loans $2,045,052
    Farmland loans $23,368
    Loans held in foreign offices $0
    Farm loans $381
    Commercial and industrial loans $1,233,525
    To non-U.S. addressees $0
    Loans to individuals $427,833
    Credit card loans $0
    Related Plans $30,983
    Consumer Auto Loans $358,457
    Other loans to individuals $38,393
    All other loans & leases $584,920
    Loans to foreign governments and official institutions $0
    Other loans $59,562
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $207,118
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $9,795
    Non 1-4 family restructured loans & leases $6,091
    Total loans and leases (foreign) $0

    Towne Bank had $9,758,507,000 of loans outstanding in 2021. $7,617,908,000 of loans were in real estate loans. $1,125,863,000 of loans were in development loans. $332,659,000 of loans were in multifamily mortgage loans. $2,045,052,000 of loans were in 1-4 family mortgage loans. $381,000 of loans were in farm loans. $0 of loans were in credit card loans. $358,457,000 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 2,202 $722,895 $328,290
    Nonfarm, nonresidential loans - <$100k 253 $24,957 $98,644
    Nonfarm, nonresidential loans - $100-250k 529 $66,435 $125,586
    Nonfarm, nonresidential loans - $250k-1MM 1,420 $631,503 $444,720
    Commercial & Industrial, US addressed loans - <$1MM 7,395 $517,141 $69,931
    Commercial & Industrial, US addressed loans - <$100k 5,239 $134,557 $25,684
    Commercial & Industrial, US addressed loans - $100-250k 1,119 $109,828 $98,148
    Commercial & Industrial, US addressed loans - $250k-1MM 1,037 $272,756 $263,024
    Farmland loans - <$1MM 35 $4,860 $138,857
    Farmland loans - <$100k 11 $413 $37,545
    Farmland loans - $100-250k 12 $1,185 $98,750
    Farmland loans - $250k-1MM 12 $3,262 $271,833
    Agriculture operations loans - <$1MM 3 $380 $126,667
    Agriculture operations loans - $100-250k 3 $380 $126,667