Sonabank Mortgage Rates, Fees & Info
Tappahannock, VALEI: 549300GCUYVW860UOZ07
Tax ID: 20-2453966
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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.
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Originations
123Origination Dollar Volume (All Markets)
$16,655,000Employee count
372Top 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% |
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
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
2020 saw Sonabank place emphasis on $100,000 or less loans with 53 originations, totaling $3,015,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications86.00%
Sonabank has an average approval rate.
Pick Rate
Approvals leading to origination87.80%
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 |