Virginia National Bank Mortgage Rates, Fees & Info

Charlottesville, VA

LEI: 549300XE6SNRPD2GUD44

Tax ID: 54-1902129

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Mortgage Data

Bank Data

Review & Overview

Virginia National Bank is a smaller bank specializing in Home Purchase and Refi loans. Virginia National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlottesville, Richmond, Washington, Harrisonburg, and Athens among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Virginia National 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.

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Originations

65

Origination Dollar Volume (All Markets)

$28,465,000

Employee count

95

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
CHARLOTTESVILLE, VA (FHA|USDA|VA) 31 $14,355,000 $463,065 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 11 $5,235,000 $475,909 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $3,230,000 $1,615,000 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 0.00%
Outside of Metro Areas 1 $955,000 $955,000 $0 0.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 4 $670,000 $167,500 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 4 $650,000 $162,500 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $595,000 $595,000 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $230,000 $115,000 $0 0.00%
STAUNTON, VA (FHA|USDA|VA) 2 $190,000 $95,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
Boone, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Virginia National Bank's top markets include Charlottesville, Richmond, Washington, Harrisonburg, and Athens among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 65 $28,465,000 $437,923 $0 0.00%

    For 2019, Virginia National Bank's most frequently originated type of loan was Conventional, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 46 $18,550,000 $403,261 $0 0.00%
    Refi 17 $8,455,000 $497,353 $0 0.00%
    Home Improvement 2 $1,460,000 $730,000 $0 0.00%

    For 2019, Virginia National Bank's most frequently cited loan purpose was Home Purchase, with 46 originations. The 2nd most popular reason was Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 65 $28,465,000 $437,923 $0 0.00%

    For 2019, Virginia National Bank's most frequently cited loan duration was Other, with 65 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 22 $2,970,000 $135,000 $0 0.00%
    $200k-400k 13 $3,495,000 $268,846 $0 0.00%
    $100,000 or less 12 $990,000 $82,500 $0 0.00%
    $1MM+ 8 $15,350,000 $1,918,750 $0 0.00%
    $400k-600k 7 $3,435,000 $490,714 $0 0.00%
    $600k-1MM 3 $2,225,000 $741,667 $0 0.00%

    2019 saw Virginia National Bank place emphasis on $100k-200k loans with 22 originations, totaling $2,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 4 $1,110,000 $277,500 $0 0.00%
    $250k+ 4 $5,620,000 $1,405,000 $0 0.00%
    $100k-150k 1 $25,000 $25,000 $0 0.00%

    Virginia National Bank lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $250k+, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 65 $28,465,000 $437,923 $0 0.00%

    Virginia National Bank lent most frequently to those with DTI ratios of Exempt%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 56 $21,710,000 $387,679 $0 0.00%
    White 8 $3,470,000 $433,750 $0 0.00%
    Not provided 1 $3,285,000 $3,285,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.89%

    Virginia National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    67.69%

    Virginia National Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 65 $28,465,000 $437,923

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $9,195,000 $1,021,667
    Single Family (1-4 Units):Manufactured 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 55 $19,145,000 $348,091

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Struggling to pay mortgage 1 50.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Other type of mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Virginia National Bank 1580 Seminole Trail Charlottesville, VA 22901 Full Service B&M $27,864
    Virginia National Bank 1900 Arlington Blvd. Charlottesville, VA 22903 Full Service B&M $139,310
    Virginia National Bank 222 East Main Street Charlottesville, VA 22902 Full Service B&M $145,910
    Virginia National Bank 3119 Valley Avenue #102 Winchester, VA 22601 Full Service B&M $38,110
    Virginia National Bank 404 People Place Charlottesville, VA 22911 Full Service B&M $203,887

    For 2019, Virginia National Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $26,197
    Net interest income $21,924
    Total noninterest income $5,046
    Gross Fiduciary activities income $1,267
    Service charges on deposit accounts $766
    Trading account gains and fees $0
    Additional Noninterest Income $3,013
    Pre-tax net operating income $9,250
    Securities gains (or losses, -) $74
    Income before extraordinary items $7,579
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,579
    Minority interest net income $0
    Net income $7,579
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,519

