Benchmark Community Bank Mortgage Rates, Fees & Info

Kenbridge, VA

LEI: 549300JJ8BTDDILW4H12

Tax ID: 54-1393963

2.3 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Benchmark Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Benchmark Community Bank has a high proportion of conventional loans. Their top markets include Henderson, Raleigh, Durham, Roanoke Rapids, and Kill Devil Hills among others. Benchmark Community Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Benchmark Community Bank is typically an average fee lendor.


Originations

523

Origination Dollar Volume (All Markets)

$96,495,000

Employee count

182

Relative Rate

Benchmark Community Bank's average 30 year fixed rate mortgage of loans were 4.44%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 1.29%.

Relative Fees

Benchmark Community Bank's average total fees for a 30 year fixed rate mortgage are $3,498.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 345 $49,535,000 $143,580 $3,243 4.78%
Henderson, NC (FHA|USDA|VA) 57 $13,275,000 $232,895 $3,510 4.38%
RALEIGH-CARY, NC (FHA|USDA|VA) 41 $12,615,000 $307,683 $5,518 4.04%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 27 $6,165,000 $228,333 $4,593 4.15%
Roanoke Rapids, NC (FHA|USDA|VA) 8 $2,460,000 $307,500 $3,086 4.57%
Kill Devil Hills, NC (FHA|USDA|VA) 3 $2,315,000 $771,667 $0 3.89%
RICHMOND, VA (FHA|USDA|VA) 9 $2,045,000 $227,222 $3,241 4.47%
Morehead City, NC (FHA|USDA|VA) 3 $1,975,000 $658,333 $0 4.16%
GREENVILLE, NC (FHA|USDA|VA) 11 $1,755,000 $159,545 $0 4.25%
WILMINGTON, NC (FHA|USDA|VA) 3 $1,555,000 $518,333 $0 3.78%
Wilson, NC (FHA|USDA|VA) 8 $1,030,000 $128,750 $0 4.22%
BURLINGTON, NC (FHA|USDA|VA) 1 $945,000 $945,000 $0 3.35%
ROCKY MOUNT, NC (FHA|USDA|VA) 3 $375,000 $125,000 $0 4.42%
GOLDSBORO, NC (FHA|USDA|VA) 2 $230,000 $115,000 $0 4.99%
Danville, VA (FHA|USDA|VA) 2 $220,000 $110,000 $4,229 4.17%

Benchmark Community Bank's top markets include Henderson, Raleigh, Durham, Roanoke Rapids, and Kill Devil Hills among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 523 $96,495,000 $184,503 $3,403 4.60%

For the 2021 period, Benchmark Community Bank's most frequently originated loan type of loans were Conventional, with 523 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 256 $51,980,000 $203,047 $4,584 4.48%
Refi 214 $39,770,000 $185,841 $2,536 4.70%
Other 28 $1,950,000 $69,643 $1,859 4.60%
Home Improvement 25 $2,795,000 $111,800 $1,320 4.93%

For the 2021, Benchmark Community Bank's most frequently cited loan purpose of loans were Home Purchase, with 256 originations. The 2nd most popular reason of loans were Refi, with 214 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
5 Year 180 $36,680,000 $203,778 $1,629 4.48%
10 Year 80 $4,610,000 $57,625 $1,391 4.92%
Other 70 $17,120,000 $244,571 $3,270 4.52%
30 Year 55 $11,425,000 $207,727 $3,498 4.44%
20 Year 49 $6,935,000 $141,531 $3,165 5.19%
30+ year 46 $16,110,000 $350,217 $8,083 3.59%
15 Year 33 $2,375,000 $71,970 $2,387 5.40%
1 Year 8 $1,220,000 $152,500 $0 4.69%
3 Year 2 $20,000 $10,000 $384 5.22%

For the 2021, Benchmark Community Bank's most frequently cited loan length of loans were 5 Year, with 180 originations. The 2nd most popular length of loans were 10 Year, with 80 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 132 $11,680,000 $88,485
$1k-2k 78 $7,620,000 $97,692
$3k-4k 42 $12,340,000 $293,810
$2k-3k 27 $6,365,000 $235,741
$5k+ 25 $10,925,000 $437,000

$3,498 of loans were Benchmark Community Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 132 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 231 $41,515,000 $179,719
3-4% 138 $41,290,000 $299,203
5-6% 134 $12,710,000 $94,851
6-7% 18 $890,000 $49,444
7-8% 2 $90,000 $45,000

During 2021, Benchmark Community Bank's average interest rate of loans were 4.44%, while their most frequently originated rate bucket of loans were 4-5%, with 231 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 234 $13,150,000 $56,197 $1,820 4.96%
$100k-200k 144 $20,770,000 $144,236 $3,283 4.51%
$200k-400k 83 $22,995,000 $277,048 $5,769 4.24%
$400k-600k 40 $18,950,000 $473,750 $7,978 3.91%
$600k-1MM 16 $12,040,000 $752,500 $1,332 3.95%
$1MM+ 6 $8,590,000 $1,431,667 $0 4.15%

