Sonabank Mortgage Rates, Fees & Info

Tappahannock, VA

LEI: 549300GCUYVW860UOZ07

Tax ID: 20-2453966

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Sonabank is a smaller bank specializing in Home Purchase and Refi loans. Sonabank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Virginia Beach, Washington, Charlottesville, and New York among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Sonabank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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.

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    Originations

    173

    Origination Dollar Volume (All Markets)

    $35,615,000

    Employee count

    348

    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
    RICHMOND, VA (FHA|USDA|VA) 64 $12,610,000 $197,031 $0 0.00%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 69 $10,815,000 $156,739 $0 0.00%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 17 $7,005,000 $412,059 $0 0.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 3 $2,165,000 $721,667 $0 0.00%
    Outside of Metro Areas 15 $1,275,000 $85,000 $0 0.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $785,000 $785,000 $0 0.00%
    STAUNTON, VA (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
    ROANOKE, VA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
    Sonabank's top markets include Richmond, Virginia Beach, Washington, Charlottesville, and New York among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 173 $35,615,000 $205,867 $0 0.00%

    For 2018, Sonabank's most frequently originated type of loan was Conventional, with 173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 92 $21,970,000 $238,804 $0 0.00%
    Refi 39 $10,055,000 $257,821 $0 0.00%
    Other 26 $2,520,000 $96,923 $0 0.00%
    Home Improvement 16 $1,070,000 $66,875 $0 0.00%

    For 2018, Sonabank's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 173 $35,615,000 $205,867 $0 0.00%

    For 2018, Sonabank's most frequently cited loan duration was Other, with 173 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 76 $10,410,000 $136,974 $0 0.00%
    $100,000 or less 51 $2,805,000 $55,000 $0 0.00%
    $200k-400k 28 $7,340,000 $262,143 $0 0.00%
    $1MM+ 6 $7,420,000 $1,236,667 $0 0.00%
    $400k-600k 6 $2,900,000 $483,333 $0 0.00%
    $600k-1MM 6 $4,740,000 $790,000 $0 0.00%

    2018 saw Sonabank place emphasis on $100k-200k loans with 76 originations, totaling $10,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $2,990,000 $149,500 $0 0.00%
    $250k+ 17 $7,135,000 $419,706 $0 0.00%
    $50k or less 14 $1,200,000 $85,714 $0 0.00%
    $50k-75k 10 $680,000 $68,000 $0 0.00%
    $150k-250k 8 $2,300,000 $287,500 $0 0.00%
    $75k-100k 8 $560,000 $70,000 $0 0.00%

    Sonabank lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $250k+, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 173 $35,615,000 $205,867 $0 0.00%

    Sonabank lent most frequently to those with DTI ratios of Exempt%, with 173 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 94 $20,700,000 $220,213 $0 0.00%
    White 65 $13,055,000 $200,846 $0 0.00%
    Not provided 5 $1,055,000 $211,000 $0 0.00%
    Asian 3 $395,000 $131,667 $0 0.00%
    Native Hawaiian or Islander 2 $150,000 $75,000 $0 0.00%
    Black 3 $135,000 $45,000 $0 0.00%
    Asian Indian 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.29%

    Sonabank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.28%

    Sonabank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 173 $35,615,000 $205,867

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $9,215,000 $837,727
    Single Family (1-4 Units):Site-Built 162 $26,400,000 $162,963

