Verabank Mortgage Rates, Fees & Info

Henderson, TX

LEI: 54930087FQP1S845Z665

Tax ID: 75-0187835

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Verabank is a smaller bank specializing in Home Purchase and Refi loans. Verabank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Austin, Longview, Tyler, Athens, and College Station among others. Verabank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Verabank is typically an average fee lendor.


Originations

826

Origination Dollar Volume (All Markets)

$259,110,000

Employee count

466

Awards

VeraBank 30 Year Conventional Loans gold VeraBank 30 Year Conventional Loans silver VeraBank 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Verabank's average 30 year fixed rate mortgage of loans were 3.18%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.03%.

Relative Fees

Verabank's average total fees for a 30 year fixed rate mortgage are $4,498.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 67 $66,395,000 $990,970 $7,240 3.35%
LONGVIEW, TX (FHA|USDA|VA) 214 $48,470,000 $226,495 $3,473 3.45%
TYLER, TX (FHA|USDA|VA) 129 $32,415,000 $251,279 $4,031 3.41%
Athens, TX (FHA|USDA|VA) 80 $16,030,000 $200,375 $4,058 3.98%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 39 $15,555,000 $398,846 $4,923 3.86%
Outside of Metro Areas 63 $14,115,000 $224,048 $3,748 3.51%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 28 $12,080,000 $431,429 $5,797 3.73%
WACO, TX (FHA|USDA|VA) 14 $12,040,000 $860,000 $4,849 4.05%
Corsicana, TX (FHA|USDA|VA) 40 $8,050,000 $201,250 $3,207 3.69%
Palestine, TX (FHA|USDA|VA) 40 $5,690,000 $142,250 $3,843 4.00%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 22 $4,470,000 $203,182 $5,647 4.09%
Lufkin, TX (FHA|USDA|VA) 22 $3,770,000 $171,364 $3,271 3.95%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 6 $3,080,000 $513,333 $9,853 4.23%
Jacksonville, TX (FHA|USDA|VA) 10 $2,440,000 $244,000 $3,870 3.48%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $2,360,000 $393,333 $4,474 3.08%
Mount Pleasant, TX (FHA|USDA|VA) 16 $2,360,000 $147,500 $2,922 3.56%
Huntsville, TX (FHA|USDA|VA) 10 $2,100,000 $210,000 $4,140 3.18%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,575,000 $1,575,000 $0 4.25%
EL PASO, TX (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $5,413 3.25%
Port Lavaca, TX (FHA|USDA|VA) 1 $795,000 $795,000 $9,580 3.50%
Nacogdoches, TX (FHA|USDA|VA) 3 $615,000 $205,000 $0 4.42%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $585,000 $585,000 $7,327 4.75%
McAlester, OK (FHA|USDA|VA) 1 $475,000 $475,000 $0 4.75%
Breckenridge, CO (FHA|USDA|VA) 1 $435,000 $435,000 $4,930 2.50%
BATON ROUGE, LA (FHA|USDA|VA) 1 $425,000 $425,000 $0 4.29%
Sulphur Springs, TX (FHA|USDA|VA) 3 $335,000 $111,667 $0 4.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $295,000 $295,000 $0 3.88%
Brenham, TX (FHA|USDA|VA) 1 $285,000 $285,000 $0 4.25%
LUBBOCK, TX (FHA|USDA|VA) 2 $230,000 $115,000 $0 4.16%
Rockport, TX (FHA|USDA|VA) 1 $155,000 $155,000 $3,028 3.50%
Stephenville, TX (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.50%
Ruidoso, NM (FHA|USDA|VA) 1 $135,000 $135,000 $2,445 2.50%

Verabank's top markets include Austin, Longview, Tyler, Athens, and College Station among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 813 $256,445,000 $315,431 $4,147 3.62%
USDA 7 $985,000 $140,714 $4,328 3.30%
VA 6 $1,680,000 $280,000 $3,933 2.75%

For the 2021 period, Verabank's most frequently originated loan type of loans were Conventional, with 813 originations. Their 2nd most popular type is USDA, with 7 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 478 $171,820,000 $359,456 $4,920 3.73%
Refi 256 $69,900,000 $273,047 $3,264 3.42%
Cash Out Refi 45 $10,245,000 $227,667 $4,657 2.90%
Home Improvement 34 $4,760,000 $140,000 $2,218 4.37%
Other 13 $2,385,000 $183,462 $2,335 3.87%

