Legends Bank Mortgage Rates, Fees & Info

Clarksville, TN

LEI: 549300R0L43GUZ8EW811

Tax ID: 62-1734402

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Legends Bank is a smaller bank specializing in Home Purchase and Refi loans. Legends Bank 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.) They have a low ratio of USDA loans. Their top markets include Nashville, Clarksville, Chattanooga, Tullahoma, and Jackson among others. Legends 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. Legends Bank is typically an average fee lendor.


Originations

770

Origination Dollar Volume (All Markets)

$213,890,000

Employee count

110

Awards

Legends Bank 30 Year Conventional Loans silver Legends Bank 30 Year Conventional Loans gold Legends Bank VA Loans silver
Show all (3) awards

Relative Rate

Legends Bank's average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Legends Bank's average total fees for a 30 year fixed rate mortgage are $3,708.

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
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 310 $106,590,000 $343,839 $3,862 3.11%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 155 $37,525,000 $242,097 $3,052 3.35%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 75 $19,385,000 $258,467 $3,463 3.02%
Outside of Metro Areas 87 $18,415,000 $211,667 $3,355 2.99%
Tullahoma-Manchester, TN (FHA|USDA|VA) 30 $6,930,000 $231,000 $3,363 2.99%
JACKSON, TN (FHA|USDA|VA) 18 $3,850,000 $213,889 $3,326 2.89%
Martin, TN (FHA|USDA|VA) 20 $3,280,000 $164,000 $3,122 2.87%
Cookeville, TN (FHA|USDA|VA) 8 $1,360,000 $170,000 $2,761 2.89%
CLEVELAND, TN (FHA|USDA|VA) 4 $1,250,000 $312,500 $4,527 2.90%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 5 $1,245,000 $249,000 $4,758 2.88%
Shelbyville, TN (FHA|USDA|VA) 5 $1,135,000 $227,000 $2,961 2.87%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $1,125,000 $375,000 $3,255 2.71%
BOWLING GREEN, KY (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,858 2.56%
Lewisburg, TN (FHA|USDA|VA) 4 $1,050,000 $262,500 $3,242 2.81%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 4 $1,020,000 $255,000 $3,172 2.78%
Union City, TN (FHA|USDA|VA) 3 $955,000 $318,333 $3,295 3.00%
KNOXVILLE, TN (FHA|USDA|VA) 3 $785,000 $261,667 $4,585 3.08%
SAVANNAH, GA (FHA|USDA|VA) 2 $630,000 $315,000 $3,197 2.50%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $545,000 $545,000 $2,836 2.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $530,000 $265,000 $2,915 2.99%
HUNTSVILLE, AL (FHA|USDA|VA) 2 $510,000 $255,000 $5,554 3.18%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $505,000 $505,000 $4,946 2.13%
Paris, TN (FHA|USDA|VA) 3 $435,000 $145,000 $2,491 2.83%
McMinnville, TN (FHA|USDA|VA) 3 $395,000 $131,667 $4,198 2.88%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $375,000 $375,000 $0 4.50%
PANAMA CITY, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,878 3.58%
OCALA, FL (FHA|USDA|VA) 1 $295,000 $295,000 $2,772 2.63%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $270,000 $135,000 $2,843 2.44%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $245,000 $245,000 $2,603 3.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,489 2.00%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.99%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,184 2.88%
Murray, KY (FHA|USDA|VA) 1 $215,000 $215,000 $2,661 2.99%
London, KY (FHA|USDA|VA) 1 $185,000 $185,000 $2,984 2.88%
Central City, KY (FHA|USDA|VA) 1 $165,000 $165,000 $4,547 2.38%
AKRON, OH (FHA|USDA|VA) 1 $155,000 $155,000 $2,660 3.13%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $125,000 $125,000 $3,228 3.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $95,000 $95,000 $3,002 3.25%
Jacksonville, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,605 4.88%
COLUMBUS, OH (FHA|USDA|VA) 1 $85,000 $85,000 $2,746 2.88%
Brownsville, TN (FHA|USDA|VA) 1 $75,000 $75,000 $4,061 3.13%

