Citizens And Farmers Bank Mortgage Rates, Fees & Info

West Point, VA

LEI: 549300QBMI3P6JWI9Q86

Tax ID: 54-0169510

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Citizens And Farmers Bank is a smaller bank specializing in Refi and Home Purchase loans. Citizens And Farmers Bank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Charlottesville, Virginia Beach, Lynchburg, and Washington among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Citizens And Farmers Bank 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. Citizens And Farmers 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 relatively high 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.

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    Originations

    271

    Origination Dollar Volume (All Markets)

    $71,385,000

    Employee count

    634

    Awards

    Citizens and Farmers Bank 30 Year Conventional Loans bronze
    Show all (1) awards

    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
    RICHMOND, VA (FHA|USDA|VA) 176 $31,630,000 $179,716 $1,138 4.67%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 9 $17,035,000 $1,892,778 $522 4.45%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 54 $13,050,000 $241,667 $1,034 4.75%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $5,695,000 $5,695,000 $0 4.56%
    Outside of Metro Areas 26 $3,020,000 $116,154 $650 4.69%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $525,000 $175,000 $341 5.33%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $335,000 $335,000 $3,649 3.88%
    ROANOKE, VA (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.38%
    Citizens And Farmers Bank's top markets include Richmond, Charlottesville, Virginia Beach, Lynchburg, and Washington among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 271 $71,385,000 $263,413 $1,043 4.68%

    For 2018, Citizens And Farmers Bank's most frequently originated type of loan was Conventional, with 271 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 122 $18,140,000 $148,689 $879 4.49%
    Home Purchase 90 $48,090,000 $534,333 $1,520 4.83%
    Home Improvement 30 $2,450,000 $81,667 $1,027 4.62%
    Other 29 $2,705,000 $93,276 $807 5.10%

    For 2018, Citizens And Farmers Bank's most frequently cited loan purpose was Refi, with 122 originations. The 2nd most popular reason was Home Purchase, with 90 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 76 $12,560,000 $165,263 $165 4.17%
    Other 75 $35,525,000 $473,667 $942 4.34%
    15 Year 48 $4,600,000 $95,833 $896 5.24%
    5 Year 29 $10,125,000 $349,138 $576 5.46%
    20 Year 16 $3,720,000 $232,500 $3,135 4.57%
    30 Year 11 $1,615,000 $146,818 $2,613 5.49%
    1 Year 7 $1,575,000 $225,000 $3,697 5.14%
    3 Year 7 $915,000 $130,714 $0 5.50%
    30+ year 2 $750,000 $375,000 $8,235 4.50%

    For 2018, Citizens And Farmers Bank's most frequently cited loan duration was 10 Year, with 76 originations. The 2nd most popular length was Other, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 208 $27,720,000 $133,269
    $1k-2k 8 $1,100,000 $137,500
    $2k-3k 7 $1,575,000 $225,000
    $3k-4k 2 $460,000 $230,000
    $4k-5k 1 $325,000 $325,000
    $5k+ 1 $535,000 $535,000

    Citizens And Farmers Bank's average total fees were $2,613, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 208 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 96 $15,650,000 $163,021
    4-5% 94 $36,430,000 $387,553
    5-6% 60 $16,900,000 $281,667
    6-7% 21 $2,405,000 $114,524

    During 2018, Citizens And Farmers Bank's average interest rate for loans was 5.49%, while their most frequently originated rate bucket for loans was 3-4%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 103 $6,085,000 $59,078 $633 4.86%
    $100k-200k 103 $14,675,000 $142,476 $1,049 4.51%
    $200k-400k 46 $12,910,000 $280,652 $1,758 4.60%
    $1MM+ 7 $30,155,000 $4,307,857 $0 4.85%
    $400k-600k 6 $3,030,000 $505,000 $2,714 4.60%
    $600k-1MM 6 $4,530,000 $755,000 $4,653 5.32%

