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, Washington, Virginia Beach, Miami, and Charlottesville among others. We have data for 8 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

    130

    Origination Dollar Volume (All Markets)

    $28,160,000

    Employee count

    350

    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) 54 $9,850,000 $182,407 $0 0.00%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 19 $9,485,000 $499,211 $0 0.00%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 34 $4,950,000 $145,588 $0 0.00%
    Outside of Metro Areas 18 $1,960,000 $108,889 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 0.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $610,000 $305,000 $0 0.00%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Sonabank's top markets include Richmond, Washington, Virginia Beach, Miami, and Charlottesville among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 130 $28,160,000 $216,615 $0 0.00%

    For 2019, Sonabank's most frequently originated type of loan was Conventional, with 130 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 66 $16,420,000 $248,788 $0 0.00%
    Refi 33 $8,425,000 $255,303 $0 0.00%
    Other 20 $2,160,000 $108,000 $0 0.00%
    Home Improvement 11 $1,155,000 $105,000 $0 0.00%

    For 2019, Sonabank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 130 $28,160,000 $216,615 $0 0.00%

    For 2019, Sonabank's most frequently cited loan duration was Other, with 130 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 58 $7,880,000 $135,862 $0 0.00%
    $100,000 or less 37 $2,115,000 $57,162 $0 0.00%
    $200k-400k 15 $3,915,000 $261,000 $0 0.00%
    $400k-600k 8 $3,760,000 $470,000 $0 0.00%
    $600k-1MM 8 $6,040,000 $755,000 $0 0.00%
    $1MM+ 4 $4,450,000 $1,112,500 $0 0.00%

    2019 saw Sonabank place emphasis on $100k-200k loans with 58 originations, totaling $7,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 12 $1,390,000 $115,833 $0 0.00%
    $100k-150k 10 $1,370,000 $137,000 $0 0.00%
    $75k-100k 9 $715,000 $79,444 $0 0.00%
    $250k+ 8 $2,080,000 $260,000 $0 0.00%
    $50k or less 6 $230,000 $38,333 $0 0.00%
    $150k-250k 3 $1,215,000 $405,000 $0 0.00%

    Sonabank lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 130 $28,160,000 $216,615 $0 0.00%

    Sonabank lent most frequently to those with DTI ratios of Exempt%, with 130 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 82 $21,160,000 $258,049 $0 0.00%
    White 43 $5,485,000 $127,558 $0 0.00%
    Not provided 3 $1,375,000 $458,333 $0 0.00%
    Asian 1 $135,000 $135,000 $0 0.00%
    Black 1 $5,000 $5,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.38%

    Sonabank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.85%

    Sonabank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 130 $28,160,000 $216,615

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,820,000 $705,000
    Single Family (1-4 Units):Manufactured 1 $95,000 $95,000
    Single Family (1-4 Units):Site-Built 125 $25,245,000 $201,960

