Benchmark Community Bank Mortgage Rates, Fees & Info

Kenbridge, VA

LEI: 549300JJ8BTDDILW4H12

Tax ID: 54-1393963

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

Review & 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 by origination volume include: Henderson, Raleigh, Durham, Roanoke Rapids, and Kill Devil Hills among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Benchmark Community Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Benchmark Community Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	7.09%	12/4/24
30 Year Conventional Refi	7.11%	12/4/24
30 Year FHA Purchase	6.27%	12/4/24
30 Year VA Purchase	6.27%	12/4/24
30 Year USDA Purchase	6.27%	12/4/24
15 Year Conventional Purchase	7.77%	12/4/24
15 Year Conventional Refi	6.48%	12/4/24
15 Year Cash-out Refi	6.48%	12/4/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Benchmark Community Bank Mortgage Calculator

Purchase Price:

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Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Benchmark Community Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

523

Origination Dollar Volume (All Markets)

$96,495,000

Employee count

182

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
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.

Their top states include:

Virginia (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Benchmark Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Third Federal Savings and Loan Association of Cleveland
Similarity Rank: 1392

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M/I FINANCIAL, LLC
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Aurora Financial, LLC
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MATTAMY HOME FUNDING, LLC
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AMERICAN FEDERAL MORTGAGE CORPORATION
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Product Mix

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

For 2021, Benchmark Community Bank's most frequently originated type of loan was Conventional, with 523 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Benchmark Community Bank's most frequently cited loan purpose was Home Purchase, with 256 originations. The 2nd most popular reason was 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 2021, Benchmark Community Bank's most frequently cited loan duration was 5 Year, with 180 originations. The 2nd most popular length was 10 Year, with 80 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	132	$11,680,000	$88,485
$1k-2k	78	$7,620,000	$97,692
$2k-3k	27	$6,365,000	$235,741
$3k-4k	25	$6,735,000	$269,400
$5k+	25	$10,925,000	$437,000
$4k-5k	17	$5,605,000	$329,706

Benchmark Community Bank's average total fees were $3,498, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 4.44%, while their most frequently originated rate bucket for loans was 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
90.11%

Benchmark Community Bank has an average approval rate.

Pick Rate

Approvals leading to origination
90.25%

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	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
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

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