Burke & Herbert Bank & Trust Company Mortgage Rates, Fees & Info
Alexandria, VALEI: 549300OS8C7J7ZWMNL70
Tax ID: 54-0155785
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Bank Data
Review & 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 by origination volume include: Washington, Richmond, Salisbury, Miami, and Baltimore among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Burke & Herbert Bank & Trust Company 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.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.75% | 12/16/24 |
| 30 Year Conventional Refi | 5.77% | 12/16/24 |
| 30 Year Cash-out Refi | 5.93% | 12/16/24 |
| 15 Year Conventional Purchase | 5.33% | 12/16/24 |
| 15 Year Conventional Refi | 5.54% | 12/16/24 |
| 15 Year Cash-out Refi | 5.54% | 12/16/24 |
| 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. | ||
Burke & Herbert Bank & Trust Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
247Origination Dollar Volume (All Markets)
$137,625,000Employee count
397Top 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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Burke & Herbert Bank & Trust Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 246 | $137,100,000 | $557,317 | $0 | 0.00% |
| FHA | 1 | $525,000 | $525,000 | $0 | 0.00% |
For 2021, Burke & Herbert Bank & Trust Company's most frequently originated type of loan was Conventional, with 246 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2021, Burke & Herbert Bank & Trust Company's most frequently cited loan purpose was Refi, with 105 originations. The 2nd most popular reason was 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 2021, Burke & Herbert Bank & Trust Company's most frequently cited loan duration was Other, with 247 originations.
Loan Sizing
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
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
Approval Rates
Total approvals of all applications92.26%
Burke & Herbert Bank & Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination91.50%
Burke & Herbert Bank & Trust Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 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 | 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 |
| 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 |
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 |