Virginia National Bank Mortgage Rates, Fees & Info
Charlottesville, VALEI: 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
65Origination Dollar Volume (All Markets)
$28,465,000Employee count
95Top 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% |
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
2019 saw Virginia National Bank place emphasis on $100k-200k loans with 22 originations, totaling $2,970,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications88.89%
Virginia National Bank has an average approval rate.
Pick Rate
Approvals leading to origination67.69%
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
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 |