For the 2021, Verabank's most frequently cited loan purpose of loans were Home Purchase, with 478 originations. The 2nd most popular reason of loans were Refi, with 256 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 347 $120,735,000 $347,939 $4,498 3.18%
15 Year 207 $34,085,000 $164,662 $3,009 3.71%
20 Year 121 $26,675,000 $220,455 $2,844 4.19%
Other 54 $33,160,000 $614,074 $4,341 4.08%
10 Year 38 $6,890,000 $181,316 $2,733 3.95%
30+ year 24 $18,450,000 $768,750 $9,700 3.23%
1 Year 17 $3,995,000 $235,000 $2,665 4.53%
5 Year 16 $14,980,000 $936,250 $1,525 4.45%
3 Year 2 $140,000 $70,000 $0 5.00%

For the 2021, Verabank's most frequently cited loan length of loans were 30 Year, with 347 originations. The 2nd most popular length of loans were 15 Year, with 207 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 308 $69,720,000 $226,364
$1k-2k 178 $47,580,000 $267,303
$2k-3k 63 $31,545,000 $500,714
$3k-4k 25 $14,025,000 $561,000
$5k+ 10 $10,050,000 $1,005,000

$4,498 of loans were Verabank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 308 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 280 $91,270,000 $325,964
4-5% 241 $70,225,000 $291,390
2.5-3% 189 $68,875,000 $364,418
<2.5% 84 $25,830,000 $307,500
5-6% 27 $2,355,000 $87,222
6-7% 5 $555,000 $111,000

During 2021, Verabank's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 280 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 261 $37,455,000 $143,506 $3,081 3.50%
$200k-400k 215 $60,615,000 $281,930 $4,488 3.32%
$100,000 or less 177 $11,925,000 $67,373 $1,832 4.32%
$400k-600k 86 $41,970,000 $488,023 $6,423 3.39%
$600k-1MM 52 $40,420,000 $777,308 $5,850 3.49%
$1MM+ 35 $66,725,000 $1,906,429 $11,889 3.44%

2021 saw Verabank place emphasis on $100k-200k loans with 261 originations, totaling $37,455,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 134 $33,360,000 $248,955 $4,281 3.43%
$50k-75k 122 $19,890,000 $163,033 $3,296 3.41%
$75k-100k 114 $23,120,000 $202,807 $3,519 3.40%
$150k-250k 98 $39,540,000 $403,469 $5,094 3.44%
$50k or less 98 $10,300,000 $105,102 $2,696 3.72%
$250k+ 91 $60,235,000 $661,923 $7,157 3.23%

Verabank lent most frequently to those with incomes in the $100k-150k range, with 134 originations. The second most popular income band? $50k-75k, with 122 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 150 $37,490,000 $249,933 $4,079 3.31%
30-36% 130 $32,750,000 $251,923 $3,818 3.34%
<20% 75 $29,035,000 $387,133 $5,000 3.45%
38% 34 $6,390,000 $187,941 $3,770 3.70%
39% 27 $8,215,000 $304,259 $4,092 3.68%
40% 27 $5,275,000 $195,370 $3,684 3.60%
42% 24 $5,000,000 $208,333 $3,904 3.39%
36% 24 $7,150,000 $297,917 $4,460 3.47%
37% 24 $5,410,000 $225,417 $3,142 3.72%
41% 20 $4,380,000 $219,000 $3,543 3.51%
43% 20 $4,940,000 $247,000 $3,669 3.31%
44% 17 $4,825,000 $283,824 $4,467 3.30%
>60% 15 $9,665,000 $644,333 $6,864 3.36%
47% 12 $4,840,000 $403,333 $5,156 3.14%
45% 11 $2,705,000 $245,909 $4,436 3.32%
50-60% 10 $7,300,000 $730,000 $6,790 3.27%
49% 9 $2,185,000 $242,778 $4,162 3.25%
46% 7 $2,395,000 $342,143 $4,651 3.64%
48% 6 $1,530,000 $255,000 $4,877 3.29%

Verabank lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 130 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 556 $159,220,000 $286,367 $4,190 3.43%
Not applicable 150 $68,560,000 $457,067 $0 4.39%
Not provided 81 $23,875,000 $294,753 $4,005 3.37%
Black 28 $5,670,000 $202,500 $3,753 3.78%
Asian 6 $1,000,000 $166,667 $4,103 3.84%
American Indian 3 $495,000 $165,000 $3,393 3.67%
Other Asian 1 $185,000 $185,000 $0 4.75%
Other Pacific Islander 1 $105,000 $105,000 $0 4.25%

Approval Rates

Total approvals of all applications
83.12%

Verabank has a below average approval rate.