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Swan Financial Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    SONABANK 1 East Market Street Leesburg, VA 20176 Full Service B&M $44,083
    SONABANK 1 South Royal Avenue Front Royal, VA 22630 Full Service B&M $35,256
    SONABANK 10 West Washington Street Middleburg, VA 20118 Full Service B&M $14,416
    SONABANK 10855 Fairfax Boulevard Fairfax, VA 22030 Full Service B&M $40,682
    SONABANK 10900 Nuckols Rd Glen Allen, VA 23060 Limited, Administrative $0
    SONABANK 110 Northumberland Highway Callao, VA 22435 Full Service B&M $42,953
    SONABANK 11290 General Puller Highway Hartfield, VA 23071 Full Service B&M $42,351
    SONABANK 11527 Sunrise Valley Drive Reston, VA 20191 Full Service B&M $27,327
    SONABANK 11801 Merchants Walk Newport News, VA 23606 Full Service B&M $49,471
    SONABANK 11834 Rockville Pike Rockville, MD 20852 Full Service B&M $76,779
    SONABANK 11a Main Street Warrenton, VA 20186 Full Service B&M $44,877
    SONABANK 137 East Chesapeake Beach Road Owings, MD 20736 Full Service B&M $13,182
    SONABANK 13804 Hull Street Midlothian, VA 23112 Full Service B&M $28,391
    SONABANK 14118 Brandywine Rd Brandywine, MD 20613 Full Service B&M $13,954
    SONABANK 1430 Building 12 High Street Williamsburg, VA 23185 Full Service B&M $20,062
    SONABANK 14804 Pratt Street Upper Marlboro, MD 20772 Full Service B&M $62,638
    SONABANK 14954 Northumberland Highway Burgess, VA 22432 Full Service B&M $35,636
    SONABANK 16273 General Puller Highway Deltaville, VA 23043 Full Service B&M $21,350
    SONABANK 1665 Tappahannock Boulevard Tappahannock, VA 22560 Full Service B&M $23,191
    SONABANK 176 Colonial Trail, East Surry, VA 23883 Full Service B&M $23,259
    SONABANK 1770 Timberwood Boulevard, Suite 100 Charlottesville, VA 22911 Full Service B&M $32,446
    SONABANK 1953 George Washington Memorial Highway And State Route 1205 Gloucester Point, VA 23062 Full Service B&M $26,892
    SONABANK 20 Commerce Lane King William, VA 23086 Full Service B&M $56,651
    SONABANK 201 North Washington Hwy. Ashland, VA 23005 Full Service B&M $63,287
    SONABANK 209 West Main Street Waverly, VA 23890 Full Service B&M $41,098
    SONABANK 2198 Coliseum Drive Hampton, VA 23669 Full Service B&M $18,561
    SONABANK 22241 Main Street Courtland, VA 23837 Full Service B&M $32,296
    SONABANK 22510 Linden Street Courtland, VA 23837 Limited, Drive-thru $0
    SONABANK 233 South County Drive Waverly, VA 23890 Limited, Drive-thru $0
    SONABANK 291 Virginia Street Urbanna, VA 23175 Full Service B&M $35,305
    SONABANK 307 Church Lane Tappahannock, VA 22560 Full Service B&M $351,897
    SONABANK 3300 New Kent Highway Suite E Quinton, VA 23141 Full Service Retail $26,150
    SONABANK 3400 Boulevard Colonial Heights, VA 23834 Full Service B&M $79,059
    SONABANK 350 East Hundred Road Chester, VA 23836 Full Service B&M $13,287
    SONABANK 4009 Old Town Road Huntingtown, MD 20639 Full Service B&M $21,040
    SONABANK 43086 Peacock Market Plaza South Riding, VA 20152 Full Service B&M $19,235
    SONABANK 437 North Main Street Kilmarnock, VA 22482 Full Service B&M $20,211
    SONABANK 511 Main Street Clifton Forge, VA 24422 Full Service B&M $39,102
    SONABANK 6719 Leaberry Way Haymarket, VA 20169 Full Service B&M $9,560
    SONABANK 6830 Old Dominion Drive Mc Lean, VA 22101 Full Service B&M $52,872
    SONABANK 6941 Northumberland Hwy Heathsville, VA 22473 Full Service B&M $60,567
    SONABANK 7132 George Washington Memorial Highway Gloucester, VA 23061 Full Service B&M $38,716
    SONABANK 7700 Wisconsin Avenue Bethesda, MD 20814 Full Service B&M $30,556
    SONABANK 8123 Mechanicsville Turnpike Mechanicsville, VA 23111 Full Service B&M $82,091
    SONABANK 8821 W Broad Street Richmond, VA 23294 Full Service B&M $41,257
    SONABANK 9484 Congress St New Market, VA 22844 Full Service B&M $39,481
    SONABANK 9495 Charter Gate Drive Mechanicsville, VA 23116 Full Service B&M $63,087
    SONABANK 9707 Medical Center Drive, Suite 150 Rockville, MD 20850 Full Service B&M $34,825

    For 2018, Sonabank had 48 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $118,907
    Net interest income $94,489
    Total noninterest income $9,261
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3,132
    Trading account gains and fees $0
    Additional Noninterest Income $6,129
    Pre-tax net operating income $47,491
    Securities gains (or losses, -) $0
    Income before extraordinary items $37,005
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $37,005
    Minority interest net income $0
    Net income $37,005
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $37,005

    Sonabank's gross interest income from loans was $118,907,000.
    Sonabank's net interest income from loans was $94,489,000.
    Sonabank's fee based income from loans was $3,132,000.
    Sonabank's net income from loans was $37,005,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $24,418
    Provision for credit losses $4,200
    Total noninterest expense $52,059
    Salaries and employee benefits $26,739
    Premises and equipment expense $9,419
    Additional noninterest expense $15,901
    Applicable income taxes $10,486
    Net charge-offs $1,314
    Cash dividends $8,000

    Sonabank's interest expense for loans was $24,418,000.
    Sonabank's payroll and benefits expense were $26,739,000.
    Sonabank's property, plant and equipment expenses $9,419,000.

