Legacy National Bank Mortgage Rates, Fees & Info

Springdale, AR

LEI: 549300AR337B2RGP3C69

Tax ID: 20-2282203

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Legacy National Bank is a smaller bank specializing in Home Purchase and Refi loans. Legacy National Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Fayetteville, Little Rock, Mountain Home, Fort Smith, and Kansas City among others. Legacy National Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

243

Origination Dollar Volume (All Markets)

$84,405,000

Employee count

118

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 231 $82,055,000 $355,216 $0 0.00%
Outside of Metro Areas 7 $1,735,000 $247,857 $0 0.00%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
Mountain Home, AR (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Muskogee, OK (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%

Legacy National Bank's top markets include Fayetteville, Little Rock, Mountain Home, Fort Smith, and Kansas City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 215 $75,825,000 $352,674 $0 0.00%
VA 16 $5,990,000 $374,375 $0 0.00%
FHA 12 $2,590,000 $215,833 $0 0.00%

For the 2021 period, Legacy National Bank's most frequently originated loan type of loans were Conventional, with 215 originations. Their 2nd most popular type is VA, with 16 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 172 $54,200,000 $315,116 $0 0.00%
Refi 55 $28,865,000 $524,818 $0 0.00%
Other 11 $1,075,000 $97,727 $0 0.00%
Home Improvement 5 $265,000 $53,000 $0 0.00%

For the 2021, Legacy National Bank's most frequently cited loan purpose of loans were Home Purchase, with 172 originations. The 2nd most popular reason of loans were Refi, with 55 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 243 $84,405,000 $347,346 $0 0.00%

For the 2021, Legacy National Bank's most frequently cited loan length of loans were Other, with 243 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 84 $23,300,000 $277,381 $0 0.00%
$100k-200k 74 $11,340,000 $153,243 $0 0.00%
$100,000 or less 41 $2,485,000 $60,610 $0 0.00%
$400k-600k 19 $9,225,000 $485,526 $0 0.00%
$600k-1MM 13 $9,385,000 $721,923 $0 0.00%
$1MM+ 12 $28,670,000 $2,389,167 $0 0.00%

2021 saw Legacy National Bank place emphasis on $200k-400k loans with 84 originations, totaling $23,300,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 32 $11,770,000 $367,813 $0 0.00%
$100k-150k 28 $5,860,000 $209,286 $0 0.00%
$150k-250k 25 $6,455,000 $258,200 $0 0.00%
$50k or less 20 $2,530,000 $126,500 $0 0.00%
$50k-75k 15 $2,425,000 $161,667 $0 0.00%
$75k-100k 14 $1,860,000 $132,857 $0 0.00%

Legacy National Bank lent most frequently to those with incomes in the $250k+ range, with 32 originations. The second most popular income band? $100k-150k, with 28 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 243 $84,405,000 $347,346 $0 0.00%

Legacy National Bank lent most frequently to those with DTI ratios of Exempt%, with 243 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 102 $51,210,000 $502,059 $0 0.00%
White 113 $26,605,000 $235,442 $0 0.00%
Asian 12 $3,550,000 $295,833 $0 0.00%
Not provided 6 $1,650,000 $275,000 $0 0.00%
Black 4 $650,000 $162,500 $0 0.00%
American Indian 5 $465,000 $93,000 $0 0.00%
Asian Indian 1 $275,000 $275,000 $0 0.00%

Approval Rates

Total approvals of all applications
96.41%

Legacy National 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
68.01%

Legacy National Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
Exempt 243 $84,405,000 $347,346

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
243 $84,405,000 $347,346

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
LEXISNEXIS Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Legacy National Bank 211 Main St Se Gravette, AR 72736 Full Service B&M $82,302
Legacy National Bank 1325 East Joyce Boulevard Fayetteville, AR 72703 Full Service B&M $71,051
Legacy National Bank 13540 W Highway 72 Hiwasse, AR 72739 Full Service B&M $19,551
Legacy National Bank 192 East Centerton Boulevard Centerton, AR 72719 Full Service B&M $22,887
Legacy National Bank 2081 Butterfield Coach Road Springdale, AR 72764 Full Service B&M $15,464
Legacy National Bank 2904 South Walton Blvd Bentonville, AR 72712 Full Service B&M $35,248
Legacy National Bank 3607 South Thompson Street Springdale, AR 72764 Full Service B&M $15,919
Legacy National Bank 4055 W Sunset Ave Springdale, AR 72762 Full Service B&M $460,517
Legacy National Bank 4901 W Pauline Whitaker Parkway Rogers, AR 72758 Full Service B&M $57,056