Pick Rate

Approvals leading to origination
75.01%

Verabank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 826 $259,110,000 $313,692

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
826 $259,110,000 $313,692

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 70 $15,960,000 $228,000 $3,217 3.40%
40-60% 127 $37,445,000 $294,843 $4,088 3.39%
60-80% 313 $116,475,000 $372,125 $4,368 3.61%
80-100% 293 $86,985,000 $296,877 $4,484 3.73%
Over 100% 2 $510,000 $255,000 $0 4.13%
Under 20% 21 $1,735,000 $82,619 $1,242 4.20%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Verabank, National Association 100 East Main Florence, TX 76527 Full Service B&M $95,348
Verabank, National Association 302 North Jefferson Street Mount Pleasant, TX 75455 Full Service B&M $69,940
Verabank, National Association 3412 4th St. Longview, TX 75605 Full Service B&M $42,034
Verabank, National Association 345 E. Fm 2410 Harker Heights, TX 76548 Full Service B&M $61,157
Verabank, National Association 3590 West 7th Avenue Corsicana, TX 75110 Full Service B&M $47,359
Verabank, National Association 3957 Raleigh Dr Temple, TX 76502 Full Service B&M $31,502
Verabank, National Association 410 North Kilgore Street Kilgore, TX 75662 Full Service B&M $68,172
Verabank, National Association 415 South First Street Lufkin, TX 75901 Full Service B&M $61,817
Verabank, National Association 4282 Boonville Rd, Ste 200 Bryan, TX 77802 Full Service B&M $0
Verabank, National Association 5001 Estes Parkway Longview, TX 75603 Full Service B&M $45,132
Verabank, National Association 601 Spur 156 Waskom, TX 75692 Full Service B&M $52,252
Verabank, National Association 620 West Front Street Tyler, TX 75702 Full Service B&M $21,947
Verabank, National Association 739 E Tyler St Athens, TX 75751 Full Service B&M $83,588
Verabank, National Association 800 Gilmer Road Longview, TX 75604 Full Service B&M $27,331
Verabank, National Association 805 South John Redditt Drive Lufkin, TX 75904 Full Service B&M $68,824
Verabank, National Association 902 Palm Valley Dr. Round Rock, TX 78664 Full Service B&M $196,495
Verabank, National Association 115 West Royall Boulevard Malakoff, TX 75148 Full Service B&M $27,997
Verabank, National Association 120 North Gray Street Killeen, TX 76541 Full Service B&M $131,848
Verabank, National Association 13601 W. Hwy. 29 Liberty Hill, TX 78642 Full Service B&M $49,773
Verabank, National Association 165 North Hill Street Tatum, TX 75691 Full Service B&M $88,983
Verabank, National Association 1708 East End Boulevard North Marshall, TX 75670 Full Service B&M $94,786
Verabank, National Association 1718 Eleventh Street Huntsville, TX 77340 Full Service B&M $140,634
Verabank, National Association 200 N. Fredonia St. Longview, TX 75601 Full Service B&M $41,752
Verabank, National Association 201 West Main Street Henderson, TX 75653 Full Service B&M $435,371
Verabank, National Association 207 West Spring Street Palestine, TX 75801 Full Service B&M $129,174
Verabank, National Association 2201 E. Stan Schlueter Loop, Suite B Killeen, TX 76542 Full Service Retail $12,006
Verabank, National Association 2217 W Grande Blvd Tyler, TX 75703 Full Service B&M $74,509
Verabank, National Association 2320 Highway 79 South Henderson, TX 75652 Full Service B&M $61,123
Verabank, National Association 2531 Earl Rudder Freeway South College Station, TX 77845 Full Service B&M $42,033
Verabank, National Association 100 North Main Street Corsicana, TX 75110 Full Service B&M $198,070
Verabank, National Association 101 North Mckinney Street Mexia, TX 76667 Full Service B&M $29,078
Verabank, National Association 105 Highway 31 East Chandler, TX 75758 Full Service B&M $100,944
Verabank, National Association 107 Market Square Boulevard Tyler, TX 75703 Full Service B&M $41,545
Verabank, National Association 109 East Broadway Jefferson, TX 75657 Full Service B&M $84,900
Verabank, National Association 110 West Rust Street Mount Enterprise, TX 75681 Full Service B&M $34,251
Verabank, National Association 1100 Williams Drive Georgetown, TX 78628 Full Service B&M $80,649
Verabank, National Association 1101 South White Oak Road White Oak, TX 75693 Full Service B&M $60,879

For 2021, Verabank had 37 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $99,799
Net interest income $91,823
Total noninterest income $38,048
Gross Fiduciary activities income $6,238
Service charges on deposit accounts $8,396
Trading account gains and fees $0
Additional Noninterest Income $23,414
Pre-tax net operating income $45,460
Securities gains (or losses, -) $1,247
Income before extraordinary items $39,492
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $39,492
Minority interest net income $0
Net income $39,492
Sale, conversion, retirement of capital stock, net $0
Net operating income $38,432