Legends Bank's top markets include Nashville, Clarksville, Chattanooga, Tullahoma, and Jackson among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 671 $191,345,000 $285,164 $3,197 3.15%
VA 40 $10,180,000 $254,500 $4,852 2.68%
FHA 33 $8,205,000 $248,636 $7,507 2.87%
USDA 26 $4,160,000 $160,000 $4,547 2.74%

For the 2021 period, Legends Bank's most frequently originated loan type of loans were Conventional, with 671 originations. Their 2nd most popular type is VA, with 40 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 448 $138,770,000 $309,754 $3,942 3.18%
Refi 193 $47,825,000 $247,798 $2,859 2.91%
Cash Out Refi 118 $25,400,000 $215,254 $3,163 2.99%
Other 6 $1,140,000 $190,000 $2,573 3.83%
Home Improvement 5 $755,000 $151,000 $3,261 4.33%

For the 2021, Legends Bank's most frequently cited loan purpose of loans were Home Purchase, with 448 originations. The 2nd most popular reason of loans were Refi, with 193 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 605 $172,865,000 $285,727 $3,708 3.08%
15 Year 100 $19,820,000 $198,200 $2,649 2.71%
5 Year 27 $13,225,000 $489,815 $0 4.53%
20 Year 23 $5,195,000 $225,870 $2,815 2.82%
10 Year 9 $1,295,000 $143,889 $1,934 3.91%
1 Year 3 $585,000 $195,000 $7,908 5.33%
Other 3 $905,000 $301,667 $0 4.62%

For the 2021, Legends Bank's most frequently cited loan length of loans were 30 Year, with 605 originations. The 2nd most popular length of loans were 15 Year, with 100 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 641 $169,605,000 $264,594
$1k-2k 42 $9,110,000 $216,905
$2k-3k 25 $7,985,000 $319,400
$3k-4k 19 $7,085,000 $372,895
$5k+ 6 $5,010,000 $835,000

$3,708 of loans were Legends Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 641 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 338 $86,220,000 $255,089
3-4% 262 $80,340,000 $306,641
<2.5% 111 $25,435,000 $229,144
4-5% 51 $21,025,000 $412,255
5-6% 6 $710,000 $118,333
6-7% 1 $115,000 $115,000
7-8% 1 $45,000 $45,000

During 2021, Legends Bank's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 338 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 366 $103,800,000 $283,607 $3,649 3.04%
$100k-200k 228 $35,000,000 $153,509 $3,000 3.01%
$400k-600k 105 $50,795,000 $483,762 $4,228 3.18%
$100,000 or less 54 $4,180,000 $77,407 $2,451 3.47%
$600k-1MM 9 $6,625,000 $736,111 $6,086 3.70%
$1MM+ 8 $13,490,000 $1,686,250 $10,644 4.13%

2021 saw Legends Bank place emphasis on $200k-400k loans with 366 originations, totaling $103,800,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 177 $54,365,000 $307,147 $3,522 2.99%
$50k-75k 157 $32,295,000 $205,701 $3,472 2.99%
$75k-100k 150 $36,530,000 $243,533 $3,450 3.06%
$150k-250k 103 $38,085,000 $369,757 $3,920 3.18%
$50k or less 98 $14,650,000 $149,490 $3,060 3.07%
$250k+ 52 $23,520,000 $452,308 $4,602 3.54%