2021 saw Benchmark Community Bank place emphasis on $100,000 or less loans with 234 originations, totaling $13,150,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 80 $6,260,000 $78,250 $2,264 5.03%
$100k-150k 65 $13,805,000 $212,385 $4,244 4.34%
$75k-100k 61 $10,025,000 $164,344 $3,313 4.90%
$50k-75k 56 $5,330,000 $95,179 $2,643 4.89%
$150k-250k 38 $11,690,000 $307,632 $5,462 4.25%
$250k+ 22 $7,940,000 $360,909 $4,199 4.18%

Benchmark Community Bank lent most frequently to those with incomes in the $50k or less range, with 80 originations. The second most popular income band? $100k-150k, with 65 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 90 $11,820,000 $131,333 $2,887 4.82%
30-36% 58 $11,850,000 $204,310 $3,500 4.60%
<20% 51 $8,975,000 $175,980 $4,818 4.32%
39% 18 $3,170,000 $176,111 $3,665 4.48%
36% 12 $1,930,000 $160,833 $3,380 5.14%
40% 11 $1,015,000 $92,273 $1,950 5.02%
37% 11 $965,000 $87,727 $2,363 5.20%
38% 11 $725,000 $65,909 $2,138 4.94%
42% 9 $1,535,000 $170,556 $3,478 4.76%
44% 8 $1,940,000 $242,500 $4,288 4.16%
41% 7 $1,235,000 $176,429 $2,719 5.14%
>60% 5 $545,000 $109,000 $1,533 6.22%
50-60% 4 $610,000 $152,500 $3,070 5.45%
43% 3 $1,055,000 $351,667 $8,057 3.69%
48% 2 $410,000 $205,000 $3,432 3.70%
45% 1 $435,000 $435,000 $7,025 3.50%
49% 1 $85,000 $85,000 $3,515 4.44%
47% 1 $125,000 $125,000 $2,210 4.64%
46% 1 $505,000 $505,000 $0 4.09%

Benchmark Community Bank lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 58 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 316 $51,940,000 $164,367 $3,481 4.68%
Not applicable 135 $36,385,000 $269,519 $0 4.31%
Black 46 $4,250,000 $92,391 $2,495 4.95%
American Indian 10 $1,410,000 $141,000 $4,060 4.36%
Not provided 11 $1,295,000 $117,727 $3,556 4.73%
Asian 5 $1,215,000 $243,000 $5,611 4.29%

Approval Rates

Total approvals of all applications
90.18%

Benchmark Community Bank has an average approval rate.

Pick Rate

Approvals leading to origination
88.09%

Benchmark Community Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 523 $96,495,000 $184,503

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
523 $96,495,000 $184,503

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 54 $4,200,000 $77,778 $1,602 4.91%
40-60% 84 $15,060,000 $179,286 $3,062 4.55%
60-80% 235 $53,315,000 $226,872 $3,960 4.53%
80-100% 118 $22,720,000 $192,542 $4,438 4.47%
Over 100% 1 $85,000 $85,000 $0 5.99%
Under 20% 31 $1,115,000 $35,968 $899 5.12%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANKUNITED, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 2 66.7%
BANKUNITED, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 1 33.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Benchmark Community Bank 100 South Broad Street Kenbridge, VA 23944 Full Service B&M $0
Benchmark Community Bank 1577 South Main Street Farmville, VA 23901 Full Service B&M $89,891
Benchmark Community Bank 1750 Graham Avenue Henderson, NC 27536 Full Service Retail $39,467
Benchmark Community Bank 1910 Main Street Victoria, VA 23974 Full Service B&M $78,199
Benchmark Community Bank 204 S Broad St Kenbridge, VA 23944 Full Service B&M $85,865
Benchmark Community Bank 220 W. 5th Avenue Lawrenceville, VA 23868 Full Service B&M $49,730
Benchmark Community Bank 290 S. Main Street Halifax, VA 24558 Full Service B&M $54,039
Benchmark Community Bank 312 W Atlantic Street Suite 316 Emporia, VA 23847 Full Service B&M $19,748
Benchmark Community Bank 410 Church Street Blackstone, VA 23824 Full Service B&M $40,907
Benchmark Community Bank 828 North Mecklenburg Avenue South Hill, VA 23970 Full Service B&M $92,042
Benchmark Community Bank 845 East Second Street Chase City, VA 23924 Full Service B&M $33,331
Benchmark Community Bank 101 Midtown Ave Farmville, VA 23901 Full Service B&M $83,635
Benchmark Community Bank 110 S. College St Youngsville, NC 27596 Full Service B&M $14,456
Benchmark Community Bank 1135 Huell Matthews Hwy. South Boston, VA 24592 Full Service B&M $98,947
Benchmark Community Bank 12335 Wake Union Church Road Wake Forest, NC 27587 Full Service Retail $7,326
Benchmark Community Bank 133 College Street Clarksville, VA 23927 Full Service B&M $67,788
Benchmark Community Bank 1500 W. Virginia Avenue Crewe, VA 23930 Full Service B&M $34,073

