Burke & Herbert Bank & Trust Company Mortgage Rates, Fees & Info

Alexandria, VA

LEI: 549300OS8C7J7ZWMNL70

Tax ID: 54-0155785

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Burke & Herbert Bank & Trust Company is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Burke & Herbert Bank & Trust Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Washington, Richmond, Salisbury, Miami, and Baltimore among others. Burke & Herbert Bank & Trust Company 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.


Originations

247

Origination Dollar Volume (All Markets)

$137,625,000

Employee count

397

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 226 $110,980,000 $491,062 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 2 $18,780,000 $9,390,000 $0 0.00%
SALISBURY, MD-DE (FHA|USDA|VA) 3 $1,515,000 $505,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,435,000 $1,435,000 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 4 $1,310,000 $327,500 $0 0.00%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $0 0.00%
Outside of Metro Areas 3 $675,000 $225,000 $0 0.00%
MISSOULA, MT (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $380,000 $190,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%

Burke & Herbert Bank & Trust Company's top markets include Washington, Richmond, Salisbury, Miami, and Baltimore among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 246 $137,100,000 $557,317 $0 0.00%
FHA 1 $525,000 $525,000 $0 0.00%

For the 2021 period, Burke & Herbert Bank & Trust Company's most frequently originated loan type of loans were Conventional, with 246 originations. Their 2nd most popular type is FHA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 105 $42,055,000 $400,524 $0 0.00%
Cash Out Refi 68 $34,520,000 $507,647 $0 0.00%
Home Purchase 61 $56,405,000 $924,672 $0 0.00%
Home Improvement 13 $4,645,000 $357,308 $0 0.00%

For the 2021, Burke & Herbert Bank & Trust Company's most frequently cited loan purpose of loans were Refi, with 105 originations. The 2nd most popular reason of loans were Cash Out Refi, with 68 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 247 $137,625,000 $557,186 $0 0.00%

For the 2021, Burke & Herbert Bank & Trust Company's most frequently cited loan length of loans were Other, with 247 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 101 $30,065,000 $297,673 $0 0.00%
$400k-600k 63 $30,945,000 $491,190 $0 0.00%
$600k-1MM 36 $27,140,000 $753,889 $0 0.00%
$100k-200k 29 $4,435,000 $152,931 $0 0.00%
$1MM+ 14 $44,770,000 $3,197,857 $0 0.00%
$100,000 or less 4 $270,000 $67,500 $0 0.00%

2021 saw Burke & Herbert Bank & Trust Company place emphasis on $200k-400k loans with 101 originations, totaling $30,065,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 54 $29,500,000 $546,296 $0 0.00%
$100k-150k 53 $20,745,000 $391,415 $0 0.00%
$75k-100k 41 $12,765,000 $311,341 $0 0.00%
$250k+ 40 $28,740,000 $718,500 $0 0.00%
$50k-75k 39 $10,785,000 $276,538 $0 0.00%
$50k or less 11 $1,605,000 $145,909 $0 0.00%

Burke & Herbert Bank & Trust Company lent most frequently to those with incomes in the $150k-250k range, with 54 originations. The second most popular income band? $100k-150k, with 53 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 247 $137,625,000 $557,186 $0 0.00%

Burke & Herbert Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 247 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 120 $55,790,000 $464,917 $0 0.00%
Not provided 96 $41,620,000 $433,542 $0 0.00%
Not applicable 6 $31,910,000 $5,318,333 $0 0.00%
Asian 15 $4,935,000 $329,000 $0 0.00%
Black 10 $3,370,000 $337,000 $0 0.00%

Approval Rates

Total approvals of all applications
91.94%

Burke & Herbert Bank & Trust Company has an average approval rate.

