Legacy National Bank Mortgage Rates, Fees & Info
Springdale, AR
LEI: 549300AR337B2RGP3C69
Tax ID: 20-2282203
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Mortgage Data
Bank 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
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.
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 |