    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 1.0%
    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 $2,105,118
    Deposits held in domestic offices $2,105,118
    Deposits by Individuals, partnerships, and corporations $1,548,719
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $99,707
    Deposits by Commercial banks and other depository institutions in U.S. $456,692
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $251,111
    Demand deposits $245,375
    Nontransaction accounts $1,854,007
    Money market deposit accounts (MMDAs) $506,535
    Other savings deposits (excluding MMDAs) $422,010
    Total time deposits $925,463
    Total time and savings deposits $1,859,743
    Noninterest-bearing deposits $251,110
    Interest-bearing deposits $1,854,008
    Retail deposits $1,642,094
    IRAs and Keogh plan accounts $35,997
    Brokered deposits $272,408
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,707,117
    Cash & Balances due from depository institutions $32,260
    Interest-bearing balances $10,935
    Total securities $235,839
    Federal funds sold & reverse repurchase $795
    Net loans and leases $2,166,541
    Loan and leases loss allowance $12,283
    Trading account assets $0
    Bank premises and fixed assets $32,951
    Other real estate owned $5,077
    Goodwill and other intangibles $110,679
    All other assets $122,975

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,707,117
    Total Liabilities $2,310,364
    Total deposits $2,105,118
    Interest-bearing deposits $1,854,008
    Deposits held in domestic offices $2,105,118
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $18,721
    Trading liabilities $0
    Other borrowed funds $163,340
    Subordinated debt $0
    All other liabilities $23,185

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,166,541
    Loan and leases loss allowance $12,283
    Total loans and leases (domestic) $2,178,824
    All real estate loans $1,880,976
    Real estate loans in domestic offices $1,880,976
    Construction and development loans $146,654
    Residential 1-4 family construction $40,487
    Other construction, all land development and other land $106,167
    Loans secured by nonfarm nonresidential properties $947,729
    Nonfarm nonresidential secured by owner-occupied properties $407,031
    Commercial real estate & other non-farm, non-residential $540,698
    Multifamily residential real estate $82,516
    1-4 family residential loans $693,308
    Farmland loans $10,769
    Loans held in foreign offices $0
    Farm loans $10,197
    Commercial and industrial loans $255,441
    To non-U.S. addressees $0
    Loans to individuals $31,887
    Credit card loans $241
    Related Plans $4,660
    Consumer Auto Loans $927
    Other loans to individuals $26,059
    All other loans & leases $460
    Loans to foreign governments and official institutions $0
    Other loans $367
    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 $695
    Non 1-4 family restructured loans & leases $695
    Total loans and leases (foreign) $0

    SONABANK had $2,166,541,000 of loans outstanding in 2018. $1,880,976,000 of loans were in real estate loans. $146,654,000 of loans were in development loans. $82,516,000 of loans were in multifamily mortgage loans. $693,308,000 of loans were in 1-4 family mortgage loans. $10,197,000 of loans were in farm loans. $241,000 of loans were in credit card loans. $927,000 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 620 $162,059 $261,385
    Nonfarm, nonresidential loans - <$100k 67 $3,720 $55,522
    Nonfarm, nonresidential loans - $100-250k 171 $19,684 $115,111
    Nonfarm, nonresidential loans - $250k-1MM 382 $138,655 $362,971
    Commercial & Industrial, US addressed loans - <$1MM 1,464 $112,265 $76,684
    Commercial & Industrial, US addressed loans - <$100k 1,122 $46,769 $41,684
    Commercial & Industrial, US addressed loans - $100-250k 170 $16,313 $95,959
    Commercial & Industrial, US addressed loans - $250k-1MM 172 $49,183 $285,948
    Farmland loans - <$1MM 30 $4,713 $157,100
    Farmland loans - <$100k 7 $319 $45,571
    Farmland loans - $100-250k 12 $1,586 $132,167
    Farmland loans - $250k-1MM 11 $2,808 $255,273
    Agriculture operations loans - <$1MM 38 $4,291 $112,921
    Agriculture operations loans - <$100k 23 $1,249 $54,304
    Agriculture operations loans - $100-250k 6 $646 $107,667
    Agriculture operations loans - $250k-1MM 9 $2,396 $266,222