Legends Bank lent most frequently to those with incomes in the $100k-150k range, with 177 originations. The second most popular income band? $50k-75k, with 157 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 205 $55,005,000 $268,317 $3,408 2.97%
30-36% 157 $46,175,000 $294,108 $3,411 3.10%
<20% 85 $19,745,000 $232,294 $3,106 2.86%
37% 32 $8,890,000 $277,813 $4,104 3.04%
42% 30 $7,930,000 $264,333 $3,307 3.06%
44% 30 $6,830,000 $227,667 $3,313 3.01%
36% 28 $9,650,000 $344,643 $3,783 3.23%
39% 27 $6,745,000 $249,815 $3,741 3.05%
43% 23 $6,285,000 $273,261 $3,795 3.13%
41% 23 $5,445,000 $236,739 $3,606 3.18%
38% 20 $6,460,000 $323,000 $5,085 3.08%
40% 19 $5,265,000 $277,105 $4,242 3.01%
45% 12 $3,690,000 $307,500 $4,325 2.90%
46% 11 $2,775,000 $252,273 $3,423 2.75%
47% 7 $1,865,000 $266,429 $3,519 3.01%
48% 6 $1,780,000 $296,667 $4,831 2.94%
49% 4 $960,000 $240,000 $5,090 2.63%
50-60% 3 $975,000 $325,000 $2,674 3.39%
>60% 3 $345,000 $115,000 $1,410 5.77%

Legends Bank lent most frequently to those with DTI ratios of 20-30%, with 205 originations. The next most common DTI ratio? 30-36%, with 157 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 654 $174,260,000 $266,453 $3,494 3.06%
Not provided 48 $15,830,000 $329,792 $3,688 3.10%
Not applicable 11 $7,895,000 $717,727 $0 4.80%
Black 31 $7,415,000 $239,194 $4,101 3.00%
Asian 21 $7,355,000 $350,238 $3,611 3.53%
Native Hawaiian 2 $390,000 $195,000 $1,963 2.50%
Other Asian 1 $335,000 $335,000 $1,970 3.13%
Filipino 1 $315,000 $315,000 $3,276 2.63%
Asian Indian 1 $95,000 $95,000 $4,352 3.50%

Approval Rates

Total approvals of all applications
92.92%

Legends Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.63%

Legends Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 770 $213,890,000 $277,779

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
770 $213,890,000 $277,779

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 39 $8,225,000 $210,897 $2,999 3.12%
40-60% 117 $27,135,000 $231,923 $2,761 2.99%
60-80% 323 $94,755,000 $293,359 $3,373 3.20%
80-100% 285 $82,565,000 $289,702 $4,003 3.01%
Over 100% 2 $840,000 $420,000 $16,437 2.94%
Under 20% 4 $370,000 $92,500 $1,640 4.25%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Legends Bank 2528 Highway 49, Suite C Pleasant View, TN 37146 Full Service B&M $11,097
Legends Bank 310 N First St Clarksville, TN 37040 Full Service B&M $268,073
Legends Bank 140 Dover Crossing Road Clarksville, TN 37042 Full Service B&M $13,650
Legends Bank 1814 Tiny Town Road Clarksville, TN 37042 Full Service B&M $18,027
Legends Bank 1950 Madison Street Clarksville, TN 37043 Full Service B&M $63,117
Legends Bank 2 Maryland Farms Ste 110 Brentwood, TN 37027 Full Service B&M $37,047
Legends Bank 20 Music Sq W Ste 100 Nashville, TN 37203 Full Service B&M $58,781
Legends Bank 2120 Wilma Rudolph Boulevard Clarksville, TN 37040 Full Service B&M $86,401
Legends Bank 2213 Crestmoor Road Nashville, TN 37215 Full Service B&M $33,700

For 2021, Legends Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $25,615
Net interest income $22,812
Total noninterest income $8,284
Gross Fiduciary activities income $0
Service charges on deposit accounts $447
Trading account gains and fees $0
Additional Noninterest Income $7,837
Pre-tax net operating income $11,509
Securities gains (or losses, -) $17
Income before extraordinary items $8,972
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $8,972
Minority interest net income $0
Net income $8,972
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,958

Legends Bank's gross interest income from loans was $25,615,000.
Legends Bank's net interest income from loans was $22,812,000.
Legends Bank's fee based income from loans was $447,000.
Legends Bank's net income from loans was $8,972,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,803
Provision for credit losses $260
Total noninterest expense $19,327
Salaries and employee benefits $12,246
Premises and equipment expense $2,029
Additional noninterest expense $5,052
Applicable income taxes $2,554
Net charge-offs $217
Cash dividends $1,500

Legends Bank's interest expense for loans was $2,803,000.
Legends Bank's payroll and benefits expense were $12,246,000.
Legends Bank's property, plant and equipment expenses $2,029,000.