    Complaints

    Bank Name Product Issue 2019 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 350 East Hundred Road Chester, VA 23836 Full Service B&M $28,624
    SONABANK 1 East Market Street Leesburg, VA 20176 Full Service B&M $48,474
    SONABANK 1 South Royal Avenue Front Royal, VA 22630 Full Service B&M $42,899
    SONABANK 10 West Washington Street Middleburg, VA 20118 Full Service B&M $36,373
    SONABANK 10855 Fairfax Boulevard Fairfax, VA 22030 Full Service B&M $46,936
    SONABANK 10900 Nuckols Rd Glen Allen, VA 23060 Limited, Administrative $0
    SONABANK 110 Northumberland Highway Callao, VA 22435 Full Service B&M $41,070
    SONABANK 11290 General Puller Highway Hartfield, VA 23071 Full Service B&M $45,057
    SONABANK 11527 Sunrise Valley Drive Reston, VA 20191 Full Service B&M $35,397
    SONABANK 11801 Merchants Walk Newport News, VA 23606 Full Service B&M $51,030
    SONABANK 11834 Rockville Pike Rockville, MD 20852 Full Service B&M $83,160
    SONABANK 11a Main Street Warrenton, VA 20186 Full Service B&M $52,492
    SONABANK 137 East Chesapeake Beach Road Owings, MD 20736 Full Service B&M $18,533
    SONABANK 13804 Hull Street Midlothian, VA 23112 Full Service B&M $27,190
    SONABANK 14118 Brandywine Rd Brandywine, MD 20613 Full Service B&M $18,959
    SONABANK 1430 Building 12 High Street Williamsburg, VA 23185 Full Service B&M $23,386
    SONABANK 14804 Pratt Street Upper Marlboro, MD 20772 Full Service B&M $69,301
    SONABANK 14954 Northumberland Highway Burgess, VA 22432 Full Service B&M $41,758
    SONABANK 16273 General Puller Highway Deltaville, VA 23043 Full Service B&M $19,983
    SONABANK 1665 Tappahannock Boulevard Tappahannock, VA 22560 Full Service B&M $25,933
    SONABANK 176 Colonial Trail, East Surry, VA 23883 Full Service B&M $27,552
    SONABANK 1770 Timberwood Boulevard, Suite 100 Charlottesville, VA 22911 Full Service B&M $30,024
    SONABANK 1953 George Washington Memorial Highway And State Route 1205 Gloucester Point, VA 23062 Full Service B&M $26,144
    SONABANK 20 Commerce Lane King William, VA 23086 Full Service B&M $60,393
    SONABANK 201 North Washington Hwy. Ashland, VA 23005 Full Service B&M $62,785
    SONABANK 209 West Main Street Waverly, VA 23890 Full Service B&M $40,944
    SONABANK 2198 Coliseum Drive Hampton, VA 23669 Full Service B&M $16,750
    SONABANK 22241 Main Street Courtland, VA 23837 Full Service B&M $35,479
    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 $39,557
    SONABANK 307 Church Lane Tappahannock, VA 22560 Full Service B&M $300,244
    SONABANK 3300 New Kent Highway Suite E Quinton, VA 23141 Full Service Retail $28,135
    SONABANK 3400 Boulevard Colonial Heights, VA 23834 Full Service B&M $93,094
    SONABANK 4009 Old Town Road Huntingtown, MD 20639 Full Service B&M $25,629
    SONABANK 43086 Peacock Market Plaza South Riding, VA 20152 Full Service B&M $23,771
    SONABANK 437 North Main Street Kilmarnock, VA 22482 Full Service B&M $19,772
    SONABANK 511 Main Street Clifton Forge, VA 24422 Full Service B&M $36,850
    SONABANK 6719 Leaberry Way Haymarket, VA 20169 Full Service B&M $16,051
    SONABANK 6830 Old Dominion Drive Mc Lean, VA 22101 Full Service B&M $60,213
    SONABANK 6941 Northumberland Hwy Heathsville, VA 22473 Full Service B&M $62,743
    SONABANK 7132 George Washington Memorial Highway Gloucester, VA 23061 Full Service B&M $41,049
    SONABANK 7700 Wisconsin Avenue Bethesda, MD 20814 Full Service B&M $43,223
    SONABANK 8123 Mechanicsville Turnpike Mechanicsville, VA 23111 Full Service B&M $103,184
    SONABANK 8821 W Broad Street Richmond, VA 23294 Full Service B&M $49,356
    SONABANK 9484 Congress St New Market, VA 22844 Full Service B&M $44,557
    SONABANK 9495 Charter Gate Drive Mechanicsville, VA 23116 Full Service B&M $78,082
    SONABANK 9707 Medical Center Drive, Suite 150 Rockville, MD 20850 Full Service B&M $35,631

    For 2019, Sonabank had 48 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $120,524
    Net interest income $87,037
    Total noninterest income $12,452
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3,179
    Trading account gains and fees $0
    Additional Noninterest Income $9,273
    Pre-tax net operating income $43,406
    Securities gains (or losses, -) $0
    Income before extraordinary items $36,467
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $36,467
    Minority interest net income $0
    Net income $36,467
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $36,467

    Sonabank's gross interest income from loans was $120,524,000.
    Sonabank's net interest income from loans was $87,037,000.
    Sonabank's fee based income from loans was $3,179,000.
    Sonabank's net income from loans was $36,467,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $33,487
    Provision for credit losses $350
    Total noninterest expense $55,733
    Salaries and employee benefits $25,661
    Premises and equipment expense $8,921
    Additional noninterest expense $21,151
    Applicable income taxes $6,939
    Net charge-offs $2,372
    Cash dividends $13,300

    Sonabank's interest expense for loans was $33,487,000.
    Sonabank's payroll and benefits expense were $25,661,000.
    Sonabank's property, plant and equipment expenses $8,921,000.