    2018 saw Citizens And Farmers Bank place emphasis on $100,000 or less loans with 103 originations, totaling $6,085,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 54 $4,770,000 $88,333 $1,203 4.49%
    $100k-150k 50 $6,980,000 $139,600 $942 4.65%
    $50k-75k 47 $5,745,000 $122,234 $1,008 4.69%
    $150k-250k 34 $5,740,000 $168,824 $1,154 4.50%
    $75k-100k 29 $3,465,000 $119,483 $903 4.70%
    $250k+ 17 $5,415,000 $318,529 $1,393 4.49%

    Citizens And Farmers Bank lent most frequently to those with incomes in the $50k or less range, with 54 originations. The second most popular income band? $100k-150k, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 80 $12,820,000 $160,250 $882 4.42%
    30-36% 38 $4,300,000 $113,158 $1,044 4.73%
    <20% 29 $3,925,000 $135,345 $918 4.38%
    41% 10 $1,140,000 $114,000 $432 4.82%
    42% 9 $1,005,000 $111,667 $549 4.12%
    43% 9 $1,495,000 $166,111 $1,376 4.61%
    36% 7 $765,000 $109,286 $498 4.78%
    40% 6 $670,000 $111,667 $2,073 4.56%
    39% 6 $820,000 $136,667 $1,578 4.46%
    50-60% 6 $840,000 $140,000 $1,436 4.85%
    38% 5 $495,000 $99,000 $1,163 4.65%
    37% 5 $1,115,000 $223,000 $2,977 4.30%
    >60% 5 $675,000 $135,000 $1,753 4.75%
    47% 4 $650,000 $162,500 $1,434 4.69%
    44% 4 $530,000 $132,500 $1,539 4.97%
    46% 1 $45,000 $45,000 $784 5.50%
    48% 1 $145,000 $145,000 $0 4.25%
    49% 1 $135,000 $135,000 $2,226 3.88%
    45% 1 $145,000 $145,000 $0 3.99%

    Citizens And Farmers Bank lent most frequently to those with DTI ratios of 20-30%, with 80 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 30 $37,970,000 $1,265,667 $0 5.37%
    White 185 $26,305,000 $142,189 $990 4.62%
    Not provided 22 $2,570,000 $116,818 $1,285 4.43%
    Asian 12 $1,970,000 $164,167 $1,585 4.54%
    Black 16 $1,330,000 $83,125 $979 4.79%
    Asian Indian 4 $840,000 $210,000 $724 4.03%
    Other Asian 2 $400,000 $200,000 $1,559 4.06%

    Approval Rates

    Total approvals of all applications
    74.83%

    Citizens And Farmers Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.13%

    Citizens And Farmers Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 271 $71,385,000 $263,413

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,175,000 $1,175,000
    Multifamily:Site-Built 13 $32,755,000 $2,519,615
    Single Family (1-4 Units):Site-Built 257 $37,455,000 $145,739

