Virginia Commonwealth Bank Mortgage Rates, Fees & Info
Richmond, VALEI: 549300BX1RWC01B58P91
Tax ID: 54-0132730
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Bank Data
Review & Overview
Virginia Commonwealth Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Virginia Commonwealth Bank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Virginia Beach, Washington, Staunton, and Charlottesville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Virginia Commonwealth 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.
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Originations
382Origination Dollar Volume (All Markets)
$143,200,000Employee count
145Top 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 |
|---|---|---|---|---|---|
| RICHMOND, VA (FHA|USDA|VA) | 148 | $61,620,000 | $416,351 | $0 | 0.00% |
| Outside of Metro Areas | 166 | $43,090,000 | $259,578 | $0 | 0.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 51 | $28,315,000 | $555,196 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 6 | $3,290,000 | $548,333 | $0 | 0.00% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $2,695,000 | $2,695,000 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $1,480,000 | $740,000 | $0 | 0.00% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $0 | 0.00% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 0.00% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Virginia Commonwealth Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 382 | $143,200,000 | $374,869 | $0 | 0.00% |
For 2020, Virginia Commonwealth Bank's most frequently originated type of loan was Conventional, with 382 originations.
Loan Reason
For 2020, Virginia Commonwealth Bank's most frequently cited loan purpose was Refi, with 138 originations. The 2nd most popular reason was Home Purchase, with 123 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 382 | $143,200,000 | $374,869 | $0 | 0.00% |
For 2020, Virginia Commonwealth Bank's most frequently cited loan duration was Other, with 382 originations.
Loan Sizing
2020 saw Virginia Commonwealth Bank place emphasis on $200k-400k loans with 154 originations, totaling $43,700,000 in origination value.
Applicant Income
Virginia Commonwealth Bank lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $150k-250k, with 54 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 382 | $143,200,000 | $374,869 | $0 | 0.00% |
Virginia Commonwealth Bank lent most frequently to those with DTI ratios of Exempt%, with 382 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.17%
Virginia Commonwealth 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 origination88.22%
Virginia Commonwealth Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 382 | $143,200,000 | $374,869 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | FHA mortgage | Struggling to pay mortgage | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Virginia Commonwealth Bank | 15648 Kings Highway Montross, VA 22520 | Full Service B&M | $39,584 |
| Virginia Commonwealth Bank | 100 South Main Street Kilmarnock, VA 22482 | Full Service B&M | $160,267 |
| Virginia Commonwealth Bank | 10880 General Puller Highway Hartfield, VA 23071 | Full Service B&M | $21,633 |
| Virginia Commonwealth Bank | 11450 Robious Road Richmond, VA 23235 | Full Service B&M | $90,421 |
| Virginia Commonwealth Bank | 15104 Northumberland Highway Burgess, VA 22432 | Full Service B&M | $24,534 |
| Virginia Commonwealth Bank | 1703 N Main Street Suffolk, VA 23434 | Full Service B&M | $59,361 |
| Virginia Commonwealth Bank | 18 Sandy Street Callao, VA 22435 | Full Service B&M | $26,407 |
| Virginia Commonwealth Bank | 1801 Bayberry Court, Suite 101 Richmond, VA 23226 | Full Service B&M | $140,892 |
| Virginia Commonwealth Bank | 1965 Wakefield Ave Petersburg, VA 23805 | Full Service B&M | $59,928 |
| Virginia Commonwealth Bank | 300 32nd Street, Suite 104 Virginia Beach, VA 23451 | Full Service B&M | $34,051 |
| Virginia Commonwealth Bank | 3209 Boulevard Colonial Heights, VA 23834 | Full Service B&M | $81,379 |
| Virginia Commonwealth Bank | 4600 West Hundred Road Chester, VA 23831 | Full Service B&M | $59,709 |
| Virginia Commonwealth Bank | 4935 Richmond Road Warsaw, VA 22572 | Full Service B&M | $30,525 |
| Virginia Commonwealth Bank | 5711 Patterson Avenue Richmond, VA 23226 | Full Service B&M | $101,172 |
| Virginia Commonwealth Bank | 680 Mckinney Boulevard Colonial Beach, VA 22443 | Full Service B&M | $2,428 |
| Virginia Commonwealth Bank | 708 Rappahannock Drive White Stone, VA 22578 | Full Service B&M | $30,425 |
| Virginia Commonwealth Bank | 900 North Parham Road Henrico, VA 23229 | Full Service B&M | $69,727 |
For 2020, Virginia Commonwealth Bank had 17 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $49,855 |
| Net interest income | $40,216 |
| Total noninterest income | $6,490 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $729 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,761 |
| Pre-tax net operating income | $1,551 |
| Securities gains (or losses, -) | $24 |
| Income before extraordinary items | $-203 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $-203 |
| Minority interest net income | $0 |
| Net income | $-203 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $-221 |
Virginia Commonwealth Bank's gross interest income from loans was $49,855,000.
Virginia Commonwealth Bank's net interest income from loans was $40,216,000.
