Sonabank Mortgage Rates, Fees & Info

Tappahannock, VA

LEI: 549300GCUYVW860UOZ07

Tax ID: 20-2453966

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Bank Data

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: Virginia Beach, Richmond, Washington, Charlottesville, and Baltimore among others. We have data for 7 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

123

Origination Dollar Volume (All Markets)

$16,655,000

Employee count

372

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 43 $6,985,000 $162,442 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 49 $5,595,000 $114,184 $0 0.00%
Outside of Metro Areas 23 $2,325,000 $101,087 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $695,000 $139,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
Sonabank's top markets include Virginia Beach, Richmond, Washington, Charlottesville, and Baltimore among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 123 $16,655,000 $135,407 $0 0.00%

    For 2020, Sonabank's most frequently originated type of loan was Conventional, with 123 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $8,605,000 $191,222 $0 0.00%
    Refi 45 $4,485,000 $99,667 $0 0.00%
    Other 28 $3,270,000 $116,786 $0 0.00%
    Home Improvement 5 $295,000 $59,000 $0 0.00%

    For 2020, Sonabank's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 123 $16,655,000 $135,407 $0 0.00%

    For 2020, Sonabank's most frequently cited loan duration was Other, with 123 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 53 $3,015,000 $56,887 $0 0.00%
    $100k-200k 46 $5,960,000 $129,565 $0 0.00%
    $200k-400k 20 $5,160,000 $258,000 $0 0.00%
    $400k-600k 3 $1,515,000 $505,000 $0 0.00%
    $1MM+ 1 $1,005,000 $1,005,000 $0 0.00%

    2020 saw Sonabank place emphasis on $100,000 or less loans with 53 originations, totaling $3,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 15 $1,105,000 $73,667 $0 0.00%
    $100k-150k 11 $985,000 $89,545 $0 0.00%
    $75k-100k 11 $1,465,000 $133,182 $0 0.00%
    $50k-75k 10 $1,060,000 $106,000 $0 0.00%
    $250k+ 9 $1,525,000 $169,444 $0 0.00%
    $150k-250k 7 $1,655,000 $236,429 $0 0.00%

    Sonabank lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $100k-150k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 123 $16,655,000 $135,407 $0 0.00%

    Sonabank lent most frequently to those with DTI ratios of Exempt%, with 123 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 60 $8,860,000 $147,667 $0 0.00%
    White 54 $6,430,000 $119,074 $0 0.00%
    Not provided 5 $1,135,000 $227,000 $0 0.00%
    Black 4 $230,000 $57,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.00%

    Sonabank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.80%

    Sonabank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 123 $16,655,000 $135,407

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $820,000 $410,000
    Single Family (1-4 Units):Site-Built 121 $15,835,000 $130,868