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $4,340,000 $94,348 $680 4.41%
    40-60% 50 $8,630,000 $172,600 $922 4.34%
    60-80% 87 $33,395,000 $383,851 $1,212 4.69%
    80-100% 42 $19,350,000 $460,714 $2,219 4.76%
    Over 100% 1 $3,465,000 $3,465,000 $0 5.22%
    Under 20% 44 $2,100,000 $47,727 $541 5.27%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 9 5.3%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Closing on a mortgage 5 2.9%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Improper use of your report 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Incorrect information on your report 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Struggling to pay mortgage 16 9.4%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Trouble during payment process 36 21.1%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.2%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Closing on a mortgage 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Struggling to pay mortgage 8 4.7%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Trouble during payment process 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 9 5.3%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Struggling to pay mortgage 7 4.1%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Trouble during payment process 41 24.0%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.2%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Closing on a mortgage 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Struggling to pay mortgage 4 2.3%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Trouble during payment process 15 8.8%
    CITIZENS FINANCIAL GROUP, INC. VA mortgage Struggling to pay mortgage 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. VA mortgage Trouble during payment process 1 0.6%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Citizens and Farmers Bank 100 East Williamsburg Road Sandston, VA 23150 Full Service B&M $44,368
    Citizens and Farmers Bank 1100 Jamestown Road Williamsburg, VA 23185 Full Service B&M $52,281
    Citizens and Farmers Bank 12308 Patterson Avenue Richmond, VA 23238 Full Service B&M $15,354
    Citizens and Farmers Bank 13200 Midlothian Turnpike Midlothian, VA 23113 Full Service B&M $60,080
    Citizens and Farmers Bank 1400 Alverser Plaza Midlothian, VA 23112 Full Service B&M $33,308
    Citizens and Farmers Bank 1422 Anderson Hwy Cumberland, VA 23040 Full Service B&M $28,990
    Citizens and Farmers Bank 14th Street Near Main Street West Point, VA 23181 Full Service B&M $74,307
    Citizens and Farmers Bank 1927 C&f Drive Hampton, VA 23666 Full Service B&M $15,997
    Citizens and Farmers Bank 2288 Cartersville Road Cartersville, VA 23027 Full Service B&M $14,597
    Citizens and Farmers Bank 2351 Anderson Hwy Powhatan, VA 23139 Full Service B&M $133,196
    Citizens and Farmers Bank 2500 Promenade Parkway Midlothian, VA 23113 Full Service B&M $19,389
    Citizens and Farmers Bank 2800 George Washington Memorial Highway Yorktown, VA 23693 Full Service B&M $22,846
    Citizens and Farmers Bank 304 East Main Street Charlottesville, VA 22902 Full Service B&M $11,870
    Citizens and Farmers Bank 3490 Lauderdale Drive Richmond, VA 23233 Full Service B&M $20,759
    Citizens and Farmers Bank 4820 West Hundred Road Chester, VA 23831 Full Service B&M $19,941
    Citizens and Farmers Bank 4901 Millridge Parkway East Midlothian, VA 23112 Full Service B&M $31,641
    Citizens and Farmers Bank 698 Town Center Drive Newport News, VA 23606 Full Service Retail $32,949
    Citizens and Farmers Bank 7021 Mechanicsville Turnpike Mechanicsville, VA 23111 Full Service B&M $29,160
    Citizens and Farmers Bank 8001 West Broad Street Richmond, VA 23294 Full Service B&M $26,108
    Citizens and Farmers Bank Eighth And Main Streets West Point, VA 23181 Full Service B&M $63,381
    Citizens and Farmers Bank Longhill And Olde Towne Roads James City County, VA 23081 Full Service B&M $40,995
    Citizens and Farmers Bank Route 33 And State Route 641 Saluda, VA 23149 Full Service B&M $54,713
    Citizens and Farmers Bank Route 5 And Strath Road Varina, VA 23231 Full Service B&M $63,969
    Citizens and Farmers Bank Routes 60 And 155 Providence Forge, VA 23140 Full Service B&M $124,680
    Citizens and Farmers Bank State Route 249 Quinton, VA 23141 Full Service B&M $80,832
    Citizens and Farmers Bank U.S. Route 60 And State Route 607 James City County, VA 23127 Full Service B&M $78,256

    For 2018, Citizens And Farmers Bank had 26 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $92,340
    Net interest income $82,464
    Total noninterest income $25,913
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $4,462
    Trading account gains and fees $0
    Additional Noninterest Income $21,451
    Pre-tax net operating income $24,752
    Securities gains (or losses, -) $10
    Income before extraordinary items $19,539
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $19,539
    Minority interest net income $0
    Net income $19,539
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $19,531

    Citizens And Farmers Bank's gross interest income from loans was $92,340,000.
    Citizens And Farmers Bank's net interest income from loans was $82,464,000.
    Citizens And Farmers Bank's fee based income from loans was $4,462,000.
    Citizens And Farmers Bank's net income from loans was $19,539,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,876
    Provision for credit losses $11,006
    Total noninterest expense $72,619
    Salaries and employee benefits $40,658
    Premises and equipment expense $8,053
    Additional noninterest expense $23,908
    Applicable income taxes $5,223
    Net charge-offs $12,709
    Cash dividends $6,314

    Citizens And Farmers Bank's interest expense for loans was $9,876,000.
    Citizens And Farmers Bank's payroll and benefits expense were $40,658,000.
    Citizens And Farmers Bank's property, plant and equipment expenses $8,053,000.