    Virginia National Bank's gross interest income from loans was $26,197,000.
    Virginia National Bank's net interest income from loans was $21,924,000.
    Virginia National Bank's fee based income from loans was $766,000.
    Virginia National Bank's net income from loans was $7,579,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,273
    Provision for credit losses $1,375
    Total noninterest expense $16,345
    Salaries and employee benefits $8,605
    Premises and equipment expense $2,224
    Additional noninterest expense $5,516
    Applicable income taxes $1,745
    Net charge-offs $2,057
    Cash dividends $3,400

    Virginia National Bank's interest expense for loans was $4,273,000.
    Virginia National Bank's payroll and benefits expense were $8,605,000.
    Virginia National Bank's property, plant and equipment expenses $2,224,000.

    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 1.0%
    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 $622,675
    Deposits held in domestic offices $622,675
    Deposits by Individuals, partnerships, and corporations $594,200
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $25,045
    Deposits by Commercial banks and other depository institutions in U.S. $3,430
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $69,782
    Demand deposits $54,399
    Nontransaction accounts $552,893
    Money market deposit accounts (MMDAs) $441,643
    Other savings deposits (excluding MMDAs) $1,972
    Total time deposits $109,278
    Total time and savings deposits $568,276
    Noninterest-bearing deposits $168,439
    Interest-bearing deposits $454,236
    Retail deposits $584,267
    IRAs and Keogh plan accounts $7,667
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $702,698
    Cash & Balances due from depository institutions $19,085
    Interest-bearing balances $4,177
    Total securities $114,041
    Federal funds sold & reverse repurchase $0
    Net loans and leases $535,324
    Loan and leases loss allowance $4,209
    Trading account assets $0
    Bank premises and fixed assets $9,677
    Other real estate owned $0
    Goodwill and other intangibles $780
    All other assets $23,791

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $702,698
    Total Liabilities $627,142
    Total deposits $622,675
    Interest-bearing deposits $454,236
    Deposits held in domestic offices $622,675
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $3,603
    Subordinated debt $0
    All other liabilities $864

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $535,324
    Loan and leases loss allowance $4,209
    Total loans and leases (domestic) $539,533
    All real estate loans $388,375
    Real estate loans in domestic offices $388,375
    Construction and development loans $17,139
    Residential 1-4 family construction $2,196
    Other construction, all land development and other land $14,943
    Loans secured by nonfarm nonresidential properties $214,679
    Nonfarm nonresidential secured by owner-occupied properties $96,118
    Commercial real estate & other non-farm, non-residential $118,561
    Multifamily residential real estate $27,093
    1-4 family residential loans $120,656
    Farmland loans $8,808
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $80,469
    To non-U.S. addressees $0
    Loans to individuals $70,569
    Credit card loans $0
    Related Plans $20,081
    Consumer Auto Loans $49
    Other loans to individuals $50,439
    All other loans & leases $120
    Loans to foreign governments and official institutions $0
    Other loans $120
    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 $2,024
    Non 1-4 family restructured loans & leases $1,907
    Total loans and leases (foreign) $0

    Virginia National Bank had $535,324,000 of loans outstanding in 2019. $388,375,000 of loans were in real estate loans. $17,139,000 of loans were in development loans. $27,093,000 of loans were in multifamily mortgage loans. $120,656,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $49,000 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 141 $44,075 $312,589
    Nonfarm, nonresidential loans - <$100k 7 $321 $45,857
    Nonfarm, nonresidential loans - $100-250k 30 $3,206 $106,867
    Nonfarm, nonresidential loans - $250k-1MM 104 $40,548 $389,885
    Commercial & Industrial, US addressed loans - <$1MM 384 $33,037 $86,034
    Commercial & Industrial, US addressed loans - <$100k 213 $3,711 $17,423
    Commercial & Industrial, US addressed loans - $100-250k 78 $4,789 $61,397
    Commercial & Industrial, US addressed loans - $250k-1MM 93 $24,537 $263,839
    Farmland loans - <$1MM 10 $2,262 $226,200
    Farmland loans - <$100k 1 $60 $60,000
    Farmland loans - $100-250k 4 $473 $118,250
    Farmland loans - $250k-1MM 5 $1,729 $345,800