For 2021, Benchmark Community Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $36,008
Net interest income $33,579
Total noninterest income $8,706
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,126
Trading account gains and fees $0
Additional Noninterest Income $7,580
Pre-tax net operating income $14,677
Securities gains (or losses, -) $-37
Income before extraordinary items $11,822
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,822
Minority interest net income $0
Net income $11,822
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,851

Benchmark Community Bank's gross interest income from loans was $36,008,000.
Benchmark Community Bank's net interest income from loans was $33,579,000.
Benchmark Community Bank's fee based income from loans was $1,126,000.
Benchmark Community Bank's net income from loans was $11,822,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,429
Provision for credit losses $330
Total noninterest expense $27,278
Salaries and employee benefits $15,318
Premises and equipment expense $3,599
Additional noninterest expense $8,361
Applicable income taxes $2,818
Net charge-offs $26
Cash dividends $4,035

Benchmark Community Bank's interest expense for loans was $2,429,000.
Benchmark Community Bank's payroll and benefits expense were $15,318,000.
Benchmark Community Bank's property, plant and equipment expenses $3,599,000.

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 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 $947,434
Deposits held in domestic offices $947,434
Deposits by Individuals, partnerships, and corporations $821,704
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $125,730
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $548,048
Demand deposits $250,986
Nontransaction accounts $399,386
Money market deposit accounts (MMDAs) $163,155
Other savings deposits (excluding MMDAs) $110,824
Total time deposits $125,407
Total time and savings deposits $696,448
Noninterest-bearing deposits $239,919
Interest-bearing deposits $707,515
Retail deposits $918,792
IRAs and Keogh plan accounts $25,255
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,040,563
Cash & Balances due from depository institutions $269,350
Interest-bearing balances $256,894
Total securities $82,866
Federal funds sold & reverse repurchase $0
Net loans and leases $640,246
Loan and leases loss allowance $5,901
Trading account assets $5,083
Bank premises and fixed assets $17,705
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $25,313

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,040,563
Total Liabilities $952,848
Total deposits $947,434
Interest-bearing deposits $707,515
Deposits held in domestic offices $947,434
% insured (estimated) $75
Federal funds purchased and repurchase agreements $0
Trading liabilities $21
Other borrowed funds $0
Subordinated debt $0
All other liabilities $5,393

Issued Loan Types

Type Value (in 000's)
Net loans and leases $640,246
Loan and leases loss allowance $5,901
Total loans and leases (domestic) $646,147
All real estate loans $573,050
Real estate loans in domestic offices $573,050
Construction and development loans $115,613
Residential 1-4 family construction $46,095
Other construction, all land development and other land $69,518
Loans secured by nonfarm nonresidential properties $125,167
Nonfarm nonresidential secured by owner-occupied properties $72,110
Commercial real estate & other non-farm, non-residential $53,057
Multifamily residential real estate $9,289
1-4 family residential loans $303,095
Farmland loans $19,886
Loans held in foreign offices $0
Farm loans $1,155
Commercial and industrial loans $38,677
To non-U.S. addressees $0
Loans to individuals $15,802
Credit card loans $1,054
Related Plans $1
Consumer Auto Loans $8,238
Other loans to individuals $6,509
All other loans & leases $17,462
Loans to foreign governments and official institutions $0
Other loans $25
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $4,016
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $898
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Benchmark Community Bank had $640,246,000 of loans outstanding in 2021. $573,050,000 of loans were in real estate loans. $115,613,000 of loans were in development loans. $9,289,000 of loans were in multifamily mortgage loans. $303,095,000 of loans were in 1-4 family mortgage loans. $1,155,000 of loans were in farm loans. $1,054,000 of loans were in credit card loans. $8,238,000 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 550 $84,978 $154,505
Nonfarm, nonresidential loans - <$100k 225 $9,752 $43,342
Nonfarm, nonresidential loans - $100-250k 206 $27,225 $132,160
Nonfarm, nonresidential loans - $250k-1MM 119 $48,001 $403,370
Commercial & Industrial, US addressed loans - <$1MM 855 $25,716 $30,077
Commercial & Industrial, US addressed loans - <$100k 765 $14,387 $18,807
Commercial & Industrial, US addressed loans - $100-250k 57 $4,748 $83,298
Commercial & Industrial, US addressed loans - $250k-1MM 33 $6,581 $199,424
Farmland loans - <$1MM 78 $8,879 $113,833
Farmland loans - <$100k 34 $1,417 $41,676
Farmland loans - $100-250k 29 $3,572 $123,172
Farmland loans - $250k-1MM 15 $3,890 $259,333
Agriculture operations loans - <$1MM 38 $1,155 $30,395
Agriculture operations loans - <$100k 35 $636 $18,171
Agriculture operations loans - $100-250k 2 $196 $98,000
Agriculture operations loans - $250k-1MM 1 $323 $323,000