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    snapfi, inc. 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 8821 W Broad Street Richmond, VA 23294 Full Service B&M $63,907
    Sonabank 9484 Congress St New Market, VA 22844 Full Service B&M $35,686
    Sonabank 9495 Charter Gate Drive Mechanicsville, VA 23116 Full Service B&M $89,129
    Sonabank 13804 Hull Street Midlothian, VA 23112 Full Service B&M $24,971
    Sonabank 209 West Main Street Waverly, VA 23890 Full Service B&M $46,915
    Sonabank 6941 Northumberland Hwy Heathsville, VA 22473 Full Service B&M $67,968
    Sonabank 8123 Mechanicsville Turnpike Mechanicsville, VA 23111 Full Service B&M $138,820
    Sonabank 1 East Market Street Leesburg, VA 20176 Full Service B&M $35,691
    Sonabank 1 South Royal Avenue Front Royal, VA 22630 Full Service B&M $38,442
    Sonabank 10 West Washington Street Middleburg, VA 20118 Full Service B&M $37,315
    Sonabank 10855 Fairfax Boulevard Fairfax, VA 22030 Full Service B&M $46,436
    Sonabank 10900 Nuckols Rd Glen Allen, VA 23060 Limited, Administrative $0
    Sonabank 110 Northumberland Highway Callao, VA 22435 Full Service B&M $47,423
    Sonabank 11290 General Puller Highway Hartfield, VA 23071 Full Service B&M $50,727
    Sonabank 11527 Sunrise Valley Drive Reston, VA 20191 Full Service B&M $37,695
    Sonabank 11801 Merchants Walk Newport News, VA 23606 Full Service B&M $61,880
    Sonabank 11834 Rockville Pike Rockville, MD 20852 Full Service B&M $94,582
    Sonabank 11a Main Street Warrenton, VA 20186 Full Service B&M $49,087
    Sonabank 137 East Chesapeake Beach Road Owings, MD 20736 Full Service B&M $37,025
    Sonabank 14118 Brandywine Rd Brandywine, MD 20613 Full Service B&M $19,764
    Sonabank 1430 Building 12 High Street Williamsburg, VA 23185 Full Service B&M $27,348
    Sonabank 14804 Pratt Street Upper Marlboro, MD 20772 Full Service B&M $66,465
    Sonabank 14954 Northumberland Highway Burgess, VA 22432 Full Service B&M $42,108
    Sonabank 16273 General Puller Highway Deltaville, VA 23043 Full Service B&M $21,607
    Sonabank 1665 Tappahannock Boulevard Tappahannock, VA 22560 Full Service B&M $29,723
    Sonabank 176 Colonial Trail, East Surry, VA 23883 Full Service B&M $28,446
    Sonabank 1770 Timberwood Boulevard, Suite 100 Charlottesville, VA 22911 Full Service B&M $30,866
    Sonabank 1953 George Washington Memorial Highway And State Route 1205 Gloucester Point, VA 23062 Full Service B&M $30,327
    Sonabank 20 Commerce Lane King William, VA 23086 Full Service B&M $66,395
    Sonabank 201 North Washington Hwy. Ashland, VA 23005 Full Service B&M $62,085
    Sonabank 2198 Coliseum Drive Hampton, VA 23669 Full Service B&M $23,984
    Sonabank 22241 Main Street Courtland, VA 23837 Full Service B&M $41,982
    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 $42,709
    Sonabank 307 Church Lane Tappahannock, VA 22560 Full Service B&M $194,169
    Sonabank 3300 New Kent Highway Suite E Quinton, VA 23141 Full Service Retail $34,679
    Sonabank 3400 Boulevard Colonial Heights, VA 23834 Full Service B&M $116,113
    Sonabank 350 East Hundred Road Chester, VA 23836 Full Service B&M $46,318
    Sonabank 43086 Peacock Market Plaza South Riding, VA 20152 Full Service B&M $19,618
    Sonabank 437 North Main Street Kilmarnock, VA 22482 Full Service B&M $29,003
    Sonabank 511 Main Street Clifton Forge, VA 24422 Full Service B&M $36,872
    Sonabank 6830 Old Dominion Drive Mc Lean, VA 22101 Full Service B&M $59,503
    Sonabank 7132 George Washington Memorial Highway Gloucester, VA 23061 Full Service B&M $50,699
    Sonabank 7700 Wisconsin Avenue Bethesda, MD 20814 Full Service B&M $36,239

    For 2020, Sonabank had 45 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $117,779
    Net interest income $95,976
    Total noninterest income $24,491
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,460
    Trading account gains and fees $0
    Additional Noninterest Income $22,031
    Pre-tax net operating income $35,077
    Securities gains (or losses, -) $0
    Income before extraordinary items $27,379
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $27,379
    Minority interest net income $0
    Net income $27,379
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $27,379

    Sonabank's gross interest income from loans was $117,779,000.
    Sonabank's net interest income from loans was $95,976,000.
    Sonabank's fee based income from loans was $2,460,000.
    Sonabank's net income from loans was $27,379,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $21,803
    Provision for credit losses $19,450
    Total noninterest expense $65,940
    Salaries and employee benefits $36,187
    Premises and equipment expense $8,866
    Additional noninterest expense $20,887
    Applicable income taxes $7,698
    Net charge-offs $1,658
    Cash dividends $2,500

    Sonabank's interest expense for loans was $21,803,000.
    Sonabank's payroll and benefits expense were $36,187,000.
    Sonabank's property, plant and equipment expenses $8,866,000.

