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

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%	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

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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

Awards

Towne Bank 30 Year Conventional Loans bronze

Towne Bank 30 Year Conventional Loans silver

Towne Bank 30 Year Conventional Loans gold

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

Foote Capital Mortgage Company
Similarity Rank: 266

KELLEY MORTGAGE, LLC
Similarity Rank: 336

Louviers Federal Credit Union
Similarity Rank: 410

HENRICO Federal Credit Union
Similarity Rank: 420

BHCU
Similarity Rank: 504

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