    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 3.0%
    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 $2,129,496
    Deposits held in domestic offices $2,129,496
    Deposits by Individuals, partnerships, and corporations $1,710,351
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $108,116
    Deposits by Commercial banks and other depository institutions in U.S. $311,029
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $276,631
    Demand deposits $271,502
    Nontransaction accounts $1,852,865
    Money market deposit accounts (MMDAs) $611,357
    Other savings deposits (excluding MMDAs) $458,468
    Total time deposits $783,040
    Total time and savings deposits $1,857,994
    Noninterest-bearing deposits $276,631
    Interest-bearing deposits $1,852,865
    Retail deposits $1,850,681
    IRAs and Keogh plan accounts $36,016
    Brokered deposits $115,641
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,723,850
    Cash & Balances due from depository institutions $33,999
    Interest-bearing balances $11,253
    Total securities $237,268
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,175,786
    Loan and leases loss allowance $10,261
    Trading account assets $0
    Bank premises and fixed assets $39,197
    Other real estate owned $6,224
    Goodwill and other intangibles $109,145
    All other assets $122,231

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,723,850
    Total Liabilities $2,300,569
    Total deposits $2,129,496
    Interest-bearing deposits $1,852,865
    Deposits held in domestic offices $2,129,496
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $12,883
    Trading liabilities $0
    Other borrowed funds $121,640
    Subordinated debt $0
    All other liabilities $36,550

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,175,786
    Loan and leases loss allowance $10,261
    Total loans and leases (domestic) $2,186,047
    All real estate loans $1,929,919
    Real estate loans in domestic offices $1,929,919
    Construction and development loans $150,750
    Residential 1-4 family construction $51,088
    Other construction, all land development and other land $99,662
    Loans secured by nonfarm nonresidential properties $974,086
    Nonfarm nonresidential secured by owner-occupied properties $414,479
    Commercial real estate & other non-farm, non-residential $559,607
    Multifamily residential real estate $82,055
    1-4 family residential loans $713,783
    Farmland loans $9,245
    Loans held in foreign offices $0
    Farm loans $8,377
    Commercial and industrial loans $176,512
    To non-U.S. addressees $0
    Loans to individuals $25,944
    Credit card loans $214
    Related Plans $4,012
    Consumer Auto Loans $874
    Other loans to individuals $20,844
    All other loans & leases $45,295
    Loans to foreign governments and official institutions $0
    Other loans $45,249
    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 $697
    Non 1-4 family restructured loans & leases $697
    Total loans and leases (foreign) $0

    SONABANK had $2,175,786,000 of loans outstanding in 2019. $1,929,919,000 of loans were in real estate loans. $150,750,000 of loans were in development loans. $82,055,000 of loans were in multifamily mortgage loans. $713,783,000 of loans were in 1-4 family mortgage loans. $8,377,000 of loans were in farm loans. $214,000 of loans were in credit card loans. $874,000 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 610 $150,629 $246,933
    Nonfarm, nonresidential loans - <$100k 66 $3,412 $51,697
    Nonfarm, nonresidential loans - $100-250k 167 $18,421 $110,305
    Nonfarm, nonresidential loans - $250k-1MM 377 $128,796 $341,634
    Commercial & Industrial, US addressed loans - <$1MM 1,292 $90,720 $70,217
    Commercial & Industrial, US addressed loans - <$100k 1,004 $38,429 $38,276
    Commercial & Industrial, US addressed loans - $100-250k 145 $13,497 $93,083
    Commercial & Industrial, US addressed loans - $250k-1MM 143 $38,794 $271,287
    Farmland loans - <$1MM 30 $4,682 $156,067
    Farmland loans - <$100k 7 $359 $51,286
    Farmland loans - $100-250k 12 $1,491 $124,250
    Farmland loans - $250k-1MM 11 $2,832 $257,455
    Agriculture operations loans - <$1MM 32 $3,448 $107,750
    Agriculture operations loans - <$100k 20 $1,037 $51,850
    Agriculture operations loans - $100-250k 5 $622 $124,400
    Agriculture operations loans - $250k-1MM 7 $1,789 $255,571