Verabank's gross interest income from loans was $99,799,000.
Verabank's net interest income from loans was $91,823,000.
Verabank's fee based income from loans was $8,396,000.
Verabank's net income from loans was $39,492,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $7,976
Provision for credit losses $2,221
Total noninterest expense $82,190
Salaries and employee benefits $46,806
Premises and equipment expense $11,338
Additional noninterest expense $24,046
Applicable income taxes $7,215
Net charge-offs $1,224
Cash dividends $39,398

Verabank's interest expense for loans was $7,976,000.
Verabank's payroll and benefits expense were $46,806,000.
Verabank's property, plant and equipment expenses $11,338,000.

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 $3,317,603
Deposits held in domestic offices $3,317,603
Deposits by Individuals, partnerships, and corporations $2,971,895
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $339,980
Deposits by Commercial banks and other depository institutions in U.S. $5,728
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $155,275
Demand deposits $155,275
Nontransaction accounts $3,162,328
Money market deposit accounts (MMDAs) $1,658,870
Other savings deposits (excluding MMDAs) $1,265,491
Total time deposits $237,967
Total time and savings deposits $3,162,328
Noninterest-bearing deposits $1,019,089
Interest-bearing deposits $2,298,514
Retail deposits $3,263,812
IRAs and Keogh plan accounts $46,352
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,692,383
Cash & Balances due from depository institutions $909,834
Interest-bearing balances $855,683
Total securities $659,842
Federal funds sold & reverse repurchase $0
Net loans and leases $1,930,483
Loan and leases loss allowance $27,708
Trading account assets $0
Bank premises and fixed assets $70,443
Other real estate owned $1,168
Goodwill and other intangibles $37,046
All other assets $83,567

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,692,383
Total Liabilities $3,336,556
Total deposits $3,317,603
Interest-bearing deposits $2,298,514
Deposits held in domestic offices $3,317,603
% insured (estimated) $75
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $18,953

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,930,483
Loan and leases loss allowance $27,708
Total loans and leases (domestic) $1,958,191
All real estate loans $1,635,064
Real estate loans in domestic offices $1,635,064
Construction and development loans $330,624
Residential 1-4 family construction $83,369
Other construction, all land development and other land $247,255
Loans secured by nonfarm nonresidential properties $658,098
Nonfarm nonresidential secured by owner-occupied properties $256,750
Commercial real estate & other non-farm, non-residential $401,348
Multifamily residential real estate $40,567
1-4 family residential loans $567,553
Farmland loans $38,222
Loans held in foreign offices $0
Farm loans $13,094
Commercial and industrial loans $196,491
To non-U.S. addressees $0
Loans to individuals $85,670
Credit card loans $0
Related Plans $960
Consumer Auto Loans $45,154
Other loans to individuals $39,556
All other loans & leases $27,872
Loans to foreign governments and official institutions $0
Other loans $10,280
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $5,430
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,688
Non 1-4 family restructured loans & leases $1,614
Total loans and leases (foreign) $0

VeraBank had $1,930,483,000 of loans outstanding in 2021. $1,635,064,000 of loans were in real estate loans. $330,624,000 of loans were in development loans. $40,567,000 of loans were in multifamily mortgage loans. $567,553,000 of loans were in 1-4 family mortgage loans. $13,094,000 of loans were in farm loans. $0 of loans were in credit card loans. $45,154,000 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 722 $160,762 $222,662
Nonfarm, nonresidential loans - <$100k 175 $7,973 $45,560
Nonfarm, nonresidential loans - $100-250k 264 $33,564 $127,136
Nonfarm, nonresidential loans - $250k-1MM 283 $119,225 $421,290
Commercial & Industrial, US addressed loans - <$1MM 2,962 $151,966 $51,305
Commercial & Industrial, US addressed loans - <$100k 2,397 $57,454 $23,969
Commercial & Industrial, US addressed loans - $100-250k 338 $32,253 $95,423
Commercial & Industrial, US addressed loans - $250k-1MM 227 $62,259 $274,269
Farmland loans - <$1MM 245 $21,129 $86,241
Farmland loans - <$100k 155 $6,312 $40,723
Farmland loans - $100-250k 70 $8,911 $127,300
Farmland loans - $250k-1MM 20 $5,906 $295,300
Agriculture operations loans - <$1MM 511 $12,723 $24,898
Agriculture operations loans - <$100k 479 $8,890 $18,559
Agriculture operations loans - $100-250k 26 $2,631 $101,192
Agriculture operations loans - $250k-1MM 6 $1,202 $200,333