    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 4.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $2,493,769
    Deposits held in domestic offices $2,493,769
    Deposits by Individuals, partnerships, and corporations $2,279,868
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $149,726
    Deposits by Commercial banks and other depository institutions in U.S. $64,175
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $524,766
    Demand deposits $519,617
    Nontransaction accounts $1,969,003
    Money market deposit accounts (MMDAs) $787,138
    Other savings deposits (excluding MMDAs) $691,817
    Total time deposits $490,048
    Total time and savings deposits $1,974,152
    Noninterest-bearing deposits $524,766
    Interest-bearing deposits $1,969,003
    Retail deposits $2,326,462
    IRAs and Keogh plan accounts $33,040
    Brokered deposits $1,559
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,090,131
    Cash & Balances due from depository institutions $198,030
    Interest-bearing balances $176,633
    Total securities $193,954
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,404,151
    Loan and leases loss allowance $36,345
    Trading account assets $0
    Bank premises and fixed assets $37,817
    Other real estate owned $3,078
    Goodwill and other intangibles $107,780
    All other assets $145,321

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,090,131
    Total Liabilities $2,644,325
    Total deposits $2,493,769
    Interest-bearing deposits $1,969,003
    Deposits held in domestic offices $2,493,769
    % insured (estimated) $62
    Federal funds purchased and repurchase agreements $16,065
    Trading liabilities $0
    Other borrowed funds $100,000
    Subordinated debt $0
    All other liabilities $34,491

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,404,151
    Loan and leases loss allowance $36,345
    Total loans and leases (domestic) $2,440,496
    All real estate loans $1,908,273
    Real estate loans in domestic offices $1,908,273
    Construction and development loans $103,265
    Residential 1-4 family construction $43,962
    Other construction, all land development and other land $59,303
    Loans secured by nonfarm nonresidential properties $1,039,919
    Nonfarm nonresidential secured by owner-occupied properties $436,600
    Commercial real estate & other non-farm, non-residential $603,319
    Multifamily residential real estate $107,267
    1-4 family residential loans $650,318
    Farmland loans $7,504
    Loans held in foreign offices $0
    Farm loans $5,606
    Commercial and industrial loans $457,555
    To non-U.S. addressees $0
    Loans to individuals $22,157
    Credit card loans $186
    Related Plans $3,837
    Consumer Auto Loans $1,158
    Other loans to individuals $16,976
    All other loans & leases $50,935
    Loans to foreign governments and official institutions $0
    Other loans $50,891
    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 $987
    Non 1-4 family restructured loans & leases $442
    Total loans and leases (foreign) $0

    SONABANK had $2,404,151,000 of loans outstanding in 2020. $1,908,273,000 of loans were in real estate loans. $103,265,000 of loans were in development loans. $107,267,000 of loans were in multifamily mortgage loans. $650,318,000 of loans were in 1-4 family mortgage loans. $5,606,000 of loans were in farm loans. $186,000 of loans were in credit card loans. $1,158,000 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 587 $147,568 $251,394
    Nonfarm, nonresidential loans - <$100k 58 $2,850 $49,138
    Nonfarm, nonresidential loans - $100-250k 157 $17,419 $110,949
    Nonfarm, nonresidential loans - $250k-1MM 372 $127,299 $342,202
    Commercial & Industrial, US addressed loans - <$1MM 5,445 $343,953 $63,169
    Commercial & Industrial, US addressed loans - <$100k 4,468 $135,044 $30,225
    Commercial & Industrial, US addressed loans - $100-250k 646 $88,456 $136,929
    Commercial & Industrial, US addressed loans - $250k-1MM 331 $120,453 $363,906
    Farmland loans - <$1MM 27 $3,795 $140,556
    Farmland loans - <$100k 7 $294 $42,000
    Farmland loans - $100-250k 10 $1,195 $119,500
    Farmland loans - $250k-1MM 10 $2,306 $230,600
    Agriculture operations loans - <$1MM 26 $2,488 $95,692
    Agriculture operations loans - <$100k 17 $925 $54,412
    Agriculture operations loans - $100-250k 3 $250 $83,333
    Agriculture operations loans - $250k-1MM 6 $1,313 $218,833