    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 1.0%
    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 $1,182,055
    Deposits held in domestic offices $1,182,055
    Deposits by Individuals, partnerships, and corporations $1,071,529
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $110,526
    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 $72,543
    Demand deposits $35,024
    Nontransaction accounts $1,109,512
    Money market deposit accounts (MMDAs) $203,225
    Other savings deposits (excluding MMDAs) $559,842
    Total time deposits $346,446
    Total time and savings deposits $1,147,031
    Noninterest-bearing deposits $271,737
    Interest-bearing deposits $910,318
    Retail deposits $1,108,937
    IRAs and Keogh plan accounts $46,010
    Brokered deposits $2,487
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,517,593
    Cash & Balances due from depository institutions $114,913
    Interest-bearing balances $100,775
    Total securities $214,910
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,068,889
    Loan and leases loss allowance $34,023
    Trading account assets $0
    Bank premises and fixed assets $36,639
    Other real estate owned $246
    Goodwill and other intangibles $15,568
    All other assets $66,428

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,517,593
    Total Liabilities $1,343,349
    Total deposits $1,182,055
    Interest-bearing deposits $910,318
    Deposits held in domestic offices $1,182,055
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $14,917
    Trading liabilities $0
    Other borrowed funds $119,529
    Subordinated debt $0
    All other liabilities $26,848

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,068,889
    Loan and leases loss allowance $34,023
    Total loans and leases (domestic) $1,102,912
    All real estate loans $734,875
    Real estate loans in domestic offices $734,875
    Construction and development loans $144,288
    Residential 1-4 family construction $43,322
    Other construction, all land development and other land $100,966
    Loans secured by nonfarm nonresidential properties $207,446
    Nonfarm nonresidential secured by owner-occupied properties $62,153
    Commercial real estate & other non-farm, non-residential $145,293
    Multifamily residential real estate $42,858
    1-4 family residential loans $338,344
    Farmland loans $1,939
    Loans held in foreign offices $0
    Farm loans $189
    Commercial and industrial loans $50,992
    To non-U.S. addressees $0
    Loans to individuals $306,808
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $286,881
    Other loans to individuals $19,927
    All other loans & leases $10,048
    Loans to foreign governments and official institutions $0
    Other loans $430
    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 $5,280
    Non 1-4 family restructured loans & leases $2,522
    Total loans and leases (foreign) $0

    Citizens and Farmers Bank had $1,068,889,000 of loans outstanding in 2018. $734,875,000 of loans were in real estate loans. $144,288,000 of loans were in development loans. $42,858,000 of loans were in multifamily mortgage loans. $338,344,000 of loans were in 1-4 family mortgage loans. $189,000 of loans were in farm loans. $0 of loans were in credit card loans. $286,881,000 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 222 $68,107 $306,788
    Nonfarm, nonresidential loans - <$100k 47 $1,727 $36,745
    Nonfarm, nonresidential loans - $100-250k 69 $8,684 $125,855
    Nonfarm, nonresidential loans - $250k-1MM 106 $57,696 $544,302
    Commercial & Industrial, US addressed loans - <$1MM 333 $24,007 $72,093
    Commercial & Industrial, US addressed loans - <$100k 233 $4,329 $18,579
    Commercial & Industrial, US addressed loans - $100-250k 44 $3,352 $76,182
    Commercial & Industrial, US addressed loans - $250k-1MM 56 $16,326 $291,536
    Farmland loans - <$1MM 5 $921 $184,200
    Farmland loans - $100-250k 3 $384 $128,000
    Farmland loans - $250k-1MM 2 $537 $268,500
    Agriculture operations loans - <$1MM 4 $189 $47,250
    Agriculture operations loans - <$100k 3 $78 $26,000
    Agriculture operations loans - $100-250k 1 $111 $111,000