For 2021, Legacy National Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $32,987
Net interest income $29,299
Total noninterest income $4,944
Gross Fiduciary activities income $0
Service charges on deposit accounts $437
Trading account gains and fees $0
Additional Noninterest Income $4,507
Pre-tax net operating income $12,328
Securities gains (or losses, -) $-7
Income before extraordinary items $9,224
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $9,224
Minority interest net income $0
Net income $9,224
Sale, conversion, retirement of capital stock, net $0
Net operating income $9,229

Legacy National Bank's gross interest income from loans was $32,987,000.
Legacy National Bank's net interest income from loans was $29,299,000.
Legacy National Bank's fee based income from loans was $437,000.
Legacy National Bank's net income from loans was $9,224,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,688
Provision for credit losses $1,725
Total noninterest expense $20,190
Salaries and employee benefits $11,185
Premises and equipment expense $2,686
Additional noninterest expense $6,319
Applicable income taxes $3,097
Net charge-offs $-33
Cash dividends $2,100

Legacy National Bank's interest expense for loans was $3,688,000.
Legacy National Bank's payroll and benefits expense were $11,185,000.
Legacy National Bank's property, plant and equipment expenses $2,686,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 5.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 2.0%
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 $836,527
Deposits held in domestic offices $836,527
Deposits by Individuals, partnerships, and corporations $808,280
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $28,246
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $416,774
Demand deposits $270,420
Nontransaction accounts $419,752
Money market deposit accounts (MMDAs) $254,005
Other savings deposits (excluding MMDAs) $34,726
Total time deposits $131,021
Total time and savings deposits $566,106
Noninterest-bearing deposits $270,420
Interest-bearing deposits $566,107
Retail deposits $804,367
IRAs and Keogh plan accounts $17,695
Brokered deposits $5,769
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $934,460
Cash & Balances due from depository institutions $141,733
Interest-bearing balances $135,851
Total securities $41,198
Federal funds sold & reverse repurchase $5,100
Net loans and leases $690,181
Loan and leases loss allowance $11,926
Trading account assets $0
Bank premises and fixed assets $25,928
Other real estate owned $0
Goodwill and other intangibles $6,418
All other assets $23,902

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $934,460
Total Liabilities $852,324
Total deposits $836,527
Interest-bearing deposits $566,107
Deposits held in domestic offices $836,527
% insured (estimated) $51
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $12,500
Subordinated debt $0
All other liabilities $3,297

Issued Loan Types

Type Value (in 000's)
Net loans and leases $690,181
Loan and leases loss allowance $11,926
Total loans and leases (domestic) $702,107
All real estate loans $627,677
Real estate loans in domestic offices $627,677
Construction and development loans $86,233
Residential 1-4 family construction $37,061
Other construction, all land development and other land $49,172
Loans secured by nonfarm nonresidential properties $189,294
Nonfarm nonresidential secured by owner-occupied properties $76,695
Commercial real estate & other non-farm, non-residential $112,599
Multifamily residential real estate $18,173
1-4 family residential loans $151,522
Farmland loans $182,455
Loans held in foreign offices $0
Farm loans $6,450
Commercial and industrial loans $58,428
To non-U.S. addressees $0
Loans to individuals $9,552
Credit card loans $0
Related Plans $0
Consumer Auto Loans $3,605
Other loans to individuals $5,947
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Legacy National Bank had $690,181,000 of loans outstanding in 2021. $627,677,000 of loans were in real estate loans. $86,233,000 of loans were in development loans. $18,173,000 of loans were in multifamily mortgage loans. $151,522,000 of loans were in 1-4 family mortgage loans. $6,450,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,605,000 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 235 $53,396 $227,217
Nonfarm, nonresidential loans - <$100k 51 $3,258 $63,882
Nonfarm, nonresidential loans - $100-250k 69 $8,850 $128,261
Nonfarm, nonresidential loans - $250k-1MM 115 $41,288 $359,026
Commercial & Industrial, US addressed loans - <$1MM 496 $38,463 $77,546
Commercial & Industrial, US addressed loans - <$100k 315 $7,635 $24,238
Commercial & Industrial, US addressed loans - $100-250k 99 $9,920 $100,202
Commercial & Industrial, US addressed loans - $250k-1MM 82 $20,908 $254,976
Farmland loans - <$1MM 227 $34,365 $151,388
Farmland loans - <$100k 69 $3,990 $57,826
Farmland loans - $100-250k 93 $11,917 $128,140
Farmland loans - $250k-1MM 65 $18,458 $283,969
Agriculture operations loans - <$1MM 107 $3,228 $30,168
Agriculture operations loans - <$100k 98 $1,813 $18,500
Agriculture operations loans - $100-250k 5 $515 $103,000
Agriculture operations loans - $250k-1MM 4 $900 $225,000