Virginia Commonwealth Bank's fee based income from loans was $729,000.
Virginia Commonwealth Bank's net income from loans was $-203,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $9,639 |
| Provision for credit losses | $6,824 |
| Total noninterest expense | $38,331 |
| Salaries and employee benefits | $15,183 |
| Premises and equipment expense | $2,653 |
| Additional noninterest expense | $20,495 |
| Applicable income taxes | $1,778 |
| Net charge-offs | $597 |
| Cash dividends | $0 |
Virginia Commonwealth Bank's interest expense for loans was $9,639,000.
Virginia Commonwealth Bank's payroll and benefits expense were $15,183,000.
Virginia Commonwealth Bank's property, plant and equipment expenses $2,653,000.
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 | 1.0% |
| Nonfarm, nonresidential loans | 2.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 1.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 3.0% |
| Personal loans | 2.0% |
| Credit card loans | 0.0% |
| Other individual loans | 2.0% |
| Auto loans | 1.0% |
| Other consumer loans | 3.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $1,040,979 |
| Deposits held in domestic offices | $1,040,979 |
| Deposits by Individuals, partnerships, and corporations | $958,451 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $56,412 |
| Deposits by Commercial banks and other depository institutions in U.S. | $26,116 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $308,002 |
| Demand deposits | $220,740 |
| Nontransaction accounts | $732,977 |
| Money market deposit accounts (MMDAs) | $286,362 |
| Other savings deposits (excluding MMDAs) | $69,574 |
| Total time deposits | $377,041 |
| Total time and savings deposits | $820,239 |
| Noninterest-bearing deposits | $220,150 |
| Interest-bearing deposits | $820,829 |
| Retail deposits | $945,492 |
| IRAs and Keogh plan accounts | $31,067 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,219,037 |
| Cash & Balances due from depository institutions | $35,568 |
| Interest-bearing balances | $26,814 |
| Total securities | $82,194 |
| Federal funds sold & reverse repurchase | $773 |
| Net loans and leases | $1,045,608 |
| Loan and leases loss allowance | $13,789 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $17,262 |
| Other real estate owned | $684 |
| Goodwill and other intangibles | $1,938 |
| All other assets | $35,010 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,219,037 |
| Total Liabilities | $1,087,295 |
| Total deposits | $1,040,979 |
| Interest-bearing deposits | $820,829 |
| Deposits held in domestic offices | $1,040,979 |
| % insured (estimated) | $84 |
| Federal funds purchased and repurchase agreements | $1,179 |
| Trading liabilities | $0 |
| Other borrowed funds | $39,393 |
| Subordinated debt | $0 |
| All other liabilities | $5,744 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,045,608 |
| Loan and leases loss allowance | $13,789 |
| Total loans and leases (domestic) | $1,059,397 |
| All real estate loans | $817,323 |
| Real estate loans in domestic offices | $817,323 |
| Construction and development loans | $137,085 |
| Residential 1-4 family construction | $30,169 |
| Other construction, all land development and other land | $106,916 |
| Loans secured by nonfarm nonresidential properties | $288,351 |
| Nonfarm nonresidential secured by owner-occupied properties | $79,327 |
| Commercial real estate & other non-farm, non-residential | $209,024 |
| Multifamily residential real estate | $81,214 |
| 1-4 family residential loans | $308,600 |
| Farmland loans | $2,073 |
| Loans held in foreign offices | $0 |
| Farm loans | $8 |
| Commercial and industrial loans | $217,864 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $5,479 |
| Credit card loans | $0 |
| Related Plans | $478 |
| Consumer Auto Loans | $1,091 |
| Other loans to individuals | $3,910 |
| All other loans & leases | $20,342 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $15,241 |
| 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 | $3,385 |
| Non 1-4 family restructured loans & leases | $827 |
| Total loans and leases (foreign) | $0 |
Virginia Commonwealth Bank had $1,045,608,000 of loans outstanding in 2020. $817,323,000 of loans were in real estate loans. $137,085,000 of loans were in development loans. $81,214,000 of loans were in multifamily mortgage loans. $308,600,000 of loans were in 1-4 family mortgage loans. $8,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,091,000 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 | 302 | $84,452 | $279,642 |
| Nonfarm, nonresidential loans - <$100k | 54 | $4,484 | $83,037 |
| Nonfarm, nonresidential loans - $100-250k | 88 | $12,719 | $144,534 |
| Nonfarm, nonresidential loans - $250k-1MM | 160 | $67,249 | $420,306 |
| Commercial & Industrial, US addressed loans - <$1MM | 870 | $92,312 | $106,106 |
| Commercial & Industrial, US addressed loans - <$100k | 523 | $24,905 | $47,620 |
| Commercial & Industrial, US addressed loans - $100-250k | 220 | $26,414 | $120,064 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 127 | $40,993 | $322,780 |
| Agriculture operations loans - <$1MM | 1 | $8 | $8,000 |
| Agriculture operations loans - <$100k | 1 | $8 | $8,000 |