Pick Rate

Approvals leading to origination
82.69%

Burke & Herbert Bank & Trust Company has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 247 $137,625,000 $557,186

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
247 $137,625,000 $557,186

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BERKSHIRE HILLS BANCORP, INC Conventional home mortgage Closing on a mortgage 1 10.0%
BERKSHIRE HILLS BANCORP, INC Conventional home mortgage Incorrect information on your report 1 10.0%
BERKSHIRE HILLS BANCORP, INC Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 10.0%
BERKSHIRE HILLS BANCORP, INC Conventional home mortgage Struggling to pay mortgage 1 10.0%
BERKSHIRE HILLS BANCORP, INC Conventional home mortgage Trouble during payment process 4 40.0%
BERKSHIRE HILLS BANCORP, INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 10.0%
BERKSHIRE HILLS BANCORP, INC Other type of mortgage Trouble during payment process 1 10.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Burke & Herbert Bank & Trust Company 100 South Fairfax Street Alexandria, VA 22314 Full Service B&M $650,544
Burke & Herbert Bank & Trust Company 4235 Annandale Road Annandale, VA 22003 Full Service B&M $131,538
Burke & Herbert Bank & Trust Company 4605 Daisy Reid Avenue Woodbridge, VA 22192 Full Service B&M $44,247
Burke & Herbert Bank & Trust Company 500 23rd St S Arlington, VA 22202 Full Service B&M $91,457
Burke & Herbert Bank & Trust Company 5519 Franconia Road Alexandria, VA 22310 Full Service B&M $144,604
Burke & Herbert Bank & Trust Company 5705 Seminary Road Falls Church, VA 22041 Full Service B&M $66,374
Burke & Herbert Bank & Trust Company 5731 Telegraph Road Alexandria, VA 22303 Full Service B&M $92,796
Burke & Herbert Bank & Trust Company 6200 Backlick Road Springfield, VA 22150 Full Service B&M $80,292
Burke & Herbert Bank & Trust Company 6210 Interparcel Road Alexandria, VA 22315 Full Service B&M $88,319
Burke & Herbert Bank & Trust Company 6705 Whittier Avenue Mclean, VA 22101 Full Service B&M $86,227
Burke & Herbert Bank & Trust Company 8736-8738 Cooper Road Alexandria, VA 22309 Full Service B&M $164,113
Burke & Herbert Bank & Trust Company 9103 Centreville Road Manassas, VA 20110 Full Service B&M $45,981
Burke & Herbert Bank & Trust Company 9516 Old Keene Mill Road Burke, VA 22015 Full Service B&M $71,335
Burke & Herbert Bank & Trust Company 14008 Smoketown Road Woodbridge, VA 22192 Full Service B&M $85,581
Burke & Herbert Bank & Trust Company 14122 Lee Highway Fairfax, VA 22031 Full Service B&M $57,100
Burke & Herbert Bank & Trust Company 155 North Paxton Street Alexandria, VA 22304 Full Service B&M $111,735
Burke & Herbert Bank & Trust Company 1705 Fern Street Alexandria, VA 22302 Full Service B&M $178,237
Burke & Herbert Bank & Trust Company 1775 Jamieson Avenue Alexandria, VA 22314 Full Service B&M $109,435
Burke & Herbert Bank & Trust Company 225 West Broad Street Falls Church, VA 22046 Full Service B&M $151,667
Burke & Herbert Bank & Trust Company 2604 Sherwood Hall Lane Alexandria, VA 22306 Full Service B&M $193,184
Burke & Herbert Bank & Trust Company 302 Maple Ave West Vienna, VA 22180 Full Service B&M $63,624
Burke & Herbert Bank & Trust Company 3030 Clarendon Boulevard Arlington, VA 22201 Full Service B&M $81,685
Burke & Herbert Bank & Trust Company 306 East Monroe Avenue Alexandria, VA 22301 Full Service B&M $115,744

For 2021, Burke & Herbert Bank & Trust Company had 23 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $101,265
Net interest income $97,041
Total noninterest income $17,987
Gross Fiduciary activities income $3,297
Service charges on deposit accounts $5,894
Trading account gains and fees $0
Additional Noninterest Income $8,796
Pre-tax net operating income $40,446
Securities gains (or losses, -) $-4
Income before extraordinary items $36,165
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $36,165
Minority interest net income $0
Net income $36,165
Sale, conversion, retirement of capital stock, net $-919
Net operating income $36,168