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 $682,377
Deposits held in domestic offices $682,377
Deposits by Individuals, partnerships, and corporations $561,234
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $115,434
Deposits by Commercial banks and other depository institutions in U.S. $5,709
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $54,286
Demand deposits $53,800
Nontransaction accounts $628,091
Money market deposit accounts (MMDAs) $236,534
Other savings deposits (excluding MMDAs) $306,673
Total time deposits $84,884
Total time and savings deposits $628,577
Noninterest-bearing deposits $160,578
Interest-bearing deposits $521,799
Retail deposits $629,654
IRAs and Keogh plan accounts $4,940
Brokered deposits $43,702
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $756,446
Cash & Balances due from depository institutions $141,026
Interest-bearing balances $134,300
Total securities $149,777
Federal funds sold & reverse repurchase $1,000
Net loans and leases $435,011
Loan and leases loss allowance $6,162
Trading account assets $0
Bank premises and fixed assets $9,893
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $19,739

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $756,446
Total Liabilities $693,675
Total deposits $682,377
Interest-bearing deposits $521,799
Deposits held in domestic offices $682,377
% insured (estimated) $55
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $7,881
Subordinated debt $0
All other liabilities $3,417

Issued Loan Types

Type Value (in 000's)
Net loans and leases $435,011
Loan and leases loss allowance $6,162
Total loans and leases (domestic) $441,173
All real estate loans $374,674
Real estate loans in domestic offices $374,674
Construction and development loans $48,602
Residential 1-4 family construction $23,124
Other construction, all land development and other land $25,478
Loans secured by nonfarm nonresidential properties $240,814
Nonfarm nonresidential secured by owner-occupied properties $96,849
Commercial real estate & other non-farm, non-residential $143,965
Multifamily residential real estate $11,255
1-4 family residential loans $72,754
Farmland loans $1,249
Loans held in foreign offices $0
Farm loans $1,147
Commercial and industrial loans $55,147
To non-U.S. addressees $0
Loans to individuals $7,108
Credit card loans $0
Related Plans $116
Consumer Auto Loans $356
Other loans to individuals $6,636
All other loans & leases $3,756
Loans to foreign governments and official institutions $0
Other loans $0
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 $120
Non 1-4 family restructured loans & leases $82
Total loans and leases (foreign) $0

Legends Bank had $435,011,000 of loans outstanding in 2021. $374,674,000 of loans were in real estate loans. $48,602,000 of loans were in development loans. $11,255,000 of loans were in multifamily mortgage loans. $72,754,000 of loans were in 1-4 family mortgage loans. $1,147,000 of loans were in farm loans. $0 of loans were in credit card loans. $356,000 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 155 $45,857 $295,852
Nonfarm, nonresidential loans - <$100k 16 $757 $47,313
Nonfarm, nonresidential loans - $100-250k 36 $5,064 $140,667
Nonfarm, nonresidential loans - $250k-1MM 103 $40,036 $388,699
Commercial & Industrial, US addressed loans - <$1MM 298 $30,798 $103,349
Commercial & Industrial, US addressed loans - <$100k 185 $6,151 $33,249
Commercial & Industrial, US addressed loans - $100-250k 62 $7,121 $114,855
Commercial & Industrial, US addressed loans - $250k-1MM 51 $17,526 $343,647
Farmland loans - <$1MM 5 $694 $138,800
Farmland loans - <$100k 1 $80 $80,000
Farmland loans - $100-250k 4 $614 $153,500
Agriculture operations loans - <$1MM 6 $496 $82,667
Agriculture operations loans - <$100k 5 $234 $46,800
Agriculture operations loans - $250k-1MM 1 $262 $262,000