Burke & Herbert Bank & Trust Company's gross interest income from loans was $101,265,000.
Burke & Herbert Bank & Trust Company's net interest income from loans was $97,041,000.
Burke & Herbert Bank & Trust Company's fee based income from loans was $5,894,000.
Burke & Herbert Bank & Trust Company's net income from loans was $36,165,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,224
Provision for credit losses $-1,002
Total noninterest expense $75,584
Salaries and employee benefits $44,897
Premises and equipment expense $11,498
Additional noninterest expense $19,189
Applicable income taxes $4,277
Net charge-offs $-14
Cash dividends $14,871

Burke & Herbert Bank & Trust Company's interest expense for loans was $4,224,000.
Burke & Herbert Bank & Trust Company's payroll and benefits expense were $44,897,000.
Burke & Herbert Bank & Trust Company's property, plant and equipment expenses $11,498,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
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 $2,933,418
Deposits held in domestic offices $2,933,418
Deposits by Individuals, partnerships, and corporations $2,882,478
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $47,308
Deposits by Commercial banks and other depository institutions in U.S. $3,632
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,543,923
Demand deposits $1,056,895
Nontransaction accounts $1,389,495
Money market deposit accounts (MMDAs) $845,165
Other savings deposits (excluding MMDAs) $259,477
Total time deposits $284,853
Total time and savings deposits $1,876,523
Noninterest-bearing deposits $930,847
Interest-bearing deposits $2,002,571
Retail deposits $2,881,761
IRAs and Keogh plan accounts $42,938
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,621,743
Cash & Balances due from depository institutions $77,363
Interest-bearing balances $64,477
Total securities $1,605,681
Federal funds sold & reverse repurchase $0
Net loans and leases $1,714,613
Loan and leases loss allowance $31,709
Trading account assets $0
Bank premises and fixed assets $46,626
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $177,460

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,621,743
Total Liabilities $3,232,116
Total deposits $2,933,418
Interest-bearing deposits $2,002,571
Deposits held in domestic offices $2,933,418
% insured (estimated) $71
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $277,897
Subordinated debt $0
All other liabilities $20,801

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,714,613
Loan and leases loss allowance $31,709
Total loans and leases (domestic) $1,746,322
All real estate loans $1,684,395
Real estate loans in domestic offices $1,684,395
Construction and development loans $109,518
Residential 1-4 family construction $6,223
Other construction, all land development and other land $103,295
Loans secured by nonfarm nonresidential properties $1,068,755
Nonfarm nonresidential secured by owner-occupied properties $125,613
Commercial real estate & other non-farm, non-residential $943,142
Multifamily residential real estate $88,499
1-4 family residential loans $416,843
Farmland loans $780
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $56,484
To non-U.S. addressees $0
Loans to individuals $2,312
Credit card loans $0
Related Plans $1,437
Consumer Auto Loans $200
Other loans to individuals $675
All other loans & leases $3,131
Loans to foreign governments and official institutions $0
Other loans $3,131
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 $4,523
Non 1-4 family restructured loans & leases $1,959
Total loans and leases (foreign) $0

Burke & Herbert Bank & Trust Company had $1,714,613,000 of loans outstanding in 2021. $1,684,395,000 of loans were in real estate loans. $109,518,000 of loans were in development loans. $88,499,000 of loans were in multifamily mortgage loans. $416,843,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $200,000 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 180 $55,818 $310,100
Nonfarm, nonresidential loans - <$100k 10 $434 $43,400
Nonfarm, nonresidential loans - $100-250k 50 $5,976 $119,520
Nonfarm, nonresidential loans - $250k-1MM 120 $49,408 $411,733
Commercial & Industrial, US addressed loans - <$1MM 439 $37,433 $85,269
Commercial & Industrial, US addressed loans - <$100k 284 $7,895 $27,799
Commercial & Industrial, US addressed loans - $100-250k 93 $10,835 $116,505
Commercial & Industrial, US addressed loans - $250k-1MM 62 $18,703 $301,661
Agriculture operations loans - <$1MM 1 $0 $0
Agriculture operations loans - <$100k 1 $0 $0